N-CSRS 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-22061
 
Name of Fund: BlackRock Funds II
BlackRock Managed Income Fund
BlackRock Retirement Income 2030 Fund
BlackRock Retirement Income 2040 Fund
                                   
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2023
 
Date of reporting period: 06/30/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
 
Not Applicable
JUNE
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
II
BlackRock
Managed
Income
Fund
Dear
Shareholder,
Despite
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
June
30,
2023,
the
resilience
of
the
U.S.
economy
in
the
face
of
ever
tighter
financial
conditions
provided
an
encouraging
backdrop
for
investors.
Inflation
remained
elevated
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
substantially
as
the
period
continued,
while
ongoing
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
were
strong,
as
continued
job
growth
eased
investors’
concerns
about
the
economy’s
durability.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
Most
major
classes
of
equities
advanced
significantly,
including
large-
and
small-capitalization
U.S.
stocks
and
international
equities
from
developed
markets.
Emerging
market
equities
also
gained,
although
at
a
substantially
slower
pace,
pressured
by
high
interest
rates
and
falling
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-
grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
its
June
2023
meeting,
which
made
it
the
first
meeting
without
a
rate
increase
since
the
tightening
cycle
began
in
early
2022.
Supply
constraints
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
exacerbate
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
most
recently
opted
for
a
pause,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
to
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
in
the
near-term
as
growth
trends
for
emerging
markets
appear
brighter.
We
also
believe
that
stocks
with
an
A.I.
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
We
are
neutral
on
credit
overall
amid
tightening
credit
and
financial
conditions,
however
there
are
selective
opportunities
in
the
near
term.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
U.S.
mortgage-backed
securities,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
June
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
16.89%
19.59%
U.S.
small
cap
equities
(Russell
2000
®
Index)
8.09
12.31
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
11.67
18.77
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.89
1.75
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.25
3.60
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.70
(3.97)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
2.09
(0.94)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.67
3.19
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
5.38
9.07
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
7
Disclosure
of
Expenses
...................................................................................................
7
Derivative
Financial
Instruments
.............................................................................................
8
Financial
Statements:
Schedule
of
Investments
................................................................................................
9
Statement
of
Assets
and
Liabilities
..........................................................................................
57
Statement
of
Operations
................................................................................................
59
Statements
of
Changes
in
Net
Assets
........................................................................................
60
Financial
Highlights
.....................................................................................................
61
Notes
to
Financial
Statements
...............................................................................................
65
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
77
Additional
Information
....................................................................................................
80
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
82
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Managed
Income
Fund
Investment
Objective
BlackRock
Managed
Income
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
with
consideration
for
risk-managed
total
return.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
all
of
the
Fund’s
share
classes
underperformed
its
Customized
Reference
Benchmark,
a
blend
of
30%
S&P
500
®
Index/70%
Bloomberg
U.S.
Aggregate
Bond
Index.
For
the
same
period,
all
of
the
Fund’s
share
classes
outperformed
the
Bloomberg
U.S.
Aggregate
Bond
Index.
Performance
is
reviewed
on
an
absolute
basis
due
to
the
nature
of
the
Fund’s
strategy.
The
Fund
is
managed
within
a
risk-controlled
framework,
and
it
strives
to
maintain
a
consistent
yield
with
a
risk
profile
below
that
of
the
benchmark.
What
factors
influenced
performance?
The
majority
of
the
Fund’s
asset
class
positions
produced
positive
returns
in
the
semi-annual
period
given
broader
“risk-on”
investor
sentiment.
However,
smaller
positions
in
infrastructure
stocks,
emerging
market
debt,
and
mortgage-backed
securities
(“MBS”)
did
not
keep
pace
with
other
market
segments.
Holdings
in
asset
classes
with
floating
coupon
rates—including
bank
loans
and
collateralized
loan
obligations—were
key
contributors
in
a
time
of
rising
interest
rates.
Investment-grade
corporate
bonds
performed
well
despite
the
rising-rate
environment.
Holdings
in
global
developed-market
equities
were
also
key
contributors
amid
the
generally
favorable
backdrop
for
risk
assets.
The
Fund
held
derivatives
during
the
period.
In
particular,
it
held
U.S.
Treasury
futures
to
keep
the
portfolio’s
interest
rate
exposure
(duration)
at
the
management
team’s
desired
level.
The
Fund
also
held
equity
futures
to
adjust
its
risk
profile.
Additionally,
it
used
equity
covered
calls
to
provide
an
alternative
source
of
income.
Covered
calls
contributed
to
returns,
while
positions
designed
to
manage
interest
rate
risk
did
not
have
a
major
impact
on
performance.
The
use
of
defensive
equity
put
options
and
equity
futures
also
had
little
effect
on
results.
Describe
recent
portfolio
activity.
The
investment
adviser
implemented
two
themes
in
an
effort
to
take
advantage
of
a
changing
economic
backdrop.
First,
it
reduced
the
Fund’s
allocation
to
lower-quality
corporate
bonds
in
favor
of
higher-quality
MBS.
This
move
was
designed
to
lock
in
some
profits
in
an
area
that
performed
well,
while
also
adding
ballast
to
the
portfolio.
Second,
the
investment
adviser
actively
adjusted
the
Fund’s
interest
rate
positioning
throughout
the
reporting
period
and
ultimately
finished
June
2023
with
modestly
higher
(longer)
duration.
The
investment
adviser
also
implemented
a
new
equity
strategy
that
uses
covered
calls
to
complement
and
diversify
the
Fund’s
existing
covered
call
position.
In
addition,
the
investment
adviser
increased
the
Fund’s
equity
allocation
early
in
the
year.
Later
in
the
reporting
period,
it
reduced
this
position
and
ultimately
finished
June
2023
with
roughly
the
same
weighting
in
equities
as
it
had
at
the
start
of
the
year.
Describe
portfolio
positioning
at
period
end.
The
portfolio
was
diversified
across
a
number
of
income-producing
asset
classes,
including
investment-grade
debt,
floating-rate
bank
loans,
high
yield
bonds,
global
equities,
covered
calls,
MBS,
preferred
stock
and
cash.
The
Fund’s
duration
was
approximately
3.3
years
at
the
end
of
June
2023.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
5
Fund
Summary
BlackRock
Managed
Income
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)(b)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..............
5.44‌%
5.21‌%
4.65‌%
5.88‌%
N/A‌
3.02‌%
N/A‌
3.69‌%
N/A‌
Investor
A
...............
4.98‌
4.80‌
4.51‌
5.60‌
1.38‌%
2.76‌
1.93‌%
3.39‌
2.97‌%
Investor
C
...............
4.43‌
4.22‌
4.11‌
4.78‌
3.78‌
1.99‌
1.99‌
2.63‌
2.63‌
Class
K
................
5.49‌
5.28‌
4.55‌
5.93‌
N/A‌
3.05‌
N/A‌
3.75‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
..........
—‌
—‌
2.09‌
(0.94‌)
N/A‌
0.77‌
N/A‌
1.52‌
N/A‌
Customized
Reference
Benchmark
(d)
..........
—‌
—‌
6.39‌
5.09‌
N/A‌
4.44‌
N/A‌
5.03‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
may
invest
up
to
100%
of
its
assets
in
fixed-income
securities
and
up
to
30%
of
its
assets
in
equity
securities.
The
Fund’s
returns
between
July
29,
2013
and
October
1,
2016
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
under
the
name
“BlackRock
Investment
Grade
Bond
Portfolio”.
The
Fund’s
returns
prior
to
July
29,
2013
are
the
returns
of
the
Fund
when
it
followed
different
investment
strategies
under
the
name
“BlackRock
Long
Duration
Bond
Portfolio”.
(c)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(d)
A
customized
performance
benchmark
comprised
of
the
returns
of
the
Bloomberg
U.S.
Aggregate
Bond
Index
(70%)
and
the
S&P
500®
Index
(30%).
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,046.50‌
$
1.98‌
$
1,000.00‌
$
1,022.86‌
$
1.96‌
0.39‌%
Investor
A
................................
1,000.00‌
1,045.10‌
3.25‌
1,000.00‌
1,021.62‌
3.21‌
0.64‌
Investor
C
................................
1,000.00‌
1,041.10‌
7.03‌
1,000.00‌
1,017.90‌
6.95‌
1.39‌
Class
K
..................................
1,000.00‌
1,045.50‌
1.72‌
1,000.00‌
1,023.11‌
1.71‌
0.34‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Fund
Summary
as
of
June
30,
2023
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Managed
Income
Fund
Portfolio
Information
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
35.9‌
%
Investment
Companies
...............................
24.4‌
Asset-Backed
Securities
..............................
15.7‌
Common
Stocks
...................................
11.3‌
Floating
Rate
Loan
Interests
...........................
5.4‌
Equity-Linked
Notes
.................................
4.8‌
Non-Agency
Mortgage-Backed
Securities
..................
1.6‌
Preferred
Securities
.................................
0.8‌
Foreign
Agency
Obligations
............................
0.1‌
Warrants
........................................
0.0‌
(b)
Other
Interests
....................................
—‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/Aaa
(d)
......................................
17.9‌
%
AA/Aa
.........................................
13.5‌
A
.............................................
21.9‌
BBB/Baa
.......................................
18.7‌
BB/Ba
.........................................
4.6‌
B
............................................
5.5‌
CCC/Caa
.......................................
0.9‌
CC/Ca
.........................................
0.1‌
NR
...........................................
16.9‌
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
(c)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(d)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
About
Fund
Performance
7
About
Fund
Performance
/
Disclosure
of
Expenses
Institutional and
Class
K
Shares
 are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of 
4.00
%
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
 are
subject
to
a 1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
In
addition,
these
shares
are
subject
to
a
distribution
fee
of
0.75
%
per
year
and
a
service
fee
of 
0.25%
per
year.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
performance
shown
prior
to
the
Investor
C
Shares
inception
date
of
October
3,
2016
is
that
of
Class
K
Shares
(which
have
no
distribution
or
service
fees)
and
was
restated
to
reflect
Investor
C
Shares
fees.
These
shares
automatically
convert
to
Investor
A
Shares
after
approximately
eight
years.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
the
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
the
Fund’s
performance
would
have
been
lower.
With
respect
to
the
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time.
With
respect
to
the
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such
agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees, administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Derivative
Financial
Instruments
2023
BlackRock
Semi-Annual
Report
to
Shareholders
8
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
CLO
17
Ltd.,
Series
2022-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.16%,
01/21/35
(a)(b)
.........
USD
750
$
719,565
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.16%
Floor
+
1.16%),
6.41%,
07/20/34
(a)(b)
.........
2,400
2,356,800
AIG
CLO
LLC
(a)(b)
Series
2021-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.37%,
04/22/34
....................
2,215
2,182,080
Series
2021-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.00%,
07/20/34
....................
1,000
977,725
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.25%,
07/20/34
....................
1,000
958,722
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
10/17/34
....................
1,000
955,864
Series
2017-AA,
Class
AR,
(3-mo.
LIBOR
USD
at
1.05%
Floor
+
1.05%),
6.30%,
04/20/34
....................
500
494,309
AIMCO
CLO
15
Ltd.,
Series
2021-15A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.21%,
10/17/34
(a)(b)
.........
1,000
960,194
AMSR
Trust
(b)
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
....................
1,000
928,996
Series
2020-SFR1,
Class
F,
3.57%,
04/17/37
....................
1,000
925,752
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-18A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.15%),
6.41%,
04/15/34
(a)(b)
.........
750
732,375
Anchorage
Capital
CLO
20
Ltd.,
Series
2021-
20A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.45%,
01/20/35
(a)(b)
....
1,000
989,931
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
07/15/32
(a)(b)
....
750
745,001
Anchorage
Capital
CLO
Ltd.,
Series
2018-10A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.46%,
10/15/31
(a)(b)
....
500
496,920
Apidos
CLO
XXXIV,
Series
2020-34A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.40%,
01/20/35
(a)(b)
.........
1,000
982,654
Ares
LXI
CLO
Ltd.,
Series
2021-61A,
Class
A,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.40%,
10/20/34
(a)(b)
.........
1,500
1,480,429
Ares
XXXIR
CLO
Ltd.,
Series
2014-31RA,
Class
A2,
(3-mo.
LIBOR
USD
at
1.30%
Floor
+
1.30%),
6.67%,
05/24/30
(a)(b)
....
500
492,642
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.17%),
6.43%,
10/15/30
(a)(b)
....................
241
239,884
Ares
XXXVR
CLO
Ltd.,
Series
2015-35RA,
Class
A2,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.66%,
07/15/30
(a)(b)
....
1,000
987,241
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
10/17/32
....................
1,000
954,267
Series
2021-3A,
Class
A,
(3-mo.
LIBOR
USD
at
1.16%
Floor
+
1.16%),
6.43%,
07/24/34
....................
500
495,134
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.17%,
10/22/32
(a)(b)
.........
USD
1,000
$
973,463
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.44%,
07/15/34
(a)(b)
.........
500
486,243
Battalion
CLO
XXII
Ltd.,
Series
2021-22A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.43%,
01/20/35
(a)(b)
........
1,000
977,946
Bayview
Financial
Revolving
Asset
Trust,
Series
2005-A,
Class
A1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
1.00%),
6.18%,
02/28/40
(a)(b)
....................
568
496,502
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.35%,
01/20/31
(a)
(b)
...........................
485
481,881
Benefit
Street
Partners
CLO
XIX
Ltd.,
Series
2019-19A,
Class
A,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.61%,
01/15/33
(a)(b)
1,000
992,032
Boyce
Park
CLO
Ltd.,
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.16%,
04/21/35
(a)(b)
.........
1,000
948,350
Buckhorn
Park
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
07/18/34
....................
1,000
979,987
Series
2019-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
07/18/34
....................
500
468,099
Canyon
Capital
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.16%,
07/15/31
(a)(b)
....
1,000
960,554
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.16%,
07/15/31
....................
1,000
958,342
Series
2020-2A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.45%,
10/15/34
....................
1,000
985,667
Series
2021-4A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
10/15/34
....................
450
447,810
Carlyle
US
CLO
Ltd.,
Series
2017-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
04/20/31
(a)(b)
.........
675
661,176
CBAM
Ltd.,
Series
2020-13A,
Class
A,
(3-mo.
LIBOR
USD
at
1.43%
Floor
+
1.43%),
6.68%,
01/20/34
(a)(b)
...............
1,000
992,236
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
A2RR,
(3-mo.
LIBOR
USD
at
1.30%
Floor
+
1.30%),
6.59%,
04/27/31
....................
650
642,521
Series
2017-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.47%,
07/20/30
....................
1,718
1,713,243
Series
2018-4A,
Class
B,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
10/17/31
....................
500
490,170
Series
2019-4A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
10/15/34
....................
1,000
989,923
Series
2019-5A,
Class
A2RS,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
01/15/35
....................
1,500
1,493,439
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
04/25/33
....................
USD
1,000
$
964,352
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
07/18/30
(a)(b)
....
500
481,445
Dryden
83
CLO
Ltd.,
Series
2020-83A,
Class
A,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.48%,
01/18/32
(a)(b)
.........
1,000
994,801
Dryden
Senior
Loan
Fund,
Series
2017-47A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
04/15/28
(a)(b)
....
500
491,869
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
CR,
(3-mo.
LIBOR
USD
+
1.85%),
7.11%,
04/15/29
(a)(b)
.........
500
490,683
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
B3R,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.41%,
01/15/34
....................
1,000
971,489
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.46%,
10/15/30
....................
500
485,366
Elevation
CLO
Ltd.,
Series
2017-8A,
Class
C,
(3-mo.
LIBOR
USD
+
2.05%),
7.31%,
10/25/30
(a)(b)
....................
1,000
973,326
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.25%,
04/20/34
(a)(b)
.........
700
683,892
First
Franklin
Mortgage
Loan
Trust,
Series
2005-FF10,
Class
A6M,
(1-mo.
LIBOR
USD
at
0.70%
Floor
+
0.70%),
5.85%,
11/25/35
(a)
611
563,202
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.22%,
05/15/30
(a)(b)
.........
400
386,670
Galaxy
XXII
CLO
Ltd.
(a)(b)
Series
2016-22A,
Class
ARR,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.46%,
04/16/34
....................
750
740,529
Series
2016-22A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
04/16/34
....................
500
491,277
Generate
CLO
9
Ltd.
(a)(b)
Series
9A,
Class
A,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.45%,
10/20/34
1,000
977,479
Series
9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.00%,
10/20/34
1,500
1,444,548
Series
9A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.50%,
10/20/34
1,000
948,577
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.45%,
10/15/30
(a)(b)
.........
750
744,339
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
04/20/34
(a)(b)
....................
2,500
2,419,338
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
B,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
07/20/34
(a)(b)
...............
2,000
1,982,429
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
07/20/34
(a)(b)
1,000
968,516
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.44%,
01/25/35
(a)(b)
1,000
985,459
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Greywolf
CLO
II
Ltd.,
Series
2013-1A,
Class
A2AR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
04/15/34
(a)(b)
.........
USD
300
$
287,982
Greywolf
CLO
VII
Ltd.,
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.49%,
10/20/31
(a)(b)
........
500
495,500
Gulf
Stream
Meridian
4
Ltd.,
Series
2021-4A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.46%,
07/15/34
(a)(b)
....
2,500
2,467,918
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.75%,
11/30/32
(a)(b)
.........
1,500
1,484,762
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.47%,
04/20/34
(a)(b)
.........
500
490,762
HalseyPoint
CLO
I
Ltd.,
Series
2019-1A,
Class
A1A1,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.60%,
01/20/33
(a)(b)
.........
3,500
3,445,787
Highbridge
Loan
Management
Ltd.,
Series
12A-
18,
Class
A2,
(3-mo.
LIBOR
USD
+
1.50%),
6.76%,
07/18/31
(a)(b)
...............
500
488,750
Invesco
CLO
Ltd.,
Series
2021-2A,
Class
A,
(3-
mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.38%,
07/15/34
(a)(b)
...............
1,000
987,356
Madison
Park
Funding
XX
Ltd.,
Series
2016-
20A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.19%,
07/27/30
(a)(b)
1,000
984,109
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.79%,
10/15/32
...............
1,000
972,733
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.19%,
10/15/32
...............
1,000
977,113
Milos
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(3-
mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
6.80%,
10/20/30
(a)(b)
...............
1,000
982,146
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
C,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
10/18/30
(a)(b)
....................
1,000
972,266
OCP
CLO
Ltd.,
Series
2021-22A,
Class
C,
(3-
mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.30%,
12/02/34
(a)(b)
...............
500
480,464
Octagon
Investment
Partners
26
Ltd.,
Series
2016-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
07/15/30
(a)(b)
500
491,296
Octagon
Investment
Partners
41
Ltd.
(a)(b)
Series
2019-2A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
10/15/33
....................
1,500
1,462,132
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.41%,
10/15/33
....................
1,000
976,205
OHA
Credit
Partners
XVI,
Series
2021-16A,
Class
A,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.41%,
10/18/34
(a)(b)
........
1,500
1,479,942
OHA
Loan
Funding
Ltd.,
Series
2013-1A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.87%,
07/23/31
(a)(b)
.........
1,000
992,969
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A2R2,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.71%,
01/17/31
....................
1,500
1,482,891
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-1A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.47%,
11/14/34
....................
USD
1,000
$
984,790
Series
2019-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.02%,
11/14/34
....................
1,000
990,568
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
07/15/34
....................
1,000
965,555
Series
2021-4A,
Class
A,
(3-mo.
LIBOR
USD
at
1.17%
Floor
+
1.17%),
6.43%,
10/15/34
....................
2,000
1,966,177
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.85%,
04/20/35
....................
500
487,066
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.10%,
04/20/35
....................
500
481,227
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.51%,
07/15/34
(a)(b)
....................
1,000
974,316
Pikes
Peak
CLO
6
(a)(b)
Series
2020-6A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.17%
Floor
+
1.17%),
6.52%,
05/18/34
....................
500
494,500
Series
2020-6A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.05%,
05/18/34
....................
500
494,222
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.00%,
07/20/34
(a)(b)
.........
500
495,896
PPM
CLO
4
Ltd.,
Series
2020-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
10/18/34
(a)(b)
.........
750
708,145
PPM
CLO
5
Ltd.,
Series
2021-5A,
Class
A,
(3-
mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.46%,
10/18/34
(a)(b)
...............
1,500
1,482,543
Progress
Residential
Trust
(b)
Series
2020-SFR1,
Class
F,
3.43%,
04/17/37
....................
1,000
930,126
Series
2020-SFR2,
Class
A,
2.08%,
06/17/37
....................
999
926,120
Series
2020-SFR2,
Class
B,
2.58%,
06/17/37
....................
1,000
934,526
Rad
CLO
12
Ltd.,
Series
2021-12A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.35%,
10/30/34
(a)(b)
.........
1,000
946,434
Rad
CLO
3
Ltd.,
Series
2019-3A,
Class
A,
(3-
mo.
LIBOR
USD
at
1.48%
Floor
+
1.48%),
6.74%,
04/15/32
(a)(b)
...............
1,000
998,156
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.51%,
10/17/30
(a)(b)
........
451
449,872
Regatta
XI
Funding
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
+
1.65%),
6.91%,
07/17/31
(a)(b)
....................
650
644,983
Regatta
XIV
Funding
Ltd.,
Series
2018-3A,
Class
A,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.45%,
10/25/31
(a)(b)
........
1,000
994,671
Regatta
XV
Funding
Ltd.,
Series
2018-4A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.11%,
10/25/31
(a)(b)
....
1,500
1,476,074
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-3A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
10/20/30
....................
USD
1,000
$
974,018
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.38%,
08/20/32
....................
500
485,639
Series
2021-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.43%,
10/20/34
....................
1,250
1,225,065
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.40%,
10/20/34
....................
1,000
950,922
RR
17
Ltd.,
Series
2021-17A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
07/15/34
(a)(b)
...............
500
489,405
Signal
Peak
CLO
10
Ltd.,
Series
2021-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
07/21/34
(a)(b)
........
2,000
1,958,335
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.95%,
07/20/34
(a)(b)
........
1,000
987,648
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.17%
Floor
+
1.17%),
6.43%,
07/15/34
(a)(b)
.........
1,000
980,533
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
6.41%,
10/23/34
(a)(b)
........
1,000
987,975
TCI-Flatiron
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.05%,
01/29/32
....................
1,000
971,546
Series
2018-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.05%,
01/29/32
....................
1,000
950,200
TCW
CLO
Ltd.,
Series
2021-1A,
Class
C,
(3-
mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.15%,
03/18/34
(a)(b)
...............
500
481,815
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.76%,
01/15/34
(a)(b)
.........
1,000
970,778
TICP
CLO
VII
Ltd.,
Series
2017-7A,
Class
ASR,
(3-mo.
LIBOR
USD
at
1.27%
Floor
+
1.27%),
6.53%,
04/15/33
(a)(b)
.........
1,300
1,288,347
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
A1BR,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.60%,
07/20/30
(a)(b)
.........
1,000
984,591
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.48%,
10/15/34
(a)(b)
.........
2,000
1,973,095
Total
Asset-Backed
Securities
—
15.1%
(Cost:
$115,737,617)
.............................
114,274,617
Shares
Shares
Common
Stocks
Air
Freight
&
Logistics
—
0.2%
United
Parcel
Service,
Inc.,
Class
B
......
8,736
1,565,928
Banks
—
0.5%
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
2,139,900
781,260
Citizens
Financial
Group,
Inc.
..........
41,139
1,072,905
DBS
Group
Holdings
Ltd.
.............
40,600
948,123
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
M&T
Bank
Corp.
...................
9,119
$
1,128,567
3,930,855
Biotechnology
—
0.2%
AbbVie,
Inc.
......................
13,869
1,868,570
Building
Products
—
0.2%
Carrier
Global
Corp.
.................
32,920
1,636,453
Capital
Markets
—
0.3%
Intercontinental
Exchange,
Inc.
.........
17,041
1,926,996
Chemicals
—
0.4%
Air
Liquide
SA
.....................
7,004
1,256,063
International
Flavors
&
Fragrances,
Inc.
....
18,195
1,448,140
2,704,203
Commercial
Services
&
Supplies
—
0.2%
Republic
Services,
Inc.
...............
7,788
1,192,888
Consumer
Finance
—
0.3%
American
Express
Co.
...............
7,351
1,280,544
Synchrony
Financial
.................
23,195
786,775
2,067,319
Consumer
Staples
Distribution
&
Retail
—
0.2%
Wal-Mart
de
Mexico
SAB
de
CV
.........
371,536
1,473,598
Diversified
REITs
—
0.0%
(c)
Cromwell
European
REIT
.............
61,800
105,200
LXI
REIT
plc
......................
126,388
138,448
243,648
Diversified
Telecommunication
Services
—
0.4%
Cellnex
Telecom
SA
(b)(c)
...............
4,392
177,453
Koninklijke
KPN
NV
.................
350,196
1,250,191
TELUS
Corp.
.....................
87,337
1,699,602
3,127,246
Electronic
Equipment,
Instruments
&
Components
—
0.2%
TE
Connectivity
Ltd.
.................
8,516
1,193,603
Energy
Equipment
&
Services
—
0.2%
Baker
Hughes
Co.,
Class
A
............
51,854
1,639,105
Entertainment
—
0.2%
Walt
Disney
Co.
(The)
(d)
..............
17,131
1,529,456
Food
Products
—
0.3%
Mondelez
International,
Inc.,
Class
A
......
31,284
2,281,855
Health
Care
Equipment
&
Supplies
—
0.4%
EssilorLuxottica
SA
.................
8,435
1,590,591
Medtronic
plc
.....................
18,334
1,615,225
3,205,816
Health
Care
Providers
&
Services
—
0.2%
UnitedHealth
Group,
Inc.
..............
3,014
1,448,649
Health
Care
REITs
—
0.2%
Assura
plc
.......................
520,982
300,388
Community
Healthcare
Trust,
Inc.
........
2,863
94,536
Healthpeak
Properties,
Inc.
............
8,430
169,443
Omega
Healthcare
Investors,
Inc.
........
7,969
244,569
Physicians
Realty
Trust
...............
17,508
244,937
Target
Healthcare
REIT
plc
............
175,555
160,081
Welltower,
Inc.
.....................
2,509
202,953
1,416,907
Household
Durables
—
0.2%
Taylor
Wimpey
plc
..................
1,037,672
1,355,609
Security
Shares
Shares
Value
Household
Products
—
0.3%
Reckitt
Benckiser
Group
plc
............
28,846
$
2,167,802
Industrial
REITs
—
0.2%
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
55,212
168,440
Goodman
Group
...................
15,793
212,303
LondonMetric
Property
plc
.............
58,459
123,396
Prologis,
Inc.
......................
3,176
389,473
Rexford
Industrial
Realty,
Inc.
..........
4,328
226,008
Warehouses
De
Pauw
CVA
............
6,087
167,165
1,286,785
Insurance
—
0.6%
Assurant,
Inc.
.....................
9,968
1,253,177
Prudential
plc
.....................
114,000
1,610,067
Zurich
Insurance
Group
AG
............
3,071
1,460,840
4,324,084
IT
Services
—
0.3%
Accenture
plc,
Class
A
...............
6,641
2,049,280
NEXTDC
Ltd.
(d)
....................
21,871
184,433
SUNeVision
Holdings
Ltd.
.............
276,000
141,117
2,374,830
Life
Sciences
Tools
&
Services
—
0.1%
Lonza
Group
AG
(Registered)
..........
1,820
1,087,837
Machinery
—
0.2%
Otis
Worldwide
Corp.
................
17,786
1,583,132
Office
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
......
3,236
367,254
Boston
Properties,
Inc.
...............
3,342
192,466
Covivio
SA
.......................
2,380
112,431
SL
Green
Realty
Corp.
...............
4,231
127,141
799,292
Oil,
Gas
&
Consumable
Fuels
—
0.3%
Shell
plc
.........................
50,080
1,508,570
Williams
Cos.,
Inc.
(The)
..............
20,890
681,641
2,190,211
Pharmaceuticals
—
0.7%
AstraZeneca
plc
...................
14,220
2,038,498
Novo
Nordisk
A/S,
Class
B
............
9,201
1,486,328
Sanofi
..........................
20,085
2,162,266
5,687,092
Professional
Services
—
0.5%
NMG,
Inc.
(d)
.......................
265
32,683
Paychex,
Inc.
.....................
17,774
1,988,377
RELX
plc
........................
48,861
1,629,916
3,650,976
Real
Estate
Management
&
Development
—
0.1%
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
ADR
(d)
.
2,171
69,950
Hulic
Co.
Ltd.
.....................
17,200
147,377
VGP
NV
.........................
733
71,714
Vonovia
SE
.......................
8,843
172,700
461,741
Residential
REITs
—
0.1%
Sun
Communities,
Inc.
...............
2,126
277,358
UDR,
Inc.
........................
8,912
382,860
660,218
Retail
REITs
—
0.1%
Link
REIT
........................
37,700
209,880
Spirit
Realty
Capital,
Inc.
..............
6,539
257,506
467,386
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
0.4%
MediaTek,
Inc.
.....................
51,000
$
1,128,929
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
115,000
2,124,433
3,253,362
Software
—
0.7%
Microsoft
Corp.
....................
10,639
3,623,005
Oracle
Corp.
......................
16,240
1,934,022
5,557,027
Specialized
REITs
—
0.2%
American
Tower
Corp.
...............
1,113
215,855
Crown
Castle,
Inc.
..................
1,827
208,168
Digital
Realty
Trust,
Inc.
..............
1,249
142,224
EPR
Properties
....................
6,103
285,621
Equinix,
Inc.
......................
172
134,838
VICI
Properties,
Inc.
.................
11,677
367,008
1,353,714
Specialty
Retail
—
0.1%
Industria
de
Diseno
Textil
SA
...........
20,261
785,880
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Apple,
Inc.
.......................
14,414
2,795,884
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Kering
SA
........................
1,823
1,006,659
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
953
898,595
1,905,254
Tobacco
—
0.2%
Philip
Morris
International,
Inc.
..........
19,686
1,921,747
Trading
Companies
&
Distributors
—
0.2%
Ferguson
plc
......................
8,152
1,287,621
Wireless
Telecommunication
Services
—
0.1%
KDDI
Corp.
.......................
36,000
1,111,792
Total
Common
Stocks
—
10.9%
(Cost:
$81,420,080)
..............................
82,522,371
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.9%
Boeing
Co.
(The)
2.20%,
02/04/26
.................
USD
600
550,685
3.85%,
11/01/48
.................
175
129,021
3.90%,
05/01/49
.................
100
76,440
5.81%,
05/01/50
.................
888
884,760
5.93%,
05/01/60
.................
88
87,154
Bombardier,
Inc.
(b)
7.50%,
03/15/25
.................
4
4,007
7.13%,
06/15/26
.................
120
119,192
7.88%,
04/15/27
.................
73
72,812
6.00%,
02/15/28
.................
83
78,444
7.50%,
02/01/29
.................
97
95,869
7.45%,
05/01/34
.................
100
114,000
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
.
82
74,813
General
Dynamics
Corp.,
4.25%,
04/01/40
.
100
92,007
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
.
2
1,978
L3Harris
Technologies,
Inc.
3.83%,
04/27/25
.................
75
72,628
3.85%,
12/15/26
.................
200
190,568
4.40%,
06/15/28
.................
1,001
962,098
2.90%,
12/15/29
.................
250
216,353
5.05%,
04/27/45
.................
50
45,910
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Lockheed
Martin
Corp.
4.07%,
12/15/42
.................
USD
115
$
102,334
5.70%,
11/15/54
.................
110
122,129
5.20%,
02/15/55
.................
90
92,877
Northrop
Grumman
Corp.
3.25%,
01/15/28
.................
100
93,258
3.85%,
04/15/45
.................
100
81,491
5.25%,
05/01/50
.................
50
50,814
Raytheon
Technologies
Corp.
4.13%,
11/16/28
.................
200
192,627
7.50%,
09/15/29
.................
75
84,419
2.25%,
07/01/30
.................
115
97,001
4.50%,
06/01/42
.................
155
142,672
4.15%,
05/15/45
.................
95
80,756
3.03%,
03/15/52
.................
450
316,337
5.38%,
02/27/53
.................
120
124,607
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
200
195,551
Spirit
AeroSystems,
Inc.
(b)
7.50%,
04/15/25
.................
28
27,667
9.38%,
11/30/29
.................
98
104,916
TransDigm,
Inc.
6.25%,
03/15/26
(b)
................
320
318,436
6.38%,
06/15/26
.................
12
11,844
7.50%,
03/15/27
.................
18
18,026
6.75%,
08/15/28
(b)
................
485
486,838
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
...
116
118,440
Wesco
Aircraft
Holdings,
Inc.,
9.00%,
11/15/26
(b)
....................
92
8,740
6,740,519
Air
Freight
&
Logistics
—
0.1%
FedEx
Corp.
3.10%,
08/05/29
.................
40
35,999
4.25%,
05/15/30
.................
150
143,318
4.55%,
04/01/46
.................
195
168,236
5.25%,
05/15/50
.................
25
24,025
371,578
Automobile
Components
—
0.2%
Aptiv
plc
3.25%,
03/01/32
.................
115
98,458
5.40%,
03/15/49
.................
25
22,206
3.10%,
12/01/51
.................
205
128,883
BorgWarner,
Inc.,
5.00%,
10/01/25
(b)
.....
150
147,283
Clarios
Global
LP
(b)
6.75%,
05/15/25
.................
139
139,085
6.25%,
05/15/26
.................
42
41,730
8.50%,
05/15/27
.................
342
342,559
6.75%,
05/15/28
.................
106
105,629
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
16
14,575
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
14
14,316
5.00%,
07/15/29
.................
5
4,509
5.63%,
04/30/33
.................
47
40,917
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
55
50,056
5.25%,
05/15/27
.................
35
30,184
4.38%,
02/01/29
.................
58
45,571
1,225,961
Automobiles
—
0.4%
BMW
US
Capital
LLC,
1.25%,
08/12/26
(b)
..
60
53,533
Ford
Motor
Co.
4.35%,
12/08/26
.................
12
11,598
6.10%,
08/19/32
.................
22
21,321
5.29%,
12/08/46
.................
11
9,057
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobiles
(continued)
General
Motors
Co.
4.00%,
04/01/25
.................
USD
125
$
121,412
6.13%,
10/01/25
.................
50
50,342
6.80%,
10/01/27
.................
170
176,591
5.60%,
10/15/32
.................
130
125,772
6.25%,
10/02/43
.................
116
113,436
5.40%,
04/01/48
.................
42
36,084
Hyundai
Capital
America
(b)
1.00%,
09/17/24
.................
455
427,887
1.80%,
10/15/25
.................
395
360,314
Mercedes-Benz
Finance
North
America
LLC,
5.50%,
11/27/24
(b)
...............
360
359,276
Nissan
Motor
Acceptance
Co.
LLC
(b)
3.88%,
09/21/23
.................
78
77,563
1.85%,
09/16/26
.................
196
166,279
2.75%,
03/09/28
.................
60
49,309
Nissan
Motor
Co.
Ltd.
(b)
3.52%,
09/17/25
.................
209
194,435
4.35%,
09/17/27
.................
235
213,734
Volkswagen
Group
of
America
Finance
LLC,
1.25%,
11/24/25
(b)
...............
200
180,259
2,748,202
Banks
—
6.1%
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
USD
Swap
Semi
+
3.87%),
6.13%
(a)(e)
...
800
670,320
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
300
235,668
Bank
of
America
Corp.
(1-day
SOFR
+
0.65%),
1.53%,
12/06/25
(a)
105
98,155
(3-mo.
LIBOR
USD
+
0.81%),
3.37%,
01/23/26
(a)
...................
390
373,664
(3-mo.
LIBOR
USD
+
0.64%),
2.02%,
02/13/26
(a)
...................
400
374,588
(1-day
SOFR
+
1.15%),
1.32%,
06/19/26
(a)
190
174,044
4.25%,
10/22/26
.................
91
87,833
(1-day
SOFR
+
1.01%),
1.20%,
10/24/26
(a)
66
59,386
(1-day
SOFR
+
0.96%),
1.73%,
07/22/27
(a)
200
178,553
(1-day
SOFR
+
1.05%),
2.55%,
02/04/28
(a)
306
276,192
(3-mo.
LIBOR
USD
+
1.51%),
3.71%,
04/24/28
(a)
...................
150
140,589
(3-mo.
LIBOR
USD
+
1.37%),
3.59%,
07/21/28
(a)
...................
795
739,003
(1-day
SOFR
+
2.04%),
4.95%,
07/22/28
(a)
1,505
1,477,963
(1-day
SOFR
+
1.99%),
6.20%,
11/10/28
(a)
635
652,684
(3-mo.
LIBOR
USD
+
1.04%),
3.42%,
12/20/28
(a)
...................
1,160
1,063,747
(1-day
SOFR
+
1.06%),
2.09%,
06/14/29
(a)
150
127,974
(3-mo.
LIBOR
USD
+
1.21%),
3.97%,
02/07/30
(a)
...................
645
597,179
(3-mo.
LIBOR
USD
+
1.18%),
3.19%,
07/23/30
(a)
...................
300
264,422
(1-day
SOFR
+
2.15%),
2.59%,
04/29/31
(a)
295
247,663
(1-day
SOFR
+
1.32%),
2.69%,
04/22/32
(a)
280
232,049
(1-day
SOFR
+
1.21%),
2.57%,
10/20/32
(a)
425
346,163
(1-day
SOFR
+
1.33%),
2.97%,
02/04/33
(a)
912
760,267
Series
L,
4.75%,
04/21/45
..........
95
86,586
(1-day
SOFR
+
1.88%),
2.83%,
10/24/51
(a)
30
19,697
Bank
of
Ireland
Group
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
6.25%,
09/16/26
(a)(b)
.........
330
327,400
Bank
of
Montreal,
5.20%,
12/12/24
......
400
396,653
Barclays
plc
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.80%),
1.01%,
12/10/24
(a)
...................
600
584,943
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)(e)
....................
USD
775
$
679,288
4.38%,
01/12/26
.................
400
384,233
5.20%,
05/12/26
.................
470
453,432
(1-day
SOFR
+
2.21%),
5.83%,
05/09/27
(a)
660
651,026
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(e)
....................
200
135,880
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.30%),
7.39%,
11/02/28
(a)
...................
200
208,321
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(a)(e)
....................
730
652,182
(3-mo.
LIBOR
USD
+
3.05%),
5.09%,
06/20/30
(a)
...................
600
545,609
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
5.75%,
08/09/33
(a)
...................
200
193,429
BNP
Paribas
SA
(b)
3.38%,
01/09/25
.................
400
384,159
(3-mo.
LIBOR
USD
+
2.24%),
4.71%,
01/10/25
(a)
...................
200
198,217
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(a)(e)
....................
1,750
1,249,063
Citigroup,
Inc.
(1-day
SOFR
+
2.84%),
3.11%,
04/08/26
(a)
449
428,658
3.40%,
05/01/26
.................
225
213,978
3.20%,
10/21/26
.................
100
93,604
(1-day
SOFR
+
0.77%),
1.12%,
01/28/27
(a)
132
117,670
(3-mo.
CME
Term
SOFR
+
1.82%),
3.89%,
01/10/28
(a)
...................
900
852,845
(1-day
SOFR
+
1.28%),
3.07%,
02/24/28
(a)
150
138,036
(3-mo.
CME
Term
SOFR
+
1.65%),
3.67%,
07/24/28
(a)
...................
125
116,861
(3-mo.
CME
Term
SOFR
+
1.41%),
3.52%,
10/27/28
(a)
...................
335
311,132
(1-day
SOFR
+
1.42%),
2.98%,
11/05/30
(a)
250
216,643
(1-day
SOFR
+
2.11%),
2.57%,
06/03/31
(a)
5
4,172
(1-day
SOFR
+
1.17%),
2.56%,
05/01/32
(a)
190
155,140
(1-day
SOFR
+
1.94%),
3.79%,
03/17/33
(a)
235
207,624
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
(a)
245
247,135
Commonwealth
Bank
of
Australia,
1.13%,
06/15/26
(b)
....................
87
77,247
Danske
Bank
A/S
(a)
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.13%),
7.00%
(c)(e)
....................
725
680,630
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.35%),
1.62%,
09/11/26
(b)
...................
200
179,398
Discover
Bank,
(5-Year
USD
Swap
Semi
+
1.73%),
4.68%,
08/09/28
(a)
..........
375
342,865
HSBC
Holdings
plc
4.25%,
03/14/24
.................
225
222,127
(1-day
SOFR
+
0.58%),
1.16%,
11/22/24
(a)
200
195,748
(1-day
SOFR
+
0.71%),
0.98%,
05/24/25
(a)
235
223,567
(1-day
SOFR
+
1.43%),
3.00%,
03/10/26
(a)
200
189,612
(1-day
SOFR
+
1.54%),
1.65%,
04/18/26
(a)
254
233,958
(1-day
SOFR
+
3.03%),
7.34%,
11/03/26
(a)
395
406,594
4.38%,
11/23/26
.................
250
236,279
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.00%
(a)(e)
....................
200
198,551
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
3.35%),
7.39%,
11/03/28
(a)
USD
600
$
633,230
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(a)(e)
....................
260
197,925
(1-day
SOFR
+
4.25%),
8.11%,
11/03/33
(a)
515
571,707
(1-day
SOFR
+
2.39%),
6.25%,
03/09/34
(a)
445
456,147
HSBC
USA,
Inc.,
5.63%,
03/17/25
......
200
199,107
ING
Groep
NV
3.55%,
04/09/24
.................
200
196,315
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.10%),
1.40%,
07/01/26
(a)(b)
..................
200
182,093
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(a)(e)
....................
260
185,065
JPMorgan
Chase
&
Co.
(3-mo.
CME
Term
SOFR
+
1.59%),
2.01%,
03/13/26
(a)
...................
60
56,353
2.95%,
10/01/26
.................
130
121,847
(3-mo.
CME
Term
SOFR
+
0.70%),
1.04%,
02/04/27
(a)
...................
490
436,369
(1-day
SOFR
+
0.89%),
1.58%,
04/22/27
(a)
975
875,758
(1-day
SOFR
+
0.77%),
1.47%,
09/22/27
(a)
404
356,661
(3-mo.
LIBOR
USD
+
1.38%),
3.54%,
05/01/28
(a)
...................
195
182,295
(1-day
SOFR
+
1.89%),
2.18%,
06/01/28
(a)
320
284,392
(1-day
SOFR
+
1.99%),
4.85%,
07/25/28
(a)
200
197,321
(3-mo.
LIBOR
USD
+
1.12%),
4.01%,
04/23/29
(a)
...................
440
414,239
(1-day
SOFR
+
1.02%),
2.07%,
06/01/29
(a)
225
192,967
(1-day
SOFR
+
2.52%),
2.96%,
05/13/31
(a)
100
85,745
(1-day
SOFR
+
1.26%),
2.96%,
01/25/33
(a)
200
168,483
(1-day
SOFR
+
2.58%),
5.72%,
09/14/33
(a)
370
375,362
(3-mo.
LIBOR
USD
+
1.36%),
3.88%,
07/24/38
(a)
...................
310
267,511
(1-day
SOFR
+
2.46%),
3.11%,
04/22/41
(a)
535
406,030
(1-day
SOFR
+
1.46%),
3.16%,
04/22/42
(a)
155
117,009
4.85%,
02/01/44
.................
65
61,482
4.95%,
06/01/45
.................
160
149,346
Lloyds
Banking
Group
plc
4.50%,
11/04/24
.................
400
388,318
4.58%,
12/10/25
.................
340
325,604
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(a)(e)
....................
200
182,730
Mitsubishi
UFJ
Financial
Group,
Inc.
3.41%,
03/07/24
.................
70
68,875
1.41%,
07/17/25
.................
600
549,347
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.50%),
5.54%,
04/17/26
(a)
...................
200
198,777
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.67%),
1.64%,
10/13/27
(a)
...................
200
175,988
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
2.34%,
01/19/28
(a)
...................
200
178,879
3.96%,
03/02/28
.................
105
99,831
3.20%,
07/18/29
.................
200
176,659
2.05%,
07/17/30
.................
200
162,156
Mizuho
Financial
Group,
Inc.,
(1-day
SOFR
+
1.25%),
1.24%,
07/10/24
(a)
..........
220
219,865
National
Australia
Bank
Ltd.
3.91%,
06/09/27
.................
250
239,490
4.94%,
01/12/28
.................
250
249,862
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
NatWest
Group
plc
(3-mo.
LIBOR
USD
+
1.76%),
4.27%,
03/22/25
(a)
...................
USD
440
$
432,199
4.80%,
04/05/26
.................
200
194,128
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.95%),
5.81%,
09/13/29
(a)
...................
930
916,334
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.10%),
3.75%,
11/01/29
(a)
...................
200
187,737
Nordea
Bank
Abp,
1.50%,
09/30/26
(b)
.....
200
174,818
PNC
Financial
Services
Group,
Inc.
(The),
(1-
day
SOFR
+
1.84%),
5.58%,
06/12/29
(a)
..
200
199,059
Royal
Bank
of
Canada
3.38%,
04/14/25
.................
150
144,401
6.00%,
11/01/27
.................
340
348,183
Santander
UK
Group
Holdings
plc,
(3-mo.
LIBOR
USD
+
1.57%),
4.80%,
11/15/24
(a)
.
200
198,476
Santander
UK
plc,
5.00%,
11/07/23
(b)
.....
487
483,766
Societe
Generale
SA
(a)(b)(e)
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
400
375,494
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
400
296,792
Sumitomo
Mitsui
Financial
Group,
Inc.
2.45%,
09/27/24
.................
450
431,031
2.35%,
01/15/25
.................
200
189,626
1.47%,
07/08/25
.................
340
312,244
5.46%,
01/13/26
.................
865
862,113
1.40%,
09/17/26
.................
200
175,864
2.17%,
01/14/27
.................
200
178,694
3.54%,
01/17/28
.................
100
92,267
3.94%,
07/19/28
.................
100
93,185
2.75%,
01/15/30
.................
250
215,637
Toronto-Dominion
Bank
(The)
0.70%,
09/10/24
.................
150
141,423
5.16%,
01/10/28
.................
665
660,579
Truist
Financial
Corp.,
(1-day
SOFR
+
2.05%),
6.05%,
06/08/27
(a)
...............
270
270,112
UniCredit
SpA,
(5-Year
USD
Swap
Semi
+
5.18%),
8.00%
(a)(c)(e)
..............
400
390,712
US
Bancorp
(1-day
SOFR
+
2.02%),
5.78%,
06/12/29
(a)
225
224,932
1.38%,
07/22/30
.................
5
3,824
Wells
Fargo
&
Co.
(3-mo.
LIBOR
USD
+
0.75%),
2.16%,
02/11/26
(a)
...................
420
395,502
(1-day
SOFR
+
1.32%),
3.91%,
04/25/26
(a)
1,100
1,063,460
(1-day
SOFR
+
2.00%),
2.19%,
04/30/26
(a)
275
257,658
4.30%,
07/22/27
.................
131
125,667
(1-day
SOFR
+
1.51%),
3.53%,
03/24/28
(a)
395
368,673
(1-day
SOFR
+
2.10%),
2.39%,
06/02/28
(a)
150
133,670
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
(a)
607
593,296
4.15%,
01/24/29
.................
75
71,079
(1-day
SOFR
+
2.10%),
4.90%,
07/25/33
(a)
614
588,956
(1-day
SOFR
+
2.02%),
5.39%,
04/24/34
(a)
442
439,177
5.61%,
01/15/44
.................
150
144,003
4.40%,
06/14/46
.................
95
77,149
4.75%,
12/07/46
.................
100
85,118
(1-day
SOFR
+
4.50%),
5.01%,
04/04/51
(a)
225
209,566
Westpac
Banking
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%,
11/15/35
(a)
...................
210
161,151
3.13%,
11/18/41
.................
135
91,491
46,204,684
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Beverages
—
0.3%
Anheuser-Busch
Cos.
LLC
4.70%,
02/01/36
.................
USD
45
$
43,768
4.90%,
02/01/46
.................
1,022
976,818
Anheuser-Busch
InBev
Finance,
Inc.,
4.90%,
02/01/46
.....................
115
109,916
Anheuser-Busch
InBev
Worldwide,
Inc.
4.00%,
04/13/28
.................
400
386,800
4.75%,
01/23/29
.................
140
139,392
4.95%,
01/15/42
.................
25
24,399
4.44%,
10/06/48
.................
55
49,493
5.55%,
01/23/49
.................
70
73,779
5.80%,
01/23/59
.................
80
87,175
Keurig
Dr
Pepper,
Inc.
4.42%,
05/25/25
.................
32
31,368
4.50%,
04/15/52
.................
110
96,929
2,019,837
Biotechnology
—
0.7%
AbbVie,
Inc.
3.60%,
05/14/25
.................
465
449,514
3.20%,
05/14/26
.................
90
85,299
2.95%,
11/21/26
.................
650
607,259
4.50%,
05/14/35
.................
225
213,772
4.05%,
11/21/39
.................
215
187,192
4.70%,
05/14/45
.................
100
91,363
4.45%,
05/14/46
.................
230
202,514
4.88%,
11/14/48
.................
150
141,753
4.25%,
11/21/49
.................
126
108,754
Amgen,
Inc.
2.60%,
08/19/26
.................
175
162,022
5.15%,
03/02/28
.................
770
769,307
2.00%,
01/15/32
.................
120
94,769
5.25%,
03/02/33
.................
275
275,351
4.40%,
05/01/45
.................
30
25,983
4.56%,
06/15/48
.................
35
31,009
3.00%,
01/15/52
.................
150
100,004
4.20%,
02/22/52
.................
85
70,327
4.88%,
03/01/53
.................
340
312,833
5.65%,
03/02/53
.................
120
121,525
2.77%,
09/01/53
.................
40
24,853
4.40%,
02/22/62
.................
143
117,364
5.75%,
03/02/63
.................
60
60,866
Gilead
Sciences,
Inc.
3.65%,
03/01/26
.................
460
442,526
4.80%,
04/01/44
.................
25
23,864
4.50%,
02/01/45
.................
82
74,793
4.75%,
03/01/46
.................
229
215,531
2.80%,
10/01/50
.................
405
273,944
5,284,291
Broadline
Retail
—
0.2%
Alibaba
Group
Holding
Ltd.,
3.15%,
02/09/51
300
192,592
Amazon.com,
Inc.
1.20%,
06/03/27
.................
120
105,287
3.15%,
08/22/27
.................
405
381,048
3.88%,
08/22/37
.................
19
17,350
4.05%,
08/22/47
.................
30
26,909
3.10%,
05/12/51
.................
144
107,404
3.95%,
04/13/52
.................
105
91,516
2.70%,
06/03/60
.................
110
70,715
3.25%,
05/12/61
.................
245
177,252
4.10%,
04/13/62
.................
110
94,705
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
.....
25
20,413
eBay,
Inc.,
5.95%,
11/22/27
...........
33
33,802
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(b)
....................
42
39,900
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
(continued)
Match
Group
Holdings
II
LLC
(b)
4.63%,
06/01/28
.................
USD
54
$
49,604
5.63%,
02/15/29
.................
27
25,316
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
..
23
21,408
1,455,221
Building
Products
—
0.1%
Advanced
Drainage
Systems,
Inc.
(b)
5.00%,
09/30/27
.................
90
85,177
6.38%,
06/15/30
.................
11
10,882
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
....................
40
37,800
Carrier
Global
Corp.,
2.24%,
02/15/25
....
10
9,457
JELD-WEN,
Inc.
(b)
6.25%,
05/15/25
.................
30
30,263
4.63%,
12/15/25
.................
23
22,281
Masonite
International
Corp.
(b)
5.38%,
02/01/28
.................
23
21,924
3.50%,
02/15/30
.................
29
24,360
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
10
9,100
9.75%,
07/15/28
.................
15
14,470
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
....................
108
101,849
Standard
Industries,
Inc.
(b)
5.00%,
02/15/27
.................
46
43,840
4.75%,
01/15/28
.................
4
3,725
4.38%,
07/15/30
.................
51
44,171
3.38%,
01/15/31
.................
35
28,177
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
16
15,116
502,592
Capital
Markets
—
2.7%
AerCap
Ireland
Capital
DAC,
5.75%,
06/06/28
585
580,161
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
23
23,574
Bank
of
New
York
Mellon
Corp.
(The),
(1-day
SOFR
+
1.15%),
3.99%,
06/13/28
(a)
....
324
310,482
Blackstone
Holdings
Finance
Co.
LLC,
6.20%,
04/22/33
(b)
....................
24
24,513
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
.................
21
20,946
3.25%,
03/15/27
.................
67
57,896
Charles
Schwab
Corp.
(The)
3.63%,
04/01/25
.................
200
192,253
3.20%,
03/02/27
.................
155
142,537
3.30%,
04/01/27
.................
100
92,531
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
53
46,455
Credit
Suisse
AG
3.70%,
02/21/25
.................
500
477,802
2.95%,
04/09/25
.................
400
375,889
Deutsche
Bank
AG
(a)
(1-day
SOFR
+
2.16%),
2.22%,
09/18/24
740
730,631
(1-day
SOFR
+
1.13%),
1.45%,
04/01/25
555
527,382
Series
2020,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.52%),
6.00%
(e)
...............
800
638,320
(1-day
SOFR
+
3.19%),
6.12%,
07/14/26
150
148,330
(1-day
SOFR
+
1.87%),
2.13%,
11/24/26
150
133,458
(1-day
SOFR
+
1.32%),
2.55%,
01/07/28
240
208,106
(1-day
SOFR
+
3.18%),
6.72%,
01/18/29
405
405,577
(1-day
SOFR
+
3.65%),
7.08%,
02/10/34
215
198,882
Goldman
Sachs
Group,
Inc.
(The)
5.70%,
11/01/24
.................
400
399,329
3.50%,
04/01/25
.................
470
451,478
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(3-mo.
LIBOR
USD
+
1.20%),
3.27%,
09/29/25
(a)
...................
USD
345
$
333,330
(1-day
SOFR
+
0.61%),
0.86%,
02/12/26
(a)
100
92,145
3.50%,
11/16/26
.................
245
229,688
(1-day
SOFR
+
0.79%),
1.09%,
12/09/26
(a)
100
89,114
(1-day
SOFR
+
0.80%),
1.43%,
03/09/27
(a)
760
679,064
(1-day
SOFR
+
1.73%),
4.48%,
08/23/28
(a)
719
695,141
(3-mo.
LIBOR
USD
+
1.16%),
3.81%,
04/23/29
(a)
...................
75
69,621
(3-mo.
LIBOR
USD
+
1.30%),
4.22%,
05/01/29
(a)
...................
275
259,735
(1-day
SOFR
+
1.28%),
2.62%,
04/22/32
(a)
285
233,734
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(a)
100
80,100
(1-day
SOFR
+
1.26%),
2.65%,
10/21/32
(a)
250
203,782
6.13%,
02/15/33
.................
90
96,656
(1-day
SOFR
+
1.41%),
3.10%,
02/24/33
(a)
259
218,791
6.45%,
05/01/36
.................
75
78,352
6.75%,
10/01/37
.................
45
48,399
Intercontinental
Exchange,
Inc.
3.10%,
09/15/27
.................
80
74,746
4.00%,
09/15/27
.................
184
179,151
4.60%,
03/15/33
.................
175
169,612
4.25%,
09/21/48
.................
5
4,330
5.20%,
06/15/62
.................
70
69,164
Lehman
Brothers
Holdings,
Inc.,
6.88%,
07/17/37
(d)(f)(g)
..................
203
—
Morgan
Stanley
(a)
(1-day
SOFR
+
1.16%),
3.62%,
04/17/25
335
328,343
(1-day
SOFR
+
1.15%),
2.72%,
07/22/25
454
437,786
(1-day
SOFR
+
1.99%),
2.19%,
04/28/26
5
4,694
(1-day
SOFR
+
0.72%),
0.99%,
12/10/26
300
267,482
(1-day
SOFR
+
0.88%),
1.59%,
05/04/27
1,110
993,692
(1-day
SOFR
+
0.86%),
1.51%,
07/20/27
805
713,204
(1-day
SOFR
+
1.00%),
2.48%,
01/21/28
250
225,609
(1-day
SOFR
+
1.61%),
4.21%,
04/20/28
1,200
1,152,775
(3-mo.
LIBOR
USD
+
1.34%),
3.59%,
07/22/28
....................
75
69,202
(1-day
SOFR
+
1.73%),
5.12%,
02/01/29
410
404,357
(1-day
SOFR
+
1.59%),
5.16%,
04/20/29
445
439,565
(3-mo.
LIBOR
USD
+
1.63%),
4.43%,
01/23/30
....................
205
195,044
(1-day
SOFR
+
3.12%),
3.62%,
04/01/31
165
148,680
(1-day
SOFR
+
1.02%),
1.93%,
04/28/32
60
46,838
(1-day
SOFR
+
1.29%),
2.94%,
01/21/33
105
87,279
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.43%),
5.95%,
01/19/38
....................
20
19,741
(1-day
SOFR
+
1.49%),
3.22%,
04/22/42
55
41,706
(1-day
SOFR
+
1.43%),
2.80%,
01/25/52
40
26,246
Nasdaq,
Inc.
5.35%,
06/28/28
.................
250
250,361
5.55%,
02/15/34
.................
325
326,278
5.95%,
08/15/53
.................
130
133,106
Nomura
Holdings,
Inc.,
5.71%,
01/09/26
...
200
198,215
Northern
Trust
Corp.
3.15%,
05/03/29
.................
50
45,321
6.13%,
11/02/32
.................
57
59,094
Owl
Rock
Capital
Corp.
3.75%,
07/22/25
.................
59
54,672
3.40%,
07/15/26
.................
12
10,629
OWL
Rock
Core
Income
Corp.
5.50%,
03/21/25
.................
25
24,057
7.75%,
09/16/27
(b)
................
45
44,772
S&P
Global,
Inc.
2.90%,
03/01/32
.................
105
91,009
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
3.25%,
12/01/49
.................
USD
35
$
26,310
State
Street
Corp.
(a)
(3-mo.
LIBOR
USD
+
0.77%),
3.78%,
12/03/24
....................
55
54,473
(3-mo.
LIBOR
USD
+
1.00%),
6.55%,
06/15/47
....................
1,788
1,466,843
UBS
Group
AG
(a)(b)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
1.01%,
07/30/24
....................
255
253,938
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(e)
.....................
520
416,286
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.05%),
4.70%,
08/05/27
....................
700
669,046
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
5.96%,
01/12/34
....................
420
417,795
20,235,635
Chemicals
—
0.3%
Air
Products
&
Chemicals,
Inc.,
1.50%,
10/15/25
.....................
50
46,134
Ashland,
Inc.,
3.38%,
09/01/31
(b)
........
17
13,579
Avient
Corp.,
7.13%,
08/01/30
(b)
........
36
36,411
Axalta
Coating
Systems
LLC,
3.38%,
02/15/29
(b)
....................
150
127,687
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
.................
22
20,216
4.63%,
11/15/29
.................
12
10,141
DuPont
de
Nemours,
Inc.
5.32%,
11/15/38
.................
110
108,989
5.42%,
11/15/48
.................
61
60,140
Eastman
Chemical
Co.
5.75%,
03/08/33
.................
380
379,540
4.80%,
09/01/42
.................
65
56,552
Ecolab,
Inc.,
2.70%,
12/15/51
.........
190
125,946
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
245
213,732
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
32
31,488
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
200
155,000
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
75
65,352
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
26
22,198
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)(b)
70
46,200
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
24
20,045
LYB
International
Finance
III
LLC,
1.25%,
10/01/25
.....................
241
217,920
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
25
22,750
Nutrien
Ltd.
5.90%,
11/07/24
.................
65
65,019
4.90%,
03/27/28
.................
130
127,503
5.80%,
03/27/53
.................
35
35,118
PPG
Industries,
Inc.,
1.20%,
03/15/26
....
45
40,309
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
10
7,820
4.38%,
02/01/32
.................
10
7,874
Sherwin-Williams
Co.
(The)
4.25%,
08/08/25
.................
116
113,583
2.30%,
05/15/30
.................
45
37,786
4.50%,
06/01/47
.................
100
87,554
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
57
45,294
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
10
9,274
5.63%,
08/15/29
.................
214
175,330
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
7.38%,
03/01/31
.................
USD
25
$
24,500
2,556,984
Commercial
Services
&
Supplies
—
0.3%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
13
11,115
Allied
Universal
Holdco
LLC
(b)
9.75%,
07/15/27
.................
12
10,608
4.63%,
06/01/28
.................
407
343,469
6.00%,
06/01/29
.................
200
147,581
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
22
18,975
4.75%,
10/15/29
.................
17
15,310
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
33
32,339
5.75%,
07/15/29
.................
53
45,999
Aramark
Services,
Inc.
(b)
5.00%,
04/01/25
.................
26
25,619
6.38%,
05/01/25
.................
61
60,944
5.00%,
02/01/28
.................
47
44,299
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
14
13,834
Clean
Harbors,
Inc.
(b)
4.88%,
07/15/27
.................
28
26,811
6.38%,
02/01/31
.................
20
20,125
Covanta
Holding
Corp.,
4.88%,
12/01/29
(b)
.
67
57,955
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
56
51,240
9.50%,
11/01/27
.................
10
9,661
7.75%,
02/15/28
.................
59
58,564
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
21
20,265
3.75%,
08/01/25
.................
26
24,736
5.13%,
12/15/26
.................
24
23,155
3.50%,
09/01/28
.................
65
57,849
4.75%,
06/15/29
.................
94
85,879
4.38%,
08/15/29
.................
65
57,873
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
27
24,300
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
165
133,635
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
45
41,310
Prime
Security
Services
Borrower
LLC
(b)
5.25%,
04/15/24
.................
18
17,852
5.75%,
04/15/26
.................
22
21,596
6.25%,
01/15/28
.................
59
55,271
Republic
Services,
Inc.
0.88%,
11/15/25
.................
40
35,986
4.88%,
04/01/29
.................
270
269,571
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
116
107,532
1,971,258
Communications
Equipment
—
0.1%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
7
6,525
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
26
24,231
8.25%,
03/01/27
.................
63
50,399
7.13%,
07/01/28
.................
43
30,530
4.75%,
09/01/29
.................
85
67,014
Motorola
Solutions,
Inc.
4.60%,
02/23/28
.................
125
121,228
2.30%,
11/15/30
.................
73
58,967
2.75%,
05/24/31
.................
240
196,622
5.50%,
09/01/44
.................
10
9,492
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
97
93,992
5.63%,
04/15/27
.................
9
8,403
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
USD
47
$
39,936
707,339
Construction
&
Engineering
—
0.0%
(b)
Arcosa,
Inc.,
4.38%,
04/15/29
.........
67
60,032
Dycom
Industries,
Inc.,
4.50%,
04/15/29
...
35
31,787
91,819
Consumer
Finance
—
1.5%
AerCap
Ireland
Capital
DAC
4.88%,
01/16/24
.................
175
173,770
3.50%,
01/15/25
.................
1,410
1,349,946
4.45%,
10/01/25
.................
270
259,715
Ally
Financial,
Inc.
5.75%,
11/20/25
.................
234
225,357
(1-day
SOFR
+
3.26%),
6.99%,
06/13/29
(a)
695
686,315
American
Express
Co.
3.95%,
08/01/25
.................
900
873,506
3.13%,
05/20/26
.................
475
450,041
2.55%,
03/04/27
.................
345
314,091
American
Honda
Finance
Corp.,
1.30%,
09/09/26
.....................
125
111,312
Capital
One
Financial
Corp.
3.75%,
04/24/24
.................
230
225,062
(1-day
SOFR
+
0.69%),
1.34%,
12/06/24
(a)
430
418,770
4.25%,
04/30/25
.................
185
178,587
(1-day
SOFR
+
1.37%),
4.17%,
05/09/25
(a)
215
209,436
(1-day
SOFR
+
1.29%),
2.64%,
03/03/26
(a)
562
524,781
(1-day
SOFR
+
0.86%),
1.88%,
11/02/27
(a)
35
29,982
3.80%,
01/31/28
.................
375
344,598
(1-day
SOFR
+
2.08%),
5.47%,
02/01/29
(a)
325
311,338
(1-day
SOFR
+
2.64%),
6.31%,
06/08/29
(a)
155
153,956
(1-day
SOFR
+
1.34%),
2.36%,
07/29/32
(a)
175
123,587
(1-day
SOFR
+
1.27%),
2.62%,
11/02/32
(a)
25
19,258
(1-day
SOFR
+
2.60%),
5.82%,
02/01/34
(a)
185
176,504
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
(a)
225
223,388
Caterpillar
Financial
Services
Corp.,
2.40%,
08/09/26
.....................
100
92,854
Discover
Financial
Services,
6.70%,
11/29/32
25
25,756
Ford
Motor
Credit
Co.
LLC
5.58%,
03/18/24
.................
400
397,179
3.38%,
11/13/25
.................
255
237,118
2.70%,
08/10/26
.................
200
178,555
6.80%,
05/12/28
.................
200
200,183
7.35%,
03/06/30
.................
200
204,248
General
Motors
Financial
Co.,
Inc.
4.00%,
01/15/25
.................
50
48,457
4.35%,
04/09/25
.................
535
521,007
4.30%,
07/13/25
.................
35
33,947
1.25%,
01/08/26
.................
40
35,688
4.35%,
01/17/27
.................
480
460,167
6.00%,
01/09/28
.................
155
156,242
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(h)
.....
38
34,593
Macquarie
Airfinance
Holdings
Ltd.,
8.38%,
05/01/28
(b)
....................
14
14,195
Navient
Corp.
5.88%,
10/25/24
.................
2
1,965
5.50%,
03/15/29
.................
5
4,263
9.38%,
07/25/30
.................
20
19,893
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
10
9,901
7.13%,
03/15/26
.................
38
37,335
6.63%,
01/15/28
.................
27
25,468
5.38%,
11/15/29
.................
35
29,755
4.00%,
09/15/30
.................
37
28,490
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
SLM
Corp.,
3.13%,
11/02/26
..........
USD
44
$
38,060
Synchrony
Financial
4.25%,
08/15/24
.................
200
192,826
4.88%,
06/13/25
.................
3
2,851
4.50%,
07/23/25
.................
72
67,876
3.95%,
12/01/27
.................
90
78,408
Toyota
Motor
Credit
Corp.
1.15%,
08/13/27
.................
275
237,727
2.15%,
02/13/30
.................
190
162,544
1.90%,
09/12/31
.................
75
60,331
11,021,182
Consumer
Staples
Distribution
&
Retail
—
0.1%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
.......
817
729,851
Albertsons
Cos.,
Inc.
(b)
3.25%,
03/15/26
.................
102
94,204
4.63%,
01/15/27
.................
4
3,790
5.88%,
02/15/28
.................
16
15,548
6.50%,
02/15/28
.................
20
20,033
3.50%,
03/15/29
.................
20
17,313
4.88%,
02/15/30
.................
26
24,004
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
41
36,503
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
28
23,209
US
Foods,
Inc.
(b)
4.75%,
02/15/29
.................
25
22,888
4.63%,
06/01/30
.................
37
33,161
Walmart,
Inc.,
2.65%,
09/22/51
........
135
95,890
1,116,394
Containers
&
Packaging
—
0.5%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
200
162,029
Ardagh
Metal
Packaging
Finance
USA
LLC
(b)
6.00%,
06/15/27
.................
200
196,473
4.00%,
09/01/29
.................
200
158,399
Ball
Corp.,
6.00%,
06/15/29
..........
25
24,813
Berry
Global,
Inc.,
1.57%,
01/15/26
......
605
545,550
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
128
122,073
8.75%,
04/15/30
.................
65
57,377
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
18
18,608
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(b)
10
8,537
Graphic
Packaging
International
LLC
(b)
4.75%,
07/15/27
.................
15
14,262
3.50%,
03/15/28
.................
23
20,567
LABL,
Inc.
(b)
5.88%,
11/01/28
.................
40
36,379
9.50%,
11/01/28
.................
61
62,061
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
08/15/26
.................
462
459,001
9.25%,
04/15/27
.................
12
11,076
Owens-Brockway
Glass
Container,
Inc.
(b)
6.63%,
05/13/27
.................
6
5,941
7.25%,
05/15/31
.................
30
30,375
Sealed
Air
Corp.,
6.13%,
02/01/28
(b)
.....
28
27,794
Sonoco
Products
Co.,
2.25%,
02/01/27
...
135
120,619
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
15
15,555
Trivium
Packaging
Finance
BV
(b)(i)
5.50%,
08/15/26
.................
200
192,031
8.50%,
08/15/27
.................
200
192,523
WestRock
MWV
LLC,
8.20%,
01/15/30
....
125
143,329
WRKCo,
Inc.
3.75%,
03/15/25
.................
155
149,104
4.65%,
03/15/26
.................
315
305,623
4.90%,
03/15/29
.................
125
120,899
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
3.00%,
06/15/33
.................
USD
325
$
264,295
3,465,293
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
24
20,488
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
55
51,150
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
23
19,081
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
11
11,087
101,806
Diversified
Consumer
Services
—
0.1%
Johns
Hopkins
University,
Series
A,
4.71%,
07/01/32
.....................
445
443,853
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
29
25,016
Northwestern
University,
4.64%,
12/01/44
..
105
101,579
Service
Corp.
International,
4.00%,
05/15/31
99
84,747
Sotheby's,
7.38%,
10/15/27
(b)
..........
355
319,284
Trustees
of
Boston
University,
Series
CC,
4.06%,
10/01/48
................
21
18,381
University
of
Miami,
Series
2022,
4.06%,
04/01/52
.....................
75
63,664
University
of
Southern
California,
Series
2017,
3.84%,
10/01/47
................
85
74,021
1,130,545
Diversified
REITs
—
0.4%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
28
20,541
GLP
Capital
LP
4.00%,
01/15/30
.................
115
99,666
3.25%,
01/15/32
.................
32
25,837
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
46
41,227
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
23
19,854
Prologis
LP
4.88%,
06/15/28
.................
260
257,644
5.13%,
01/15/34
.................
495
491,466
RHP
Hotel
Properties
LP,
7.25%,
07/15/28
(b)
46
46,471
Simon
Property
Group
LP,
5.50%,
03/08/33
.
285
282,970
VICI
Properties
LP
5.63%,
05/01/24
(b)
................
300
298,151
3.50%,
02/15/25
(b)
................
436
416,599
4.38%,
05/15/25
.................
30
28,994
4.63%,
06/15/25
(b)
................
12
11,595
4.25%,
12/01/26
(b)
................
7
6,548
4.75%,
02/15/28
.................
200
189,367
4.95%,
02/15/30
.................
85
79,737
5.13%,
05/15/32
.................
485
453,787
5.63%,
05/15/52
.................
45
40,086
2,810,540
Diversified
Telecommunication
Services
—
0.9%
Altice
France
SA,
5.13%,
07/15/29
(b)
.....
380
269,752
AT&T,
Inc.
1.70%,
03/25/26
.................
244
222,404
3.80%,
02/15/27
.................
200
191,037
4.35%,
03/01/29
.................
140
134,491
2.55%,
12/01/33
.................
23
18,066
4.50%,
05/15/35
.................
655
602,143
4.85%,
03/01/39
.................
100
91,993
3.50%,
06/01/41
.................
200
153,537
4.65%,
06/01/44
.................
17
14,810
3.65%,
06/01/51
.................
155
113,789
3.55%,
09/15/55
.................
220
154,015
3.80%,
12/01/57
.................
71
51,404
CCO
Holdings
LLC
(b)
5.00%,
02/01/28
.................
34
30,977
6.38%,
09/01/29
.................
113
106,464
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
4.75%,
03/01/30
.................
USD
28
$
23,942
7.38%,
03/01/31
.................
224
218,273
4.75%,
02/01/32
.................
92
75,024
4.25%,
01/15/34
.................
114
86,157
Frontier
Communications
Holdings
LLC
(b)
5.88%,
10/15/27
.................
75
68,832
5.00%,
05/01/28
.................
86
74,202
8.75%,
05/15/30
.................
153
149,538
Iliad
Holding
SASU,
7.00%,
10/15/28
(b)
....
200
184,329
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
125
106,063
10.50%,
05/15/30
................
103
104,507
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
103
76,757
Sprint
Capital
Corp.,
6.88%,
11/15/28
.....
625
662,496
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
5
4,242
6.00%,
09/30/34
.................
31
25,000
7.20%,
07/18/36
.................
25
21,488
7.72%,
06/04/38
.................
17
15,032
Telefonica
Emisiones
SA
4.10%,
03/08/27
.................
150
143,915
5.52%,
03/01/49
.................
150
134,813
Uniti
Group
LP,
10.50%,
02/15/28
(b)
......
64
63,492
Verizon
Communications,
Inc.
3.00%,
03/22/27
.................
380
354,582
2.10%,
03/22/28
.................
100
87,847
1.50%,
09/18/30
.................
100
79,030
2.55%,
03/21/31
.................
100
83,493
4.40%,
11/01/34
.................
150
138,446
4.27%,
01/15/36
.................
610
549,999
2.65%,
11/20/40
.................
250
173,899
3.40%,
03/22/41
.................
410
316,441
2.85%,
09/03/41
.................
130
92,459
2.99%,
10/30/56
.................
100
63,516
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
319
225,295
6.13%,
03/01/28
.................
119
74,359
6,632,350
Electric
Utilities
—
2.6%
Alabama
Power
Co.
3.94%,
09/01/32
.................
250
230,783
3.75%,
03/01/45
.................
25
19,649
American
Electric
Power
Co.,
Inc.,
5.70%,
08/15/25
(a)
....................
500
496,620
Baltimore
Gas
&
Electric
Co.
4.25%,
09/15/48
.................
50
42,471
3.20%,
09/15/49
.................
50
36,199
2.90%,
06/15/50
.................
95
63,331
CenterPoint
Energy
Houston
Electric
LLC
Series
AG,
3.00%,
03/01/32
.........
100
86,479
4.95%,
04/01/33
.................
140
139,749
Duke
Energy
Carolinas
LLC
2.85%,
03/15/32
.................
190
161,487
6.10%,
06/01/37
.................
24
25,151
3.75%,
06/01/45
.................
100
78,663
3.70%,
12/01/47
.................
60
47,022
3.95%,
03/15/48
.................
50
40,741
3.20%,
08/15/49
.................
234
168,306
3.45%,
04/15/51
.................
25
18,268
Duke
Energy
Corp.
5.00%,
12/08/25
.................
200
198,579
2.65%,
09/01/26
.................
560
517,567
5.00%,
12/08/27
.................
150
148,978
2.55%,
06/15/31
.................
100
82,398
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
...................
USD
335
$
248,746
Duke
Energy
Florida
LLC
2.50%,
12/01/29
.................
395
341,023
1.75%,
06/15/30
.................
140
113,882
2.40%,
12/15/31
.................
75
61,594
6.40%,
06/15/38
.................
115
126,133
5.65%,
04/01/40
.................
50
51,550
Duke
Energy
Progress
LLC
3.45%,
03/15/29
.................
313
286,972
4.10%,
05/15/42
.................
150
126,668
4.10%,
03/15/43
.................
25
20,961
2.50%,
08/15/50
.................
30
18,618
5.35%,
03/15/53
.................
170
171,081
Edison
International
4.70%,
08/15/25
.................
390
380,962
5.75%,
06/15/27
.................
100
100,005
5.25%,
11/15/28
.................
280
272,465
6.95%,
11/15/29
.................
175
184,078
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
...................
75
76,534
Emera
US
Finance
LP,
0.83%,
06/15/24
...
265
250,596
Enel
Finance
International
NV,
1.38%,
07/12/26
(b)
....................
465
410,509
Eversource
Energy
Series
H,
3.15%,
01/15/25
..........
250
240,193
4.75%,
05/15/26
.................
135
132,312
5.45%,
03/01/28
.................
360
362,414
Exelon
Corp.
3.40%,
04/15/26
.................
100
95,011
2.75%,
03/15/27
.................
40
36,602
5.15%,
03/15/28
.................
200
199,090
4.05%,
04/15/30
.................
50
46,724
4.70%,
04/15/50
.................
70
61,862
FirstEnergy
Corp.
Series
B,
4.15%,
07/15/27
(a)(i)
........
185
175,719
2.65%,
03/01/30
.................
210
177,108
Series
C,
5.10%,
07/15/47
(a)(i)
........
18
16,146
Series
C,
3.40%,
03/01/50
..........
10
6,892
FirstEnergy
Transmission
LLC
(b)
4.35%,
01/15/25
.................
205
199,894
5.45%,
07/15/44
.................
109
100,793
Florida
Power
&
Light
Co.
5.96%,
04/01/39
.................
50
54,016
4.13%,
02/01/42
.................
120
105,294
3.70%,
12/01/47
.................
25
20,274
3.15%,
10/01/49
.................
60
43,740
2.88%,
12/04/51
.................
97
67,049
Georgia
Power
Co.,
4.70%,
05/15/32
.....
480
463,967
Interstate
Power
&
Light
Co.
3.25%,
12/01/24
.................
100
96,524
3.50%,
09/30/49
.................
25
18,181
MidAmerican
Energy
Co.
3.65%,
04/15/29
.................
225
208,949
4.25%,
07/15/49
.................
260
221,085
Mid-Atlantic
Interstate
Transmission
LLC,
4.10%,
05/15/28
(b)
...............
265
250,515
NextEra
Energy
Capital
Holdings,
Inc.
6.05%,
03/01/25
(a)
................
85
85,320
1.88%,
01/15/27
.................
140
124,791
3.55%,
05/01/27
.................
300
282,596
4.63%,
07/15/27
.................
350
342,232
1.90%,
06/15/28
.................
250
214,248
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
2.25%,
06/01/30
.................
USD
100
$
83,172
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
...................
1,032
866,394
NextEra
Energy
Operating
Partners
LP,
4.25%,
09/15/24
(b)
....................
4
3,820
Northern
States
Power
Co.
2.90%,
03/01/50
.................
62
42,707
2.60%,
06/01/51
.................
60
38,472
4.50%,
06/01/52
.................
140
126,036
NRG
Energy,
Inc.
2.45%,
12/02/27
(b)
................
145
122,193
5.75%,
01/15/28
.................
6
5,686
7.00%,
03/15/33
(b)
................
30
30,248
Ohio
Power
Co.
Series
P,
2.60%,
04/01/30
..........
200
170,859
5.00%,
06/01/33
.................
220
215,829
4.00%,
06/01/49
.................
120
97,144
Series
R,
2.90%,
10/01/51
..........
120
79,641
Oncor
Electric
Delivery
Co.
LLC
2.75%,
06/01/24
.................
240
233,450
4.30%,
05/15/28
(b)
................
210
204,278
2.75%,
05/15/30
.................
132
115,722
4.10%,
11/15/48
.................
116
99,196
2.70%,
11/15/51
.................
150
97,148
Pacific
Gas
&
Electric
Co.
3.40%,
08/15/24
.................
190
183,842
3.45%,
07/01/25
.................
274
258,703
3.30%,
12/01/27
.................
150
131,503
3.30%,
12/01/27
.................
140
122,737
3.00%,
06/15/28
.................
150
129,288
6.10%,
01/15/29
.................
35
34,437
2.50%,
02/01/31
.................
135
105,689
6.40%,
06/15/33
.................
45
44,754
4.50%,
07/01/40
.................
50
38,871
4.45%,
04/15/42
.................
85
64,170
4.00%,
12/01/46
.................
46
30,830
4.95%,
07/01/50
.................
372
292,173
3.50%,
08/01/50
.................
175
111,318
5.25%,
03/01/52
.................
130
105,577
6.75%,
01/15/53
.................
25
24,672
6.70%,
04/01/53
.................
140
137,443
PacifiCorp
2.90%,
06/15/52
.................
175
109,051
5.35%,
12/01/53
.................
200
182,702
5.50%,
05/15/54
.................
40
37,528
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
73
66,673
PECO
Energy
Co.
4.90%,
06/15/33
.................
330
329,391
2.85%,
09/15/51
.................
35
23,060
4.38%,
08/15/52
.................
108
95,376
PPL
Electric
Utilities
Corp.,
3.95%,
06/01/47
25
20,933
Progress
Energy,
Inc.,
6.00%,
12/01/39
...
105
106,225
Public
Service
Co.
of
Colorado
3.80%,
06/15/47
.................
60
47,126
Series
34,
3.20%,
03/01/50
.........
60
42,345
Series
36,
2.70%,
01/15/51
.........
25
15,822
Public
Service
Electric
&
Gas
Co.
3.00%,
05/15/27
.................
90
84,121
4.90%,
12/15/32
.................
395
394,453
4.65%,
03/15/33
.................
305
299,228
2.05%,
08/01/50
.................
28
16,478
3.00%,
03/01/51
.................
127
89,272
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Southern
California
Edison
Co.
Series
E,
3.70%,
08/01/25
..........
USD
25
$
24,065
Series
D,
4.70%,
06/01/27
..........
115
113,043
5.95%,
11/01/32
.................
150
157,005
4.00%,
04/01/47
.................
46
36,523
Series
C,
4.13%,
03/01/48
..........
9
7,300
Series
B,
4.88%,
03/01/49
..........
65
58,384
3.65%,
02/01/50
.................
75
55,812
Series
20A,
2.95%,
02/01/51
........
75
49,113
Series
H,
3.65%,
06/01/51
..........
135
100,119
3.45%,
02/01/52
.................
100
71,520
Series
E,
5.45%,
06/01/52
..........
155
150,582
5.70%,
03/01/53
.................
100
99,978
Southern
Co.
(The)
4.48%,
08/01/24
(a)(i)
...............
710
697,031
Series
21-B,
1.75%,
03/15/28
........
150
128,052
Tampa
Electric
Co.
4.45%,
06/15/49
.................
100
84,748
3.45%,
03/15/51
.................
35
25,026
Virginia
Electric
&
Power
Co.
Series
A,
3.80%,
04/01/28
..........
90
85,265
8.88%,
11/15/38
.................
205
272,539
4.45%,
02/15/44
.................
100
85,673
2.45%,
12/15/50
.................
125
74,824
Vistra
Operations
Co.
LLC
(b)
5.13%,
05/13/25
.................
520
506,977
5.50%,
09/01/26
.................
15
14,434
5.00%,
07/31/27
.................
7
6,552
Wisconsin
Electric
Power
Co.,
2.05%,
12/15/24
250
237,447
19,844,157
Electrical
Equipment
—
0.0%
(b)
Regal
Rexnord
Corp.
6.05%,
02/15/26
.................
20
20,026
6.05%,
04/15/28
.................
54
53,606
6.30%,
02/15/30
.................
45
44,867
6.40%,
04/15/33
.................
29
28,975
Sensata
Technologies
BV,
5.00%,
10/01/25
.
4
3,916
Vertiv
Group
Corp.,
4.13%,
11/15/28
.....
93
83,791
235,181
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Amphenol
Corp.,
2.05%,
03/01/25
.......
45
42,472
CDW
LLC,
3.25%,
02/15/29
..........
16
13,709
Coherent
Corp.,
5.00%,
12/15/29
(b)
......
82
74,014
Sensata
Technologies,
Inc.
(b)
4.38%,
02/15/30
.................
77
68,857
3.75%,
02/15/31
.................
11
9,411
208,463
Energy
Equipment
&
Services
—
0.2%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
105
100,800
6.25%,
04/01/28
.................
64
60,087
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
46
44,757
Halliburton
Co.
3.80%,
11/15/25
.................
2
1,932
2.92%,
03/01/30
.................
165
144,980
5.00%,
11/15/45
.................
85
76,908
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
27
25,205
7.50%,
01/15/28
.................
65
56,879
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
171
165,480
7.38%,
05/15/27
(b)
................
24
22,837
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
..
44
44,734
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
11
9,939
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Schlumberger
Finance
Canada
Ltd.,
1.40%,
09/17/25
.....................
USD
40
$
36,810
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
14
14,852
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
....................
32
32,680
Transocean,
Inc.
(b)
7.50%,
01/15/26
.................
18
17,100
11.50%,
01/30/27
................
6
6,217
8.75%,
02/15/30
.................
159
161,385
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
63
61,715
6.88%,
09/01/27
.................
54
51,564
Valaris
Ltd.,
8.38%,
04/30/30
(b)
.........
71
71,238
Venture
Global
LNG,
Inc.
(b)
8.13%,
06/01/28
.................
176
178,752
8.38%,
06/01/31
.................
271
273,213
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
28
28,121
8.63%,
04/30/30
.................
100
101,524
1,789,709
Entertainment
—
0.2%
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
39
28,244
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
9
8,860
5.63%,
03/15/26
.................
4
3,907
6.50%,
05/15/27
.................
235
236,251
4.75%,
10/15/27
.................
74
69,005
Netflix,
Inc.
4.88%,
04/15/28
.................
350
346,139
4.88%,
06/15/30
(b)
................
360
354,274
Playtika
Holding
Corp.,
4.25%,
03/15/29
(b)
..
30
26,625
TWDC
Enterprises
18
Corp.,
4.13%,
06/01/44
55
48,330
Walt
Disney
Co.
(The)
4.63%,
03/23/40
.................
92
88,447
3.50%,
05/13/40
.................
126
104,178
1,314,260
Financial
Services
—
0.8%
Block,
Inc.
2.75%,
06/01/26
.................
94
85,586
3.50%,
06/01/31
.................
196
162,332
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
39
38,311
Fidelity
National
Information
Services,
Inc.,
1.15%,
03/01/26
................
113
100,778
Fiserv,
Inc.
2.75%,
07/01/24
.................
265
257,107
3.20%,
07/01/26
.................
490
459,798
3.50%,
07/01/29
.................
100
91,274
4.40%,
07/01/49
.................
90
76,048
GGAM
Finance
Ltd.
(b)
7.75%,
05/15/26
.................
6
6,022
8.00%,
06/15/28
.................
6
6,003
Global
Payments,
Inc.
2.65%,
02/15/25
.................
145
137,522
1.20%,
03/01/26
.................
1,065
946,439
4.80%,
04/01/26
.................
50
48,810
2.15%,
01/15/27
.................
60
53,331
3.20%,
08/15/29
.................
296
257,279
5.40%,
08/15/32
.................
136
132,523
4.15%,
08/15/49
.................
115
86,082
5.95%,
08/15/52
.................
101
96,642
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
118
105,797
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
200
163,963
LSEGA
Financing
plc,
1.38%,
04/06/26
(b)
..
500
445,784
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Mastercard,
Inc.
3.35%,
03/26/30
.................
USD
95
$
88,526
3.65%,
06/01/49
.................
5
4,160
3.85%,
03/26/50
.................
45
38,735
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
31
29,241
National
Rural
Utilities
Cooperative
Finance
Corp.,
4.45%,
03/13/26
............
200
196,917
Nationstar
Mortgage
Holdings,
Inc.
(b)
6.00%,
01/15/27
.................
18
16,745
5.13%,
12/15/30
.................
31
25,147
5.75%,
11/15/31
.................
21
17,251
NTT
Finance
Corp.,
1.16%,
04/03/26
(b)
....
1,035
926,293
PayPal
Holdings,
Inc.
2.85%,
10/01/29
.................
50
44,337
2.30%,
06/01/30
.................
100
84,776
4.40%,
06/01/32
.................
125
120,444
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
..
129
114,165
Sabre
GLBL,
Inc.
(b)
9.25%,
04/15/25
.................
6
5,595
7.38%,
09/01/25
.................
52
46,156
Shell
International
Finance
BV
2.38%,
11/07/29
.................
10
8,735
2.75%,
04/06/30
.................
10
8,929
3.63%,
08/21/42
.................
25
20,710
3.00%,
11/26/51
.................
15
10,567
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
70
65,644
Shift4
Payments,
Inc.,
0.00%,
12/15/25
(j)(k)
..
7
7,602
Siemens
Financieringsmaatschappij
NV,
2.88%,
03/11/41
(b)
...............
500
380,786
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
315
315,974
6,334,866
Food
Products
—
0.2%
Chobani
LLC
(b)
7.50%,
04/15/25
.................
149
148,257
4.63%,
11/15/28
.................
147
133,770
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
.
84
82,039
General
Mills,
Inc.
4.00%,
04/17/25
.................
95
92,580
2.25%,
10/14/31
.................
10
8,202
4.95%,
03/29/33
.................
195
193,258
Kraft
Heinz
Foods
Co.
3.00%,
06/01/26
.................
65
61,333
3.88%,
05/15/27
.................
78
74,889
4.38%,
06/01/46
.................
66
56,090
4.88%,
10/01/49
.................
351
320,276
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
88
84,281
4.13%,
01/31/30
.................
12
10,724
4.38%,
01/31/32
.................
23
20,545
McCormick
&
Co.,
Inc.,
0.90%,
02/15/26
...
145
129,262
Post
Holdings,
Inc.
(b)
5.50%,
12/15/29
.................
9
8,305
4.50%,
09/15/31
.................
7
5,978
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
32
25,639
1,455,428
Gas
Utilities
—
0.0%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
..
36
36,562
Atmos
Energy
Corp.
2.63%,
09/15/29
.................
40
35,162
2.85%,
02/15/52
.................
125
84,403
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
...............
35
35,175
ONE
Gas,
Inc.,
1.10%,
03/11/24
........
129
124,803
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Gas
Utilities
(continued)
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
USD
34
$
28,463
344,568
Ground
Transportation
—
0.7%
Burlington
Northern
Santa
Fe
LLC
5.75%,
05/01/40
.................
5
5,288
5.40%,
06/01/41
.................
100
101,967
5.15%,
09/01/43
.................
125
123,700
4.90%,
04/01/44
.................
90
87,046
3.55%,
02/15/50
.................
75
59,497
3.30%,
09/15/51
.................
75
55,970
2.88%,
06/15/52
.................
90
61,527
Canadian
National
Railway
Co.,
3.85%,
08/05/32
.....................
180
167,550
Canadian
Pacific
Railway
Co.
1.75%,
12/02/26
.................
45
40,449
2.05%,
03/05/30
.................
30
25,165
3.10%,
12/02/51
.................
170
120,489
CSX
Corp.
3.25%,
06/01/27
.................
60
56,457
4.10%,
11/15/32
.................
45
42,567
4.30%,
03/01/48
.................
80
69,609
2.50%,
05/15/51
.................
75
47,618
Hertz
Corp.
(The)
(b)
4.63%,
12/01/26
.................
25
22,563
5.00%,
12/01/29
.................
19
15,706
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
38
34,010
Norfolk
Southern
Corp.
2.90%,
06/15/26
.................
175
164,601
3.80%,
08/01/28
.................
243
229,788
4.45%,
03/01/33
.................
200
191,370
4.15%,
02/28/48
.................
30
25,201
3.05%,
05/15/50
.................
140
96,793
3.70%,
03/15/53
.................
175
134,713
3.16%,
05/15/55
.................
80
54,688
Penske
Truck
Leasing
Co.
LP
(b)
4.00%,
07/15/25
.................
745
712,626
1.20%,
11/15/25
.................
150
133,410
4.20%,
04/01/27
.................
100
93,605
5.88%,
11/15/27
.................
305
302,374
Ryder
System,
Inc.
3.65%,
03/18/24
.................
270
265,503
2.90%,
12/01/26
.................
250
229,029
2.85%,
03/01/27
.................
135
123,332
SMBC
Aviation
Capital
Finance
DAC,
1.90%,
10/15/26
(b)
....................
200
174,760
Uber
Technologies,
Inc.
7.50%,
05/15/25
(b)
................
77
77,921
0.00%,
12/15/25
(j)(k)
...............
48
43,777
8.00%,
11/01/26
(b)
................
107
109,045
7.50%,
09/15/27
(b)
................
121
123,765
6.25%,
01/15/28
(b)
................
57
56,718
4.50%,
08/15/29
(b)
................
152
139,901
Union
Pacific
Corp.
3.00%,
04/15/27
.................
100
93,987
3.55%,
08/15/39
.................
40
33,537
4.30%,
03/01/49
.................
10
8,784
3.80%,
10/01/51
.................
80
65,520
3.50%,
02/14/53
.................
35
27,043
3.95%,
08/15/59
.................
25
20,219
3.84%,
03/20/60
.................
118
93,864
3.84%,
03/20/60
(b)
................
100
79,545
3.80%,
04/06/71
.................
100
76,281
Williams
Scotsman
International,
Inc.,
6.13%,
06/15/25
(b)
....................
26
25,807
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(b)
..
USD
31
$
31,677
XPO,
Inc.,
6.25%,
06/01/28
(b)
..........
19
18,681
5,195,043
Health
Care
Equipment
&
Supplies
—
0.2%
Abbott
Laboratories
3.75%,
11/30/26
.................
68
66,296
4.75%,
11/30/36
.................
150
150,592
Avantor
Funding,
Inc.
(b)
4.63%,
07/15/28
.................
127
117,719
3.88%,
11/01/29
.................
33
28,893
Baxter
International,
Inc.
1.92%,
02/01/27
.................
37
32,864
2.54%,
02/01/32
.................
295
238,957
Becton
Dickinson
&
Co.
3.73%,
12/15/24
.................
52
50,482
3.70%,
06/06/27
.................
374
355,590
Embecta
Corp.,
6.75%,
02/15/30
(b)
......
35
31,366
Garden
Spinco
Corp.,
8.63%,
07/20/30
(b)
..
40
42,990
Medline
Borrower
LP
(b)
3.88%,
04/01/29
.................
81
70,394
5.25%,
10/01/29
.................
246
213,454
Medtronic
Global
Holdings
SCA
4.25%,
03/30/28
.................
190
185,445
4.50%,
03/30/33
.................
220
215,623
Teleflex,
Inc.,
4.63%,
11/15/27
.........
28
26,390
1,827,055
Health
Care
Providers
&
Services
—
1.0%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(b)
13
12,433
AdaptHealth
LLC
(b)
6.13%,
08/01/28
.................
20
17,325
5.13%,
03/01/30
.................
10
8,100
Aetna,
Inc.
4.13%,
11/15/42
.................
50
41,046
3.88%,
08/15/47
.................
211
164,455
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
62
53,458
Banner
Health,
Series
2020,
3.18%,
01/01/50
25
17,918
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
29
18,125
Centene
Corp.
2.45%,
07/15/28
.................
25
21,369
2.50%,
03/01/31
.................
139
110,848
2.63%,
08/01/31
.................
4
3,188
Cigna
Group
(The),
3.40%,
03/01/27
.....
41
38,623
CommonSpirit
Health
3.35%,
10/01/29
.................
200
175,950
2.78%,
10/01/30
.................
40
33,627
3.91%,
10/01/50
.................
205
158,388
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
37
32,606
6.00%,
01/15/29
.................
129
108,521
5.25%,
05/15/30
.................
62
48,839
4.75%,
02/15/31
.................
34
25,697
CVS
Health
Corp.
5.00%,
02/20/26
.................
350
348,375
3.63%,
04/01/27
.................
50
47,464
1.30%,
08/21/27
.................
75
64,544
4.30%,
03/25/28
.................
280
270,038
3.75%,
04/01/30
.................
100
91,728
5.13%,
07/20/45
.................
175
161,898
5.05%,
03/25/48
.................
45
41,478
Elevance
Health,
Inc.
2.38%,
01/15/25
.................
815
774,715
4.10%,
03/01/28
.................
320
307,156
2.25%,
05/15/30
.................
15
12,565
5.50%,
10/15/32
.................
210
215,882
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.65%,
01/15/43
.................
USD
155
$
141,607
3.70%,
09/15/49
.................
1
775
3.13%,
05/15/50
.................
126
87,854
6.10%,
10/15/52
.................
30
32,864
Encompass
Health
Corp.
4.50%,
02/01/28
.................
7
6,512
4.75%,
02/01/30
.................
39
35,510
4.63%,
04/01/31
.................
46
40,777
HCA,
Inc.
5.38%,
02/01/25
.................
62
61,457
5.38%,
09/01/26
.................
185
183,546
3.13%,
03/15/27
(b)
................
165
151,526
3.50%,
09/01/30
.................
100
87,655
3.50%,
07/15/51
.................
385
266,359
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
118
103,997
Legacy
LifePoint
Health
LLC
(b)
6.75%,
04/15/25
.................
44
40,868
4.38%,
02/15/27
.................
16
12,380
Memorial
Health
Services,
3.45%,
11/01/49
.
115
84,350
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
44
40,750
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
21
19,359
3.88%,
11/15/30
.................
56
48,113
Mount
Nittany
Medical
Center
Obligated
Group,
Series
2022,
3.80%,
11/15/52
........
60
46,037
Nationwide
Children's
Hospital,
Inc.,
4.56%,
11/01/52
.....................
45
41,613
Northwell
Healthcare,
Inc.,
4.26%,
11/01/47
.
19
15,593
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
79
69,533
RWJ
Barnabas
Health,
Inc.,
3.48%,
07/01/49
130
99,020
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
8
7,971
10.00%,
04/15/27
................
36
36,810
Sutter
Health
Series
20A,
2.29%,
08/15/30
........
223
184,346
Series
20A,
3.36%,
08/15/50
........
68
48,803
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
66
64,283
6.25%,
02/01/27
.................
43
42,560
5.13%,
11/01/27
.................
61
58,235
4.63%,
06/15/28
.................
12
11,208
6.13%,
10/01/28
.................
58
55,837
6.13%,
06/15/30
.................
20
19,714
6.75%,
05/15/31
(b)
................
147
147,358
UnitedHealth
Group,
Inc.
3.10%,
03/15/26
.................
10
9,569
5.25%,
02/15/28
.................
102
103,992
2.30%,
05/15/31
.................
120
101,466
4.50%,
04/15/33
.................
265
258,111
3.50%,
08/15/39
.................
105
88,066
2.75%,
05/15/40
.................
105
78,002
3.05%,
05/15/41
.................
125
96,623
4.38%,
03/15/42
.................
200
181,107
4.75%,
07/15/45
.................
105
100,476
4.25%,
06/15/48
.................
20
17,628
3.70%,
08/15/49
.................
50
40,161
2.90%,
05/15/50
.................
75
52,274
3.25%,
05/15/51
.................
55
41,025
5.88%,
02/15/53
.................
150
166,609
3.88%,
08/15/59
.................
26
21,134
6.05%,
02/15/63
.................
95
107,424
7,285,206
Health
Care
REITs
—
0.1%
Healthpeak
OP
LLC
1.35%,
02/01/27
.................
112
96,952
Security
Par
(000)
Par
(000)
Value
Health
Care
REITs
(continued)
3.00%,
01/15/30
.................
USD
55
$
47,777
2.88%,
01/15/31
.................
50
42,225
5.25%,
12/15/32
.................
130
126,508
MPT
Operating
Partnership
LP
4.63%,
08/01/29
.................
8
6,048
3.50%,
03/15/31
.................
204
140,559
Ventas
Realty
LP
3.00%,
01/15/30
.................
55
47,043
4.75%,
11/15/30
.................
100
94,652
601,764
Hotel
&
Resort
REITs
—
0.0%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
118
109,858
4.50%,
02/15/29
(b)
................
15
13,275
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
..
30
27,525
Service
Properties
Trust,
7.50%,
09/15/25
..
13
12,766
163,424
Hotels,
Restaurants
&
Leisure
—
0.5%
1011778
BC
ULC
(b)
5.75%,
04/15/25
.................
44
43,933
3.88%,
01/15/28
.................
36
32,910
4.38%,
01/15/28
.................
21
19,387
4.00%,
10/15/30
.................
50
42,792
Boyd
Gaming
Corp.,
4.75%,
06/15/31
(b)
...
44
39,308
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
72
64,883
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
146
145,324
8.13%,
07/01/27
.................
50
51,174
4.63%,
10/15/29
.................
130
113,517
7.00%,
02/15/30
.................
245
246,039
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(b)
....................
21
21,248
Carnival
Corp.
(b)
10.50%,
02/01/26
................
118
124,043
7.63%,
03/01/26
.................
49
47,991
5.75%,
03/01/27
.................
118
108,630
9.88%,
08/01/27
.................
54
56,248
4.00%,
08/01/28
.................
46
40,780
6.00%,
05/01/29
.................
83
74,105
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
324
354,368
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
13
12,610
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
123
114,491
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
27
26,796
5.38%,
04/15/27
.................
6
5,705
6.50%,
10/01/28
.................
18
17,554
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
76
73,069
4.75%,
01/15/28
.................
82
76,047
6.75%,
05/01/31
.................
56
55,370
Expedia
Group,
Inc.
6.25%,
05/01/25
(b)
................
75
75,244
3.80%,
02/15/28
.................
35
32,727
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
64
56,160
6.75%,
01/15/30
.................
26
22,127
Hilton
Domestic
Operating
Co.,
Inc.
5.38%,
05/01/25
(b)
................
15
14,808
5.75%,
05/01/28
(b)
................
41
40,373
3.75%,
05/01/29
(b)
................
14
12,427
4.88%,
01/15/30
.................
21
19,581
4.00%,
05/01/31
(b)
................
43
37,345
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
USD
16
$
15,521
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
56
54,574
8.00%,
04/15/26
.................
49
48,382
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
....................
33
33,483
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
72
68,580
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
49
38,907
MGM
Resorts
International,
5.75%,
06/15/25
29
28,740
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
38
33,556
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
25
23,389
8.38%,
02/01/28
.................
3
3,135
7.75%,
02/15/29
.................
19
18,046
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
50
45,001
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
23
17,421
5.88%,
09/01/31
.................
24
17,706
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
25
23,563
Royal
Caribbean
Cruises
Ltd.
(b)
11.50%,
06/01/25
................
35
37,135
4.25%,
07/01/26
.................
20
18,359
5.50%,
08/31/26
.................
39
36,976
5.38%,
07/15/27
.................
4
3,740
11.63%,
08/15/27
................
24
26,099
5.50%,
04/01/28
.................
7
6,528
8.25%,
01/15/29
.................
47
49,350
9.25%,
01/15/29
.................
71
75,644
7.25%,
01/15/30
.................
36
36,463
Scientific
Games
International,
Inc.
(b)
8.63%,
07/01/25
.................
11
11,234
7.25%,
11/15/29
.................
6
6,007
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
....................
51
49,671
Starbucks
Corp.,
4.75%,
02/15/26
.......
62
61,427
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
5
4,488
4.63%,
12/01/31
.................
57
48,022
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
12
12,014
Viking
Cruises
Ltd.
(b)
5.88%,
09/15/27
.................
29
26,654
9.13%,
07/15/31
.................
81
81,810
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
35
32,025
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
28
25,570
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
56
53,046
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
.................
98
87,827
7.13%,
02/15/31
.................
51
50,691
3,629,898
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
6.63%,
01/15/28
.................
11
10,514
4.63%,
08/01/29
.................
13
11,079
4.63%,
04/01/30
.................
35
29,876
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
28
22,420
4.88%,
02/15/30
.................
26
20,397
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
35
32,399
DR
Horton,
Inc.,
1.30%,
10/15/26
.......
55
48,198
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
....................
21
19,779
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
USD
15
$
14,700
KB
Home,
7.25%,
07/15/30
...........
27
27,340
Mattamy
Group
Corp.
(b)
5.25%,
12/15/27
.................
6
5,591
4.63%,
03/01/30
.................
20
17,290
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
17
16,334
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
64
38,402
Taylor
Morrison
Communities,
Inc.
(b)
5.88%,
06/15/27
.................
42
41,252
5.13%,
08/01/30
.................
11
10,156
Tempur
Sealy
International,
Inc.
(b)
4.00%,
04/15/29
.................
28
24,239
3.88%,
10/15/31
.................
3
2,444
Tri
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
19
17,973
5.70%,
06/15/28
.................
14
13,524
423,907
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
2
1,879
4.13%,
10/15/30
.................
23
19,267
Spectrum
Brands,
Inc.
5.75%,
07/15/25
.................
6
5,996
5.00%,
10/01/29
(b)
................
22
19,637
5.50%,
07/15/30
(b)
................
21
19,162
65,941
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
AES
Corp.
(The)
1.38%,
01/15/26
.................
390
348,344
2.45%,
01/15/31
.................
230
185,906
Alexander
Funding
Trust,
1.84%,
11/15/23
(b)
200
195,615
Calpine
Corp.,
5.13%,
03/15/28
(b)
.......
71
63,360
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
....................
67
61,816
Colbun
SA,
3.15%,
01/19/32
(b)
.........
300
251,943
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
18
18,630
TransAlta
Corp.,
7.75%,
11/15/29
.......
29
29,855
1,155,469
Industrial
Conglomerates
—
0.0%
Emerald
Debt
Merger
Sub
LLC,
6.63%,
12/15/30
(b)
....................
344
340,990
Industrial
REITs
—
0.0%
Prologis
LP
3.88%,
09/15/28
.................
50
47,290
2.88%,
11/15/29
.................
50
43,763
2.25%,
04/15/30
.................
100
84,756
175,809
Insurance
—
0.4%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
25
21,646
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
181
162,428
6.75%,
10/15/27
.................
159
149,460
6.75%,
04/15/28
.................
75
74,380
5.88%,
11/01/29
.................
315
274,025
Allstate
Corp.
(The),
Series
B,
(3-mo.
LIBOR
USD
+
2.94%),
5.75%,
08/15/53
(a)
.....
250
246,017
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
58
52,373
Aon
Corp.
2.85%,
05/28/27
.................
212
193,844
3.75%,
05/02/29
.................
100
92,566
2.80%,
05/15/30
.................
125
108,190
2.60%,
12/02/31
.................
315
259,409
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
5.35%,
02/28/33
.................
USD
105
$
105,765
Aon
Global
Ltd.,
4.45%,
05/24/43
.......
140
114,246
Berkshire
Hathaway
Finance
Corp.,
3.85%,
03/15/52
.....................
5
4,133
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
24
23,526
Hartford
Financial
Services
Group,
Inc.
(The)
4.40%,
03/15/48
.................
20
16,614
2.90%,
09/15/51
.................
15
9,735
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
114
113,698
7.25%,
06/15/30
.................
191
197,227
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
.................
68
69,375
10.50%,
12/15/30
................
41
41,126
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
.................
75
72,852
2.25%,
11/15/30
.................
190
157,936
2.38%,
12/15/31
.................
55
44,814
Metropolitan
Life
Global
Funding
I,
2.80%,
03/21/25
(b)
....................
230
218,645
NFP
Corp.
(b)
4.88%,
08/15/28
.................
57
50,912
6.88%,
08/15/28
.................
264
229,157
7.50%,
10/01/30
.................
42
40,665
Principal
Life
Global
Funding
II,
2.25%,
11/21/24
(b)
....................
50
47,434
Progressive
Corp.
(The),
3.00%,
03/15/32
..
65
56,560
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
...
36
31,867
Travelers
Cos.,
Inc.
(The)
4.30%,
08/25/45
.................
35
30,171
2.55%,
04/27/50
.................
15
9,618
3,320,414
Interactive
Media
&
Services
—
0.1%
Alphabet,
Inc.,
1.90%,
08/15/40
........
75
51,653
Meta
Platforms,
Inc.
4.60%,
05/15/28
.................
202
199,761
3.85%,
08/15/32
.................
290
269,365
5.60%,
05/15/53
.................
160
164,322
685,101
IT
Services
—
0.1%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
200
154,797
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
36
29,278
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
14
12,183
Booz
Allen
Hamilton,
Inc.
(b)
3.88%,
09/01/28
.................
30
27,134
4.00%,
07/01/29
.................
26
23,289
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
201
179,525
Cablevision
Lightpath
LLC,
5.63%,
09/15/28
(b)
200
148,161
Gartner,
Inc.,
4.50%,
07/01/28
(b)
........
38
35,500
International
Business
Machines
Corp.
3.30%,
05/15/26
.................
250
238,286
4.15%,
05/15/39
.................
100
87,883
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
...
66
58,291
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
..
8
7,505
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
.
7
6,992
Twilio,
Inc.
3.63%,
03/15/29
.................
23
19,567
3.88%,
03/15/31
.................
96
79,931
1,108,322
Leisure
Products
—
0.0%
Mattel,
Inc.
6.20%,
10/01/40
.................
61
54,537
Security
Par
(000)
Par
(000)
Value
Leisure
Products
(continued)
5.45%,
11/01/41
.................
USD
42
$
34,819
89,356
Life
Sciences
Tools
&
Services
—
0.1%
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
(b)
..
26
26,623
Thermo
Fisher
Scientific,
Inc.
2.00%,
10/15/31
.................
425
346,730
4.95%,
11/21/32
.................
140
142,524
515,877
Machinery
—
0.1%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
22
21,278
ATS
Corp.,
4.13%,
12/15/28
(b)
.........
34
30,431
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
128
130,593
9.50%,
01/01/31
.................
22
23,342
Daimler
Truck
Finance
North
America
LLC,
2.00%,
12/14/26
(b)
...............
180
160,677
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
57
55,290
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
14
11,375
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
....................
38
37,715
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(h)
........
157
142,870
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
29
25,731
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
44
27,501
Otis
Worldwide
Corp.
2.57%,
02/15/30
.................
43
37,072
3.11%,
02/15/40
.................
16
12,355
Terex
Corp.,
5.00%,
05/15/29
(b)
........
59
54,851
Titan
International,
Inc.,
7.00%,
04/30/28
..
22
20,569
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
200
184,775
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
39
33,818
1,010,243
Media
—
0.8%
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
17
14,870
4.25%,
02/15/29
.................
41
22,040
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
13
10,758
Cable
One,
Inc.
0.00%,
03/15/26
(j)(k)
...............
21
17,168
1.13%,
03/15/28
(j)
................
55
41,387
4.00%,
11/15/30
(b)
................
33
25,781
Charter
Communications
Operating
LLC
4.91%,
07/23/25
.................
885
867,872
4.20%,
03/15/28
.................
27
25,312
5.05%,
03/30/29
.................
75
71,518
6.38%,
10/23/35
.................
99
96,494
6.48%,
10/23/45
.................
19
17,862
5.75%,
04/01/48
.................
75
64,197
5.13%,
07/01/49
.................
365
287,154
3.70%,
04/01/51
.................
196
123,848
3.90%,
06/01/52
.................
297
194,346
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
308
279,631
7.75%,
04/15/28
.................
123
96,555
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
42
29,436
Comcast
Corp.
2.35%,
01/15/27
.................
360
330,540
3.15%,
02/15/28
.................
10
9,324
3.55%,
05/01/28
.................
50
47,274
4.15%,
10/15/28
.................
75
72,666
2.65%,
02/01/30
.................
25
21,868
1.95%,
01/15/31
.................
73
59,735
5.50%,
11/15/32
.................
67
69,620
3.75%,
04/01/40
.................
45
37,914
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
2.80%,
01/15/51
.................
USD
170
$
112,530
2.89%,
11/01/51
.................
788
528,320
4.05%,
11/01/52
.................
150
124,600
2.94%,
11/01/56
.................
249
162,154
CSC
Holdings
LLC
5.25%,
06/01/24
.................
140
130,206
4.50%,
11/15/31
(b)
................
246
171,515
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
.
67
60,678
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
83
66,580
5.75%,
12/01/28
(b)
................
90
66,940
5.13%,
06/01/29
.................
74
34,362
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
38
37,085
GCI
LLC,
4.75%,
10/15/28
(b)
..........
30
25,578
Interpublic
Group
of
Cos.,
Inc.
(The)
3.38%,
03/01/41
.................
25
18,229
5.40%,
10/01/48
.................
15
13,961
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
18
16,861
Omnicom
Group,
Inc.,
3.65%,
11/01/24
...
125
121,392
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
75
68,077
4.25%,
01/15/29
.................
35
29,413
4.63%,
03/15/30
.................
5
4,166
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
..........
208
173,516
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
89
70,957
6.50%,
09/15/28
.................
231
134,803
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
77
50,435
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
162
145,030
5.00%,
08/01/27
.................
12
11,133
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
17
14,547
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
........
5
4,774
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
...............
200
183,400
Time
Warner
Cable
LLC
5.88%,
11/15/40
.................
70
61,750
4.50%,
09/15/42
.................
37
27,676
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
12
11,745
7.38%,
06/30/30
.................
8
7,617
Warnermedia
Holdings,
Inc.
3.53%,
03/15/24
.................
450
441,822
5.14%,
03/15/52
.................
68
55,369
5.39%,
03/15/62
.................
42
34,229
6,156,620
Metals
&
Mining
—
0.4%
Arconic
Corp.
(b)
6.00%,
05/15/25
.................
40
40,318
6.13%,
02/15/28
.................
40
40,496
ATI,
Inc.
5.88%,
12/01/27
.................
21
20,323
4.88%,
10/01/29
.................
17
15,303
5.13%,
10/01/31
.................
71
63,255
BHP
Billiton
Finance
USA
Ltd.,
5.00%,
09/30/43
30
30,010
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
239
236,087
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
6
5,880
7.63%,
03/15/30
.................
43
43,486
Constellium
SE,
3.75%,
04/15/29
(b)
......
250
212,689
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
24
20,646
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Freeport-McMoRan,
Inc.,
5.40%,
11/14/34
..
USD
105
$
101,396
Glencore
Funding
LLC,
5.70%,
05/08/33
(b)
..
300
297,653
Kaiser
Aluminum
Corp.
(b)
4.63%,
03/01/28
.................
39
34,108
4.50%,
06/01/31
.................
59
47,033
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
93
86,842
Newmont
Corp.
2.80%,
10/01/29
.................
111
95,421
2.25%,
10/01/30
.................
50
40,965
4.88%,
03/15/42
.................
25
23,190
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
44
39,828
4.75%,
01/30/30
.................
228
202,625
3.88%,
08/15/31
.................
118
97,068
Nucor
Corp.
3.95%,
05/23/25
.................
240
232,698
2.00%,
06/01/25
.................
105
98,186
Rio
Tinto
Finance
USA
plc,
5.00%,
03/09/33
365
368,210
Steel
Dynamics,
Inc.
2.40%,
06/15/25
.................
20
18,680
1.65%,
10/15/27
.................
210
178,382
3.25%,
10/15/50
.................
100
65,715
Teck
Resources
Ltd.
6.00%,
08/15/40
.................
19
18,511
6.25%,
07/15/41
.................
25
25,213
5.20%,
03/01/42
.................
174
154,996
5.40%,
02/01/43
.................
12
10,866
2,966,079
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
6
5,666
4.25%,
02/01/27
.................
15
13,033
4.75%,
06/15/29
.................
26
21,160
Starwood
Property
Trust,
Inc.
5.50%,
11/01/23
.................
58
57,499
4.38%,
01/15/27
.................
7
6,029
103,387
Multi-Utilities
—
0.5%
CMS
Energy
Corp.
3.00%,
05/15/26
.................
125
116,993
3.45%,
08/15/27
.................
100
93,473
Consumers
Energy
Co.
3.60%,
08/15/32
.................
155
139,615
4.63%,
05/15/33
.................
160
155,634
3.10%,
08/15/50
.................
80
56,517
2.50%,
05/01/60
.................
67
38,459
Dominion
Energy,
Inc.
3.07%,
08/15/24
(a)(i)
...............
35
33,803
3.90%,
10/01/25
.................
120
115,595
Series
A,
1.45%,
04/15/26
..........
380
341,158
Series
C,
3.38%,
04/01/30
..........
100
89,445
NiSource,
Inc.
5.25%,
03/30/28
.................
390
389,692
3.60%,
05/01/30
.................
30
27,017
5.40%,
06/30/33
.................
120
120,080
4.80%,
02/15/44
.................
107
97,065
5.65%,
02/01/45
.................
50
49,955
Puget
Sound
Energy,
Inc.,
4.22%,
06/15/48
.
25
21,123
San
Diego
Gas
&
Electric
Co.
2.95%,
08/15/51
.................
75
50,746
5.35%,
04/01/53
.................
271
268,790
Sempra
Energy
3.30%,
04/01/25
.................
75
71,924
5.40%,
08/01/26
.................
385
383,117
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Multi-Utilities
(continued)
3.25%,
06/15/27
.................
USD
50
$
46,261
3.40%,
02/01/28
.................
165
151,866
3.70%,
04/01/29
.................
90
82,201
3.80%,
02/01/38
.................
150
124,257
WEC
Energy
Group,
Inc.
4.75%,
01/09/26
.................
190
187,126
4.75%,
01/15/28
.................
200
195,443
3,447,355
Office
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
3.80%,
04/15/26
.................
200
191,194
2.75%,
12/15/29
.................
25
21,140
4.90%,
12/15/30
.................
260
251,643
2.00%,
05/18/32
.................
275
207,627
1.88%,
02/01/33
.................
160
116,925
3.55%,
03/15/52
.................
145
98,919
Boston
Properties
LP,
6.75%,
12/01/27
....
49
49,554
Kilroy
Realty
LP,
3.05%,
02/15/30
.......
90
70,379
1,007,381
Oil,
Gas
&
Consumable
Fuels
—
3.0%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
58
56,985
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
43
41,471
5.75%,
01/15/28
.................
19
18,112
Apache
Corp.
4.25%,
01/15/30
.................
13
11,579
5.10%,
09/01/40
.................
16
13,000
5.35%,
07/01/49
.................
21
16,328
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
99
123,079
8.25%,
12/31/28
.................
116
114,075
5.88%,
06/30/29
.................
54
48,175
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
...
17
16,602
BP
Capital
Markets
America,
Inc.
3.54%,
04/06/27
.................
175
167,079
3.59%,
04/14/27
.................
35
33,470
3.94%,
09/21/28
.................
50
47,835
4.23%,
11/06/28
.................
250
242,358
1.75%,
08/10/30
.................
110
90,074
3.06%,
06/17/41
.................
500
378,616
3.38%,
02/08/61
.................
25
17,793
BP
Capital
Markets
plc,
3.28%,
09/19/27
...
163
153,472
Buckeye
Partners
LP
5.85%,
11/15/43
.................
13
9,620
5.60%,
10/15/44
.................
18
12,960
Callon
Petroleum
Co.
8.25%,
07/15/25
.................
9
8,932
6.38%,
07/01/26
.................
60
58,404
8.00%,
08/01/28
(b)
................
63
62,301
7.50%,
06/15/30
(b)
................
127
119,872
Cameron
LNG
LLC,
3.30%,
01/15/35
(b)
....
190
158,385
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
...
115
81,385
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
640
636,928
5.13%,
06/30/27
.................
150
147,459
Cheniere
Energy
Partners
LP
3.25%,
01/31/32
.................
727
598,066
5.95%,
06/30/33
(b)
................
225
225,655
Chesapeake
Energy
Corp.,
6.75%,
04/15/29
(b)
19
18,852
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
24
23,550
6.38%,
06/15/26
.................
86
82,775
Civitas
Resources,
Inc.
(b)
5.00%,
10/15/26
.................
14
13,200
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
8.38%,
07/01/28
.................
USD
103
$
104,164
8.75%,
07/01/31
.................
86
87,187
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
28
23,749
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
17
16,540
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
30
27,448
5.88%,
01/15/30
.................
102
88,554
ConocoPhillips
Co.,
3.80%,
03/15/52
.....
125
101,187
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
400
356,765
Crescent
Energy
Finance
LLC
(b)
7.25%,
05/01/26
.................
105
98,544
9.25%,
02/15/28
.................
42
40,750
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
26
24,648
6.00%,
02/01/29
.................
14
13,073
7.38%,
02/01/31
.................
16
15,770
CrownRock
LP
(b)
5.63%,
10/15/25
.................
103
101,475
5.00%,
05/01/29
.................
19
17,789
DCP
Midstream
Operating
LP,
3.25%,
02/15/32
621
525,607
Devon
Energy
Corp.
5.25%,
10/15/27
.................
300
295,471
4.50%,
01/15/30
.................
200
188,265
4.75%,
05/15/42
.................
93
78,391
Diamondback
Energy,
Inc.
3.50%,
12/01/29
.................
50
45,006
3.13%,
03/24/31
.................
50
42,829
6.25%,
03/15/33
.................
290
299,995
4.25%,
03/15/52
.................
70
53,690
6.25%,
03/15/53
.................
80
80,925
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
28
24,572
4.38%,
06/15/31
.................
26
22,393
Earthstone
Energy
Holdings
LLC
(b)
8.00%,
04/15/27
.................
37
35,735
9.88%,
07/15/31
.................
45
44,480
Eastern
Gas
Transmission
&
Storage,
Inc.,
4.60%,
12/15/44
................
50
42,086
Enbridge
Energy
Partners
LP,
7.38%,
10/15/45
50
57,556
Enbridge,
Inc.
0.55%,
10/04/23
.................
105
103,655
2.50%,
01/15/25
.................
305
290,056
2.50%,
02/14/25
.................
65
61,735
3.70%,
07/15/27
.................
50
47,200
5.70%,
03/08/33
.................
390
395,355
4.50%,
06/10/44
.................
29
24,140
4.00%,
11/15/49
.................
25
19,276
Series
16-A,
(3-mo.
LIBOR
USD
+
3.89%),
6.00%,
01/15/77
(a)
..............
775
718,881
Energy
Transfer
LP
4.90%,
02/01/24
.................
45
44,691
3.90%,
07/15/26
.................
245
232,834
4.40%,
03/15/27
.................
150
143,419
4.00%,
10/01/27
.................
90
84,276
5.55%,
02/15/28
.................
160
159,551
4.95%,
05/15/28
.................
200
193,501
5.25%,
04/15/29
.................
50
48,812
3.75%,
05/15/30
.................
10
9,023
6.50%,
02/01/42
.................
10
10,127
5.95%,
10/01/43
.................
10
9,329
5.35%,
05/15/45
.................
50
43,697
6.13%,
12/15/45
.................
50
47,503
5.30%,
04/15/47
.................
135
117,419
5.40%,
10/01/47
.................
200
176,275
6.25%,
04/15/49
.................
545
532,290
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.00%,
05/15/50
.................
USD
120
$
101,348
EnLink
Midstream
LLC
(b)
5.63%,
01/15/28
.................
85
82,253
6.50%,
09/01/30
.................
15
14,982
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
.................
16
15,522
4.85%,
07/15/26
.................
5
4,825
5.60%,
04/01/44
.................
20
16,744
5.45%,
06/01/47
.................
6
4,932
Enterprise
Products
Operating
LLC
4.15%,
10/16/28
.................
200
191,205
6.13%,
10/15/39
.................
175
185,752
6.45%,
09/01/40
.................
106
115,142
5.95%,
02/01/41
.................
65
67,705
4.45%,
02/15/43
.................
20
17,576
4.25%,
02/15/48
.................
145
122,826
4.20%,
01/31/50
.................
60
50,146
3.70%,
01/31/51
.................
75
57,378
3.30%,
02/15/53
.................
150
107,034
EOG
Resources,
Inc.,
4.95%,
04/15/50
...
20
19,737
EQM
Midstream
Partners
LP
4.13%,
12/01/26
.................
13
12,091
6.50%,
07/01/27
(b)
................
29
28,602
4.50%,
01/15/29
(b)
................
17
15,162
7.50%,
06/01/30
(b)
................
14
14,167
4.75%,
01/15/31
(b)
................
11
9,636
EQT
Corp.,
5.70%,
04/01/28
..........
75
74,023
Exxon
Mobil
Corp.,
3.04%,
03/01/26
.....
10
9,558
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
....................
14
13,749
Genesis
Energy
LP
6.50%,
10/01/25
.................
2
1,970
7.75%,
02/01/28
.................
12
11,413
8.88%,
04/15/30
.................
29
28,333
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
17
16,578
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
20
19,829
Hess
Corp.
4.30%,
04/01/27
.................
505
484,343
5.60%,
02/15/41
.................
202
193,269
5.80%,
04/01/47
.................
187
181,676
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
28
24,430
HF
Sinclair
Corp.,
2.63%,
10/01/23
......
155
153,711
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
33
31,063
5.75%,
02/01/29
.................
53
47,991
6.00%,
04/15/30
.................
1
910
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
66
55,604
Kinder
Morgan
Energy
Partners
LP
6.95%,
01/15/38
.................
145
155,715
6.38%,
03/01/41
.................
97
97,281
5.50%,
03/01/44
.................
70
63,795
Kinder
Morgan,
Inc.
4.30%,
06/01/25
.................
215
209,708
4.30%,
03/01/28
.................
100
95,574
5.55%,
06/01/45
.................
204
187,939
5.20%,
03/01/48
.................
62
54,287
Kinetik
Holdings
LP,
5.88%,
06/15/30
(b)
....
32
30,416
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
13
12,573
Marathon
Oil
Corp.,
4.40%,
07/15/27
.....
136
129,710
Marathon
Petroleum
Corp.
4.70%,
05/01/25
.................
35
34,340
4.75%,
09/15/44
.................
54
45,163
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Matador
Resources
Co.
5.88%,
09/15/26
.................
USD
17
$
16,474
6.88%,
04/15/28
(b)
................
45
44,540
MPLX
LP
4.88%,
06/01/25
.................
450
441,532
1.75%,
03/01/26
.................
490
444,784
4.13%,
03/01/27
.................
190
181,799
4.25%,
12/01/27
.................
200
189,935
4.00%,
03/15/28
.................
70
65,965
4.70%,
04/15/48
.................
20
16,415
4.95%,
03/14/52
.................
350
297,253
5.65%,
03/01/53
.................
35
32,700
Murphy
Oil
Corp.,
5.87%,
12/01/42
(a)(i)
....
5
4,155
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
.................
125
117,255
6.50%,
09/30/26
.................
210
187,886
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
71
69,926
Northern
Oil
&
Gas,
Inc.
(b)
8.13%,
03/01/28
.................
139
136,220
8.75%,
06/15/31
.................
44
43,230
NuStar
Logistics
LP
5.75%,
10/01/25
.................
59
57,522
6.38%,
10/01/30
.................
6
5,724
Occidental
Petroleum
Corp.
8.50%,
07/15/27
.................
100
108,021
7.50%,
05/01/31
.................
320
349,389
6.45%,
09/15/36
.................
182
186,787
6.20%,
03/15/40
.................
49
48,294
4.63%,
06/15/45
.................
3
2,321
4.20%,
03/15/48
.................
75
55,556
Ovintiv,
Inc.
5.65%,
05/15/25
.................
385
381,943
5.65%,
05/15/28
.................
480
470,482
PDC
Energy,
Inc.
6.13%,
09/15/24
.................
17
16,991
5.75%,
05/15/26
.................
3
2,988
Permian
Resources
Operating
LLC
(b)
5.38%,
01/15/26
.................
10
9,507
7.75%,
02/15/26
.................
65
65,277
6.88%,
04/01/27
.................
17
16,745
5.88%,
07/01/29
.................
93
87,607
Phillips
66,
3.30%,
03/15/52
..........
170
116,538
Pioneer
Natural
Resources
Co.
1.13%,
01/15/26
.................
315
283,658
5.10%,
03/29/26
.................
250
248,500
1.90%,
08/15/30
.................
65
52,674
2.15%,
01/15/31
.................
190
155,536
Plains
All
American
Pipeline
LP
5.15%,
06/01/42
.................
12
9,956
4.30%,
01/31/43
.................
120
89,671
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
43
39,666
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
....................
18
16,470
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
.................
255
254,561
5.63%,
03/01/25
.................
360
358,581
5.00%,
03/15/27
.................
100
98,429
4.20%,
03/15/28
.................
95
90,037
SM
Energy
Co.
5.63%,
06/01/25
.................
13
12,703
6.63%,
01/15/27
.................
6
5,828
6.50%,
07/15/28
.................
19
18,240
Southwestern
Energy
Co.
5.70%,
01/23/25
(a)(i)
...............
4
3,979
5.38%,
02/01/29
.................
34
32,016
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Spectra
Energy
Partners
LP
3.50%,
03/15/25
.................
USD
400
$
384,538
3.38%,
10/15/26
.................
145
136,134
5.95%,
09/25/43
.................
50
49,165
4.50%,
03/15/45
.................
52
42,837
Sunoco
LP,
5.88%,
03/15/28
..........
22
21,156
Tallgrass
Energy
Partners
LP
(b)
7.50%,
10/01/25
.................
2
1,996
6.00%,
03/01/27
.................
19
17,830
5.50%,
01/15/28
.................
8
7,312
6.00%,
12/31/30
.................
13
11,453
6.00%,
09/01/31
.................
11
9,465
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
155
159,650
Targa
Resources
Corp.,
6.25%,
07/01/52
..
21
20,527
Targa
Resources
Partners
LP,
4.00%,
01/15/32
5
4,322
Tennessee
Gas
Pipeline
Co.
LLC,
7.00%,
10/15/28
.....................
9
9,501
TotalEnergies
Capital
International
SA,
3.13%,
05/29/50
.....................
28
20,334
TransCanada
PipeLines
Ltd.,
7.63%,
01/15/39
20
23,149
Transcontinental
Gas
Pipe
Line
Co.
LLC,
4.00%,
03/15/28
................
140
131,768
Valero
Energy
Corp.,
4.00%,
06/01/52
....
5
3,769
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
136
118,808
4.13%,
08/15/31
.................
34
29,239
3.88%,
11/01/33
.................
106
86,802
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
28
25,807
Western
Midstream
Operating
LP
6.15%,
04/01/33
.................
10
10,079
5.45%,
04/01/44
.................
82
69,272
5.30%,
03/01/48
.................
14
11,686
5.50%,
08/15/48
.................
29
24,252
5.50%,
02/01/50
(a)(i)
...............
20
16,381
Williams
Cos.,
Inc.
(The)
4.30%,
03/04/24
.................
125
123,587
4.55%,
06/24/24
.................
150
147,969
3.90%,
01/15/25
.................
100
97,054
5.40%,
03/02/26
.................
286
285,252
3.75%,
06/15/27
.................
295
278,391
22,457,603
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC
(b)
3.73%,
07/15/23
.................
25
24,982
1.75%,
09/30/25
.................
80
73,452
Suzano
Austria
GmbH,
2.50%,
09/15/28
...
115
97,620
196,054
Passenger
Airlines
—
0.2%
Air
Canada,
3.88%,
08/15/26
(b)
.........
53
49,123
Air
Canada
Pass-Through
Trust,
Series
2017-1,
Class
AA,
3.30%,
01/15/30
(b)
........
14
12,256
Allegiant
Travel
Co.,
7.25%,
08/15/27
(b)
...
24
23,911
American
Airlines
Pass-Through
Trust
Series
2019-1,
Class
B,
3.85%,
02/15/28
57
48,630
Series
2017-1,
Class
AA,
3.65%,
02/15/29
55
50,965
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
190
208,340
5.50%,
04/20/26
.................
10
9,836
7.25%,
02/15/28
.................
10
9,940
5.75%,
04/20/29
.................
128
124,375
British
Airways
Pass-Through
Trust,
Series
2019-1,
Class
A,
3.35%,
06/15/29
(b)
....
30
26,382
Delta
Air
Lines,
Inc.,
4.75%,
10/20/28
(b)
....
16
15,682
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
(continued)
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
USD
32
$
30,290
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
93
93,547
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
38
38,432
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
24
22,883
Series
2020-1,
Class
A,
5.88%,
10/15/27
377
374,068
Series
2019-2,
Class
AA,
2.70%,
05/01/32
39
32,375
Series
2023-1,
Class
A,
5.80%,
01/15/36
460
467,405
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
55
52,256
4.63%,
04/15/29
.................
126
114,807
VistaJet
Malta
Finance
plc
(b)
7.88%,
05/01/27
.................
18
16,172
6.38%,
02/01/30
.................
29
23,352
1,845,027
Personal
Care
Products
—
0.0%
Coty,
Inc.,
4.75%,
01/15/29
(b)
..........
7
6,454
Haleon
UK
Capital
plc,
3.13%,
03/24/25
...
250
238,863
245,317
Pharmaceuticals
—
0.7%
Astrazeneca
Finance
LLC,
2.25%,
05/28/31
.
45
37,971
AstraZeneca
plc,
6.45%,
09/15/37
.......
10
11,465
Bayer
US
Finance
II
LLC
(b)
4.25%,
12/15/25
.................
400
385,959
4.38%,
12/15/28
.................
360
341,512
Bristol-Myers
Squibb
Co.
2.90%,
07/26/24
.................
506
492,738
3.40%,
07/26/29
.................
10
9,289
2.95%,
03/15/32
.................
12
10,604
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%,
07/15/27
.................
15
13,761
3.13%,
02/15/29
.................
38
30,896
3.50%,
04/01/30
.................
13
10,530
Johnson
&
Johnson,
3.55%,
03/01/36
....
25
22,452
Merck
&
Co.,
Inc.
4.05%,
05/17/28
.................
245
240,742
3.40%,
03/07/29
.................
50
46,793
2.15%,
12/10/31
.................
95
78,711
4.50%,
05/17/33
.................
105
104,152
6.50%,
12/01/33
(a)(i)
...............
195
223,675
2.75%,
12/10/51
.................
235
162,088
5.00%,
05/17/53
.................
60
60,782
Organon
&
Co.,
4.13%,
04/30/28
(b)
......
204
181,056
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.45%,
05/19/28
.................
552
542,556
4.65%,
05/19/30
.................
420
414,987
4.75%,
05/19/33
.................
415
413,437
5.11%,
05/19/43
.................
5
5,011
5.30%,
05/19/53
.................
520
540,634
Pharmacia
LLC,
6.60%,
12/01/28
(a)(i)
.....
200
216,192
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(b)
...
270
182,968
Takeda
Pharmaceutical
Co.
Ltd.,
3.18%,
07/09/50
.....................
200
140,869
Teva
Pharmaceutical
Finance
Netherlands
III
BV
6.00%,
04/15/24
.................
246
243,343
3.15%,
10/01/26
.................
140
124,688
8.13%,
09/15/31
.................
230
239,602
Wyeth
LLC,
5.95%,
04/01/37
..........
70
76,526
5,605,989
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.0%
(b)
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
...
USD
29
$
25,290
CoreLogic,
Inc.,
4.50%,
05/01/28
.......
78
62,887
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
138
121,679
KBR,
Inc.,
4.75%,
09/30/28
...........
2
1,815
Science
Applications
International
Corp.,
4.88%,
04/01/28
................
28
26,041
237,712
Real
Estate
Management
&
Development
—
0.0%
(b)
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
................
25
22,625
Howard
Hughes
Corp.
(The),
4.13%,
02/01/29
34
28,126
Realogy
Group
LLC
5.75%,
01/15/29
.................
111
83,052
5.25%,
04/15/30
.................
21
14,924
148,727
Residential
REITs
—
0.1%
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
115
114,526
Camden
Property
Trust,
2.80%,
05/15/30
..
70
60,749
ERP
Operating
LP
2.85%,
11/01/26
.................
90
83,491
4.15%,
12/01/28
.................
50
47,506
2.50%,
02/15/30
.................
50
42,559
Mid-America
Apartments
LP,
1.70%,
02/15/31
45
35,520
UDR,
Inc.,
2.10%,
08/01/32
...........
70
53,140
437,491
Retail
REITs
—
0.3%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
22
18,527
Kimco
Realty
OP
LLC
1.90%,
03/01/28
.................
165
138,946
4.60%,
02/01/33
.................
225
208,047
Realty
Income
Corp.
3.00%,
01/15/27
.................
125
115,253
3.95%,
08/15/27
.................
155
147,209
3.40%,
01/15/28
.................
86
79,290
3.65%,
01/15/28
.................
200
186,529
2.20%,
06/15/28
.................
110
95,242
4.85%,
03/15/30
.................
105
101,504
5.63%,
10/13/32
.................
220
222,334
2.85%,
12/15/32
.................
20
16,266
Regency
Centers
LP
4.13%,
03/15/28
.................
270
252,167
3.70%,
06/15/30
.................
675
603,111
2,184,425
Semiconductors
&
Semiconductor
Equipment
—
0.8%
Analog
Devices,
Inc.,
2.80%,
10/01/41
....
120
89,115
Applied
Materials,
Inc.,
3.30%,
04/01/27
...
280
267,018
Broadcom
Corp.,
3.88%,
01/15/27
......
775
739,033
Broadcom,
Inc.
4.15%,
11/15/30
.................
104
95,685
2.45%,
02/15/31
(b)
................
250
203,325
4.15%,
04/15/32
(b)
................
40
36,231
3.14%,
11/15/35
(b)
................
35
26,847
4.93%,
05/15/37
(b)
................
790
714,953
Entegris
Escrow
Corp.,
4.75%,
04/15/29
(b)
..
266
246,935
Entegris,
Inc.,
4.38%,
04/15/28
(b)
.......
6
5,430
Intel
Corp.
4.88%,
02/10/28
.................
170
169,357
2.45%,
11/15/29
.................
39
33,729
5.20%,
02/10/33
.................
195
196,848
2.80%,
08/12/41
.................
35
24,935
5.63%,
02/10/43
.................
110
111,705
5.70%,
02/10/53
.................
250
254,324
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
5.90%,
02/10/63
.................
USD
175
$
180,726
KLA
Corp.
4.65%,
11/01/24
.................
42
41,473
4.10%,
03/15/29
.................
185
177,946
4.65%,
07/15/32
.................
15
14,947
3.30%,
03/01/50
.................
288
215,983
Lam
Research
Corp.
3.75%,
03/15/26
.................
260
252,347
1.90%,
06/15/30
.................
15
12,498
4.88%,
03/15/49
.................
27
26,138
2.88%,
06/15/50
.................
62
43,315
NVIDIA
Corp.,
3.50%,
04/01/40
........
152
130,126
NXP
BV
5.35%,
03/01/26
.................
150
148,722
3.88%,
06/18/26
.................
250
240,108
3.15%,
05/01/27
.................
250
229,750
5.55%,
12/01/28
.................
120
120,820
4.30%,
06/18/29
.................
76
71,238
2.50%,
05/11/31
.................
345
281,416
2.65%,
02/15/32
.................
170
137,307
3.25%,
05/11/41
.................
90
65,436
QUALCOMM,
Inc.
3.25%,
05/20/27
.................
100
94,691
4.80%,
05/20/45
.................
50
48,537
4.30%,
05/20/47
.................
129
116,952
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
44
36,888
Texas
Instruments,
Inc.
4.60%,
02/15/28
.................
78
78,141
2.70%,
09/15/51
.................
80
55,455
6,036,430
Software
—
1.0%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
67
65,325
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
........
53
52,061
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
267
224,718
Autodesk,
Inc.
3.50%,
06/15/27
.................
350
331,430
2.40%,
12/15/31
.................
190
155,475
Boxer
Parent
Co.,
Inc.,
9.13%,
03/01/26
(b)
..
195
194,025
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
87
81,958
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
.
44
43,450
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
86
85,036
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
177
156,901
4.88%,
07/01/29
.................
132
117,098
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
.................
481
428,273
9.00%,
09/30/29
.................
251
219,232
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
6
5,445
6.50%,
10/15/28
.................
24
20,520
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
7
6,036
Elastic
NV,
4.13%,
07/15/29
(b)
.........
43
37,095
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
35
32,109
McAfee
Corp.,
7.38%,
02/15/30
(b)
.......
139
120,864
Microsoft
Corp.
3.45%,
08/08/36
.................
104
94,857
3.70%,
08/08/46
.................
50
43,731
2.53%,
06/01/50
.................
151
104,454
2.92%,
03/17/52
.................
561
417,366
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
66
59,175
NCR
Corp.
(b)
5.00%,
10/01/28
.................
14
12,494
5.13%,
04/15/29
.................
22
19,476
Open
Text
Corp.,
6.90%,
12/01/27
(b)
.....
115
117,074
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Oracle
Corp.
5.80%,
11/10/25
.................
USD
110
$
111,225
1.65%,
03/25/26
.................
770
698,815
2.65%,
07/15/26
.................
345
318,944
3.90%,
05/15/35
.................
90
77,657
3.85%,
07/15/36
.................
5
4,173
3.60%,
04/01/40
.................
290
224,346
5.38%,
07/15/40
.................
150
143,154
3.65%,
03/25/41
.................
136
104,779
4.13%,
05/15/45
.................
100
78,363
4.00%,
07/15/46
.................
164
126,052
4.00%,
11/15/47
.................
285
219,417
3.60%,
04/01/50
.................
360
257,241
3.95%,
03/25/51
.................
191
144,419
5.55%,
02/06/53
.................
55
53,259
4.38%,
05/15/55
.................
140
111,943
Roper
Technologies,
Inc.
1.00%,
09/15/25
.................
60
54,554
3.80%,
12/15/26
.................
50
47,805
Salesforce,
Inc.
2.70%,
07/15/41
.................
95
69,797
3.05%,
07/15/61
.................
130
88,172
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
117
112,007
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
66
53,553
VMware,
Inc.
1.40%,
08/15/26
.................
460
406,199
3.90%,
08/21/27
.................
44
41,713
2.20%,
08/15/31
.................
740
581,492
Workday,
Inc.,
3.50%,
04/01/27
........
260
246,441
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
145
124,713
7,745,911
Specialized
REITs
—
0.8%
American
Tower
Corp.
4.00%,
06/01/25
.................
175
169,024
1.45%,
09/15/26
.................
140
123,162
3.38%,
10/15/26
.................
185
172,631
3.65%,
03/15/27
.................
851
796,661
3.95%,
03/15/29
.................
255
234,975
2.10%,
06/15/30
.................
270
218,032
1.88%,
10/15/30
.................
105
82,849
2.70%,
04/15/31
.................
170
140,969
2.30%,
09/15/31
.................
150
119,327
5.65%,
03/15/33
.................
490
496,868
Crown
Castle,
Inc.
1.05%,
07/15/26
.................
800
700,363
2.90%,
03/15/27
.................
210
192,162
4.30%,
02/15/29
.................
45
42,309
3.10%,
11/15/29
.................
60
52,242
2.25%,
01/15/31
.................
250
203,760
2.50%,
07/15/31
.................
240
197,164
5.10%,
05/01/33
.................
405
397,987
2.90%,
04/01/41
.................
100
70,119
4.15%,
07/01/50
.................
60
47,602
Equinix,
Inc.
2.90%,
11/18/26
.................
765
701,423
1.55%,
03/15/28
.................
150
125,389
2.50%,
05/15/31
.................
450
366,388
3.00%,
07/15/50
.................
25
16,185
2.95%,
09/15/51
.................
135
85,592
3.40%,
02/15/52
.................
75
52,420
Iron
Mountain,
Inc.
(b)
7.00%,
02/15/29
.................
76
76,128
5.63%,
07/15/32
.................
14
12,524
SBA
Communications
Corp.
3.88%,
02/15/27
.................
57
52,509
Security
Par
(000)
Par
(000)
Value
Specialized
REITs
(continued)
3.13%,
02/01/29
.................
USD
71
$
60,183
Weyerhaeuser
Co.,
4.75%,
05/15/26
.....
385
378,171
6,385,118
Specialty
Retail
—
0.4%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
24
19,504
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
2
1,834
4.75%,
03/01/30
.................
10
8,886
5.00%,
02/15/32
(b)
................
23
20,026
eG
Global
Finance
plc,
6.75%,
02/07/25
(b)
..
200
194,250
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
14
12,328
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
65
57,200
Home
Depot,
Inc.
(The)
0.90%,
03/15/28
.................
150
126,388
2.70%,
04/15/30
.................
100
88,844
4.25%,
04/01/46
.................
40
35,458
3.90%,
06/15/47
.................
115
97,732
4.50%,
12/06/48
.................
80
74,126
2.75%,
09/15/51
.................
70
47,123
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
18
15,831
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
55
47,066
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
29
25,197
Lowe's
Cos.,
Inc.
3.35%,
04/01/27
.................
248
234,211
3.10%,
05/03/27
.................
90
84,027
2.63%,
04/01/31
.................
95
80,217
5.00%,
04/15/33
.................
200
197,833
5.15%,
07/01/33
.................
215
214,922
3.70%,
04/15/46
.................
237
180,395
4.55%,
04/05/49
.................
70
59,723
5.13%,
04/15/50
.................
25
23,456
3.00%,
10/15/50
.................
235
154,026
4.25%,
04/01/52
.................
160
130,541
5.63%,
04/15/53
.................
190
189,886
4.45%,
04/01/62
.................
110
88,320
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
34
31,214
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
14
13,307
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
27
25,510
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
88
78,564
6.13%,
07/01/29
.................
123
106,227
6.00%,
12/01/29
.................
58
50,057
Staples,
Inc.,
7.50%,
04/15/26
(b)
........
28
23,126
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
186
168,562
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(h)
...........
85
81,424
3,087,341
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Apple,
Inc.
4.00%,
05/10/28
.................
200
196,751
2.20%,
09/11/29
.................
60
52,642
4.50%,
02/23/36
.................
25
25,420
4.38%,
05/13/45
.................
20
18,993
4.65%,
02/23/46
.................
200
197,308
3.85%,
08/04/46
.................
30
26,411
3.75%,
09/12/47
.................
130
112,351
2.65%,
05/11/50
.................
120
83,534
2.65%,
02/08/51
.................
135
93,250
2.70%,
08/05/51
.................
385
268,171
3.95%,
08/08/52
.................
200
176,270
Dell
International
LLC,
6.02%,
06/15/26
...
167
169,740
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
HP,
Inc.
2.20%,
06/17/25
.................
USD
175
$
164,602
1.45%,
06/17/26
.................
555
498,013
3.00%,
06/17/27
.................
250
230,613
4.75%,
01/15/28
.................
48
46,757
Seagate
HDD
Cayman
(b)
8.25%,
12/15/29
.................
47
49,090
8.50%,
07/15/31
.................
60
62,921
2,472,837
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(b)
Crocs,
Inc.,
4.13%,
08/15/31
..........
33
26,647
Hanesbrands,
Inc.
4.88%,
05/15/26
.................
13
12,136
9.00%,
02/15/31
.................
37
37,291
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
37
30,896
Levi
Strauss
&
Co.,
3.50%,
03/01/31
.....
3
2,483
109,453
Tobacco
—
0.3%
Altria
Group,
Inc.
2.35%,
05/06/25
.................
101
95,047
2.45%,
02/04/32
.................
75
58,489
5.95%,
02/14/49
.................
270
256,324
3.70%,
02/04/51
.................
35
23,438
BAT
Capital
Corp.
2.79%,
09/06/24
.................
65
62,525
3.22%,
09/06/26
.................
525
487,941
3.56%,
08/15/27
.................
232
213,338
2.26%,
03/25/28
.................
175
149,978
2.73%,
03/25/31
.................
100
79,648
3.73%,
09/25/40
.................
195
138,739
Philip
Morris
International,
Inc.
5.13%,
11/17/27
.................
105
105,321
5.63%,
11/17/29
.................
135
137,556
Reynolds
American,
Inc.,
7.00%,
08/04/41
..
98
97,282
1,905,626
Trading
Companies
&
Distributors
—
0.5%
Air
Lease
Corp.
4.25%,
02/01/24
.................
350
346,300
2.30%,
02/01/25
.................
150
141,049
3.38%,
07/01/25
.................
540
511,797
2.88%,
01/15/26
.................
815
753,905
1.88%,
08/15/26
.................
885
785,941
Aviation
Capital
Group
LLC,
1.95%,
09/20/26
(b)
395
342,267
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(b)
23
20,355
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
83
81,769
9.75%,
08/01/27
.................
92
95,015
5.50%,
05/01/28
.................
42
38,430
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
27
22,545
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
16
13,852
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
85
81,442
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
64
55,661
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
(b)
....................
233
232,427
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
40
40,422
7.25%,
06/15/28
.................
75
76,504
3,639,681
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
—
0.7%
America
Movil
SAB
de
CV,
4.38%,
04/22/49
USD
200
$
173,000
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
390
378,813
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(b)(h)
.......
94
35,756
Rogers
Communications,
Inc.
3.20%,
03/15/27
(b)
................
770
715,865
3.80%,
03/15/32
(b)
................
450
393,355
4.30%,
02/15/48
.................
84
65,347
4.35%,
05/01/49
.................
163
128,738
3.70%,
11/15/49
.................
61
43,193
4.55%,
03/15/52
(b)
................
505
406,133
Sprint
LLC,
7.13%,
06/15/24
..........
100
100,894
T-Mobile
USA,
Inc.
1.50%,
02/15/26
.................
516
466,256
2.25%,
02/15/26
.................
235
215,931
2.63%,
04/15/26
.................
48
44,484
4.75%,
02/01/28
.................
650
631,456
2.05%,
02/15/28
.................
416
360,708
3.50%,
04/15/31
.................
211
186,186
2.70%,
03/15/32
.................
169
139,599
4.38%,
04/15/40
.................
215
189,865
3.00%,
02/15/41
.................
165
120,633
4.50%,
04/15/50
.................
45
38,612
3.30%,
02/15/51
.................
155
108,731
3.40%,
10/15/52
.................
245
174,846
5.75%,
01/15/54
.................
5
5,164
Vmed
O2
UK
Financing
I
plc,
4.75%,
07/15/31
(b)
200
166,300
Vodafone
Group
plc
4.88%,
06/19/49
.................
25
22,143
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
3.25%,
06/04/81
(a)
...................
265
232,840
5,544,848
Total
Corporate
Bonds
—
34.4%
(Cost:
$283,516,238)
.............................
261,480,893
Equity-Linked
Notes
Automobile
Components
—
0.0%
(b)
BNP
Paribas
Issuance
B.V.
(Lear
Corp.),
15.79%, 08/02/23
................
1
144,530
Royal
Bank
of
Canada
(BorgWarner,
Inc.),
15.09%, 08/03/23
................
3
119,506
264,036
Automobiles
—
0.0%
Royal
Bank
of
Canada
(General
Motors
Co.),
18.67%, 07/25/23
(b)
...............
7
249,814
Banks
—
0.3%
Barclays
Bank
plc
(Bank
of
America
Corp.),
17.29%, 07/19/23
................
17
500,756
Barclays
Bank
plc
(Kotak
Mahindra
Bank
Ltd.),
8.42%, 07/26/23
.................
1
178,642
Citigroup,
Inc.
(JPMorgan
Chase
&
Co.),
13.09%, 09/01/23
................
1
99,032
JPMorgan
Structured
Products
BV
(Bank
of
America
Corp.),
15.96%, 09/01/23
.....
3
97,810
SGA
Societe
Generale
Acceptance
NV
(Citigroup,
Inc.),
15.19%, 07/17/23
.....
7
310,204
SGA
Societe
Generale
Acceptance
NV
(JPMorgan
Chase
&
Co.),
13.19%, 07/17/23
................
5
746,657
1,933,101
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Biotechnology
—
0.0%
Citigroup,
Inc.
(Biogen,
Inc.),
17.21%, 07/21/23
USD
—
(l)
$
140,793
Citigroup,
Inc.
(Gilead
Sciences,
Inc.),
13.00%, 08/02/23
................
2
130,804
271,597
Broadline
Retail
—
0.1%
BNP
Paribas
Issuance
B.V.
(Amazon.com,
Inc.),
17.68%, 08/14/23
(b)
...........
4
413,993
Citigroup,
Inc.
(Amazon.com,
Inc.),
16.77%, 09/01/23
................
1
121,359
Mizuho
Markets
Cayman
LP
(Amazon.com,
Inc.),
13.60%, 07/28/23
............
4
526,731
1,062,083
Building
Products
—
0.1%
BNP
Paribas
SA
(Allegion
plc),
14.65%, 07/28/23
(b)
...............
1
80,313
Societe
Generale
SA
(Johnson
Controls
International
plc),
12.95%, 08/04/23
....
2
100,254
Societe
Generale
SA
(Masco
Corp.),
15.70%, 07/28/23
................
3
140,197
320,764
Capital
Markets
—
0.1%
BMO
Capital
Markets
Corp.
(Morgan
Stanley),
14.01%, 07/19/23
................
3
292,402
BNP
Paribas
SA
(Raymond
James
Financial,
Inc.),
18.44%, 07/27/23
(b)
...........
1
82,560
Citigroup,
Inc.
(LPL
Financial
Holdings,
Inc.),
19.43%, 08/02/23
................
1
143,388
SGA
Societe
Generale
Acceptance
NV
(Charles
Schwab
Corp.
(The)),
13.67%, 07/19/23
.
3
158,727
SGA
Societe
Generale
Acceptance
NV
(Nasdaq,
Inc.),
11.37%, 07/12/23
......
3
171,259
848,336
Chemicals
—
0.0%
Royal
Bank
of
Canada
(CF
Industries
Holdings,
Inc.),
21.10%, 08/03/23
(b)
...........
1
73,217
Societe
Generale
SA
(Ecolab,
Inc.),
11.51%, 07/27/23
................
1
101,065
174,282
Commercial
Services
&
Supplies
—
0.1%
Barclays
Bank
plc
(Downer
EDI
Ltd.),
16.80%, 07/25/23
................
4
188,972
JPMorgan
Structured
Products
BV
(Waste
Management,
Inc.),
8.03%, 07/27/23
...
1
202,739
391,711
Communications
Equipment
—
0.1%
BNP
Paribas
SA
(Juniper
Networks,
Inc.),
14.08%, 07/26/23
(b)
...............
4
120,748
Citigroup,
Inc.
(Cisco
Systems,
Inc.),
11.00%, 08/17/23
................
10
499,762
620,510
Construction
Materials
—
0.0%
Barclays
Bank
plc
(Vulcan
Materials
Co.),
14.69%, 08/04/23
................
—
(l)
100,844
Consumer
Finance
—
0.1%
BNP
Paribas
Issuance
B.V.
(Synchrony
Financial),
19.08%, 07/19/23
........
6
200,743
BNP
Paribas
SA
(American
Express
Co.),
14.34%, 07/21/23
(b)
...............
2
392,106
SGA
Societe
Generale
Acceptance
NV
(Discover
Financial
Services),
12.39%, 07/21/23
................
1
139,480
732,329
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
—
0.1%
Citigroup,
Inc.
(Walmart,
Inc.),
6.23%, 08/17/23
USD
4
$
591,270
Mizuho
Markets
Cayman
LP
(Costco
Wholesale
Corp.),
9.98%, 09/22/23
............
—
(l)
234,608
825,878
Containers
&
Packaging
—
0.0%
BNP
Paribas
SA
(Graphic
Packaging
Holding
Co.),
12.63%, 07/27/23
(b)
...........
4
92,362
Distributors
—
0.0%
UBS
AG
(Genuine
Parts
Co.),
10.20%, 07/27/23
................
1
138,780
Electrical
Equipment
—
0.0%
Citigroup,
Inc.
(Emerson
Electric
Co.),
12.83%, 08/09/23
................
2
159,420
Mizuho
Markets
Cayman
LP
(Eaton
Corp.
plc),
11.50%, 08/02/23
................
1
160,933
320,353
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Citigroup,
Inc.
(Flex
Ltd.),
14.11%, 07/27/23
9
209,055
Energy
Equipment
&
Services
—
0.1%
BMO
Capital
Markets
Corp.
(Schlumberger
NV),
14.21%, 07/21/23
............
3
139,097
BNP
Paribas
Issuance
B.V.
(Baker
Hughes
Co.),
15.94%, 07/20/23
(b)
...........
7
205,525
Citigroup,
Inc.
(Halliburton
Co.),
20.70%, 07/20/23
................
4
139,870
484,492
Financial
Services
—
0.2%
BNP
Paribas
SA
(Berkshire
Hathaway,
Inc.),
7.56%, 08/08/23
(b)
................
1
496,250
BNP
Paribas
SA
(Fidelity
National
Information
Services,
Inc.),
17.40%, 08/04/23
(b)
....
2
115,285
BNP
Paribas
SA
(PayPal
Holdings,
Inc.),
17.85%, 08/03/23
(b)
...............
3
193,459
Citigroup,
Inc.
(Fiserv,
Inc.),
10.31%, 07/26/23
2
239,709
JPMorgan
Structured
Products
BV
(Visa,
Inc.),
9.62%, 07/26/23
.................
1
120,086
Mizuho
Markets
Cayman
LP
(Global
Payments,
Inc.),
16.00%, 08/01/23
............
1
76,779
Mizuho
Markets
Cayman
LP
(Voya
Financial,
Inc.),
14.70%, 08/02/23
............
1
100,372
1,341,940
Food
Products
—
0.1%
BNP
Paribas
SA
(Hershey
Co.
(The)),
8.19%, 07/31/23
(b)
................
1
179,083
Royal
Bank
of
Canada
(Conagra
Brands,
Inc.),
8.01%, 07/14/23
(b)
................
3
106,186
Societe
Generale
SA
(Kraft
Heinz
Co.
(The)),
10.08%, 07/27/23
................
2
84,523
369,792
Ground
Transportation
—
0.1%
BNP
Paribas
SA
(Union
Pacific
Corp.),
10.53%, 07/21/23
(b)
...............
1
295,352
Royal
Bank
of
Canada
(Avis
Budget
Group,
Inc.),
25.11%, 08/01/23
(b)
...........
—
(l)
87,560
Societe
Generale
SA
(Norfolk
Southern
Corp.),
14.08%, 07/28/23
................
1
121,422
504,334
Health
Care
Equipment
&
Supplies
—
0.1%
BNP
Paribas
Issuance
B.V.
(Zimmer
Biomet
Holdings,
Inc.),
9.93%, 08/02/23
(b)
.....
1
98,431
Citigroup,
Inc.
(Becton
Dickinson
&
Co.),
9.56%, 08/04/23
.................
—
(l)
78,709
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Nomura
Bank
International
plc
(Boston
Scientific
Corp.),
10.09%, 07/27/23
....
USD
3
$
161,553
SGA
Societe
Generale
Acceptance
NV
(Abbott
Laboratories),
10.84%, 07/20/23
......
3
296,437
635,130
Health
Care
Providers
&
Services
—
0.4%
BMO
Capital
Markets
Corp.
(Elevance
Health,
Inc.),
15.23%, 07/20/23
............
—
(l)
186,133
BNP
Paribas
Issuance
B.V.
(Elevance
Health,
Inc.),
12.82%, 07/20/23
(b)
...........
1
566,389
BNP
Paribas
SA
(AmerisourceBergen
Corp.),
9.41%, 08/03/23
(b)
................
1
159,197
BNP
Paribas
SA
(Humana,
Inc.),
12.62%, 07/28/23
(b)
...............
1
260,731
Citigroup,
Inc.
(Cardinal
Health,
Inc.),
14.26%, 08/10/23
................
1
101,976
Citigroup,
Inc.
(McKesson
Corp.),
11.57%, 08/03/23
................
—
(l)
160,307
Citigroup,
Inc.
(UnitedHealth
Group,
Inc.)
11.51%,
07/17/23
................
2
850,808
11.42%,
09/01/23
................
—
(l)
96,626
JPMorgan
Structured
Products
BV
(Cigna
Group
(The)),
12.67%, 08/03/23
......
1
199,431
Mizuho
Markets
Cayman
LP
(CVS
Health
Corp.),
16.00%, 08/03/23
...........
3
188,742
SGA
Societe
Generale
Acceptance
NV
(HCA
Healthcare,
Inc.),
10.84%, 07/21/23
....
1
200,561
Societe
Generale
SA
(Laboratory
Corp.
of
America
Holdings),
10.33%, 07/26/23
...
—
(l)
72,500
Societe
Generale
SA
(Molina
Healthcare,
Inc.),
12.07%, 07/27/23
................
—
(l)
116,379
3,159,780
Hotel
&
Resort
REITs
—
0.0%
Royal
Bank
of
Canada
(Host
Hotels
&
Resorts,
Inc.),
17.58%, 08/03/23
(b)
...........
7
114,717
Hotels,
Restaurants
&
Leisure
—
0.3%
Barclays
Bank
plc
(Booking
Holdings,
Inc.),
15.24%, 08/03/23
................
—
(l)
198,017
BNP
Paribas
SA
(Aramark),
14.04%, 08/09/23
(b)
...........................
3
102,209
BNP
Paribas
SA
(Marriott
International,
Inc.),
15.40%, 08/02/23
(b)
...............
1
157,580
BNP
Paribas
SA
(MGM
Resorts
International),
17.23%, 08/03/23
(b)
...............
3
130,675
BNP
Paribas
SA
(Starbucks
Corp.),
12.64%, 08/02/23
(b)
...............
2
183,278
BNP
Paribas
SA
(Yum!
Brands,
Inc.),
8.77%, 08/03/23
(b)
................
1
153,867
Citigroup,
Inc.
(McDonald's
Corp.),
6.82%, 09/01/23
.................
—
(l)
97,758
JPMorgan
Structured
Products
BV
(Hyatt
Hotels
Corp.),
15.48%, 08/09/23
......
1
151,685
Royal
Bank
of
Canada
(McDonald's
Corp.),
6.99%, 07/26/23
(b)
................
3
956,841
Societe
Generale
SA
(Domino's
Pizza,
Inc.),
13.18%, 07/24/23
................
—
(l)
120,233
Societe
Generale
SA
(Hilton
Worldwide
Holdings,
Inc.),
13.17%, 07/27/23
.....
1
200,399
2,452,542
Security
Par
(000)
Par
(000)
Value
Household
Durables
—
0.0%
BNP
Paribas
SA
(Toll
Brothers,
Inc.),
15.56%, 08/23/23
................
USD
1
$
102,144
Royal
Bank
of
Canada
(NVR,
Inc.),
9.77%, 07/25/23
(b)
................
—
(l)
66,509
168,653
Industrial
REITs
—
0.0%
Royal
Bank
of
Canada
(Prologis,
Inc.),
16.22%, 07/19/23
(b)
...............
1
148,532
Insurance
—
0.1%
BNP
Paribas
SA
(Admiral
Group
plc),
14.06%, 07/27/23
(b)
...............
2
154,551
Citigroup,
Inc.
(Admiral
Group
plc),
11.93%, 07/26/23
................
2
186,403
JPMorgan
Structured
Products
BV
(Chubb
Ltd.),
11.68%, 07/26/23
............
1
228,302
SGA
Societe
Generale
Acceptance
NV
(Travelers
Cos.,
Inc.
(The)),
13.37%, 07/21/23
................
2
290,162
859,418
Interactive
Media
&
Services
—
0.2%
BNP
Paribas
Issuance
B.V.
(Meta
Platforms,
Inc.),
20.98%, 08/14/23
(b)
...........
1
205,150
BNP
Paribas
SA
(TripAdvisor,
Inc.),
20.02%, 08/04/23
(b)
...............
5
80,578
Citigroup,
Inc.
(Alphabet,
Inc.),
16.42%, 09/01/23
................
1
113,536
Citigroup,
Inc.
(Meta
Platforms,
Inc.),
20.27%, 09/01/23
................
—
(l)
122,293
JPMorgan
Structured
Products
BV
(Meta
Platforms,
Inc.),
15.49%, 07/27/23
.....
1
334,172
Royal
Bank
of
Canada
(TripAdvisor,
Inc.),
18.94%, 08/04/23
(b)
...............
6
97,903
Societe
Generale
SA
(Alphabet,
Inc.),
14.34%, 07/26/23
................
7
824,598
1,778,230
IT
Services
—
0.1%
BNP
Paribas
Issuance
B.V.
(Gartner,
Inc.),
13.74%, 08/02/23
................
—
(l)
142,593
Mizuho
Markets
Cayman
LP
(Cognizant
Technology
Solutions
Corp.),
12.60%, 07/28/23
................
3
195,637
338,230
Life
Sciences
Tools
&
Services
—
0.2%
BNP
Paribas
SA
(Thermo
Fisher
Scientific,
Inc.),
12.66%, 07/28/23
(b)
...........
1
475,126
Citigroup,
Inc.
(Danaher
Corp.),
13.24%, 09/01/23
................
—
(l)
98,796
Mizuho
Markets
Cayman
LP
(Agilent
Technologies,
Inc.),
13.50%, 08/16/23
..
2
193,158
Royal
Bank
of
Canada
(Danaher
Corp.),
12.17%, 07/21/23
(b)
...............
3
708,083
1,475,163
Machinery
—
0.1%
Barclays
Bank
plc
(Caterpillar,
Inc.),
15.27%, 08/02/23
................
1
206,593
Barclays
Bank
plc
(PACCAR,
Inc.),
13.30%, 07/26/23
................
3
198,259
BNP
Paribas
SA
(Otis
Worldwide
Corp.),
10.88%, 07/27/23
(b)
...............
1
120,166
Royal
Bank
of
Canada
(Cummins,
Inc.),
14.11%, 08/03/23
(b)
...............
—
(l)
100,285
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Royal
Bank
of
Canada
(Deere
&
Co.),
11.91%, 08/18/23
(b)
...............
USD
1
$
301,496
926,799
Media
—
0.1%
BNP
Paribas
SA
(Comcast
Corp.),
11.96%, 07/28/23
(b)
...............
7
300,296
Societe
Generale
SA
(Bloomsbury
Publishing
plc),
12.08%, 07/27/23
.............
6
369,668
669,964
Metals
&
Mining
—
0.0%
UBS
AG
(Nucor
Corp.),
18.60%, 07/21/23
..
1
143,483
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Barclays
Bank
plc
(ConocoPhillips),
21.69%, 08/04/23
................
1
121,855
Barclays
Bank
plc
(Murphy
Oil
Corp.),
20.69%, 08/04/23
................
1
38,585
JPMorgan
Structured
Products
BV
(Devon
Energy
Corp.),
23.53%, 08/02/23
......
1
38,154
JPMorgan
Structured
Products
BV
(Hess
Corp.),
16.59%, 07/27/23
...........
1
93,091
JPMorgan
Structured
Products
BV
(Marathon
Petroleum
Corp.),
19.44%, 08/02/23
...
1
59,834
JPMorgan
Structured
Products
BV
(Valero
Energy
Corp.),
20.69%, 07/28/23
......
1
79,841
Mizuho
Markets
Cayman
LP
(Chevron
Corp.),
12.55%, 07/28/23
................
2
293,144
Mizuho
Markets
Cayman
LP
(Exxon
Mobil
Corp.),
14.30%, 07/28/23
...........
4
453,893
Royal
Bank
of
Canada
(Marathon
Oil
Corp.),
15.82%, 08/03/23
(b)
...............
2
39,840
1,218,237
Personal
Care
Products
—
0.0%
BNP
Paribas
SA
(Coty,
Inc.),
17.85%, 08/25/23
(b)
...........................
8
100,374
Pharmaceuticals
—
0.2%
BNP
Paribas
SA
(Pfizer,
Inc.),
13.06%, 07/27/23
(b)
...............
10
365,797
BNP
Paribas
SA
(Zoetis,
Inc.),
12.95%, 08/04/23
(b)
...............
1
148,813
Societe
Generale
SA
(Merck
&
Co.,
Inc.),
10.76%, 07/31/23
................
5
594,380
1,108,990
Professional
Services
—
0.0%
(b)
BNP
Paribas
Issuance
B.V.
(Paycom
Software,
Inc.),
16.07%, 08/02/23
............
—
(l)
121,089
BNP
Paribas
SA
(Paycom
Software,
Inc.),
16.15%, 08/02/23
................
1
165,583
286,672
Retail
REITs
—
0.0%
JPMorgan
Structured
Products
BV
(Simon
Property
Group,
Inc.),
18.06%, 08/02/23
.
1
120,864
Software
—
0.4%
BNP
Paribas
SA
(Intuit,
Inc.),
15.55%, 08/23/23
................
1
280,491
BNP
Paribas
SA
(Palo
Alto
Networks,
Inc.),
14.11%, 08/23/23
................
1
285,992
BNP
Paribas
SA
(ServiceNow,
Inc.),
16.46%, 07/27/23
(b)
...............
1
338,070
Citigroup,
Inc.
(Microsoft
Corp.),
10.60%, 09/01/23
................
—
(l)
119,248
JPMorgan
Structured
Products
BV
(ServiceNow,
Inc.),
17.49%, 09/01/23
...
—
(l)
100,951
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Mizuho
Markets
Cayman
LP
(Microsoft
Corp.),
12.62%, 08/25/23
................
USD
1
$
403,092
Nomura
Bank
International
plc
(Microsoft
Corp.),
12.25%, 07/26/23
...........
3
814,355
Royal
Bank
of
Canada
(Microsoft
Corp.),
14.16%, 08/11/23
(b)
...............
1
398,521
Societe
Generale
SA
(Fortinet,
Inc.),
12.75%, 08/03/23
................
3
207,005
Societe
Generale
SA
(ServiceNow,
Inc.),
17.08%, 07/27/23
................
1
289,755
3,237,480
Specialized
REITs
—
0.0%
Barclays
Bank
plc
(Equinix,
Inc.),
14.12%, 07/27/23
................
—
(l)
160,910
JPMorgan
Structured
Products
BV
(Iron
Mountain,
Inc.),
15.25%, 08/04/23
.....
3
158,884
319,794
Specialty
Retail
—
0.2%
BNP
Paribas
SA
(O'Reilly
Automotive,
Inc.),
9.39%, 07/27/23
(b)
................
—
(l)
239,635
BNP
Paribas
SA
(Ross
Stores,
Inc.),
9.48%, 08/18/23
(b)
................
2
198,945
Citigroup,
Inc.
(Best
Buy
Co.,
Inc.),
16.09%, 08/31/23
................
2
161,810
Mizuho
Markets
Cayman
LP
(AutoZone,
Inc.),
9.70%, 09/19/23
.................
—
(l)
190,108
Mizuho
Markets
Cayman
LP
(Dick's
Sporting
Goods,
Inc.),
17.25%, 08/23/23
.......
1
99,002
Mizuho
Markets
Cayman
LP
(TJX
Cos.,
Inc.
(The)),
8.90%, 08/17/23
............
2
198,525
1,088,025
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
BNP
Paribas
SA
(Apple,
Inc.),
14.11%, 08/11/23
(b)
...........................
2
403,170
Citigroup,
Inc.
(Apple,
Inc.)
8.96%,
07/31/23
.................
6
1,105,628
10.74%,
09/01/23
................
1
120,373
JPMorgan
Structured
Products
BV
(Apple,
Inc.),
10.30%, 07/27/23
............
2
403,889
Mizuho
Markets
Cayman
LP
(Apple,
Inc.),
8.92%, 07/28/23
.................
4
643,567
2,676,627
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Citigroup,
Inc.
(Tapestry,
Inc.),
18.93%, 08/18/23
................
4
160,200
Tobacco
—
0.1%
UBS
AG
(Philip
Morris
International,
Inc.),
13.60%, 07/21/23
................
5
503,266
Total
Equity-Linked
Notes
—
4.6%
(Cost:
$34,029,286)
..............................
34,947,563
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.2%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
...........
202
174,731
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
..........
36
31,382
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(6-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.56%
,
 08/03/29
..........
49
47,675
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 04/06/26
.................
USD
170
$
168,102
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 04/06/26
.................
91
90,357
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.95%
,
 02/01/28
.................
118
115,841
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.98%
,
 02/01/29
................
73
70,709
Setanta
Aircraft
Leasing
DAC,
Term
Loan,
(3-
mo.
LIBOR
USD
+
2.00%),
7.54%
,
 11/05/28
144
143,846
TransDigm,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 08/24/28
.....
51
50,824
TransDigm,
Inc.,
Term
Loan
H,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 02/22/27
..
248
248,337
1,141,804
Automobile
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.47%
,
 04/10/28
..
40
39,712
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.85%
,
 05/06/30
.................
169
168,418
208,130
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.60%
,
 12/14/27
(a)
..........
118
117,762
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
-
8.59%
,
 01/24/29
...........
308
285,986
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.34%
,
 01/24/30
................
194
152,435
438,421
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.61%
,
 11/24/28
..
128
127,699
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.43%
,
 06/30/27
................
176
151,737
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%
,
 02/12/27
.....
273
242,329
Pug
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.45%
,
 02/12/27
(g)
................
49
44,213
Sally
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.60%
,
 02/28/30
..
39
38,854
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.95%
,
 12/21/27
.................
44
43,463
648,295
Security
Par
(000)
Par
(000)
Value
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.45%
,
 05/13/29
USD
47
$
46,744
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.50%
,
 04/12/28
...........
49
46,444
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25%
-
8.95%
,
 11/23/27
................
116
108,689
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 10/02/28
...........
47
43,482
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(m)
.............
8
7,534
CPG
International
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.70%
,
 04/28/29
.................
73
73,047
Jeld-Wen,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.47%
,
 07/28/28
.....
69
68,599
Wilsonart
LLC,
Term
Loan
E,
(6-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.71%
,
 12/31/26
.................
123
120,805
515,344
Capital
Markets
—
0.1%
(a)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
4.50%),
9.69%
,
 07/31/26
.................
82
82,003
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.24%
,
 12/20/29
.................
76
75,740
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%, 07/24/26
...............
86
82,990
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.97%, 07/24/26
.........
88
84,854
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
2.75%),
8.30%, 10/22/26
.........
101
100,292
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.00%, 10/22/27
.........
45
44,514
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 06/30/28
...........
100
98,565
Focus
Financial
Partners
LLC,
Term
Loan
B6,
06/30/28
(m)
.....................
55
54,601
Greenhill
&
Co.,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.73%
,
 04/12/24
..
84
84,229
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%
,
 08/02/28
...........
125
122,306
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
12.03%
,
 08/02/29
...........
46
40,932
871,026
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 09/30/28
.................
92
85,510
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
9.19%
,
 11/24/27
............
32
30,791
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.71%
,
 08/27/26
.
USD
153
$
149,882
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 12/29/27
...........
49
36,732
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.62%
,
 10/04/29
......
68
64,499
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.65%
,
 06/09/28
...........
99
97,974
Element
Solutions,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.10%
,
 01/31/26
.................
135
135,198
H.B.
Fuller
Co.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 02/15/30
.................
21
21,004
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.27%
,
 07/03/28
...........
74
62,031
Ineos
US
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 02/18/30
.................
40
39,736
LSF11
A5
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%
,
 10/15/28
.................
134
132,305
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%
,
 06/30/27
.................
82
81,146
Messer
Industries
GmbH,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.00%
,
 03/02/26
.................
136
135,465
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.60%
,
 03/29/28
.................
135
131,071
Nouryon
Finance
B.V.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
 04/03/28
..
50
49,453
Nouryon
Finance
BV,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.07%
,
 10/01/25
..
8
8,487
Olympus
Water
US
Holding
Corp.,
Term
Loan,
11/09/28
(m)
.....................
48
46,310
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.74%
,
 10/14/24
.................
176
172,354
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.19%
,
 03/16/27
..........
29
28,729
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.48%
,
 08/02/28
...........
123
122,180
WR
Grace
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.31%
,
 09/22/28
.................
78
77,028
1,707,885
Commercial
Services
&
Supplies
—
0.2%
(a)
Allied
Universal
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 05/12/28
.................
220
213,064
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.72%
,
 04/06/28
.................
81
80,431
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.72%
,
 06/22/30
(g)
................
USD
50
$
49,937
Asplundh
Tree
Expert
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 09/07/27
.................
143
142,309
Clean
Harbors,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.19%
,
 10/08/28
..
63
62,874
Covanta
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 11/30/28
.................
105
104,348
Covanta
Holding
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 11/30/28
.................
8
8,138
GFL
Environmental,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.15%
,
 05/31/27
.................
59
59,474
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.52%
,
 12/15/28
......
87
71,260
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.98%
,
 09/23/26
.
130
130,126
Tempo
Acquisition
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.10%
,
 08/31/28
.................
320
319,851
TruGreen
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.20%
,
 11/02/27
.................
135
123,732
Viad
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.22%
,
 07/30/28
................
116
112,182
1,477,726
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.59%
,
 01/18/30
.....
20
19,950
ViaSat,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.60%
,
 03/02/29
.................
68
66,113
86,063
Construction
&
Engineering
—
0.0%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.25%),
9.40%
-
9.79%
,
 06/21/24
......
88
86,776
Pike
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%
,
 01/21/28
.....
80
79,561
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.69%
,
 05/12/28
...........
116
109,943
276,280
Construction
Materials
—
0.1%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.20%
,
 01/15/27
...........
140
139,528
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.10%
,
 03/08/29
................
91
76,735
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.84%
,
 04/29/29
.................
97
94,781
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Construction
Materials
(continued)
Standard
Building
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.69%
,
 09/22/28
...........
USD
109
$
108,859
419,903
Consumer
Staples
Distribution
&
Retail
—
0.0%
US
Foods,
Inc.,
Term
Loan
B
(a)
(3-mo.
CME
Term
SOFR
+
2.00%),
7.22%, 09/13/26
...............
167
167,130
(1-mo.
CME
Term
SOFR
+
2.75%),
7.97%, 11/22/28
...............
95
95,323
262,453
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.97%
,
 12/01/27
......
223
221,039
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.11%
,
 08/14/26
.................
88
87,645
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.47%
,
 02/05/26
.................
38
38,013
Reynolds
Consumer
Products
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 02/04/27
.................
16
15,494
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 09/15/28
...........
110
107,758
469,949
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.02%
,
 10/28/27
(a)
................
133
123,381
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%
,
 12/11/28
............
42
39,563
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
10.95%
,
 12/10/29
...........
113
95,579
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.47%
,
 11/24/28
......
102
101,378
Kuehg
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.24%
,
 06/12/30
................
94
92,943
Sotheby's,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
4.50%),
9.76%
,
 01/15/27
.
195
189,853
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.54%
,
 07/30/25
.................
78
77,340
Veritas
US,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.00%),
10.22%
,
 09/01/25
................
192
156,083
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.94%
,
 02/05/26
.................
125
124,172
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.22%
,
 01/08/27
...........
86
83,993
960,904
Security
Par
(000)
Par
(000)
Value
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.85%
,
 05/18/30
(a)
................
USD
60
$
59,763
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan,
(3-mo.
LIBOR
USD
+
2.75%),
8.01%
,
 07/15/25
(g)
.....
5
4,751
Altice
Financing
SA,
Term
Loan,
(3-mo.
LIBOR
USD
+
2.75%),
8.01%
,
 01/31/26
......
83
81,451
Connect
Finco
SARL,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.70%
,
 12/11/26
.................
395
394,799
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.72%
,
 10/02/27
..........
34
30,165
Iridium
Satellite
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.70%
,
 11/04/26
.................
138
138,220
Level
3
Financing,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 03/01/27
.................
121
112,425
Lumen
Technologies,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.47%
,
 03/15/27
.................
139
106,829
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.44%
-
9.73%
,
 09/01/28
...........
88
70,103
Radiate
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.48%
,
 09/25/26
.................
215
178,554
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(1-mo.
LIBOR
USD
+
2.50%),
7.69%
,
 01/31/28
.................
63
62,398
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(1-mo.
LIBOR
USD
+
3.25%),
8.44%
,
 01/31/29
.................
44
43,764
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%
,
 03/09/27
.................
288
225,320
1,448,779
Electric
Utilities
—
0.0%
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(1-mo.
LIBOR
USD
+
2.00%),
7.19%
,
 01/15/25
(a)
................
34
33,533
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.25%
,
 06/23/28
(a)(g)
........
136
131,929
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.97%
,
 07/02/29
(a)
................
100
99,789
Energy
Equipment
&
Services
—
0.0%
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.51%
,
 10/05/28
(a)
229
228,258
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
3.00%),
8.22%
,
 04/22/26
.................
USD
137
$
106,456
Aristocrat
Technologies,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.59%
,
 05/24/29
...........
24
23,559
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 03/08/30
...........
67
66,206
City
Football
Group
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.27%
,
 07/21/28
.................
133
130,041
Creative
Artists
Agency
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.60%
,
 11/27/28
.................
101
100,420
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.00%),
8.54%
-
8.73%
,
 03/08/24
......
289
267,909
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.10%
,
 01/15/30
116
115,942
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.93%
,
 10/19/26
.................
245
244,454
Playtika
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.94%
,
 03/13/28
.................
122
121,060
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.75%),
9.99%
,
 04/05/30
.................
5
4,462
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.77%
,
 01/23/25
.................
116
115,803
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.05%
,
 04/29/26
...........
93
92,363
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.95%
,
 05/18/25
.....
201
200,407
WMG
Acquisition
Corp.,
Term
Loan
G,
(3-mo.
LIBOR
USD
+
2.13%),
7.33%
,
 01/20/28
.
216
215,198
1,804,280
Financial
Services
—
0.2%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%
,
 12/21/28
.
53
52,563
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.49%
,
 08/15/28
.
145
128,647
Belron
Finance
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
+
2.25%),
7.56%
,
 10/30/26
......
57
57,258
Belron
Finance
US
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.83%
,
 04/18/29
.................
31
30,981
Belron
Group
SA,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
2.43%),
7.80%
,
 04/13/28
.................
59
59,297
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
8.99%
,
 04/09/27
......
386
374,062
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
6.75%),
12.29%
,
 04/07/28
...........
133
123,191
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
8.90%
,
 12/17/27
.................
USD
80
$
76,370
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.45%
,
 03/24/25
.................
131
130,721
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.02%
,
 12/11/26
......
166
163,200
Travelport
Finance
(Luxembourg)
S.a
r.l.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.36%
,
 05/29/26
(g)
...............
166
102,836
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(1-mo.
LIBOR
USD
+
2.93%),
8.12%
,
 01/31/29
.................
74
71,949
WEX,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.47%
,
 03/31/28
.....
74
73,716
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.85%
,
 10/19/27
...........
80
79,201
1,523,992
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.97%
,
 10/01/25
...........
118
107,973
B&G
Foods,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.65%
,
 10/10/26
..
20
19,507
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.72%
,
 10/25/27
.................
254
252,313
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.45%
,
 01/29/27
.................
243
241,440
H-Food
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.27%
,
 05/23/25
..
40
34,889
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
2.25%),
7.52%
,
 08/03/25
.................
56
55,430
Nomad
Foods
Ltd.,
Facility
Term
Loan
B2,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.56%
,
 11/12/29
............
106
106,102
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.77%
,
 06/08/28
......
143
141,056
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.49%
,
 03/31/28
...........
148
142,552
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%
,
 01/20/28
.................
181
180,139
1,281,401
Ground
Transportation
—
0.1%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.93%
,
 04/06/28
......
44
42,973
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 08/06/27
.................
97
95,537
Genesee
&
Wyoming,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.34%
,
 12/30/26
.................
106
105,446
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.72%
-
11.00%
,
 08/04/25
................
USD
47
$
41,739
Uber
Technologies,
Inc.,
Term
Loan,
8.00%
-
8.03%
,
 03/03/30
.................
112
112,345
398,040
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 11/03/28
.................
165
161,037
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.00%
,
 03/05/26
................
78
71,090
Insulet
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 05/04/28
.................
59
58,473
Medline
Borrower
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 10/23/28
.................
332
327,468
618,068
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.44%
,
 09/29/28
......
137
136,415
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.46%
,
 11/08/27
............
72
71,594
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.22%
,
 11/01/28
.................
145
144,571
Envision
Healthcare
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.25%),
9.49%
,
 03/31/27
.................
131
27,910
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.25%, 02/18/27
...............
33
23,981
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.25%, 11/15/28
..........
47
33,307
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
12.25%
,
 11/15/29
...........
78
52,068
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.47%
,
 08/31/26
.................
117
107,863
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.36%
,
 11/01/29
.....
110
97,212
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.94%
,
 10/27/28
...........
82
81,607
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.69%
,
 02/14/25
...........
4
3,810
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.90%
,
 08/31/26
...........
54
53,983
Vizient,
Inc.,
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.44%
,
 05/16/29
.................
45
45,421
879,742
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(m)
.................
USD
27
$
25,595
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.59%
,
 02/15/29
.................
185
178,156
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 06/02/28
.................
303
277,859
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.22%
,
 08/27/25
.................
162
161,693
643,303
Hotels,
Restaurants
&
Leisure
—
0.3%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(1-mo.
LIBOR
USD
+
1.75%),
6.94%
,
 11/19/26
.................
121
120,530
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.94%
,
 02/02/26
.................
120
116,168
Alterra
Mountain
Co.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.95%
,
 05/31/30
(g)
................
11
10,973
Bally's
Corp.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.40%
,
 10/02/28
.................
73
71,138
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 02/06/30
...........
100
99,659
Carnival
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.22%
,
 06/30/25
.................
124
123,648
Churchill
Downs,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.20%
,
 03/17/28
.................
106
105,304
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.10%
,
 01/27/29
...........
324
318,948
Flutter
Entertainment
plc,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.75%
,
 07/21/26
.................
149
148,869
Flutter
Entertainment
plc,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.75%
,
 07/22/28
.................
111
111,236
Four
Seasons
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 11/30/29
............
160
160,133
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.94%
,
 06/22/26
.................
126
125,474
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.20%
,
 12/15/27
.................
154
153,060
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.25%
,
 04/14/29
...........
69
68,843
Packers
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.44%
,
 03/09/28
.................
70
48,404
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.95%
,
 05/03/29
...........
171
170,598
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Playa
Resorts
Holding
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.34%
,
 01/05/29
.................
USD
38
$
37,672
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.00%),
8.25%
,
 08/25/28
...........
50
49,545
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(1-
mo.
LIBOR
USD
at
0.25%
Floor
+
2.25%),
7.45%
,
 02/08/27
.................
140
139,069
Whatabrands
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 08/03/28
.................
161
160,313
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.45%
,
 05/24/30
...........
37
36,528
2,376,112
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.75%
,
 05/17/28
.................
130
108,909
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.67%
,
 02/26/29
...........
152
143,349
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.22%
,
 10/06/28
...........
59
47,264
Weber-Stephen
Products
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.47%
,
 10/30/27
...........
237
207,969
507,491
Household
Products
—
0.0%
Diamond
(BC)
BV,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.06%
,
 09/29/28
(a)
................
118
118,176
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Corp.,
Term
Loan,
(1-mo.
LIBOR
USD
+
2.00%),
7.19%
,
 08/12/26
..........
34
33,689
Constellation
Renewables
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
8.03%
,
 12/15/27
...........
139
137,500
171,189
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.65%
,
 11/05/27
............
202
200,463
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.65%
,
 11/05/27
..........
215
213,504
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.44%, 02/19/28
.........
148
146,571
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.95%, 02/19/28
.........
32
31,728
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%, 02/12/27
...............
212
209,500
Hub
International
Ltd.,
Term
Loan
(2-mo.
LIBOR
USD
+
3.00%),
8.14%
-
8.16%, 04/25/25
...............
32
31,513
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.07%, 11/10/29
..........
63
62,588
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Hub
International
Ltd.,
Term
Loan
B3,
(2-mo.
LIBOR
USD
at
0.75%
Floor
+
3.25%),
8.40%
-
8.41%
,
 04/25/25
...........
USD
171
$
170,780
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.20%
,
 09/01/27
.................
128
128,162
USI,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.99%
,
 11/22/29
163
162,650
1,357,459
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
2.75%),
8.29%
,
 06/26/28
.................
49
49,244
Camelot
US
Acquisition
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%, 10/30/26
...............
283
281,984
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
2.75%),
7.94%
,
 10/10/25
.
62
61,738
Grab
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.70%
,
 01/29/26
.................
63
62,979
455,945
IT
Services
—
0.2%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.47%
,
 01/31/28
................
69
58,521
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.47%
,
 01/20/29
................
99
82,789
Asurion
LLC,
Term
Loan
B11,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.47%
,
 08/19/28
.....
98
92,777
Asurion
LLC,
Term
Loan
B8,
(1-mo.
LIBOR
USD
+
3.25%),
8.79%
,
 12/23/26
......
64
61,741
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.75%),
12.95%
,
 07/31/28
...........
82
81,812
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.47%
,
 07/30/27
.................
39
38,314
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.34%
,
 10/01/27
...........
165
162,405
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.10%
,
 11/09/29
.................
126
126,571
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.19%
,
 08/10/27
.................
85
84,813
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.85%
,
 02/24/28
...........
292
290,031
Venga
Finance
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.28%
,
 06/28/29
................
86
82,571
1,162,345
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.19%
,
 12/01/28
(g)
..........
67
63,963
Peloton
Interactive,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.26%
,
 05/25/27
................
84
83,729
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Leisure
Products
(continued)
Topgolf
Callaway
Brands
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 03/15/30
.................
USD
74
$
73,692
221,384
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.45%
,
 11/08/27
.................
101
101,050
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.19%
,
 02/22/28
...........
168
163,694
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.90%
,
 08/30/26
.................
15
12,822
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.72%
,
 02/04/27
......
88
84,253
Fortrea
Holdings
Inc.,
Term
Loan
B,
06/12/30
(m)
30
29,985
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.75%, 07/03/28
.........
164
163,687
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.03%
,
 10/19/27
...........
148
147,707
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.35%
,
 11/15/28
............
203
201,495
904,693
Machinery
—
0.2%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
5.25%),
10.52%
,
 08/17/26
(g)
...............
128
126,740
Clark
Equipment
Co.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.84%
,
 04/20/29
.................
64
64,049
Columbus
McKinnon
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.23%
,
 05/14/28
.................
47
46,368
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%, 10/21/28
.........
110
109,346
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.45%, 10/21/28
.........
62
61,526
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 03/01/27
.................
133
132,385
Gates
Global
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.70%
,
 03/31/27
.................
146
145,074
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.73%
,
 03/28/25
.................
204
198,620
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 11/22/29
.................
148
146,892
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 03/01/27
.................
153
152,299
Madison
IAQ
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.30%
,
 06/21/28
.................
158
154,338
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.70%
,
 04/05/29
.................
USD
140
$
137,844
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(6-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.60%
,
 07/30/27
...........
185
183,489
Vertiv
Group
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.98%
,
 03/02/27
..
190
189,452
Zurn
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.19%
,
 10/04/28
.................
29
28,494
1,876,916
Media
—
0.2%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.76%
,
 03/03/25
...........
100
97,459
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
(3-mo.
LIBOR
USD
+
15.00%),
15.00%
,
 10/15/26
................
48
49,658
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
1.75%),
6.80%
,
 04/30/25
.................
108
107,988
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81%
,
 08/21/26
.................
187
177,778
Cogeco
Communications
Finance
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.72%
,
 09/01/28
......
138
137,019
CSC
Holdings
LLC,
Term
Loan
(1-mo.
LIBOR
USD
+
2.25%),
7.44%, 07/17/25
...............
66
63,927
(1-mo.
LIBOR
USD
+
2.50%),
7.69%, 04/15/27
...............
130
113,341
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.22%
,
 08/02/27
................
141
137,846
EW
Scripps
Co.
(The),
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.97%
,
 01/07/28
.................
37
35,883
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.25%),
8.77%
,
 12/01/23
...........
98
76,031
Sinclair
Television
Group,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.95%
,
 04/21/29
(g)
................
41
31,102
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.36%
,
 05/11/29
(g)
................
80
79,245
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(1-mo.
LIBOR
USD
+
2.50%),
7.69%
,
 04/30/28
.................
78
76,719
1,183,996
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.75%
,
 12/21/28
...........
250
244,404
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.68%
,
 09/19/29
...........
44
43,261
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Medallion
Midland
Acquisition
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 10/18/28
...........
USD
183
$
181,754
469,419
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.00%
,
 04/20/28
................
135
138,017
Air
Canada,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.50%),
8.84%
,
 08/11/28
..
138
137,682
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
6.51%, 01/29/27
...............
80
78,192
(6-mo.
CME
Term
SOFR
+
2.75%),
8.15%, 02/15/28
...............
155
152,007
Mileage
Plus
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.76%
,
 06/21/27
................
159
165,269
United
AirLines,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.29%
,
 04/21/28
.................
158
157,902
WestJet
Airlines
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.25%
,
 12/11/26
.................
66
63,618
892,687
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.09%
,
 10/01/26
(a)
.........
369
366,231
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%
,
 05/04/25
.................
107
103,152
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.20%
,
 02/28/28
................
54
52,414
Bausch
Health
Cos.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.44%
,
 02/01/27
................
108
81,113
Elanco
Animal
Health,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.96%
,
 08/01/27
.................
142
139,365
Jazz
Pharmaceuticals
plc,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.69%
,
 05/05/28
.................
139
139,146
Organon
&
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.26%
,
 06/02/28
.................
130
129,730
Perrigo
Co.
plc,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.45%
,
 04/20/29
.................
80
78,902
Precision
Medicine
Group
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.34%
,
 11/18/27
(g)
..........
88
84,494
808,316
Security
Par
(000)
Par
(000)
Value
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.72%
,
 02/04/28
.................
USD
101
$
100,429
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.75%
,
 06/02/28
.................
264
237,979
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.43%
,
 02/06/26
.................
362
362,413
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.33%
,
 01/18/29
.................
76
75,357
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
......
44
42,728
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
.................
98
95,819
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 04/28/28
...........
99
97,771
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
9.85%
,
 04/29/29
(g)
..........
130
121,681
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.94%
,
 07/11/25
.................
80
79,336
Trans
Union
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 11/16/26
..
80
79,682
Trans
Union
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.47%
,
 12/01/28
.................
133
132,645
VS
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 02/28/27
.....
147
144,705
1,570,545
Real
Estate
Management
&
Development
—
0.0%
(a)
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 01/31/30
(g)
135
130,316
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.97%
,
 08/21/25
.................
66
65,668
195,984
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.94%
,
 08/17/29
.................
129
129,125
Synaptics,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.74%
,
 12/02/28
.................
42
41,819
170,944
Software
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 09/18/26
...........
74
74,485
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
11.99%
,
 09/17/27
...........
48
47,970
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.97%
,
 10/02/25
..
107
106,104
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.47%
,
 09/21/28
...........
USD
183
$
182,466
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 07/06/29
.................
129
128,902
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.84%
,
 03/30/29
...........
401
374,429
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 10/08/28
.................
51
49,379
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.25%
,
 10/08/29
(g)
...............
83
74,700
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.57%
,
 12/01/28
................
30
27,275
Gen
Digital,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.20%
,
 09/12/29
.................
115
114,610
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.19%
-
9.22%
,
 12/01/27
182
181,623
Informatica
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.00%
,
 10/27/28
.....
191
190,266
Instructure
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.85%
,
 10/30/28
.................
68
67,746
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
10.03%
,
 07/27/28
................
116
87,084
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.53%
,
 07/27/29
...........
441
284,311
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.96%
,
 03/01/29
.................
168
160,676
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.35%
,
 05/03/28
.................
511
489,292
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.35%
,
 02/23/29
................
152
132,191
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 08/31/28
.................
284
277,273
RealPage,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.22%
,
 04/24/28
.................
327
319,673
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.05%
,
 08/01/25
.................
79
78,613
Sophia
LP,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
9.04%
,
 10/07/27
.................
166
164,266
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 04/16/25
.................
14
13,977
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 04/16/25
.................
12
12,483
Security
Par
(000)
Par
(000)
Value
Software
(continued)
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.62%, 05/04/26
.........
USD
59
$
57,726
(3-mo.
CME
Term
SOFR
+
3.75%),
8.90%, 05/04/26
...............
81
79,366
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.62%
,
 05/03/27
................
104
100,670
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.81%
,
 07/20/28
...........
51
50,629
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.95%
,
 02/28/30
.................
20
19,863
3,948,048
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
(1-mo.
CME
Term
SOFR
+
4.00%),
9.18%, 02/07/25
...............
64
62,945
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.42%, 03/31/26
.........
97
96,330
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.22%
,
 05/04/28
.
145
143,408
PetSmart
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.95%
,
 02/11/28
.................
164
163,251
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.20%
,
 08/04/28
.................
99
99,069
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.69%, 10/20/28
.........
72
69,924
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%, 10/20/28
.........
21
19,859
654,786
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Electronics
for
Imaging,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.00%),
10.21%
,
 07/23/26
(a)
...............
74
49,760
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%
-
8.89%
,
 02/20/29
.................
62
62,180
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.85%
,
 03/08/30
(g)
................
33
33,000
95,180
Trading
Companies
&
Distributors
—
0.1%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
(1-
mo.
LIBOR
USD
+
2.25%),
7.44%
,
 05/19/28
53
52,708
Core
&
Main
LP,
Term
Loan
B,
(6-mo.
CME
Term
SOFR
+
2.50%),
7.68%
-
7.69%
,
 07/27/28
.................
220
219,044
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.69%, 06/02/28
.........
102
98,795
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%, 06/02/28
.........
103
100,458
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
7.50%),
15.00%
,
 05/30/24
(g)
...............
38
36,926
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
9.00%
,
 08/28/24
(g)
................
USD
118
$
71,596
579,527
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.97%, 09/22/28
.........
39
38,504
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.10%, 09/22/28
.........
51
50,554
OLA
Netherlands
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
11.43%
,
 12/15/26
................
124
115,577
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.49%
,
 03/17/30
.................
22
20,573
225,208
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
3.25%),
8.98%
,
 05/27/24
.................
75
68,556
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(g)(m)
....................
3
2,963
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.97%
,
 04/30/28
...........
53
53,078
SBA
Senior
Finance
II
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
1.75%),
6.95%
,
 04/11/25
..
101
101,361
225,958
Total
Floating
Rate
Loan
Interests
—
5.2%
(Cost:
$40,749,640)
..............................
39,464,502
Foreign
Agency
Obligations
Ireland
—
0.1%
AIB
Group
plc,
(3-mo.
LIBOR
USD
+
1.87%),
4.26%
,
04/10/25
(a)(b)
...............
675
659,526
Mexico
—
0.0%
Petroleos
Mexicanos,
6.88%
,
08/04/26
....
175
162,531
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$866,474)
................................
822,057
Shares
Shares
Investment
Companies
(n)
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
.......................
6,885,757
63,348,968
BlackRock
GNMA
Portfolio,
Class
K
Shares,
Class
K
Shares
..................
7,185,103
56,546,757
BlackRock
High
Equity
Income
Fund,
Class
K
Shares
........................
863,699
23,838,093
BlackRock
High
Yield
Bond
Portfolio,
Class
K
Shares,
Class
K
Shares
............
65,335
443,621
iShares
Core
Dividend
Growth
ETF
......
180,712
9,312,089
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(o)
........................
105,452
7,916,282
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......................
73,183
7,914,010
Security
Shares
Shares
Value
Investment
Companies
(n)
(continued)
iShares
MBS
ETF
..................
84,368
$
7,868,581
Total
Investment
Companies
—
23.3%
(Cost:
$187,375,667)
.............................
177,188,401
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.5%
(b)
CHNGE
Mortgage
Trust,
Series
2022-2,
Class
A1,
3.76%,
03/25/67
(a)
.............
USD
833
768,205
CIM
Trust,
Series
2023-I2,
Class
A1,
6.64%,
12/25/67
(a)(i)
.....................
377
376,982
COLT
Mortgage
Loan
Trust
(a)
Series
2022-5,
Class
A1,
4.55%,
04/25/67
247
237,716
Series
2022-9,
Class
A1,
6.79%,
12/25/67
(i)
765
766,096
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)
....
125
98,656
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)
................
833
787,185
JP
Morgan
Mortgage
Trust,
Series
2022-DSC1,
Class
A1,
4.75%,
01/25/63
(a)
.........
843
787,722
MFA
Trust,
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(a)(i)
...............
388
380,643
MFRA
Trust,
Series
2022-CHM1,
Class
A1,
3.88%,
09/25/56
(a)(i)
...............
727
675,454
Mill
City
Mortgage
Loan
Trust
(a)(i)
Series
2023-NQM1,
Class
A1,
6.05%,
10/25/67
....................
144
141,415
Series
2023-NQM2,
Class
A1,
6.24%,
12/25/67
....................
236
233,793
OBX
Trust
(a)(i)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
....................
346
336,900
Series
2022-NQM8,
Class
A1,
6.10%,
09/25/62
....................
182
180,879
Series
2022-NQM9,
Class
A1A,
6.45%,
09/25/62
....................
1,205
1,203,196
PRKCM
Trust,
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
(a)
................
955
929,342
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(a)(i)
........
1,025
996,331
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(a)(i)
....
1,023
963,934
Verus
Securitization
Trust
(i)
Series
2022-3,
Class
A1,
4.13%,
02/25/67
652
595,022
Series
2022-INV2,
Class
A1,
6.79%,
10/25/67
(a)
...................
973
973,191
11,432,662
Total
Non-Agency
Mortgage-Backed
Securities
—
1.5%
(Cost:
$11,393,773)
..............................
11,432,662
Beneficial
Interest
(000)
Other
Interests
(p)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Capital
Trust
VII
(d)(f)
(g)
...........................
15
—
Total
Other
Interests
—
0.0%
(Cost:
$—)
....................................
—
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Preferred
Securities
Capital
Trusts
—
0.8%
Banks
—
0.0%
(a)(e)
Citigroup,
Inc.
Series
P,
(3-mo.
CME
Term
SOFR
+
4.17%),
5.95%
......................
USD
15
$
14,385
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
......................
10
8,045
PNC
Financial
Services
Group,
Inc.
(The)
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
......................
88
82,029
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
......................
38
34,115
138,574
Capital
Markets
—
0.0%
(a)(e)
Charles
Schwab
Corp.
(The),
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00%
.....
325
264,144
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.22%),
4.95%
.....
70
65,991
330,135
Consumer
Finance
—
0.3%
(a)(e)
Ally
Financial,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
...........
1,325
934,125
American
Express
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
..................
146
121,180
Capital
One
Financial
Corp.,
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
.....
1,000
742,500
Discover
Financial
Services,
Series
C,
(3-mo.
LIBOR
USD
+
3.08%),
5.50%
........
725
550,145
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
.
29
25,457
2,373,407
Electric
Utilities
—
0.2%
(a)(e)
Edison
International
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
......................
1,201
1,049,554
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
......................
47
40,603
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(b)
................
60
56,578
1,146,735
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(b)(e)
.....................
47
41,008
Industrial
Conglomerates
—
0.0%
General
Electric
Co.,
Series
D,
(3-mo.
LIBOR
USD
+
3.33%),
8.88%
(a)(e)
...........
52
52,000
Security
Par
(000)
Par
(000)
Value
Multi-Utilities
—
0.2%
(a)(e)
Dominion
Energy,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.35%
...........
USD
365
$
306,644
Sempra
Energy,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.55%),
4.88%
..................
450
418,531
725,175
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Energy
Transfer
LP
(a)(e)
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
......................
90
81,749
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
......................
1,125
953,912
1,035,661
Total
Capital
Trusts
—
0.8%
(Cost:
$7,199,387)
..............................
5,842,695
Shares
Shares
Preferred
Stocks
—
0.0%
Consumer
Finance
—
0.0%
SLM
Corp.,
Series
B,
(3-mo.
LIBOR
USD
+
1.70%),
7.25%
(a)(e)
................
1,027
55,869
Total
Preferred
Stocks
—
0.0%
(Cost:
$61,620)
................................
55,869
Trust
Preferreds
—
0.0%
Commercial
Services
&
Supplies
—
0.0%
ILFC
E-Capital
Trust
I
,
(30Y
CMT
at
14.50%
Cap
+
1.55%),
7.06%, 12/21/65
(a)(b)
.....
100,000
67,209
Total
Trust
Preferreds
—
0.0%
(Cost:
$95,250)
................................
67,209
Total
Preferred
Securities
—
0.8%
(Cost:
$7,356,257)
..............................
5,965,773
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(d)
(g)
...........................
553
—
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/Exercisable
10/23/20,
1
Share
for
1
Warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(d)
....
52
617
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
617
Total
Long-Term
Investments
—
95.9%
(Cost:
$762,445,032)
.............................
728,099,456
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
3.8%
(n)(q)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
21,018,571
$
21,018,571
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(r)
.......................
7,978,955
7,979,753
Total
Short-Term
Securities
—
3.8%
(Cost:
$28,998,296)
..............................
28,998,324
Security
Shares
Shares
Value
Total
Options
Purchased
—
0.0%
(
Cost:
$392,370
)
................................
$
2,831
Total
Investments
Before
Options
Written
—
99.7%
(Cost:
$791,835,698
)
.............................
757,100,611
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(196,185))
...................
(833)
Total
Investments
Net
of
Options
Written
—
99.7%
(Cost:
$791,639,513
)
.............................
757,099,778
Other
Assets
Less
Liabilities
—
0.3%
...................
2,195,128
Net
Assets
—
100.0%
..............................
$
759,294,906
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
Perpetual
security
with
no
stated
maturity
date.
(f)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(g)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(j)
Convertible
security.
(k)
Zero-coupon
bond.
(l)
Rounds
to
less
than
1,000.
(m)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(n)
Affiliate
of
the
Fund.
(o)
All
or
a
portion
of
this
security
is
on
loan.
(p)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(q)
Annualized
7-day
yield
as
of
period
end.
(r)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
49
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
6
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
23,716,077
$
—
$
(2,697,506)
(a)
$
—
$
—
$
21,018,571
21,018,571
$
583,714
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
3,710,763
4,273,064
(a)
—
(4,102)
28
7,979,753
7,978,955
29,295
(b)
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
....
62,729,250
—
—
—
619,718
63,348,968
6,885,757
1,782,646
—
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
(c)
..
4,029,841
—
(4,102,724)
(125,513)
198,396
—
—
26,123
—
BlackRock
GNMA
Portfolio,
Class
K
Shares,
Class
K
Shares
...
24,802,800
32,512,663
—
—
(768,706)
56,546,757
7,185,103
812,658
—
BlackRock
High
Equity
Income
Fund,
Class
K
Shares
.....
—
23,773,139
—
—
64,954
23,838,093
863,699
693,139
—
BlackRock
High
Yield
Bond
Portfolio,
Class
K
Shares,
Class
K
Shares
..........
419,542
14,601
—
—
9,478
443,621
65,335
14,603
—
iShares
Core
Dividend
Growth
ETF
..................
24,188,800
15,764,853
(30,510,600)
(1,503,219)
1,372,255
9,312,089
180,712
146,623
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
7,764,431
—
—
—
151,851
7,916,282
105,452
193,899
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
7,715,684
—
—
—
198,326
7,914,010
73,183
129,872
—
iShares
MBS
ETF
..........
7,825,132
—
—
—
43,449
7,868,581
84,368
107,483
—
$
(1,632,834)
$
1,889,749
$
206,186,725
$
4,520,055
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
50
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
25
09/15/23
$
5,610
$
20,230
U.S.
Treasury
10-Year
Note
...................................................
1,406
09/20/23
157,889
(2,692,047)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
213
09/20/23
25,241
(204,148)
U.S.
Treasury
2-Year
Note
....................................................
13
09/29/23
2,644
(28,039)
U.S.
Treasury
5-Year
Note
....................................................
360
09/29/23
38,565
(751,503)
(3,655,507)
Short
Contracts
GBP
Currency
............................................................
191
09/18/23
15,159
(102,386)
JPY
Currency
............................................................
17
09/18/23
1,490
56,440
U.S.
Treasury
Long
Bond
.....................................................
1
09/20/23
127
(79)
U.S.
Treasury
Ultra
Bond
.....................................................
31
09/20/23
4,232
(58,939)
U.S.
Treasury
5-Year
Note
....................................................
34
09/29/23
3,642
47,593
(57,371)
$
(3,712,878)
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
NASDAQ-100
Index
.......
Citibank
NA
1,189
07/21/23
USD
12,725.00
USD
18,048
$
2,831
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
NASDAQ-100
Index
..........
Citibank
NA
1,189
07/21/23
USD
11,900.00
USD
18,048
$
(833)
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
40.V1
.....................
5.00
%
Quarterly
06/20/28
USD
15,265
$
(449,686)
$
14,506
$
(464,192)
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
................
1.00
Quarterly
06/20/28
USD
10,232
(155,633)
(107,273)
(48,360)
$
(605,319)
$
(92,767)
$
(512,552)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
51
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Bank
of
America
Corp.
..
1.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
A-
USD
1,637
$
6,914
$
1,083
$
5,831
Bank
of
America
Corp.
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
A-
USD
83
350
(364)
714
$
7,264
$
719
$
6,545
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Balances
Reported
in
the
Statement
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps,
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
14,506
$
(107,273)
$
—
$
(512,552)
$
—
OTC
Swaps
.....................................................
1,083
(364)
6,545
—
—
Options
Written
...................................................
N/A
N/A
195,352
—
(833)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Schedule
of
Investments.
Only
current
day’s
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities
and
is
net
of
any
previously
paid
(received)
swap
premium
amounts.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
20,230
$
56,440
$
47,593
$
—
$
124,263
Options
purchased
Investments
at
value
—
unaffiliated
(b)
............
—
—
2,831
—
—
—
2,831
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
7,628
—
—
—
—
7,628
$
—
$
7,628
$
23,061
$
56,440
$
47,593
$
—
$
134,722
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
102,386
$
3,734,755
$
—
$
3,837,141
Options
written
Options
written
at
value
.....................
—
—
833
—
—
—
833
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
512,552
—
—
—
—
512,552
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
364
—
—
—
—
364
$
—
$
512,916
$
833
$
102,386
$
3,734,755
$
—
$
4,350,890
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
(b)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
52
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
June
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
16,786
$
(306,334)
$
2,414,365
$
—
$
2,124,817
Swaps
..............................
—
368,655
—
—
—
—
368,655
$
—
$
368,655
$
16,786
$
(306,334)
$
2,414,365
$
—
$
2,493,472
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
325,568
$
(327,712)
$
(2,188,756)
$
—
$
(2,190,900)
Options
purchased
(a)
.....................
—
—
(389,539)
—
—
—
(389,539)
Options
written
........................
—
—
195,352
—
—
—
195,352
Swaps
..............................
—
(489,563)
—
—
—
—
(489,563)
$
—
$
(489,563)
$
131,381
$
(327,712)
$
(2,188,756)
$
—
$
(2,874,650)
(a)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
210,863,331
Average
notional
value
of
contracts
—
short
.................................................................................
$
32,014,679
Options
Average
value
of
option
contracts
purchased
................................................................................
$
1,416
Average
value
of
option
contracts
written
...................................................................................
$
417
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
20,381,442
Average
notional
value
—
sell
protection
...................................................................................
$
1,675,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
275,457
$
85,569
Options
(a)
.........................................................................................
2,831
833
Swaps
—
centrally
cleared
..............................................................................
—
195,076
Swaps
—
OTC
(b)
.....................................................................................
7,628
364
Total
derivative
assets
and
liabilities
in
the
Statement
of
Assets
and
Liabilities
.............................................
$
285,916
$
281,842
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(275,457)
(280,645)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
10,459
$
1,197
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statement
of
Assets
and
Liabilities
and
reported
in
the
Schedule
of
Investments.
(b)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statement
of
Assets
and
Liabilities.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(b)
Citibank
NA
....................................
$
2,831
$
(833)
$
—
$
—
$
1,998
JPMorgan
Chase
Bank
NA
..........................
7,628
(364)
—
—
7,264
$
10,459
$
(1,197)
$
—
$
—
$
9,262
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
53
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
Citibank
NA
....................................
$
833
$
(833)
$
—
$
—
$
—
JPMorgan
Chase
Bank
NA
..........................
364
(364)
—
—
—
$
1,197
$
(1,197)
$
—
$
—
$
—
(a)
The
amount
of
derivatives
available
for
offset
is
limited
to
the
amount
of
derivative
assets
and/or
liabilities
that
are
subject
to
an
MNA.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
114,274,617
$
—
$
114,274,617
Common
Stocks
Air
Freight
&
Logistics
....................................
1,565,928
—
—
1,565,928
Banks
...............................................
2,201,472
1,729,383
—
3,930,855
Biotechnology
.........................................
1,868,570
—
—
1,868,570
Building
Products
.......................................
1,636,453
—
—
1,636,453
Capital
Markets
........................................
1,926,996
—
—
1,926,996
Chemicals
............................................
1,448,140
1,256,063
—
2,704,203
Commercial
Services
&
Supplies
.............................
1,192,888
—
—
1,192,888
Consumer
Finance
......................................
2,067,319
—
—
2,067,319
Consumer
Staples
Distribution
&
Retail
........................
1,473,598
—
—
1,473,598
Diversified
REITs
.......................................
105,200
138,448
—
243,648
Diversified
Telecommunication
Services
........................
1,699,602
1,427,644
—
3,127,246
Electronic
Equipment,
Instruments
&
Components
.................
1,193,603
—
—
1,193,603
Energy
Equipment
&
Services
..............................
1,639,105
—
—
1,639,105
Entertainment
.........................................
1,529,456
—
—
1,529,456
Food
Products
.........................................
2,281,855
—
—
2,281,855
Health
Care
Equipment
&
Supplies
...........................
1,615,225
1,590,591
—
3,205,816
Health
Care
Providers
&
Services
............................
1,448,649
—
—
1,448,649
Health
Care
REITs
......................................
1,416,907
—
—
1,416,907
Household
Durables
.....................................
—
1,355,609
—
1,355,609
Household
Products
.....................................
—
2,167,802
—
2,167,802
Industrial
REITs
........................................
615,481
671,304
—
1,286,785
Insurance
............................................
1,253,177
3,070,907
—
4,324,084
IT
Services
...........................................
2,049,280
325,550
—
2,374,830
Life
Sciences
Tools
&
Services
..............................
—
1,087,837
—
1,087,837
Machinery
............................................
1,583,132
—
—
1,583,132
Office
REITs
..........................................
686,861
112,431
—
799,292
Oil,
Gas
&
Consumable
Fuels
...............................
681,641
1,508,570
—
2,190,211
Pharmaceuticals
.......................................
—
5,687,092
—
5,687,092
Professional
Services
....................................
1,988,377
1,662,599
—
3,650,976
Real
Estate
Management
&
Development
.......................
69,950
391,791
—
461,741
Residential
REITs
.......................................
660,218
—
—
660,218
Retail
REITs
..........................................
257,506
209,880
—
467,386
Semiconductors
&
Semiconductor
Equipment
....................
—
3,253,362
—
3,253,362
Software
.............................................
5,557,027
—
—
5,557,027
Specialized
REITs
......................................
1,353,714
—
—
1,353,714
Specialty
Retail
........................................
—
785,880
—
785,880
Technology
Hardware,
Storage
&
Peripherals
....................
2,795,884
—
—
2,795,884
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,905,254
—
1,905,254
Tobacco
.............................................
1,921,747
—
—
1,921,747
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
54
Level
1
Level
2
Level
3
Total
Trading
Companies
&
Distributors
............................
$
—
$
1,287,621
$
—
$
1,287,621
Wireless
Telecommunication
Services
.........................
—
1,111,792
—
1,111,792
Corporate
Bonds
Aerospace
&
Defense
....................................
—
6,740,519
—
6,740,519
Air
Freight
&
Logistics
....................................
—
371,578
—
371,578
Automobile
Components
..................................
—
1,225,961
—
1,225,961
Automobiles
..........................................
—
2,748,202
—
2,748,202
Banks
...............................................
—
46,204,684
—
46,204,684
Beverages
...........................................
—
2,019,837
—
2,019,837
Biotechnology
.........................................
—
5,284,291
—
5,284,291
Broadline
Retail
........................................
—
1,455,221
—
1,455,221
Building
Products
.......................................
—
502,592
—
502,592
Capital
Markets
........................................
—
20,235,635
—
20,235,635
Chemicals
............................................
—
2,556,984
—
2,556,984
Commercial
Services
&
Supplies
.............................
—
1,971,258
—
1,971,258
Communications
Equipment
................................
—
707,339
—
707,339
Construction
&
Engineering
................................
—
91,819
—
91,819
Consumer
Finance
......................................
—
11,021,182
—
11,021,182
Consumer
Staples
Distribution
&
Retail
........................
—
1,116,394
—
1,116,394
Containers
&
Packaging
..................................
—
3,465,293
—
3,465,293
Distributors
...........................................
—
101,806
—
101,806
Diversified
Consumer
Services
..............................
—
1,130,545
—
1,130,545
Diversified
REITs
.......................................
—
2,810,540
—
2,810,540
Diversified
Telecommunication
Services
........................
—
6,632,350
—
6,632,350
Electric
Utilities
........................................
—
19,844,157
—
19,844,157
Electrical
Equipment
.....................................
—
235,181
—
235,181
Electronic
Equipment,
Instruments
&
Components
.................
—
208,463
—
208,463
Energy
Equipment
&
Services
..............................
—
1,789,709
—
1,789,709
Entertainment
.........................................
—
1,314,260
—
1,314,260
Financial
Services
......................................
—
6,334,866
—
6,334,866
Food
Products
.........................................
—
1,455,428
—
1,455,428
Gas
Utilities
...........................................
—
344,568
—
344,568
Ground
Transportation
...................................
—
5,195,043
—
5,195,043
Health
Care
Equipment
&
Supplies
...........................
—
1,827,055
—
1,827,055
Health
Care
Providers
&
Services
............................
—
7,285,206
—
7,285,206
Health
Care
REITs
......................................
—
601,764
—
601,764
Hotel
&
Resort
REITs
....................................
—
163,424
—
163,424
Hotels,
Restaurants
&
Leisure
..............................
—
3,629,898
—
3,629,898
Household
Durables
.....................................
—
423,907
—
423,907
Household
Products
.....................................
—
65,941
—
65,941
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,155,469
—
1,155,469
Industrial
Conglomerates
..................................
—
340,990
—
340,990
Industrial
REITs
........................................
—
175,809
—
175,809
Insurance
............................................
—
3,320,414
—
3,320,414
Interactive
Media
&
Services
...............................
—
685,101
—
685,101
IT
Services
...........................................
—
1,108,322
—
1,108,322
Leisure
Products
.......................................
—
89,356
—
89,356
Life
Sciences
Tools
&
Services
..............................
—
515,877
—
515,877
Machinery
............................................
—
1,010,243
—
1,010,243
Media
...............................................
—
6,156,620
—
6,156,620
Metals
&
Mining
........................................
—
2,966,079
—
2,966,079
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
103,387
—
103,387
Multi-Utilities
..........................................
—
3,447,355
—
3,447,355
Office
REITs
..........................................
—
1,007,381
—
1,007,381
Oil,
Gas
&
Consumable
Fuels
...............................
—
22,457,603
—
22,457,603
Paper
&
Forest
Products
..................................
—
196,054
—
196,054
Passenger
Airlines
......................................
—
1,845,027
—
1,845,027
Personal
Care
Products
..................................
—
245,317
—
245,317
Pharmaceuticals
.......................................
—
5,605,989
—
5,605,989
Professional
Services
....................................
—
237,712
—
237,712
Real
Estate
Management
&
Development
.......................
—
148,727
—
148,727
Residential
REITs
.......................................
—
437,491
—
437,491
Retail
REITs
..........................................
—
2,184,425
—
2,184,425
Semiconductors
&
Semiconductor
Equipment
....................
—
6,036,430
—
6,036,430
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
Schedule
of
Investments
55
Level
1
Level
2
Level
3
Total
Software
.............................................
$
—
$
7,745,911
$
—
$
7,745,911
Specialized
REITs
......................................
—
6,385,118
—
6,385,118
Specialty
Retail
........................................
—
3,087,341
—
3,087,341
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,472,837
—
2,472,837
Textiles,
Apparel
&
Luxury
Goods
............................
—
109,453
—
109,453
Tobacco
.............................................
—
1,905,626
—
1,905,626
Trading
Companies
&
Distributors
............................
—
3,639,681
—
3,639,681
Wireless
Telecommunication
Services
.........................
—
5,544,848
—
5,544,848
Equity-Linked
Notes
......................................
—
34,947,563
—
34,947,563
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
1,141,804
—
1,141,804
Automobile
Components
..................................
—
208,130
—
208,130
Automobiles
..........................................
—
117,762
—
117,762
Beverages
...........................................
—
438,421
—
438,421
Broadline
Retail
........................................
—
604,082
44,213
648,295
Building
Products
.......................................
—
515,344
—
515,344
Capital
Markets
........................................
—
871,026
—
871,026
Chemicals
............................................
—
1,707,885
—
1,707,885
Commercial
Services
&
Supplies
.............................
—
1,427,789
49,937
1,477,726
Communications
Equipment
................................
—
86,063
—
86,063
Construction
&
Engineering
................................
—
276,280
—
276,280
Construction
Materials
....................................
—
419,903
—
419,903
Consumer
Staples
Distribution
&
Retail
........................
—
262,453
—
262,453
Containers
&
Packaging
..................................
—
469,949
—
469,949
Distributors
...........................................
—
123,381
—
123,381
Diversified
Consumer
Services
..............................
—
960,904
—
960,904
Diversified
REITs
.......................................
—
59,763
—
59,763
Diversified
Telecommunication
Services
........................
—
1,444,028
4,751
1,448,779
Electric
Utilities
........................................
—
33,533
—
33,533
Electrical
Equipment
.....................................
—
—
131,929
131,929
Electronic
Equipment,
Instruments
&
Components
.................
—
99,789
—
99,789
Energy
Equipment
&
Services
..............................
—
228,258
—
228,258
Entertainment
.........................................
—
1,804,280
—
1,804,280
Financial
Services
......................................
—
1,421,156
102,836
1,523,992
Food
Products
.........................................
—
1,281,401
—
1,281,401
Ground
Transportation
...................................
—
398,040
—
398,040
Health
Care
Equipment
&
Supplies
...........................
—
618,068
—
618,068
Health
Care
Providers
&
Services
............................
—
879,742
—
879,742
Health
Care
Technology
..................................
—
643,303
—
643,303
Hotels,
Restaurants
&
Leisure
..............................
—
2,365,139
10,973
2,376,112
Household
Durables
.....................................
—
507,491
—
507,491
Household
Products
.....................................
—
118,176
—
118,176
Independent
Power
and
Renewable
Electricity
Producers
............
—
171,189
—
171,189
Insurance
............................................
—
1,357,459
—
1,357,459
Interactive
Media
&
Services
...............................
—
455,945
—
455,945
IT
Services
...........................................
—
1,162,345
—
1,162,345
Leisure
Products
.......................................
—
157,421
63,963
221,384
Life
Sciences
Tools
&
Services
..............................
—
904,693
—
904,693
Machinery
............................................
—
1,750,176
126,740
1,876,916
Media
...............................................
—
1,073,649
110,347
1,183,996
Oil,
Gas
&
Consumable
Fuels
...............................
—
469,419
—
469,419
Passenger
Airlines
......................................
—
892,687
—
892,687
Personal
Care
Products
..................................
—
366,231
—
366,231
Pharmaceuticals
.......................................
—
723,822
84,494
808,316
Professional
Services
....................................
—
1,448,864
121,681
1,570,545
Real
Estate
Management
&
Development
.......................
—
65,668
130,316
195,984
Semiconductors
&
Semiconductor
Equipment
....................
—
170,944
—
170,944
Software
.............................................
—
3,873,348
74,700
3,948,048
Specialty
Retail
........................................
—
654,786
—
654,786
Technology
Hardware,
Storage
&
Peripherals
....................
—
49,760
—
49,760
Textiles,
Apparel
&
Luxury
Goods
............................
—
62,180
33,000
95,180
Trading
Companies
&
Distributors
............................
—
471,005
108,522
579,527
Transportation
Infrastructure
...............................
—
225,208
—
225,208
Wireless
Telecommunication
Services
.........................
—
222,995
2,963
225,958
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Managed
Income
Fund
56
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Foreign
Agency
Obligations
.................................
$
—
$
822,057
$
—
$
822,057
Investment
Companies
....................................
90,001,340
—
—
90,001,340
Non-Agency
Mortgage-Backed
Securities
........................
—
11,432,662
—
11,432,662
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
Banks
...............................................
—
138,574
—
138,574
Capital
Markets
........................................
—
330,135
—
330,135
Commercial
Services
&
Supplies
.............................
—
67,209
—
67,209
Consumer
Finance
......................................
55,869
2,373,407
—
2,429,276
Electric
Utilities
........................................
—
1,146,735
—
1,146,735
Independent
Power
and
Renewable
Electricity
Producers
............
—
41,008
—
41,008
Industrial
Conglomerates
..................................
—
52,000
—
52,000
Multi-Utilities
..........................................
—
725,175
—
725,175
Oil,
Gas
&
Consumable
Fuels
...............................
—
1,035,661
—
1,035,661
Warrants
..............................................
617
—
—
617
Short-Term
Securities
Money
Market
Funds
......................................
21,018,571
—
—
21,018,571
Options
Purchased
Equity
contracts
..........................................
—
2,831
—
2,831
$
160,861,358
$
499,871,074
$
1,201,365
$
661,933,797
Investments
valued
at
NAV
(a)
......................................
95,166,814
$
—
$
757,100,611
$
—
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
6,545
$
—
$
6,545
Equity
contracts
...........................................
20,230
—
—
20,230
Foreign
currency
exchange
contracts
............................
56,440
—
—
56,440
Interest
rate
contracts
.......................................
47,593
—
—
47,593
Liabilities
Credit
contracts
...........................................
—
(512,552)
—
(512,552)
Equity
contracts
...........................................
—
(833)
—
(833)
Foreign
currency
exchange
contracts
............................
(102,386)
—
—
(102,386)
Interest
rate
contracts
.......................................
(3,734,755)
—
—
(3,734,755)
$
(3,712,878)
$
(506,840)
$
—
$
(4,219,718)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
options
written.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
57
Financial
Statements
BlackRock
Managed
Income
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
550,913,886‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
206,186,725‌
Cash
.............................................................................................................
899,191‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
4,674,000‌
Centrally
cleared
swaps
................................................................................................
1,075,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
21,921‌
Receivables:
–‌
Investments
sold
....................................................................................................
2,688,415‌
Securities
lending
income
—
affiliated
......................................................................................
2,113‌
Swaps  
..........................................................................................................
27,509‌
Capital
shares
sold
...................................................................................................
1,049,287‌
Dividends
—
unaffiliated
...............................................................................................
234,825‌
Dividends
—
affiliated
.................................................................................................
697,602‌
Interest
—
unaffiliated
.................................................................................................
5,060,989‌
From
the
Manager
...................................................................................................
50,084‌
Variation
margin
on
futures
contracts
.......................................................................................
275,457‌
Swap
premiums
paid
...................................................................................................
1,083‌
Unrealized
appreciation
on:
–‌
OTC
swaps
........................................................................................................
6,545‌
Prepaid
expenses
.....................................................................................................
80,550‌
Total
assets
.........................................................................................................
773,945,182‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
7,990,178‌
Options
written,
at
value
(e)
................................................................................................
833‌
Payables:
–‌
Investments
purchased
................................................................................................
3,678,413‌
Administration
fees
...................................................................................................
2,412‌
Capital
shares
redeemed
...............................................................................................
1,931,954‌
Income
dividend
distributions
............................................................................................
61,786‌
Investment
advisory
fees
..............................................................................................
184,389‌
Trustees'
and
Officer's
fees
.............................................................................................
2,105‌
Other
affiliate
fees
...................................................................................................
1,527‌
Professional
fees
....................................................................................................
51,509‌
Service
and
distribution
fees
.............................................................................................
86,256‌
Variation
margin
on
futures
contracts
.......................................................................................
85,569‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
195,076‌
Other
accrued
expenses
...............................................................................................
377,905‌
Swap
premiums
received
................................................................................................
364‌
Total
liabilities
........................................................................................................
14,650,276‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
759,294,906‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
855,663,450‌
Accumulated
loss
.....................................................................................................
(96,368,544‌)
NET
ASSETS
........................................................................................................
$
759,294,906‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
575,461,735‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
7,837,083‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
216,373,963‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
21,916‌
(e)
  Premiums
received
..................................................................................................
$
196,185‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
58
BlackRock
Managed
Income
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
345,463,412‌
Shares
outstanding
..................................................................................................
37,644,550‌
Net
asset
value
.....................................................................................................
$
9.18‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
A
Net
assets
.........................................................................................................
$
315,707,143‌
Shares
outstanding
..................................................................................................
34,392,378‌
Net
asset
value
.....................................................................................................
$
9.18‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
C
Net
assets
.........................................................................................................
$
22,321,712‌
Shares
outstanding
..................................................................................................
2,429,460‌
Net
asset
value
.....................................................................................................
$
9.19‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Class
K
Net
assets
.........................................................................................................
$
75,802,639‌
Shares
outstanding
..................................................................................................
8,237,915‌
Net
asset
value
.....................................................................................................
$
9.20‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
See
notes
to
financial
statements.
Statement
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
59
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Managed
Income
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
1,494,514‌
Dividends
—
affiliated
.................................................................................................
4,490,760‌
Interest
—
unaffiliated
.................................................................................................
14,482,785‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
29,295‌
Foreign
taxes
withheld
................................................................................................
(107,474‌)
Total
investment
income
.................................................................................................
20,389,880‌
EXPENSES
Investment
advisory
..................................................................................................
1,338,616‌
Service
and
distribution
—
class
specific
....................................................................................
513,412‌
Transfer
agent
—
class
specific
..........................................................................................
235,818‌
Accounting
services
..................................................................................................
194,037‌
Administration
.....................................................................................................
159,184‌
Professional
.......................................................................................................
90,584‌
Administration
—
class
specific
..........................................................................................
76,492‌
Registration
.......................................................................................................
71,723‌
Custodian
.........................................................................................................
50,205‌
Printing
and
postage
.................................................................................................
20,632‌
Trustees
and
Officer
..................................................................................................
6,323‌
Miscellaneous
......................................................................................................
36,335‌
Total
expenses
.......................................................................................................
2,793,361‌
Less:
–‌
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(59,542‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(679,857‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(81,080‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
1,972,882‌
Net
investment
income
..................................................................................................
18,416,998‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
15,790,591‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
(9,541,907‌)
Investments
—
affiliated
.............................................................................................
(1,632,834‌)
Foreign
currency
transactions
.........................................................................................
(3,007‌)
Futures
contracts
..................................................................................................
2,124,817‌
Swaps
.........................................................................................................
368,655‌
A
(8,684,276‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
25,065,489‌
Investments
—
affiliated
.............................................................................................
1,889,749‌
Foreign
currency
translations
..........................................................................................
1,652‌
Futures
contracts
..................................................................................................
(2,190,900‌)
Options
written
...................................................................................................
195,352‌
Swaps
.........................................................................................................
(489,563‌)
Unfunded
floating
rate
loan
interests
.....................................................................................
3,088‌
A
24,474,867‌
Net
realized
and
unrealized
gain
...........................................................................................
15,790,591‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
34,207,589‌
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
to
Shareholders
60
BlackRock
Managed
Income
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
18,416,998
‌
$
36,253,780
‌
Net
realized
loss
..................................................................................
(8,684,276
)
(51,470,868
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
24,474,867
‌
(85,200,198
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
34,207,589
‌
(100,417,286
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
.....................................................................................
(6,985,395
)
(18,874,692
)
  Investor
A
......................................................................................
(6,079,805
)
(14,291,989
)
  Investor
C
......................................................................................
(344,296
)
(837,475
)
  Class
K
.......................................................................................
(1,612,784
)
(4,048,256
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(15,022,280
)
(38,052,412
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
...................................................
(26,802,045
)
(75,228,634
)
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(7,616,736
)
(213,698,332
)
Beginning
of
period
..................................................................................
766,911,642
‌
980,609,974
‌
End
of
period
......................................................................................
$
759,294,906
‌
$
766,911,642
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
61
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Institutional
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
$
9.56
‌
$
10.02
‌
Net
investment
income
(a)
........................
0.23
‌
0.38
‌
0.33
‌
0.35
‌
0.39
‌
0.40
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.19
‌
(1.34
)
0.24
‌
0.21
‌
0.52
‌
(0.46
)
Net
increase
(decrease)
from
investment
operations
.......
0.42
‌
(0.96
)
0.57
‌
0.56
‌
0.91
‌
(0.06
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.19
)
(0.39
)
(0.34
)
(0.34
)
(0.39
)
(0.38
)
From
net
realized
gain
..........................
—
‌
(0.01
)
(0.20
)
(0.02
)
—
‌
(0.02
)
Total
distributions
..............................
(0.19
)
(0.40
)
(0.54
)
(0.36
)
(0.39
)
(0.40
)
Net
asset
value,
end
of
period
.....................
$
9.18
‌
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
$
9.56
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
4.65
%
(d)
(9.27
)%
5.61
%
5.78
%
9.63
%
(0.57
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.63
%
(f)
0.60
%
0.61
%
0.62
%
0.59
%
0.72
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.39
%
(f)
0.41
%
0.40
%
0.38
%
0.34
%
0.27
%
Net
investment
income
..........................
4.95
%
(f)
4.06
%
3.17
%
3.51
%
3.90
%
4.09
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
345,463
‌
$
340,824
‌
$
447,218
‌
$
317,679
‌
$
199,220
‌
$
117,904
‌
Portfolio
turnover
rate
(g)
...........................
27
%
60
%
45
%
76
%
71
%
79
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
44%
103%
88%
94%
91%
100%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
62
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Investor
A
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
$
9.56
‌
$
10.02
‌
Net
investment
income
(a)
........................
0.21
‌
0.36
‌
0.30
‌
0.32
‌
0.36
‌
0.38
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.19
‌
(1.34
)
0.24
‌
0.22
‌
0.52
‌
(0.46
)
Net
increase
(decrease)
from
investment
operations
.......
0.40
‌
(0.98
)
0.54
‌
0.54
‌
0.88
‌
(0.08
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.17
)
(0.37
)
(0.31
)
(0.32
)
(0.36
)
(0.36
)
From
net
realized
gain
..........................
—
‌
(0.01
)
(0.20
)
(0.02
)
—
‌
(0.02
)
Total
distributions
..............................
(0.17
)
(0.38
)
(0.51
)
(0.34
)
(0.36
)
(0.38
)
Net
asset
value,
end
of
period
.....................
$
9.18
‌
$
8.95
‌
$
10.31
‌
$
10.28
‌
$
10.08
‌
$
9.56
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
4.51
%
(d)
(9.51
)%
5.36
%
5.51
%
9.36
%
(0.82
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.82
%
(f)
0.81
%
0.82
%
0.83
%
0.80
%
0.95
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.64
%
(f)
0.66
%
0.65
%
0.62
%
0.59
%
0.52
%
Net
investment
income
..........................
4.69
%
(f)
3.83
%
2.91
%
3.27
%
3.65
%
3.83
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
315,707
‌
$
322,849
‌
$
401,138
‌
$
261,322
‌
$
190,848
‌
$
107,314
‌
Portfolio
turnover
rate
(g)
...........................
27
%
60
%
45
%
76
%
71
%
79
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
44%
103%
88%
94%
91%
100%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
63
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Investor
C
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
8.96
‌
$
10.31
‌
$
10.29
‌
$
10.09
‌
$
9.56
‌
$
10.03
‌
Net
investment
income
(a)
........................
0.18
‌
0.29
‌
0.23
‌
0.25
‌
0.29
‌
0.31
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.19
‌
(1.33
)
0.23
‌
0.21
‌
0.53
‌
(0.48
)
Net
increase
(decrease)
from
investment
operations
.......
0.37
‌
(1.04
)
0.46
‌
0.46
‌
0.82
‌
(0.17
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.14
)
(0.30
)
(0.24
)
(0.24
)
(0.29
)
(0.28
)
From
net
realized
gain
..........................
—
‌
(0.01
)
(0.20
)
(0.02
)
—
‌
(0.02
)
Total
distributions
..............................
(0.14
)
(0.31
)
(0.44
)
(0.26
)
(0.29
)
(0.30
)
Net
asset
value,
end
of
period
.....................
$
9.19
‌
$
8.96
‌
$
10.31
‌
$
10.29
‌
$
10.09
‌
$
9.56
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
4.11
%
(d)
(10.12
)%
4.50
%
4.72
%
8.65
%
(1.67
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
1.60
%
(f)
1.59
%
1.59
%
1.60
%
1.58
%
1.74
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
1.39
%
(f)
1.41
%
1.40
%
1.37
%
1.34
%
1.28
%
Net
investment
income
..........................
3.94
%
(f)
3.08
%
2.18
%
2.54
%
2.89
%
3.11
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
22,322
‌
$
23,296
‌
$
29,565
‌
$
26,419
‌
$
23,347
‌
$
11,983
‌
Portfolio
turnover
rate
(g)
...........................
27
%
60
%
45
%
76
%
71
%
79
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
44%
103%
88%
94%
91%
100%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
64
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Managed
Income
Fund
Class
K
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Net
asset
value,
beginning
of
period
................
$
8.98
‌
$
10.33
‌
$
10.30
‌
$
10.11
‌
$
9.58
‌
$
10.05
‌
Net
investment
income
(a)
........................
0.23
‌
0.39
‌
0.34
‌
0.36
‌
0.39
‌
0.41
‌
Net
realized
and
unrealized
gain
(loss)
...............
0.18
‌
(1.33
)
0.23
‌
0.20
‌
0.53
‌
(0.47
)
Net
increase
(decrease)
from
investment
operations
.......
0.41
‌
(0.94
)
0.57
‌
0.56
‌
0.92
‌
(0.06
)
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.....................
(0.19
)
(0.40
)
(0.34
)
(0.35
)
(0.39
)
(0.39
)
From
net
realized
gain
..........................
—
‌
(0.01
)
(0.20
)
(0.02
)
—
‌
(0.02
)
Total
distributions
..............................
(0.19
)
(0.41
)
(0.54
)
(0.37
)
(0.39
)
(0.41
)
Net
asset
value,
end
of
period
.....................
$
9.20
‌
$
8.98
‌
$
10.33
‌
$
10.30
‌
$
10.11
‌
$
9.58
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
4.55
%
(d)
(9.10
)%
5.66
%
5.72
%
9.78
%
(0.61
)%
Ratios
to
Average
Net
Assets
(e)
Total
expenses
................................
0.54
%
(f)
0.52
%
0.52
%
0.52
%
0.50
%
0.64
%
Total
expenses
after
fees
waived
and/or
reimbursed
.......
0.34
%
(f)
0.36
%
0.35
%
0.33
%
0.29
%
0.22
%
Net
investment
income
..........................
4.99
%
(f)
4.13
%
3.22
%
3.58
%
3.97
%
4.10
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
75,803
‌
$
79,942
‌
$
102,690
‌
$
83,808
‌
$
59,493
‌
$
59,030
‌
Portfolio
turnover
rate
(g)
...........................
27
%
60
%
45
%
76
%
71
%
79
%
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/20
Year
Ended
12/31/19
Year
Ended
12/31/18
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
44%
103%
88%
94%
91%
100%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
65
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
II (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a Massachusetts
business
trust.
BlackRock
Managed
Income
Fund
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class K
Shares
are
sold
only
to
certain
eligible
investors.
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
June
30,
2023
,
if
any,
are
disclosed
in
the  Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional
and
Class
K
Shares
...................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
66
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
. 
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Fund
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
prices
of
the
underlying
instruments.
Swap
agreements
are
valued
utilizing
quotes
received
daily
by
independent pricing
services
or
through
brokers,
which
are
derived
using
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as
discounted
cash
flows,
trades
and
values
of
the
underlying
reference
instruments. 
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
Notes
to
Financial
Statements
(unaudited)
(continued)
67
Notes
to
Financial
Statements
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by the
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date the
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price the
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
As
of
June
30,
2023,
certain
investments
of
the
Fund were fair valued
using
NAV as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
Standard
Inputs
Generally
Considered
By
The
Valuation
Committee
And
Third-Party
Pricing
Services
Market
approach
........................
(i)        
recent
market
transactions,
including
subsequent
rounds
of
financing,
in
the
underlying
investment
or
comparable  
            issuers;
(ii)        recapitalizations
and
other
transactions
across
the
capital
structure;
and
(iii)      
market
multiples
of
comparable
issuers.
Income
approach
..........................
(i)        
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks;
(ii)        quoted
prices
for
similar
investments
or
assets
in
active
markets;
and
(iii)      
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
            recovery
rates,
liquidation
amounts
and/or
default
rates.
Cost
approach
............................
(i)        
audited
or
unaudited
financial
statements,
investor
communications
and
financial
or
operational
metrics
            issued
by
the
Private
Company;
(ii)        changes
in
the
valuation
of
relevant
indices
or
publicly
traded
companies
comparable
to
the
Private
Company;
(iii)      
relevant
news
and
other
public
sources;
and
(iv)      
known
secondary
market
transactions
in
the
Private
Company’s
interests
and
merger
or
acquisition
activity
            in
companies
comparable
to
the
Private
Company.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
68
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Equity-Linked
Notes:
Equity-linked
notes
seek
to
generate
income
and
provide
exposure
to
the
performance
of
an
underlying
security,
group
of
securities
or
exchange-
traded
funds
(the
“underlying
reference
instrument”).
In
an
equity-linked
note,
a
fund
purchases
a
note
from
a
bank
or
broker-dealer
and
in
return,
the
issuer
provides
for
interest
payments
during
the
term
of
the
note.
At
maturity
or
when
the
security
is
sold,
a
fund
will
either
settle
by
taking
physical
delivery
of
the
underlying
reference
instrument
or
by
receipt
of
a
cash
settlement
amount
equal
to
the
value
of
the
note
at
termination
or
maturity.
The
use
of
equity-linked
notes
involves
the
risk
that
the
value
of
the
note
changes
unfavorably
due
to
movements
in
the
value
of
the
underlying
reference
instrument.
Equity-linked
notes
are
considered
general
unsecured
contractual
obligations
of
the
bank
or
broker-dealer.
A
fund
must
rely
on
the
creditworthiness
of
the
issuer
for
its
investment
returns.
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
Notes
to
Financial
Statements
(unaudited)
(continued)
69
Notes
to
Financial
Statements
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
Secured
Overnight
Financing
Rate
(“SOFR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to the
Fund,
or
excess
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent, BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statement
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received. Such
losses
are
borne
entirely
by
the
Fund.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Barclays
Capital,
Inc.
..............................
$
7,837,083‌
$
(7,837,083‌)
$
—‌
$
—‌
(a)
  Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
70
5.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
Options:
The
Fund
may purchase
and
write
call
and
put
options
to
increase
or
decrease
its
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statement
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statement
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Fund
writes
a
call
option,
such
option
is
typically
“covered,”
meaning
that
it
holds
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Fund
writes
a
put
option,
cash
is
segregated in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statement
of
Assets
and
Liabilities.
In
purchasing
and
writing
options,
the
Fund
bears
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
it
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Fund
purchasing
or
selling
a
security
when
it
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Fund
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statement
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statement
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Fund’s
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Fund’s
counterparty
on
the
swap.
The
Fund
is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap. Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities. Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statement
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and
recorded
as
realized
gains
(losses)
in
the
Statement
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Fund
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Fund
will
either
(i)
receive
from
the
seller
an
amount
equal
Notes
to
Financial
Statements
(unaudited)
(continued)
71
Notes
to
Financial
Statements
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Fund
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statement
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, 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
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statement
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Fund,
if
any,
is
noted
in
the
Schedule
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Fund.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Fund
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
The
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Fund
from the
counterparties
are
not
fully
collateralized, the
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Fund
has
delivered
collateral
to
a
counterparty
and
stands
ready
to
perform
under
the
terms
of
its
agreement
with
such
counterparty, the
Fund bears the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statement
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
The
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
and
BlackRock
(Singapore)
Limited
("BSL"),
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
the
Fund
for
which
BIL
and
BSL,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
the
Fund
to
the
Manager.
Service
and
Distribution
Fees:
 The
Trust
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Fund.
The
ongoing
service and/or
distribution
fee compensates BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.35%
$1
billion
-
$2
billion
.....................................................................................................
0.34
$2
billion
-
$3
billion
.....................................................................................................
0.33
Greater
than
$3
billion
...................................................................................................
0.32
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌%
—‌%
Investor
C
.................................................................................................
0.25‌
0.75‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
72
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
June
30,
2023, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months ended June
30,
2023,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
June
30,
2023,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the
six
months
 ended 
June
30,
2023
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
the Fund's
Investor
A
Shares for
a
total
of
$2,921
.
For
the six
months
ended
June
30,
2023,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
“
interested
persons
”
of
the
Trust
,
as
defined
in
the
1940
Act
(“Independent
Trustees”)
,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
the
amount
waived
was
$9,259.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
June
30,
2023,
the
Manager
waived
$194,490
in
investment
advisory
fees
pursuant
to
this
arrangement.
Share
Class
Service
and
Distribution
Fees
Investor
A
........................................................................................................
$
399,660‌
Investor
C
........................................................................................................
113,752‌
$
513,412‌
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
0.0425
%
$500
million
-
$1
billion
0.0400
$1
billion
-
$2
billion
0.0375
$2
billion
-
$4
billion
0.0350
$4
billion
-
$13
billion
0.0325
Greater
than
$13
billion
0.0300
Institutional
Investor
A
Investor
C
Class
K
Total
Administration
fees
-
class
specific
..........................................
$
34,399‌
$
31,973‌
$
2,275‌
$
7,845‌
$
76,492‌
Institutional
Investor
A
Investor
C
Class
K
Total
Reimbursed
Amount
....................................................
$
346‌
$
1,323‌
$
236‌
$
76‌
$
1,981‌
Institutional
Investor
A
Investor
C
Class
K
Total
Transfer
agent
fees
-
class
specific
..........................................
$
163,784‌
$
63,003‌
$
6,987‌
$
2,044‌
$
235,818‌
Investor
A
$
8,850‌
Investor
C
2,111‌
Notes
to
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Financial
Statements
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
Other
Expenses
(“expense
limitation”)
through
June
30,
2024.
Other
expenses
include
accounting,
transfer
agency,
custody,
professional
and
registration
fees
and
exclude
dividend
expense,
interest
expense,
and
certain
other
fund
expenses
that
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
the
Fund’s
business.
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months ended
June
30,
2023,
the
Manager
waived
and/
or
reimbursed
investment
advisory
fees
of
$476,108 pursuant
to
this
arrangement,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
Manager
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements were as
follows: 
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Fund
is
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”), managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the Money
Market
Series will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Fund.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
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
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.  
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses. 
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statement
of
Operations.
For
the six
months
ended June
30,
2023,
the
Fund
paid
BIM $6,136
for
securities
lending agent
services. 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
the
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
the
Fund’s
investment
policies
and
restrictions.
The
Fund
is
currently
permitted
to
borrow under
the
Interfund
Lending
Program. 
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
June
30,
2023,
the
Fund
did
not
participate
in
the
Interfund
Lending
Program.
Institutional
.............................................................................................................
0.09‌%
Investor
A
..............................................................................................................
0.09‌
Investor
C
..............................................................................................................
0.09‌
Class
K
...............................................................................................................
0.04‌
Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Institutional
....................................................................................
$
34,400‌
$
77,738‌
Investor
A
.....................................................................................
15,022‌
—‌
Investor
C
.....................................................................................
2,275‌
1,298‌
Class
K
......................................................................................
7,845‌
2,044‌
$
59,54
2‌
$
81,080‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
74
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statement
of
Operations. 
Other
Transactions:
The
Fund
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common
trustees.
For
the
six
months ended
June
30,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with
an
affiliated
fund
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months
ended
June
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
equity-linked
notes, were $188,897,663
and
$197,173,348,
respectively.
For
the
six
months ended
June
30,
2023,
purchases
and
sales
related
to
equity-linked
notes
were
$132,656,013 and
$139,955,836.
8.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of
December
31,
2022, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
of
$52,648,845. 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
SOFR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2024
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Fund
did
not
borrow
under
the
credit
agreement.
10.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market Risk:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
Purchases
...............................................................................................................
$
—‌
Sales
...................................................................................................................
207,556‌
Net
Realized
Loss
..........................................................................................................
(1,670‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
Managed
Income
Fund
......................................
$
793,708,350‌
$
9,370,626‌
$
(50,001,898‌)
$
(40,631,272‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
75
Notes
to
Financial
Statements
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. 
The
price the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by the
Fund,
and the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
For
OTC
options
purchased,
the
Fund
bears
the
risk
of
loss
in
the
amount
of
the
premiums
paid
plus
the
positive
change
in
market
values
net
of
any
collateral
held
by
the
Fund
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Fund
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Fund,
and
not
the
counterparty,
to
perform.
The
Fund
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
the
Fund
deposits
collateral
with
its
counterparty
to
a
written
option. 
With
exchange-traded
futures
and
centrally
cleared
swaps,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
and
centrally
cleared
swaps with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
high
yield
securities.
High
yield
securities
that
are
rated
below
investment-grade
(commonly
referred
to
as
“junk
bonds”)
or
are
unrated
may
be
deemed
speculative,
involve
greater
levels
of
risk
than
higher-rated
securities
of
similar
maturity
and
are
more
likely
to
default.
High
yield
securities
may
be
issued
by
less
creditworthy
issuers,
and
issuers
of
high
yield
securities
may
be
unable
to
meet
their
interest
or
principal
payment
obligations.
High
yield
securities
are
subject
to
extreme
price
fluctuations,
may
be
less
liquid
than
higher
rated
fixed-income
securities,
even
under
normal
economic
conditions,
and
frequently
have
redemption
features. 
The
Fund
invests
a
significant
portion
of
its
assets
in fixed-income securities and/or uses
derivatives tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may affect
the
value
and/or
liquidity
of
such investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund(s) may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has
recently been
raising the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
76
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
SOFR
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
based
on
SOFR
that
will
replace
LIBOR
in
certain
financial
contracts
after
June
30,
2023.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
Managed
Income
Fund
Institutional
Shares
sold
.............................................
6,957,684‌
$
64,144,218‌
30,758,600‌
$
294,798,975‌
Shares
issued
in
reinvestment
of
distributions
........................
738,328‌
6,799,298‌
2,012,421‌
18,660,414‌
Shares
redeemed
.........................................
(8,125,248‌)
(74,751,168‌)
(38,093,781‌)
(350,679,791‌)
(429,236‌)
$
(3,807,652‌)
(5,322,760‌)
$
(37,220,402‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
......................
2,766,402‌
$
25,480,177‌
10,785,262‌
$
101,705,766‌
Shares
issued
in
reinvestment
of
distributions
........................
658,322‌
6,065,174‌
1,540,910‌
14,249,573‌
Shares
redeemed
.........................................
(5,089,774‌)
(46,819,359‌)
(15,192,961‌)
(142,413,853‌)
(1,665,050‌)
$
(15,274,008‌)
(2,866,789‌)
$
(26,458,514‌)
Investor
C
Shares
sold
.............................................
176,095‌
$
1,618,562‌
505,249‌
$
4,736,983‌
Shares
issued
in
reinvestment
of
distributions
........................
37,295‌
343,879‌
90,662‌
836,724‌
Shares
redeemed
and
automatic
conversion
of
shares
..................
(383,700‌)
(3,529,918‌)
(863,782‌)
(8,095,480‌)
(170,310‌)
$
(1,567,477‌)
(267,871‌)
$
(2,521,773‌)
Class
K
Shares
sold
.............................................
537,438‌
$
4,958,155‌
2,292,432‌
$
22,132,854‌
Shares
issued
in
reinvestment
of
distributions
........................
159,071‌
1,468,961‌
396,922‌
3,681,561‌
Shares
redeemed
.........................................
(1,365,140‌)
(12,580,024‌)
(3,721,675‌)
(34,842,360‌)
(668,631‌)
$
(6,152,908‌)
(1,032,321‌)
$
(9,027,945‌)
(2,933,227‌)
$
(26,802,045‌)
(9,489,741‌)
$
(75,228,634‌)
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
77
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
II
(the
“Trust”)
met
on
April
18,
2023
(the
“April
Meeting”)
and
May
23-24,
2023
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Managed
Income
Fund
(the
“Fund”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
to
continue
(i)
the
sub-advisory
agreement
between
the
Manager
and
BlackRock
International
Limited
(the
“BIL”)
with
respect
to
the
Fund
(the
“BIL
Sub-Advisory
Agreement”);
and
(ii)
the
sub-advisory
agreement
between
the
Manager
and
BlackRock
(Singapore)
Limited
(“BSL”
and,
together
with
BIL,
the
“Sub-Advisors”)
with
respect
to
the
Fund
(the
“BSL
Sub-Advisory
Agreement”).
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement,
the
BIL
Sub-Advisory
Agreement
and
the
BSL
Sub-Advisory
Agreement
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
the
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
the
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
of
which
extended
over
a
two-day
period,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
the
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
the
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
the
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
the
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock's
and
the
Fund's
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
78
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
the
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
the
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
investment
personnel
generally
and
the
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
the
Fund.
BlackRock
and
its
affiliates
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
the
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
the
Fund's
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisors
with
respect
to
the
Fund
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Fund
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2022,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
the
respective
Morningstar
Category
(“Morningstar
Category”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
the
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
the
Fund
ranked
in
the
first
quartile
against
its
Morningstar
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
79
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
the
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
the
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2022
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
In
addition,
the
Board
noted
that,
the
Fund
is
party
to
an
expense
limitation
agreement
pursuant
to
which
BlackRock
has
agreed
to
waive
and/or
reimburse
certain
operating
and
other
expenses
to
a
specified
amount
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
the
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
(i)
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
the
Fund;
(ii)
the
BIL
Sub-Advisory
Agreement
between
the
Manager
and
BIL,
with
respect
to
the
Fund;
and
(iii)
the
BSL
Sub-Advisory
Agreement
between
the
Manager
and
BSL,
with
respect
to
the
Fund,
each
for
a
one-year
term
ending
June
30,
2024.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Additional
Information
2023
BlackRock
Semi-Annual
Report
to
Shareholders
80
Tailored
Shareholder
Reports
for
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
report
for
the
Fund.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Fund
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Fund at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments 
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT is
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
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description
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and
procedures
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the
Fund
uses
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determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Fund
voted
proxies
relating
to
securities
held
in
the
Fund's
portfolio
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
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;
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on
the
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website
at
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;
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(3)
on
the
SEC’s
website
at
sec.gov
.
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Additional
Information
(continued)
81
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
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understand
what
personal
information
BlackRock
collects,
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following:
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BlackRock
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information
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interest
to
you.
In
addition,
BlackRock
restricts
access
to
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personal
information
about
its
Clients
to
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employees
with
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legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Adviser
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
to
Shareholders
82
Currency
Abbreviation
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CDI
Crest
Depository
Interests
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
OTC
Over-the-counter
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
MIIP-6/23-SAR
JUNE
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
II
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
Dear
Shareholder,
Despite
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
June
30,
2023,
the
resilience
of
the
U.S.
economy
in
the
face
of
ever
tighter
financial
conditions
provided
an
encouraging
backdrop
for
investors.
Inflation
remained
elevated
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
substantially
as
the
period
continued,
while
ongoing
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
were
strong,
as
continued
job
growth
eased
investors’
concerns
about
the
economy’s
durability.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
Most
major
classes
of
equities
advanced
significantly,
including
large-
and
small-capitalization
U.S.
stocks
and
international
equities
from
developed
markets.
Emerging
market
equities
also
gained,
although
at
a
substantially
slower
pace,
pressured
by
high
interest
rates
and
falling
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-
grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
its
June
2023
meeting,
which
made
it
the
first
meeting
without
a
rate
increase
since
the
tightening
cycle
began
in
early
2022.
Supply
constraints
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
exacerbate
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
most
recently
opted
for
a
pause,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
to
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
in
the
near-term
as
growth
trends
for
emerging
markets
appear
brighter.
We
also
believe
that
stocks
with
an
A.I.
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
We
are
neutral
on
credit
overall
amid
tightening
credit
and
financial
conditions,
however
there
are
selective
opportunities
in
the
near
term.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
U.S.
mortgage-backed
securities,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
June
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
16.89%
19.59%
U.S.
small
cap
equities
(Russell
2000
®
Index)
8.09
12.31
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
11.67
18.77
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.89
1.75
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.25
3.60
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.70
(3.97)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
2.09
(0.94)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.67
3.19
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
5.38
9.07
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
8
Disclosure
of
Expenses
...................................................................................................
8
Financial
Statements:
Schedules
of
Investments
...............................................................................................
9
Statements
of
Assets
and
Liabilities
.........................................................................................
11
Statements
of
Operations
................................................................................................
13
Statements
of
Changes
in
Net
Assets
........................................................................................
14
Financial
Highlights
.....................................................................................................
15
Notes
to
Financial
Statements
...............................................................................................
19
Disclosure
of
Investment
Advisory
Agreement
.....................................................................................
25
Additional
Information
....................................................................................................
28
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
30
Additional
Financial
Information:
Schedule
of
Investments
(unaudited)
.........................................................................................
32
Statement
of
Assets
and
Liabilities
(unaudited)
...................................................................................
110
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
To
Shareholders
4
BlackRock
Retirement
Income
2030
Fund
Investment
Objective
BlackRock
Retirement
Income
2030
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
while
decumulating
the
Fund’s
assets
to
a
predefined
target
Fund
net
asset
value
(“NAV”)
per
share,
as
a
percentage
of
the
Fund’s
NAV
per
share
at
inception,
over
the
term
of
the
Fund.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
underperformed
its
custom
benchmark,
a
blend
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index.
The
Fund
invests
substantially
all
of
its
assets
in
the
BlackRock
Multi-Asset
Income
Portfolio
(the
“Portfolio”).
What
factors
influenced
performance?
The
following
discussion
relates
to
absolute
performance
due
to
the
nature
of
the
Portfolio’s
approach.
The
Portfolio
employs
an
unconstrained
strategy
(i.e.
one
with
flexibility
to
invest
across
all
asset
classes)
that
is
managed
within
a
risk-controlled
framework
and
seeks
to
maintain
a
competitive
yield
with
a
risk
profile
less
than
or
equal
to
the
50/50
custom
benchmark.
The
Portfolio
may
use
derivatives
to
manage
positioning
or
provide
an
element
of
protection
during
periods
of
market
stress.
Efforts
to
increase
the
Portfolio’s
duration
(interest
rate
sensitivity)
detracted
from
performance
as
rates
rose
more
than
expected.
Currency
management
strategies
also
modestly
weighed
on
performance
in
a
relatively
volatile
period
for
the
U.S.
dollar.
A
small
allocation
to
agency
mortgage-backed
securities
modestly
hurt
performance
given
the
move
in
interest
rates.
Covered
calls
were
a
top
contributor
to
performance
amid
a
relatively
favorable
backdrop
for
risk
assets.
Similarly,
global
equities,
high
yield
bonds
and
holdings
in
assets
classes
with
floating
coupon
rates—including
bank
loans
and
collateralized
loan
obligations—were
meaningful
contributors.
The
Portfolio
used
derivatives
during
the
period.
The
use
of
derivatives
to
manage
interest
rate
and
currency
positioning
detracted.
The
Portfolio
used
equity
covered
calls
to
provide
an
alternative
source
of
income.
U.S.
equity
puts
used
for
downside
protection
hurt
returns,
as
did
U.S.
equity
futures.
The
Fund’s
practice
of
maintaining
a
specified
level
of
monthly
distributions
to
shareholders
did
not
have
a
material
impact
on
the
Fund’s
investment
strategy.
The
distribution
policy
did
not
result
in
return
of
capital
for
the
period.
Refer
to
the
financial
highlights
and
income
tax
information
sections
in
this
report
for
further
information
about
the
distributions.
Describe
recent
portfolio
activity.
The
investment
adviser
implemented
two
themes
in
an
effort
to
take
advantage
of
a
changing
economic
backdrop.
First,
it
reduced
the
Portfolio’s
allocation
to
lower-quality
corporate
bonds
in
favor
of
higher-quality
MBS.
This
move
was
designed
to
lock
in
some
profits
in
an
area
that
performed
well,
while
also
adding
ballast
to
the
portfolio.
It
also
modestly
added
to
equities,
which
appeared
attractive
on
the
margin
relative
to
lower-quality
fixed
income.
Second,
the
investment
adviser
actively
adjusted
the
Portfolio’s
interest
rate
positioning
throughout
the
period
and
ultimately
finished
the
reporting
period
with
modestly
higher
(longer)
duration.
The
investment
adviser
also
reduced
the
position
in
Asian
high
yield
bonds
and
shifted
a
modest
portion
of
the
allocation
to
U.S.
high
yield
into
European
high
yield
bonds.
Late
in
the
period,
the
investment
adviser
reduced
the
allocation
to
stocks
in
order
to
lock
in
some
gains
and
reduce
risk,
moving
the
proceeds
into
cash.
Still,
the
Portfolio’s
overall
weighting
in
equities
rose
during
the
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
invested
nearly
the
entirety
of
its
assets
in
the
Portfolio
while
maintaining
a
small
position
in
cash
for
operational
purposes.
The
Portfolio
was
allocated
across
a
number
of
diverse
asset
classes,
including
high
yield
corporate
bonds,
floating-rate
bank
loans
and
collateralized
loan
obligations,
global
dividend
stocks,
equity
covered
calls,
preferred
stocks,
emerging
markets
debt,
investment
grade
corporate
debt,
mortgage-backed
securities,
global
infrastructure
issues
and
global
real
estate
investment
trusts.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
5
Fund
Summary
BlackRock
Retirement
Income
2030
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
5.95‌%
1.14‌%
4.64‌%
6.06‌%
N/A‌
1.88‌%
N/A‌
Investor
A
.......................................
5.39‌
0.78‌
4.53‌
5.80‌
0.24‌%
1.63‌
(0.23‌)%
Bloomberg
U.S.
Aggregate
Bond
Index
(d)
................
—‌
—‌
2.09‌
(0.94‌)
N/A‌
(4.56‌)
N/A‌
MSCI
World
Index
(e)
...............................
—‌
—‌
15.09‌
18.51‌
N/A‌
10.76‌
N/A‌
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index
(f)
.......................................
—‌
—‌
8.47‌
8.63‌
N/A‌
3.11‌
N/A‌
(a)
Assuming
maximum
sales
charge,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund,
indirectly
through
its
investment
in
BlackRock
Multi-Asset
Income
Portfolio
(“MAI”),
may
invest
in
both
equity
securities
(including
common
stock,
preferred
stock,
securities
convertible
into
common
and
preferred
stock
and
non-convertible
preferred
stock)
and
fixed
income
securities
(including
corporate
bonds
and
notes,
mortgage-backed
securities,
asset-backed
securities,
convertible
securities,
preferred
securities
and
government
obligations).
Under
normal
circumstances,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
up
to
60%
of
its
assets
in
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
Additionally,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
The
Fund
commenced
operations
on
July
31,
2020.
(d)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(e)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(f)
A
customized
weighted
index
comprised
of
returns
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,046.40‌
$
1.27‌
$
1,000.00‌
$
1,023.55‌
$
1.25‌
0.25‌%
Investor
A
................................
1,000.00‌
1,045.30‌
2.54‌
1,000.00‌
1,022.32‌
2.51‌
0.50‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
–%
–%
Asset
Type
 Percent
of
Affiliated
Investment
Companies
–%
–%
Fixed-Income
Funds
...............................
98.5‌
%
Short-Term
Securities
..............................
1.5‌
–%
–‌
Fund
Summary
as
of
June
30,
2023
2023
BlackRock
Semi-Annual
Report
To
Shareholders
6
BlackRock
Retirement
Income
2040
Fund
Investment
Objective
BlackRock
Retirement
Income
2040
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
while
decumulating
the
Fund’s
assets
to
a
predefined
target
Fund
net
asset
value
(“NAV”)
per
share,
as
a
percentage
of
the
Fund’s
NAV
per
share
at
inception,
over
the
term
of
the
Fund.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
June
30,
2023,
the
Fund
underperformed
its
custom
benchmark,
a
blend
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index.
The
Fund
invests
substantially
all
of
its
assets
in
the
BlackRock
Multi-Asset
Income
Portfolio
(the
“Portfolio”).
What
factors
influenced
performance?
The
following
discussion
relates
to
absolute
performance
due
to
the
nature
of
the
Portfolio’s
approach.
The
Portfolio
employs
an
unconstrained
strategy
(i.e.
one
with
flexibility
to
invest
across
all
asset
classes)
that
is
managed
within
a
risk-controlled
framework
and
seeks
to
maintain
a
competitive
yield
with
a
risk
profile
less
than
or
equal
to
the
50/50
custom
benchmark.
The
Portfolio
may
use
derivatives
to
manage
positioning
or
provide
an
element
of
protection
during
periods
of
market
stress.
Efforts
to
increase
the
Portfolio’s
duration
(interest
rate
sensitivity)
detracted
from
performance
as
rates
rose
more
than
expected.
Currency
management
strategies
also
modestly
weighed
on
performance
in
a
relatively
volatile
period
for
the
U.S.
dollar.
A
small
allocation
to
agency
mortgage-backed
securities
modestly
hurt
performance
given
the
move
in
interest
rates.
Covered
calls
were
a
top
contributor
to
performance
amid
a
relatively
favorable
backdrop
for
risk
assets.
Similarly,
global
equities,
high
yield
bonds
and
holdings
in
assets
classes
with
floating
coupon
rates—including
bank
loans
and
collateralized
loan
obligations—were
meaningful
contributors.
The
Portfolio
used
derivatives
during
the
period.
The
use
of
derivatives
to
manage
interest
rate
and
currency
positioning
detracted.
The
Portfolio
used
equity
covered
calls
to
provide
an
alternative
source
of
income.
U.S.
equity
puts
used
for
downside
protection
hurt
returns,
as
did
U.S.
equity
futures.
The
Fund’s
practice
of
maintaining
a
specified
level
of
monthly
distributions
to
shareholders
did
not
have
a
material
impact
on
the
Fund’s
investment
strategy.
The
distribution
policy
did
not
result
in
return
of
capital
for
the
period.
Refer
to
the
financial
highlights
and
income
tax
information
sections
in
this
report
for
further
information
about
the
distributions.
Describe
recent
portfolio
activity.
The
investment
adviser
implemented
two
themes
in
an
effort
to
take
advantage
of
a
changing
economic
backdrop.
First,
it
reduced
the
Portfolio’s
allocation
to
lower-quality
corporate
bonds
in
favor
of
higher-quality
MBS.
This
move
was
designed
to
lock
in
some
profits
in
an
area
that
performed
well,
while
also
adding
ballast
to
the
portfolio.
It
also
modestly
added
to
equities,
which
appeared
attractive
on
the
margin
relative
to
lower-quality
fixed
income.
Second,
the
investment
adviser
actively
adjusted
the
Portfolio’s
interest
rate
positioning
throughout
the
period
and
ultimately
finished
the
reporting
period
with
modestly
higher
(longer)
duration.
The
investment
adviser
also
reduced
the
position
in
Asian
high
yield
bonds
and
shifted
a
modest
portion
of
the
allocation
to
U.S.
high
yield
into
European
high
yield
bonds.
Late
in
the
period,
the
investment
adviser
reduced
the
allocation
to
stocks
in
order
to
lock
in
some
gains
and
reduce
risk,
moving
the
proceeds
into
cash.
Still,
the
Portfolio’s
overall
weighting
in
equities
rose
during
the
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
invested
nearly
the
entirety
of
its
assets
in
the
Portfolio
while
maintaining
a
small
position
in
cash
for
operational
purposes.
The
Portfolio
was
allocated
across
a
number
of
diverse
asset
classes,
including
high
yield
corporate
bonds,
floating-rate
bank
loans
and
collateralized
loan
obligations,
global
dividend
stocks,
equity
covered
calls,
preferred
stocks,
emerging
markets
debt,
investment
grade
corporate
debt,
mortgage-backed
securities,
global
infrastructure
issues
and
global
real
estate
investment
trusts.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
June
30,
2023
(continued)
7
Fund
Summary
BlackRock
Retirement
Income
2040
Fund
Performance
N/A
—
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
"Disclosure
of
Expenses"
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
5.93‌%
1.03‌%
4.64‌%
6.22‌%
N/A‌
1.96‌%
N/A‌
Investor
A
.......................................
5.37‌
0.72‌
4.51‌
5.95‌
0.39‌%
1.71‌
(0.15‌)%
Bloomberg
U.S.
Aggregate
Bond
Index
(d)
................
—‌
—‌
2.09‌
(0.94‌)
N/A‌
(4.56‌)
N/A‌
MSCI
World
Index
(e)
...............................
—‌
—‌
15.09‌
18.51‌
N/A‌
10.76‌
N/A‌
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index
(f)
.......................................
—‌
—‌
8.47‌
8.63‌
N/A‌
3.11‌
N/A‌
(a)
Assuming
maximum
sales
charge,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund,
indirectly
through
its
investment
in
BlackRock
Multi-Asset
Income
Portfolio
(“MAI”),
may
invest
in
both
equity
securities
(including
common
stock,
preferred
stock,
securities
convertible
into
common
and
preferred
stock
and
non-convertible
preferred
stock)
and
fixed
income
securities
(including
corporate
bonds
and
notes,
mortgage-backed
securities,
asset-backed
securities,
convertible
securities,
preferred
securities
and
government
obligations).
Under
normal
circumstances,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
up
to
60%
of
its
assets
in
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
Additionally,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
The
Fund
commenced
operations
on
July
31,
2020.
(d)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(e)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(f)
A
customized
weighted
index
comprised
of
returns
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(01/01/23)
Ending
Account
Value
(06/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,046.40‌
$
1.27‌
$
1,000.00‌
$
1,023.55‌
$
1.25‌
0.25‌%
Investor
A
................................
1,000.00‌
1,045.10‌
2.54‌
1,000.00‌
1,022.32‌
2.51‌
0.50‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
–%
–%
Asset
Type
 Percent
of
Affiliated
Investment
Companies
–%
–%
Fixed-Income
Funds
...............................
97.4‌
%
Short-Term
Securities
..............................
2.6‌
–%
–‌
About
Fund
Performance
2023
BlackRock
Semi-Annual
Report
To
Shareholders
8
Institutional
Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of 
5.25
%
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund’s
performance
would
have
been
lower.
With
respect
to
each
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees,
administration
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Retirement
Income
2030
Fund
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Shares
Value
Investment
Companies
Fixed
Income
Funds
—
99.4%
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
(a)
.....................
463,224
$
4,502,533
Total
Long-Term
Investments
—
99.4%
(Cost:
$4,904,542)
...............................
4,502,533
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
(a)(b)
..................
69,076
$
69,076
Total
Short-Term
Securities
—
1.5%
(Cost:
$69,076)
.................................
69,076
Total
Investments
—
100.9%
(Cost:
$4,973,618)
(c)
..............................
4,571,609
Liabilities
in
Excess
of
Other
Assets
—
(0.9)
%
............
(39,063)
Net
Assets
—
100.0%
..............................
$
4,532,546
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
98,504
$
—
$
(29,428)
(a)
$
—
$
—
$
69,076
69,076
$
1,569
$
—
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
...
4,419,153
—
—
—
83,380
4,502,533
463,224
128,419
—
$
—
$
83,380
$
4,571,609
$
129,988
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
4,502,533
$
—
$
—
$
4,502,533
Short-Term
Securities
Money
Market
Funds
......................................
69,076
—
—
69,076
$
4,571,609
$
—
$
—
$
4,571,609
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Retirement
Income
2040
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Security
Shares
Value
Investment
Companies
Fixed
Income
Funds
—
98.2%
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
(a)
.....................
451,571
$
4,389,270
Total
Long-Term
Investments
—
98.2%
(Cost:
$4,791,168)
...............................
4,389,270
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
(a)(b)
..................
116,182
$
116,182
Total
Short-Term
Securities
—
2.6%
(Cost:
$116,182)
................................
116,182
Total
Investments
—
100.8%
(Cost:
$4,907,350)
(c)
..............................
4,505,452
Liabilities
in
Excess
of
Other
Assets
—
(0.8)
%
............
(34,366)
Net
Assets
—
100.0%
..............................
$
4,471,086
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Affiliated
Issuer
Value
at
12/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
104,980
$
11,202
(a)
$
—
$
—
$
—
$
116,182
116,182
$
2,269
$
—
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
...
4,307,987
—
—
—
81,283
4,389,270
451,571
125,187
—
$
—
$
81,283
$
4,505,452
$
127,456
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
4,389,270
$
—
$
—
$
4,389,270
Short-Term
Securities
Money
Market
Funds
......................................
116,182
—
—
116,182
$
4,505,452
$
—
$
—
$
4,505,452
Statements
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
11
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
ASSETS
Investments,
at
value
—
affiliated
(a)
...........................................................................
$
4,571,609‌
$
4,505,452‌
Receivables:
–‌
–‌
Dividends
—
affiliated
..................................................................................
24,382‌
23,962‌
From
the
Manager
....................................................................................
17,292‌
17,392‌
Prepaid
expenses
......................................................................................
30,643‌
30,647‌
Total
assets
..........................................................................................
4,643,926‌
4,577,453‌
LIABILITIES
Payables:
–‌
–‌
Accounting
services
fees
................................................................................
19,909‌
19,905‌
Capital
shares
redeemed
................................................................................
—‌
121‌
Custodian
fees
.......................................................................................
834‌
743‌
Income
dividend
distributions
.............................................................................
28,901‌
22,971‌
Printing
and
postage
fees
...............................................................................
18,109‌
17,957‌
Professional
fees
.....................................................................................
42,442‌
43,287‌
Registration
fees
.....................................................................................
13‌
12‌
Transfer
agent
fees
...................................................................................
968‌
990‌
Other
accrued
expenses
................................................................................
204‌
381‌
Total
liabilities
.........................................................................................
111,380‌
106,367‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
4,532,546‌
$
4,471,086‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
5,003,882‌
$
4,893,873‌
Accumulated
loss
......................................................................................
(471,336‌)
(422,787‌)
NET
ASSETS
.........................................................................................
$
4,532,546‌
$
4,471,086‌
(a)
  Investments,
at
cost
—
affiliated
...........................................................................
$
4,973,618‌
$
4,907,350‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
To
Shareholders
12
See
notes
to
financial
statements.
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................
$
4,300,247‌
$
4,344,176‌
Shares
outstanding
...................................................................................
50,707.80‌
48,765.54‌
Net
asset
value
......................................................................................
$
84.80‌
$
89.08‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Investor
A
Net
assets
..........................................................................................
$
232,299‌
$
126,910‌
Shares
outstanding
...................................................................................
2,739.07‌
1,424.65‌
Net
asset
value
......................................................................................
$
84.81‌
$
89.08‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
June
30,
2023
13
Financial
Statements
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
INVESTMENT
INCOME
–
–
Dividends
—
affiliated
..................................................................................
$
129,988‌
$
127,456‌
Total
investment
income
..................................................................................
129,988‌
127,456‌
EXPENSES
Professional
........................................................................................
45,347‌
46,520‌
Accounting
services
...................................................................................
23,704‌
23,699‌
Registration
........................................................................................
17,973‌
17,959‌
Printing
and
postage
..................................................................................
13,479‌
13,428‌
Trustees
and
Officer
...................................................................................
3,282‌
3,282‌
Investment
advisory
...................................................................................
2,263‌
2,223‌
Administration
......................................................................................
962‌
945‌
Custodian
..........................................................................................
939‌
870‌
Administration
—
class
specific
...........................................................................
453‌
445‌
Transfer
agent
—
class
specific
...........................................................................
432‌
191‌
Service
and
distribution
—
class
specific
.....................................................................
289‌
156‌
Miscellaneous
.......................................................................................
3,221‌
3,117‌
Total
expenses
........................................................................................
112,344‌
112,835‌
Less:
–‌
–‌
Administration
fees
waived
..............................................................................
(962‌)
(945‌)
Administration
fees
waived
by
the
Manager
—
class
specific
........................................................
(453‌)
(445‌)
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(104,553‌)
(105,547‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(429‌)
(184‌)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
5,947‌
5,714‌
Net
investment
income
...................................................................................
124,041‌
121,742‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
83,380‌
$
81,283‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
..............................................................................
83,380‌
81,283‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
207,421‌
$
203,025‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2023
BlackRock
Semi-Annual
Report
To
Shareholders
14
See
notes
to
financial
statements.
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
124,041‌
$
217,841‌
$
121,742‌
$
215,440‌
Net
realized
gain
(loss)
....................................................
—‌
(7,455‌)
—‌
990‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
83,380‌
(820,042‌)
81,283‌
(820,262‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
207,421‌
(609,656‌)
203,025‌
(603,832‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income:
  Institutional
...........................................................
(171,018‌)
(212,227‌)
(134,072‌)
(215,371‌)
  Investor
A
............................................................
(8,904‌)
(11,605‌)
(3,708‌)
(5,910‌)
Return
of
capital:
–
–
–
–
  Institutional
...........................................................
—‌
(130,437‌)
—‌
(58,464‌)
  Investor
A
............................................................
—‌
(7,133‌)
—‌
(1,604‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(179,922‌)
(361,402‌)
(137,780‌)
(281,349‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
7,035‌
139,044‌
5,134‌
(7,380‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
34,534‌
(832,014‌)
70,379‌
(892,561‌)
Beginning
of
period
........................................................
4,498,012‌
5,330,026‌
4,400,707‌
5,293,268‌
End
of
period
............................................................
$
4,532,546‌
$
4,498,012‌
$
4,471,086‌
$
4,400,707‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
Retirement
Income
2030
Fund
Institutional
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Period
from
07/31/20
(a)
to
12/31/20
Net
asset
value,
beginning
of
period
...........................................
$
84.29
‌
$
103.18
‌
$
103.74
‌
$
100.00
‌
Net
investment
income
(b)
...................................................
2.33
‌
4.20
‌
4.09
‌
1.69
‌
Net
realized
and
unrealized
gain
(loss)
..........................................
1.56
‌
(16.13
)
2.85
‌
5.14
‌
Net
increase
(decrease)
from
investment
operations
..................................
3.89
‌
(11.93
)
6.94
‌
6.83
‌
Distributions
(c)
–
–
–
–
From
net
investment
income
................................................
(3.38
)
(4.31
)
(5.42
)
(1.74
)
From
net
realized
gain
.....................................................
—
‌
—
‌
(0.11
)
—
‌
Return
of
capital
.........................................................
—
‌
(2.65
)
(1.97
)
(1.35
)
Total
distributions
.........................................................
(3.38
)
(6.96
)
(7.50
)
(3.09
)
Net
asset
value,
end
of
period
................................................
$
84.80
‌
$
84.29
‌
$
103.18
‌
$
103.74
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
....................................................
4.64
%
(e)
(11.74
)%
6.87
%
6.96
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...........................................................
4.94
%
(g)
4.87
%
5.91
%
3.86
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................
0.25
%
(g)
0.25
%
0.25
%
0.25
%
(g)
Net
investment
income
.....................................................
5.49
%
(g)
4.64
%
3.92
%
4.05
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
4,300
‌
$
4,267
‌
$
5,044
‌
$
5,070
‌
Portfolio
turnover
rate
.......................................................
—
%
1
%
5
%
2
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
6.72%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
16
BlackRock
Retirement
Income
2030
Fund
Investor
A
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Period
from
07/31/20
(a)
to
12/31/20
Net
asset
value,
beginning
of
period
...........................................
$
84.29
‌
$
103.19
‌
$
103.74
‌
$
100.00
‌
Net
investment
income
(b)
...................................................
2.22
‌
3.97
‌
3.76
‌
1.63
‌
Net
realized
and
unrealized
gain
(loss)
..........................................
1.57
‌
(16.14
)
2.93
‌
5.10
‌
Net
increase
(decrease)
from
investment
operations
..................................
3.79
‌
(12.17
)
6.69
‌
6.73
‌
Distributions
(c)
–
–
–
–
From
net
investment
income
................................................
(3.27
)
(4.17
)
(5.22
)
(1.67
)
From
net
realized
gain
.....................................................
—
‌
—
‌
(0.11
)
—
‌
Return
of
capital
.........................................................
—
‌
(2.56
)
(1.91
)
(1.32
)
Total
distributions
.........................................................
(3.27
)
(6.73
)
(7.24
)
(2.99
)
Net
asset
value,
end
of
period
................................................
$
84.81
‌
$
84.29
‌
$
103.19
‌
$
103.74
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
....................................................
4.53
%
(e)
(11.98
)%
6.62
%
6.86
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...........................................................
5.38
%
(g)
5.40
%
6.58
%
4.13
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................
0.50
%
(g)
0.50
%
0.50
%
0.50
%
(g)
Net
investment
income
.....................................................
5.24
%
(g)
4.39
%
3.61
%
3.93
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
232
‌
$
231
‌
$
286
‌
$
137
‌
Portfolio
turnover
rate
.......................................................
—
%
1
%
5
%
2
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
7.00%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
Retirement
Income
2040
Fund
Institutional
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Period
from
07/31/20
(a)
to
12/31/20
Net
asset
value,
beginning
of
period
...........................................
$
87.78
‌
$
105.46
‌
$
104.44
‌
$
100.00
‌
Net
investment
income
(b)
...................................................
2.43
‌
4.31
‌
4.14
‌
1.71
‌
Net
realized
and
unrealized
gain
(loss)
..........................................
1.62
‌
(16.36
)
2.88
‌
5.21
‌
Net
increase
(decrease)
from
investment
operations
..................................
4.05
‌
(12.05
)
7.02
‌
6.92
‌
Distributions
(c)
–
–
–
–
From
net
investment
income
................................................
(2.75
)
(4.43
)
(5.47
)
(1.76
)
From
net
realized
gain
.....................................................
—
‌
—
‌
(0.07
)
(0.04
)
Return
of
capital
.........................................................
—
‌
(1.20
)
(0.46
)
(0.68
)
Total
distributions
.........................................................
(2.75
)
(5.63
)
(6.00
)
(2.48
)
Net
asset
value,
end
of
period
................................................
$
89.08
‌
$
87.78
‌
$
105.46
‌
$
104.44
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
....................................................
4.64
%
(e)
(11.57
)%
6.87
%
7.02
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...........................................................
5.07
%
(g)
4.91
%
5.88
%
3.88
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................
0.25
%
(g)
0.25
%
0.25
%
0.25
%
(g)
Net
investment
income
.....................................................
5.48
%
(g)
4.62
%
3.91
%
4.07
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
4,344
‌
$
4,279
‌
$
5,146
‌
$
5,078
‌
Portfolio
turnover
rate
.......................................................
—
%
—
%
—
%
2
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
6.78%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
18
BlackRock
Retirement
Income
2040
Fund
Investor
A
Six
Months
Ended
06/30/23
(unaudited)
Year
Ended
12/31/22
Year
Ended
12/31/21
Period
from
07/31/20
(a)
to
12/31/20
Net
asset
value,
beginning
of
period
...........................................
$
87.78
‌
$
105.45
‌
$
104.43
‌
$
100.00
‌
Net
investment
income
(b)
...................................................
2.32
‌
4.08
‌
3.87
‌
1.63
‌
Net
realized
and
unrealized
gain
(loss)
..........................................
1.62
‌
(16.36
)
2.89
‌
5.17
‌
Net
increase
(decrease)
from
investment
operations
..................................
3.94
‌
(12.28
)
6.76
‌
6.80
‌
Distributions
(c)
–
–
–
–
From
net
investment
income
................................................
(2.64
)
(4.24
)
(5.23
)
(1.67
)
From
net
realized
gain
.....................................................
—
‌
—
‌
(0.07
)
(0.04
)
Return
of
capital
.........................................................
—
‌
(1.15
)
(0.44
)
(0.66
)
Total
distributions
.........................................................
(2.64
)
(5.39
)
(5.74
)
(2.37
)
Net
asset
value,
end
of
period
................................................
$
89.08
‌
$
87.78
‌
$
105.45
‌
$
104.43
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
....................................................
4.51
%
(e)
(11.78
)%
6.60
%
6.90
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...........................................................
5.37
%
(g)
5.29
%
6.35
%
4.16
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................
0.50
%
(g)
0.50
%
0.50
%
0.50
%
(g)
Net
investment
income
.....................................................
5.23
%
(g)
4.37
%
3.66
%
3.93
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
................................................
$
127
‌
$
122
‌
$
147
‌
$
144
‌
Portfolio
turnover
rate
.......................................................
—
%
—
%
—
%
2
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
7.06%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
19
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
II
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
following,
each
of
which
is
a
series
of
the
Trust,
are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
BlackRock
Multi-Asset
Income
Portfolio
(“Multi-Asset
Income”).
The
unaudited
Schedule
of
Investments
and
Statement
of
Assets
and
Liabilities
as
of
June
30,
2023
for
Multi-Asset
Income
are
included
elsewhere
in
this
report
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements.
Multi-Asset
Income's
audited
financial
statements
as
of
July
31,
2022
are
available,
without
charge,
on
the
U.S.
Securities
and
Exchange
Commission's
(“SEC's”)
website
at
www.sec.gov.
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
Shares
are
sold
only
to
certain
eligible
investors.
Investor
A
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares.
Investor
A
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. 
Distributions:
Distributions
paid
by
the
Funds
are
recorded
on
the
ex-dividend
dates.
The
Funds
intend
to
make
monthly
cash
distributions
to
shareholders,
which
may
consist
of
net
investment
income,
and
net
realized
and
unrealized
gains
on
investments
and/or
return
of
capital.
The
character
of
distributions
is
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
The
portion
of
distributions
that
exceeds
a
Fund’s
current
and
accumulated
earnings
and
profits,
which
are
measured
on
a
tax
basis,
will
constitute
a
non-taxable
return
of
capital.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
each
Fund’s
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Retirement
Income
2030
Fund
........................................
Retirement
Income
2030
Diversified
BlackRock
Retirement
Income
2040
Fund
........................................
Retirement
Income
2040
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charges
("CDSC")
Conversion
Privilege
Institutional
Shares
...........................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
20
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities: 
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
each
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
each
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds’
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of each
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services
to
the
Funds.
The
ongoing
service
and/or
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution
related
services
to
shareholders.
For
the six
months
ended
June
30,
2023,
the
following
table
shows
the
class
specific
service
and
distribution
fees borne
directly
by
each
share
class
of
each
Fund:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.100%
$1
billion
-
$3
billion
.....................................................................................................
0.094
$3
billion
-
$5
billion
.....................................................................................................
0.090
$5
billion
-
$10
billion
....................................................................................................
0.087
Greater
than
$10
billion
...................................................................................................
0.085
Share
Class
Service
Fees
Investor
A
..............................................................................................................
0.25‌%
Fund
Name
Investor
A
Retirement
Income
2030
.....................................................................................................
$
289‌
Retirement
Income
2040
.....................................................................................................
156‌
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
Administration:
The
Trust,
on
behalf
of each
Fund, entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statements
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
June
30,
2023, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
six
months
 ended June
30,
2023,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
June
30,
2023,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
six
months ended
June
30,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Expense
Limitations,
Waivers,
Reimbursements
and
Recoupments:
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the six
months
ended
June
30,
2023,
the
amounts
waived
were
as
follows:
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of
each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund. For
the
six
months
ended
June
30,
2023,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
0.0425
%
$500
million
-
$1
billion
0.0400
$1
billion
-
$2
billion
0.0375
$2
billion
-
$4
billion
0.0350
$4
billion
-
$13
billion
0.0325
Greater
than
$13
billion
0.0300
Fund
Name
Institutional
Investor
A
Total
Retirement
Income
2030
................................................................................
$
430‌
$
23‌
$
453‌
Retirement
Income
2040
................................................................................
432‌
13‌
445‌
Fund
Name
Institutional
Investor
A
Total
Retirement
Income
2030
................................................................................
$
11‌
$
13‌
$
24‌
Retirement
Income
2040
................................................................................
11‌
8‌
19‌
Fund
Name
Institutional
Investor
A
Total
Retirement
Income
2030
................................................................................
$
203‌
$
229‌
$
432‌
Retirement
Income
2040
................................................................................
150‌
41‌
191‌
Fund
Name
Amounts
Waived
Retirement
Income
2030
................................................................................................
$
26‌
Retirement
Income
2040
................................................................................................
35‌
Fund
Name
Institutional
Investor
A
Retirement
Income
2030
.........................................................................................
0.25‌%
0.50‌%
Retirement
Income
2040
.........................................................................................
0.25‌
0.50‌
Fund
Name
Retirement
Income
2030
....................................................................................................
$
104,527‌
Retirement
Income
2040
....................................................................................................
105,512‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
22
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
administration
fees
waived
in
the
Statements
of
Operations. For
the
six
months
ended
June
30,
2023,
the
amounts
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statements
of
Operations.
For
the
six
months ended
June
30,
2023,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
With
respect
to
the
contractual
expense
limitation,
if
during
a
Fund’s
fiscal
year
the
operating
expenses
of
a
share
class,
that
at
any
time
during
the
prior
two
fiscal
years
received
a
waiver
and/or
reimbursement
from
the
Manager,
are
less
than
the
current
expense
limitation
for
that
share
class,
the
Manager
is
entitled
to
be
reimbursed
by
such
share
class
up
to
the
lesser
of:
(a)
the
amount
of
fees
waived
and/or
expenses
reimbursed
during
those
prior
two
fiscal
years
under
the
agreement
and
(b)
an
amount
not
to
exceed
either
the
current
expense
limitation
of
that
share
class
or
the
expense
limitation
of
the
share
class
in
effect
at
the
time
that
the
share
class
received
the
applicable
waiver
and/or
reimbursement,
provided
that:
(1)
each
Fund,
of
which
the
share
class
is
a
part,
has
more
than
$50
million
in
assets
for
the
fiscal
year,
and  
(2)
the
Manager
or
an
affiliate
continues
to
serve
as
a
Fund’s
investment
adviser
or
administrator.
This
repayment
applies
only
to
the
contractual
expense
limitation
on
net
expenses
and
does
not
apply
to
the
contractual
investment
advisory
fee
waiver
described
above
or
any
voluntary
waivers
that
may
be
in
effect
from
time
to
time.
Effective
July
31,
2027,
the
repayment
arrangement
between
each
Fund
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
each
Fund's
contractual
caps
on
net
expenses
will
be
terminated.
As
of June
30,
2023,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement
are
as
follows:  
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by each
Fund’s
investment
policies
and
restrictions. Each
Fund
is
currently
permitted
to
borrow
and
lend
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During
the period
ended
June
30,
2023,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Fund
Name
Retirement
Income
2030
....................................................................................................
$
962‌
Retirement
Income
2040
....................................................................................................
945‌
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
—
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
—
Class
Specific
Retirement
Income
2030
Institutional
....................................................................................
$
430‌
$
200‌
Investor
A
.....................................................................................
23‌
229‌
$
453‌
$
429‌
Retirement
Income
20
4
0
Institutional
....................................................................................
43
2‌
143‌
Investor
A
.....................................................................................
13‌
41‌
$
445‌
$
184‌
Expiring
December
31,
2023
2024
2025
Retirement
Income
2030
............................................................
Fund
Level
...................................................................
$
298
,
12
3‌
$
2
16
,
240‌
$
105
,
489‌
Institutional
...................................................................
1,34
3‌
1,
231‌
6
30‌
Investor
A
....................................................................
369‌
82
1‌
252‌
Retirement
Income
2040
Fund
Level
...................................................................
297
,
790‌
216,031‌
106
,
457‌
Institutional
...................................................................
1,36
7‌
1,
533‌
57
5‌
Investor
A
....................................................................
35
3‌
20
8‌
54‌
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
5.
PURCHASES
AND
SALES 
For
the
six
months ended
June
30,
2023,
there
were
no
purchases
or
sales.
6.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
June
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
December
31,
2022, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
June
30,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
7.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
each
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.50
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y) 0.80%
per
annum.
The
agreement
expires
in
April
2024
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
June
30,
2023,
the
Funds
did
not
borrow
under
the
credit
agreement.
8.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business, the
Funds
invest
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject. 
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds. 
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
Retirement
Income
2030
.................................................................................................
$
13,446‌
Retirement
Income
2040
.................................................................................................
4,851‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Retirement
Income
2030
............................................
$
4,973,618‌
$
–‌
$
(402,009‌)
$
(402,009‌)
Retirement
Income
2040
............................................
4,907,350‌
–‌
(401,898‌)
(401,898‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
24
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
Funds
may
be
exposed
to
financial
instruments
that
are
tied
to
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
SOFR
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
based
on
SOFR
that
will
replace
LIBOR
in
certain
financial
contracts
after
June
30,
2023.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
9.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
June
30,
2023,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
10.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Six
Months
Ended
06/30/23
Year
Ended
12/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Retirement
Income
2030
Institutional
Shares
sold
..........................................
79‌
$
6,729‌
3,665‌
$
305,462‌
Shares
redeemed
......................................
—‌
—‌
(1,924‌)
(163,700‌)
79‌
$
6,729‌
1,741‌
$
141,762‌
Investor
A
Shares
sold
..........................................
23‌
$
2,001‌
42‌
$
3,658‌
Shares
redeemed
......................................
(19‌)
(1,695‌)
(74‌)
(6,376‌)
4‌
$
306‌
(32‌)
$
(2,718‌)
83‌
$
7,035‌
1,709‌
$
139,044‌
Retirement
Income
2040
Institutional
Shares
sold
..........................................
126‌
$
11,401‌
519‌
$
44,325‌
Shares
redeemed
......................................
(104‌)
(9,270‌)
(578‌)
(51,574‌)
22‌
$
2,131‌
(59‌)
$
(7,249‌)
Investor
A
Shares
sold
..........................................
34‌
$
3,004‌
3‌
$
333‌
Shares
redeemed
......................................
—‌
(1‌)
(5‌)
(464‌)
34‌
$
3,003‌
(2‌)
$
(131‌)
56‌
$
5,134‌
(61‌)
$
(7,380‌)
Fund
Name
Institutional
Investor
A
Retirement
Income
2030
.........................................................................................
48,676‌
1,324‌
Retirement
Income
2040
.........................................................................................
48,619‌
1,381‌
Disclosure
of
Investment
Advisory
Agreement
25
Disclosure
of
Investment
Advisory
Agreement
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
II
(the
“Trust”)
met
on
April
18,
2023
(the
“April
Meeting”)
and
May
23-24,
2023
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Retirement
Income
2030
Fund
(“Retirement
Income
2030
Fund”)
and
BlackRock
Retirement
Income
2040
Fund
(“Retirement
Income
2040
Fund,”
and
together
with
BlackRock
Retirement
Income
2030
Fund,
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”
or
“BlackRock”),
each
Fund’s
investment
advisor.
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreement
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
of
which
extended
over
a
two-day
period,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreement.
In
considering
the
renewal
of
the
Agreement,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreement,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
an
applicable
benchmark,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreement.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreement
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreement
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a) the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b) the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c) the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d) each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e) the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Funds;
and
(g) other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
Disclosure
of
Investment
Advisory
Agreement
(continued)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
26
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Funds
by
third-parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
each
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
each
Fund’s
performance
as
of
December
31,
2022,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
with
respect
to
each
Fund,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
the
respective
Morningstar
Category
(“Morningstar
Category”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-year
and
since-inception
periods
reported,
each
Fund
ranked
in
the
first
and
fourth
quartiles,
respectively,
against
its
Morningstar
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Category
is
an
appropriate
performance
metric
for
each
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
each
Fund’s
underperformance
relative
to
its
Morningstar
Category
during
the
applicable
period.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2022
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
Disclosure
of
Investment
Advisory
Agreement
(continued)
27
Disclosure
of
Investment
Advisory
Agreement
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreement
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
varying
fee
structures
for
fund
of
funds
can
limit
the
value
of
advisory
fee
comparisons.
The
Board
noted
that
each
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
first
and
fourth
quartiles,
respectively,
relative
to
each
Fund’s
Expense
Peers.
The
Board
also
noted
that
each
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
pertinent
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
each
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways,
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreement,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
pertinent
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
for
a
one-year
term
ending
June
30,
2024.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreement
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Additional
Information
2023
BlackRock
Semi-Annual
Report
To
Shareholders
28
Tailored
Shareholder
Reports
for
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
29
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
19103
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
Delaware
19809
Glossary
of
Terms
Used
in
this
Report
2023
BlackRock
Semi-Annual
Report
To
Shareholders
30
Currenc
y
Abbreviation
USD
United
States
Dollar
31
Additional
Financial
Information
Schedule
of
Investments
(UNAUDITED)
June
30,
2023
Statement
of
Assets
and
Liabilities
(UNAUDITED)
June
30,
2023
BlackRock
Funds
II
BlackRock
Multi-Asset
Income
Portfolio
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AB
BSL
CLO
2
Ltd.
(a)(b)
Series
2021-2A,
Class
A,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
04/15/34
....................
USD
15,000
$
14,760,669
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.61%,
04/15/34
....................
1,000
907,750
Accredited
Mortgage
Loan
Trust,
Series
2004-
4,
Class
M2,
(1-mo.
LIBOR
USD
at
1.58%
Floor
+
1.58%),
4.80%,
01/25/35
(a)
.....
449
413,051
AGL
CLO
17
Ltd.
(a)(b)
Series
2022-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.16%,
01/21/35
...............
1,500
1,439,130
Series
2022-17A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
11.41%,
01/21/35
..............
1,000
907,562
AGL
CLO
3
Ltd.,
Series
2020-3A,
Class
C,
(3-
mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.41%,
01/15/33
(a)(b)
...............
2,000
1,928,026
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.16%
Floor
+
1.16%),
6.41%,
07/20/34
(a)(b)
.........
4,000
3,928,000
AIG
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.30%,
04/20/32
....................
2,500
2,441,250
Series
2018-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.35%,
04/20/32
....................
1,000
937,852
Series
2020-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
04/15/34
....................
4,000
3,878,764
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.26%,
04/15/34
....................
3,100
2,886,112
Series
2021-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.00%,
07/20/34
....................
14,000
13,688,157
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.25%,
07/20/34
....................
5,000
4,793,609
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.30%,
07/20/34
....................
2,500
2,314,618
Series
2021-2A,
Class
E,
(3-mo.
LIBOR
USD
at
6.50%
Floor
+
6.50%),
11.75%,
07/20/34
....................
1,325
1,237,428
Series
2021-3A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
01/25/35
....................
5,000
4,910,209
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
01/25/35
....................
3,000
2,891,224
Series
2021-3A,
Class
D,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.36%,
01/25/35
....................
1,000
942,660
AIG
CLO
Ltd.,
Series
2019-2A,
Class
AR,
(3-
mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
10/25/33
(a)(b)
...............
7,300
7,225,014
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
10/17/34
....................
1,500
1,449,647
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-AA,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
10/17/34
....................
USD
3,000
$
2,867,590
Series
2015-AA,
Class
DR2,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.31%,
10/17/34
....................
4,500
4,215,954
AIMCO
CLO
10
Ltd.
(a)(b)
Series
2019-10A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.17%,
07/22/32
....................
7,500
7,284,992
Series
2019-10A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.17%,
07/22/32
....................
3,500
3,278,844
AIMCO
CLO
11
Ltd.,
Series
2020-11A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
10/17/34
(a)(b)
.........
4,500
4,331,763
AIMCO
CLO
15
Ltd.,
Series
2021-15A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.21%,
10/17/34
(a)(b)
.........
1,500
1,440,291
AIMCO
CLO
Ltd.,
Series
2020-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
6.69%,
01/17/32
(a)(b)
.........
10,000
9,765,061
Ajax
Mortgage
Loan
Trust
(b)
Series
2018-E,
Class
C,
0.00%,
06/25/58
(a)
2
2,032
Series
2018-F,
Class
C,
0.00%,
11/25/58
.
69
45,586
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
B,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.41%,
10/21/28
(a)(b)
.........
1,300
1,283,727
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.76%,
01/17/31
(a)(b)
.........
1,000
983,561
Allegro
CLO
VII
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
06/13/31
(a)(b)
.........
1,000
970,085
Allegro
CLO
XI
Ltd.,
Series
2019-2A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.39%
Floor
+
1.39%),
6.65%,
01/19/33
(a)(b)
.........
2,000
1,980,260
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(3-mo.
LIBOR
USD
+
1.85%),
7.11%,
10/15/29
(a)(b)
3,500
3,465,120
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
(3-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.55%,
11/02/30
(a)(b)
.........
1,700
1,690,871
AMSR
Trust
(b)
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
....................
10,250
9,522,206
Series
2020-SFR1,
Class
F,
3.57%,
04/17/37
....................
19,850
18,376,175
Series
2020-SFR1,
Class
G,
4.31%,
04/17/37
....................
7,500
6,978,212
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
....................
3,441
3,116,172
Series
2021-SFR3,
Class
F,
3.23%,
10/17/38
....................
11,000
9,380,745
Anchorage
Capital
CLO
11
Ltd.,
Series
2019-
11A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.30%
Floor
+
2.30%),
7.57%,
07/22/32
(a)(b)
....
700
685,457
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-
15A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.45%,
07/20/34
(a)(b)
....
7,000
6,923,238
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-18A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.15%),
6.41%,
04/15/34
(a)(b)
.........
1,000
976,500
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Anchorage
Capital
CLO
20
Ltd.
(a)(b)
Series
2021-20A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.45%,
01/20/35
....................
USD
1,300
$
1,286,910
Series
2021-20A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
01/20/35
....................
1,500
1,483,807
Anchorage
Capital
CLO
3-R
Ltd.
(a)(b)
Series
2014-3RA,
Class
B,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.77%,
01/28/31
....................
3,400
3,344,697
Series
2014-3RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.12%,
01/28/31
....................
1,250
1,182,748
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)
Series
2014-4RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.12%,
01/28/31
....................
600
571,198
Series
2014-4RA,
Class
D,
(3-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
7.87%,
01/28/31
....................
2,250
2,047,286
Anchorage
Capital
CLO
5-R
Ltd.,
Series
2014-
5RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.11%,
01/15/30
(a)(b)
....
1,850
1,803,512
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
07/15/32
(a)(b)
....
1,000
993,335
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2018-1RA,
Class
E,
(3-mo.
LIBOR
USD
at
5.50%
Floor
+
5.50%),
10.74%,
04/13/31
....................
1,500
1,298,194
Series
2018-10A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.46%,
10/15/31
....................
7,650
7,602,883
Series
2018-10A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
10/15/31
....................
3,000
2,945,075
Series
2018-10A,
Class
D,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.41%,
10/15/31
....................
1,500
1,406,011
Series
2022-25A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
7.40%,
04/20/35
...............
5,000
4,747,524
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
6.34%,
04/15/31
(a)(b)
.........
2,400
2,387,790
Apidos
CLO
XV
(a)(b)
Series
2013-15A,
Class
CRR,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.10%,
04/20/31
....................
7,000
6,803,761
Series
2013-15A,
Class
DRR,
(3-mo.
LIBOR
USD
at
2.70%
Floor
+
2.70%),
7.95%,
04/20/31
....................
2,000
1,866,235
Apidos
CLO
XX,
Series
2015-20A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.21%,
07/16/31
(a)(b)
.........
1,750
1,702,834
Apidos
CLO
XXII,
Series
2015-22A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.20%,
04/20/31
(a)(b)
.........
1,000
946,130
Apidos
CLO
XXIX
(a)(b)
Series
2018-29A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
6.81%,
07/25/30
....................
1,000
983,466
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-29A,
Class
B,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.16%,
07/25/30
....................
USD
1,000
$
962,057
Apidos
CLO
XXV,
Series
2016-25A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.17%
Floor
+
1.17%),
6.42%,
10/20/31
(a)(b)
.........
4,500
4,460,157
Apidos
CLO
XXXII,
Series
2019-32A,
Class
C,
(3-mo.
LIBOR
USD
at
2.40%
Floor
+
2.40%),
7.65%,
01/20/33
(a)(b)
.........
1,000
995,588
Apidos
CLO
XXXIII,
Series
2020-33A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.42%,
10/24/34
(a)(b)
.........
1,300
1,275,879
Apidos
CLO
XXXIV,
Series
2020-34A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.40%,
01/20/35
(a)(b)
.........
14,000
13,757,150
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.15%,
07/20/34
(a)(b)
.........
1,000
950,377
Aqueduct
European
CLO
DAC,
Series
2017-
2X,
Class
E,
(3-mo.
EURIBOR
at
4.40%
Floor
+
4.40%),
7.58%,
10/15/30
(a)(c)
....
EUR
219
220,615
Ares
L
CLO
Ltd.,
Series
2018-50A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
01/15/32
(a)(b)
.........
USD
6,000
5,820,947
Ares
LIII
CLO
Ltd.,
Series
2019-53A,
Class
C,
(3-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
7.92%,
04/24/31
(a)(b)
.........
4,500
4,482,870
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
07/15/34
(a)(b)
.........
1,000
966,338
Ares
LXI
CLO
Ltd.,
Series
2021-61A,
Class
A,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.40%,
10/20/34
(a)(b)
.........
7,500
7,402,146
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
0.00%,
04/15/30
(a)(b)
...........
4,500
1,589,647
Ares
XLVIII
CLO
Ltd.,
Series
2018-48A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
07/20/30
(a)(b)
.........
1,000
957,962
Ares
XXXIR
CLO
Ltd.,
Series
2014-31RA,
Class
A2,
(3-mo.
LIBOR
USD
at
1.30%
Floor
+
1.30%),
6.67%,
05/24/30
(a)(b)
....
1,000
985,284
Ares
XXXIV
CLO
Ltd.,
Series
2015-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.36%,
04/17/33
(a)(b)
.........
7,250
6,615,456
Ares
XXXVII
CLO
Ltd.
(a)(b)
Series
2015-4A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.17%),
6.43%,
10/15/30
....
2,890
2,878,608
Series
2015-4A,
Class
A3R,
(3-mo.
LIBOR
USD
+
1.50%),
6.76%,
10/15/30
....
1,500
1,471,338
Series
2015-4A,
Class
BR,
(3-mo.
LIBOR
USD
+
1.80%),
7.06%,
10/15/30
....
1,017
982,209
Ares
XXXVR
CLO
Ltd.
(a)(b)
Series
2015-35RA,
Class
A2,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.66%,
07/15/30
....................
1,500
1,480,861
Series
2015-35RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.16%,
07/15/30
....................
1,000
986,308
Atlas
Senior
Loan
Fund
VII
Ltd.,
Series
2016-
7A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
7.01%,
11/27/31
(a)(b)
....
5,500
5,405,685
Atlas
Senior
Loan
Fund
XI
Ltd.,
Series
2018-
11A,
Class
A1L,
(3-mo.
LIBOR
USD
+
1.10%),
6.37%,
07/26/31
(a)(b)
.........
2,000
1,976,240
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Atlas
Senior
Loan
Fund
XII
Ltd.,
Series
2018-
12A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.45%,
10/24/31
(a)(b)
....
USD
1,700
$
1,683,323
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(a)(b)
....................
11,500
10,465
Atrium
XIV
LLC,
Series
14A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.21%,
08/23/30
(a)(b)
...............
1,000
972,748
Atrium
XV,
Series
15A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.02%,
01/23/31
(a)(b)
....................
1,000
982,516
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(3-mo.
EURIBOR
at
6.08%
Floor
+
6.08%),
9.63%,
06/22/34
(a)(c)
...............
EUR
200
197,577
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
7.31%,
04/15/31
(a)(c)
...............
670
625,308
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
10/17/32
....................
USD
1,250
1,192,833
Series
2019-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.41%,
10/17/32
....................
1,000
903,771
Series
2021-3A,
Class
A,
(3-mo.
LIBOR
USD
at
1.16%
Floor
+
1.16%),
6.43%,
07/24/34
....................
6,750
6,684,312
Series
2021-7A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.37%,
01/22/35
....................
2,250
2,174,237
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.83%,
04/18/35
....................
5,000
4,774,833
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.18%,
04/18/35
....................
7,000
6,668,917
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.18%,
04/18/35
....................
2,500
2,228,823
Ballyrock
CLO
Ltd.
(a)(b)
Series
2020-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.20%,
10/20/31
....................
4,500
4,426,502
Series
2020-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.20%,
10/20/31
....................
2,000
1,886,625
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.17%,
10/22/32
(a)(b)
.........
3,250
3,163,755
Battalion
CLO
17
Ltd.,
Series
2021-17A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.35%,
03/09/34
(a)(b)
.........
1,000
939,060
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.45%
Floor
+
3.45%),
8.71%,
10/15/36
(a)(b)
.........
2,000
1,720,213
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
BR2,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.32%,
01/25/35
(a)(b)
.........
2,000
1,903,916
Battalion
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
04/15/34
....................
3,000
2,841,365
Series
2021-19A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.51%,
04/15/34
....................
3,000
2,653,530
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Battalion
CLO
XVI
Ltd.,
Series
2019-16A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.37%,
12/19/32
(a)(b)
.........
USD
5,000
$
4,934,083
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(3-mo.
EURIBOR
at
5.91%
Floor
+
5.91%),
9.12%,
07/22/34
(a)(c)
.........
EUR
200
190,735
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2005-HE1,
Class
M2,
(1-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
5.16%,
01/25/35
....................
USD
447
440,663
Series
2006-HE7,
Class
1A2,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.49%,
09/25/36
....................
475
454,237
Series
2007-HE2,
Class
22A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.29%,
03/25/37
....................
2,053
1,829,314
Series
2007-HE2,
Class
23A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.29%,
03/25/37
....................
2,142
1,910,449
Series
2007-HE3,
Class
2A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.29%,
04/25/37
....................
3,602
5,065,646
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2004-HE3,
Class
M2,
(1-mo.
LIBOR
USD
at
1.73%
Floor
+
1.73%),
4.94%,
04/25/34
(a)
.....................
1,720
1,668,431
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.35%,
01/20/31
(a)
(b)
...........................
1,455
1,445,644
Benefit
Street
Partners
CLO
XIX
Ltd.
(a)(b)
Series
2019-19A,
Class
A,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.61%,
01/15/33
....................
7,000
6,944,224
Series
2019-19A,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
01/15/33
....................
4,250
4,222,919
Benefit
Street
Partners
CLO
XV
Ltd.
(a)(b)
Series
2018-15A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.41%,
07/18/31
....................
2,200
2,183,413
Series
2018-15A,
Class
A2A,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
07/18/31
....................
1,000
992,357
Birch
Grove
CLO
3
Ltd.
(a)(b)
Series
2021-3A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.07%,
01/19/35
....................
7,500
7,341,146
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.52%,
01/19/35
....................
5,000
4,858,497
Birch
Grove
CLO
Ltd.,
Series
19A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.75%,
06/15/31
(a)(b)
.........
2,000
1,957,091
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.41%
Floor
+
5.41%),
8.59%,
04/15/34
(a)(c)
.........
EUR
300
288,344
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.18%),
6.45%,
10/22/30
(a)(b)
....................
USD
874
870,619
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(3-mo.
EURIBOR
at
6.21%
Floor
+
6.21%),
9.63%,
02/25/34
(a)(c)
........
EUR
700
687,390
Boyce
Park
CLO
Ltd.,
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.16%,
04/21/35
(a)(b)
.........
USD
1,500
1,422,525
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.00%,
07/20/34
(a)(b)
....
USD
5,000
$
4,925,848
Bridgepoint
CLO
1
DAC,
Series
1X,
Class
D,
7.43%,
01/15/34
(a)(c)
...............
EUR
750
791,854
Buckhorn
Park
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
07/18/34
....................
USD
9,000
8,819,889
Series
2019-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
07/18/34
....................
2,500
2,340,494
Canyon
Capital
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.16%,
07/15/31
....................
1,500
1,440,831
Series
2016-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
10/15/31
....................
1,250
1,216,186
Series
2017-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
07/15/30
....................
5,000
4,897,287
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.18%,
04/15/35
....................
2,000
1,885,675
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.16%,
07/15/31
....................
1,000
958,342
Series
2020-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
07/15/34
....................
1,000
954,549
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.41%,
07/15/34
....................
1,000
909,715
Series
2020-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.50%
Floor
+
2.50%),
7.76%,
01/15/34
....................
1,000
974,529
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
BR,
(3-mo.
LIBOR
USD
+
1.85%),
7.15%,
04/30/31
(a)(b)
....................
1,000
975,158
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
04/20/31
....................
2,700
2,644,706
Series
2019-3A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.95%,
10/20/32
....................
5,000
4,876,530
Series
2019-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.30%
Floor
+
2.30%),
7.55%,
10/20/32
....................
4,000
3,911,131
Carrington
Mortgage
Loan
Trust,
Series
2006-
FRE1,
Class
A4,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.25%),
5.40%,
04/25/36
(a)
2,876
2,511,943
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
LIBOR
USD
+
2.89%),
8.15%,
07/16/31
(a)(b)
....................
1,995
1,870,884
CarVal
CLO
III
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.20%,
07/20/32
(a)(b)
.........
7,000
6,828,960
CarVal
CLO
IV
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.00%,
07/20/34
....................
6,500
6,320,049
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.50%,
07/20/34
....................
USD
5,000
$
4,647,402
CarVal
CLO
VC
Ltd.
(a)(b)
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.46%,
10/15/34
....................
2,000
1,941,110
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.51%,
10/15/34
....................
3,000
2,877,040
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
+
3.70%),
8.95%,
04/20/29
(a)(b)
....................
1,000
959,977
CBAM
Ltd.
(a)(b)
Series
2017-1A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.25%),
6.50%,
07/20/30
....
932
928,989
Series
2020-13A,
Class
A,
(3-mo.
LIBOR
USD
at
1.43%
Floor
+
1.43%),
6.68%,
01/20/34
....................
4,000
3,968,944
Cedar
Funding
IV
CLO
Ltd.,
Series
2014-4A,
Class
BRR,
(3-mo.
LIBOR
USD
+
1.65%),
6.92%,
07/23/34
(a)(b)
...............
5,000
4,885,662
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)(b)
.......
3,950
1,653,991
Cedar
Funding
V
CLO
Ltd.,
Series
2016-5A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
07/17/31
(a)(b)
....
1,750
1,732,832
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
DRR,
(3-mo.
LIBOR
USD
at
3.31%
Floor
+
3.31%),
8.56%,
04/20/34
(a)(b)
....
1,950
1,793,384
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(3-mo.
EURIBOR
at
5.61%
Floor
+
5.61%),
8.79%,
01/15/34
(a)(c)
....
EUR
200
196,707
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
A2RR,
(3-mo.
LIBOR
USD
at
1.30%
Floor
+
1.30%),
6.59%,
04/27/31
....................
USD
1,700
1,680,439
Series
2013-4A,
Class
DRR,
(3-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.09%,
04/27/31
....................
1,000
944,472
Series
2014-2RA,
Class
A3,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.17%,
04/24/30
....................
500
487,114
Series
2014-3A,
Class
CR2,
(3-mo.
LIBOR
USD
+
2.35%),
7.62%,
10/22/31
....
1,000
978,708
Series
2015-1A,
Class
CRR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.17%,
01/22/31
....................
1,000
966,646
Series
2016-1A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
10/21/31
....................
7,000
6,908,357
Series
2017-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.47%,
07/20/30
....................
3,251
3,241,271
Series
2017-5A,
Class
B,
(3-mo.
LIBOR
USD
+
1.85%),
7.11%,
11/16/30
.....
500
482,318
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
+
1.40%),
6.66%,
04/18/31
....
1,000
984,155
Series
2018-4A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.41%,
10/17/31
....................
2,700
2,689,202
Series
2018-4A,
Class
B,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
10/17/31
....................
2,000
1,960,680
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-5A,
Class
A2RS,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
01/15/35
....................
USD
2,200
$
2,190,378
Series
2019-6A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.33%
Floor
+
1.33%),
6.59%,
01/16/33
....................
8,500
8,455,902
Series
2019-6A,
Class
D,
(3-mo.
LIBOR
USD
at
3.95%
Floor
+
3.95%),
9.21%,
01/16/33
....................
1,150
1,126,087
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
04/25/33
....................
10,500
10,125,694
Series
2021-3A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.26%,
07/15/36
....................
1,500
1,396,258
Series
2021-6A,
Class
A,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
6.40%,
10/15/34
....................
600
588,600
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH2,
Class
M3,
(1-mo.
LIBOR
USD
at
0.47%
Floor
+
0.47%),
5.62%,
08/25/36
(a)
2,886
2,573,498
Clear
Creek
CLO
(a)(b)
Series
2015-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.45%,
10/20/30
....................
5,765
5,709,384
Series
2015-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
10/20/30
....................
3,000
2,956,540
Conseco
Finance
Corp.
(a)
Series
1996-5,
Class
M1,
8.05%,
07/15/27
309
307,882
Series
1997-7,
Class
M1,
7.03%,
07/15/28
1,639
1,528,050
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(3-mo.
EURIBOR
at
6.01%
Floor
+
6.01%),
9.22%,
01/24/34
(a)(c)
...............
EUR
472
459,994
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2007-CB6,
Class
A4,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.49%,
07/25/37
(a)(b)
...............
USD
1,247
813,992
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
6.68%,
12/15/34
(a)(c)
....
EUR
200
194,605
CVC
Cordatus
Loan
Fund
XXVII
DAC,
Series
27X,
Class
D2,
10.36%,
04/15/35
(a)(c)
....
400
431,971
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.43%,
10/20/30
(a)(b)
.........
USD
832
826,640
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
07/18/30
(a)(b)
....
2,000
1,925,781
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.51%,
07/15/30
(a)(b)
........
1,000
964,607
Dryden
61
CLO
Ltd.,
Series
2018-61A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
01/17/32
(a)(b)
.........
8,000
7,827,218
Dryden
70
CLO
Ltd.,
Series
2018-70A,
Class
D,
(3-mo.
LIBOR
USD
at
3.75%
Floor
+
3.75%),
9.01%,
01/16/32
(a)(b)
.........
1,000
912,944
Dryden
86
CLO
Ltd.,
Series
2020-86A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.46%,
07/17/34
(a)(b)
.........
6,000
5,497,462
Dryden
Senior
Loan
Fund,
Series
2017-47A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
04/15/28
(a)(b)
....
5,250
5,164,627
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
CR,
(3-mo.
LIBOR
USD
+
1.85%),
7.11%,
04/15/29
(a)(b)
.........
USD
6,000
$
5,888,194
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
B1LR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.47%,
08/15/30
(a)(b)
1,500
1,431,654
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
B3R,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.41%,
01/15/34
....................
3,500
3,400,211
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.46%,
10/15/30
....................
1,000
970,733
Series
2019-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
04/15/31
....................
2,500
2,474,177
Series
2020-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
10/15/34
....................
3,500
3,371,289
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.36%,
10/15/34
....................
3,000
2,784,834
Elevation
CLO
Ltd.,
Series
2017-8A,
Class
C,
(3-mo.
LIBOR
USD
+
2.05%),
7.31%,
10/25/30
(a)(b)
....................
3,000
2,919,979
Elmwood
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.70%,
10/20/33
....................
2,500
2,485,516
Series
2019-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
4.40%
Floor
+
4.40%),
9.65%,
10/20/33
....................
2,000
1,997,856
Elmwood
CLO
IV
Ltd.
(a)(b)
Series
2020-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
04/15/33
....................
1,250
1,227,948
Series
2020-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.41%,
04/15/33
....................
5,500
5,351,287
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.15%,
07/20/34
(a)(b)
.........
1,500
1,458,006
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.35%,
10/20/34
(a)(b)
.........
2,000
1,933,462
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
A,
(3-mo.
LIBOR
USD
at
1.39%
Floor
+
1.39%),
6.65%,
01/17/34
(a)(b)
.........
2,000
1,983,550
Elmwood
CLO
XI
Ltd.,
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.20%,
10/20/34
(a)(b)
.........
2,000
1,910,706
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-
1X,
Class
D,
0.00%,
08/15/36
(a)(c)
......
EUR
238
259,706
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2006-FF9,
Class
2A4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
0.50%),
5.65%,
06/25/36
....................
USD
1,450
1,278,822
Series
2006-FF13,
Class
A1,
(1-mo.
LIBOR
USD
at
0.24%
Floor
+
0.24%),
5.39%,
10/25/36
....................
3,163
2,091,713
Series
2006-FF13,
Class
A2C,
(1-mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.47%,
10/25/36
...............
1,855
1,235,867
Series
2006-FF17,
Class
A5,
(1-mo.
LIBOR
USD
at
0.15%
Floor
+
0.15%),
5.30%,
12/25/36
....................
2,305
2,084,703
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-FFH1,
Class
M1,
(1-mo.
LIBOR
USD
at
0.56%
Floor
+
0.56%),
5.71%,
01/25/36
....................
USD
5,087
$
4,825,339
FirstKey
Homes
Trust
(b)
Series
2022-SFR1,
Class
E1,
5.00%,
05/17/39
....................
6,000
5,563,029
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
....................
6,382
5,686,361
Flatiron
CLO
17
Ltd.
(a)(b)
Series
2017-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
0.98%
Floor
+
0.98%),
6.30%,
05/15/30
....................
2,286
2,267,666
Series
2017-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.22%,
05/15/30
....................
1,000
966,675
Flatiron
CLO
20
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.79%
Floor
+
3.79%),
9.17%,
11/20/33
(a)(b)
.........
1,000
981,223
Flatiron
CLO
21
Ltd.
(a)(b)
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.12%,
07/19/34
....................
2,000
1,939,514
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.17%,
07/19/34
....................
2,500
2,425,898
FRTKL,
Series
2021-SFR1,
Class
F,
3.17%,
09/17/38
(b)
.....................
2,900
2,454,272
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
7.99%,
10/19/39
(a)(b)
.........
8,500
8,504,740
Galaxy
XX
CLO
Ltd.,
Series
2015-20A,
Class
D1R,
(3-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
7.85%,
04/20/31
(a)(b)
.........
1,800
1,642,432
Galaxy
XXIV
CLO
Ltd.,
Series
2017-24A,
Class
C,
(3-mo.
LIBOR
USD
+
1.70%),
6.96%,
01/15/31
(a)(b)
....................
500
481,561
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(3-mo.
LIBOR
USD
at
1.02%
Floor
+
1.02%),
6.34%,
05/16/31
(a)(b)
........
3,000
2,954,795
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(3-
mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.42%,
01/22/31
(a)(b)
...............
7,608
7,526,864
Generate
CLO
3
Ltd.,
Series
3A,
Class
DR,
(3-mo.
LIBOR
USD
+
3.60%),
8.85%,
10/20/29
(a)(b)
....................
2,000
1,967,281
Generate
CLO
6
Ltd.,
Series
6A,
Class
CR,
(3-
mo.
LIBOR
USD
at
2.45%
Floor
+
2.45%),
7.72%,
01/22/35
(a)(b)
...............
1,000
959,799
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.37%
Floor
+
1.37%),
6.64%,
01/22/33
(a)(b)
.........
3,000
2,946,628
Generate
CLO
9
Ltd.
(a)(b)
Series
9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.00%,
10/20/34
8,500
8,185,773
Series
9A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.50%,
10/20/34
3,000
2,845,730
Series
9A,
Class
D,
(3-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.60%,
10/20/34
3,000
2,714,523
Series
9A,
Class
E,
(3-mo.
LIBOR
USD
at
6.85%
Floor
+
6.85%),
12.10%,
10/20/34
1,000
922,797
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.45%,
10/15/30
(a)(b)
.........
2,250
2,233,017
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
04/20/34
(a)(b)
....................
USD
9,500
$
9,193,484
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
B,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
07/20/34
(a)(b)
...............
1,000
991,215
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
AJ,
(3-mo.
LIBOR
USD
+
1.30%),
6.55%,
04/20/30
(a)(b)
....
2,000
1,963,387
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.27%,
04/24/31
(a)(b)
....................
1,000
967,697
GoldenTree
Loan
Management
US
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.30%,
10/20/32
....................
2,000
1,957,046
Series
2019-5A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.40%,
10/20/32
....................
1,000
950,327
GoldenTree
Loan
Management
US
CLO
6
Ltd.,
Series
2019-6A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.85%,
04/20/35
(a)(b)
...............
800
784,710
GoldenTree
Loan
Opportunities
IX
Ltd.,
Series
2014-9A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.90%,
10/29/29
(a)(b)
900
895,793
GoldenTree
Loan
Opportunities
X
Ltd.
(a)(b)
Series
2015-10A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.37%,
07/20/31
....................
3,300
3,287,493
Series
2015-10A,
Class
C1R,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.35%,
07/20/31
....................
1,000
976,247
GoldentTree
Loan
Management
US
CLO
1
Ltd.
(a)(b)
Series
2021-11A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.20%,
10/20/34
....................
3,000
2,899,385
Series
2021-11A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.25%,
10/20/34
....................
1,000
926,163
Golub
Capital
Partners
CLO
41B-R
Ltd.,
Series
2019-41A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.32%
Floor
+
1.32%),
6.57%,
01/20/34
(a)(b)
2,500
2,483,712
Golub
Capital
Partners
CLO
52B
Ltd.,
Series
2020-52A,
Class
C,
(3-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.05%,
01/20/34
(a)(b)
2,000
1,982,628
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
07/20/34
(a)(b)
5,915
5,728,772
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
D,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.45%,
07/20/34
(a)(b)
2,500
2,323,673
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.44%,
01/25/35
(a)(b)
1,000
985,459
Greene
King
Finance
plc
(a)
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
6.86%,
12/15/34
..
GBP
100
93,679
Series
B2,  (Sterling
Overnight
Index
Average
+
2.20%),
7.13%,
03/15/36
(c)
.
100
93,949
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Greenpoint
Manufactured
Housing,
Series
2000-1,
Class
A4,
8.14%,
03/20/30
(a)
....
USD
4,506
$
3,237,052
Greywolf
CLO
II
Ltd.,
Series
2013-1A,
Class
B1RR,
(3-mo.
LIBOR
USD
at
2.30%
Floor
+
2.30%),
7.56%,
04/15/34
(a)(b)
.........
1,500
1,401,689
Greywolf
CLO
III
Ltd.
(a)(b)
Series
2020-3RA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
7.78%,
04/15/33
...............
3,000
2,945,548
Series
2020-3RA,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.68%,
04/15/33
...............
1,000
927,772
Greywolf
CLO
V
Ltd.,
Series
2015-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.26%,
01/27/31
(a)(b)
.........
450
410,488
Grippen
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.30%
Floor
+
2.30%),
7.55%,
01/20/30
(a)(b)
.........
1,000
981,122
GSAA
Home
Equity
Trust
(a)
Series
2005-14,
Class
1A2,
(1-mo.
LIBOR
USD
at
0.70%
Floor
+
0.70%),
5.85%,
12/25/35
....................
1,025
433,736
Series
2006-4,
Class
1A1,
3.63%,
03/25/36
2,631
1,883,459
Series
2006-5,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.51%,
03/25/36
....................
3,505
1,102,210
Series
2006-18,
Class
AF6,
6.18%,
11/25/36
(d)
...................
3,282
779,783
GSAMP
Trust
(a)
Series
2006-FM3,
Class
A1,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.29%,
11/25/36
....................
6,503
3,044,043
Series
2006-HE6,
Class
A4,
(1-mo.
LIBOR
USD
at
0.48%
Floor
+
0.48%),
5.63%,
08/25/36
....................
1,395
1,096,758
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
2.10%),
7.37%,
07/28/31
(a)(b)
...............
1,000
991,956
Gulf
Stream
Meridian
1
Ltd.
(a)(b)
Series
2020-IA,
Class
A1,
(3-mo.
LIBOR
USD
at
1.37%
Floor
+
1.37%),
6.63%,
04/15/33
....................
7,500
7,398,133
Series
2020-IA,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
04/15/33
....................
2,000
1,937,251
Gulf
Stream
Meridian
4
Ltd.
(a)(b)
Series
2021-4A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.46%,
07/15/34
....................
7,000
6,910,169
Series
2021-4A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.11%,
07/15/34
....................
1,250
1,224,520
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.75%,
11/30/32
(a)(b)
.........
11,000
10,888,251
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.40%,
04/20/34
(a)(b)
.........
1,750
1,655,307
Halseypoint
CLO
5
Ltd.
(a)(b)
Series
2021-5A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.10%,
01/30/35
....................
3,500
3,355,776
Series
2021-5A,
Class
D,
(3-mo.
LIBOR
USD
at
3.50%
Floor
+
3.50%),
8.80%,
01/30/35
....................
3,000
2,720,954
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
HalseyPoint
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
A1A1,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.60%,
01/20/33
....................
USD
11,050
$
10,878,841
Series
2019-1A,
Class
B1,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.45%,
01/20/33
....................
2,500
2,407,495
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(3-mo.
EURIBOR
at
5.57%
Floor
+
5.57%),
8.75%,
10/15/31
(a)(c)
...............
EUR
235
233,827
Henley
CLO
IV
DAC,
Series
4X,
Class
E,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.51%,
04/25/34
(a)(c)
...............
300
285,253
Highbridge
Loan
Management
Ltd.,
Series
12A-
18,
Class
B,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.11%,
07/18/31
(a)(b)
....
USD
1,000
982,516
Home
Partners
of
America
Trust,
Series
2021-
2,
Class
F,
3.80%,
12/17/26
(b)
.........
9,644
8,299,506
HPS
Loan
Management
Ltd.,
Series
8A-2016,
Class
CR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.20%,
07/20/30
(a)(b)
....
1,000
974,759
Invesco
CLO
Ltd.
(a)(b)
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.16%,
07/15/34
....................
500
467,816
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.85%,
04/20/35
....................
3,125
3,036,277
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
7.20%,
04/20/35
....................
5,000
4,749,253
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.10%,
04/20/35
....................
2,550
2,359,787
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(3-mo.
EURIBOR
at
8.07%
Floor
+
8.07%),
11.25%,
07/15/32
(a)(c)
..............
EUR
204
198,216
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(1-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.25%,
01/17/38
(a)(b)
........
USD
2,727
2,723,767
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M7,
(1-mo.
LIBOR
USD
at
0.80%
Floor
+
0.80%),
5.95%,
07/25/36
(a)
2,975
2,536,852
KKR
CLO
18
Ltd.,
Series
18,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
07/18/30
(a)(b)
...............
8,050
7,824,356
KKR
CLO
27
Ltd.
(a)(b)
Series
27A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
6.84%,
10/15/32
....................
4,250
4,156,548
Series
27A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.24%,
10/15/32
....................
1,450
1,396,171
KKR
CLO
35
Ltd.,
Series
35A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.95%,
10/20/34
(a)(b)
...............
3,657
3,548,968
KKR
CLO
41
Ltd.,
Series
2022-41A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
8.24%,
04/15/35
(a)(b)
.........
5,250
4,773,703
KKR
CLO
Ltd.,
Series
22A,
Class
D,
(3-mo.
LIBOR
USD
+
3.10%),
8.35%,
07/20/31
(a)(b)
1,200
1,128,076
LCM
XXV
Ltd.,
Series
25A,
Class
B2,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
07/20/30
(a)(b)
...............
350
341,293
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(1-mo.
LIBOR
USD
at
1.15%
Floor
+
2.30%),
7.45%,
12/25/37
(a)
..........
USD
6,135
$
6,207,408
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2005-3,
Class
1A,
(1-mo.
LIBOR
USD
at
0.52%
Floor
+
0.52%),
5.67%,
08/25/45
....................
1,655
1,579,024
Series
2006-4,
Class
1A,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.45%,
05/25/36
....................
21,451
12,304,632
Series
2006-6,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.45%,
07/25/36
....................
5,798
2,306,415
Series
2006-7,
Class
1A,
(1-mo.
LIBOR
USD
at
0.31%
Floor
+
0.31%),
5.46%,
08/25/36
....................
6,434
3,426,337
Series
2006-WL3,
Class
2A4,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
5.75%,
01/25/36
....................
1,421
1,270,400
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(3-
mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
8.86%,
01/15/33
(a)(b)
...............
2,250
2,123,652
Madison
Park
Funding
XX
Ltd.
(a)(b)
Series
2016-20A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.19%,
07/27/30
....................
4,080
4,015,163
Series
2016-20A,
Class
DR,
(3-mo.
LIBOR
USD
+
3.00%),
8.29%,
07/27/30
....
1,315
1,239,276
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-
29A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.46%,
10/18/30
(a)(b)
....
5,450
5,324,588
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
LIBOR
USD
+
1.20%),
6.50%,
07/29/30
(a)(b)
.........
3,457
3,445,824
Madison
Park
Funding
XXVII
Ltd.
(a)(b)
Series
2018-27A,
Class
B,
(3-mo.
LIBOR
USD
+
1.80%),
7.05%,
04/20/30
....
1,600
1,559,715
Series
2018-27A,
Class
C,
(3-mo.
LIBOR
USD
+
2.60%),
7.85%,
04/20/30
....
1,000
945,116
Madison
Park
Funding
XXXI
Ltd.
(a)(b)
Series
2018-31A,
Class
C,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.42%,
01/23/31
....................
600
588,802
Series
2018-31A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.27%,
01/23/31
....................
750
725,279
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.79%,
10/15/32
...............
6,000
5,836,398
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.19%,
10/15/32
...............
4,750
4,641,289
Series
2019-33A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.09%,
10/15/32
...............
2,000
1,899,716
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.76%,
12/18/30
(a)(b)
........
1,500
1,445,618
Margay
CLO
I
DAC,
Series
1X,
Class
D,
10.25%,
07/15/36
(a)(c)
..............
EUR
100
108,303
Marino
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.67%
Floor
+
5.67%),
8.85%,
01/16/34
(a)(c)
...............
100
97,893
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
MASTR
Asset-Backed
Securities
Trust,
Series
2006-AM2,
Class
A4,
(1-mo.
LIBOR
USD
at
0.52%
Floor
+
0.52%),
5.67%,
06/25/36
(a)(b)
USD
1,948
$
1,704,295
MF1
Ltd.,
Series
2021-FL7,
Class
A,
(1-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
6.24%,
10/16/36
(a)(b)
...............
3,050
2,973,750
Milos
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
6.80%,
10/20/30
....................
5,862
5,757,339
Series
2017-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.15%,
10/20/30
....................
2,000
1,942,551
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-1XS,
Class
2A3,
6.42%,
09/25/46
(a)(d)
602
141,307
Neuberger
Berman
CLO
XVIII
Ltd.
(a)(b)
Series
2014-18A,
Class
BR2,
(3-mo.
LIBOR
USD
+
2.15%),
7.41%,
10/21/30
....
1,500
1,455,639
Series
2014-18A,
Class
CR2,
(3-mo.
LIBOR
USD
+
3.00%),
8.26%,
10/21/30
....
1,250
1,144,418
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
ERR,
(3-mo.
LIBOR
USD
at
6.50%
Floor
+
6.50%),
11.76%,
07/15/34
(a)(b)
2,600
2,366,176
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-21A,
Class
DR2,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.55%,
04/20/34
(a)
(b)
...........................
1,000
949,217
Neuberger
Berman
CLO
XXII
Ltd.
(a)(b)
Series
2016-22A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
10/17/30
....................
800
796,226
Series
2016-22A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.46%,
10/17/30
....................
1,000
978,184
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.
(a)(b)
Series
2017-26A,
Class
C,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
10/18/30
....................
2,000
1,944,531
Series
2017-26A,
Class
D,
(3-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
7.91%,
10/18/30
....................
3,250
3,068,627
Neuberger
Berman
Loan
Advisers
CLO
27
Ltd.,
Series
2018-27A,
Class
D,
(3-mo.
LIBOR
USD
+
2.60%),
7.86%,
01/15/30
(a)(b)
....
1,000
942,843
Neuberger
Berman
Loan
Advisers
CLO
29
Ltd.,
Series
2018-29A,
Class
D,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.36%,
10/19/31
(a)(b)
....................
500
469,861
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.34%
Floor
+
1.34%),
6.60%,
01/19/33
(a)(b)
....................
8,450
8,395,793
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
07/20/31
(a)(b)
....................
1,563
1,535,986
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
C,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
04/16/33
(a)(b)
....................
1,000
979,429
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.,
Series
2021-45A,
Class
A,
(3-mo.
LIBOR
USD
at
1.13%
Floor
+
1.13%),
6.38%,
10/14/35
(a)(b)
....................
12,250
12,017,250
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.52%
Floor
+
5.52%),
8.70%,
04/17/34
(a)
(c)
...........................
EUR
188
$
183,332
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
(b)
..
USD
5,006
4,066,660
Newark
BSL
CLO
1
Ltd.,
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.44%,
12/21/29
(a)(b)
....
4,380
4,360,823
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(3-mo.
EURIBOR
at
5.66%
Floor
+
5.66%),
8.98%,
05/15/34
(a)(c)
....
EUR
100
91,207
NYACK
Park
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.37%,
10/20/34
....................
USD
4,418
4,342,709
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.20%,
10/20/34
....................
2,500
2,399,931
Oakwood
Mortgage
Investors,
Inc.
Series
1998-D,
Class
M1,
7.42%,
01/15/29
(b)
435
411,220
Series
1999-C,
Class
A2,
7.48%,
08/15/27
2,328
1,900,318
Series
2001-D,
Class
A3,
5.90%,
12/15/22
(a)
309
151,936
Series
2002-B,
Class
A4,
7.09%,
06/15/32
(a)
4
4,194
OCP
CLO
Ltd.
(a)(b)
Series
2014-5A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.17%,
04/26/31
....................
3,100
2,822,518
Series
2014-6A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.26%
Floor
+
1.26%),
6.52%,
10/17/30
....................
10,800
10,750,555
Series
2014-6A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.72%
Floor
+
1.72%),
6.98%,
10/17/30
....................
7,500
7,389,135
Series
2015-10A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.32%,
01/26/34
....................
3,700
3,557,126
Series
2015-10A,
Class
DR2,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.22%,
01/26/34
....................
2,000
1,838,123
Series
2016-11A,
Class
A1AR,
(3-mo.
LIBOR
USD
at
1.27%
Floor
+
1.27%),
6.54%,
10/26/30
...............
956
952,237
Series
2018-15A,
Class
A3,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.95%,
07/20/31
....................
1,000
992,743
Series
2019-16A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.06%,
04/10/33
....................
2,500
2,403,145
Series
2019-17A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.25%,
07/20/32
....................
6,000
5,831,991
Series
2019-17A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.35%,
07/20/32
....................
1,500
1,386,344
Series
2020-19A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.35%,
10/20/34
....................
7,500
7,140,807
Series
2020-19A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.40%,
10/20/34
....................
1,000
913,768
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-22A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.30%,
12/02/34
....................
USD
4,500
$
4,324,177
Series
2021-22A,
Class
D,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.35%,
12/02/34
....................
1,250
1,144,684
OCP
Euro
CLO
DAC
(a)(c)
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.18%,
01/15/32
....................
EUR
298
298,827
Series
2017-2X,
Class
F,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
9.58%,
01/15/32
....................
200
189,310
Octagon
Investment
Partners
26
Ltd.
(a)(b)
Series
2016-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
07/15/30
....................
USD
6,000
5,895,550
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
07/15/30
....................
2,250
2,146,946
Series
2016-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.11%,
07/15/30
....................
1,250
1,098,920
Octagon
Investment
Partners
27
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
2.10%),
7.36%,
07/15/30
(a)(b)
.........
1,500
1,448,472
Octagon
Investment
Partners
28
Ltd.,
Series
2016-1A,
Class
C1R,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.52%,
10/24/30
(a)(b)
4,000
3,896,530
Octagon
Investment
Partners
29
Ltd.,
Series
2016-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.37%,
01/24/33
(a)(b)
1,532
1,364,621
Octagon
Investment
Partners
34
Ltd.,
Series
2017-1A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.65%,
01/20/30
(a)(b)
2,000
1,954,052
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
7.85%,
01/20/31
(a)(b)
1,000
891,359
Octagon
Investment
Partners
40
Ltd.
(a)(b)
Series
2019-1A,
Class
C1R,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.40%,
01/20/35
....................
3,000
2,901,314
Series
2019-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.60%,
01/20/35
....................
3,000
2,657,603
Octagon
Investment
Partners
41
Ltd.
(a)(b)
Series
2019-2A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
10/15/33
....................
8,500
8,285,413
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.41%,
10/15/33
....................
3,800
3,709,582
Series
2019-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.46%,
10/15/33
....................
4,250
3,962,350
Octagon
Loan
Funding
Ltd.
(a)(b)
Series
2014-1A,
Class
ARR,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.53%,
11/18/31
....................
13,212
13,092,075
Series
2014-1A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.05%,
11/18/31
....................
1,500
1,479,057
Series
2014-1A,
Class
CRR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.55%,
11/18/31
....................
1,000
967,795
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
8.63%,
07/19/33
(a)(b)
....
USD
1,000
$
965,463
OHA
Credit
Funding
2
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.46%,
04/21/34
....................
1,500
1,459,975
Series
2019-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.56%,
04/21/34
....................
1,000
953,700
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
6.39%,
07/02/35
(a)(b)
....
2,000
1,971,896
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.40%,
07/20/34
(a)(b)
....
1,000
954,735
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.28%,
02/20/34
(a)(b)
....
5,970
5,764,582
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.20%,
01/20/32
(a)(b)
....
400
380,786
OHA
Credit
Partners
XIV
Ltd.
(a)(b)
Series
2017-14A,
Class
B,
(3-mo.
LIBOR
USD
+
1.50%),
6.76%,
01/21/30
....
1,000
980,054
Series
2017-14A,
Class
C,
(3-mo.
LIBOR
USD
+
1.80%),
7.06%,
01/21/30
....
1,500
1,463,282
OHA
Credit
Partners
XVI,
Series
2021-16A,
Class
A,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.41%,
10/18/34
(a)(b)
........
13,500
13,319,478
OHA
Loan
Funding
Ltd.
(a)(b)
Series
2015-1A,
Class
DR3,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.47%,
01/19/37
....................
4,750
4,468,143
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
1.95%),
7.20%,
01/20/33
....
2,250
2,169,059
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.11%,
10/17/31
....................
2,950
2,841,017
Series
2014-1A,
Class
A2R2,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.71%,
01/17/31
....................
6,650
6,574,148
Series
2014-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
7.91%,
01/17/31
....................
2,100
1,993,044
Series
2015-1A,
Class
CR4,
(3-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.23%,
05/21/34
....................
4,100
3,836,960
Series
2015-2A,
Class
A1R2,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.35%,
07/20/30
....................
6,740
6,695,331
Series
2015-2A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.00%,
07/20/30
....................
1,400
1,345,318
Series
2018-1A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
6.71%,
04/18/31
....................
10,000
9,910,082
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
04/18/31
....................
2,000
1,950,540
Series
2018-2A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
07/16/31
....................
1,000
989,072
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-1A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.47%,
11/14/34
....................
USD
7,000
$
6,893,530
Series
2019-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.02%,
11/14/34
....................
7,000
6,933,980
Series
2019-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.32%,
11/14/34
....................
2,500
2,435,546
Series
2019-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.37%,
11/14/34
....................
3,750
3,513,897
Series
2020-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.27%,
11/15/31
....................
2,000
1,976,307
Series
2020-3A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.27%,
11/15/31
....................
1,500
1,429,950
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.95%,
04/20/34
....................
7,000
6,734,610
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
07/15/34
....................
2,000
1,931,109
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.16%,
07/15/34
....................
4,000
3,818,262
Series
2021-3A,
Class
B,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
01/15/35
....................
7,000
6,892,661
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.21%,
01/15/35
....................
5,000
4,861,180
Series
2021-3A,
Class
D,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.21%,
01/15/35
....................
2,000
1,919,294
Series
2021-4A,
Class
B,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
10/15/34
....................
7,250
7,161,610
Series
2021-4A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.21%,
10/15/34
....................
4,850
4,719,048
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.21%,
10/15/34
....................
7,000
6,570,837
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
6.85%,
04/20/35
....................
1,000
974,132
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.10%,
04/20/35
....................
3,500
3,368,591
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.10%,
04/20/35
....................
3,250
3,035,264
Palmer
Square
European
CLO
DAC,
Series
2023-1X,
Class
D,
10.05%,
07/15/36
(a)(c)
.
EUR
276
297,496
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.19%,
08/23/31
....................
USD
2,600
2,534,043
Series
2018-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
10/20/31
....................
4,700
4,550,821
Series
2019-1A,
Class
C,
(3-mo.
LIBOR
USD
at
3.85%
Floor
+
3.85%),
9.17%,
05/15/32
....................
2,500
2,248,902
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.51%,
07/15/34
....................
USD
6,000
$
5,845,898
Pikes
Peak
CLO
2
(a)(b)
Series
2018-2A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
10/18/34
....................
5,000
4,782,515
Series
2018-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.51%,
10/18/34
....................
2,350
2,252,292
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.05%,
05/18/34
(a)(b)
.........
1,000
988,445
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.00%,
07/20/34
(a)(b)
.........
2,000
1,983,584
Pikes
Peak
CLO
9,
Series
2021-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.04%,
10/27/34
(a)(b)
.........
7,000
6,920,915
Post
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
10/15/34
....................
10,000
9,726,482
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.46%,
10/15/34
....................
3,500
3,321,179
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.56%,
10/15/34
....................
1,200
1,075,736
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.25%,
04/20/35
....................
1,750
1,623,290
PPM
CLO
4
Ltd.
(a)(b)
Series
2020-4A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.45%,
10/18/34
....................
6,000
5,924,702
Series
2020-4A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.91%,
10/18/34
....................
3,000
2,905,394
Series
2020-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
10/18/34
....................
1,250
1,180,242
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)(e)
..
2,437
2,249,457
Progress
Residential
Trust
(b)
Series
2019-SFR3,
Class
F,
3.87%,
09/17/36
....................
3,000
2,868,102
Series
2019-SFR4,
Class
E,
3.44%,
10/17/36
....................
12,500
11,861,135
Series
2020-SFR1,
Class
F,
3.43%,
04/17/37
....................
5,500
5,115,693
Series
2020-SFR1,
Class
G,
4.03%,
04/17/37
....................
3,500
3,255,087
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
....................
8,478
7,157,379
Series
2021-SFR10,
Class
G,
4.86%,
12/17/40
....................
5,984
4,972,731
Series
2021-SFR8,
Class
F,
3.18%,
10/17/38
....................
22,000
18,762,170
Series
2021-SFR8,
Class
G,
4.01%,
10/17/38
....................
10,000
8,544,705
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
....................
2,000
1,922,116
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Rad
CLO
2
Ltd.
(a)(b)
Series
2018-2A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
6.34%,
10/15/31
....................
USD
5,375
$
5,314,352
Series
2018-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.76%,
10/15/31
....................
5,000
4,937,131
Rad
CLO
3
Ltd.
(a)(b)
Series
2019-3A,
Class
A,
(3-mo.
LIBOR
USD
at
1.48%
Floor
+
1.48%),
6.74%,
04/15/32
....................
15,500
15,471,424
Series
2019-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
6.81%,
04/15/32
....................
4,000
3,957,725
Rad
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.97%,
07/24/32
....................
3,000
2,972,472
Series
2019-5A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.42%,
07/24/32
....................
3,500
3,296,839
Rad
CLO
9
Ltd.,
Series
2020-9A,
Class
A1,
(3-
mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.66%,
01/15/34
(a)(b)
...............
1,250
1,246,158
Rad
CLO
10
Ltd.
(a)(b)
Series
2021-10A,
Class
C,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.02%,
04/23/34
....................
3,750
3,617,445
Series
2021-10A,
Class
D,
(3-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.02%,
04/23/34
....................
2,000
1,816,353
Rad
CLO
12
Ltd.
(a)(b)
Series
2021-12A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.35%,
10/30/34
....................
1,375
1,301,347
Series
2021-12A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.35%,
10/30/34
....................
3,375
3,072,462
Rad
CLO
14
Ltd.
(a)(b)
Series
2021-14A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.26%,
01/15/35
....................
3,500
3,380,463
Series
2021-14A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.26%,
01/15/35
....................
1,000
901,824
Rad
CLO
15
Ltd.
(a)(b)
Series
2021-15A,
Class
B,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
01/20/34
....................
7,000
6,916,458
Series
2021-15A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.30%,
01/20/34
....................
1,650
1,598,977
Series
2021-15A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.30%,
01/20/34
....................
2,900
2,669,551
Regatta
Funding
LP,
Series
2013-2A,
Class
CR2,
(3-mo.
LIBOR
USD
+
3.70%),
8.96%,
01/15/29
(a)(b)
....................
4,500
4,427,486
Regatta
IX
Funding
Ltd.
(a)(b)
Series
2017-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
04/17/30
....................
10,000
9,998,589
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.45%
Floor
+
2.45%),
7.71%,
04/17/30
....................
1,000
1,000,538
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.40%,
04/20/34
(a)(b)
.........
USD
1,000
$
986,360
Regatta
VII
Funding
Ltd.
(a)(b)
Series
2016-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.56%,
06/20/34
....................
750
737,203
Series
2016-1A,
Class
DR2,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.56%,
06/20/34
....................
2,000
1,902,396
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.51%,
10/17/30
(a)(b)
........
3,157
3,149,105
Regatta
X
Funding
Ltd.,
Series
2017-3A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
01/17/31
(a)(b)
.........
1,500
1,457,304
Regatta
XII
Funding
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.36%,
10/15/32
....................
10,000
9,925,341
Series
2019-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.36%,
10/15/32
....................
1,000
954,247
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
LIBOR
USD
+
2.10%),
7.36%,
07/15/31
(a)(b)
...............
1,250
1,227,972
Regatta
XV
Funding
Ltd.,
Series
2018-4A,
Class
C,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.56%,
10/25/31
(a)(b)
........
1,000
956,588
Regatta
XVI
Funding
Ltd.
(a)(b)
Series
2019-2A,
Class
B,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
01/15/33
....................
6,700
6,646,596
Series
2019-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.90%
Floor
+
3.90%),
9.16%,
01/15/33
....................
1,000
976,276
Regatta
XVII
Funding
Ltd.,
Series
2020-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.55%
Floor
+
2.55%),
7.81%,
10/15/33
(a)(b)
........
500
497,333
Regatta
XXIII
Funding
Ltd.
(a)(b)
Series
2021-4A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.30%,
01/20/35
....................
3,000
2,912,990
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.30%,
01/20/35
....................
2,000
1,935,249
Riserva
CLO
Ltd.
(a)(b)
Series
2016-3A,
Class
CRR,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
01/18/34
....................
1,000
942,689
Series
2016-3A,
Class
DRR,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.51%,
01/18/34
....................
1,250
1,141,444
Rockfield
Park
CLO
DAC
(a)(c)
Series
1X,
Class
C,
6.18%,
07/16/34
...
EUR
400
397,287
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.95%
Floor
+
5.95%),
9.13%,
07/16/34
357
347,492
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR2A,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
6.90%,
04/20/34
....................
USD
3,500
3,375,471
Series
2017-3A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
10/20/30
....................
2,300
2,240,241
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.72%
Floor
+
1.72%),
7.10%,
05/20/31
....................
USD
1,000
$
975,660
Series
2018-2A,
Class
A,
(3-mo.
LIBOR
USD
at
1.16%
Floor
+
1.16%),
6.41%,
10/20/31
....................
3,500
3,469,305
Series
2018-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.05%,
10/20/31
....................
1,125
1,095,481
Series
2018-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.45%,
10/20/31
....................
700
681,302
Series
2018-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.35%,
10/20/31
....................
1,600
1,467,269
Series
2019-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.35%,
04/20/34
....................
1,500
1,328,394
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.38%,
08/20/32
....................
5,500
5,342,028
Series
2020-1A,
Class
A,
(3-mo.
LIBOR
USD
+
1.28%),
6.53%,
01/20/32
....
10,000
9,890,420
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.35%,
07/20/34
....................
2,000
1,899,741
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.50%,
07/20/34
....................
1,250
1,118,270
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.40%,
10/20/34
....................
3,000
2,852,766
RR
5
Ltd.,
Series
2018-5A,
Class
B,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.51%,
10/15/31
(a)(b)
...............
1,250
1,224,347
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
BR3,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.06%,
04/17/34
(a)(b)
.........
630
612,267
Signal
Peak
CLO
10
Ltd.
(a)(b)
Series
2021-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
07/21/34
....................
9,500
9,302,090
Series
2021-9A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.31%,
07/21/34
....................
2,000
1,927,495
Signal
Peak
CLO
2
LLC,
Series
2015-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.15%,
04/20/29
(a)(b)
.........
2,000
1,947,797
Signal
Peak
CLO
4
Ltd.
(a)(b)
Series
2017-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.42%,
10/26/34
....................
5,000
4,779,223
Series
2017-4A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.47%,
10/26/34
....................
2,300
1,979,440
Signal
Peak
CLO
7
Ltd.
(a)(b)
Series
2019-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.80%,
04/30/32
....................
5,000
4,971,172
Series
2019-1A,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.30%,
04/30/32
....................
5,380
5,288,002
Sixth
Street
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.95%,
07/20/34
....................
3,000
2,962,942
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-19A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.25%,
07/20/34
....................
USD
1,000
$
966,408
Series
2021-19A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.25%,
07/20/34
....................
4,000
3,694,502
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
A,
(3-mo.
LIBOR
USD
at
1.24%
Floor
+
1.24%),
6.49%,
01/20/34
(a)(b)
........
8,500
8,405,482
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.15%,
04/20/34
(a)(b)
........
1,755
1,611,955
Sound
Point
CLO
XXI
Ltd.,
Series
2018-3A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.45%,
10/26/31
(a)(b)
....
6,600
6,528,190
Sound
Point
CLO
XXIII
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.51%,
07/15/34
(a)(b)
....
2,250
2,121,986
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
04/25/34
(a)(b)
....
3,350
3,246,502
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.28%
Floor
+
1.28%),
6.54%,
01/25/32
(a)(b)
....
1,500
1,486,161
Sound
Point
CLO
XXXIII
Ltd.,
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.97%,
04/25/35
(a)(b)
....
5,200
4,986,005
Southwick
Park
CLO
LLC
(a)(b)
Series
2019-4A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.06%
Floor
+
1.06%),
6.31%,
07/20/32
....................
2,000
1,971,057
Series
2019-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.20%,
07/20/32
....................
2,550
2,454,510
Series
2019-4A,
Class
ER,
(3-mo.
LIBOR
USD
at
6.25%
Floor
+
6.25%),
11.50%,
07/20/32
....................
1,000
899,452
Stewart
Park
CLO
Ltd.,
Series
2015-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
7.86%,
01/15/30
(a)(b)
.........
1,700
1,519,136
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(a)
Series
2006-BC3,
Class
A1,
(1-mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.47%,
10/25/36
....................
5,339
3,691,143
Series
2007-MN1A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.23%
Floor
+
0.23%),
5.38%,
01/25/37
(b)
...................
1,413
844,321
Symphony
CLO
XX
Ltd.,
Series
2018-20A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.75%
Floor
+
3.75%),
9.01%,
01/16/32
(a)(b)
....
2,750
2,613,716
Symphony
CLO
XXII
Ltd.,
Series
2020-22A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
04/18/33
(a)(b)
........
1,250
1,234,804
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
6.41%,
10/23/34
(a)(b)
........
2,000
1,975,950
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.20%,
04/20/34
(a)(b)
.........
830
802,192
TCI-Flatiron
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.18%,
11/18/30
....................
1,250
1,221,800
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.05%,
01/29/32
....................
USD
4,000
$
3,886,184
Series
2018-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.05%,
01/29/32
....................
2,000
1,900,400
TCW
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CRR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.30%,
04/20/34
....................
3,500
3,308,784
Series
2020-1A,
Class
DRR,
(3-mo.
LIBOR
USD
at
3.40%
Floor
+
3.40%),
8.65%,
04/20/34
....................
2,250
2,027,646
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.15%,
03/18/34
....................
1,000
963,630
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
07/25/34
....................
2,500
2,362,331
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.51%,
07/25/34
....................
5,000
4,474,110
TICP
CLO
IX
Ltd.
(a)(b)
Series
2017-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.85%,
01/20/31
....................
1,000
985,004
Series
2017-9A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.15%,
01/20/31
....................
1,000
967,742
TICP
CLO
VI
Ltd.
(a)(b)
Series
2016-6A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.38%,
01/15/34
....................
2,000
1,980,672
Series
2016-6A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.76%,
01/15/34
....................
2,000
1,941,556
Series
2016-6A,
Class
CR2,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.16%,
01/15/34
....................
1,650
1,595,283
TICP
CLO
VII
Ltd.
(a)(b)
Series
2017-7A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.96%,
04/15/33
....................
2,000
1,964,525
Series
2017-7A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.41%,
04/15/33
....................
6,500
6,377,854
Series
2017-7A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.46%,
04/15/33
....................
4,000
3,759,956
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.43%,
10/20/31
....................
8,545
8,505,024
Series
2018-11A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.30%,
10/20/31
....................
1,100
1,074,560
Series
2018-11A,
Class
E,
(3-mo.
LIBOR
USD
at
6.00%
Floor
+
6.00%),
11.25%,
10/20/31
....................
1,000
937,422
TICP
CLO
XII
Ltd.
(a)(b)
Series
2018-12A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.36%,
07/15/34
....................
13,450
12,996,186
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-12A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.56%,
07/15/34
....................
USD
1,500
$
1,401,413
TICP
CLO
XIII
Ltd.,
Series
2019-13A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.41%,
04/15/34
(a)(b)
.........
2,000
1,903,705
TICP
CLO
XIV
Ltd.,
Series
2019-14A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.45%,
10/20/32
(a)(b)
.........
3,250
3,200,150
Trestles
CLO
Ltd.,
Series
2020-3A,
Class
C,
(3-
mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.50%,
01/20/33
(a)(b)
...............
1,450
1,418,783
Tricon
American
Homes
Trust
(b)
Series
2019-SFR1,
Class
E,
3.40%,
03/17/38
....................
7,000
6,384,080
Series
2020-SFR2,
Class
E2,
3.08%,
11/17/39
....................
1,000
847,099
Tricon
Residential
Trust
(b)
Series
2021-SFR1,
Class
F,
3.69%,
07/17/38
....................
5,500
4,768,403
Series
2021-SFR1,
Class
G,
4.13%,
07/17/38
....................
3,551
3,079,759
Series
2022-SFR2,
Class
E,
7.51%,
07/17/40
....................
10,000
9,872,398
Trimaran
Cavu
Ltd.,
Series
2021-2A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.01%,
10/25/34
(a)(b)
.........
1,500
1,460,227
Unique
Pub
Finance
Co.
plc
(The)
(c)
Series
A4,  5.66%,
06/30/27
.........
GBP
459
569,152
Series
N,  6.46%,
03/30/32
(d)
.........
400
486,739
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
2.90%),
8.15%,
04/20/31
(a)(b)
....................
USD
1,500
1,392,996
Voya
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.14%,
04/18/31
1,000
954,262
Series
2014-4A,
Class
BR2,
(3-mo.
LIBOR
USD
+
2.09%),
7.34%,
07/14/31
....
500
473,273
Series
2016-3A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.45%,
10/18/31
....................
500
495,759
Washington
Mutual
Asset-Backed
CertificatesTrust,
Series
2006-HE5,
Class
1A,
(1-mo.
LIBOR
USD
at
0.31%
Floor
+
0.16%),
4.03%,
10/25/36
(a)
..........
11,889
8,877,312
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
A1BR,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.60%,
07/20/30
(a)(b)
.........
3,800
3,741,445
Wellman
Park
CLO
Ltd.,
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
6.86%,
07/15/34
(a)(b)
.........
7,000
6,942,181
Whetstone
Park
CLO
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.15%,
01/20/35
(a)(b)
........
2,500
2,301,787
Whitebox
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
ANBR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.97%,
07/24/32
....................
10,415
10,235,952
Series
2019-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.32%,
07/24/32
....................
5,000
4,842,247
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.48%,
10/15/34
(a)(b)
.........
2,000
1,973,095
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Whitebox
CLO
IV
Ltd.
(a)(b)
Series
2023-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
6.93%,
04/20/36
....................
USD
1,500
$
1,494,203
Series
2023-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
7.38%,
04/20/36
....................
2,000
1,977,259
Series
2023-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
9.93%,
04/20/36
....................
1,000
1,000,292
York
CLO
1
Ltd.,
Series
2014-1A,
Class
BRR,
(3-mo.
LIBOR
USD
+
1.65%),
6.92%,
10/22/29
(a)(b)
....................
2,100
2,076,861
Total
Asset-Backed
Securities
—
14.0%
(Cost:
$1,797,635,059)
...........................
1,721,865,203
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.2%
L3Harris
Technologies,
Inc.
............
65,639
12,850,147
MTU
Aero
Engines
AG
...............
15,730
4,079,877
Raytheon
Technologies
Corp.
..........
91,108
8,924,939
25,854,963
Air
Freight
&
Logistics
—
0.1%
CJ
Logistics
Corp.
..................
4,000
232,795
Hyundai
Glovis
Co.
Ltd.
..............
6,769
1,019,108
United
Parcel
Service,
Inc.,
Class
B
......
92,626
16,603,210
17,855,113
Automobile
Components
—
0.1%
Lear
Corp.
.......................
58,057
8,334,082
Tung
Thih
Electronic
Co.
Ltd.
...........
102,000
478,768
8,812,850
Automobiles
—
0.1%
Brilliance
China
Automotive
Holdings
Ltd.
..
164,000
66,764
BYD
Co.
Ltd.,
Class
A
................
8,800
313,594
General
Motors
Co.
.................
228,363
8,805,677
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
...........................
544,000
325,222
Kia
Corp.
........................
30,290
2,040,366
Maruti
Suzuki
India
Ltd.
..............
47,910
5,729,979
17,281,602
Banks
—
1.8%
Absa
Group
Ltd.
...................
525,029
4,686,054
Abu
Dhabi
Commercial
Bank
PJSC
......
1,791,052
3,954,651
AMMB
Holdings
Bhd.
................
265,100
205,964
Axis
Bank
Ltd.
.....................
712,970
8,602,948
Bank
Central
Asia
Tbk.
PT
.............
2,451,600
1,503,562
Bank
Negara
Indonesia
Persero
Tbk.
PT
...
360,600
221,246
Bank
of
China
Ltd.,
Class
H
............
24,466,000
9,822,915
Bank
of
Communications
Co.
Ltd.,
Class
H
.
486,000
322,456
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
46,349,113
16,921,675
BNP
Paribas
SA
...................
98,376
6,208,112
Boubyan
Bank
KSCP
................
88,923
185,877
Chang
Hwa
Commercial
Bank
Ltd.
.......
596,768
357,731
China
Construction
Bank
Corp.,
Class
H
(f)
..
2,442,000
1,581,009
CIMB
Group
Holdings
Bhd.
............
938,400
1,018,604
Citigroup,
Inc.
.....................
297,984
13,719,183
Citizens
Financial
Group,
Inc.
..........
752,162
19,616,385
Commercial
International
Bank
Egypt
SAE
..
1,289,240
2,138,246
DBS
Group
Holdings
Ltd.
.............
443,200
10,349,953
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Dubai
Islamic
Bank
PJSC
.............
417,719
$
624,411
Dukhan
Bank
.....................
320,929
347,549
E.Sun
Financial
Holding
Co.
Ltd.
........
1,822,952
1,527,327
Emirates
NBD
Bank
PJSC
.............
165,830
675,049
First
Abu
Dhabi
Bank
PJSC
............
466,141
1,737,308
First
Citizens
BancShares,
Inc.,
Class
A
....
6,880
8,830,136
First
Financial
Holding
Co.
Ltd.
..........
403,786
359,124
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
1,237,528
10,181,030
Gulf
Bank
KSCP
...................
321,555
278,258
HDFC
Bank
Ltd.
...................
577,818
11,991,351
Hong
Leong
Bank
Bhd.
...............
91,300
371,370
Hong
Leong
Financial
Group
Bhd.
.......
15,400
58,268
Hua
Nan
Financial
Holdings
Co.
Ltd.
......
740,000
528,331
ICICI
Bank
Ltd.
....................
14,268
163,354
ICICI
Bank
Ltd.,
ADR
................
111,264
2,567,973
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.......................
15,220,000
8,133,745
Kasikornbank
PCL,
NVDR
.............
1,621,300
5,934,160
Kotak
Mahindra
Bank
Ltd.
.............
107,209
2,417,935
Kuwait
Finance
House
KSCP
...........
1,046,455
2,551,050
M&T
Bank
Corp.
...................
96,700
11,967,592
Malayan
Banking
Bhd.
...............
548,600
1,014,924
Mega
Financial
Holding
Co.
Ltd.
.........
1,222,000
1,499,741
National
Bank
of
Kuwait
SAKP
..........
312,329
952,523
OTP
Bank
Nyrt.
....................
161,539
5,742,784
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
..........................
970,931
8,641,347
Public
Bank
Bhd.
...................
1,223,000
1,009,763
Qatar
International
Islamic
Bank
QSC
.....
74,760
206,645
Qatar
Islamic
Bank
SAQ
..............
117,871
576,135
RHB
Bank
Bhd.
....................
330,600
385,000
Sberbank
of
Russia
PJSC
(e)
............
877,548
98
SinoPac
Financial
Holdings
Co.
Ltd.
......
1,650,000
920,739
Standard
Bank
Group
Ltd.
.............
65,012
613,812
Taiwan
Business
Bank
...............
1,233,000
565,164
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
740,000
667,717
TCS
Group
Holding
plc,
GDR,
Class
A
(c)(e)(f)
.
78,717
787
Tisco
Financial
Group
PCL,
NVDR
.......
423,300
1,159,238
UniCredit
SpA
.....................
202,761
4,714,918
Wells
Fargo
&
Co.
..................
435,725
18,596,743
219,929,970
Beverages
—
0.2%
Ambev
SA
.......................
2,514,258
8,096,959
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
(f)
...
70,000
2,383,928
Carlsberg
A/S,
Class
B
...............
26,367
4,222,179
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
30,100
7,010,886
Tsingtao
Brewery
Co.
Ltd.,
Class
A
.......
119,203
1,702,020
Tsingtao
Brewery
Co.
Ltd.,
Class
H
.......
102,000
931,257
United
Spirits
Ltd.
(f)
..................
15,284
170,334
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
236,900
5,343,886
29,861,449
Biotechnology
—
0.2%
3SBio,
Inc.
(b)(c)(f)
....................
722,500
727,035
AbbVie,
Inc.
......................
143,140
19,285,252
Hugel,
Inc.
(f)
......................
3,829
321,273
PharmaEngine,
Inc.
.................
497,000
1,562,470
21,896,030
Broadline
Retail
—
0.2%
Alibaba
Group
Holding
Ltd.
(f)
...........
1,122,800
11,688,158
Alibaba
Group
Holding
Ltd.,
ADR
(f)
.......
45,530
3,794,925
Central
Retail
Corp.
PCL,
NVDR
........
369,700
407,741
Poya
International
Co.
Ltd.
............
48,000
915,142
Security
Shares
Shares
Value
Broadline
Retail
(continued)
Prosus
NV
(f)
......................
98,559
$
7,217,885
24,023,851
Building
Products
—
0.2%
Carrier
Global
Corp.
.................
339,797
16,891,309
Cie
de
Saint-Gobain
.................
91,748
5,586,205
22,477,514
Capital
Markets
—
0.4%
B3
SA
-
Brasil
Bolsa
Balcao
............
2,923,295
8,919,707
Carlyle
Group,
Inc.
(The)
..............
328,031
10,480,590
GF
Securities
Co.
Ltd.,
Class
H
(f)
........
3,471,200
4,798,977
Intercontinental
Exchange,
Inc.
.........
175,900
19,890,772
Raymond
James
Financial,
Inc.
.........
64,083
6,649,893
SooChow
Securities
Co.
Ltd.,
Class
A
.....
1,432,360
1,370,144
Southwest
Securities
Co.
Ltd.,
Class
A
....
634,100
318,892
52,428,975
Chemicals
—
0.5%
Air
Liquide
SA
.....................
67,818
12,162,146
Asian
Paints
Ltd.
...................
63,016
2,587,681
Hansol
Chemical
Co.
Ltd.
.............
28,305
5,186,628
International
Flavors
&
Fragrances,
Inc.
....
192,930
15,355,299
Linde
plc
........................
6,867
2,619,004
Linde
plc
........................
4,631
1,764,781
Mesaieed
Petrochemical
Holding
Co.
.....
288,877
152,140
Petronas
Chemicals
Group
Bhd.
.........
405,700
522,298
PPG
Industries,
Inc.
.................
27,010
4,005,583
Saudi
Aramco
Base
Oil
Co.
............
69,329
2,549,020
Saudi
Basic
Industries
Corp.
...........
324,749
7,687,389
Sika
AG
(Registered)
................
14,101
4,038,535
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
76,795
5,576,853
64,207,357
Commercial
Services
&
Supplies
—
0.1%
Republic
Services,
Inc.
...............
82,586
12,649,698
Saudi
Airlines
Catering
Co.
............
16,235
429,083
13,078,781
Communications
Equipment
—
0.2%
Accton
Technology
Corp.
.............
489,300
5,503,747
Arcadyan
Technology
Corp.
............
180,000
712,818
Cisco
Systems,
Inc.
.................
183,142
9,475,767
Nokia
OYJ,
ADR
...................
599,074
2,492,148
Sercomm
Corp.
....................
201,000
680,185
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.
(b)(c)
........................
106,500
162,141
ZTE
Corp.,
Class
H
.................
368,800
1,482,249
20,509,055
Construction
&
Engineering
—
0.1%
Eiffage
SA
.......................
21,844
2,280,701
Gamuda
Bhd.
.....................
406,800
383,916
Mcdermott
International
Ltd.
(f)
...........
165,884
29,859
Vinci
SA
.........................
70,317
8,170,512
Voltas
Ltd.
.......................
60,490
561,196
11,426,184
Construction
Materials
—
0.0%
CRH
plc
.........................
83,581
4,610,940
Consumer
Finance
—
0.2%
American
Express
Co.
...............
71,425
12,442,235
Kaspi.KZ
JSC,
GDR
(c)
................
75,945
6,058,247
SBI
Cards
&
Payment
Services
Ltd.
......
340,742
3,526,088
Synchrony
Financial
.................
246,010
8,344,659
30,371,229
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
—
0.3%
Abdullah
Al
Othaim
Markets
Co.
.........
77,970
$
291,422
BGF
retail
Co.
Ltd.
..................
2,824
375,129
Cencosud
SA
.....................
204,555
396,453
CP
ALL
PCL,
NVDR
.................
3,585,300
6,329,005
Dollar
General
Corp.
................
51,921
8,815,147
Fix
Price
Group
plc,
GDR
(b)(c)(e)(f)
.........
1,308,789
144
GS
Retail
Co.
Ltd.
..................
11,507
200,483
Nahdi
Medical
Co.
..................
13,660
621,911
President
Chain
Store
Corp.
...........
91,000
826,375
Sendas
Distribuidora
SA
..............
2,381,450
6,853,594
Wal-Mart
de
Mexico
SAB
de
CV
.........
3,939,864
15,626,416
X5
Retail
Group
NV,
GDR
(c)(e)(f)
..........
207,497
2,075
40,338,154
Containers
&
Packaging
—
0.1%
Sealed
Air
Corp.
...................
286,684
11,467,360
Diversified
REITs
—
0.1%
Cromwell
European
REIT
(c)
............
3,101,420
5,279,460
Fibra
Uno
Administracion
SA
de
CV
......
3,960,569
5,782,241
LXI
REIT
plc
(c)
.....................
6,179,125
6,768,734
17,830,435
Diversified
Telecommunication
Services
—
0.6%
AT&T,
Inc.
........................
247,188
3,942,649
Cellnex
Telecom
SA
(b)(c)
...............
418,842
16,922,798
China
Tower
Corp.
Ltd.,
Class
H
(b)(c)
......
10,102,000
1,125,053
Chunghwa
Telecom
Co.
Ltd.
...........
679,000
2,543,137
Emirates
Telecommunications
Group
Co.
PJSC
136,796
839,429
Hellenic
Telecommunications
Organization
SA,
Class
R
.......................
39,314
673,961
Koninklijke
KPN
NV
.................
3,301,127
11,784,940
KT
Corp.
........................
27,470
621,835
LG
Uplus
Corp.
....................
66,112
539,436
Ooredoo
QPSC
....................
103,138
309,628
Saudi
Telecom
Co.
..................
222,860
2,598,490
Telefonica
Brasil
SA
.................
172,371
1,564,522
Telefonica
Brasil
SA,
ADR
.............
81,444
743,584
Telekom
Malaysia
Bhd.
...............
220,400
232,160
Telkom
Indonesia
Persero
Tbk.
PT
.......
3,323,700
889,165
TELUS
Corp.
.....................
925,917
18,018,600
Verizon
Communications,
Inc.
..........
294,032
10,935,050
74,284,437
Electric
Utilities
—
1.3%
Alliant
Energy
Corp.
.................
226,052
11,863,209
American
Electric
Power
Co.,
Inc.
........
126,079
10,615,852
CLP
Holdings
Ltd.
..................
971,500
7,566,625
CPFL
Energia
SA
...................
59,373
424,571
Duke
Energy
Corp.
.................
255,344
22,914,570
Edison
International
.................
25,875
1,797,019
Entergy
Corp.
.....................
122,492
11,927,046
Eversource
Energy
.................
179,303
12,716,169
Exelon
Corp.
......................
498,922
20,326,082
Korea
Electric
Power
Corp.
(f)
...........
11,974
187,400
NextEra
Energy,
Inc.
................
259,399
19,247,406
PG&E
Corp.
(f)
.....................
752,905
13,010,198
Saudi
Electricity
Co.
.................
62,262
376,725
Southern
Co.
(The)
.................
138,668
9,741,427
SSE
plc
.........................
143,807
3,372,288
Terna
-
Rete
Elettrica
Nazionale
.........
756,183
6,449,610
Xcel
Energy,
Inc.
...................
70,399
4,376,706
156,912,903
Electrical
Equipment
—
0.1%
Schneider
Electric
SE
................
40,972
7,443,658
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
—
0.2%
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
....................
1,133,760
$
905,567
Chroma
ATE,
Inc.
...................
63,000
508,425
Delta
Electronics,
Inc.
................
434,000
4,809,732
FLEXium
Interconnect,
Inc.
............
105,000
312,935
Hon
Hai
Precision
Industry
Co.
Ltd.
.......
707,000
2,570,468
Hon
Hai
Precision
Industry
Co.
Ltd.,
GDR
(c)
.
8,135
58,491
Kingboard
Holdings
Ltd.
..............
74,000
202,402
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
243,400
3,244,083
Primax
Electronics
Ltd.
(f)
..............
395,000
836,207
Samsung
SDI
Co.
Ltd.
...............
6,738
3,440,656
TE
Connectivity
Ltd.
.................
90,323
12,659,672
29,548,638
Energy
Equipment
&
Services
—
0.1%
Arabian
Drilling
Co.
(f)
................
5,975
245,328
Baker
Hughes
Co.,
Class
A
............
549,985
17,385,026
Project
Investor
Holdings
LLC,
(Acquired
02/12/19,
cost
$0)
(e)(f)(g)
.............
24,388
—
17,630,354
Entertainment
—
0.1%
NetEase,
Inc.
.....................
6,900
133,645
Walt
Disney
Co.
(The)
(f)
...............
176,806
15,785,240
15,918,885
Financial
Services
—
0.2%
Equitable
Holdings,
Inc.
..............
210,452
5,715,876
Far
East
Horizon
Ltd.
................
253,000
200,692
Fidelity
National
Information
Services,
Inc.
..
225,464
12,332,881
Visa,
Inc.,
Class
A
..................
23,318
5,537,559
23,787,008
Food
Products
—
0.5%
Almarai
Co.
JSC
...................
22,606
366,189
China
Mengniu
Dairy
Co.
Ltd.
(f)
..........
1,701,000
6,428,572
Danone
SA
.......................
42,198
2,586,039
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
..
57,500
370,830
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
...
1,086,700
1,995,302
Indofood
Sukses
Makmur
Tbk.
PT
.......
604,300
296,318
IOI
Corp.
Bhd.
.....................
224,500
179,731
Kraft
Heinz
Co.
(The)
................
377,654
13,406,717
Marico
Ltd.
.......................
103,042
667,875
Mondelez
International,
Inc.,
Class
A
......
322,913
23,553,274
Nestle
Malaysia
Bhd.
................
4,500
126,299
Nestle
SA
(Registered)
...............
65,160
7,838,201
NongShim
Co.
Ltd.
..................
1,309
395,279
PPB
Group
Bhd.
...................
35,500
119,715
QL
Resources
Bhd.
.................
70,800
81,304
Tingyi
Cayman
Islands
Holding
Corp.
.....
530,000
825,269
Uni-President
China
Holdings
Ltd.
.......
284,000
239,501
Uni-President
Enterprises
Corp.
.........
547,000
1,341,146
Want
Want
China
Holdings
Ltd.
.........
528,000
351,171
61,168,732
Gas
Utilities
—
0.1%
ENN
Energy
Holdings
Ltd.
.............
481,500
6,022,646
Gujarat
Gas
Ltd.
...................
94,169
534,630
Kunlun
Energy
Co.
Ltd.
...............
972,000
765,701
Petronas
Gas
Bhd.
..................
44,200
158,145
Tokyo
Gas
Co.
Ltd.
.................
187,800
4,097,349
11,578,471
Ground
Transportation
—
0.3%
ALD
SA
(b)(c)
.......................
79,262
848,735
Canadian
Pacific
Kansas
City
Ltd.
.......
114,323
9,233,865
CSX
Corp.
.......................
239,599
8,170,326
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Ground
Transportation
(continued)
Daqin
Railway
Co.
Ltd.,
Class
A
.........
150,748
$
154,201
Norfolk
Southern
Corp.
...............
36,503
8,277,420
Union
Pacific
Corp.
.................
24,333
4,979,018
West
Japan
Railway
Co.
..............
56,200
2,337,473
34,001,038
Health
Care
Equipment
&
Supplies
—
0.7%
Baxter
International,
Inc.
..............
333,146
15,178,132
EssilorLuxottica
SA
.................
84,090
15,856,877
Koninklijke
Philips
NV
(f)
...............
231,894
5,024,600
Medtronic
plc
.....................
348,396
30,693,688
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....................
171,700
7,099,652
Zimmer
Biomet
Holdings,
Inc.
..........
74,708
10,877,485
84,730,434
Health
Care
Providers
&
Services
—
0.6%
Bangkok
Dusit
Medical
Services
PCL,
NVDR
3,300,300
2,588,016
Bumrungrad
Hospital
PCL,
NVDR
.......
330,800
2,111,006
Cardinal
Health,
Inc.
.................
102,563
9,699,383
Cigna
Group
(The)
..................
36,561
10,259,017
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..........................
6,534
499,915
Elevance
Health,
Inc.
................
16,995
7,550,708
Hapvida
Participacoes
e
Investimentos
SA
(b)(c)(f)
7,496,986
6,873,516
Humana,
Inc.
.....................
4,192
1,874,369
IHH
Healthcare
Bhd.
................
353,500
446,461
Laboratory
Corp.
of
America
Holdings
.....
71,174
17,176,421
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
.......................
221,000
438,710
Sinopharm
Group
Co.
Ltd.,
Class
H
......
139,600
437,017
UnitedHealth
Group,
Inc.
..............
31,953
15,357,890
75,312,429
Health
Care
REITs
—
0.6%
Assura
plc
.......................
25,452,617
14,675,470
Community
Healthcare
Trust,
Inc.
........
139,965
4,621,644
Healthpeak
Properties,
Inc.
............
412,000
8,281,200
Omega
Healthcare
Investors,
Inc.
........
389,517
11,954,277
Physicians
Realty
Trust
...............
853,301
11,937,681
Target
Healthcare
REIT
plc
............
8,582,913
7,826,415
Welltower,
Inc.
.....................
122,636
9,920,026
69,216,713
Hotels,
Restaurants
&
Leisure
—
0.2%
NEW
Top
YK
(e)(f)(h)
...................
12,874
—
OPAP
SA,
Class
R
..................
296,428
5,169,201
Sands
China
Ltd.
(f)
..................
1,954,800
6,694,631
Seera
Group
Holding
(f)
...............
60,338
427,800
Trip.com
Group
Ltd.
(f)
................
13,100
457,314
Wynn
Macau
Ltd.
(f)
..................
5,670,400
5,178,832
Yum
China
Holdings,
Inc.
.............
131,517
7,430,711
25,358,489
Household
Durables
—
0.3%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
...................
1,652,736
6,965,501
Haier
Smart
Home
Co.
Ltd.,
Class
H
......
23,800
75,054
JS
Global
Lifestyle
Co.
Ltd.
(b)(c)(f)
.........
4,181,000
729,265
Newell
Brands,
Inc.
.................
400,681
3,485,925
SharkNinja
Hong
Kong
Co.,
Ltd.
.........
167,240
3,692,256
Sony
Group
Corp.,
ADR
..............
61,993
5,581,850
Taylor
Wimpey
plc
..................
10,997,494
14,367,061
34,896,912
Security
Shares
Shares
Value
Household
Products
—
0.2%
Reckitt
Benckiser
Group
plc
............
330,213
$
24,815,793
Unilever
Indonesia
Tbk.
PT
............
398,400
113,425
24,929,218
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Adani
Green
Energy
Ltd.
(f)
.............
4,361
50,283
Boralex,
Inc.,
Class
A
................
81,246
2,212,148
CGN
Power
Co.
Ltd.,
Class
H
(b)(c)
........
1,506,000
363,695
China
Yangtze
Power
Co.
Ltd.,
Class
A
....
417,400
1,266,851
Huaneng
Power
International,
Inc.,
Class
H
(f)
144,000
90,283
RWE
AG
........................
86,646
3,775,713
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
.
441,000
913,896
8,672,869
Industrial
Conglomerates
—
0.1%
Astra
International
Tbk.
PT
............
14,979,800
6,794,514
Industries
Qatar
QSC
................
228,340
709,636
Siemens
AG
(Registered)
.............
41,540
6,924,754
Sime
Darby
Bhd.
...................
381,100
167,516
14,596,420
Industrial
REITs
—
0.5%
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
2,698,786
8,233,410
Goodman
Group
...................
772,145
10,379,824
LondonMetric
Property
plc
.............
2,858,058
6,032,807
Prologis,
Inc.
......................
154,970
19,003,971
Rexford
Industrial
Realty,
Inc.
..........
211,516
11,045,366
Warehouses
De
Pauw
CVA
............
297,538
8,171,181
62,866,559
Insurance
—
0.9%
American
International
Group,
Inc.
.......
179,785
10,344,829
ASR
Nederland
NV
.................
94,147
4,246,359
Assurant,
Inc.
.....................
104,082
13,085,189
China
Life
Insurance
Co.
Ltd.,
Class
H
....
163,000
272,859
Fidelity
National
Financial,
Inc.,
Class
A
....
342,856
12,342,816
Gjensidige
Forsikring
ASA
.............
59,627
955,215
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
..
5,539
130,692
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
...................
2,180,000
791,824
Phoenix
Group
Holdings
plc
...........
579,346
3,919,828
Prudential
plc
.....................
1,739,708
24,570,583
Sampo
OYJ,
Class
A
................
165,132
7,416,482
Samsung
Life
Insurance
Co.
Ltd.
........
3,140
160,591
Tryg
A/S
.........................
357,438
7,740,679
Willis
Towers
Watson
plc
..............
28,136
6,626,028
Zurich
Insurance
Group
AG
............
41,318
19,654,502
112,258,476
Interactive
Media
&
Services
—
0.1%
Alphabet,
Inc.,
Class
C
(f)
..............
19,376
2,343,915
Meta
Platforms,
Inc.,
Class
A
(f)
..........
8,822
2,531,737
Tencent
Holdings
Ltd.
................
93,300
3,956,030
8,831,682
IT
Services
—
0.6%
Accenture
plc,
Class
A
...............
70,386
21,719,712
Arabian
Internet
&
Communications
Services
Co.
..........................
11,311
975,491
Cognizant
Technology
Solutions
Corp.,
Class
A
247,175
16,135,584
HCL
Technologies
Ltd.
...............
180,297
2,621,077
Infosys
Ltd.,
ADR
...................
8,020
128,881
NEXTDC
Ltd.
(f)
....................
1,069,061
9,015,147
Samsung
SDS
Co.
Ltd.
...............
7,961
746,252
SUNeVision
Holdings
Ltd.
.............
13,614,000
6,960,769
Tata
Consultancy
Services
Ltd.
.........
274,235
11,081,109
69,384,022
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
0.1%
Lonza
Group
AG
(Registered)
..........
29,011
$
17,340,245
Syngene
International
Ltd.
(b)(c)
..........
34,641
323,570
17,663,815
Machinery
—
0.4%
Alfa
Laval
AB
.....................
71,883
2,622,123
Cummins
India
Ltd.
.................
44,522
1,056,805
Epiroc
AB,
Class
A
..................
170,649
3,232,409
Komatsu
Ltd.
.....................
573,600
15,514,742
Otis
Worldwide
Corp.
................
188,632
16,790,134
Volvo
AB,
Class
B
..................
216,499
4,480,452
43,696,665
Marine
Transportation
—
0.0%
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
1,114,500
1,007,469
MISC
Bhd.
.......................
137,700
211,421
1,218,890
Media
—
0.2%
Comcast
Corp.,
Class
A
..............
272,003
11,301,725
Fox
Corp.,
Class
A
..................
148,965
5,064,810
SES
SA,
ADR
.....................
447,336
2,635,374
19,001,909
Metals
&
Mining
—
0.1%
Alrosa
PJSC
(e)(f)
....................
607,124
68
Barrick
Gold
Corp.
..................
239,762
4,059,171
Cia
de
Minas
Buenaventura
SAA,
ADR
....
104,649
769,170
Gold
Fields
Ltd.
....................
198,743
2,763,000
Gold
Fields
Ltd.,
ADR
................
76,183
1,053,611
Hindustan
Zinc
Ltd.
.................
52,393
196,599
Hochschild
Mining
plc
................
107,064
96,502
Novolipetsk
Steel
PJSC
(e)(f)
............
14
—
Tung
Ho
Steel
Enterprise
Corp.
.........
143,000
273,607
Zijin
Mining
Group
Co.
Ltd.,
Class
H
......
3,988,000
5,905,753
15,117,481
Multi-Utilities
—
0.8%
Ameren
Corp.
.....................
106,874
8,728,400
CenterPoint
Energy,
Inc.
..............
239,498
6,981,367
CMS
Energy
Corp.
..................
114,282
6,714,067
Dominion
Energy,
Inc.
................
167,866
8,693,780
DTE
Energy
Co.
...................
89,186
9,812,244
Engie
SA
........................
390,924
6,510,026
National
Grid
plc
...................
1,256,033
16,652,953
NiSource,
Inc.
.....................
370,184
10,124,532
Public
Service
Enterprise
Group,
Inc.
.....
42,235
2,644,333
Qatar
Electricity
&
Water
Co.
QSC
.......
41,488
198,096
Sempra
Energy
....................
125,541
18,277,514
95,337,312
Office
REITs
—
0.3%
Alexandria
Real
Estate
Equities,
Inc.
......
158,225
17,956,955
Boston
Properties,
Inc.
...............
163,409
9,410,724
Covivio
SA
.......................
116,339
5,495,847
SL
Green
Realty
Corp.
...............
206,852
6,215,903
39,079,429
Oil,
Gas
&
Consumable
Fuels
—
1.4%
BP
plc
..........................
3,022,487
17,598,062
Cheniere
Energy,
Inc.
................
70,650
10,764,234
China
Petroleum
&
Chemical
Corp.
.......
999,100
587,411
ConocoPhillips
....................
36,146
3,745,087
DT
Midstream,
Inc.
..................
103,124
5,111,857
Ecopetrol
SA,
ADR
..................
305,496
3,131,334
Enbridge,
Inc.
.....................
414,973
15,424,246
Energy
Transfer
LP
.................
201,948
2,564,740
Enterprise
Products
Partners
LP
.........
97,579
2,571,207
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
EQT
Corp.
.......................
58,555
$
2,408,367
Equitrans
Midstream
Corp.
............
36,435
348,319
Gibson
Energy,
Inc.
.................
25,294
397,716
Indian
Oil
Corp.
Ltd.
.................
76,717
85,500
Kinder
Morgan,
Inc.
.................
36,175
622,933
Koninklijke
Vopak
NV
................
64,458
2,300,730
Kosmos
Energy
Ltd.
(f)
................
623,013
3,731,848
LUKOIL
PJSC
(e)
....................
417,114
47
Magellan
Midstream
Partners
LP
........
35,927
2,238,971
MOL
Hungarian
Oil
&
Gas
plc
..........
578,187
5,062,258
MPLX
LP
........................
76,448
2,594,645
Novatek
PJSC
(e)
...................
690
—
NuStar
Energy
LP
..................
25,687
440,275
ONEOK,
Inc.
......................
6,389
394,329
Pembina
Pipeline
Corp.
..............
241,218
7,583,868
PetroChina
Co.
Ltd.,
Class
H
...........
3,594,200
2,495,661
Petronas
Dagangan
Bhd.
.............
21,400
101,785
Petronet
LNG
Ltd.
..................
2,371,313
6,449,663
Plains
All
American
Pipeline
LP
.........
183,432
2,586,391
PTT
Exploration
&
Production
PCL,
NVDR
..
296,200
1,255,050
Qatar
Fuel
QSC
....................
37,378
175,362
Qatar
Gas
Transport
Co.
Ltd.
...........
224,035
250,403
Saudi
Arabian
Oil
Co.
(b)(c)
..............
295,717
2,561,515
Shell
plc
.........................
1,142,248
34,229,988
S-Oil
Corp.
.......................
96,763
4,916,625
Targa
Resources
Corp.
...............
141,896
10,798,286
TC
Energy
Corp.
...................
8,066
325,947
Thai
Oil
PCL,
NVDR
.................
1,056,400
1,321,770
Western
Midstream
Partners
LP
.........
58,432
1,549,617
Williams
Cos.,
Inc.
(The)
..............
324,047
10,573,654
169,299,701
Passenger
Airlines
—
0.1%
InterGlobe
Aviation
Ltd.
(b)(c)(f)
............
191,978
6,156,272
Personal
Care
Products
—
0.2%
Colgate-Palmolive
India
Ltd.
...........
22,362
460,719
Godrej
Consumer
Products
Ltd.
(f)
........
419,898
5,540,369
Haleon
plc
.......................
695,967
2,856,575
Hengan
International
Group
Co.
Ltd.
......
119,500
503,866
Hindustan
Unilever
Ltd.
...............
67,857
2,218,585
L'Oreal
SA
.......................
5,580
2,602,937
Unilever
plc,
ADR
..................
106,953
5,575,460
19,758,511
Pharmaceuticals
—
1.0%
Alkem
Laboratories
Ltd.
..............
2,115
90,711
AstraZeneca
plc
...................
236,117
33,848,382
Bayer
AG
(Registered)
...............
145,282
8,042,095
Cipla
Ltd.
........................
124,521
1,542,855
CSPC
Pharmaceutical
Group
Ltd.
........
1,174,000
1,021,707
Dr
Reddy's
Laboratories
Ltd.
...........
28,544
1,797,702
Dr
Reddy's
Laboratories
Ltd.,
ADR
.......
12,996
820,177
Eli
Lilly
&
Co.
.....................
7,691
3,606,925
Euroapi
SA
(f)
......................
31,357
359,341
Lupin
Ltd.
........................
69,427
764,973
Luye
Pharma
Group
Ltd.
(b)(c)(f)
...........
263,500
111,550
Novo
Nordisk
A/S,
Class
B
............
141,641
22,880,665
Novo
Nordisk
A/S,
ADR
..............
10,769
1,742,747
Roche
Holding
AG
..................
26,915
8,221,727
Sanofi
..........................
388,147
41,786,271
Sun
Pharmaceutical
Industries
Ltd.
.......
80,231
1,029,362
Torrent
Pharmaceuticals
Ltd.
...........
18,453
429,120
Zhejiang
Wolwo
Bio-Pharmaceutical
Co.
Ltd.,
Class
A
(f)
......................
144,700
670,022
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Zydus
Lifesciences
Ltd.
..............
92,236
$
656,429
129,422,761
Professional
Services
—
0.6%
Dun
&
Bradstreet
Holdings,
Inc.
.........
693,769
8,026,907
Experian
plc
......................
112,463
4,316,443
Leidos
Holdings,
Inc.
................
102,729
9,089,462
NMG,
Inc.
(f)
.......................
3,714
458,059
Paychex,
Inc.
.....................
179,885
20,123,735
RELX
plc
........................
550,859
18,375,838
Robert
Half
International,
Inc.
...........
18,926
1,423,613
SS&C
Technologies
Holdings,
Inc.
.......
200,970
12,178,782
73,992,839
Real
Estate
Management
&
Development
—
0.2%
ADLER
Group
SA
(f)
.................
34,591
19,962
ADLER
Group
SA
(b)(c)(f)
...............
76,594
46,178
Barwa
Real
Estate
Co.
...............
234,595
168,458
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
ADR
(f)
.
106,154
3,420,282
Hang
Lung
Properties
Ltd.
.............
3,533,000
5,467,197
Hulic
Co.
Ltd.
.....................
839,000
7,188,914
Mabanee
Co.
KPSC
.................
55,239
152,188
VGP
NV
.........................
35,831
3,505,571
Vonovia
SE
.......................
432,033
8,437,449
28,406,199
Residential
REITs
—
0.3%
Sun
Communities,
Inc.
...............
102,272
13,342,405
UDR,
Inc.
........................
435,437
18,706,374
32,048,779
Retail
REITs
—
0.2%
Link
REIT
........................
1,841,700
10,252,970
Spirit
Realty
Capital,
Inc.
..............
319,499
12,581,871
22,834,841
Semiconductors
&
Semiconductor
Equipment
—
0.8%
ASE
Technology
Holding
Co.
Ltd.
........
46,000
163,583
ASML
Holding
NV
..................
9,958
7,222,822
Intel
Corp.
.......................
82,645
2,763,649
Materials
Analysis
Technology,
Inc.
(f)
......
25,000
187,289
MediaTek,
Inc.
.....................
524,000
11,599,188
Radiant
Opto-Electronics
Corp.
.........
130,000
460,248
STMicroelectronics
NV
...............
98,246
4,899,862
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
3,286,000
60,703,373
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.........................
42,833
4,322,706
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.
..........................
265,600
2,599,649
94,922,369
Software
—
0.5%
Microsoft
Corp.
....................
133,548
45,478,436
Oracle
Corp.
......................
167,593
19,958,650
65,437,086
Specialized
REITs
—
0.8%
American
Tower
Corp.
...............
156,152
30,284,119
Crown
Castle,
Inc.
..................
89,319
10,177,007
Digital
Realty
Trust,
Inc.
..............
61,055
6,952,333
EPR
Properties
....................
298,166
13,954,169
Equinix,
Inc.
......................
8,429
6,607,830
SBA
Communications
Corp.
...........
47,334
10,970,128
VICI
Properties,
Inc.
.................
570,556
17,932,575
96,878,161
Security
Shares
Shares
Value
Specialty
Retail
—
0.1%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
........................
672,659
$
714,231
Home
Product
Center
PCL,
NVDR
.......
3,837,600
1,518,774
Industria
de
Diseno
Textil
SA
...........
274,412
10,643,839
Jarir
Marketing
Co.
..................
114,590
506,490
MR
DIY
Group
M
Bhd.
(b)(c)
.............
414,600
141,459
Truworths
International
Ltd.
............
1,612,483
4,849,122
18,373,915
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Advantech
Co.
Ltd.
.................
60,000
789,942
Apple,
Inc.
.......................
148,781
28,859,051
Catcher
Technology
Co.
Ltd.
...........
184,000
1,038,153
Compal
Electronics,
Inc.
..............
1,102,000
1,036,471
HP,
Inc.
.........................
99,630
3,059,637
Lenovo
Group
Ltd.
..................
1,390,000
1,456,549
Quanta
Computer,
Inc.
...............
39,000
190,471
Samsung
Electronics
Co.
Ltd.
..........
26,821
1,476,852
Samsung
Electronics
Co.
Ltd.,
GDR
(b)(c)
....
11,386
15,783,521
53,690,647
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Kering
SA
........................
19,339
10,678,977
Li
Ning
Co.
Ltd.
....................
883,500
4,771,061
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
14,138
13,330,894
Pou
Chen
Corp.
....................
534,000
541,268
Ralph
Lauren
Corp.,
Class
A
...........
23,222
2,863,272
32,185,472
Tobacco
—
0.3%
British
American
Tobacco
plc
...........
390,490
12,974,205
ITC
Ltd.
.........................
82,689
455,949
Philip
Morris
International,
Inc.
..........
208,752
20,378,370
33,808,524
Trading
Companies
&
Distributors
—
0.2%
Azelis
Group
NV
...................
50,184
1,145,032
BOC
Aviation
Ltd.
(b)(c)
................
784,200
6,356,074
Ferguson
plc
......................
78,267
12,362,397
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
29,795
2,838,868
22,702,371
Transportation
Infrastructure
—
0.8%
Aena
SME
SA
(b)(c)
...................
101,806
16,476,968
Aeroports
de
Paris
..................
84,416
12,129,905
Atlas
Arteria
Ltd.
(h)
..................
2,086,243
8,664,129
Auckland
International
Airport
Ltd.
(f)
.......
1,203,582
6,325,387
Flughafen
Zurich
AG
(Registered)
........
52,925
11,008,589
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(f)
....................
122,441
6,535,711
Getlink
SE
.......................
159,236
2,709,856
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
344,645
6,202,482
Japan
Airport
Terminal
Co.
Ltd.
.........
46,200
2,089,687
Malaysia
Airports
Holdings
Bhd.
.........
110,700
163,313
Salik
Co.
PJSC
....................
2,985,069
2,568,451
Taiwan
High
Speed
Rail
Corp.
..........
238,000
245,831
Transurban
Group
(h)
.................
2,941,719
28,009,181
Zhejiang
Expressway
Co.
Ltd.,
Class
H
....
272,000
206,970
103,336,460
Water
Utilities
—
0.0%
Severn
Trent
plc
...................
114,108
3,719,953
Wireless
Telecommunication
Services
—
0.3%
Advanced
Info
Service
PCL,
NVDR
.......
412,600
2,493,021
Etihad
Etisalat
Co.
..................
30,561
392,046
Far
EasTone
Telecommunications
Co.
Ltd.
..
369,000
931,918
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
(continued)
KDDI
Corp.
.......................
362,200
$
11,185,866
Maxis
Bhd.
.......................
127,400
112,043
Mobile
Telecommunications
Co.
KSCP
....
278,483
471,010
Mobile
Telecommunications
Co.
Saudi
Arabia
(f)
155,018
585,239
Mobile
TeleSystems
PJSC
(e)
...........
26,804
3
Rogers
Communications,
Inc.,
Class
B
....
96,264
4,391,920
SK
Telecom
Co.
Ltd.
.................
47,592
1,684,078
SK
Telecom
Co.
Ltd.,
ADR
.............
34,122
665,720
Taiwan
Mobile
Co.
Ltd.
...............
273,000
838,552
Tele2
AB,
Class
B
..................
841,846
6,962,320
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
......
25,405
90,696
Vodacom
Group
Ltd.
................
119,735
746,103
Vodafone
Group
plc
.................
8,195,286
7,726,757
39,277,292
Total
Common
Stocks
—
23.9%
(Cost:
$2,772,406,751)
...........................
2,954,957,813
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.7%
Boeing
Co.
(The)
3.65%,
03/01/47
.................
USD
730
521,965
3.63%,
03/01/48
.................
310
219,968
3.85%,
11/01/48
.................
325
239,611
3.90%,
05/01/49
.................
300
229,320
5.81%,
05/01/50
.................
4,060
4,045,185
Bombardier,
Inc.
(b)
7.50%,
03/15/25
.................
1,096
1,097,881
7.13%,
06/15/26
.................
6,253
6,210,872
7.88%,
04/15/27
.................
6,386
6,369,559
6.00%,
02/15/28
.................
923
872,331
7.50%,
02/01/29
.................
2,581
2,550,918
7.45%,
05/01/34
.................
946
1,078,440
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
.
3,252
2,966,960
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
2,497
2,259,785
General
Dynamics
Corp.,
4.25%,
04/01/40
.
300
276,021
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
.
262
259,058
L3Harris
Technologies,
Inc.
3.83%,
04/27/25
.................
355
343,775
4.40%,
06/15/28
.................
1,960
1,883,828
2.90%,
12/15/29
.................
235
203,371
1.80%,
01/15/31
.................
1,060
838,945
4.85%,
04/27/35
.................
200
192,068
5.05%,
04/27/45
.................
120
110,184
Lockheed
Martin
Corp.
4.07%,
12/15/42
.................
142
126,360
5.70%,
11/15/54
.................
520
577,339
5.20%,
02/15/55
.................
560
577,903
Northrop
Grumman
Corp.,
5.25%,
05/01/50
.
775
787,617
Raytheon
Technologies
Corp.
2.25%,
07/01/30
.................
400
337,394
4.50%,
06/01/42
.................
947
871,681
4.15%,
05/15/45
.................
385
327,276
3.03%,
03/15/52
.................
1,600
1,124,754
5.38%,
02/27/53
.................
560
581,500
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
4,847
4,739,175
Spirit
AeroSystems,
Inc.
(b)
7.50%,
04/15/25
.................
372
367,577
9.38%,
11/30/29
.................
3,844
4,115,290
TransDigm,
Inc.
6.25%,
03/15/26
(b)
................
15,706
15,629,240
6.38%,
06/15/26
.................
722
712,619
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
7.50%,
03/15/27
.................
USD
2,071
$
2,073,941
6.75%,
08/15/28
(b)
................
16,072
16,132,913
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
...
4,875
4,977,565
86,830,189
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.
3.10%,
08/05/29
.................
226
203,396
4.55%,
04/01/46
.................
795
685,885
889,281
Automobile
Components
—
0.4%
Adient
Global
Holdings
Ltd.,
3.50%,
08/15/24
(c)
EUR
217
231,698
Aptiv
plc
3.25%,
03/01/32
.................
USD
892
763,693
3.10%,
12/01/51
.................
580
364,645
4.15%,
05/01/52
.................
200
152,231
Clarios
Global
LP
6.75%,
05/15/25
(b)
................
4,551
4,553,785
4.38%,
05/15/26
(c)
................
EUR
1,071
1,112,107
6.25%,
05/15/26
(b)
................
USD
3,665
3,641,399
8.50%,
05/15/27
(b)
................
13,777
13,799,539
6.75%,
05/15/28
(b)
................
3,550
3,537,583
Dana
Financing
Luxembourg
SARL
8.50%,
07/15/31
(c)
................
EUR
1,369
1,540,909
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
1,248
1,136,883
Dometic
Group
AB,
3.00%,
05/08/26
(c)
....
EUR
398
404,114
Forvia
(c)
7.25%,
06/15/26
.................
1,271
1,440,658
2.75%,
02/15/27
.................
2,133
2,105,227
3.75%,
06/15/28
.................
748
738,981
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
.................
USD
912
822,383
5.63%,
04/30/33
.................
2,063
1,795,987
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(c)
.
EUR
664
526,521
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
USD
2,808
2,555,602
5.25%,
05/15/27
.................
2,523
2,175,835
4.38%,
02/01/29
.................
2,106
1,654,684
IHO
Verwaltungs
GmbH
(c)(i)
3.75%,
(3.75%
Cash
or
4.50%
PIK),
09/15/26
....................
EUR
160
162,494
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)
...................
906
890,627
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)
...................
1,164
1,309,176
ZF
Europe
Finance
BV
(c)
2.00%,
02/23/26
.................
2,100
2,082,419
2.50%,
10/23/27
.................
500
475,654
ZF
Finance
GmbH
(c)
5.75%,
08/03/26
.................
1,200
1,312,501
2.00%,
05/06/27
.................
700
663,586
2.75%,
05/25/27
.................
400
388,444
2.25%,
05/03/28
.................
400
366,971
52,706,336
Automobiles
—
0.2%
Daimler
Truck
Finance
North
America
LLC,
3.65%,
04/07/27
(b)
...............
USD
150
141,761
Ford
Motor
Co.
4.35%,
12/08/26
.................
59
57,021
3.25%,
02/12/32
.................
1,548
1,217,787
6.10%,
08/19/32
.................
837
811,184
General
Motors
Co.
4.00%,
04/01/25
.................
600
582,776
6.13%,
10/01/25
.................
2,110
2,124,412
5.00%,
10/01/28
.................
200
194,456
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobiles
(continued)
5.60%,
10/15/32
.................
USD
895
$
865,890
6.25%,
10/02/43
.................
345
337,376
5.40%,
04/01/48
.................
222
190,732
5.95%,
04/01/49
.................
57
53,259
Hyundai
Capital
America
(b)
0.88%,
06/14/24
.................
2,455
2,341,170
1.00%,
09/17/24
.................
2,968
2,791,141
2.65%,
02/10/25
.................
2,653
2,514,224
Mercedes-Benz
Finance
North
America
LLC,
5.50%,
11/27/24
(b)
...............
1,560
1,556,864
Nissan
Motor
Co.
Ltd.,
4.35%,
09/17/27
(b)
..
1,915
1,741,703
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)(c)
.........
EUR
5,800
5,873,769
Renault
SA
(c)
1.25%,
06/24/25
.................
100
101,891
2.38%,
05/25/26
.................
500
503,856
Volkswagen
Group
of
America
Finance
LLC
(b)
4.63%,
11/13/25
.................
USD
204
198,862
1.25%,
11/24/25
.................
505
455,153
24,655,287
Banks
—
3.6%
ABN
AMRO
Bank
NV,
(5-Year
EUR
Swap
Annual
+
4.67%),
4.38%
(a)(c)(j)
........
EUR
3,000
2,942,770
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
5.66%),
5.88%
200
216,058
(5-Year
EUR
Swap
Annual
+
6.04%),
6.00%
8,200
8,648,660
Banco
BPM
SpA
(a)(c)
(3-mo.
EURIBOR
+
2.80%),
6.00%,
06/14/28
....................
1,825
1,977,571
(5-Year
EUR
Swap
Annual
+
5.42%),
5.00%,
09/14/30
...............
352
375,460
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%,
06/29/31
...............
4,509
4,293,739
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%,
01/19/32
...............
2,784
2,640,580
Banco
de
Sabadell
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(j)
.....................
1,600
1,465,609
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%,
02/07/29
...............
700
747,622
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%,
01/17/30
...............
1,100
1,092,747
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
...............
5,500
5,243,898
Banco
do
Brasil
SA
4.75%,
03/20/24
(c)
................
USD
2,014
1,985,220
6.25%,
04/18/30
(b)
................
1,563
1,553,622
Banco
Espirito
Santo
SA
(a)(c)(f)(k)
2.63%,
05/08/17
.................
EUR
800
200,781
4.75%,
01/15/18
.................
1,500
376,464
4.00%,
01/21/23
.................
5,400
1,355,270
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)(b)(j)
........
USD
1,725
1,458,703
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
2,048
1,608,827
Banco
Santander
SA,
(5-Year
EUR
Swap
Annual
+
4.53%),
4.38%
(a)(c)(j)
........
EUR
5,000
4,557,397
Bank
Leumi
Le-Israel
BM
(a)(b)(c)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.63%),
3.28%,
01/29/31
....................
USD
2,232
1,991,435
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.47%),
7.13%,
07/18/33
....................
1,563
1,543,697
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Bank
of
America
Corp.
Series
N,
(1-day
SOFR
+
0.91%),
1.66%,
03/11/27
(a)
...................
USD
374
$
336,555
(3-mo.
LIBOR
USD
+
1.37%),
3.59%,
07/21/28
(a)
...................
2,250
2,091,519
(1-day
SOFR
+
2.04%),
4.95%,
07/22/28
(a)
4,200
4,124,547
(1-day
SOFR
+
1.99%),
6.20%,
11/10/28
(a)
4,962
5,100,187
(3-mo.
LIBOR
USD
+
1.04%),
3.42%,
12/20/28
(a)
...................
4,860
4,456,734
(3-mo.
LIBOR
USD
+
1.21%),
3.97%,
02/07/30
(a)
...................
1,387
1,284,167
(3-mo.
LIBOR
USD
+
1.18%),
3.19%,
07/23/30
(a)
...................
400
352,563
(1-day
SOFR
+
1.37%),
1.92%,
10/24/31
(a)
265
209,767
Series
N,
(1-day
SOFR
+
1.22%),
2.65%,
03/11/32
(a)
...................
1,090
902,778
(1-day
SOFR
+
1.32%),
2.69%,
04/22/32
(a)
1,625
1,346,713
(1-day
SOFR
+
1.33%),
2.97%,
02/04/33
(a)
3,387
2,823,492
(1-day
SOFR
+
1.83%),
4.57%,
04/27/33
(a)
820
771,000
Series
L,
4.75%,
04/21/45
..........
420
382,804
(3-mo.
LIBOR
USD
+
1.99%),
4.44%,
01/20/48
(a)
...................
235
208,023
(3-mo.
LIBOR
USD
+
3.15%),
4.08%,
03/20/51
(a)
...................
800
663,289
(1-day
SOFR
+
1.88%),
2.83%,
10/24/51
(a)
633
415,614
Bank
of
Cyprus
PCL,
(1-Year
EUR
Swap
Annual
+
2.79%),
2.50%,
06/24/27
(a)(c)
...
EUR
525
499,838
Bank
of
Ireland
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(c)(j)
....................
2,339
2,498,259
(5-Year
EUR
Swap
Annual
+
6.43%),
6.00%
(c)(j)
....................
2,700
2,781,309
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
6.25%,
09/16/26
(b)
...................
USD
1,355
1,344,323
(5-Year
EUR
Swap
Annual
+
2.80%),
2.38%,
10/14/29
(c)
..............
EUR
712
740,784
Bank
of
Montreal,
(5-Year
USD
Swap
Semi
+
1.43%),
3.80%,
12/15/32
(a)
..........
USD
300
264,449
Bankinter
SA
(5-Year
EUR
Swap
Annual
+
4.71%),
7.38%
(a)(c)(j)
...................
EUR
2,600
2,681,078
Barclays
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
(a)(j)
....................
USD
6,534
6,173,977
3.65%,
03/16/25
.................
735
704,521
(3-mo.
LIBOR
USD
+
1.61%),
3.93%,
05/07/25
(a)
...................
455
444,656
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.58%),
7.13%
(a)(j)
.
GBP
3,252
3,737,959
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)(j)
....................
USD
22,075
19,348,737
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.02%),
6.38%
(a)(c)(j)
GBP
4,026
4,402,811
5.20%,
05/12/26
.................
USD
2,100
2,025,971
(1-day
SOFR
+
2.21%),
5.83%,
05/09/27
(a)
2,035
2,007,331
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(a)(c)(j)
GBP
2,400
2,798,796
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(j)
....................
USD
4,905
3,332,457
4.84%,
05/09/28
.................
640
589,432
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(a)(j)
....................
USD
11,470
$
10,247,298
(3-mo.
LIBOR
USD
+
3.05%),
5.09%,
06/20/30
(a)
...................
1,300
1,182,153
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
5.75%,
08/09/33
(a)
...................
505
488,408
BBVA
Bancomer
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
5.13%,
01/18/33
(a)(c)
.........
1,318
1,147,728
BNP
Paribas
SA
(a)
(6-mo.
LIBOR
USD
+
0.08%),
5.28%
(j)
..
450
409,500
(3-mo.
LIBOR
USD
+
2.24%),
4.71%,
01/10/25
(b)
...................
3,635
3,602,597
(5-Year
USD
Swap
Semi
+
3.98%),
7.00%
(b)
(j)
..........................
4,429
3,964,693
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(b)(j)
....................
5,600
5,420,240
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(c)(j)
....................
EUR
5,800
6,058,764
(5-Year
EUR
Swap
Annual
+
4.63%),
7.38%
(c)(j)
....................
600
634,260
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(b)(j)
....................
USD
10,475
7,476,531
CaixaBank
SA
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
6.22%),
6.38%
EUR
2,800
3,024,806
(5-Year
EUR
Swap
Annual
+
6.50%),
6.75%
7,800
8,234,315
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
1,800
1,657,260
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
800
779,407
Citigroup,
Inc.
(a)
(3-mo.
CME
Term
SOFR
+
1.16%),
3.35%,
04/24/25
....................
USD
1,025
1,002,007
(1-day
SOFR
+
1.89%),
4.66%,
05/24/28
2,100
2,047,631
(1-day
SOFR
+
1.42%),
2.98%,
11/05/30
425
368,293
(1-day
SOFR
+
1.15%),
2.67%,
01/29/31
1,775
1,502,525
(1-day
SOFR
+
2.11%),
2.57%,
06/03/31
405
337,898
(1-day
SOFR
+
1.17%),
2.56%,
05/01/32
665
542,990
(1-day
SOFR
+
1.94%),
3.79%,
03/17/33
595
525,687
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
3,330
3,359,012
(1-day
SOFR
+
1.38%),
2.90%,
11/03/42
145
102,662
Commerzbank
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(j)
.....................
EUR
12,600
12,511,699
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
....................
GBP
600
731,985
Cooperatieve
Rabobank
UA,
(5-Year
EUR
Swap
Annual
+
4.10%),
4.63%
(a)(c)(j)
....
EUR
2,200
2,177,092
Credit
Agricole
SA
(a)(j)
(5-Year
USD
Swap
Semi
+
4.90%),
7.88%
(b)
USD
3,600
3,558,197
(5-Year
EUR
Swap
Annual
+
4.44%),
7.25%
(c)
.....................
EUR
1,000
1,083,889
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(b)
.....................
USD
22,818
18,140,310
Discover
Bank,
(5-Year
USD
Swap
Semi
+
1.73%),
4.68%,
08/09/28
(a)
..........
1,050
960,023
Erste
Group
Bank
AG,
(5-Year
EUR
Swap
Annual
+
6.20%),
6.50%
(a)(c)(j)
........
EUR
2,200
2,317,890
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
......
USD
2,091
1,632,287
Hongkong
&
Shanghai
Banking
Corp.
Ltd.
(The),
(3-mo.
LIBOR
USD
+
0.19%),
5.46%
(a)
(j)
.........................
1,475
1,466,224
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
HSBC
Bank
Capital
Funding
Sterling
1
LP,
(Sterling
Overnight
Index
Average
+
2.04%),
5.84%
(a)(c)(j)
...................
GBP
879
$
1,116,330
HSBC
Holdings
plc
(5-Year
USD
Swap
Rate
+
4.37%),
6.38%
(a)
(j)
..........................
USD
5,719
5,476,800
4.25%,
08/18/25
.................
500
480,222
(BPSWS5
+
4.28%),
5.88%
(a)(j)
.......
GBP
600
663,092
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.00%
(a)(j)
....................
USD
2,521
2,502,735
(1-day
SOFR
+
3.35%),
7.39%,
11/03/28
(a)
2,150
2,269,074
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(a)(j)
....................
9,830
7,483,088
(1-day
SOFR
+
1.19%),
2.80%,
05/24/32
(a)
1,495
1,209,171
(1-day
SOFR
+
4.25%),
8.11%,
11/03/33
(a)
1,685
1,870,538
(1-day
SOFR
+
2.39%),
6.25%,
03/09/34
(a)
1,985
2,034,722
(1-day
SOFR
+
2.65%),
6.33%,
03/09/44
(a)
355
367,998
ING
Groep
NV
3.55%,
04/09/24
.................
430
422,077
(5-Year
USD
Swap
Rate
+
4.20%),
6.75%
(a)
(c)(j)
........................
5,877
5,597,843
(5-Year
USD
Swap
Semi
+
4.45%),
6.50%
(a)
(j)
..........................
2,010
1,875,732
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.34%),
5.75%
(a)(j)
....................
679
599,656
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(a)(j)
....................
17,590
12,520,335
Intesa
Sanpaolo
SpA
(5-Year
EUR
Swap
Annual
+
6.07%),
5.88%
(a)(c)(j)
...................
EUR
400
410,125
5.71%,
01/15/26
(b)
................
USD
1,289
1,227,167
(5-Year
EUR
Swap
Annual
+
7.19%),
7.75%
(a)(c)(j)
...................
EUR
6,127
6,448,437
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)(c)(j)
...................
2,020
1,837,525
5.15%,
06/10/30
(c)
................
GBP
1,447
1,480,642
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%,
06/01/32
(a)(b)
..................
USD
2,695
2,008,551
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%,
06/01/42
(a)(b)
..................
940
619,064
Itau
Unibanco
Holding
SA,
3.25%,
01/24/25
(b)
1,612
1,546,456
JPMorgan
Chase
&
Co.
(1-day
SOFR
+
1.16%),
2.30%,
10/15/25
(a)
350
333,519
(1-day
SOFR
+
0.77%),
1.47%,
09/22/27
(a)
222
195,987
(1-day
SOFR
+
1.56%),
4.32%,
04/26/28
(a)
2,200
2,123,517
(1-day
SOFR
+
1.89%),
2.18%,
06/01/28
(a)
4,340
3,857,071
(3-mo.
LIBOR
USD
+
1.33%),
4.45%,
12/05/29
(a)
...................
140
134,160
(1-day
SOFR
+
1.26%),
2.96%,
01/25/33
(a)
1,754
1,477,593
(1-day
SOFR
+
2.58%),
5.72%,
09/14/33
(a)
1,485
1,506,522
(3-mo.
LIBOR
USD
+
1.36%),
3.88%,
07/24/38
(a)
...................
1,685
1,454,051
(1-day
SOFR
+
2.46%),
3.11%,
04/22/41
(a)
140
106,251
5.60%,
07/15/41
.................
175
181,995
(1-day
SOFR
+
1.46%),
3.16%,
04/22/42
(a)
1,215
917,203
5.63%,
08/16/43
.................
15
15,377
4.95%,
06/01/45
.................
765
714,062
Series
W,
(3-mo.
LIBOR
USD
+
1.00%),
6.32%,
05/15/47
(a)
..............
19,006
15,934,630
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
KBC
Group
NV,
(5-Year
EUR
Swap
Annual
+
4.69%),
4.75%
(a)(c)(j)
..............
EUR
5,800
$
6,085,548
Lloyds
Banking
Group
plc
4.50%,
11/04/24
.................
USD
800
776,635
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(a)(c)(j)
.............
EUR
5,951
5,908,646
(5-Year
USD
Swap
Semi
+
4.50%),
7.50%
(a)
(j)
..........................
USD
3,975
3,717,221
4.58%,
12/10/25
.................
2,250
2,154,733
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
(a)(j)
....................
7,290
6,671,897
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.88%),
8.50%
(a)(j)
.
GBP
1,809
2,153,280
4.55%,
08/16/28
.................
USD
265
250,706
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(a)(j)
....................
7,286
6,656,854
Mitsubishi
UFJ
Financial
Group,
Inc.
1.41%,
07/17/25
.................
1,595
1,460,347
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.50%),
5.54%,
04/17/26
(a)
...................
855
849,770
3.74%,
03/07/29
.................
420
383,517
3.20%,
07/18/29
.................
365
322,403
2.05%,
07/17/30
.................
760
616,193
Mizuho
Financial
Group,
Inc.,
(1-day
SOFR
+
1.25%),
1.24%,
07/10/24
(a)
..........
900
899,446
NatWest
Group
plc
(a)
(5-Year
USD
Swap
Semi
+
5.72%),
8.00%
(j)
1,200
1,168,116
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.99%),
5.13%
(j)
..
GBP
750
783,431
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.95%),
5.81%,
09/13/29
....................
USD
4,125
4,064,385
Nordea
Bank
Abp
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.11%),
6.63%
(a)(c)(j)
...................
1,100
1,037,069
1.50%,
09/30/26
(b)
................
789
689,657
Santander
UK
Group
Holdings
plc,
(BPSWS5
+
5.79%),
6.75%
(a)(c)(j)
..............
GBP
8,783
10,402,558
Skandinaviska
Enskilda
Banken
AB,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
6.88%
(a)(c)(j)
........
USD
600
563,250
Societe
Generale
SA
(5-Year
USD
Swap
Semi
+
4.30%),
7.38%
(a)
(b)(j)
........................
894
868,968
(5-Year
USD
Swap
Semi
+
4.98%),
7.88%
(a)
(b)(j)
........................
300
293,377
(5-Year
USD
Swap
Semi
+
4.98%),
7.88%
(a)
(c)(j)
........................
6,526
6,381,937
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(a)
(c)(j)
........................
1,893
1,777,025
4.00%,
01/12/27
(b)
................
360
335,582
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(a)(b)(j)
...................
2,270
2,218,925
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(a)(c)(j)
...................
EUR
3,300
3,441,618
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
(a)(b)(j)
...................
USD
12,900
9,571,532
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Standard
Chartered
plc
(a)(j)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.66%),
6.00%
(c)
.....................
USD
900
$
853,974
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
4.30%
(b)
.....................
11,150
8,077,060
Sumitomo
Mitsui
Financial
Group,
Inc.
5.46%,
01/13/26
.................
1,975
1,968,407
5.52%,
01/13/28
.................
930
933,559
1.90%,
09/17/28
.................
580
487,205
3.04%,
07/16/29
.................
130
113,560
2.75%,
01/15/30
.................
385
332,081
Toronto-Dominion
Bank
(The)
0.70%,
09/10/24
.................
455
428,984
5.16%,
01/10/28
.................
240
238,405
(5-Year
USD
Swap
Semi
+
2.21%),
3.63%,
09/15/31
(a)
...................
100
92,263
UniCredit
SpA
(a)
(5-Year
EUR
Swap
Annual
+
4.93%),
5.38%
(c)(j)
....................
EUR
1,000
996,034
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(c)(j)
..............
4,968
5,318,970
(5-Year
EUR
Swap
Annual
+
2.40%),
2.00%,
09/23/29
(c)
..............
709
729,138
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%,
01/15/32
(c)
..............
973
926,050
(5-Year
USD
Swap
Rate
+
4.91%),
7.30%,
04/02/34
(b)
...................
USD
1,779
1,676,217
Wells
Fargo
&
Co.
(1-day
SOFR
+
1.32%),
3.91%,
04/25/26
(a)
2,535
2,450,793
(1-day
SOFR
+
1.51%),
3.53%,
03/24/28
(a)
1,655
1,544,693
(3-mo.
LIBOR
USD
+
1.31%),
3.58%,
05/22/28
(a)
...................
715
665,910
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
(a)
1,515
1,480,796
(1-day
SOFR
+
2.10%),
4.90%,
07/25/33
(a)
2,704
2,593,710
(1-day
SOFR
+
2.02%),
5.39%,
04/24/34
(a)
1,999
1,986,234
5.61%,
01/15/44
.................
950
912,017
4.65%,
11/04/44
.................
210
178,147
4.75%,
12/07/46
.................
545
463,893
(1-day
SOFR
+
4.50%),
5.01%,
04/04/51
(a)
655
610,071
Westpac
Banking
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%,
11/15/35
(a)
...................
460
352,998
4.42%,
07/24/39
.................
200
164,440
3.13%,
11/18/41
.................
590
399,848
Woori
Bank,
4.88%,
01/26/28
(b)
........
265
262,610
447,580,842
Beverages
—
0.1%
Anheuser-Busch
Cos.
LLC
4.70%,
02/01/36
.................
145
141,029
4.90%,
02/01/46
.................
5,586
5,339,047
Anheuser-Busch
InBev
Worldwide,
Inc.
4.75%,
01/23/29
.................
770
766,656
4.60%,
04/15/48
.................
460
426,995
5.55%,
01/23/49
.................
32
33,728
5.80%,
01/23/59
.................
31
33,780
Coca-Cola
Femsa
SAB
de
CV,
1.85%,
09/01/32
595
464,487
Keurig
Dr
Pepper,
Inc.,
4.50%,
04/15/52
...
344
303,124
7,508,846
Biotechnology
—
0.1%
AbbVie,
Inc.
3.85%,
06/15/24
.................
670
658,683
4.55%,
03/15/35
.................
150
142,841
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Biotechnology
(continued)
4.30%,
05/14/36
.................
USD
1,385
$
1,271,919
4.40%,
11/06/42
.................
1,205
1,079,030
4.45%,
05/14/46
.................
880
774,835
4.88%,
11/14/48
.................
840
793,820
4.25%,
11/21/49
.................
699
603,327
Amgen,
Inc.
5.15%,
03/02/28
.................
139
138,875
2.00%,
01/15/32
.................
825
651,535
5.25%,
03/02/33
.................
1,801
1,803,297
3.00%,
01/15/52
.................
995
663,359
4.20%,
02/22/52
.................
1,020
843,927
4.88%,
03/01/53
.................
803
738,839
5.65%,
03/02/53
.................
520
526,606
2.77%,
09/01/53
.................
174
108,110
4.40%,
02/22/62
.................
428
351,272
5.75%,
03/02/63
.................
260
263,754
Cidron
Aida
Finco
SARL
(c)
5.00%,
04/01/28
.................
EUR
366
360,994
6.25%,
04/01/28
.................
GBP
1,005
1,109,467
Gilead
Sciences,
Inc.
4.50%,
02/01/45
.................
USD
778
709,623
4.75%,
03/01/46
.................
486
457,415
4.15%,
03/01/47
.................
100
86,763
2.80%,
10/01/50
.................
1,822
1,232,409
Grifols
SA
(c)
1.63%,
02/15/25
.................
EUR
215
225,751
3.20%,
05/01/25
.................
701
743,526
16,339,977
Broadline
Retail
—
0.1%
Alibaba
Group
Holding
Ltd.,
3.15%,
02/09/51
USD
1,125
722,222
Amazon.com,
Inc.
3.30%,
04/13/27
.................
35
33,332
3.15%,
08/22/27
.................
549
516,532
3.88%,
08/22/37
.................
1,075
981,637
4.05%,
08/22/47
.................
405
363,269
3.95%,
04/13/52
.................
850
740,845
2.70%,
06/03/60
.................
295
189,643
3.25%,
05/12/61
.................
895
647,512
4.10%,
04/13/62
.................
325
279,811
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
.....
2,675
2,184,155
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(b)
....................
1,346
1,278,700
Marks
&
Spencer
plc,
3.75%,
05/19/26
(c)
...
GBP
150
171,230
Match
Group
Holdings
II
LLC
(b)
4.63%,
06/01/28
.................
USD
723
664,148
5.63%,
02/15/29
.................
1,357
1,272,335
3.63%,
10/01/31
.................
421
346,037
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
..
867
806,996
11,198,404
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.
(b)
5.00%,
09/30/27
.................
2,862
2,708,639
6.38%,
06/15/30
.................
827
818,126
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
....................
1,719
1,624,445
HT
Troplast
GmbH,
9.25%,
07/15/25
(c)
....
EUR
1,335
1,477,554
JELD-WEN,
Inc.
(b)
6.25%,
05/15/25
.................
USD
902
909,893
4.63%,
12/15/25
.................
968
937,750
Masonite
International
Corp.
(b)
5.38%,
02/01/28
.................
402
383,195
3.50%,
02/15/30
.................
1,633
1,371,708
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
1,044
950,071
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
9.75%,
07/15/28
.................
USD
773
$
745,698
PCF
GmbH,
4.75%,
04/15/26
(c)
........
EUR
589
492,643
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
....................
USD
5,277
4,976,442
Standard
Industries,
Inc.
(b)
4.75%,
01/15/28
.................
1,012
942,411
4.38%,
07/15/30
.................
1,735
1,502,678
3.38%,
01/15/31
.................
1,011
813,899
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
146
137,936
20,793,088
Capital
Markets
—
1.3%
AerCap
Ireland
Capital
DAC,
5.75%,
06/06/28
1,379
1,367,593
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
1,482
1,518,995
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
.................
602
600,439
3.25%,
03/15/27
.................
408
352,561
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
1,887
1,653,990
Credit
Suisse
AG,
7.75%,
03/10/26
(c)
.....
GBP
2,200
2,822,683
Credit
Suisse
Group
AG
(a)(e)(f)(j)(k)
(5-Year
USD
Swap
Semi
+
4.60%),
7.50%
(b)
USD
3,911
145,997
(5-Year
USD
Swap
Semi
+
3.46%),
6.25%
(b)
9,607
1
(5-Year
USD
Swap
Semi
+
3.46%),
6.25%
(c)
1,173
—
Deutsche
Bank
AG
(a)
(1-day
SOFR
+
2.16%),
2.22%,
09/18/24
3,440
3,396,446
Series
2020,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.52%),
6.00%
(j)
...............
23,000
18,351,700
(1-day
SOFR
+
2.58%),
3.96%,
11/26/25
600
572,090
(1-day
SOFR
+
3.19%),
6.12%,
07/14/26
840
830,648
(1-day
SOFR
+
1.87%),
2.13%,
11/24/26
595
529,384
(5-Year
EUR
Swap
Annual
+
4.55%),
4.50%
(c)(j)
....................
EUR
1,600
1,234,868
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.94%),
10.00%
(c)(j)
..............
5,400
5,833,060
(5-Year
EUR
Swap
Annual
+
5.69%),
6.75%
(c)(j)
....................
1,000
881,664
(1-day
SOFR
+
3.18%),
6.72%,
01/18/29
USD
1,010
1,011,440
(1-day
SOFR
+
5.44%),
5.88%,
07/08/31
574
502,751
(1-day
SOFR
+
3.65%),
7.08%,
02/10/34
1,135
1,049,915
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(b)
...............
250
223,246
Goldman
Sachs
Group,
Inc.
(The)
5.70%,
11/01/24
.................
1,900
1,896,813
(3-mo.
LIBOR
USD
+
1.20%),
3.27%,
09/29/25
(a)
...................
930
898,541
(1-day
SOFR
+
0.79%),
1.09%,
12/09/26
(a)
2,080
1,853,563
(1-day
SOFR
+
0.80%),
1.43%,
03/09/27
(a)
700
625,454
(1-day
SOFR
+
0.91%),
1.95%,
10/21/27
(a)
275
244,620
(1-day
SOFR
+
1.73%),
4.48%,
08/23/28
(a)
2,860
2,765,094
(3-mo.
LIBOR
USD
+
1.30%),
4.22%,
05/01/29
(a)
...................
695
656,421
(1-day
SOFR
+
1.09%),
1.99%,
01/27/32
(a)
170
133,828
(1-day
SOFR
+
1.28%),
2.62%,
04/22/32
(a)
1,470
1,205,575
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(a)
780
624,779
(1-day
SOFR
+
1.26%),
2.65%,
10/21/32
(a)
1,120
912,941
(1-day
SOFR
+
1.41%),
3.10%,
02/24/33
(a)
572
483,199
6.75%,
10/01/37
.................
450
483,995
5.15%,
05/22/45
.................
195
182,063
Intercontinental
Exchange,
Inc.
4.60%,
03/15/33
.................
242
234,549
5.20%,
06/15/62
.................
480
474,271
Macquarie
Bank
Ltd.,
6.80%,
01/18/33
(b)
...
820
822,778
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
.
2,693
2,598,745
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Morgan
Stanley
(a)
(1-day
SOFR
+
1.16%),
3.62%,
04/17/25
USD
990
$
970,327
(1-day
SOFR
+
0.53%),
0.79%,
05/30/25
840
797,946
(1-day
SOFR
+
1.99%),
2.19%,
04/28/26
725
680,563
(1-day
SOFR
+
0.88%),
1.59%,
05/04/27
1,075
962,360
(1-day
SOFR
+
1.61%),
4.21%,
04/20/28
6,400
6,148,132
(3-mo.
LIBOR
USD
+
1.34%),
3.59%,
07/22/28
....................
1,430
1,319,446
(1-day
SOFR
+
1.73%),
5.12%,
02/01/29
1,250
1,232,796
(3-mo.
LIBOR
USD
+
1.63%),
4.43%,
01/23/30
....................
800
761,148
(1-day
SOFR
+
1.14%),
2.70%,
01/22/31
1,530
1,301,255
(1-day
SOFR
+
3.12%),
3.62%,
04/01/31
285
256,811
(1-day
SOFR
+
1.29%),
2.94%,
01/21/33
1,330
1,105,533
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.43%),
5.95%,
01/19/38
....................
800
789,634
(1-day
SOFR
+
1.49%),
3.22%,
04/22/42
180
136,494
(1-day
SOFR
+
1.43%),
2.80%,
01/25/52
160
104,985
Nasdaq,
Inc.
5.55%,
02/15/34
.................
1,450
1,455,703
5.95%,
08/15/53
.................
565
578,498
Northern
Trust
Corp.
3.95%,
10/30/25
.................
100
96,356
6.13%,
11/02/32
.................
1,285
1,332,215
Owl
Rock
Capital
Corp.
3.75%,
07/22/25
.................
747
692,199
3.40%,
07/15/26
.................
1,401
1,240,959
OWL
Rock
Core
Income
Corp.
5.50%,
03/21/25
.................
1,605
1,544,456
7.75%,
09/16/27
(b)
................
1,780
1,770,990
S&P
Global,
Inc.
2.90%,
03/01/32
.................
527
456,777
3.25%,
12/01/49
.................
90
67,655
Sherwood
Financing
plc,
6.00%,
11/15/26
(c)
.
GBP
236
249,725
State
Street
Corp.,
(3-mo.
LIBOR
USD
+
1.00%),
6.55%,
06/15/47
(a)
..........
USD
38,980
31,978,499
SURA
Asset
Management
SA,
4.88%,
04/17/24
(b)
....................
2,651
2,611,235
UBS
Group
AG
(a)
(5-Year
USD
Swap
Semi
+
4.34%),
7.00%
(b)
(j)
..........................
13,976
13,495,904
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.83%),
1.01%,
07/30/24
(b)
...................
2,241
2,231,671
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(c)
(j)
..........................
5,957
5,656,505
(1-day
SOFR
+
2.04%),
2.19%,
06/05/26
(b)
2,621
2,403,375
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(c)(j)
....................
850
738,438
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.08%),
1.36%,
01/30/27
(b)
...................
730
639,650
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(b)(j)
....................
2,135
1,709,174
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%,
03/01/29
(c)
........
EUR
3,571
4,313,549
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(b)(j)
....................
USD
6,088
4,288,630
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
5.96%,
01/12/34
(b)
...................
USD
1,850
$
1,840,287
157,936,580
Chemicals
—
0.6%
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)
.....
365
294,957
Ashland,
Inc.,
3.38%,
09/01/31
(b)
........
230
183,710
Avient
Corp.,
7.13%,
08/01/30
(b)
........
935
945,681
Axalta
Coating
Systems
Dutch
Holding
B
BV,
3.75%,
01/15/25
(c)
...............
EUR
220
235,272
Axalta
Coating
Systems
LLC
(b)
4.75%,
06/15/27
.................
USD
1,477
1,392,143
3.38%,
02/15/29
.................
1,484
1,263,255
Braskem
Netherlands
Finance
BV,
7.25%,
02/13/33
(b)
....................
1,744
1,705,327
Celanese
US
Holdings
LLC,
5.90%,
07/05/24
1,700
1,696,386
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
.................
1,136
1,043,858
4.63%,
11/15/29
.................
464
392,134
DuPont
de
Nemours,
Inc.,
5.32%,
11/15/38
.
636
630,156
Eastman
Chemical
Co.
5.75%,
03/08/33
.................
1,760
1,757,870
4.80%,
09/01/42
.................
220
191,406
4.65%,
10/15/44
.................
200
168,582
Ecolab,
Inc.,
2.70%,
12/15/51
.........
762
505,109
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
11,559
10,083,795
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(c)
....................
EUR
1,408
1,362,350
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
USD
1,121
1,103,069
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
3,371
2,612,525
Herens
Midco
SARL,
5.25%,
05/15/29
(c)
...
EUR
1,308
816,410
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
USD
2,801
2,440,678
INEOS
Finance
plc,
6.63%,
05/15/28
(c)
....
EUR
1,082
1,157,957
INEOS
Quattro
Finance
2
plc
(c)
2.50%,
01/15/26
.................
1,875
1,828,019
2.50%,
01/15/26
.................
255
248,611
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
USD
528
450,789
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)(b)
1,868
1,232,880
Kronos
International,
Inc.,
3.75%,
09/15/25
(c)
EUR
1,250
1,239,508
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
USD
1,016
848,562
LYB
International
Finance
III
LLC,
1.25%,
10/01/25
.....................
800
723,387
MEGlobal
BV
(b)
4.25%,
11/03/26
.................
816
781,915
2.63%,
04/28/28
.................
803
699,092
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
1,293
1,176,630
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(c)
EUR
678
730,031
Nutrien
Ltd.
5.90%,
11/07/24
.................
USD
2,150
2,150,630
5.80%,
03/27/53
.................
234
234,789
Olympus
Water
US
Holding
Corp.
9.63%,
11/15/28
(c)
................
EUR
1,970
2,063,678
9.75%,
11/15/28
(b)
................
USD
3,164
3,085,849
Sasol
Financing
USA
LLC
6.50%,
09/27/28
.................
435
389,108
8.75%,
05/03/29
(b)
................
2,671
2,604,225
5.50%,
03/18/31
.................
3,305
2,593,896
SCIL
IV
LLC
5.38%,
11/01/26
(b)
................
1,825
1,663,745
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
7.62%,
11/01/26
(a)(c)
.............
EUR
584
621,807
9.50%,
07/15/28
(c)
................
1,013
1,105,386
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
USD
920
719,436
4.38%,
02/01/32
.................
204
160,626
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Sherwin-Williams
Co.
(The)
2.95%,
08/15/29
.................
USD
584
$
515,246
4.50%,
06/01/47
.................
195
170,731
3.30%,
05/15/50
.................
15
10,648
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
3,650
2,900,400
Synthomer
plc,
3.88%,
07/01/25
(c)
.......
EUR
1,863
1,875,807
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
USD
729
676,098
5.63%,
08/15/29
.................
7,253
5,942,383
7.38%,
03/01/31
.................
1,368
1,340,614
72,767,156
Commercial
Services
&
Supplies
—
0.7%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
903
772,065
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(b)
................
3,873
3,675,258
9.75%,
07/15/27
(b)
................
5,391
4,765,392
3.63%,
06/01/28
(c)
................
EUR
808
703,588
4.63%,
06/01/28
(b)
................
USD
11,068
9,338,261
4.88%,
06/01/28
(c)
................
GBP
410
403,543
6.00%,
06/01/29
(b)
................
USD
6,106
4,505,650
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
1,008
869,395
4.75%,
10/15/29
.................
1,044
940,227
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
569
557,609
5.75%,
07/15/29
.................
2,047
1,776,597
Aramark
Services,
Inc.
(b)
5.00%,
04/01/25
.................
1,401
1,380,475
6.38%,
05/01/25
.................
1,588
1,586,535
5.00%,
02/01/28
.................
2,392
2,254,556
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
102
100,788
Clean
Harbors,
Inc.
(b)
4.88%,
07/15/27
.................
1,539
1,473,635
6.38%,
02/01/31
.................
807
812,052
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
2,464
2,131,360
5.00%,
09/01/30
.................
398
337,554
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
1,158
1,059,571
9.50%,
11/01/27
.................
396
382,573
7.75%,
02/15/28
.................
2,841
2,820,036
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
638
615,674
3.75%,
08/01/25
.................
2,171
2,065,422
5.13%,
12/15/26
.................
301
290,401
4.00%,
08/01/28
.................
1,744
1,559,225
3.50%,
09/01/28
.................
1,168
1,039,502
4.75%,
06/15/29
.................
1,486
1,357,627
4.38%,
08/15/29
.................
1,396
1,242,925
Intrum
AB
(c)
3.13%,
07/15/24
.................
EUR
135
137,156
4.88%,
08/15/25
.................
838
755,023
9.25%,
03/15/28
.................
475
436,555
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
1,404
1,263,600
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
3,052
2,471,842
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
2,242
2,058,183
Paprec
Holding
SA
(c)
4.00%,
03/31/25
.................
EUR
619
660,019
3.50%,
07/01/28
.................
513
493,473
Prime
Security
Services
Borrower
LLC
(b)
5.25%,
04/15/24
.................
USD
501
496,868
5.75%,
04/15/26
.................
2,736
2,685,733
6.25%,
01/15/28
.................
2,122
1,987,893
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Q-Park
Holding
I
BV,
1.50%,
03/01/25
(c)
...
EUR
1,183
$
1,234,986
Republic
Services,
Inc.
0.88%,
11/15/25
.................
USD
519
466,922
4.88%,
04/01/29
.................
1,010
1,008,393
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(c)
...............
EUR
1,823
1,948,420
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(c)
...............
300
310,974
Verisure
Holding
AB
(c)
3.25%,
02/15/27
.................
512
495,791
9.25%,
10/15/27
.................
1,165
1,350,701
7.13%,
02/01/28
.................
1,173
1,281,895
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
USD
7,894
7,317,720
79,679,643
Communications
Equipment
—
0.1%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
2,486
2,317,124
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
2,765
2,576,906
8.25%,
03/01/27
.................
1,389
1,111,176
7.13%,
07/01/28
.................
1,634
1,160,140
4.75%,
09/01/29
.................
1,711
1,348,954
Motorola
Solutions,
Inc.
4.60%,
02/23/28
.................
685
664,329
2.30%,
11/15/30
.................
477
385,303
2.75%,
05/24/31
.................
799
654,588
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
3,774
3,656,968
5.63%,
04/15/27
.................
2,719
2,538,622
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
823
699,306
17,113,416
Construction
&
Engineering
—
0.1%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
....................
926
891,173
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
........
2,674
2,395,911
Azzurra
Aeroporti
SpA
(c)
2.13%,
05/30/24
.................
EUR
3,100
3,270,718
2.63%,
05/30/27
.................
387
378,400
Cellnex
Finance
Co.
SA
(c)
1.00%,
09/15/27
.................
200
187,429
1.50%,
06/08/28
.................
1,600
1,490,366
2.00%,
02/15/33
.................
1,400
1,186,219
China
City
Construction
International
Co.
Ltd.,
5.35%,
07/03/17
(a)(c)(e)(f)(k)
...........
CNY
6,794
—
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..
USD
1,502
1,364,116
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(c)
GBP
1,278
1,470,135
Heathrow
Finance
plc
(a)(c)(d)
4.75%,
03/01/24
.................
807
1,002,051
5.75%,
03/03/25
.................
221
271,483
4.13%,
09/01/29
.................
840
862,775
Mexico
City
Airport
Trust,
4.25%,
10/31/26
(b)
USD
1,024
983,736
15,754,512
Construction
Materials
—
0.0%
Cemex
SAB
de
CV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.53%),
5.13%
(a)(b)(j)
..............
1,330
1,182,716
Consumer
Finance
—
0.5%
AerCap
Ireland
Capital
DAC
3.15%,
02/15/24
.................
2,650
2,599,594
6.50%,
07/15/25
.................
885
889,376
2.45%,
10/29/26
.................
200
178,630
Ally
Financial,
Inc.
5.75%,
11/20/25
.................
2,010
1,935,753
(1-day
SOFR
+
3.26%),
6.99%,
06/13/29
(a)
3,070
3,031,637
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
American
Express
Co.,
3.95%,
08/01/25
...
USD
2,077
$
2,015,857
Capital
One
Financial
Corp.
3.30%,
10/30/24
.................
2,215
2,128,229
(1-day
SOFR
+
1.29%),
2.64%,
03/03/26
(a)
1,475
1,377,316
(1-day
SOFR
+
0.86%),
1.88%,
11/02/27
(a)
300
256,989
3.80%,
01/31/28
.................
660
606,492
(1-day
SOFR
+
2.64%),
6.31%,
06/08/29
(a)
730
725,082
(1-day
SOFR
+
1.34%),
2.36%,
07/29/32
(a)
735
519,066
(1-day
SOFR
+
1.27%),
2.62%,
11/02/32
(a)
420
323,540
(1-day
SOFR
+
2.60%),
5.82%,
02/01/34
(a)
820
782,341
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
(a)
1,430
1,419,755
DAE
Funding
LLC
(c)
1.55%,
08/01/24
.................
1,648
1,557,278
2.63%,
03/20/25
.................
829
777,610
Discover
Financial
Services,
6.70%,
11/29/32
650
669,651
Encore
Capital
Group,
Inc.
(c)
4.88%,
10/15/25
.................
EUR
744
758,620
5.38%,
02/15/26
.................
GBP
1,003
1,112,673
4.25%,
06/01/28
.................
665
646,925
Ford
Motor
Credit
Co.
LLC
2.75%,
06/14/24
.................
1,818
2,204,153
4.54%,
03/06/25
.................
1,539
1,852,895
4.69%,
06/09/25
.................
USD
200
192,653
5.13%,
06/16/25
.................
2,956
2,874,799
4.13%,
08/04/25
.................
1,628
1,543,998
3.38%,
11/13/25
.................
724
673,229
6.86%,
06/05/26
.................
GBP
1,651
2,043,323
4.95%,
05/28/27
.................
USD
1,606
1,514,919
4.87%,
08/03/27
.................
EUR
475
508,057
6.80%,
05/12/28
.................
USD
3,421
3,424,137
6.13%,
05/15/28
.................
EUR
1,526
1,705,781
5.11%,
05/03/29
.................
USD
1,355
1,256,639
7.35%,
03/06/30
.................
3,102
3,167,893
7.20%,
06/10/30
.................
3,124
3,152,772
3.63%,
06/17/31
.................
492
403,256
General
Motors
Financial
Co.,
Inc.
6.00%,
01/09/28
.................
460
463,687
2.40%,
04/10/28
.................
255
219,854
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(i)
......
2,320
2,123,669
LeasePlan
Corp.
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.56%),
7.38%
(a)(c)(j)
......
EUR
1,400
1,495,583
Macquarie
Airfinance
Holdings
Ltd.,
8.38%,
05/01/28
(b)
....................
USD
636
644,866
Navient
Corp.
7.25%,
09/25/23
.................
376
376,000
5.88%,
10/25/24
.................
600
589,658
5.50%,
03/15/29
.................
1,399
1,192,746
9.38%,
07/25/30
.................
883
878,276
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
934
924,783
7.13%,
03/15/26
.................
2,323
2,282,329
3.50%,
01/15/27
.................
820
703,511
6.63%,
01/15/28
.................
899
848,000
5.38%,
11/15/29
.................
451
383,416
SLM
Corp.,
3.13%,
11/02/26
..........
1,322
1,143,530
Toyota
Motor
Credit
Corp.
1.90%,
01/13/27
.................
115
103,839
1.15%,
08/13/27
.................
1,525
1,318,303
3.38%,
04/01/30
.................
527
484,706
67,007,674
Consumer
Staples
Distribution
&
Retail
—
0.2%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
.......
1,400
1,250,663
Albertsons
Cos.,
Inc.
(b)
3.25%,
03/15/26
.................
2,360
2,179,624
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
(continued)
4.63%,
01/15/27
.................
USD
830
$
786,428
5.88%,
02/15/28
.................
1,081
1,050,451
6.50%,
02/15/28
.................
1,136
1,137,886
3.50%,
03/15/29
.................
495
428,492
4.88%,
02/15/30
.................
1,246
1,150,332
Bellis
Acquisition
Co.
plc
(c)
3.25%,
02/16/26
.................
GBP
2,194
2,326,650
4.50%,
02/16/26
.................
2,541
2,759,790
Casino
Guichard
Perrachon
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.82%),
3.99%
(a)
(c)(f)(j)(k)
.......................
EUR
1,100
6,602
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
USD
1,224
1,089,740
Picard
Groupe
SAS,
3.88%,
07/01/26
(c)
...
EUR
1,112
1,110,274
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
630
522,194
US
Foods,
Inc.
(b)
4.75%,
02/15/29
.................
1,305
1,194,792
4.63%,
06/01/30
.................
1,174
1,052,185
Walmart,
Inc.
3.95%,
09/09/27
.................
454
445,320
3.25%,
07/08/29
.................
471
440,917
18,932,340
Containers
&
Packaging
—
0.7%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
4,580
3,710,100
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(b)
................
2,703
2,655,331
2.00%,
09/01/28
(c)
................
EUR
1,032
935,174
4.00%,
09/01/29
(b)
................
USD
8,425
6,672,548
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(b)
................
400
391,238
2.13%,
08/15/26
(c)
................
EUR
1,570
1,520,630
4.13%,
08/15/26
(b)
................
USD
811
755,395
4.75%,
07/15/27
(c)
................
GBP
1,435
1,442,425
5.25%,
08/15/27
(b)
................
USD
1,013
858,094
Ball
Corp.
5.25%,
07/01/25
.................
113
112,023
6.00%,
06/15/29
.................
1,153
1,144,352
Berry
Global,
Inc.,
1.57%,
01/15/26
......
2,626
2,367,957
Canpack
SA,
3.13%,
11/01/25
(b)
........
810
739,125
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
4,140
3,948,313
8.75%,
04/15/30
.................
3,222
2,844,136
Crown
Americas
LLC
4.75%,
02/01/26
.................
353
342,115
4.25%,
09/30/26
.................
620
587,134
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
368
380,429
Crown
European
Holdings
SA
(c)
3.38%,
05/15/25
.................
EUR
662
706,986
5.00%,
05/15/28
.................
957
1,053,416
Fiber
Bidco
SpA,
11.00%,
10/25/27
(c)
.....
1,280
1,491,714
Graphic
Packaging
International
LLC,
3.50%,
03/15/28
(b)
....................
USD
993
887,963
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
...
2,905
2,322,548
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(c)
..
EUR
2,029
1,846,071
LABL,
Inc.
(b)
5.88%,
11/01/28
.................
USD
1,515
1,377,863
9.50%,
11/01/28
.................
2,326
2,366,440
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
08/15/26
.................
17,254
17,141,995
9.25%,
04/15/27
.................
534
492,883
OI
European
Group
BV,
6.25%,
05/15/28
(c)
.
EUR
1,244
1,386,011
Owens-Brockway
Glass
Container,
Inc.
(b)
6.63%,
05/13/27
.................
USD
183
181,202
7.25%,
05/15/31
.................
1,094
1,107,675
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
SAN
Miguel
Industrias
Pet
SA,
3.50%,
08/02/28
(b)
....................
USD
2,923
$
2,484,959
Sealed
Air
Corp.,
6.13%,
02/01/28
(b)
.....
1,104
1,095,861
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
621
643,977
Trivium
Packaging
Finance
BV
5.50%,
08/15/26
(b)(d)
...............
2,441
2,343,737
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.07%,
08/15/26
(a)(c)
.............
EUR
1,399
1,499,873
8.50%,
08/15/27
(b)(d)
...............
USD
6,198
5,966,298
WestRock
MWV
LLC,
8.20%,
01/15/30
....
200
229,326
WRKCo,
Inc.
3.75%,
03/15/25
.................
325
312,637
4.90%,
03/15/29
.................
400
386,877
3.00%,
06/15/33
.................
1,855
1,508,516
80,241,347
Distributors
—
0.0%
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
(b)
............
1,019
869,885
Azelis
Finance
NV,
5.75%,
03/15/28
(c)
....
EUR
536
584,956
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
(b)
USD
2,258
2,099,950
Resideo
Funding,
Inc.,
4.00%,
09/01/29
(b)
..
493
408,993
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
(b)
448
451,548
4,415,332
Diversified
Consumer
Services
—
0.2%
Cedacri
Mergeco
SpA,
8.88%,
05/15/28
(a)(c)
.
EUR
724
758,428
Johns
Hopkins
University,
Series
A,
4.71%,
07/01/32
.....................
USD
1,950
1,944,975
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
969
835,864
Northwestern
University,
4.64%,
12/01/44
..
470
454,686
Rekeep
SpA,
7.25%,
02/01/26
(c)
........
EUR
2,286
2,331,818
Service
Corp.
International
5.13%,
06/01/29
.................
USD
716
674,630
3.38%,
08/15/30
.................
1,285
1,074,645
4.00%,
05/15/31
.................
1,613
1,380,776
Sotheby's
(b)
7.38%,
10/15/27
.................
5,540
4,982,634
5.88%,
06/01/29
.................
3,842
2,987,155
TUI
Cruises
GmbH,
6.50%,
05/15/26
(c)
....
EUR
933
936,642
University
of
Miami,
Series
2022,
4.06%,
04/01/52
.....................
USD
320
271,633
University
of
Southern
California,
Series
2017,
3.84%,
10/01/47
................
375
326,564
18,960,450
Diversified
REITs
—
0.2%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
761
558,271
GLP
Capital
LP
4.00%,
01/15/30
.................
495
428,996
3.25%,
01/15/32
.................
1,621
1,308,817
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
1,302
1,166,909
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
1,033
891,712
Mid-America
Apartments
LP,
3.95%,
03/15/29
365
343,584
Prologis
LP,
5.13%,
01/15/34
..........
2,330
2,313,366
RHP
Hotel
Properties
LP,
7.25%,
07/15/28
(b)
1,735
1,752,749
Simon
Property
Group
LP,
5.50%,
03/08/33
.
1,270
1,260,954
Trust
Fibra
Uno,
5.25%,
01/30/26
(b)
......
1,346
1,302,511
Unibail-Rodamco-Westfield
SE,
(5-Year
EUR
Swap
Annual
+
1.68%),
2.13%
(a)(c)(j)
....
EUR
800
732,832
VICI
Properties
LP
3.50%,
02/15/25
(b)
................
USD
2,324
2,220,587
4.25%,
12/01/26
(b)
................
147
137,516
3.88%,
02/15/29
(b)
................
397
348,392
4.63%,
12/01/29
(b)
................
1,637
1,486,183
4.95%,
02/15/30
.................
1,089
1,021,569
Security
Par
(000)
Par
(000)
Value
Diversified
REITs
(continued)
4.13%,
08/15/30
(b)
................
USD
2,184
$
1,922,859
5.13%,
05/15/32
.................
2,240
2,095,843
5.63%,
05/15/52
.................
1,796
1,599,877
22,893,527
Diversified
Telecommunication
Services
—
1.2%
Altice
France
Holding
SA,
10.50%,
05/15/27
(b)
3,539
2,142,971
Altice
France
SA
2.50%,
01/15/25
(c)
................
EUR
100
100,877
2.13%,
02/15/25
(c)
................
1,992
1,991,626
5.88%,
02/01/27
(c)
................
650
588,702
8.13%,
02/01/27
(b)
................
USD
3,916
3,390,949
5.50%,
01/15/28
(b)
................
3,359
2,536,404
5.13%,
01/15/29
(b)
................
679
484,057
5.50%,
10/15/29
(b)
................
1,569
1,122,058
AT&T,
Inc.
4.35%,
03/01/29
.................
25
24,016
4.50%,
05/15/35
.................
2,685
2,468,327
5.35%,
09/01/40
.................
1,500
1,449,910
4.65%,
06/01/44
.................
200
174,240
3.65%,
06/01/51
.................
710
521,225
3.55%,
09/15/55
.................
926
648,261
3.65%,
09/15/59
.................
206
143,421
Bakrie
Telecom
Pte.
Ltd.,
11.50%,
05/07/15
(a)(c)(f)
(k)
.........................
1,000
1,850
British
Telecommunications
plc
(a)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
(c)
..............
EUR
236
231,449
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%,
11/23/81
(b)
...................
USD
700
568,983
8.38%,
12/20/83
(c)
................
GBP
2,350
2,929,794
CCO
Holdings
LLC
(b)
5.13%,
05/01/27
.................
USD
2,101
1,956,546
5.00%,
02/01/28
.................
1,327
1,209,016
5.38%,
06/01/29
.................
3,058
2,764,723
6.38%,
09/01/29
.................
2,617
2,465,629
4.50%,
08/15/30
.................
2,308
1,921,851
4.25%,
02/01/31
.................
4,075
3,296,552
7.38%,
03/01/31
.................
7,409
7,219,560
4.75%,
02/01/32
.................
1,919
1,564,906
4.25%,
01/15/34
.................
1,329
1,004,415
Cellnex
Telecom
SA
(c)
1.00%,
04/20/27
.................
EUR
600
573,137
1.75%,
10/23/30
.................
1,800
1,582,693
0.75%,
11/20/31
(l)
................
2,100
1,827,581
Deutsche
Telekom
International
Finance
BV,
8.75%,
06/15/30
(d)
...............
USD
12
14,371
Frontier
Communications
Holdings
LLC
(b)
5.88%,
10/15/27
.................
1,705
1,564,782
5.00%,
05/01/28
.................
4,743
4,092,309
8.75%,
05/15/30
.................
5,679
5,550,506
Global
Switch
Holdings
Ltd.,
2.25%,
05/31/27
(c)
EUR
525
530,960
Iliad
Holding
SASU
6.50%,
10/15/26
(b)
................
USD
5,304
5,006,036
5.63%,
10/15/28
(c)
................
EUR
500
504,680
7.00%,
10/15/28
(b)
................
USD
4,212
3,881,966
Iliad
SA
(c)
1.50%,
10/14/24
.................
EUR
700
733,286
5.38%,
06/14/27
.................
1,600
1,721,296
5.63%,
02/15/30
.................
1,800
1,898,361
Infrastrutture
Wireless
Italiane
SpA,
1.63%,
10/21/28
(c)
....................
2,423
2,316,532
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(c)
116
109,713
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
USD
5,493
4,660,811
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
10.50%,
05/15/30
................
USD
4,972
$
5,044,755
Lorca
Telecom
Bondco
SA
4.00%,
09/18/27
(c)
................
EUR
3,527
3,507,094
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
USD
5,806
4,326,689
RCS
&
RDS
SA,
2.50%,
02/05/25
(c)
......
EUR
2,200
2,281,760
Sprint
Capital
Corp.,
6.88%,
11/15/28
.....
USD
2,792
2,959,501
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
1,544
1,309,791
6.00%,
09/30/34
.................
2,236
1,803,229
7.20%,
07/18/36
.................
88
75,640
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
725
825,787
Telecom
Italia
SpA
4.00%,
04/11/24
(c)
................
200
215,141
5.30%,
05/30/24
(b)
................
USD
1,855
1,802,981
2.75%,
04/15/25
(c)
................
EUR
651
669,525
3.63%,
05/25/26
(c)
................
170
174,374
2.38%,
10/12/27
(c)
................
400
371,008
6.88%,
02/15/28
(c)
................
2,471
2,680,986
1.63%,
01/18/29
(c)
................
4,098
3,421,326
Telefonica
Emisiones
SA
4.10%,
03/08/27
.................
USD
600
575,662
4.90%,
03/06/48
.................
670
559,186
Uniti
Group
LP,
10.50%,
02/15/28
(b)
......
3,588
3,559,525
Verizon
Communications,
Inc.
3.88%,
02/08/29
.................
2,797
2,623,265
1.50%,
09/18/30
.................
285
225,236
1.68%,
10/30/30
.................
711
561,322
2.55%,
03/21/31
.................
420
350,672
2.36%,
03/15/32
.................
540
434,313
5.85%,
09/15/35
.................
690
711,919
2.65%,
11/20/40
.................
1,400
973,833
3.40%,
03/22/41
.................
1,875
1,447,137
2.85%,
09/03/41
.................
440
312,939
6.55%,
09/15/43
.................
245
270,548
Virgin
Media
Finance
plc,
5.00%,
07/15/30
(b)
1,350
1,074,728
Virgin
Media
Secured
Finance
plc
5.00%,
04/15/27
(c)
................
GBP
833
958,014
5.25%,
05/15/29
(c)
................
361
386,857
5.50%,
05/15/29
(b)
................
USD
400
361,821
4.25%,
01/15/30
(c)
................
GBP
108
107,500
4.50%,
08/15/30
(b)
................
USD
843
706,704
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
19,729
13,933,689
6.13%,
03/01/28
.................
4,697
2,935,007
146,030,802
Electric
Utilities
—
1.0%
AEP
Transmission
Co.
LLC,
3.15%,
09/15/49
75
53,349
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
...............
1,815
1,549,221
Alabama
Power
Co.
3.94%,
09/01/32
.................
233
215,090
4.15%,
08/15/44
.................
613
510,898
American
Electric
Power
Co.,
Inc.,
5.70%,
08/15/25
(a)
....................
2,205
2,190,094
Baltimore
Gas
&
Electric
Co.
4.25%,
09/15/48
.................
435
369,499
3.20%,
09/15/49
.................
525
380,089
2.90%,
06/15/50
.................
105
69,998
CenterPoint
Energy
Houston
Electric
LLC
Series
AG,
3.00%,
03/01/32
.........
458
396,076
4.45%,
10/01/32
.................
530
509,343
Series
K2,
6.95%,
03/15/33
.........
100
113,537
Commonwealth
Edison
Co.,
Series
133,
3.85%,
03/15/52
.....................
500
399,536
DTE
Electric
Co.,
Series
B,
3.65%,
03/01/52
100
77,883
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Duke
Energy
Carolinas
LLC
2.85%,
03/15/32
.................
USD
1,205
$
1,024,168
6.05%,
04/15/38
.................
100
105,625
3.70%,
12/01/47
.................
600
470,223
3.20%,
08/15/49
.................
1,202
864,545
3.55%,
03/15/52
.................
200
152,415
Duke
Energy
Corp.
5.00%,
12/08/25
.................
1,055
1,047,503
2.45%,
06/01/30
.................
425
356,890
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
...................
18,465
13,710,754
Duke
Energy
Florida
LLC
2.50%,
12/01/29
.................
2,353
2,031,459
1.75%,
06/15/30
.................
255
207,429
6.40%,
06/15/38
.................
136
149,166
3.85%,
11/15/42
.................
320
260,811
Duke
Energy
Progress
LLC
3.45%,
03/15/29
.................
2,808
2,574,499
4.10%,
05/15/42
.................
100
84,446
4.20%,
08/15/45
.................
830
690,908
5.35%,
03/15/53
.................
588
591,739
Edison
International
5.75%,
06/15/27
.................
387
387,018
5.25%,
11/15/28
.................
1,250
1,216,362
6.95%,
11/15/29
.................
898
944,586
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
...................
3,200
3,265,445
EDP
-
Energias
de
Portugal
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%,
07/20/80
...............
EUR
500
497,724
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
...............
1,800
1,724,202
(5-Year
EUR
Swap
Annual
+
3.18%),
5.94%,
04/23/83
...............
300
324,090
Emera
US
Finance
LP,
0.83%,
06/15/24
...
USD
975
922,005
Enel
Finance
International
NV
(b)
6.80%,
10/14/25
.................
337
343,277
1.38%,
07/12/26
.................
1,890
1,668,522
Enel
SpA,
(5-Year
EUR
Swap
Annual
+
3.49%),
6.38%
(a)(c)(j)
...................
EUR
835
916,717
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(c)
.
USD
1,276
1,054,461
Eversource
Energy
2.90%,
03/01/27
.................
204
187,954
4.60%,
07/01/27
.................
1,142
1,113,377
5.45%,
03/01/28
.................
880
885,901
Exelon
Corp.
3.95%,
06/15/25
.................
595
575,312
4.70%,
04/15/50
.................
250
220,937
FirstEnergy
Corp.
(a)(d)
Series
B,
4.15%,
07/15/27
..........
1,500
1,424,748
Series
C,
5.10%,
07/15/47
..........
149
133,657
FirstEnergy
Transmission
LLC
(b)
4.35%,
01/15/25
.................
2,346
2,287,568
5.45%,
07/15/44
.................
2,743
2,536,459
4.55%,
04/01/49
.................
872
727,445
Florida
Power
&
Light
Co.
5.65%,
02/01/37
.................
500
524,270
3.70%,
12/01/47
.................
365
296,003
3.15%,
10/01/49
.................
465
338,984
2.88%,
12/04/51
.................
218
150,687
Georgia
Power
Co.,
4.70%,
05/15/32
.....
2,215
2,141,014
Interstate
Power
&
Light
Co.
3.25%,
12/01/24
.................
300
289,571
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
3.10%,
11/30/51
.................
USD
100
$
66,262
Kallpa
Generacion
SA,
4.88%,
05/24/26
(c)
..
2,609
2,508,319
MidAmerican
Energy
Co.
3.65%,
04/15/29
.................
907
842,296
4.25%,
07/15/49
.................
1,175
999,136
Naturgy
Finance
BV
(a)(c)(j)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
EUR
500
529,591
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
1,400
1,341,700
NextEra
Energy
Capital
Holdings,
Inc.
6.05%,
03/01/25
(a)
................
USD
370
371,391
3.55%,
05/01/27
.................
215
202,527
1.90%,
06/15/28
.................
700
599,895
2.25%,
06/01/30
.................
400
332,688
2.44%,
01/15/32
.................
184
149,178
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
...................
27,037
22,698,349
Northern
States
Power
Co.
2.90%,
03/01/50
.................
350
241,087
2.60%,
06/01/51
.................
360
230,832
4.50%,
06/01/52
.................
485
436,625
NRG
Energy,
Inc.
2.45%,
12/02/27
(b)
................
917
772,763
5.75%,
01/15/28
.................
460
435,919
7.00%,
03/15/33
(b)
................
1,180
1,189,777
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
..........
1,200
946,230
5.00%,
06/01/33
.................
720
706,349
4.15%,
04/01/48
.................
140
114,452
4.00%,
06/01/49
.................
975
789,300
Series
R,
2.90%,
10/01/51
..........
55
36,502
Oncor
Electric
Delivery
Co.
LLC
4.30%,
05/15/28
(b)
................
204
198,441
3.75%,
04/01/45
.................
441
360,290
3.80%,
09/30/47
.................
345
280,676
4.60%,
06/01/52
.................
600
548,011
Pacific
Gas
&
Electric
Co.
3.45%,
07/01/25
.................
1,460
1,378,489
3.30%,
12/01/27
.................
1,065
933,674
6.10%,
01/15/29
.................
1,290
1,269,247
2.50%,
02/01/31
.................
570
446,244
6.40%,
06/15/33
.................
1,900
1,889,599
4.45%,
04/15/42
.................
475
358,594
4.00%,
12/01/46
.................
258
172,918
4.95%,
07/01/50
.................
1,540
1,209,532
3.50%,
08/01/50
.................
815
518,426
5.25%,
03/01/52
.................
470
381,703
6.75%,
01/15/53
.................
885
873,402
6.70%,
04/01/53
.................
560
549,772
PacifiCorp
2.90%,
06/15/52
.................
620
386,353
5.35%,
12/01/53
.................
1,010
922,642
5.50%,
05/15/54
.................
300
281,461
Palomino
Funding
Trust
I,
7.23%,
05/17/28
(b)
682
682,336
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
2,363
2,158,204
PECO
Energy
Co.
4.90%,
06/15/33
.................
1,135
1,132,904
2.85%,
09/15/51
.................
130
85,652
4.60%,
05/15/52
.................
200
182,819
4.38%,
08/15/52
.................
476
420,360
PPL
Electric
Utilities
Corp.,
3.95%,
06/01/47
25
20,933
Progress
Energy,
Inc.,
6.00%,
12/01/39
...
350
354,084
Public
Service
Co.
of
Colorado
Series
34,
3.20%,
03/01/50
.........
425
299,948
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Series
36,
2.70%,
01/15/51
.........
USD
100
$
63,287
Public
Service
Electric
&
Gas
Co.
4.90%,
12/15/32
.................
1,786
1,783,525
5.80%,
05/01/37
.................
100
104,286
2.05%,
08/01/50
.................
80
47,080
3.00%,
03/01/51
.................
657
461,823
Southern
California
Edison
Co.
1.10%,
04/01/24
.................
600
579,225
Series
D,
4.70%,
06/01/27
..........
465
457,086
5.95%,
11/01/32
.................
383
400,886
4.00%,
04/01/47
.................
725
575,628
Series
B,
4.88%,
03/01/49
..........
70
62,875
3.65%,
02/01/50
.................
700
520,909
Series
20A,
2.95%,
02/01/51
........
240
157,163
Series
H,
3.65%,
06/01/51
..........
435
322,607
3.45%,
02/01/52
.................
200
143,041
Series
E,
5.45%,
06/01/52
..........
490
476,034
5.70%,
03/01/53
.................
435
434,903
Southern
Co.
(The),
4.48%,
08/01/24
(a)(d)
...
1,325
1,300,797
Tampa
Electric
Co.
4.35%,
05/15/44
.................
100
84,533
4.30%,
06/15/48
.................
153
127,831
4.45%,
06/15/49
.................
475
402,552
3.45%,
03/15/51
.................
135
96,528
Virginia
Electric
&
Power
Co.
Series
B,
6.00%,
01/15/36
..........
460
480,200
6.35%,
11/30/37
.................
217
230,403
4.45%,
02/15/44
.................
300
257,019
4.60%,
12/01/48
.................
595
529,889
Vistra
Operations
Co.
LLC
(b)
3.55%,
07/15/24
.................
1,827
1,764,529
5.13%,
05/13/25
.................
2,250
2,193,651
Wisconsin
Electric
Power
Co.,
2.05%,
12/15/24
400
379,916
127,531,577
Electrical
Equipment
—
0.1%
Energizer
Gamma
Acquisition
BV,
3.50%,
06/30/29
(c)
....................
EUR
841
737,290
Regal
Rexnord
Corp.
(b)
6.05%,
02/15/26
.................
USD
725
725,921
6.05%,
04/15/28
.................
1,980
1,965,561
6.30%,
02/15/30
.................
1,670
1,665,057
6.40%,
04/15/33
.................
1,149
1,148,031
Sensata
Technologies
BV
(b)
5.00%,
10/01/25
.................
2,963
2,900,854
4.00%,
04/15/29
.................
1,157
1,030,059
5.88%,
09/01/30
.................
735
714,629
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
....
3,671
3,307,474
14,194,876
Electronic
Equipment,
Instruments
&
Components
—
0.0%
CDW
LLC,
3.25%,
02/15/29
..........
2,110
1,807,919
Coherent
Corp.,
5.00%,
12/15/29
(b)
......
3,010
2,716,856
Sensata
Technologies,
Inc.
(b)
4.38%,
02/15/30
.................
529
473,057
3.75%,
02/15/31
.................
447
382,405
5,380,237
Energy
Equipment
&
Services
—
0.5%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
2,927
2,809,920
6.25%,
04/01/28
.................
4,004
3,759,195
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
1,969
1,915,778
Halliburton
Co.
3.80%,
11/15/25
.................
187
180,608
2.92%,
03/01/30
.................
603
529,837
5.00%,
11/15/45
.................
357
323,016
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
USD
1,570
$
1,465,626
7.50%,
01/15/28
.................
2,635
2,305,783
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
6,144
5,945,672
7.38%,
05/15/27
(b)
................
2,249
2,139,991
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
..
1,903
1,934,742
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
461
416,522
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
993
1,053,433
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
....................
1,298
1,325,583
Transocean,
Inc.
(b)
7.50%,
01/15/26
.................
1,619
1,538,050
11.50%,
01/30/27
................
1,164
1,206,195
8.75%,
02/15/30
.................
5,186
5,263,790
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
2,862
2,803,598
6.88%,
09/01/27
.................
2,454
2,343,311
Valaris
Ltd.,
8.38%,
04/30/30
(b)
.........
3,178
3,188,678
Vallourec
SA,
8.50%,
06/30/26
(c)
........
EUR
1,531
1,669,057
Venture
Global
LNG,
Inc.
(b)
8.13%,
06/01/28
.................
USD
7,749
7,870,154
8.38%,
06/01/31
.................
10,398
10,482,924
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
1,472
1,478,329
8.63%,
04/30/30
.................
2,689
2,729,986
66,679,778
Entertainment
—
0.2%
Banijay
Group
SAS,
6.50%,
03/01/26
(c)
....
EUR
1,546
1,674,343
CPUK
Finance
Ltd.,
3.59%,
08/28/25
(c)
....
GBP
502
587,446
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
USD
1,681
1,217,380
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
659
648,767
5.63%,
03/15/26
.................
100
97,681
6.50%,
05/15/27
.................
7,484
7,523,838
4.75%,
10/15/27
.................
2,302
2,146,615
Netflix,
Inc.
4.88%,
04/15/28
.................
1,944
1,922,556
5.38%,
11/15/29
(b)
................
346
347,281
4.88%,
06/15/30
(b)
................
1,662
1,635,564
Odeon
Finco
plc,
12.75%,
11/01/27
(b)
.....
488
478,133
Pinewood
Finance
Co.
Ltd.,
3.25%,
09/30/25
(c)
GBP
543
632,717
TWDC
Enterprises
18
Corp.
3.70%,
12/01/42
.................
USD
314
259,542
4.13%,
06/01/44
.................
85
74,692
Walt
Disney
Co.
(The)
6.40%,
12/15/35
.................
375
421,832
3.50%,
05/13/40
.................
453
374,546
20,042,933
Financial
Services
—
0.6%
Agps
Bondco
plc
(c)
6.00%,
08/05/25
(f)(k)
...............
EUR
600
281,582
5.50%,
11/13/26
(a)(f)(k)
..............
1,000
414,656
5.00%,
01/14/29
(a)
................
400
139,281
Block,
Inc.
2.75%,
06/01/26
.................
USD
4,010
3,651,076
3.50%,
06/01/31
.................
6,422
5,318,841
Castor
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.78%,
02/15/29
(a)(c)
.........
EUR
747
758,068
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
USD
1,565
1,537,341
Fidelity
National
Information
Services,
Inc.,
3.10%,
03/01/41
................
121
83,268
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Fiserv,
Inc.
2.65%,
06/01/30
.................
USD
389
$
331,508
4.40%,
07/01/49
.................
225
190,119
Garfunkelux
Holdco
3
SA
(c)
6.75%,
11/01/25
.................
EUR
1,737
1,383,653
7.75%,
11/01/25
.................
GBP
381
345,483
GGAM
Finance
Ltd.
(b)
7.75%,
05/15/26
.................
USD
263
263,986
8.00%,
06/15/28
.................
263
263,134
Global
Payments,
Inc.
1.20%,
03/01/26
.................
1,052
934,886
2.15%,
01/15/27
.................
800
711,081
3.20%,
08/15/29
.................
3,411
2,964,789
5.30%,
08/15/29
.................
380
370,216
2.90%,
05/15/30
.................
670
567,877
5.40%,
08/15/32
.................
2,036
1,983,954
5.95%,
08/15/52
.................
1,373
1,313,754
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
4,274
3,832,001
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
2,783
2,281,543
Mastercard,
Inc.
2.95%,
06/01/29
.................
468
425,747
3.95%,
02/26/48
.................
101
89,501
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
1,182
1,114,933
Nationstar
Mortgage
Holdings,
Inc.
(b)
6.00%,
01/15/27
.................
1,020
948,890
5.13%,
12/15/30
.................
670
543,504
5.75%,
11/15/31
.................
1,240
1,018,592
Nationwide
Building
Society
(a)(c)(j)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.39%),
5.88%
...
GBP
3,534
4,178,495
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
...
2,650
2,869,089
Nexi
SpA,
0.00%,
02/24/28
(c)(l)(m)
........
EUR
2,300
1,887,660
NTT
Finance
Corp.
(b)
4.14%,
07/26/24
.................
USD
355
349,391
1.16%,
04/03/26
.................
2,245
2,009,207
Nykredit
Realkredit
A/S,
(5-Year
EUR
Swap
Annual
+
4.57%),
4.13%
(a)(c)(j)
........
EUR
600
591,498
PayPal
Holdings,
Inc.,
4.40%,
06/01/32
...
USD
984
948,134
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
..
5,916
5,235,660
Sabre
GLBL,
Inc.
(b)
9.25%,
04/15/25
.................
234
218,229
7.38%,
09/01/25
.................
1,853
1,644,741
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
2,914
2,732,662
Siemens
Financieringsmaatschappij
NV,
2.88%,
03/11/41
(b)
...............
1,975
1,504,106
Stena
International
SA
7.25%,
02/15/28
(c)
................
EUR
495
551,742
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
USD
12,882
12,921,831
71,705,709
Food
Products
—
0.2%
Chobani
LLC
(b)
7.50%,
04/15/25
.................
6,766
6,732,246
4.63%,
11/15/28
.................
5,694
5,181,540
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
.
2,983
2,913,359
General
Mills,
Inc.
2.25%,
10/14/31
.................
289
237,030
4.95%,
03/29/33
.................
880
872,139
3.00%,
02/01/51
.................
46
32,485
Knight
Castle
Investments
Ltd.,
7.99%,
01/23/23
(c)(f)(k)
..................
231
161,700
Kraft
Heinz
Foods
Co.
3.88%,
05/15/27
.................
352
337,961
4.88%,
10/01/49
.................
1,597
1,457,208
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
USD
1,376
$
1,317,844
4.13%,
01/31/30
.................
2,679
2,394,261
Post
Holdings,
Inc.
(b)
5.75%,
03/01/27
.................
526
513,441
5.63%,
01/15/28
.................
413
396,831
5.50%,
12/15/29
.................
124
114,424
4.63%,
04/15/30
.................
129
113,050
4.50%,
09/15/31
.................
186
158,850
Premier
Foods
Finance
plc
3.50%,
10/15/26
(c)
................
GBP
977
1,080,828
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
1,319
1,056,802
Tereos
Finance
Groupe
I
SA,
7.25%,
04/15/28
(c)
EUR
850
942,776
26,014,775
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
..
USD
1,164
1,182,182
Atmos
Energy
Corp.
2.63%,
09/15/29
.................
100
87,904
4.13%,
10/15/44
.................
192
161,509
2.85%,
02/15/52
.................
305
205,944
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
...............
1,403
1,410,015
Piedmont
Natural
Gas
Co.,
Inc.,
5.05%,
05/15/52
.....................
100
89,987
Promigas
SA
ESP
3.75%,
10/16/29
(b)
................
1,668
1,392,780
3.75%,
10/16/29
(c)
................
1,344
1,122,240
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
619
518,195
UGI
International
LLC,
2.50%,
12/01/29
(c)
..
EUR
1,675
1,431,034
7,601,790
Ground
Transportation
—
0.4%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
USD
1,639
1,540,660
BCP
V
Modular
Services
Finance
II
plc,
4.75%,
11/30/28
(c)
....................
EUR
756
700,999
Burlington
Northern
Santa
Fe
LLC
6.15%,
05/01/37
.................
USD
185
204,095
5.75%,
05/01/40
.................
300
317,292
5.15%,
09/01/43
.................
100
98,960
4.90%,
04/01/44
.................
995
962,349
4.15%,
04/01/45
.................
100
86,983
4.70%,
09/01/45
.................
200
185,729
4.05%,
06/15/48
.................
100
85,687
3.55%,
02/15/50
.................
105
83,296
2.88%,
06/15/52
.................
305
208,508
Canadian
National
Railway
Co.,
3.85%,
08/05/32
.....................
923
859,158
Canadian
Pacific
Railway
Co.
4.80%,
08/01/45
.................
509
473,297
4.95%,
08/15/45
.................
245
229,449
CSX
Corp.
4.25%,
03/15/29
.................
214
207,155
4.30%,
03/01/48
.................
514
447,235
4.75%,
11/15/48
.................
281
259,955
EC
Finance
plc,
3.00%,
10/15/26
(c)
......
EUR
698
708,722
Hertz
Corp.
(The)
(b)
4.63%,
12/01/26
.................
USD
958
864,595
5.00%,
12/01/29
.................
839
693,547
Loxam
SAS,
5.75%,
07/15/27
(c)
........
EUR
200
198,817
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(c)(j)
...................
GBP
1,335
1,477,161
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
1,421
1,271,795
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
Norfolk
Southern
Corp.
3.80%,
08/01/28
.................
USD
200
$
189,125
3.00%,
03/15/32
.................
137
117,904
4.45%,
03/01/33
.................
1,181
1,130,038
3.94%,
11/01/47
.................
100
80,789
4.15%,
02/28/48
.................
750
630,027
3.05%,
05/15/50
.................
425
293,835
4.05%,
08/15/52
.................
100
82,263
3.70%,
03/15/53
.................
545
419,535
3.16%,
05/15/55
.................
150
102,541
Penske
Truck
Leasing
Co.
LP
(b)
3.45%,
07/01/24
.................
879
856,235
4.00%,
07/15/25
.................
3,115
2,979,639
4.20%,
04/01/27
.................
340
318,258
5.88%,
11/15/27
.................
1,075
1,065,742
Ryder
System,
Inc.
2.50%,
09/01/24
.................
995
955,386
2.85%,
03/01/27
.................
1,068
975,690
Uber
Technologies,
Inc.
(b)
7.50%,
05/15/25
.................
2,496
2,525,852
8.00%,
11/01/26
.................
3,554
3,621,924
7.50%,
09/15/27
.................
4,087
4,180,400
6.25%,
01/15/28
.................
782
778,137
4.50%,
08/15/29
.................
5,237
4,820,125
Union
Pacific
Corp.
2.89%,
04/06/36
.................
42
33,486
4.05%,
03/01/46
.................
25
20,878
3.25%,
02/05/50
.................
300
224,097
3.50%,
02/14/53
.................
422
326,056
3.95%,
08/15/59
.................
1,005
812,794
3.84%,
03/20/60
.................
411
326,933
3.80%,
04/06/71
.................
100
76,281
Williams
Scotsman
International,
Inc.,
6.13%,
06/15/25
(b)
....................
1,546
1,534,529
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(b)
..
647
661,124
XPO,
Inc.,
6.25%,
06/01/28
(b)
..........
842
827,877
43,132,944
Health
Care
Equipment
&
Supplies
—
0.2%
Abbott
Laboratories
3.75%,
11/30/26
.................
441
429,953
4.75%,
11/30/36
.................
845
848,334
6.15%,
11/30/37
.................
120
134,140
Avantor
Funding,
Inc.
2.63%,
11/01/25
(c)
................
EUR
714
746,442
4.63%,
07/15/28
(b)
................
USD
2,133
1,977,127
3.88%,
11/01/29
(b)
................
1,465
1,282,649
Baxter
International,
Inc.,
2.54%,
02/01/32
.
1,258
1,019,009
Becton
Dickinson
&
Co.
3.73%,
12/15/24
.................
158
153,387
3.70%,
06/06/27
.................
1,691
1,607,761
Embecta
Corp.,
6.75%,
02/15/30
(b)
......
617
552,931
Garden
Spinco
Corp.,
8.63%,
07/20/30
(b)
..
1,738
1,867,917
GE
HealthCare
Technologies,
Inc.,
5.55%,
11/15/24
.....................
1,375
1,368,256
Medline
Borrower
LP
(b)
3.88%,
04/01/29
.................
2,519
2,189,170
5.25%,
10/01/29
.................
8,017
6,956,344
Medtronic
Global
Holdings
SCA,
4.50%,
03/30/33
.....................
1,623
1,590,709
Teleflex,
Inc.,
4.63%,
11/15/27
.........
172
162,110
22,886,239
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
—
0.6%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(b)
USD
705
$
674,227
AdaptHealth
LLC
(b)
6.13%,
08/01/28
.................
449
388,935
5.13%,
03/01/30
.................
204
165,240
Aetna,
Inc.
4.75%,
03/15/44
.................
550
487,407
3.88%,
08/15/47
.................
641
499,600
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
2,676
2,307,327
Banner
Health
2.91%,
01/01/42
.................
100
72,901
2.91%,
01/01/51
.................
100
67,089
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
571
356,875
Centene
Corp.
2.45%,
07/15/28
.................
1,190
1,017,160
3.00%,
10/15/30
.................
2,434
2,028,245
2.50%,
03/01/31
.................
1,491
1,189,028
2.63%,
08/01/31
.................
36
28,687
Clariane
SE
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(c)(j)
GBP
1,100
1,117,220
CommonSpirit
Health
3.35%,
10/01/29
.................
USD
500
439,875
2.78%,
10/01/30
.................
225
189,151
3.82%,
10/01/49
.................
300
228,380
3.91%,
10/01/50
.................
440
339,955
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
1,857
1,636,459
6.00%,
01/15/29
.................
2,930
2,464,862
5.25%,
05/15/30
.................
2,616
2,060,694
4.75%,
02/15/31
.................
1,887
1,426,164
CVS
Health
Corp.
5.00%,
02/20/26
.................
1,545
1,537,827
5.13%,
07/20/45
.................
1,454
1,345,141
Elevance
Health,
Inc.
2.38%,
01/15/25
.................
45
42,776
5.50%,
10/15/32
.................
662
680,543
6.38%,
06/15/37
.................
500
537,827
4.65%,
01/15/43
.................
250
228,399
3.70%,
09/15/49
.................
625
484,426
4.55%,
05/15/52
.................
177
158,096
6.10%,
10/15/52
.................
70
76,683
Encompass
Health
Corp.
4.50%,
02/01/28
.................
116
107,921
4.75%,
02/01/30
.................
2,181
1,985,804
4.63%,
04/01/31
.................
1,793
1,589,423
HCA,
Inc.
5.38%,
09/01/26
.................
1,170
1,160,807
5.25%,
06/15/49
.................
30
27,070
3.50%,
07/15/51
.................
960
664,169
4.63%,
03/15/52
(b)
................
400
328,699
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
3,949
3,480,379
Hoag
Memorial
Hospital
Presbyterian,
3.80%,
07/15/52
.....................
500
403,989
Kaiser
Foundation
Hospitals,
Series
2021,
2.81%,
06/01/41
................
299
219,639
Legacy
LifePoint
Health
LLC
(b)
6.75%,
04/15/25
.................
2,093
1,944,021
4.38%,
02/15/27
.................
1,965
1,520,448
Memorial
Health
Services,
3.45%,
11/01/49
.
495
363,074
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
1,342
1,242,881
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
1,030
949,507
3.88%,
11/15/30
.................
829
712,242
Mount
Nittany
Medical
Center
Obligated
Group,
Series
2022,
3.80%,
11/15/52
........
265
203,329
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Nationwide
Children's
Hospital,
Inc.,
4.56%,
11/01/52
.....................
USD
195
$
180,325
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
1,735
1,527,075
RWJ
Barnabas
Health,
Inc.,
3.48%,
07/01/49
580
441,783
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
1,950
1,943,053
10.00%,
04/15/27
................
2,252
2,302,670
Sutter
Health
Series
20A,
2.29%,
08/15/30
........
870
719,199
Series
20A,
3.36%,
08/15/50
........
244
175,115
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
2,615
2,546,982
6.25%,
02/01/27
.................
1,544
1,528,202
5.13%,
11/01/27
.................
1,149
1,096,924
4.63%,
06/15/28
.................
234
218,553
6.13%,
10/01/28
.................
986
949,222
6.13%,
06/15/30
.................
1,443
1,422,365
6.75%,
05/15/31
(b)
................
5,496
5,509,387
UnitedHealth
Group,
Inc.
4.50%,
04/15/33
.................
1,175
1,144,454
6.88%,
02/15/38
.................
1,180
1,404,471
3.50%,
08/15/39
.................
775
650,013
2.75%,
05/15/40
.................
345
256,291
4.63%,
11/15/41
.................
115
107,780
4.75%,
07/15/45
.................
440
421,043
4.25%,
06/15/48
.................
510
449,526
3.70%,
08/15/49
.................
400
321,287
2.90%,
05/15/50
.................
185
128,942
3.25%,
05/15/51
.................
180
134,263
5.88%,
02/15/53
.................
650
721,973
6.05%,
02/15/63
.................
415
469,272
67,950,771
Health
Care
REITs
—
0.1%
Healthpeak
OP
LLC
3.00%,
01/15/30
.................
458
397,849
2.88%,
01/15/31
.................
75
63,338
5.25%,
12/15/32
.................
545
530,359
MPT
Operating
Partnership
LP
5.25%,
08/01/26
.................
1,055
937,960
4.63%,
08/01/29
.................
2,981
2,253,517
3.50%,
03/15/31
.................
4,523
3,116,427
Ventas
Realty
LP,
3.00%,
01/15/30
......
680
581,625
7,881,075
Health
Care
Technology
—
0.0%
IQVIA,
Inc.
(b)
5.00%,
10/15/26
.................
1,065
1,028,335
6.50%,
05/15/30
.................
1,236
1,248,203
2,276,538
Hotel
&
Resort
REITs
—
0.0%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
2,090
1,945,790
4.50%,
02/15/29
(b)
................
1,283
1,135,455
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
..
847
777,123
Service
Properties
Trust,
7.50%,
09/15/25
..
516
506,710
4,365,078
Hotels,
Restaurants
&
Leisure
—
1.3%
1011778
BC
ULC
(b)
5.75%,
04/15/25
.................
957
955,556
3.88%,
01/15/28
.................
315
287,965
4.38%,
01/15/28
.................
1,015
937,021
4.00%,
10/15/30
.................
877
750,565
Accor
SA,
(5-Year
EUR
Swap
Annual
+
4.56%),
4.38%
(a)(c)(j)
...................
EUR
1,300
1,394,183
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Allwyn
Entertainment
Financing
UK
plc
7.88%,
04/30/29
(b)
................
USD
1,000
$
1,015,390
7.25%,
04/30/30
(c)
................
EUR
1,529
1,691,386
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
774
733,348
4.75%,
06/15/31
(b)
................
719
642,321
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
2,962
2,669,232
Burger
King
France
SAS
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.00%,
11/01/26
(a)(c)
.............
EUR
409
445,515
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
USD
6,219
6,190,201
8.13%,
07/01/27
.................
6,543
6,696,558
4.63%,
10/15/29
.................
2,814
2,457,214
7.00%,
02/15/30
.................
6,958
6,987,502
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(b)
....................
2,453
2,482,004
Carnival
Corp.
10.13%,
02/01/26
(c)
...............
EUR
2,527
2,891,199
10.50%,
02/01/26
(b)
...............
USD
2,078
2,184,421
7.63%,
03/01/26
(b)
................
216
211,550
7.63%,
03/01/26
(c)
................
EUR
636
673,357
5.75%,
03/01/27
(b)
................
USD
4,539
4,178,558
9.88%,
08/01/27
(b)
................
3,224
3,358,228
4.00%,
08/01/28
(b)
................
3,571
3,165,762
6.00%,
05/01/29
(b)
................
4,072
3,635,621
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
11,418
12,488,194
Carnival
plc,
1.00%,
10/28/29
.........
EUR
201
135,534
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
USD
666
646,020
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
3,040
2,829,687
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
3,134
3,110,365
6.50%,
10/01/28
.................
435
424,218
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
2,577
2,477,608
4.75%,
01/15/28
.................
1,121
1,039,617
6.75%,
05/01/31
.................
2,277
2,251,384
Cirsa
Finance
International
SARL
(c)
4.75%,
05/22/25
.................
EUR
1,455
1,561,562
(3-mo.
EURIBOR
at
3.63%
Floor
+
3.63%),
7.20%,
09/30/25
(a)
..............
818
888,139
Codere
Finance
2
Luxembourg
SA
(a)
11.00%,
(11.00%
Cash
or
11.00%
PIK),
09/30/26
(c)(d)(i)
.................
1,144
989,488
12.75%,
11/30/27
(c)
...............
282
88,365
13.62%,
(13.62%
Cash
or
13.63%
PIK),
11/30/27
(b)(i)
...................
USD
135
57,757
Codere
New
Holdco
SA
7.50%,
11/30/27
(b)
................
EUR
156
7,193
7.50%,
11/30/27
.................
214
5,954
CPUK
Finance
Ltd.
(c)
4.88%,
08/28/25
.................
GBP
619
744,284
4.50%,
08/28/27
.................
200
216,345
Elior
Group
SA,
3.75%,
07/15/26
(c)
......
EUR
405
363,492
Expedia
Group,
Inc.,
6.25%,
05/01/25
(b)
...
USD
308
309,002
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
486
426,465
6.75%,
01/15/30
.................
525
446,795
Food
Service
Project
SA,
5.50%,
01/21/27
(c)
EUR
1,061
1,097,779
Hilton
Domestic
Operating
Co.,
Inc.
(b)
5.38%,
05/01/25
.................
USD
474
467,947
5.75%,
05/01/28
.................
1,387
1,365,797
3.75%,
05/01/29
.................
172
152,669
4.00%,
05/01/31
.................
1,134
984,858
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
USD
1,175
$
1,139,847
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(c)
....................
EUR
1,573
1,658,335
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
USD
2,524
2,459,721
8.00%,
04/15/26
.................
1,972
1,947,115
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
....................
1,443
1,464,108
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
2,752
2,621,280
Lottomatica
SpA
(c)
5.13%,
07/15/25
.................
EUR
380
419,481
6.25%,
07/15/25
.................
1,139
1,261,520
9.75%,
09/30/27
.................
669
787,501
(3-mo.
EURIBOR
+
4.13%),
7.59%,
06/01/28
(a)
...................
959
1,050,385
7.59%,
06/01/28
(a)
................
209
228,916
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
1,336
1,060,811
Melco
Resorts
Finance
Ltd.
(b)
4.88%,
06/06/25
.................
1,200
1,132,740
5.75%,
07/21/28
.................
400
349,750
5.38%,
12/04/29
.................
3,057
2,518,204
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(b)
1,959
1,887,972
MGM
China
Holdings
Ltd.
(b)
5.25%,
06/18/25
.................
400
383,520
5.88%,
05/15/26
.................
400
380,864
4.75%,
02/01/27
.................
440
396,550
MGM
Resorts
International,
5.75%,
06/15/25
261
258,662
Midco
GB
SASU,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
11/01/27
(c)(i)
...........
EUR
150
152,199
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
USD
1,935
1,708,698
Motion
Bondco
DAC,
6.63%,
11/15/27
(b)
...
784
717,686
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
2,674
2,501,697
8.38%,
02/01/28
.................
987
1,031,360
7.75%,
02/15/29
.................
342
324,835
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
1,086
977,421
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
700
530,215
5.88%,
09/01/31
.................
888
655,122
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
1,501
1,414,693
Royal
Caribbean
Cruises
Ltd.
(b)
11.50%,
06/01/25
................
1,219
1,293,359
4.25%,
07/01/26
.................
700
642,565
5.50%,
08/31/26
.................
1,057
1,002,154
5.38%,
07/15/27
.................
1,316
1,230,531
11.63%,
08/15/27
................
871
947,159
5.50%,
04/01/28
.................
1,408
1,313,016
8.25%,
01/15/29
.................
1,461
1,534,050
9.25%,
01/15/29
.................
2,833
3,018,312
7.25%,
01/15/30
.................
1,195
1,210,349
Scientific
Games
International,
Inc.
(b)
8.63%,
07/01/25
.................
1,982
2,024,115
7.25%,
11/15/29
.................
475
475,594
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
....................
2,212
2,154,378
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
933
837,433
4.63%,
12/01/31
.................
1,835
1,545,987
Stonegate
Pub
Co.
Financing
plc
(c)
8.00%,
07/13/25
.................
GBP
939
1,080,551
8.25%,
07/31/25
.................
599
695,764
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
USD
954
955,140
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Viking
Cruises
Ltd.
(b)
5.88%,
09/15/27
.................
USD
1,156
$
1,062,503
9.13%,
07/15/31
.................
3,222
3,254,220
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
1,040
951,600
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
1,844
1,683,941
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
2,243
2,124,688
Wynn
Macau
Ltd.
(b)
5.50%,
01/15/26
.................
410
380,019
5.63%,
08/26/28
.................
4,384
3,781,200
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
.................
3,086
2,765,653
7.13%,
02/15/31
.................
1,783
1,772,198
165,368,862
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
4.63%,
08/01/29
.................
764
651,104
4.63%,
04/01/30
.................
1,114
950,910
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
1,588
1,271,557
4.88%,
02/15/30
.................
2,012
1,578,389
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
2,805
2,596,553
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
1,054
1,032,920
KB
Home,
7.25%,
07/15/30
...........
516
522,502
Mattamy
Group
Corp.,
4.63%,
03/01/30
(b)
..
1,303
1,126,436
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
595
571,679
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
2,493
1,495,871
Taylor
Morrison
Communities,
Inc.
(b)
5.88%,
06/15/27
.................
58
56,967
5.13%,
08/01/30
.................
61
56,321
Tempur
Sealy
International,
Inc.
(b)
4.00%,
04/15/29
.................
1,824
1,579,032
3.88%,
10/15/31
.................
567
461,908
Tri
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
1,900
1,797,314
5.70%,
06/15/28
.................
343
331,338
16,080,801
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
1,436
1,349,029
4.13%,
10/15/30
.................
1,317
1,103,245
Kimberly-Clark
de
Mexico
SAB
de
CV,
2.43%,
07/01/31
(b)
....................
1,221
1,036,324
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
159
141,920
5.50%,
07/15/30
.................
446
406,975
4,037,493
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
1.38%,
01/15/26
.................
1,899
1,696,167
3.95%,
07/15/30
(b)
................
170
152,408
2.45%,
01/15/31
.................
1,142
923,062
Calpine
Corp.
(b)
5.13%,
03/15/28
.................
2,016
1,799,083
4.63%,
02/01/29
.................
200
168,736
5.00%,
02/01/31
.................
128
105,865
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
....................
2,183
2,014,080
Colbun
SA,
3.15%,
01/19/32
(b)
.........
2,809
2,359,026
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
786
813,510
TransAlta
Corp.,
7.75%,
11/15/29
.......
824
848,308
10,880,245
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
—
0.2%
Alfa
SAB
de
CV,
6.88%,
03/25/44
(b)
......
USD
753
$
745,312
CK
Hutchison
International
23
Ltd.,
4.75%,
04/21/28
(b)
....................
2,082
2,058,973
Emerald
Debt
Merger
Sub
LLC
6.38%,
12/15/30
(c)
................
EUR
690
750,105
6.63%,
12/15/30
(b)
................
USD
14,838
14,708,167
18,262,557
Industrial
REITs
—
0.0%
Prologis
LP
2.25%,
04/15/30
.................
379
321,227
3.05%,
03/01/50
.................
120
82,788
404,015
Insurance
—
0.9%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
924
800,014
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
5,495
4,931,174
6.75%,
10/15/27
.................
10,853
10,201,820
6.75%,
04/15/28
.................
3,597
3,567,283
5.88%,
11/01/29
.................
8,313
7,231,645
Allianz
SE
(a)(b)(j)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
3.50%
10,000
8,254,751
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
3,800
2,802,880
Allstate
Corp.
(The),
Series
B,
(3-mo.
LIBOR
USD
+
2.94%),
5.75%,
08/15/53
(a)
.....
2,800
2,755,394
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
2,933
2,648,450
Aon
Corp.
3.75%,
05/02/29
.................
550
509,111
2.80%,
05/15/30
.................
100
86,552
2.05%,
08/23/31
.................
300
239,387
2.60%,
12/02/31
.................
1,365
1,124,108
5.00%,
09/12/32
.................
130
128,251
5.35%,
02/28/33
.................
515
518,752
Aon
Global
Ltd.,
4.60%,
06/14/44
.......
365
318,299
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(b)(i)
.........
406
373,632
Aviva
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.65%),
6.88%
(a)(c)(j)
GBP
3,375
3,555,487
BUPA
Finance
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(c)(j)
...................
1,500
1,123,950
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(c)
.....
1,988
2,290,715
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
1,990
1,950,682
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
5,134
5,120,420
7.25%,
06/15/30
.................
8,041
8,303,137
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
.................
2,957
3,016,761
10.50%,
12/15/30
................
1,955
1,961,018
Just
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.27%),
5.00%
(a)(c)(j)
...................
GBP
550
443,478
Legal
&
General
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(a)(c)(j)
..............
2,175
2,125,629
Liberty
Mutual
Group,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.13%,
12/15/51
(b)
...................
USD
4,925
3,870,066
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%,
05/23/59
(c)
..............
EUR
5,483
5,668,940
Marsh
&
McLennan
Cos.,
Inc.
3.75%,
03/14/26
.................
USD
665
643,727
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
4.38%,
03/15/29
.................
USD
1,090
$
1,058,786
NFP
Corp.
(b)
4.88%,
08/15/28
.................
5,196
4,640,994
6.88%,
08/15/28
.................
11,286
9,796,477
7.50%,
10/01/30
.................
871
843,307
Progressive
Corp.
(The)
3.00%,
03/15/32
.................
290
252,346
6.25%,
12/01/32
.................
151
163,094
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
...
1,261
1,116,237
Travelers
Cos.,
Inc.
(The),
4.00%,
05/30/47
.
41
34,523
104,471,277
Interactive
Media
&
Services
—
0.0%
Alphabet,
Inc.,
1.90%,
08/15/40
........
340
234,161
Meta
Platforms,
Inc.
3.85%,
08/15/32
.................
1,236
1,148,052
5.60%,
05/15/53
.................
732
751,773
2,133,986
IT
Services
—
0.3%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
3,600
2,786,349
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
994
808,390
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
1,306
1,136,471
Atos
SE
(c)
0.00%,
11/06/24
(l)(m)
...............
EUR
1,500
1,431,938
1.75%,
05/07/25
.................
1,100
1,012,917
2.50%,
11/07/28
.................
700
561,919
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(c)
..
1,068
1,115,397
Booz
Allen
Hamilton,
Inc.
(b)
3.88%,
09/01/28
.................
USD
1,003
907,174
4.00%,
07/01/29
.................
1,892
1,694,753
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
4,407
3,936,156
Cablevision
Lightpath
LLC
(b)
3.88%,
09/15/27
.................
3,067
2,568,612
5.63%,
09/15/28
.................
1,358
1,006,010
Engineering
-
Ingegneria
Informatica
-
SpA
11.13%,
05/15/28
(c)
...............
EUR
1,282
1,403,227
Gartner,
Inc.,
4.50%,
07/01/28
(b)
........
USD
799
746,434
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
....................
1,842
1,590,033
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
...
3,426
3,025,843
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
..
281
263,609
Twilio,
Inc.
3.63%,
03/15/29
.................
2,491
2,119,220
3.88%,
03/15/31
.................
1,525
1,269,738
United
Group
BV
(c)
4.88%,
07/01/24
.................
EUR
480
518,465
4.00%,
11/15/27
.................
643
573,724
4.63%,
08/15/28
.................
142
124,425
30,600,804
Leisure
Products
—
0.0%
Mattel,
Inc.
6.20%,
10/01/40
.................
USD
875
782,297
5.45%,
11/01/41
.................
1,769
1,466,551
2,248,848
Life
Sciences
Tools
&
Services
—
0.0%
Charles
River
Laboratories
International,
Inc.,
4.00%,
03/15/31
(b)
...............
521
452,518
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
(b)
..
1,037
1,061,857
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
(b)
2,590
2,345,073
Thermo
Fisher
Scientific,
Inc.,
2.00%,
10/15/31
2,007
1,637,384
5,496,832
Machinery
—
0.3%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
360
348,188
ATS
Corp.,
4.13%,
12/15/28
(b)
.........
814
728,560
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
USD
3,230
$
3,295,424
9.50%,
01/01/31
.................
703
745,892
Daimler
Truck
Finance
North
America
LLC,
2.00%,
12/14/26
(b)
...............
820
731,975
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
559
542,230
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
778
632,142
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
....................
1,506
1,494,705
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(i)
.........
2,542
2,313,220
IMA
Industria
Macchine
Automatiche
SpA
(c)
3.75%,
01/15/28
.................
EUR
418
399,106
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.18%,
01/15/28
(a)
..............
790
846,809
Loxam
SAS,
6.38%,
05/15/28
(c)
........
996
1,074,130
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
USD
533
472,924
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
877
548,139
Renk
AG,
5.75%,
07/15/25
(c)
..........
EUR
2,227
2,388,062
Terex
Corp.,
5.00%,
05/15/29
(b)
........
USD
2,775
2,579,860
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
5,211
4,728,983
Titan
International,
Inc.,
7.00%,
04/30/28
..
371
346,865
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(c)
................
EUR
360
333,946
7.63%,
07/15/28
(b)
................
USD
2,647
2,401,054
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(c)
EUR
1,148
1,118,070
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
10,054
9,288,615
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
2,282
1,978,764
39,337,663
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(b)
.......
1,991
1,997,371
Media
—
1.0%
Altice
Financing
SA
2.25%,
01/15/25
(c)
................
EUR
2,174
2,206,210
3.00%,
01/15/28
(c)
................
100
84,079
5.00%,
01/15/28
(b)
................
USD
3,203
2,559,721
4.25%,
08/15/29
(c)
................
EUR
471
393,331
5.75%,
08/15/29
(b)
................
USD
4,089
3,167,588
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
1,332
1,165,062
4.25%,
02/15/29
.................
940
505,313
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
670
554,425
Cable
One,
Inc.
0.00%,
03/15/26
(l)(m)
...............
665
543,638
4.00%,
11/15/30
(b)
................
4,176
3,262,500
Charter
Communications
Operating
LLC
4.50%,
02/01/24
.................
655
649,218
2.80%,
04/01/31
.................
355
285,654
6.38%,
10/23/35
.................
905
882,090
6.48%,
10/23/45
.................
41
38,545
5.75%,
04/01/48
.................
100
85,596
5.13%,
07/01/49
.................
1,530
1,203,687
4.80%,
03/01/50
.................
690
520,604
3.70%,
04/01/51
.................
395
249,592
3.90%,
06/01/52
.................
739
483,576
5.25%,
04/01/53
.................
640
516,917
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
1,764
1,755,159
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
10,446
9,483,849
7.75%,
04/15/28
.................
1,827
1,434,195
7.50%,
06/01/29
.................
2,648
1,959,457
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
1,674
1,173,216
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Comcast
Corp.
2.35%,
01/15/27
.................
USD
300
$
275,450
4.15%,
10/15/28
.................
627
607,486
2.65%,
02/01/30
.................
2,350
2,055,572
1.95%,
01/15/31
.................
220
180,024
5.50%,
11/15/32
.................
205
213,016
3.90%,
03/01/38
.................
1,138
988,746
4.60%,
08/15/45
.................
657
597,019
4.00%,
08/15/47
.................
240
199,991
2.80%,
01/15/51
.................
1,705
1,128,613
2.89%,
11/01/51
.................
1,238
830,025
CSC
Holdings
LLC
5.25%,
06/01/24
.................
2,396
2,228,382
5.50%,
04/15/27
(b)
................
1,664
1,384,429
11.25%,
05/15/28
(b)
...............
5,286
5,125,993
6.50%,
02/01/29
(b)
................
1,734
1,401,134
4.13%,
12/01/30
(b)
................
1,221
854,121
4.50%,
11/15/31
(b)
................
2,718
1,895,034
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
.
2,259
2,045,830
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
2,922
2,343,948
5.75%,
12/01/28
(b)
................
323
240,242
5.13%,
06/01/29
.................
1,805
838,145
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
4,032
3,934,874
Eutelsat
SA
(c)
2.00%,
10/02/25
.................
EUR
700
689,740
1.50%,
10/13/28
.................
1,000
801,135
GCI
LLC,
4.75%,
10/15/28
(b)
..........
USD
2,329
1,985,705
Interpublic
Group
of
Cos.,
Inc.
(The),
3.38%,
03/01/41
.....................
180
131,251
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
....................
2,809
2,632,741
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
554
518,937
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
2,464
2,236,573
4.25%,
01/15/29
.................
1,806
1,517,690
4.63%,
03/15/30
.................
405
337,408
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
..........
5,523
4,607,344
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
2,242
1,787,470
6.50%,
09/15/28
.................
4,666
2,722,914
SES
SA
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
5.40%),
5.63%
EUR
1,026
1,107,256
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
2,157
1,991,834
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
4,245
2,780,475
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
3,587
3,211,250
5.00%,
08/01/27
.................
934
866,556
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
1,577
1,349,490
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(c)
....................
EUR
1,519
1,473,132
Summer
BidCo
BV
(c)(i)
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
...................
1,187
1,120,309
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
....................
1,238
1,172,933
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
........
USD
261
249,204
Tele
Columbus
AG,
3.88%,
05/02/25
(c)
....
EUR
2,968
2,169,917
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
...............
USD
1,000
917,000
Security
Par
(000)
Par
(000)
Value
Media
(continued)
United
Group
BV,
(3-mo.
EURIBOR
+
3.25%),
6.57%,
02/15/26
(a)(c)
..............
EUR
501
$
520,072
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
USD
2,026
1,982,947
7.38%,
06/30/30
.................
919
874,996
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)
2,581
2,124,395
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(c)
...............
GBP
1,652
1,659,290
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
USD
579
506,470
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(c)
EUR
1,508
1,264,955
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(c)
596
499,075
Warnermedia
Holdings,
Inc.
4.28%,
03/15/32
.................
USD
125
110,859
5.14%,
03/15/52
.................
3,132
2,550,225
5.39%,
03/15/62
.................
2,220
1,809,236
Ziggo
Bond
Co.
BV
(b)
6.00%,
01/15/27
.................
783
718,653
5.13%,
02/28/30
.................
1,134
858,700
Ziggo
BV
2.88%,
01/15/30
(c)
................
EUR
1,933
1,695,341
4.88%,
01/15/30
(b)
................
USD
924
766,855
120,851,629
Metals
&
Mining
—
0.5%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.....................
1,878
1,600,751
Antofagasta
plc,
2.38%,
10/14/30
(b)
......
1,540
1,248,001
Arconic
Corp.
(b)
6.00%,
05/15/25
.................
961
968,643
6.13%,
02/15/28
.................
2,574
2,605,928
ATI,
Inc.
5.88%,
12/01/27
.................
1,108
1,072,286
4.88%,
10/01/29
.................
769
692,245
5.13%,
10/01/31
.................
1,978
1,762,221
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
8,669
8,563,358
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
226
221,480
7.63%,
03/15/30
.................
1,528
1,545,269
Constellium
SE
(b)
5.88%,
02/15/26
.................
2,648
2,594,328
5.63%,
06/15/28
.................
2,235
2,102,974
3.75%,
04/15/29
.................
3,294
2,802,393
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
1,594
1,371,223
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(b)
1,961
2,000,220
Freeport
Indonesia
PT,
4.76%,
04/14/27
(c)
..
2,544
2,449,312
Freeport-McMoRan,
Inc.,
5.40%,
11/14/34
..
475
458,698
Fresnillo
plc,
4.25%,
10/02/50
(b)
........
1,417
1,054,418
Glencore
Funding
LLC,
5.70%,
05/08/33
(b)
..
1,346
1,335,468
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(b)
.
3,973
3,167,196
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
3,848
3,593,185
Newmont
Corp.,
2.80%,
10/01/29
.......
316
271,650
Nexa
Resources
SA,
5.38%,
05/04/27
(b)
...
2,341
2,171,277
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
3,689
3,339,164
4.75%,
01/30/30
.................
3,737
3,321,098
3.88%,
08/15/31
.................
3,301
2,715,441
Nucor
Corp.
3.95%,
05/23/25
.................
720
698,094
2.98%,
12/15/55
.................
75
47,960
POSCO
(b)
5.63%,
01/17/26
.................
1,032
1,027,645
5.75%,
01/17/28
.................
615
623,905
5.88%,
01/17/33
.................
299
314,629
Rio
Tinto
Finance
USA
plc,
5.00%,
03/09/33
1,471
1,483,935
Southern
Copper
Corp.,
5.88%,
04/23/45
..
150
152,644
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Steel
Dynamics,
Inc.
2.40%,
06/15/25
.................
USD
95
$
88,730
5.00%,
12/15/26
.................
1,745
1,718,213
3.25%,
10/15/50
.................
410
269,433
Stillwater
Mining
Co.,
4.00%,
11/16/26
(c)
...
3,010
2,671,556
Teck
Resources
Ltd.
6.00%,
08/15/40
.................
291
283,513
6.25%,
07/15/41
.................
33
33,280
5.20%,
03/01/42
.................
776
691,248
5.40%,
02/01/43
.................
51
46,182
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(b)
....................
639
482,247
65,661,441
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
258
243,627
4.25%,
02/01/27
.................
1,275
1,107,861
4.75%,
06/15/29
.................
1,068
869,177
Starwood
Property
Trust,
Inc.
5.50%,
11/01/23
.................
217
215,125
4.38%,
01/15/27
.................
709
610,626
3,046,416
Multi-Utilities
—
0.1%
Abu
Dhabi
National
Energy
Co.
PJSC
(b)
4.38%,
01/24/29
.................
1,080
1,062,450
4.70%,
04/24/33
.................
728
721,630
CMS
Energy
Corp.
2.95%,
02/15/27
.................
304
279,350
4.88%,
03/01/44
.................
258
233,967
Consumers
Energy
Co.
3.60%,
08/15/32
.................
640
576,473
4.63%,
05/15/33
.................
462
449,394
2.50%,
05/01/60
.................
291
167,039
Dominion
Energy,
Inc.
3.90%,
10/01/25
.................
1,120
1,078,889
Series
A,
1.45%,
04/15/26
..........
975
875,339
Series
C,
3.38%,
04/01/30
..........
300
268,335
Series
C,
2.25%,
08/15/31
..........
300
241,693
NiSource,
Inc.
3.49%,
05/15/27
.................
432
406,449
5.40%,
06/30/33
.................
1,182
1,182,790
5.25%,
02/15/43
.................
443
423,659
4.80%,
02/15/44
.................
280
254,003
San
Diego
Gas
&
Electric
Co.
2.95%,
08/15/51
.................
390
263,880
5.35%,
04/01/53
.................
1,109
1,099,956
Sempra
Energy
5.40%,
08/01/26
.................
1,656
1,647,901
3.40%,
02/01/28
.................
449
413,259
3.70%,
04/01/29
.................
840
767,207
3.80%,
02/01/38
.................
382
316,440
12,730,103
Office
REITs
—
0.0%
Alexandria
Real
Estate
Equities,
Inc.
3.95%,
01/15/28
.................
1,800
1,677,218
4.50%,
07/30/29
.................
564
532,946
2.75%,
12/15/29
.................
163
137,834
4.90%,
12/15/30
.................
1,135
1,098,517
1.88%,
02/01/33
.................
997
728,586
3.55%,
03/15/52
.................
585
399,089
Kilroy
Realty
LP
4.75%,
12/15/28
.................
750
660,096
Security
Par
(000)
Par
(000)
Value
Office
REITs
(continued)
3.05%,
02/15/30
.................
USD
400
$
312,793
5,547,079
Oil,
Gas
&
Consumable
Fuels
—
2.2%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
2,845
2,795,213
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
1,634
1,575,889
5.75%,
01/15/28
.................
732
697,808
Apache
Corp.
4.25%,
01/15/30
.................
372
331,340
5.35%,
07/01/49
.................
1,170
909,675
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
3,564
4,430,836
8.25%,
12/31/28
.................
2,157
2,121,203
5.88%,
06/30/29
.................
4,400
3,925,421
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
...
817
797,857
BP
Capital
Markets
America,
Inc.
3.02%,
01/16/27
.................
682
641,673
3.54%,
04/06/27
.................
338
322,701
3.59%,
04/14/27
.................
339
324,186
3.63%,
04/06/30
.................
734
682,129
1.75%,
08/10/30
.................
261
213,721
3.06%,
06/17/41
.................
2,020
1,529,608
Buckeye
Partners
LP
5.85%,
11/15/43
.................
1,712
1,266,880
5.60%,
10/15/44
.................
503
362,160
Callon
Petroleum
Co.
8.25%,
07/15/25
.................
265
263,013
6.38%,
07/01/26
.................
2,437
2,372,157
8.00%,
08/01/28
(b)
................
3,435
3,396,903
7.50%,
06/15/30
(b)
................
4,556
4,300,281
Cameron
LNG
LLC
(b)
2.90%,
07/15/31
.................
176
151,558
3.30%,
01/15/35
.................
765
637,707
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
...
490
346,773
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
1,895
1,885,904
5.13%,
06/30/27
.................
1,126
1,106,926
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
2,977
2,732,161
4.00%,
03/01/31
.................
140
123,268
3.25%,
01/31/32
.................
5,027
4,135,461
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
71
67,441
6.75%,
04/15/29
.................
716
710,441
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
1,719
1,686,769
6.38%,
06/15/26
.................
1,383
1,331,137
Civitas
Resources,
Inc.
(b)
5.00%,
10/15/26
.................
474
446,920
8.38%,
07/01/28
.................
4,105
4,151,387
8.75%,
07/01/31
.................
3,399
3,445,906
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
1,681
1,425,801
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
740
719,975
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
2,499
2,286,452
5.88%,
01/15/30
.................
1,355
1,176,371
ConocoPhillips
Co.,
3.80%,
03/15/52
.....
377
305,180
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(b)
....................
723
669,498
Coterra
Energy,
Inc.,
3.90%,
05/15/27
....
70
65,979
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
6,173
5,505,776
Crescent
Energy
Finance
LLC
(b)
7.25%,
05/01/26
.................
3,369
3,161,840
9.25%,
02/15/28
.................
1,953
1,894,879
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
USD
1,243
$
1,178,364
6.00%,
02/01/29
.................
2,097
1,958,074
7.38%,
02/01/31
.................
715
704,741
CrownRock
LP
(b)
5.63%,
10/15/25
.................
5,722
5,637,314
5.00%,
05/01/29
.................
147
137,629
Cullinan
Holdco
SCSp,
4.63%,
10/15/26
(c)
..
EUR
1,664
1,532,245
DCP
Midstream
Operating
LP,
3.25%,
02/15/32
USD
2,689
2,275,939
Devon
Energy
Corp.
5.25%,
10/15/27
.................
1,257
1,238,024
4.50%,
01/15/30
.................
451
424,537
4.75%,
05/15/42
.................
523
440,843
Diamondback
Energy,
Inc.
3.13%,
03/24/31
.................
269
230,419
6.25%,
03/15/33
.................
1,275
1,318,947
4.25%,
03/15/52
.................
400
306,798
6.25%,
03/15/53
.................
386
390,463
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
2,732
2,397,535
4.38%,
06/15/31
.................
1,138
980,106
Earthstone
Energy
Holdings
LLC
(b)
8.00%,
04/15/27
.................
2,217
2,141,201
9.88%,
07/15/31
.................
1,753
1,732,753
EIG
Pearl
Holdings
SARL
(b)
3.55%,
08/31/36
.................
2,394
2,036,360
4.39%,
11/30/46
.................
2,558
1,998,438
Enbridge,
Inc.
4.00%,
10/01/23
.................
500
498,008
0.55%,
10/04/23
.................
355
350,454
2.50%,
01/15/25
.................
1,040
989,042
4.25%,
12/01/26
.................
500
482,214
3.70%,
07/15/27
.................
419
395,535
3.13%,
11/15/29
.................
125
110,369
5.70%,
03/08/33
.................
2,075
2,103,493
2.50%,
08/01/33
.................
440
343,619
4.50%,
06/10/44
.................
162
134,850
4.00%,
11/15/49
.................
113
87,125
Series
16-A,
(3-mo.
LIBOR
USD
+
3.89%),
6.00%,
01/15/77
(a)
..............
13,675
12,684,775
Energean
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)(c)
...................
2,287
2,281,111
Energy
Transfer
LP
5.88%,
01/15/24
.................
1,640
1,640,277
4.90%,
02/01/24
.................
245
243,319
2.90%,
05/15/25
.................
600
568,488
5.55%,
02/15/28
.................
845
842,626
5.25%,
04/15/29
.................
270
263,585
5.95%,
10/01/43
.................
220
205,244
5.15%,
03/15/45
.................
1,250
1,077,909
6.13%,
12/15/45
.................
150
142,509
5.40%,
10/01/47
.................
200
176,275
6.00%,
06/15/48
.................
495
469,411
6.25%,
04/15/49
.................
2,305
2,251,244
EnLink
Midstream
LLC
(b)
5.63%,
01/15/28
.................
2,881
2,787,895
6.50%,
09/01/30
.................
1,675
1,672,959
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
.................
431
418,113
4.85%,
07/15/26
.................
1,641
1,583,565
5.60%,
04/01/44
.................
1,173
982,065
5.45%,
06/01/47
.................
427
350,996
EnQuest
plc,
11.63%,
11/01/27
(b)
.......
305
276,025
Enterprise
Products
Operating
LLC
6.45%,
09/01/40
.................
150
162,938
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.85%,
08/15/42
.................
USD
105
$
96,268
4.45%,
02/15/43
.................
747
656,462
4.85%,
03/15/44
.................
510
470,711
4.80%,
02/01/49
.................
575
526,312
4.20%,
01/31/50
.................
930
777,268
3.30%,
02/15/53
.................
640
456,677
EOG
Resources,
Inc.,
4.95%,
04/15/50
...
136
134,214
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
844
834,681
4.13%,
12/01/26
.................
178
165,546
6.50%,
07/01/27
(b)
................
3,159
3,115,631
4.50%,
01/15/29
(b)
................
138
123,081
7.50%,
06/01/30
(b)
................
681
689,135
4.75%,
01/15/31
(b)
................
1,962
1,718,681
EQT
Corp.,
5.70%,
04/01/28
..........
325
320,764
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
....................
544
534,265
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.94%,
09/30/40
(c)
....................
1,498
1,200,233
Genesis
Energy
LP
6.50%,
10/01/25
.................
1,569
1,545,142
7.75%,
02/01/28
.................
964
916,888
8.88%,
04/15/30
.................
1,142
1,115,728
GNL
Quintero
SA,
4.63%,
07/31/29
(c)
.....
1,373
1,335,064
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
333
334,063
Harbour
Energy
plc,
5.50%,
10/15/26
(b)
....
1,178
1,079,417
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
569
564,130
Hess
Corp.
4.30%,
04/01/27
.................
1,352
1,296,697
6.00%,
01/15/40
.................
742
740,590
5.60%,
02/15/41
.................
173
165,522
5.80%,
04/01/47
.................
568
551,829
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
1,086
947,535
HF
Sinclair
Corp.,
2.63%,
10/01/23
......
885
877,642
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
608
572,313
5.75%,
02/01/29
.................
1,382
1,251,385
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
2,707
2,280,593
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)
....................
941
727,177
Kinder
Morgan
Energy
Partners
LP
6.95%,
01/15/38
.................
886
951,472
5.50%,
03/01/44
.................
155
141,261
5.40%,
09/01/44
.................
850
753,583
Kinder
Morgan,
Inc.,
5.55%,
06/01/45
....
775
713,985
Kinetik
Holdings
LP,
5.88%,
06/15/30
(b)
....
1,198
1,138,687
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)(c)
..
1,855
1,721,143
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
268
259,200
Marathon
Oil
Corp.,
4.40%,
07/15/27
.....
610
581,786
Marathon
Petroleum
Corp.
6.50%,
03/01/41
.................
100
103,025
4.75%,
09/15/44
.................
49
40,981
5.00%,
09/15/54
.................
100
82,463
Matador
Resources
Co.
5.88%,
09/15/26
.................
1,590
1,540,782
6.88%,
04/15/28
(b)
................
1,310
1,296,629
MPLX
LP
1.75%,
03/01/26
.................
1,160
1,052,958
4.13%,
03/01/27
.................
900
861,155
4.25%,
12/01/27
.................
790
750,243
4.00%,
03/15/28
.................
425
400,502
5.50%,
02/15/49
.................
170
154,053
4.95%,
03/14/52
.................
1,345
1,142,301
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.65%,
03/01/53
.................
USD
130
$
121,455
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
119
117,440
5.87%,
12/01/42
(a)(d)
...............
150
124,653
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(b)
1,284
1,281,727
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
.................
7,298
6,845,780
6.50%,
09/30/26
.................
6,864
6,141,195
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
2,317
2,281,948
Northern
Oil
&
Gas,
Inc.
(b)
8.13%,
03/01/28
.................
5,420
5,311,600
8.75%,
06/15/31
.................
1,888
1,854,960
Northwest
Pipeline
LLC,
4.00%,
04/01/27
..
48
45,610
NuStar
Logistics
LP
5.75%,
10/01/25
.................
752
733,164
6.38%,
10/01/30
.................
47
44,840
Occidental
Petroleum
Corp.
7.50%,
05/01/31
.................
1,400
1,528,576
6.45%,
09/15/36
.................
2,000
2,052,599
4.63%,
06/15/45
.................
138
106,771
4.20%,
03/15/48
.................
330
244,447
Ovintiv,
Inc.
5.65%,
05/15/25
.................
1,700
1,686,501
5.65%,
05/15/28
.................
2,394
2,346,529
PDC
Energy,
Inc.
6.13%,
09/15/24
.................
568
567,713
5.75%,
05/15/26
.................
126
125,495
Permian
Resources
Operating
LLC
(b)
5.38%,
01/15/26
.................
1,058
1,005,868
7.75%,
02/15/26
.................
4,026
4,043,127
6.88%,
04/01/27
.................
1,826
1,798,610
5.88%,
07/01/29
.................
2,915
2,745,962
Phillips
66,
3.30%,
03/15/52
..........
810
555,271
Pioneer
Natural
Resources
Co.
1.13%,
01/15/26
.................
1,880
1,692,941
5.10%,
03/29/26
.................
390
387,660
1.90%,
08/15/30
.................
300
243,113
2.15%,
01/15/31
.................
145
118,698
Plains
All
American
Pipeline
LP
6.65%,
01/15/37
.................
100
100,317
5.15%,
06/01/42
.................
657
545,091
4.30%,
01/31/43
.................
430
321,321
Puma
International
Financing
SA
(c)
5.13%,
10/06/24
.................
829
804,130
5.00%,
01/24/26
.................
1,346
1,215,102
Repsol
International
Finance
BV
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
4.00%),
3.75%
EUR
100
101,901
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
1,416
1,388,929
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
2,347
2,165,002
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
....................
420
384,300
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
.................
975
973,322
5.63%,
03/01/25
.................
1,105
1,100,644
5.00%,
03/15/27
.................
691
680,143
SM
Energy
Co.
5.63%,
06/01/25
.................
1,007
984,031
6.63%,
01/15/27
.................
245
237,956
6.50%,
07/15/28
.................
2,004
1,923,840
Southwestern
Energy
Co.
5.70%,
01/23/25
(a)(d)
...............
309
307,367
5.38%,
02/01/29
.................
1,850
1,742,078
Spectra
Energy
Partners
LP,
5.95%,
09/25/43
100
98,331
Sunoco
LP,
5.88%,
03/15/28
..........
911
876,041
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Tallgrass
Energy
Partners
LP
(b)
7.50%,
10/01/25
.................
USD
78
$
77,851
6.00%,
03/01/27
.................
482
452,313
5.50%,
01/15/28
.................
260
237,635
6.00%,
12/31/30
.................
1,094
963,814
6.00%,
09/01/31
.................
1,126
968,848
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
6,945
7,153,350
Targa
Resources
Corp.,
6.25%,
07/01/52
..
728
711,611
Targa
Resources
Partners
LP,
4.00%,
01/15/32
474
409,740
TerraForm
Power
Operating
LLC,
5.00%,
01/31/28
(b)
....................
1,080
994,313
Transcontinental
Gas
Pipe
Line
Co.
LLC,
3.25%,
05/15/30
................
590
524,371
Valero
Energy
Corp.
4.35%,
06/01/28
.................
253
241,832
4.00%,
06/01/52
.................
90
67,844
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
4,764
4,161,785
4.13%,
08/15/31
.................
3,877
3,334,089
3.88%,
11/01/33
.................
1,983
1,623,851
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
1,373
1,265,480
Western
Midstream
Operating
LP
6.15%,
04/01/33
.................
425
428,353
5.45%,
04/01/44
.................
1,263
1,066,953
5.30%,
03/01/48
.................
389
324,708
5.50%,
08/15/48
.................
856
715,840
5.50%,
02/01/50
(a)(d)
...............
3,948
3,233,688
Williams
Cos.,
Inc.
(The)
4.55%,
06/24/24
.................
3,495
3,447,677
3.75%,
06/15/27
.................
814
768,171
276,155,001
Paper
&
Forest
Products
—
0.0%
Celulosa
Arauco
y
Constitucion
SA,
3.88%,
11/02/27
.....................
325
298,093
Georgia-Pacific
LLC,
1.75%,
09/30/25
(b)
...
187
171,694
Suzano
Austria
GmbH
2.50%,
09/15/28
.................
390
331,060
Series
DM3N,
3.13%,
01/15/32
.......
2,435
1,940,573
2,741,420
Passenger
Airlines
—
0.4%
Air
Canada,
3.88%,
08/15/26
(b)
.........
2,746
2,545,137
Air
France-KLM,
8.13%,
05/31/28
(c)
......
EUR
800
902,422
Allegiant
Travel
Co.,
7.25%,
08/15/27
(b)
...
USD
935
931,550
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
8,756
9,601,199
5.50%,
04/20/26
.................
1,300
1,288,021
7.25%,
02/15/28
.................
387
384,695
5.75%,
04/20/29
.................
3,326
3,229,871
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
...
3,031
2,531,052
Delta
Air
Lines,
Inc.,
4.75%,
10/20/28
(b)
....
461
447,092
Deutsche
Lufthansa
AG
(c)
2.88%,
05/16/27
.................
EUR
200
200,517
3.50%,
07/14/29
.................
1,100
1,085,968
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
USD
2,270
2,148,641
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(c)
...............
EUR
600
570,425
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
USD
3,394
3,402,302
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
1,929
1,943,176
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
312
297,479
Series
2020-1,
Class
A,
5.88%,
10/15/27
4,512
4,473,148
Series
2023-1,
Class
A,
5.80%,
01/15/36
2,025
2,057,596
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
(continued)
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
USD
2,629
$
2,497,828
4.63%,
04/15/29
.................
3,450
3,143,529
VistaJet
Malta
Finance
plc
(b)
7.88%,
05/01/27
.................
273
245,277
6.38%,
02/01/30
.................
2,393
1,926,920
45,853,845
Personal
Care
Products
—
0.0%
Coty,
Inc.
3.88%,
04/15/26
(c)
................
EUR
999
1,054,680
4.75%,
04/15/26
(c)
................
200
212,784
4.75%,
01/15/29
(b)
................
USD
141
130,002
1,397,466
Pharmaceuticals
—
0.4%
Bayer
AG,
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
(a)(c)
..............
EUR
3,600
3,704,445
Bayer
US
Finance
II
LLC
(b)
4.25%,
12/15/25
.................
USD
1,525
1,471,469
4.38%,
12/15/28
.................
2,080
1,973,180
Catalent
Pharma
Solutions,
Inc.
5.00%,
07/15/27
(b)
................
1,235
1,132,974
2.38%,
03/01/28
(c)
................
EUR
1,715
1,504,343
3.13%,
02/15/29
(b)
................
USD
1,049
852,910
3.50%,
04/01/30
(b)
................
1,146
928,260
Cheplapharm
Arzneimittel
GmbH
4.38%,
01/15/28
(c)
................
EUR
692
690,511
5.50%,
01/15/28
(b)
................
USD
1,550
1,402,750
7.50%,
05/15/30
(c)
................
EUR
581
636,049
Grifols
Escrow
Issuer
SA,
3.88%,
10/15/28
(c)
799
744,358
Gruenenthal
GmbH
(c)
3.63%,
11/15/26
.................
205
210,104
4.13%,
05/15/28
.................
835
843,096
6.75%,
05/15/30
.................
1,612
1,796,658
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
800
713,752
Merck
&
Co.,
Inc.
2.15%,
12/10/31
.................
1,842
1,526,171
6.50%,
12/01/33
(a)(d)
...............
185
212,205
2.75%,
12/10/51
.................
345
237,958
5.00%,
05/17/53
.................
736
745,597
Organon
&
Co.
2.88%,
04/30/28
(c)
................
EUR
982
929,406
4.13%,
04/30/28
(b)
................
USD
1,919
1,703,172
5.13%,
04/30/31
(b)
................
2,602
2,146,713
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%,
05/19/30
.................
1,535
1,516,678
4.75%,
05/19/33
.................
1,821
1,814,139
5.11%,
05/19/43
.................
20
20,045
5.30%,
05/19/53
.................
2,315
2,406,862
Pfizer,
Inc.
2.55%,
05/28/40
.................
45
33,127
5.60%,
09/15/40
.................
140
151,111
4.30%,
06/15/43
.................
5
4,639
Pharmacia
LLC,
6.60%,
12/01/28
(a)(d)
.....
300
324,289
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(b)
...
826
559,746
Rossini
SARL,
6.75%,
10/30/25
(c)
.......
EUR
1,312
1,440,645
Takeda
Pharmaceutical
Co.
Ltd.,
3.18%,
07/09/50
.....................
USD
804
566,292
Teva
Pharmaceutical
Finance
Netherlands
II
BV
4.50%,
03/01/25
.................
EUR
191
205,710
3.75%,
05/09/27
.................
440
432,970
7.38%,
09/15/29
.................
2,901
3,229,611
4.38%,
05/09/30
.................
377
350,041
7.88%,
09/15/31
.................
524
590,806
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Teva
Pharmaceutical
Finance
Netherlands
III
BV
6.00%,
04/15/24
.................
USD
849
$
839,831
7.13%,
01/31/25
.................
400
402,516
3.15%,
10/01/26
.................
4,153
3,698,765
4.75%,
05/09/27
.................
736
676,299
6.75%,
03/01/28
.................
200
196,182
7.88%,
09/15/29
.................
1,799
1,845,936
8.13%,
09/15/31
.................
1,629
1,697,011
Wyeth
LLC,
5.95%,
04/01/37
..........
505
552,077
49,661,409
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
696
606,954
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
5,607
4,520,644
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
....................
3,836
3,382,316
KBR,
Inc.,
4.75%,
09/30/28
(b)
..........
36
32,671
Korn
Ferry,
4.63%,
12/15/27
(b)
.........
1,665
1,564,496
La
Financiere
Atalian
SASU
(c)
5.13%,
05/15/25
.................
EUR
1,255
939,639
6.63%,
05/15/25
.................
GBP
150
129,540
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
...............
USD
2,119
1,970,746
13,147,006
Real
Estate
Management
&
Development
—
0.2%
Adler
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(i)
..........
EUR
2,168
2,416,946
Aroundtown
SA
(a)(c)(j)
(5-Year
GBP
Swap
+
4.38%),
4.75%
...
GBP
329
146,241
(5-Year
EUR
Swap
Annual
+
3.98%),
3.38%
EUR
1,100
495,660
ATF
Netherlands
BV,
(5-Year
EUR
Swap
Annual
+
4.38%),
7.08%
(a)(c)(j)
........
1,000
458,850
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
USD
2,667
2,413,635
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(c)
...............
EUR
1,200
968,985
DIC
Asset
AG,
2.25%,
09/22/26
(c)
.......
900
597,812
Fantasia
Holdings
Group
Co.
Ltd.
(a)(c)(f)(k)
15.00%,
12/18/21
................
USD
1,735
104,100
11.75%,
04/17/22
................
2,039
122,340
7.95%,
07/05/22
.................
1,650
106,623
12.25%,
10/18/22
................
3,269
196,140
10.88%,
01/09/23
................
1,345
80,700
11.88%,
06/01/23
................
1,500
90,000
9.25%,
07/28/23
.................
3,540
212,400
9.88%,
10/19/23
.................
2,640
158,400
Fastighets
AB
Balder,
(5-Year
EUR
Swap
Annual
+
3.19%),
2.87%,
06/02/81
(a)(c)
...
EUR
397
270,667
Heimstaden
Bostad
AB
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
3.91%),
3.38%
400
217,149
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
1,725
871,890
Howard
Hughes
Corp.
(The)
(b)
5.38%,
08/01/28
.................
USD
523
465,509
4.13%,
02/01/29
.................
1,028
850,403
4.38%,
02/01/31
.................
270
215,471
JGC
Ventures
Pte.
Ltd.
(i)
0.00%,
(0.00%
Cash
or
3.00%
PIK),
06/30/25
....................
94
18,250
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(a)(c)(f)(k)
................
1,502
360,091
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)(c)(j)
........
2,389
2,319,791
MAF
Sukuk
Ltd.
(c)
4.64%,
05/14/29
.................
1,723
1,679,115
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
3.93%,
02/28/30
.................
USD
2,507
$
2,339,558
Modern
Land
China
Co.
Ltd.
(a)(c)(f)(i)(k)
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/25
....................
198
10,678
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/26
....................
198
9,835
Modernland
Overseas
Pte.
Ltd.
(a)(c)
Series
2,
4.00%,
04/30/27
..........
60
16,912
4.00%,
(4.00%
Cash
or
3.00%
PIK),
04/30/27
(f)(i)(k)
..................
1,450
354,958
Realogy
Group
LLC
(b)
5.75%,
01/15/29
.................
3,335
2,495,289
5.25%,
04/15/30
.................
446
316,965
Sunac
China
Holdings
Ltd.,
7.00%,
07/09/25
(a)(c)
(f)(k)
........................
1,440
230,400
21,611,763
Residential
REITs
—
0.0%
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
506
503,915
Camden
Property
Trust,
3.15%,
07/01/29
..
273
241,732
Mid-America
Apartments
LP,
1.70%,
02/15/31
183
144,450
UDR,
Inc.
3.20%,
01/15/30
.................
118
104,211
3.00%,
08/15/31
.................
205
173,397
2.10%,
08/01/32
.................
85
64,527
1,232,232
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
1,671
1,407,228
Kimco
Realty
OP
LLC,
4.60%,
02/01/33
...
1,020
943,148
Realty
Income
Corp.
3.88%,
04/15/25
.................
450
436,100
3.00%,
01/15/27
.................
370
341,150
3.95%,
08/15/27
.................
254
241,233
3.40%,
01/15/28
.................
113
104,183
4.85%,
03/15/30
.................
367
354,779
5.63%,
10/13/32
.................
1,177
1,189,489
Regency
Centers
LP
2.95%,
09/15/29
.................
1,075
921,370
3.70%,
06/15/30
.................
2,245
2,005,902
7,944,582
Semiconductors
&
Semiconductor
Equipment
—
0.3%
ams-OSRAM
AG
(c)(l)
0.00%,
03/05/25
(m)
...............
EUR
600
504,599
2.13%,
11/03/27
.................
600
441,978
Analog
Devices,
Inc.
1.70%,
10/01/28
.................
USD
182
156,390
2.80%,
10/01/41
.................
370
274,773
Broadcom,
Inc.
4.15%,
11/15/30
.................
340
312,817
4.15%,
04/15/32
(b)
................
699
633,133
3.42%,
04/15/33
(b)
................
942
787,756
3.19%,
11/15/36
(b)
................
260
196,496
4.93%,
05/15/37
(b)
................
3,184
2,881,533
Entegris
Escrow
Corp.
(b)
4.75%,
04/15/29
.................
11,062
10,269,143
5.95%,
06/15/30
.................
874
837,845
Entegris,
Inc.,
4.38%,
04/15/28
(b)
.......
595
538,463
Intel
Corp.
4.15%,
08/05/32
.................
305
289,815
5.20%,
02/10/33
.................
125
126,185
2.80%,
08/12/41
.................
115
81,928
5.63%,
02/10/43
.................
535
543,293
5.70%,
02/10/53
.................
1,100
1,119,025
5.90%,
02/10/63
.................
780
805,521
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
KLA
Corp.
4.10%,
03/15/29
.................
USD
1,029
$
989,763
5.00%,
03/15/49
.................
300
291,191
3.30%,
03/01/50
.................
840
629,950
Lam
Research
Corp.
3.75%,
03/15/26
.................
800
776,453
4.88%,
03/15/49
.................
385
372,699
NVIDIA
Corp.,
3.50%,
04/01/40
........
725
620,666
NXP
BV
4.30%,
06/18/29
.................
3,497
3,277,878
3.40%,
05/01/30
.................
371
328,127
2.65%,
02/15/32
.................
590
476,537
QUALCOMM,
Inc.,
4.30%,
05/20/47
.....
798
723,470
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
1,764
1,478,878
Texas
Instruments,
Inc.
4.15%,
05/15/48
.................
100
90,830
2.70%,
09/15/51
.................
197
136,557
TSMC
Arizona
Corp.,
4.50%,
04/22/52
....
535
507,624
31,501,316
Software
—
0.9%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
180
175,500
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
........
1,418
1,392,880
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
11,323
9,529,891
Autodesk,
Inc.
3.50%,
06/15/27
.................
743
703,579
2.40%,
12/15/31
.................
1,447
1,184,061
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(c)
................
EUR
2,080
2,238,283
7.13%,
10/02/25
(b)
................
USD
3,366
3,368,979
9.13%,
03/01/26
(b)
................
4,711
4,687,445
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
3,293
3,102,137
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
.
1,840
1,817,018
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
7.95%,
05/15/28
(a)(c)
EUR
865
894,026
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
USD
3,342
3,304,538
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
6,065
5,376,294
4.88%,
07/01/29
.................
4,578
4,061,169
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
.................
19,493
17,356,193
9.00%,
09/30/29
.................
8,470
7,397,990
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
937
850,326
6.50%,
10/15/28
.................
623
532,665
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
300
258,701
Elastic
NV,
4.13%,
07/15/29
(b)
.........
2,711
2,338,711
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
2,350
2,155,905
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
648
550,800
McAfee
Corp.,
7.38%,
02/15/30
(b)
.......
6,005
5,221,482
Microsoft
Corp.
3.45%,
08/08/36
.................
538
490,705
4.45%,
11/03/45
.................
455
448,162
2.92%,
03/17/52
.................
2,358
1,754,275
3.95%,
08/08/56
.................
34
30,530
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
3,587
3,216,086
NCR
Corp.
(b)
5.00%,
10/01/28
.................
1,212
1,081,625
5.13%,
04/15/29
.................
867
767,521
Open
Text
Corp.,
6.90%,
12/01/27
(b)
.....
4,486
4,566,883
Oracle
Corp.
5.80%,
11/10/25
.................
245
247,729
2.95%,
04/01/30
.................
2,620
2,286,908
3.85%,
07/15/36
.................
850
709,400
6.50%,
04/15/38
.................
281
299,157
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
5.38%,
07/15/40
.................
USD
850
$
811,205
3.65%,
03/25/41
.................
370
285,059
4.13%,
05/15/45
.................
485
380,062
4.00%,
07/15/46
.................
350
269,014
4.00%,
11/15/47
.................
435
334,900
3.60%,
04/01/50
.................
1,800
1,286,206
3.95%,
03/25/51
.................
942
712,267
5.55%,
02/06/53
.................
220
213,035
4.38%,
05/15/55
.................
130
103,947
3.85%,
04/01/60
.................
190
133,911
PTC,
Inc.,
3.63%,
02/15/25
(b)
..........
860
830,451
Roper
Technologies,
Inc.,
3.65%,
09/15/23
.
350
348,458
Salesforce,
Inc.
2.70%,
07/15/41
.................
763
560,580
2.90%,
07/15/51
.................
391
274,873
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
4,682
4,482,209
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
800
649,133
VMware,
Inc.,
2.20%,
08/15/31
........
3,029
2,380,188
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
6,100
5,246,556
113,699,608
Specialized
REITs
—
0.2%
American
Tower
Corp.
2.95%,
01/15/25
.................
1,060
1,013,734
3.38%,
10/15/26
.................
995
928,476
3.95%,
03/15/29
.................
615
566,706
2.10%,
06/15/30
.................
1,995
1,611,012
2.70%,
04/15/31
.................
1,280
1,061,412
2.30%,
09/15/31
.................
247
196,492
5.65%,
03/15/33
.................
2,235
2,266,326
Crown
Castle,
Inc.
4.30%,
02/15/29
.................
715
672,241
3.10%,
11/15/29
.................
200
174,138
2.10%,
04/01/31
.................
427
341,520
2.50%,
07/15/31
.................
1,200
985,818
5.10%,
05/01/33
.................
1,747
1,716,750
2.90%,
04/01/41
.................
458
321,147
Equinix,
Inc.
1.45%,
05/15/26
.................
500
446,401
2.90%,
11/18/26
.................
575
527,213
2.15%,
07/15/30
.................
159
128,496
2.50%,
05/15/31
.................
2,080
1,693,526
3.00%,
07/15/50
.................
225
145,665
2.95%,
09/15/51
.................
265
168,015
3.40%,
02/15/52
.................
500
349,468
Iron
Mountain,
Inc.
(b)
7.00%,
02/15/29
.................
2,247
2,250,779
5.63%,
07/15/32
.................
635
568,058
SBA
Communications
Corp.
3.88%,
02/15/27
.................
1,838
1,693,177
3.13%,
02/01/29
.................
3,236
2,743,012
Weyerhaeuser
Co.,
4.75%,
05/15/26
.....
1,705
1,674,756
24,244,338
Specialty
Retail
—
0.4%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
1,388
1,127,986
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
234
214,533
4.75%,
03/01/30
.................
231
205,265
5.00%,
02/15/32
(b)
................
517
450,149
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(c)
....................
GBP
1,322
1,284,389
eG
Global
Finance
plc
3.63%,
02/07/24
(c)
................
EUR
332
360,594
6.75%,
02/07/25
(b)
................
USD
1,121
1,088,771
8.50%,
10/30/25
(b)
................
2,845
2,760,409
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Goldstory
SASU,
5.38%,
03/01/26
(c)
.....
EUR
2,324
$
2,435,530
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
USD
2,639
2,322,320
Home
Depot,
Inc.
(The)
5.95%,
04/01/41
.................
200
220,208
3.90%,
06/15/47
.................
160
135,974
4.50%,
12/06/48
.................
455
421,594
3.35%,
04/15/50
.................
710
541,826
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
711
625,341
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
2,213
1,893,755
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
999
867,986
Lowe's
Cos.,
Inc.
5.00%,
04/15/33
.................
810
801,224
5.15%,
07/01/33
.................
895
894,676
2.80%,
09/15/41
.................
220
155,595
3.70%,
04/15/46
.................
735
559,453
5.13%,
04/15/50
.................
130
121,972
3.00%,
10/15/50
.................
675
442,415
3.50%,
04/01/51
.................
130
92,338
4.25%,
04/01/52
.................
1,240
1,011,691
5.63%,
04/15/53
.................
1,165
1,164,302
4.45%,
04/01/62
.................
320
256,930
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
1,353
1,242,149
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
987
938,140
PetSmart,
Inc.,
7.75%,
02/15/29
(b)
.......
3,967
3,941,524
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
873
824,815
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
3,500
3,124,713
6.13%,
07/01/29
.................
3,344
2,887,986
6.00%,
12/01/29
.................
3,585
3,094,034
Staples,
Inc.,
7.50%,
04/15/26
(b)
........
1,261
1,041,476
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
8,764
7,942,375
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(i)
...........
1,851
1,773,129
49,267,567
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
2.20%,
09/11/29
.................
1,400
1,228,316
4.50%,
02/23/36
.................
580
589,731
3.45%,
02/09/45
.................
225
189,698
3.85%,
08/04/46
.................
350
308,128
2.65%,
05/11/50
.................
990
689,154
2.65%,
02/08/51
.................
1,460
1,008,488
2.70%,
08/05/51
.................
370
257,723
3.95%,
08/08/52
.................
1,110
978,298
Dell
International
LLC,
6.02%,
06/15/26
...
875
889,358
HP,
Inc.
2.20%,
06/17/25
.................
1,250
1,175,725
1.45%,
06/17/26
.................
2,170
1,947,186
3.00%,
06/17/27
.................
1,018
939,055
Seagate
HDD
Cayman
(b)
8.25%,
12/15/29
.................
1,822
1,903,024
8.50%,
07/15/31
.................
2,441
2,559,852
14,663,736
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Crocs,
Inc.
(b)
4.25%,
03/15/29
.................
1,677
1,425,786
4.13%,
08/15/31
.................
40
32,300
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(a)(c)(f)(k)(l)
...........
EUR
1,300
1,125,095
Hanesbrands,
Inc.
(b)
4.88%,
05/15/26
.................
USD
559
521,847
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
9.00%,
02/15/31
.................
USD
3,049
$
3,072,983
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
...
747
623,774
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
.
1,404
1,362,342
8,164,127
Tobacco
—
0.0%
Altria
Group,
Inc.
5.95%,
02/14/49
.................
1,142
1,084,157
3.70%,
02/04/51
.................
385
257,814
BAT
Capital
Corp.
3.46%,
09/06/29
.................
1,350
1,169,503
4.39%,
08/15/37
.................
565
451,948
4.54%,
08/15/47
.................
488
359,104
4.76%,
09/06/49
.................
165
124,560
BAT
International
Finance
plc,
4.45%,
03/16/28
502
473,842
Philip
Morris
International,
Inc.,
5.63%,
11/17/29
.....................
683
695,931
4,616,859
Trading
Companies
&
Distributors
—
0.3%
Air
Lease
Corp.
3.38%,
07/01/25
.................
1,151
1,090,886
2.88%,
01/15/26
.................
3,788
3,504,040
3.75%,
06/01/26
.................
115
108,676
1.88%,
08/15/26
.................
1,880
1,669,570
Aviation
Capital
Group
LLC,
1.95%,
09/20/26
(b)
2,030
1,758,995
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(b)
1,313
1,162,005
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
2,467
2,430,398
9.75%,
08/01/27
.................
1,358
1,402,503
5.50%,
05/01/28
.................
4,266
3,903,404
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
548
457,580
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
326
282,244
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
2,347
2,248,772
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
3,335
2,900,468
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
(b)
....................
8,656
8,634,711
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
2,308
2,332,315
7.25%,
06/15/28
.................
2,908
2,966,323
36,852,890
Transportation
Infrastructure
—
0.0%
(c)
Abertis
Infraestructuras
Finance
BV
(a)(j)
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
EUR
600
586,924
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
2,100
2,054,233
Mundys
SpA
1.63%,
02/03/25
.................
134
139,189
1.88%,
02/12/28
.................
809
750,632
3,530,978
Water
Utilities
—
0.0%
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
(c)
....................
GBP
387
270,351
Wireless
Telecommunication
Services
—
0.5%
America
Movil
SAB
de
CV
3.63%,
04/22/29
.................
USD
1,300
1,187,225
4.38%,
04/22/49
.................
550
475,750
Cellnex
Finance
Co.
SA,
2.00%,
09/15/32
(c)
.
EUR
1,300
1,113,788
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
USD
9,063
8,803,041
Kenbourne
Invest
SA,
4.70%,
01/22/28
(c)
..
787
527,148
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
..............
882
871,310
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(b)(i)
........
USD
1,968
$
747,852
Millicom
International
Cellular
SA
(b)
5.13%,
01/15/28
.................
1,120
976,190
4.50%,
04/27/31
.................
1,727
1,322,019
Rogers
Communications,
Inc.
3.80%,
03/15/32
(b)
................
1,765
1,542,825
4.30%,
02/15/48
.................
838
651,919
4.35%,
05/01/49
.................
351
277,221
3.70%,
11/15/49
.................
270
191,184
4.55%,
03/15/52
(b)
................
1,972
1,585,928
SoftBank
Group
Corp.
(c)
(5-Year
USD
Swap
Rate
+
4.23%),
6.00%
(a)
(j)
..........................
310
309,225
2.13%,
07/06/24
.................
EUR
1,370
1,438,884
4.50%,
04/20/25
.................
553
590,624
4.75%,
07/30/25
.................
1,083
1,158,311
3.13%,
09/19/25
.................
1,130
1,155,990
5.00%,
04/15/28
.................
247
249,986
4.00%,
09/19/29
.................
1,549
1,413,470
3.88%,
07/06/32
.................
1,445
1,192,443
Telefonica
Europe
BV
(a)(c)(j)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
1,600
1,611,833
(6-Year
EUR
Swap
Annual
+
4.32%),
7.13%
900
1,001,710
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
3,300
3,470,425
T-Mobile
USA,
Inc.
2.25%,
02/15/26
.................
USD
1,615
1,483,951
2.05%,
02/15/28
.................
1,200
1,040,503
2.55%,
02/15/31
.................
525
436,385
3.50%,
04/15/31
.................
827
729,743
2.70%,
03/15/32
.................
249
205,682
4.38%,
04/15/40
.................
475
419,469
3.00%,
02/15/41
.................
880
643,376
4.50%,
04/15/50
.................
109
93,527
3.30%,
02/15/51
.................
925
648,879
3.40%,
10/15/52
.................
1,290
920,616
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(c)
................
GBP
1,259
1,263,795
4.25%,
01/31/31
(b)
................
USD
493
398,619
4.50%,
07/15/31
(c)
................
GBP
2,642
2,537,006
4.75%,
07/15/31
(b)
................
USD
1,166
969,527
Vodafone
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
(c)
..............
EUR
439
436,642
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
(c)
...................
GBP
2,384
2,830,881
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
(c)
..............
EUR
785
770,823
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
3.25%,
06/04/81
....................
USD
7,145
6,277,892
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%,
08/30/84
(c)
..............
EUR
1,614
1,769,496
57,743,113
Total
Corporate
Bonds
—
26.2%
(Cost:
$3,507,142,323)
...........................
3,232,519,094
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
Barclays
Bank
plc
(Airbus
SE),
18.13%, 07/10/23
................
EUR
25
$
3,595,168
Barclays
Bank
plc
(BAE
Systems
plc),
15.89%, 07/10/23
(c)
...............
GBP
263
3,111,216
BMO
Capital
Markets
Corp.
(L3Harris
Technologies,
Inc.),
13.12%, 07/17/23
..
USD
32
6,085,695
Mizuho
Markets
Cayman
LP
(Raytheon
Technologies
Corp.),
13.70%, 08/24/23
.
55
5,344,609
18,136,688
Automobile
Components
—
0.1%
BNP
Paribas
Issuance
B.V.
(Lear
Corp.),
15.79%, 08/02/23
(b)
...............
29
3,854,971
Royal
Bank
of
Canada
(BorgWarner,
Inc.),
15.09%, 08/03/23
(b)
...............
68
3,146,566
UBS
AG
(Lear
Corp.),
20.10%, 07/31/23
...
38
5,053,747
12,055,284
Automobiles
—
0.1%
Nomura
Holdings,
Inc.
(General
Motors
Co.),
13.79%, 08/10/23
................
105
3,948,897
Royal
Bank
of
Canada
(General
Motors
Co.),
18.67%, 07/25/23
(b)
...............
177
6,246,384
10,195,281
Banks
—
0.6%
Barclays
Bank
plc
(Banco
Santander
SA),
23.92%, 07/27/23
................
EUR
59
6,454,001
Barclays
Bank
plc
(Bank
of
America
Corp.),
17.29%, 07/19/23
................
USD
459
13,181,242
Barclays
Bank
plc
(Kotak
Mahindra
Bank
Ltd.),
8.42%, 07/26/23
.................
32
4,468,682
BNP
Paribas
SA
(First
Citizens
BancShares,
Inc.),
18.31%, 08/17/23
(b)
...........
4
5,113,385
Citigroup,
Inc.
(Citizens
Financial
Group,
Inc.),
23.43%, 09/08/23
................
110
2,860,976
Citigroup,
Inc.
(JPMorgan
Chase
&
Co.),
13.09%, 09/01/23
................
18
2,607,316
Citigroup,
Inc.
(Wells
Fargo
&
Co.),
19.44%, 09/08/23
................
187
7,637,897
JPMorgan
Structured
Products
BV
(Bank
of
America
Corp.),
15.96%, 09/01/23
.....
90
2,575,688
Nomura
Holdings,
Inc.
(Citigroup,
Inc.),
19.21%, 08/17/23
................
128
5,943,984
SGA
Societe
Generale
Acceptance
NV
(Citigroup,
Inc.),
15.19%, 07/17/23
.....
178
8,164,745
SGA
Societe
Generale
Acceptance
NV
(JPMorgan
Chase
&
Co.),
13.19%, 07/17/23
................
138
19,653,027
78,660,943
Beverages
—
0.0%
Royal
Bank
of
Canada
(Molson
Coors
Beverage
Co.),
18.80%, 07/03/23
(b)
....
17
1,097,149
Biotechnology
—
0.1%
Citigroup,
Inc.
(Biogen,
Inc.),
17.21%, 07/21/23
12
3,522,108
Citigroup,
Inc.
(Gilead
Sciences,
Inc.),
13.00%, 08/02/23
................
45
3,488,461
7,010,569
Broadline
Retail
—
0.2%
BNP
Paribas
Issuance
B.V.
(Amazon.com,
Inc.),
17.68%, 08/14/23
(b)
...........
98
11,037,941
Citigroup,
Inc.
(Amazon.com,
Inc.),
16.77%, 09/01/23
................
26
3,197,024
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
(continued)
Mizuho
Markets
Cayman
LP
(Amazon.com,
Inc.),
13.60%, 07/28/23
............
USD
113
$
13,868,409
28,103,374
Building
Products
—
0.1%
BNP
Paribas
SA
(Allegion
plc),
14.65%, 07/28/23
(b)
...............
19
2,136,007
Societe
Generale
SA
(Johnson
Controls
International
plc),
12.95%, 08/04/23
....
41
2,638,714
Societe
Generale
SA
(Masco
Corp.),
15.70%, 07/28/23
................
70
3,730,163
8,504,884
Capital
Markets
—
0.3%
BMO
Capital
Markets
Corp.
(EQT
AB),
22.70%, 07/31/23
................
35
1,357,792
BMO
Capital
Markets
Corp.
(Morgan
Stanley),
14.01%, 07/19/23
................
91
7,677,702
BNP
Paribas
SA
(Raymond
James
Financial,
Inc.),
18.44%, 07/27/23
(b)
...........
23
2,198,618
Citigroup,
Inc.
(LPL
Financial
Holdings,
Inc.),
19.43%, 08/02/23
................
18
3,823,824
Citigroup,
Inc.
(Raymond
James
Financial,
Inc.),
21.06%, 09/08/23
............
27
2,755,344
JPMorgan
Structured
Products
BV
(Carlyle
Group,
Inc.
(The)),
24.86%, 08/03/23
...
147
4,242,234
SGA
Societe
Generale
Acceptance
NV
(Charles
Schwab
Corp.
(The)),
13.67%, 07/19/23
.
74
4,177,943
SGA
Societe
Generale
Acceptance
NV
(Nasdaq,
Inc.),
11.37%, 07/12/23
......
90
4,497,280
UBS
AG
(Invesco
Ltd.),
17.30%, 08/10/23
..
78
1,279,654
32,010,391
Chemicals
—
0.1%
Royal
Bank
of
Canada
(CF
Industries
Holdings,
Inc.),
21.10%, 08/03/23
(b)
...........
28
1,964,798
SGA
Societe
Generale
Acceptance
NV
(PPG
Industries,
Inc.),
14.35%, 08/31/23
.....
16
2,337,477
Societe
Generale
SA
(Ecolab,
Inc.),
11.51%, 07/27/23
................
15
2,711,455
7,013,730
Commercial
Services
&
Supplies
—
0.1%
Barclays
Bank
plc
(Downer
EDI
Ltd.),
16.80%, 07/25/23
................
88
4,724,842
JPMorgan
Structured
Products
BV
(Waste
Management,
Inc.),
8.03%, 07/27/23
...
32
5,401,349
10,126,191
Communications
Equipment
—
0.2%
Barclays
Bank
plc
(Nokia
Oyj),
21.51%, 08/03/23
................
374
1,521,508
BMO
Capital
Markets
Corp.
(Cisco
Systems,
Inc.),
14.55%, 07/31/23
............
110
5,617,545
BNP
Paribas
SA
(Juniper
Networks,
Inc.),
14.08%, 07/26/23
(b)
...............
104
3,212,062
Citigroup,
Inc.
(Cisco
Systems,
Inc.),
11.00%, 08/17/23
................
265
13,159,309
23,510,424
Construction
&
Engineering
—
0.0%
UBS
AG
(Vinci
SA),
16.60%, 08/31/23
....
27
4,648,230
Construction
Materials
—
0.0%
Barclays
Bank
plc
(Vulcan
Materials
Co.),
14.69%, 08/04/23
................
13
2,684,366
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
—
0.2%
BNP
Paribas
Issuance
B.V.
(Synchrony
Financial),
19.08%, 07/19/23
........
USD
161
$
5,271,453
BNP
Paribas
SA
(American
Express
Co.),
14.34%, 07/21/23
(b)
...............
61
10,266,939
SGA
Societe
Generale
Acceptance
NV
(Discover
Financial
Services),
12.39%, 07/21/23
................
33
3,651,696
19,190,088
Consumer
Staples
Distribution
&
Retail
—
0.2%
Citigroup,
Inc.
(Walmart,
Inc.),
6.23%, 08/17/23
100
15,569,692
Mizuho
Markets
Cayman
LP
(Costco
Wholesale
Corp.),
9.98%, 09/22/23
............
12
6,172,776
21,742,468
Containers
&
Packaging
—
0.0%
BNP
Paribas
SA
(Graphic
Packaging
Holding
Co.),
12.63%, 07/27/23
(b)
...........
102
2,479,151
Distributors
—
0.0%
UBS
AG
(Genuine
Parts
Co.),
10.20%, 07/27/23
................
23
3,634,905
Diversified
Telecommunication
Services
—
0.1%
Citigroup,
Inc.
(Verizon
Communications,
Inc.),
20.77%, 09/08/23
................
162
5,913,790
Goldman
Sachs
International
(AT&T,
Inc.),
10.56%, 07/03/23
................
147
2,352,196
UBS
AG
(AT&T,
Inc.),
23.30%, 09/14/23
...
136
2,175,477
10,441,463
Electric
Utilities
—
0.1%
Barclays
Bank
plc
(Exelon
Corp.),
16.57%, 07/03/23
................
80
3,196,279
Royal
Bank
of
Canada
(American
Electric
Power
Co.,
Inc.),
9.32%, 07/31/23
(b)
....
33
2,780,020
Royal
Bank
of
Canada
(Exelon
Corp.),
19.19%, 09/08/23
................
90
3,597,867
Royal
Bank
of
Canada
(PG&E
Corp.),
11.11%, 07/17/23
(b)
...............
159
2,762,389
12,336,555
Electrical
Equipment
—
0.1%
Citigroup,
Inc.
(Emerson
Electric
Co.),
12.83%, 08/09/23
................
48
4,251,740
Mizuho
Markets
Cayman
LP
(Eaton
Corp.
plc),
11.50%, 08/02/23
................
24
4,322,248
8,573,988
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Citigroup,
Inc.
(Flex
Ltd.),
14.11%, 07/27/23
229
5,525,051
Mizuho
Markets
Cayman
LP
(Seeing
Machines
Ltd.),
19.41%, 09/08/23
............
160
6,342,661
11,867,712
Energy
Equipment
&
Services
—
0.1%
BMO
Capital
Markets
Corp.
(Schlumberger
NV),
14.21%, 07/21/23
............
75
3,648,124
BNP
Paribas
Issuance
B.V.
(Baker
Hughes
Co.),
15.94%, 07/20/23
(b)
...........
184
5,397,183
Citigroup,
Inc.
(Halliburton
Co.),
20.70%, 07/20/23
................
106
3,497,664
12,542,971
Financial
Services
—
0.4%
Barclays
Bank
plc
(Equitable
Holdings,
Inc.),
25.52%, 08/03/23
................
131
3,369,333
BMO
Capital
Markets
Corp.
(Apollo
Global
Management,
Inc.),
27.57%, 07/03/23
..
24
1,584,906
BMO
Capital
Markets
Corp.
(Visa,
Inc.),
9.64%, 07/17/23
.................
8
1,776,598
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
BNP
Paribas
SA
(Berkshire
Hathaway,
Inc.),
7.56%, 08/08/23
(b)
................
USD
39
$
13,085,298
BNP
Paribas
SA
(Fidelity
National
Information
Services,
Inc.),
17.40%, 08/04/23
(b)
....
55
3,039,613
BNP
Paribas
SA
(PayPal
Holdings,
Inc.),
17.85%, 08/03/23
(b)
...............
77
5,128,994
Citigroup,
Inc.
(Fiserv,
Inc.),
10.31%, 07/26/23
48
5,993,221
JPMorgan
Structured
Products
BV
(Visa,
Inc.),
9.62%, 07/26/23
.................
14
3,193,105
Mizuho
Markets
Cayman
LP
(Global
Payments,
Inc.),
16.00%, 08/01/23
............
21
2,061,126
Mizuho
Markets
Cayman
LP
(Voya
Financial,
Inc.),
14.70%, 08/02/23
............
37
2,645,064
SGA
Societe
Generale
Acceptance
NV
(Fidelity
National
Information
Services,
Inc.),
15.75%, 08/24/23
................
97
5,271,273
47,148,531
Food
Products
—
0.2%
BNP
Paribas
SA
(Danone
SA),
20.41%, 07/10/23
(b)
...............
EUR
26
1,614,156
BNP
Paribas
SA
(Hershey
Co.
(The)),
8.19%, 07/31/23
(b)
................
USD
19
4,768,091
JPMorgan
Structured
Products
BV
(Kraft
Heinz
Co.
(The)),
15.56%, 07/13/23
........
206
7,371,917
Royal
Bank
of
Canada
(Conagra
Brands,
Inc.),
8.01%, 07/14/23
(b)
................
83
2,795,802
Societe
Generale
SA
(Kraft
Heinz
Co.
(The)),
10.08%, 07/27/23
................
63
2,248,937
18,798,903
Ground
Transportation
—
0.1%
BNP
Paribas
SA
(Union
Pacific
Corp.),
10.53%, 07/21/23
(b)
...............
38
7,731,662
Royal
Bank
of
Canada
(Avis
Budget
Group,
Inc.),
25.11%, 08/01/23
(b)
...........
12
2,349,375
Societe
Generale
SA
(Norfolk
Southern
Corp.),
14.08%, 07/28/23
................
15
3,229,730
13,310,767
Health
Care
Equipment
&
Supplies
—
0.4%
BNP
Paribas
Issuance
B.V.
(Zimmer
Biomet
Holdings,
Inc.),
9.93%, 08/02/23
(b)
.....
18
2,624,630
Citigroup,
Inc.
(Becton
Dickinson
&
Co.),
9.56%, 08/04/23
.................
8
2,097,501
Nomura
Bank
International
plc
(Boston
Scientific
Corp.),
10.09%, 07/27/23
....
81
4,297,037
Nomura
Holdings,
Inc.
(Baxter
International,
Inc.),
21.47%, 08/03/23
............
211
8,931,894
Nomura
Holdings,
Inc.
(Medtronic
plc),
14.38%, 08/10/23
................
102
8,682,627
Royal
Bank
of
Canada
(Koninklijke
Philips
NV),
20.00%, 07/27/23
(b)
...............
EUR
132
2,784,183
SGA
Societe
Generale
Acceptance
NV
(Abbott
Laboratories),
10.84%, 07/20/23
......
USD
73
7,784,394
UBS
AG
(Zimmer
Biomet
Holdings,
Inc.),
17.90%, 08/10/23
................
45
6,172,521
43,374,787
Health
Care
Providers
&
Services
—
1.0%
Barclays
Bank
plc
(Cardinal
Health,
Inc.),
15.44%, 08/03/23
................
64
5,508,328
BMO
Capital
Markets
Corp.
(Cigna
Group
(The)),
22.25%, 09/14/23
...........
20
5,613,174
BMO
Capital
Markets
Corp.
(Elevance
Health,
Inc.),
15.23%, 07/20/23
............
11
4,928,954
BMO
Capital
Markets
Corp.
(Humana,
Inc.),
17.61%, 07/13/23
................
3
1,441,650
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
BMO
Capital
Markets
Corp.
(Laboratory
Corp.
of
America
Holdings),
19.45%, 09/14/23
.
USD
31
$
7,351,344
BNP
Paribas
Issuance
B.V.
(Elevance
Health,
Inc.),
12.82%, 07/20/23
(b)
...........
33
14,873,613
BNP
Paribas
SA
(AmerisourceBergen
Corp.),
9.41%, 08/03/23
(b)
................
24
4,275,563
BNP
Paribas
SA
(Humana,
Inc.),
12.62%, 07/28/23
(b)
...............
15
6,940,766
Citigroup,
Inc.
(Cardinal
Health,
Inc.),
14.26%, 08/10/23
................
32
2,713,586
Citigroup,
Inc.
(McKesson
Corp.),
11.57%, 08/03/23
................
10
4,235,298
Citigroup,
Inc.
(UnitedHealth
Group,
Inc.)
11.51%,
07/17/23
................
47
22,400,279
11.42%,
09/01/23
................
5
2,549,777
Goldman
Sachs
International
(Laboratory
Corp.
of
America
Holdings),
12.90%, 07/03/23
.
27
6,329,153
JPMorgan
Structured
Products
BV
(Cigna
Group
(The)),
12.67%, 08/03/23
......
19
5,282,046
Mizuho
Markets
Cayman
LP
(CVS
Health
Corp.),
16.00%, 08/03/23
...........
73
5,032,240
Nomura
Holdings,
Inc.
(Elevance
Health,
Inc.),
14.86%, 08/10/23
................
8
3,636,568
Royal
Bank
of
Canada
(Cigna
Group
(The)),
13.76%, 07/03/23
(b)
...............
18
4,887,461
SGA
Societe
Generale
Acceptance
NV
(HCA
Healthcare,
Inc.),
10.84%, 07/21/23
....
18
5,258,742
Societe
Generale
SA
(Laboratory
Corp.
of
America
Holdings),
10.33%, 07/26/23
...
8
1,813,894
Societe
Generale
SA
(Molina
Healthcare,
Inc.),
12.07%, 07/27/23
................
10
3,064,144
118,136,580
Hotel
&
Resort
REITs
—
0.0%
Royal
Bank
of
Canada
(Host
Hotels
&
Resorts,
Inc.),
17.58%, 08/03/23
(b)
...........
178
3,020,450
Hotels,
Restaurants
&
Leisure
—
0.5%
Barclays
Bank
plc
(Booking
Holdings,
Inc.),
15.24%, 08/03/23
................
2
5,259,327
BNP
Paribas
SA
(Aramark),
14.04%, 08/09/23
(b)
...........................
72
2,709,707
BNP
Paribas
SA
(Marriott
International,
Inc.),
15.40%, 08/02/23
(b)
...............
23
4,230,506
BNP
Paribas
SA
(MGM
Resorts
International),
17.23%, 08/03/23
(b)
...............
79
3,507,813
BNP
Paribas
SA
(Starbucks
Corp.),
12.64%, 08/02/23
(b)
...............
49
4,876,385
BNP
Paribas
SA
(Yum!
Brands,
Inc.),
8.77%, 08/03/23
(b)
................
29
4,058,643
Citigroup,
Inc.
(McDonald's
Corp.),
6.82%, 09/01/23
.................
9
2,570,617
JPMorgan
Structured
Products
BV
(Hyatt
Hotels
Corp.),
15.48%, 08/09/23
......
35
4,016,595
Royal
Bank
of
Canada
(McDonald's
Corp.),
6.99%, 07/26/23
(b)
................
80
23,929,063
Societe
Generale
SA
(Domino's
Pizza,
Inc.),
13.18%, 07/24/23
................
10
3,206,668
Societe
Generale
SA
(Hilton
Worldwide
Holdings,
Inc.),
13.17%, 07/27/23
.....
37
5,332,651
63,697,975
Household
Durables
—
0.1%
BNP
Paribas
SA
(Toll
Brothers,
Inc.),
15.56%, 08/23/23
................
38
2,690,638
JPMorgan
Structured
Products
BV
(Sony
Group
Corp.),
17.90%, 09/08/23
......
34
3,066,865
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Merrill
Lynch
International
&
Co.
(Newell
Brands,
Inc.),
34.97%, 08/03/23
......
USD
178
$
1,532,149
Royal
Bank
of
Canada
(NVR,
Inc.),
9.77%, 07/25/23
(b)
................
—
(n)
1,698,995
8,988,647
Household
Products
—
0.0%
BNP
Paribas
SA
(Reckitt
Benckiser
Group
plc),
12.90%, 07/10/23
(b)
...............
GBP
23
1,762,941
Industrial
Conglomerates
—
0.0%
BNP
Paribas
SA
(Siemens
AG),
18.97%, 07/20/23
(b)
...............
EUR
11
1,732,952
Industrial
REITs
—
0.0%
Royal
Bank
of
Canada
(Prologis,
Inc.),
16.22%, 07/19/23
(b)
...............
USD
32
3,910,465
Insurance
—
0.3%
BNP
Paribas
SA
(Admiral
Group
plc),
14.06%, 07/27/23
(b)
...............
54
4,100,674
BNP
Paribas
SA
(Prudential
Financial,
Inc.),
19.94%, 07/10/23
(b)
...............
GBP
279
3,941,901
Citigroup,
Inc.
(Admiral
Group
plc),
11.93%, 07/26/23
................
USD
61
4,660,530
JPMorgan
Structured
Products
BV
(Chubb
Ltd.),
11.68%, 07/26/23
............
31
6,071,368
Mizuho
Markets
Cayman
LP
(Willis
Towers
Watson
plc),
12.80%, 07/13/23
.......
17
4,056,349
SGA
Societe
Generale
Acceptance
NV
(American
International
Group,
Inc.),
12.58%, 08/31/23
................
112
6,368,511
SGA
Societe
Generale
Acceptance
NV
(Travelers
Cos.,
Inc.
(The)),
13.37%, 07/21/23
................
44
7,617,761
UBS
AG
(Fidelity
National
Financial,
Inc.),
13.20%, 08/31/23
................
153
5,365,307
42,182,401
Interactive
Media
&
Services
—
0.4%
BNP
Paribas
Issuance
B.V.
(Meta
Platforms,
Inc.),
20.98%, 08/14/23
(b)
...........
21
5,469,556
BNP
Paribas
SA
(TripAdvisor,
Inc.),
20.02%, 08/04/23
(b)
...............
133
2,137,495
Citigroup,
Inc.
(Alphabet,
Inc.),
16.42%, 09/01/23
................
25
2,988,510
Citigroup,
Inc.
(Meta
Platforms,
Inc.),
20.27%, 09/01/23
................
12
3,218,464
JPMorgan
Structured
Products
BV
(Meta
Platforms,
Inc.),
15.49%, 07/27/23
.....
34
8,901,472
Mizuho
Markets
Cayman
LP
(Alphabet,
Inc.),
17.22%, 08/24/23
................
12
1,414,138
Mizuho
Markets
Cayman
LP
(Meta
Platforms,
Inc.),
21.51%, 08/24/23
............
5
1,488,573
Royal
Bank
of
Canada
(TripAdvisor,
Inc.),
18.94%, 08/04/23
(b)
...............
159
2,577,469
Societe
Generale
SA
(Alphabet,
Inc.),
14.34%, 07/26/23
................
199
21,934,782
50,130,459
IT
Services
—
0.2%
BNP
Paribas
Issuance
B.V.
(Gartner,
Inc.),
13.74%, 08/02/23
................
12
3,799,109
Mizuho
Markets
Cayman
LP
(Cognizant
Technology
Solutions
Corp.),
12.60%, 07/28/23
................
80
5,154,347
Royal
Bank
of
Canada
(Cognizant
Technology
Solutions
Corp.),
13.97%, 07/31/23
(b)
...
148
9,388,501
18,341,957
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
—
0.3%
BNP
Paribas
SA
(Thermo
Fisher
Scientific,
Inc.),
12.66%, 07/28/23
(b)
...........
USD
24
$
12,640,976
Citigroup,
Inc.
(Danaher
Corp.),
13.24%, 09/01/23
................
11
2,600,857
Mizuho
Markets
Cayman
LP
(Agilent
Technologies,
Inc.),
13.50%, 08/16/23
..
42
5,088,132
Royal
Bank
of
Canada
(Danaher
Corp.),
12.17%, 07/21/23
(b)
...............
74
17,708,517
38,038,482
Machinery
—
0.2%
Barclays
Bank
plc
(Caterpillar,
Inc.),
15.27%, 08/02/23
................
24
5,501,819
Barclays
Bank
plc
(PACCAR,
Inc.),
13.30%, 07/26/23
................
63
4,958,056
BNP
Paribas
SA
(Otis
Worldwide
Corp.),
10.88%, 07/27/23
(b)
...............
37
3,196,505
Royal
Bank
of
Canada
(Cummins,
Inc.),
14.11%, 08/03/23
(b)
...............
11
2,691,699
Royal
Bank
of
Canada
(Deere
&
Co.),
11.91%, 08/18/23
(b)
...............
21
7,944,004
24,292,083
Media
—
0.2%
(b)
BNP
Paribas
SA
(Comcast
Corp.)
11.96%,
07/28/23
(b)
...............
195
7,997,765
19.50%,
08/17/23
(b)
...............
177
7,263,288
SGA
Societe
Generale
Acceptance
NV
(Fox
Corp.),
12.13%, 08/24/23
...........
89
3,004,925
Societe
Generale
SA
(Bloomsbury
Publishing
plc),
12.08%, 07/27/23
.............
154
9,845,039
28,111,017
Metals
&
Mining
—
0.0%
UBS
AG
(Nucor
Corp.),
18.60%, 07/21/23
..
26
3,757,427
Multi-Utilities
—
0.0%
Mizuho
Markets
Cayman
LP
(Sempra
Energy),
12.45%, 08/31/23
................
19
2,750,364
UBS
AG
(Public
Service
Enterprise
Group,
Inc.),
15.40%, 08/10/23
............
37
2,309,334
5,059,698
Oil,
Gas
&
Consumable
Fuels
—
0.4%
Barclays
Bank
plc
(ConocoPhillips),
21.69%, 08/04/23
................
31
3,242,503
Barclays
Bank
plc
(Murphy
Oil
Corp.),
20.69%, 08/04/23
................
27
1,016,147
BMO
Capital
Markets
Corp.
(Williams
Cos.,
Inc.
(The)),
18.17%, 07/13/23
...........
95
2,912,507
BNP
Paribas
SA
(Shell
plc),
20.14%, 07/20/23
(b)
...........................
GBP
230
6,910,185
JPMorgan
Structured
Products
BV
(Devon
Energy
Corp.),
23.53%, 08/02/23
......
USD
21
1,012,081
JPMorgan
Structured
Products
BV
(Hess
Corp.),
16.59%, 07/27/23
...........
18
2,476,328
JPMorgan
Structured
Products
BV
(Kosmos
Energy
Ltd.),
29.42%, 08/31/23
.......
374
2,198,247
JPMorgan
Structured
Products
BV
(Marathon
Petroleum
Corp.),
19.44%, 08/02/23
...
14
1,594,488
JPMorgan
Structured
Products
BV
(Valero
Energy
Corp.),
20.69%, 07/28/23
......
18
2,127,189
Mizuho
Markets
Cayman
LP
(Chevron
Corp.),
12.55%, 07/28/23
................
49
7,855,613
Mizuho
Markets
Cayman
LP
(Exxon
Mobil
Corp.),
14.30%, 07/28/23
...........
112
12,165,106
Royal
Bank
of
Canada
(BP
plc),
19.32%, 07/20/23
................
GBP
1,376
8,089,814
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Royal
Bank
of
Canada
(Marathon
Oil
Corp.),
15.82%, 08/03/23
(b)
...............
USD
46
$
1,050,514
SGA
Societe
Generale
Acceptance
NV
(ConocoPhillips),
20.68%, 08/17/23
....
22
2,249,401
54,900,123
Personal
Care
Products
—
0.1%
BNP
Paribas
SA
(Coty,
Inc.),
17.85%, 08/25/23
(b)
...........................
219
2,661,278
SGA
Societe
Generale
Acceptance
NV
(Unilever
plc),
10.88%, 08/31/23
......
64
3,329,268
5,990,546
Pharmaceuticals
—
0.4%
BMO
Capital
Markets
Corp.
(Novo
Nordisk
A/S),
17.66%, 07/13/23
............
10
1,693,222
BNP
Paribas
SA
(AstraZeneca
plc),
16.77%, 07/20/23
(b)
...............
GBP
36
5,252,892
BNP
Paribas
SA
(Eli
Lilly
&
Co.),
18.76%, 08/17/23
(b)
...............
USD
3
1,450,148
BNP
Paribas
SA
(Pfizer,
Inc.),
13.06%, 07/27/23
(b)
...............
265
9,818,957
BNP
Paribas
SA
(Zoetis,
Inc.),
12.95%, 08/04/23
(b)
...............
23
3,957,880
Royal
Bank
of
Canada
(Bayer
AG),
19.85%, 07/27/23
(b)
...............
EUR
91
5,065,677
Societe
Generale
SA
(Merck
&
Co.,
Inc.),
10.76%, 07/31/23
................
USD
137
15,829,155
43,067,931
Professional
Services
—
0.2%
BNP
Paribas
Issuance
B.V.
(Paycom
Software,
Inc.),
16.07%, 08/02/23
(b)
...........
10
3,225,588
BNP
Paribas
SA
(Paycom
Software,
Inc.),
16.15%, 08/02/23
(b)
...............
15
4,368,580
Royal
Bank
of
Canada
(Robert
Half
International,
Inc.),
18.55%, 07/17/23
(b)
..
12
833,639
SGA
Societe
Generale
Acceptance
NV
(Leidos
Holdings,
Inc.),
14.55%, 08/24/23
.....
62
5,365,931
SGA
Societe
Generale
Acceptance
NV
(SS&C
Technologies
Holdings,
Inc.),
15.23%, 08/24/23
................
121
7,257,636
21,051,374
Retail
REITs
—
0.0%
JPMorgan
Structured
Products
BV
(Simon
Property
Group,
Inc.),
18.06%, 08/02/23
.
28
3,198,304
Semiconductors
&
Semiconductor
Equipment
—
0.0%
BMO
Capital
Markets
Corp.
(Intel
Corp.),
21.71%, 07/31/23
................
50
1,554,985
Software
—
0.7%
BNP
Paribas
SA
(Intuit,
Inc.),
15.55%, 08/23/23
................
17
7,392,256
BNP
Paribas
SA
(Palo
Alto
Networks,
Inc.),
14.11%, 08/23/23
................
34
7,532,596
BNP
Paribas
SA
(ServiceNow,
Inc.),
16.46%, 07/27/23
(b)
...............
18
9,008,430
Citigroup,
Inc.
(Microsoft
Corp.),
10.60%, 09/01/23
................
10
3,136,587
JPMorgan
Structured
Products
BV
(ServiceNow,
Inc.),
17.49%, 09/01/23
...
5
2,660,512
Mizuho
Markets
Cayman
LP
(Microsoft
Corp.),
12.62%, 08/25/23
................
33
10,652,320
Nomura
Bank
International
plc
(Microsoft
Corp.),
12.25%, 07/26/23
...........
70
21,661,142
Royal
Bank
of
Canada
(Microsoft
Corp.),
14.16%, 08/11/23
(b)
...............
33
10,696,206
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Societe
Generale
SA
(Fortinet,
Inc.),
12.75%, 08/03/23
................
USD
79
$
5,490,999
Societe
Generale
SA
(ServiceNow,
Inc.),
17.08%, 07/27/23
................
16
7,686,455
UBS
AG
(Microsoft
Corp.),
17.20%, 08/17/23
14
4,705,772
90,623,275
Specialized
REITs
—
0.1%
Barclays
Bank
plc
(Equinix,
Inc.),
14.12%, 07/27/23
................
6
4,275,168
JPMorgan
Structured
Products
BV
(Iron
Mountain,
Inc.),
15.25%, 08/04/23
.....
74
4,205,849
8,481,017
Specialty
Retail
—
0.2%
BNP
Paribas
SA
(O'Reilly
Automotive,
Inc.),
9.39%, 07/27/23
(b)
................
7
6,392,774
BNP
Paribas
SA
(Ross
Stores,
Inc.),
9.48%, 08/18/23
(b)
................
48
5,242,290
Citigroup,
Inc.
(Best
Buy
Co.,
Inc.),
16.09%, 08/31/23
................
54
4,256,952
Mizuho
Markets
Cayman
LP
(AutoZone,
Inc.),
9.70%, 09/19/23
.................
2
5,007,007
Mizuho
Markets
Cayman
LP
(Dick's
Sporting
Goods,
Inc.),
17.25%, 08/23/23
.......
20
2,607,146
Mizuho
Markets
Cayman
LP
(TJX
Cos.,
Inc.
(The)),
8.90%, 08/17/23
............
64
5,227,215
28,733,384
Technology
Hardware,
Storage
&
Peripherals
—
0.6%
BMO
Capital
Markets
Corp.
(HP,
Inc.),
24.72%, 09/14/23
................
55
1,675,848
BNP
Paribas
SA
(Apple,
Inc.),
14.11%, 08/11/23
(b)
...........................
61
10,820,882
Citigroup,
Inc.
(Apple,
Inc.)
8.96%,
07/31/23
.................
158
29,088,683
10.74%,
09/01/23
................
17
3,171,469
JPMorgan
Structured
Products
BV
(Apple,
Inc.),
10.30%, 07/27/23
............
59
10,691,130
Mizuho
Markets
Cayman
LP
(Apple,
Inc.),
8.92%, 07/28/23
.................
94
16,943,653
Royal
Bank
of
Canada
(HP,
Inc.),
22.84%, 07/03/23
(b)
...............
59
1,800,750
74,192,415
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Citigroup,
Inc.
(Tapestry,
Inc.),
18.93%, 08/18/23
................
101
4,233,949
JPMorgan
Structured
Products
BV
(Ralph
Lauren
Corp.),
24.78%, 08/03/23
......
14
1,623,293
5,857,242
Tobacco
—
0.1%
Barclays
Bank
plc
(British
American
Tobacco
plc),
19.52%, 07/27/23
.............
GBP
152
5,008,609
UBS
AG
(Philip
Morris
International,
Inc.),
13.60%, 07/21/23
................
USD
137
13,175,990
18,184,599
Trading
Companies
&
Distributors
—
0.0%
Barclays
Bank
plc
(MSC
Industrial
Direct
Co.,
Inc.),
15.82%, 08/03/23
............
19
1,723,361
Wireless
Telecommunication
Services
—
0.0%
Barclays
Bank
plc
(Vodafone
Group
plc),
36.51%, 07/27/23
................
GBP
3,883
3,755,843
Total
Equity-Linked
Notes
—
10.1%
(Cost:
$1,215,995,165)
...........................
1,241,677,726
Security
Par
(000)
Par
(000)
Value
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.1%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
...........
USD
3,151
$
2,727,874
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
..........
579
501,443
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(6-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.56%
,
 08/03/29
..........
600
588,651
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 04/06/26
.................
2,375
2,351,778
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 04/06/26
.................
1,276
1,264,169
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.95%
,
 02/01/28
.................
1,925
1,887,153
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.98%
,
 02/01/29
................
1,118
1,081,545
TransDigm,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 08/24/28
.....
2,466
2,463,660
TransDigm,
Inc.,
Term
Loan
H,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 02/22/27
..
934
934,418
13,800,691
Automobile
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.47%
,
 04/10/28
..
593
592,382
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.85%
,
 05/06/30
.................
2,631
2,621,949
3,214,331
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.60%
,
 12/14/27
(a)
..........
1,925
1,915,209
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
-
8.59%
,
 01/24/29
...........
5,320
4,938,377
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.34%
,
 01/24/30
................
1,845
1,452,937
6,391,314
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.61%
,
 11/24/28
..
1,584
1,579,052
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.43%
,
 06/30/27
................
1,674
1,445,657
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%
,
 02/12/27
.....
4,429
3,925,189
Pug
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.45%
,
 02/12/27
(e)
................
429
386,417
Sally
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.60%
,
 02/28/30
..
628
627,639
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
(continued)
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.95%
,
 12/21/27
.................
USD
683
$
667,899
8,631,853
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.45%
,
 05/13/29
600
599,736
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.50%
,
 04/12/28
...........
340
325,230
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25%
-
8.95%
,
 11/23/27
................
1,838
1,726,224
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 10/02/28
...........
811
751,423
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(o)
.............
140
130,113
Jeld-Wen,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.47%
,
 07/28/28
.....
993
986,220
Wilsonart
LLC,
Term
Loan
E,
(6-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.71%
,
 12/31/26
.................
2,461
2,421,353
6,940,299
Capital
Markets
—
0.2%
(a)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
4.50%),
9.69%
,
 07/31/26
.................
1,436
1,435,687
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.24%
,
 12/20/29
.................
1,148
1,149,024
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%, 07/24/26
...............
1,656
1,606,276
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.97%, 07/24/26
.........
778
750,563
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
2.75%),
8.30%, 10/22/26
.........
1,587
1,578,239
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.00%, 10/22/27
.........
699
695,407
CML
Paradise
Plaza,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.15%
Floor
+
0.00%),
0.00%
-
8.70%
,
 12/09/26
(e)
................
9,640
9,349,345
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 06/30/28
...........
1,613
1,591,982
Focus
Financial
Partners
LLC,
Term
Loan
B6,
06/30/28
(o)
.....................
865
858,729
Greenhill
&
Co.,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.73%
,
 04/12/24
..
968
966,905
ION
Trading
Finance
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.09%
,
 04/01/28
................
713
698,408
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%
,
 08/02/28
...........
2,311
2,268,894
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
12.03%
,
 08/02/29
...........
556
494,830
23,444,289
Security
Par
(000)
Par
(000)
Value
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 09/30/28
.................
USD
1,280
$
1,192,523
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.00%),
9.19%
,
 11/24/27
............
938
904,070
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.71%
,
 08/27/26
.
2,526
2,471,161
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 12/29/27
...........
761
573,939
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.62%
,
 10/04/29
......
1,025
978,695
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.65%
,
 06/09/28
...........
1,627
1,617,692
Element
Solutions,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.10%
,
 01/31/26
.................
2,191
2,189,403
H.B.
Fuller
Co.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 02/15/30
.................
322
323,056
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.27%
,
 07/03/28
...........
1,383
1,165,733
Ineos
US
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 02/18/30
.................
638
633,783
LSF11
A5
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%
,
 10/15/28
.................
1,911
1,882,653
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%
,
 06/30/27
.................
1,004
994,055
Messer
Industries
GmbH,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.00%
,
 03/02/26
.................
1,763
1,761,222
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.60%
,
 03/29/28
.................
2,095
2,038,883
Nouryon
Finance
B.V.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
 04/03/28
..
782
773,445
Olympus
Water
US
Holding
Corp.,
Term
Loan,
11/09/28
(o)
.....................
746
719,733
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.74%
,
 10/14/24
.................
1,875
1,839,015
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.48%
,
 08/02/28
...........
1,305
1,293,521
WR
Grace
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.31%
,
 09/22/28
.................
1,617
1,603,825
24,956,407
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
—
0.2%
(a)
Allied
Universal
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 05/12/28
.................
USD
3,409
$
3,308,432
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.15%
,
 02/15/29
(e)
................
1,388
1,353,281
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.72%
,
 06/22/30
(e)
................
1,588
1,585,706
Asplundh
Tree
Expert
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 09/07/27
.................
2,254
2,246,756
Covanta
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 11/30/28
.................
1,876
1,857,690
Covanta
Holding
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.60%
,
 11/30/28
.................
142
140,914
GFL
Environmental,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.15%
,
 05/31/27
.................
719
719,353
LABL,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.20%
,
 10/29/28
................
662
654,271
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.52%
,
 12/15/28
......
1,173
956,069
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.98%
,
 09/23/26
.
1,939
1,937,499
Tempo
Acquisition
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.10%
,
 08/31/28
.................
5,081
5,081,228
TruGreen
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.20%
,
 11/02/27
.................
2,093
1,920,927
Viad
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.22%
,
 07/30/28
................
1,325
1,285,107
23,047,233
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.59%
,
 01/18/30
.....
234
234,413
ViaSat,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.60%
,
 03/02/29
.................
1,020
984,892
1,219,305
Construction
&
Engineering
—
0.1%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.25%),
9.40%
-
9.79%
,
 06/21/24
......
1,383
1,363,740
Hilton
Washington
Dupont
Hotel,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
0.00%),
7.67%
,
 04/01/24
(e)
..........
14,430
13,914,091
Pike
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%
,
 01/21/28
.....
1,321
1,314,339
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.69%
,
 05/12/28
...........
1,667
1,575,055
18,167,225
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.0%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.20%
,
 01/15/27
...........
USD
1,974
$
1,965,527
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.10%
,
 03/08/29
................
744
624,790
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.84%
,
 04/29/29
.................
1,176
1,147,686
Standard
Building
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.69%
,
 09/22/28
...........
1,274
1,272,295
5,010,298
Consumer
Staples
Distribution
&
Retail
—
0.1%
(a)
CML
Project
Horizons,
Term
Loan,
(3-mo.
LIBOR
GBP
+
4.34%),
8.70%
,
 06/05/26
(e)
GBP
10,046
12,698,279
US
Foods,
Inc.,
Term
Loan
B
(3-mo.
CME
Term
SOFR
+
2.00%),
7.22%, 09/13/26
...............
USD
1,682
1,679,574
(1-mo.
CME
Term
SOFR
+
2.75%),
7.97%, 11/22/28
...............
961
959,832
15,337,685
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.97%
,
 12/01/27
......
4,365
4,326,599
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.11%
,
 08/14/26
.................
1,091
1,086,603
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.47%
,
 02/05/26
.................
761
759,897
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.97%
,
 07/31/26
.................
329
326,639
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 09/15/28
...........
1,351
1,327,639
7,827,377
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.02%
,
 10/28/27
(a)
................
1,446
1,336,429
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%
,
 12/11/28
............
1,004
941,702
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
10.95%
,
 12/10/29
...........
1,629
1,377,857
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.47%
,
 11/24/28
......
1,641
1,633,049
Kuehg
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.24%
,
 06/12/30
................
1,477
1,460,384
Sotheby's,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
4.50%),
9.76%
,
 01/15/27
.
3,091
3,009,042
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.54%
,
 07/30/25
.................
990
981,255
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Veritas
US,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.00%),
10.22%
,
 09/01/25
................
USD
2,956
$
2,403,880
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.94%
,
 02/05/26
.................
2,997
2,968,485
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.22%
,
 01/08/27
...........
1,315
1,288,653
16,064,307
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.85%
,
 05/18/30
(a)
................
914
912,376
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.01%, 07/15/25
(e)
..............
937
918,314
(3-mo.
LIBOR
USD
+
2.75%),
8.01%, 01/31/26
...............
460
451,498
Connect
Finco
SARL,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.70%
,
 12/11/26
.................
6,239
6,228,876
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.72%
,
 10/02/27
..........
1,328
1,169,161
Iridium
Satellite
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.70%
,
 11/04/26
.................
2,066
2,065,194
Level
3
Financing,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 03/01/27
.................
1,910
1,775,116
Lumen
Technologies,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.47%
,
 03/15/27
.................
2,143
1,644,404
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.44%
-
9.73%
,
 09/01/28
...........
1,170
936,126
Radiate
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.48%
,
 09/25/26
.................
3,114
2,589,606
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(1-mo.
LIBOR
USD
+
2.50%),
7.69%
,
 01/31/28
.................
462
457,785
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(1-mo.
LIBOR
USD
+
3.25%),
8.44%
,
 01/31/29
.................
795
790,739
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%
,
 03/09/27
.................
4,819
3,771,536
22,798,355
Electric
Utilities
—
0.0%
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(1-mo.
LIBOR
USD
+
2.00%),
7.19%
,
 01/15/25
(a)
................
777
775,852
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.25%
,
 06/23/28
(a)(e)
........
1,659
1,613,565
Security
Par
(000)
Par
(000)
Value
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.97%
,
 07/02/29
(a)
................
USD
1,192
$
1,187,179
Energy
Equipment
&
Services
—
0.0%
(a)
Lealand
Finance
Co.
BV,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%, 06/28/24
(e)
..............
41
30,804
(1-mo.
LIBOR
USD
+
1.00%),
6.15%, 06/30/25
...............
407
227,808
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.51%
,
 10/05/28
.
2,954
2,944,754
3,203,366
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
3.00%),
8.22%
,
 04/22/26
.................
1,776
1,383,205
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 03/08/30
...........
1,040
1,030,644
City
Football
Group
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.27%
,
 07/21/28
.................
2,014
1,973,797
Creative
Artists
Agency
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.60%
,
 11/27/28
.................
2,306
2,298,725
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.00%),
8.54%
-
8.73%
,
 03/08/24
......
4,629
4,287,016
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.10%
,
 01/15/30
1,308
1,307,346
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.93%
,
 10/19/26
.................
4,454
4,438,932
NASCAR
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.72%
,
 10/19/26
.................
398
398,421
Playtika
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.94%
,
 03/13/28
.................
1,916
1,906,689
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.77%
,
 01/23/25
.................
1,311
1,307,091
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.05%
,
 04/29/26
...........
1,632
1,629,259
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.95%
,
 05/18/25
.....
3,280
3,267,883
WMG
Acquisition
Corp.,
Term
Loan
G,
(3-mo.
LIBOR
USD
+
2.13%),
7.33%
,
 01/20/28
.
3,198
3,186,186
28,415,194
Financial
Services
—
1.2%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%
,
 12/21/28
.
795
790,421
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.49%
,
 08/15/28
.
1,780
1,578,362
Belron
Finance
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
+
2.25%),
7.56%
,
 10/30/26
......
1,286
1,283,610
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Belron
Finance
US
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.83%
,
 04/18/29
.................
USD
473
$
472,707
Belron
Group
SA,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
2.43%),
7.80%
,
 04/13/28
.................
784
782,212
CML
Hyatt
Lost
Pines,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
0.00%),
8.32%
,
 09/09/24
(e)
................
10,600
10,388,952
CML
La
Quinta
Resort,
Term
Loan,
(1-
mo.
LIBOR
USD
+
0.00%),
0.00%
-
8.17%
,
 10/25/24
(e)
................
8,911
8,639,623
CML
ST
Regis
Aspen,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.10%
Floor
+
0.00%),
0.00%
-
7.96%
,
 02/07/25
(e)
...............
12,450
11,989,699
CML
Terranea
Resort,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
,
 01/01/30
(e)
5,600
5,600,000
Colorado
Plaza,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
-
14.75%
,
 11/15/23
(e)(f)
(k)
...........................
7,906
3,969,883
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
8.99%
,
 04/09/27
......
6,011
5,822,345
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
6.75%),
12.29%
,
 04/07/28
...........
1,440
1,333,800
Houston
Center,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
7.27%
,
 01/24/24
(e)
.....
42,968
34,149,575
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.45%
,
 03/24/25
.................
2,420
2,409,158
Park
Avenue
Tower,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
-
7.92%
,
 03/09/24
(e)
31,696
29,303,684
Sheraton
Austin,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.00%),
0.00%
-
8.52%
,
 06/01/24
(e)
................
9,652
9,268,835
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.02%
,
 12/11/26
......
3,147
3,093,910
The
Vinoy
St.
Petersburg,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.39%
Floor
+
0.00%),
0.00%
-
7.72%
,
 06/09/24
(e)
..........
11,528
10,978,379
Travelport
Finance
(Luxembourg)
S.a
r.l.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.36%
,
 05/29/26
(e)
...............
1,352
838,319
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(1-mo.
LIBOR
USD
+
2.93%),
8.12%
,
 01/31/29
.................
646
631,940
WEX,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.47%
,
 03/31/28
.....
1,026
1,024,610
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.85%
,
 10/19/27
...........
1,637
1,620,576
145,970,600
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.97%
,
 10/01/25
...........
1,793
1,642,197
B&G
Foods,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.65%
,
 10/10/26
..
179
175,070
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.72%
,
 10/25/27
.................
3,990
3,963,135
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.45%
,
 01/29/27
.................
USD
4,662
$
4,630,454
H-Food
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.27%
,
 05/23/25
..
607
532,340
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
2.25%),
7.52%
,
 08/03/25
.................
1,507
1,504,792
Hostess
Brands,
LLC,
Term
Loan,
06/28/30
(o)
101
100,658
Nomad
Foods
Ltd.,
Facility
Term
Loan
B2,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.56%
,
 11/12/29
............
798
796,615
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.77%
,
 06/08/28
......
2,353
2,323,469
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.49%
,
 03/31/28
...........
2,419
2,334,390
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%
,
 01/20/28
.................
2,900
2,892,936
20,896,056
Ground
Transportation
—
0.0%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
9.93%
,
 04/06/28
......
501
484,289
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 08/06/27
.................
1,123
1,108,092
Uber
Technologies,
Inc.,
Term
Loan,
8.00%
-
8.03%
,
 03/03/30
.................
2,249
2,246,901
3,839,282
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 11/03/28
.................
2,631
2,568,946
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.00%
,
 03/05/26
................
845
773,959
Insulet
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 05/04/28
.................
885
883,834
Medline
Borrower
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 10/23/28
.................
5,236
5,172,030
9,398,769
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.44%
,
 09/29/28
......
1,623
1,613,601
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.46%
,
 11/08/27
............
1,584
1,577,060
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.22%
,
 11/01/28
.................
2,291
2,278,197
Envision
Healthcare
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.25%),
9.49%
,
 03/31/27
.................
1,830
388,926
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.25%, 02/18/27
...............
1,330
974,304
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.25%, 11/15/28
..........
USD
414
$
295,737
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
12.25%
,
 11/15/29
...........
611
405,746
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.47%
,
 08/31/26
.................
1,838
1,700,915
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.61%
,
 11/01/28
......
1,323
1,239,952
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.36%
,
 11/01/29
.....
404
357,035
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.94%
,
 10/27/28
...........
1,605
1,602,193
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.69%
,
 02/14/25
...........
73
71,438
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.90%
,
 08/31/26
...........
604
602,808
Vizient,
Inc.,
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.44%
,
 05/16/29
.................
347
346,962
13,454,874
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(o)
.................
392
377,022
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.59%
,
 02/15/29
.................
3,185
3,061,290
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 06/02/28
.................
4,708
4,323,687
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.22%
,
 08/27/25
.................
2,723
2,719,467
10,481,466
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(1-mo.
LIBOR
USD
+
1.75%),
6.94%
,
 11/19/26
.................
2,954
2,930,136
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.94%
,
 02/02/26
.................
1,870
1,808,275
Alterra
Mountain
Co.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.95%
,
 05/31/30
(e)
................
168
167,580
Bally's
Corp.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.40%
,
 10/02/28
.................
996
971,679
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 02/06/30
...........
1,229
1,227,802
Carnival
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.22%
,
 06/30/25
.................
2,628
2,622,142
Churchill
Downs,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.20%
,
 03/17/28
.................
1,663
1,646,357
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
-
8.06%
,
 12/09/24
(e)
................
USD
5,884
$
5,638,274
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.10%
,
 01/27/29
...........
5,256
5,180,539
Flutter
Entertainment
plc,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.75%
,
 07/21/26
.................
2,054
2,052,656
Flutter
Entertainment
plc,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.75%
,
 07/22/28
.................
1,938
1,939,671
Four
Seasons
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 11/30/29
............
3,669
3,673,617
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.94%
,
 06/22/26
.................
3,294
3,288,928
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.20%
,
 12/15/27
.................
2,953
2,930,115
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.25%
,
 04/14/29
...........
1,372
1,368,490
Packers
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.44%
,
 03/09/28
.................
1,116
769,913
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.95%
,
 05/03/29
...........
1,939
1,930,552
Playa
Resorts
Holding
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.34%
,
 01/05/29
.................
783
779,961
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.00%),
8.25%
,
 08/25/28
...........
1,111
1,106,357
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(1-
mo.
LIBOR
USD
at
0.25%
Floor
+
2.25%),
7.45%
,
 02/08/27
.................
2,371
2,361,595
Whatabrands
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 08/03/28
.................
2,535
2,516,546
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.45%
,
 05/24/30
...........
913
912,954
47,824,139
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.75%
,
 05/17/28
.................
1,613
1,351,852
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.67%
,
 02/26/29
...........
2,910
2,752,768
Serta
Simmons
Bedding
LLC,
Term
Loan,
(1-
mo.
LIBOR
USD
at
1.00%
Floor
+
7.50%),
0.00%
,
 08/10/23
.................
946
946,102
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.22%
,
 10/06/28
...........
1,141
919,944
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.47%
,
 10/30/27
...........
USD
3,439
$
3,011,315
8,981,981
Household
Products
—
0.0%
(a)
Diamond
(BC)
BV,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.06%
,
 09/29/28
.................
1,857
1,854,381
Energizer
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.44%
,
 12/22/27
.................
628
623,886
2,478,267
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Constellation
Renewables
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
8.03%
,
 12/15/27
(a)
..........
1,393
1,382,520
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.65%
,
 11/05/27
............
1,991
1,977,573
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.65%
,
 11/05/27
..........
4,089
4,059,845
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.44%, 02/19/28
.........
2,394
2,370,168
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
7.95%, 02/19/28
.........
480
477,892
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%, 02/12/27
.........
3,756
3,718,932
Hub
International
Ltd.,
Term
Loan
(2-mo.
LIBOR
USD
+
3.00%),
8.14%
-
8.16%, 04/25/25
...............
355
354,614
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.07%, 11/10/29
..........
656
654,695
Hub
International
Ltd.,
Term
Loan
B3,
(2-mo.
LIBOR
USD
at
0.75%
Floor
+
3.25%),
8.40%
-
8.41%
,
 04/25/25
...........
4,727
4,715,161
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.20%
,
 09/01/27
.................
2,619
2,612,958
USI,
Inc.,
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.25%),
8.79%, 12/02/26
...............
780
779,332
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.99%, 11/22/29
..........
2,879
2,872,201
24,593,371
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
2.75%),
8.29%
,
 06/26/28
.................
1,181
1,181,026
Camelot
US
Acquisition
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.22%, 10/30/26
...............
4,111
4,102,126
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
LIBOR
USD
+
2.75%),
7.94%
,
 10/10/25
.
652
650,940
Grab
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.70%
,
 01/29/26
.................
1,038
1,035,518
6,969,610
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.2%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.47%
,
 01/31/28
................
USD
1,906
$
1,616,536
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.47%
,
 01/20/29
................
1,418
1,185,803
Asurion
LLC,
Term
Loan
B11,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.47%
,
 08/19/28
.....
206
196,030
Asurion
LLC,
Term
Loan
B8,
(1-mo.
LIBOR
USD
+
3.25%),
8.79%
,
 12/23/26
......
1,488
1,430,236
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.75%),
12.95%
,
 07/31/28
...........
1,398
1,394,799
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.47%
,
 07/30/27
.................
991
977,341
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.34%
,
 10/01/27
...........
3,434
3,378,502
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.10%
,
 11/09/29
.................
1,399
1,400,859
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.19%
,
 08/10/27
.................
1,573
1,569,580
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.85%
,
 02/24/28
...........
4,143
4,114,334
Venga
Finance
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.28%
,
 06/28/29
................
1,021
977,938
18,241,958
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.19%
,
 12/01/28
(e)
..........
1,102
1,049,772
Topgolf
Callaway
Brands
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.70%
,
 03/15/30
.................
1,141
1,139,234
2,189,006
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.45%
,
 11/08/27
.................
1,592
1,590,608
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.19%
,
 02/22/28
...........
2,227
2,175,187
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.90%
,
 08/30/26
.................
200
171,465
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.72%
,
 02/04/27
......
1,367
1,312,210
Fortrea
Holdings
Inc.,
Term
Loan
B,
06/12/30
(o)
457
456,771
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.75%, 07/03/28
.........
2,942
2,939,839
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.03%
,
 10/19/27
...........
2,258
2,255,558
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.35%
,
 11/15/28
............
USD
3,258
$
3,228,915
14,130,553
Machinery
—
0.2%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
5.25%),
10.52%
,
 08/17/26
(e)
...............
1,987
1,972,577
Columbus
McKinnon
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.23%
,
 05/14/28
.................
354
353,124
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%, 10/21/28
.........
1,622
1,614,581
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.45%, 10/21/28
.........
1,972
1,969,173
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 03/01/27
.................
1,094
1,091,650
Gates
Global
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.70%
,
 03/31/27
.................
2,356
2,341,728
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.73%
,
 03/28/25
.................
3,250
3,167,281
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 11/22/29
.................
2,292
2,280,794
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 03/01/27
.................
2,254
2,249,466
Madison
IAQ
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.30%
,
 06/21/28
.................
2,318
2,267,945
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.70%
,
 04/05/29
.................
2,188
2,157,560
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(6-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.60%
,
 07/30/27
...........
3,711
3,674,201
Vertiv
Group
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.98%
,
 03/02/27
..
2,602
2,590,045
27,730,125
Media
—
0.2%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.76%
,
 03/03/25
...........
1,400
1,364,397
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
(3-mo.
LIBOR
USD
+
15.00%),
15.00%
,
 10/15/26
................
1,132
1,176,026
Cable
One,
Inc.,
Term
Loan
B4,
(1-mo.
LIBOR
USD
+
2.00%),
7.19%
,
 05/03/28
......
1,222
1,196,397
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
1.75%),
6.80%
,
 04/30/25
.................
1,561
1,559,100
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81%
,
 08/21/26
.................
3,099
2,954,128
Cogeco
Communications
Finance
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.72%
,
 09/01/28
......
1,616
1,602,247
Security
Par
(000)
Par
(000)
Value
Media
(continued)
CSC
Holdings
LLC,
Term
Loan
(1-mo.
LIBOR
USD
+
2.25%),
7.44%, 07/17/25
...............
USD
1,013
$
974,095
(1-mo.
LIBOR
USD
+
2.50%),
7.69%, 04/15/27
...............
1,837
1,599,887
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.22%
,
 08/02/27
................
2,287
2,232,948
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.25%),
8.77%
,
 12/01/23
...........
1,630
1,260,823
Midcontinent
Communications,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.85%
,
 08/15/26
(e)
................
1,165
1,141,472
Nexstar
Media,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.72%
,
 09/18/26
.................
509
508,482
Sinclair
Television
Group,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.20%
,
 04/01/28
.................
672
542,646
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.36%
,
 05/11/29
(e)
................
1,518
1,510,082
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(1-mo.
LIBOR
USD
+
2.50%),
7.69%
,
 04/30/28
.................
1,197
1,177,333
20,800,063
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.75%
,
 12/21/28
...........
3,956
3,869,255
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.68%
,
 09/19/29
...........
319
315,607
Medallion
Midland
Acquisition
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 10/18/28
...........
2,570
2,546,079
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
6.98%
,
 01/31/28
.................
898
898,057
7,628,998
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.00%
,
 04/20/28
................
2,258
2,303,183
Air
Canada,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.50%),
8.84%
,
 08/11/28
..
2,287
2,284,223
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
6.51%, 01/29/27
...............
1,490
1,450,691
(6-mo.
CME
Term
SOFR
+
2.75%),
8.15%, 02/15/28
...............
2,495
2,446,822
Mileage
Plus
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.76%
,
 06/21/27
................
2,636
2,735,321
United
AirLines,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.29%
,
 04/21/28
.................
1,967
1,963,196
WestJet
Airlines
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.25%
,
 12/11/26
.................
1,416
1,370,996
14,554,432
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.09%
,
 10/01/26
(a)
.........
USD
6,507
$
6,464,100
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.72%
,
 05/04/25
.................
1,382
1,328,919
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.20%
,
 02/28/28
................
886
859,978
Bausch
Health
Cos.,
Inc.,
Term
Loan,
02/01/27
(o)
.....................
1,184
890,312
Elanco
Animal
Health,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.96%
,
 08/01/27
.................
2,221
2,178,994
Jazz
Pharmaceuticals
plc,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.69%
,
 05/05/28
.................
2,617
2,612,785
Organon
&
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.26%
,
 06/02/28
.................
1,764
1,761,689
Perrigo
Co.
plc,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.45%
,
 04/20/29
.................
1,089
1,079,471
Precision
Medicine
Group
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.34%
,
 11/18/27
(e)
..........
1,345
1,287,928
12,000,076
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.72%
,
 02/04/28
.................
1,628
1,623,309
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.75%
,
 06/02/28
.................
4,213
3,798,404
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.43%
,
 02/06/26
.................
5,928
5,929,244
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.33%
,
 01/18/29
.................
1,478
1,472,744
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
......
719
702,508
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
.................
1,557
1,522,099
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 04/28/28
...........
1,081
1,071,762
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
9.85%
,
 04/29/29
(e)
..........
2,412
2,261,039
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.94%
,
 07/11/25
.................
650
648,191
Maximus,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00%
-
7.23%
,
 05/28/28
.................
641
639,527
Trans
Union
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.95%
,
 11/16/26
..
1,500
1,494,259
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Trans
Union
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.47%
,
 12/01/28
.................
USD
1,955
$
1,948,935
VS
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 02/28/27
.....
2,290
2,255,473
25,367,494
Real
Estate
Management
&
Development
—
0.0%
(a)
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%
,
 01/31/30
(e)
2,113
2,044,189
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.97%
,
 08/21/25
.................
1,124
1,113,170
3,157,359
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.94%
,
 08/17/29
.................
1,575
1,574,592
Synaptics,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.74%
,
 12/02/28
.................
820
808,492
2,383,084
Software
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 09/18/26
...........
1,190
1,190,655
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
11.99%
,
 09/17/27
...........
805
804,501
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
8.97%
,
 10/02/25
..
1,296
1,284,531
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.47%
,
 09/21/28
...........
2,249
2,240,934
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 07/06/29
.................
2,633
2,623,638
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.84%
,
 03/30/29
...........
6,182
5,772,615
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.95%
,
 10/08/28
.................
665
647,152
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.25%
,
 10/08/29
(e)
...............
1,527
1,374,300
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.57%
,
 12/01/28
................
394
358,213
Gen
Digital,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.20%
,
 09/12/29
.................
1,644
1,634,792
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.19%
-
9.22%
,
 12/01/27
3,334
3,322,142
Informatica
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.00%
,
 10/27/28
.....
3,163
3,152,089
Instructure
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.85%
,
 10/30/28
.................
1,034
1,033,236
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-
mo.
LIBOR
USD
at
0.75%
Floor
+
4.75%),
10.03%
,
 07/27/28
................
USD
1,838
$
1,377,745
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.53%
,
 07/27/29
...........
2,926
1,886,948
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.96%
,
 03/01/29
.................
2,718
2,594,119
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.35%
,
 05/03/28
.................
7,903
7,570,658
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.35%
,
 02/23/29
................
2,419
2,097,319
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.47%
,
 08/31/28
.................
4,534
4,431,920
RealPage,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.22%
,
 04/24/28
.................
5,292
5,171,413
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.05%
,
 08/01/25
.................
1,289
1,287,450
Sophia
LP,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
9.04%
,
 10/07/27
.................
2,583
2,552,265
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 04/16/25
.................
931
930,108
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
6.97%
,
 04/16/25
.................
832
830,673
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.62%, 05/04/26
.........
664
650,718
(3-mo.
CME
Term
SOFR
+
3.75%),
8.90%, 05/04/26
...............
1,300
1,280,584
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.62%
,
 05/03/27
................
1,583
1,531,400
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.81%
,
 07/20/28
...........
289
285,325
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
7.95%
,
 02/28/30
.................
387
386,331
60,303,774
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
(1-mo.
CME
Term
SOFR
+
4.00%),
9.18%, 02/07/25
...............
1,320
1,295,743
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.42%, 03/31/26
.........
1,453
1,443,085
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.22%
,
 05/04/28
.
2,789
2,761,591
PetSmart
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.95%
,
 02/11/28
.................
2,587
2,578,202
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.20%
,
 08/04/28
.................
1,664
1,659,546
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.69%, 10/20/28
.........
USD
666
$
642,731
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.45%, 10/20/28
.........
591
569,130
RVR
Dealership
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.97%
,
 02/08/28
...........
201
186,920
11,136,948
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%
-
8.89%
,
 02/20/29
.................
1,019
1,020,100
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.85%
,
 03/08/30
(e)
................
512
512,997
1,533,097
Trading
Companies
&
Distributors
—
0.1%
(a)
Core
&
Main
LP,
Term
Loan
B,
(6-mo.
CME
Term
SOFR
+
2.50%),
7.68%
-
7.69%
,
 07/27/28
.................
3,964
3,938,146
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.69%, 06/02/28
.........
2,836
2,749,769
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.70%, 06/02/28
.........
679
661,117
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
7.50%),
15.00%
,
 05/30/24
(e)
...............
854
839,532
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
9.00%
,
 08/28/24
(e)
................
2,023
1,223,797
9,412,361
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
7.97%, 09/22/28
.........
1,296
1,283,597
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.10%, 09/22/28
.........
936
929,801
OLA
Netherlands
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
11.43%
,
 12/15/26
................
1,399
1,307,737
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.49%
,
 03/17/30
.................
347
325,434
3,846,569
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
3.25%),
8.98%
,
 05/27/24
.................
905
827,679
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(o)
.....................
39
35,777
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
8.97%
,
 04/30/28
...........
820
818,259
SBA
Senior
Finance
II
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
1.75%),
6.95%
,
 04/11/25
..
1,662
1,661,181
3,342,896
Total
Floating
Rate
Loan
Interests
—
6.3%
(Cost:
$806,293,709)
.............................
776,703,967
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Foreign
Agency
Obligations
Chile
—
0.0%
(c)
Corp.
Nacional
del
Cobre
de
Chile
3.63%,
08/01/27
(c)
................
USD
1,201
$
1,132,026
3.75%,
01/15/31
(b)
................
1,175
1,064,362
Empresa
Nacional
del
Petroleo,
6.15%
,
05/10/33
(b)
.....................
1,515
1,510,743
3,707,131
Colombia
—
0.1%
Ecopetrol
SA
5.38%,
06/26/26
.................
3,847
3,670,307
8.88%,
01/13/33
.................
2,184
2,152,932
5.88%,
05/28/45
.................
2,181
1,480,136
7,303,375
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(c)
.........
EUR
500
507,408
France
—
0.1%
Electricite
de
France
SA
(a)(j)
(6-Year
EUR
Swap
Annual
+
3.44%),
4.00%
(c)
.....................
900
950,879
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
(c)
.....................
1,200
1,276,704
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(c)
...............
600
556,870
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(c)
.....................
1,000
921,846
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(c)
.....................
3,000
2,506,857
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.41%),
9.13%
(b)
.....................
USD
752
771,161
6,984,317
Hungary
—
0.0%
Magyar
Export-Import
Bank
Zrt.,
6.13%
,
12/04/27
(b)
.....................
2,633
2,599,087
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.10%
,
08/27/30
(c)
..
2,816
2,460,255
Ireland
—
0.1%
AIB
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
5.70%),
5.25%
(c)(j)
....................
EUR
6,679
6,798,363
(3-mo.
LIBOR
USD
+
1.87%),
4.26%,
04/10/25
(b)
...................
USD
2,900
2,833,517
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
(c)(j)
....................
EUR
5,653
5,813,196
(5-Year
EUR
Swap
Annual
+
2.15%),
1.88%,
11/19/29
(c)
..............
726
744,441
16,189,517
Italy
—
0.0%
Banca
Monte
dei
Paschi
di
Siena
SpA
(c)
3.63%,
09/24/24
.................
694
733,665
(3-mo.
EURIBOR
+
3.21%),
6.75%,
03/02/26
(a)
...................
2,106
2,298,067
Poste
Italiane
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(a)(c)(j)
......
1,275
1,053,895
4,085,627
Mexico
—
0.1%
Comision
Federal
de
Electricidad
4.88%,
01/15/24
(c)
................
USD
1,111
1,097,968
4.69%,
05/15/29
(b)
................
1,647
1,476,107
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
Petroleos
Mexicanos
6.88%,
08/04/26
.................
USD
520
$
482,950
8.75%,
06/02/29
.................
1,547
1,387,118
5.95%,
01/28/31
.................
3,361
2,448,925
6.70%,
02/16/32
.................
3,558
2,700,344
6.75%,
09/21/47
.................
3,693
2,307,719
11,901,131
Oman
—
0.0%
OQ
SAOC,
5.13%
,
05/06/28
(b)
..........
2,651
2,508,350
Panama
—
0.1%
Aeropuerto
Internacional
de
Tocumen
SA
(b)
4.00%,
08/11/41
.................
2,704
2,181,398
5.13%,
08/11/61
.................
1,725
1,326,249
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
(b)
.............
1,412
1,310,308
4,817,955
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego,
5.38%
,
05/22/33
(b)
.....................
1,696
1,679,040
Saudi
Arabia
—
0.0%
Saudi
Arabian
Oil
Co.,
1.25%
,
11/24/23
(b)
...
330
323,410
Total
Foreign
Agency
Obligations
—
0.5%
(Cost:
$72,702,799)
..............................
65,066,603
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
7.38%,
05/14/30
.................
1,445
1,473,163
5.45%,
09/16/32
.................
1,150
1,024,317
7.50%,
09/20/47
.................
1,474
1,335,606
3,833,086
Chile
—
0.0%
Republic
of
Chile,
3.10%
,
05/07/41
.......
4,211
3,152,439
Colombia
—
0.1%
Republic
of
Colombia
4.50%,
01/28/26
.................
2,034
1,930,836
3.88%,
03/22/26
.................
EUR
436
455,891
3.88%,
04/25/27
.................
USD
2,562
2,319,302
3.25%,
04/22/32
.................
1,997
1,472,987
8.00%,
04/20/33
.................
3,283
3,337,990
4.13%,
05/15/51
.................
1,110
663,036
10,180,042
Costa
Rica
—
0.0%
Republic
of
Costa
Rica,
6.55%
,
04/03/34
(c)
..
1,308
1,310,485
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(c)
................
1,828
1,787,455
5.50%,
02/22/29
(b)
................
1,410
1,320,451
5.50%,
02/22/29
(c)
................
1,425
1,334,498
7.05%,
02/03/31
(b)
................
1,510
1,504,141
4.88%,
09/23/32
(b)
................
1,268
1,079,081
5.30%,
01/21/41
(c)
................
1,898
1,493,707
8,519,333
Egypt
—
0.0%
Arab
Republic
of
Egypt,
6.38%
,
04/11/31
(b)
..
EUR
1,052
633,400
Guatemala
—
0.1%
Republic
of
Guatemala
5.25%,
08/10/29
(b)
................
USD
1,535
1,459,662
5.25%,
08/10/29
(c)
................
1,020
969,939
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Guatemala
(continued)
5.38%,
04/24/32
(b)
................
USD
1,693
$
1,604,473
3.70%,
10/07/33
(c)
................
1,915
1,540,598
6.60%,
06/13/36
(b)
................
1,270
1,278,255
4.65%,
10/07/41
(b)
................
2,213
1,766,571
8,619,498
Hungary
—
0.0%
Hungary
Government
Bond
5.38%,
03/25/24
.................
578
575,688
5.25%,
06/16/29
(b)
................
3,711
3,604,717
4,180,405
Indonesia
—
0.0%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(b)
................
1,103
1,085,506
Republic
of
Indonesia,
4.75%
,
02/11/29
....
1,527
1,518,388
2,603,894
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire
(c)
6.38%,
03/03/28
.................
4,130
3,971,036
5.88%,
10/17/31
.................
EUR
882
803,367
4,774,403
Mexico
—
0.1%
United
Mexican
States
3.75%,
01/11/28
.................
USD
1,400
1,331,302
4.50%,
04/22/29
.................
2,587
2,508,976
4.88%,
05/19/33
.................
615
586,796
6.35%,
02/09/35
.................
770
807,745
4.75%,
03/08/44
.................
2,402
2,059,043
6.34%,
05/04/53
.................
2,125
2,163,250
9,457,112
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
................
1,325
1,155,533
5.95%,
03/08/28
(b)
................
812
818,780
1,974,313
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(b)
................
1,616
1,451,297
7.63%,
11/28/47
(c)
................
1,611
1,140,717
2,592,014
Oman
—
0.0%
Oman
Government
Bond,
6.50%
,
03/08/47
(c)
4,178
3,882,198
Panama
—
0.1%
Republic
of
Panama
3.16%,
01/23/30
.................
1,678
1,467,797
2.25%,
09/29/32
.................
2,723
2,077,050
3.30%,
01/19/33
.................
1,360
1,131,398
4.50%,
05/15/47
.................
2,537
2,000,323
6.85%,
03/28/54
.................
2,670
2,772,528
9,449,096
Paraguay
—
0.0%
Republic
of
Paraguay
5.00%,
04/15/26
(c)
................
1,088
1,078,686
5.60%,
03/13/48
(c)
................
1,662
1,456,660
5.40%,
03/30/50
(b)
................
582
498,535
5.40%,
03/30/50
(c)
................
372
318,652
3,352,533
Peru
—
0.1%
Republic
of
Peru
7.35%,
07/21/25
.................
2,094
2,169,824
Security
Par
(000)
Par
(000)
Value
Peru
(continued)
2.78%,
01/23/31
.................
USD
1,703
$
1,458,126
3.00%,
01/15/34
.................
3,334
2,756,984
6,384,934
Philippines
—
0.0%
Republic
of
Philippines
3.70%,
03/01/41
.................
1,449
1,195,715
2.95%,
05/05/45
.................
1,619
1,151,497
2,347,212
Poland
—
0.1%
Republic
of
Poland
5.75%,
11/16/32
.................
1,910
1,999,216
4.25%,
02/14/43
(c)
................
EUR
2,005
2,145,915
5.50%,
04/04/53
.................
USD
1,241
1,245,815
5,390,946
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(b)
................
3,062
2,985,542
2.88%,
03/11/29
(c)
................
EUR
3,100
2,935,356
2.50%,
02/08/30
(c)
................
2,698
2,421,075
2.12%,
07/16/31
(c)
................
2,704
2,228,385
7.63%,
01/17/53
(b)
................
USD
552
608,580
11,178,938
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.38%,
04/16/29
(b)
................
1,619
1,574,364
3.25%,
11/17/51
(c)
................
3,975
2,781,308
5.00%,
01/18/53
(b)
................
3,324
3,074,866
7,430,538
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%,
09/30/29
.................
1,866
1,638,983
5.88%,
04/20/32
.................
2,049
1,814,717
5.00%,
10/12/46
.................
5,156
3,419,923
6,873,623
Ukraine
—
0.0%
Ukraine
Government
Bond
(a)(f)(k)
8.99%,
02/01/26
(c)
................
3,160
784,849
7.25%,
03/15/35
(b)
................
1,548
354,136
1,138,985
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
2,705
2,927,420
Total
Foreign
Government
Obligations
—
1.0%
(Cost:
$131,263,602)
.............................
122,186,847
Shares
Shares
Investment
Companies
(p)
iShares
Core
Dividend
Growth
ETF
......
1,855,771
95,627,880
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(q)
........................
516,174
38,749,182
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(q)
....................
1,535,578
166,057,405
iShares
MBS
ETF
..................
3,964,178
369,719,061
Total
Investment
Companies
—
5.4%
(Cost:
$660,569,708)
.............................
670,153,528
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
3.0%
Adjustable
Rate
Mortgage
Trust
(a)
Series
2005-8,
Class
2A1,
4.08%,
11/25/35
USD
1,248
$
1,027,320
Series
2005-8,
Class
7A2,
(1-mo.
LIBOR
USD
at
0.56%
Floor
and
11.00%
Cap
+
0.56%),
5.71%,
11/25/35
..........
535
518,840
Series
2005-9,
Class
5A1,
(1-mo.
LIBOR
USD
at
0.54%
Floor
and
11.00%
Cap
+
0.54%),
5.69%,
11/25/35
..........
332
326,568
Alternative
Loan
Trust
Series
2005-16,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.65%
Floor
+
1.65%),
5.62%,
06/25/35
(a)
...................
388
341,565
Series
2005-36,
Class
2A1A,
(1-mo.
LIBOR
USD
at
0.62%
Floor
and
11.00%
Cap
+
0.62%),
5.77%,
08/25/35
(a)
........
929
824,985
Series
2005-61,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.52%
Floor
+
0.52%),
5.67%,
12/25/35
(a)
...................
168
150,333
Series
2005-63,
Class
3A3,
3.83%,
11/25/35
(a)
...................
1,699
1,456,986
Series
2005-63,
Class
5A1,
3.94%,
12/25/35
(a)
...................
35
31,157
Series
2005-64CB,
Class
1A1,
5.50%,
12/25/35
....................
46
40,670
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.00%
Floor
+
1.00%),
4.98%,
02/25/36
(a)
........
3,575
3,255,764
Series
2006-11CB,
Class
1A5,
6.00%,
05/25/36
....................
628
371,127
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
....................
981
492,694
Series
2006-20CB,
Class
A9,
6.00%,
07/25/36
....................
455
215,526
Series
2006-2CB,
Class
A6,
5.50%,
03/25/36
....................
686
293,557
Series
2006-45T1,
Class
1A10,
6.00%,
02/25/37
....................
2,653
1,169,129
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
....................
1,713
953,176
Series
2006-7CB,
Class
1A6,
6.00%,
05/25/36
....................
773
444,994
Series
2006-9T1,
Class
A7,
6.00%,
05/25/36
309
136,153
Series
2006-J7,
Class
2A1,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.67%,
11/20/46
(a)
...................
3,288
2,442,785
Series
2006-J8,
Class
A5,
6.00%,
02/25/37
1,199
541,550
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
5.71%,
11/25/46
(a)
4,784
3,742,751
Series
2006-OA14,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.53%,
11/25/46
(a)
..............
2,337
2,074,531
Series
2006-OA14,
Class
3A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
4.83%,
11/25/46
(a)
........
6,425
5,426,714
Series
2006-OA16,
Class
A2,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.53%,
10/25/46
(a)
...................
279
253,762
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2006-OA2,
Class
A1,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.58%,
05/20/46
(a)
...................
USD
1,212
$
1,022,748
Series
2006-OA3,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.57%,
05/25/36
(a)
...................
6,395
5,464,626
Series
2006-OA8,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.53%,
07/25/46
(a)
...................
8,459
7,280,926
Series
2007-12T1,
Class
A22,
5.75%,
06/25/37
....................
1,730
793,917
Series
2007-12T1,
Class
A5,
6.00%,
06/25/37
....................
384
183,230
Series
2007-15CB,
Class
A7,
6.00%,
07/25/37
....................
233
147,857
Series
2007-18CB,
Class
2A25,
6.00%,
08/25/37
....................
217
130,281
Series
2007-19,
Class
1A4,
6.00%,
08/25/37
1,147
588,608
Series
2007-19,
Class
1A8,
6.00%,
08/25/37
558
286,381
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
3,070
1,507,167
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
....................
451
233,670
Series
2007-9T1,
Class
2A1,
6.00%,
05/25/37
....................
3,149
1,508,639
Series
2007-9T1,
Class
2A2,
6.00%,
05/25/37
....................
541
258,962
Series
2007-AL1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.25%),
5.40%,
06/25/37
(a)
...................
5,323
4,442,312
Series
2007-J1,
Class
2A5,
6.00%,
03/25/37
1,553
642,604
Series
2007-OA11,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.38%
Floor
+
1.38%),
5.36%,
11/25/47
(a)
........
1,318
1,081,979
Series
2007-OA3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.43%,
04/25/47
(a)
...................
7,957
7,050,834
Series
2007-OA4,
Class
A1,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.49%,
05/25/47
(a)
...................
3,080
2,638,674
Series
2007-OA8,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.51%,
06/25/47
(a)
...................
6,728
5,069,738
Alternative
Loan
Trust
Resecuritization,
Series
2006-22R,
Class
1A6,
6.00%,
05/25/36
..
981
580,258
American
Home
Mortgage
Assets
Trust
(a)
Series
2006-3,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.97%
Floor
+
0.97%),
4.95%,
10/25/46
....................
8,329
7,059,277
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
4.92%,
10/25/46
.........
4,483
3,124,517
Series
2007-3,
Class
22A1,
6.75%,
06/25/37
(d)
...................
540
457,646
Banc
of
America
Funding
Trust
(a)
Series
2006-7,
Class
T2A3,
5.69%,
10/25/36
281
236,898
Series
2006-D,
Class
6A1,
3.38%,
05/20/36
257
203,385
Series
2007-D,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.58%,
06/20/47
....................
972
763,317
Bayview
Commercial
Asset
Trust,
Series
2007-
4A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.45%
Floor
+
0.45%),
5.83%,
09/25/37
(a)(b)
....
722
659,739
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Bear
Stearns
ALT-A
Trust,
Series
2006-2,
Class
11A1,
(1-mo.
LIBOR
USD
at
0.44%
Floor
and
11.50%
Cap
+
0.44%),
5.59%,
04/25/36
(a)
.....................
USD
3,695
$
3,116,742
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
(d)
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
....................
619
414,390
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
....................
653
395,410
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2007-AR2,
Class
A1,
(1-mo.
LIBOR
USD
at
0.17%
Floor
and
10.50%
Cap
+
0.17%),
5.32%,
03/25/37
.........
964
898,558
Series
2007-AR3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.14%
Floor
and
10.50%
Cap
+
0.14%),
5.29%,
03/25/37
.........
1,485
1,273,305
Series
2007-AR4,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.40%
Floor
and
10.50%
Cap
+
0.40%),
5.55%,
09/25/47
.........
1,698
1,535,595
CHL
Mortgage
Pass-Through
Trust
Series
2005-11,
Class
4A1,
(1-mo.
LIBOR
USD
at
0.27%
Floor
and
10.50%
Cap
+
0.27%),
5.42%,
04/25/35
(a)
........
770
704,276
Series
2005-9,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
5.75%,
05/25/35
(a)
...................
2,405
1,933,210
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
4.94%,
04/25/46
(a)
........
2,560
802,351
Series
2007-21,
Class
1A1,
6.25%,
02/25/38
138
70,639
Series
2007-J2,
Class
2A6,
6.00%,
07/25/37
618
232,114
Series
2007-J2,
Class
2A8,
6.00%,
07/25/37
944
354,442
CHNGE
Mortgage
Trust
(a)(b)
Series
2022-2,
Class
A1,
3.76%,
03/25/67
8,327
7,682,044
Series
2022-3,
Class
A1,
5.00%,
05/25/67
8,944
8,625,640
CIM
Trust,
Series
2023-I2,
Class
A1,
6.64%,
12/25/67
(a)(b)(d)
...................
5,287
5,287,206
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A5,
6.00%,
01/25/37
...
60
53,544
COLT
Mortgage
Loan
Trust
(a)(b)
Series
2022-5,
Class
A1,
4.55%,
04/25/67
4,108
3,946,088
Series
2022-9,
Class
A1,
6.79%,
12/25/67
(d)
12,707
12,716,757
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2008-2R,
Class
1A1,
6.00%,
07/25/37
(b)
.....................
309
257,166
CSMC
Trust
(a)(b)
Series
2011-4R,
Class
1A2,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.53%,
09/27/37
....................
4,240
3,448,067
Series
2022-ATH2,
Class
A1,
4.55%,
05/25/67
....................
1,517
1,447,016
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
3A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.53%,
08/25/47
(a)
.....................
10,400
8,464,138
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)(b)
..
2,071
1,637,684
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA8,
Class
1A1,
4.73%,
02/25/37
(a)
.....................
882
524,930
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)(b)
...............
14,618
13,819,476
GMACM
Mortgage
Loan
Trust,
Series
2005-
AR2,
Class
4A,
3.54%,
05/25/35
(a)
.....
19
16,987
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
GreenPoint
Mortgage
Funding
Trust
(a)
Series
2006-AR1,
Class
GA1B,
(1-mo.
LIBOR
USD
at
0.17%
Floor
+
0.17%),
5.32%,
02/25/36
...............
USD
2,085
$
1,807,427
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
5.98%,
03/25/36
958
921,193
Impac
CMB
Trust,
Series
2005-6,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
11.00%
Cap
+
0.50%),
5.65%,
10/25/35
(a)
1,211
1,028,747
IndyMac
IMSC
Mortgage
Loan
Trust
Series
2007-F2,
Class
1A4,
6.00%,
07/25/37
559
409,155
Series
2007-F2,
Class
2A1,
6.50%,
07/25/37
2,222
723,811
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR15,
Class
1A1,
3.60%,
08/25/37
....................
93
70,406
Series
2007-AR15,
Class
2A1,
3.23%,
08/25/37
....................
481
365,826
JP
Morgan
Mortgage
Trust,
Series
2022-DSC1,
Class
A1,
4.75%,
01/25/63
(a)(b)
........
13,998
13,075,735
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2005-A9,
Class
2A1E,
4.67%,
12/25/35
....................
329
305,693
Series
2006-1,
Class
2A1,
4.05%,
02/25/36
266
257,397
MFA
Trust,
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(a)(b)(d)
..............
13,422
13,161,853
MFRA
Trust,
Series
2022-CHM1,
Class
M1,
4.57%,
09/25/56
(a)(b)
...............
4,000
3,314,166
Mill
City
Mortgage
Loan
Trust
(a)(b)(d)
Series
2023-NQM1,
Class
A1,
6.05%,
10/25/67
....................
5,060
4,985,491
Series
2023-NQM2,
Class
A1,
6.24%,
12/25/67
....................
8,358
8,266,141
OBX
Trust
(a)(b)(d)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
....................
5,753
5,596,623
Series
2022-NQM8,
Class
A1,
6.10%,
09/25/62
....................
3,189
3,165,391
Series
2022-NQM9,
Class
A1A,
6.45%,
09/25/62
....................
20,006
19,978,819
Prima
Capital
CRE
Securitization
Ltd.,
Series
2016-6A,
Class
C,
4.00%,
08/24/40
(b)
...
16,500
14,264,908
Prime
Mortgage
Trust,
Series
2006-DR1,
Class
2A1,
5.50%,
05/25/35
(b)
.............
304
247,838
PRKCM
Trust,
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
(a)(b)
...............
15,858
15,427,073
RALI
Trust,
Series
2007-QS4,
Class
3A2,
6.00%,
03/25/37
.................
142
116,674
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.64%,
10/25/39
(a)(b)
....................
12,482
12,475,144
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A12,
6.25%,
01/25/37
..
313
116,344
RFMSI
Trust,
Series
2007-S7,
Class
A20,
6.00%,
07/25/37
.................
33
25,364
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(a)(b)(d)
.......
17,048
16,566,263
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(a)(b)(d)
..
15,340
14,459,365
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-3,
Class
3A1,
4.20%,
04/25/47
(a)
.....................
184
87,996
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR2,
Class
A1,
(1-mo.
LIBOR
USD
at
0.46%
Floor
and
10.50%
Cap
+
0.46%),
5.61%,
02/25/36
.........
USD
510
$
442,758
Series
2006-AR4,
Class
3A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
and
10.50%
Cap
+
0.38%),
5.53%,
06/25/36
.........
7,076
6,052,918
Series
2006-AR6,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
and
10.50%
Cap
+
0.38%),
5.53%,
07/25/46
.........
8,982
6,422,668
Series
2007-AR4,
Class
GA4B,
(1-mo.
LIBOR
USD
at
0.18%
Floor
+
0.18%),
5.33%,
09/25/47
...............
1,693
1,544,672
Verus
Securitization
Trust
(b)(d)
Series
2022-3,
Class
A1,
4.13%,
02/25/67
10,822
9,882,773
Series
2022-INV2,
Class
A1,
6.79%,
10/25/67
(a)
...................
16,152
16,153,182
Vista
Point
Securitization
Trust,
Series
2020-1,
Class
B1,
5.38%,
03/25/65
(a)(b)
........
2,800
2,634,068
WaMu
Mortgage
Pass-Through
Certificates
Trust
(a)
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
4.73%,
06/25/47
.........
5,110
4,147,962
Series
2007-OA6,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.81%
Floor
+
0.81%),
4.79%,
07/25/47
.........
2,807
2,275,364
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
(a)
Series
2006-8,
Class
A5,
4.16%,
10/25/36
(d)
1,038
381,781
Series
2006-AR5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.98%
Floor
+
0.98%),
4.96%,
06/25/46
.........
3,093
2,151,114
Series
2006-AR8,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
4.83%,
10/25/46
.........
4,336
3,628,052
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
4.70%,
12/25/46
.........
4,047
3,275,109
Series
2007-OA5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.84%
Floor
+
0.84%),
4.82%,
05/25/47
.........
2,279
1,888,911
371,710,777
Commercial
Mortgage-Backed
Securities
—
4.6%
245
Park
Avenue
Trust,
Series
2017-245P,
Class
E,
3.78%,
06/05/37
(a)(b)
.........
7,780
5,375,890
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
LIBOR
USD
at
2.12%
Floor
+
2.12%),
7.22%,
09/15/34
(a)(b)
....
23,589
20,182,553
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
LIBOR
USD
at
2.23%
Floor
+
2.10%),
7.42%,
04/15/35
(a)(b)
........
3,467
3,328,320
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(1-mo.
LIBOR
USD
at
1.95%
Floor
+
2.20%),
7.39%,
12/15/36
(a)(b)
........
9,512
8,600,673
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2017-SCH,
Class
CL,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.69%,
11/15/32
....................
USD
3,225
$
2,962,736
Series
2017-SCH,
Class
DL,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.19%,
11/15/32
....................
3,965
3,512,167
Series
2018-DSNY,
Class
D,
(1-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.89%,
09/15/34
....................
11,982
11,837,957
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-2A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.47%
Floor
and
10.11%
Cap
+
0.47%),
5.62%,
08/25/35
.........
2,400
2,191,334
Series
2005-3A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.48%
Floor
and
10.80%
Cap
+
0.48%),
5.47%,
11/25/35
..........
600
542,571
Series
2007-1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.22%
Floor
+
0.33%),
5.48%,
03/25/37
....................
1,966
1,759,926
Series
2007-3,
Class
A2,
(1-mo.
LIBOR
USD
+
0.29%),
5.59%,
07/25/37
....
3,044
2,689,416
Series
2007-6A,
Class
A4A,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.65%,
12/25/37
....................
1,786
1,515,435
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.41%,
08/05/38
(a)(b)
.........
1,750
1,167,984
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.16%,
11/05/36
(a)(b)
...............
2,672
2,402,523
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
7.23%,
08/19/38
(a)(b)
...............
4,860
4,830,120
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
LIBOR
USD
at
3.70%
Floor
+
3.70%),
8.89%,
10/15/35
(a)(b)
...............
2,433
864,125
BPR
Trust,
Series
2021-TY,
Class
E,
(1-mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
8.79%,
09/15/38
(a)(b)
...............
4,495
4,143,643
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
D,
3.63%,
03/10/33
3,600
3,260,127
Series
2013-1515,
Class
E,
3.72%,
03/10/33
2,000
1,739,150
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.41%),
7.56%,
10/15/36
....................
6,375
6,254,257
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.76%),
7.91%,
10/15/36
....................
11,453
11,063,560
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.17%,
02/15/33
...............
12,383
12,031,520
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.41%,
02/15/33
...............
7,261
7,112,624
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.51%,
02/15/33
...............
4,795
4,685,043
Series
2021-SOAR,
Class
G,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
7.99%,
06/15/38
....................
8,655
8,188,101
Series
2021-VINO,
Class
F,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.00%,
05/15/38
....................
15,325
14,440,200
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2021-XL2,
Class
F,
(1-mo.
LIBOR
USD
at
2.24%
Floor
+
2.24%),
7.44%,
10/15/38
....................
USD
12,955
$
12,272,898
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.04%,
06/15/27
...............
6,670
6,628,184
BX
Trust
(a)(b)
Series
2021-ARIA,
Class
G,
(1-mo.
LIBOR
USD
at
3.14%
Floor
+
3.14%),
8.34%,
10/15/36
....................
6,579
6,063,062
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.06%,
02/15/36
...............
3,287
3,186,047
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.06%,
02/15/36
...............
1,483
1,435,769
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.26%,
02/15/36
...............
1,765
1,615,116
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.26%,
02/15/36
...............
7,130
6,524,944
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.51%,
01/15/34
...............
4,232
4,072,410
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.26%,
01/15/34
...............
6,547
6,244,572
Series
2021-VIEW,
Class
E,
(1-mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
8.79%,
06/15/36
....................
7,366
6,630,610
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.31%,
10/15/39
...............
25,750
25,709,629
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.21%,
10/15/39
...............
6,780
6,712,009
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.00%,
01/15/39
...............
4,180
4,062,037
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.69%,
05/15/38
...............
8,500
8,478,682
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
3.67%,
08/13/37
6,800
4,929,327
Series
2017-CC,
Class
E,
3.67%,
08/13/37
10,985
7,304,252
Series
2021-601L,
Class
D,
2.87%,
01/15/44
3,863
2,320,325
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
C,
5.00%,
05/10/58
(a)
...
3,330
2,957,339
Citigroup
Commercial
Mortgage
Trust
Series
2014-GC19,
Class
C,
5.26%,
03/11/47
(a)
...................
2,278
2,209,495
Series
2016-C1,
Class
C,
5.11%,
05/10/49
(a)
2,870
2,544,940
Series
2016-GC37,
Class
C,
5.08%,
04/10/49
(a)
...................
2,640
2,313,214
Series
2016-GC37,
Class
D,
2.79%,
04/10/49
(b)
...................
3,446
2,398,735
Commercial
Mortgage
Trust
(a)
Series
2013-300P,
Class
D,
4.54%,
08/10/30
(b)
...................
2,245
1,739,875
Series
2014-CR15,
Class
C,
4.81%,
02/10/47
....................
463
403,073
Series
2015-CR23,
Class
B,
4.18%,
05/10/48
....................
9,520
8,823,245
Series
2015-LC19,
Class
C,
4.35%,
02/10/48
....................
6,513
5,597,328
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2016-667M,
Class
D,
3.28%,
10/10/36
(b)
...................
USD
3,200
$
2,459,951
Credit
Suisse
Mortgage
Capital
Certificates
(a)(b)
Series
2015-RPL1,
Class
A,
0.00%,
02/15/24
(e)
...................
8,800
7,883,448
Series
2021-980M,
Class
E,
3.65%,
07/15/31
....................
1,450
1,037,330
CSMC
Trust
(a)(b)
Series
2020-FACT,
Class
E,
(1-mo.
LIBOR
USD
at
4.86%
Floor
+
4.86%),
10.06%,
10/15/37
....................
3,644
3,252,947
Series
2021-BHAR,
Class
E,
(1-mo.
LIBOR
USD
at
3.50%
Floor
+
3.50%),
8.69%,
11/15/38
....................
1,338
1,298,561
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.29%,
09/09/24
...............
15,900
15,883,313
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
F,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.44%,
05/15/35
(a)(b)
........
4,998
4,812,728
DBUBS
Mortgage
Trust
(a)(b)
Series
2017-BRBK,
Class
E,
3.65%,
10/10/34
....................
9,073
6,934,949
Series
2017-BRBK,
Class
F,
3.65%,
10/10/34
....................
1,910
1,402,681
ELP
Commercial
Mortgage
Trust,
Series
2021-
ELP,
Class
G,
(1-mo.
LIBOR
USD
at
3.12%
Floor
+
3.12%),
8.31%,
11/15/38
(a)(b)
....
11,890
10,965,756
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.44%,
07/15/38
....................
9,060
8,804,273
Series
2021-ESH,
Class
E,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.04%,
07/15/38
....................
6,332
6,137,086
Series
2021-ESH,
Class
F,
(1-mo.
LIBOR
USD
at
3.70%
Floor
+
3.70%),
8.89%,
07/15/38
....................
2,769
2,630,228
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
J,
5.86%,
05/03/32
(b)
.....
1,500
1,340,395
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2021-DM,
Class
F,
(1-mo.
LIBOR
USD
at
3.44%
Floor
+
3.44%),
8.63%,
11/15/36
....................
2,740
2,581,920
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
7.84%,
11/15/27
...............
5,070
5,047,892
GS
Mortgage
Securities
Trust,
Series
2015-
GC32,
Class
C,
4.56%,
07/10/48
(a)
.....
1,075
957,287
Harvest
Commercial
Capital
Loan
Trust
(a)(b)
Series
2019-1,
Class
M4,
4.64%,
09/25/46
3,150
2,783,277
Series
2019-1,
Class
M5,
5.73%,
09/25/46
2,000
1,728,010
HONO
Mortgage
Trust
(a)(b)
Series
2021-LULU,
Class
E,
(1-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.54%,
10/15/36
....................
3,330
3,037,214
Series
2021-LULU,
Class
F,
(1-mo.
LIBOR
USD
at
4.40%
Floor
+
4.40%),
9.59%,
10/15/36
....................
1,177
1,065,712
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.39%,
10/15/39
(a)(b)
17,200
17,146,283
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.29%,
12/15/48
(a)(b)
....................
1,898
1,442,366
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2019-OSB,
Class
E,
3.91%,
06/05/39
USD
2,800
$
2,166,929
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.69%,
04/15/37
....................
10,561
9,143,585
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.33%,
09/15/39
...............
8,730
8,732,634
Series
2022-OPO,
Class
D,
3.56%,
01/05/39
2,909
2,106,708
KNDL
Mortgage
Trust,
Series
2019-KNSQ,
Class
E,
(1-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.14%,
05/15/36
(a)(b)
........
4,040
3,974,625
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.61%,
03/15/38
(a)(b)
.........
8,334
7,888,936
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
C,
4.83%,
03/10/50
(a)(b)
...
3,375
2,565,989
LUXE
Trust,
Series
2021-TRIP,
Class
E,
(1-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
7.94%,
10/15/38
(a)(b)
...............
920
883,892
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
4.11%,
08/15/34
(a)(b)
.............
3,305
2,590,911
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(1-mo.
LIBOR
USD
at
4.00%
Floor
+
4.00%),
9.19%,
11/15/38
....................
13,734
12,958,965
Series
2021-MDLN,
Class
G,
(1-mo.
LIBOR
USD
at
5.25%
Floor
+
5.25%),
10.44%,
11/15/38
....................
17,286
16,183,884
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.22%
Floor
+
4.22%),
9.37%,
12/15/34
(a)(b)
...............
3,940
3,661,390
MHP
Commercial
Mortgage
Trust,
Series
2021-STOR,
Class
J,
(1-mo.
LIBOR
USD
at
3.95%
Floor
+
3.95%),
9.14%,
07/15/38
(a)(b)
1,277
1,203,252
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C23,
Class
D,
4.28%,
07/15/50
(a)(b)
....................
727
598,351
Morgan
Stanley
Capital
I
Trust
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
(b)
...................
1,570
957,649
Series
2018-H3,
Class
C,
5.01%,
07/15/51
(a)
(e)
.........................
2,880
2,433,600
Series
2018-MP,
Class
E,
4.42%,
07/11/40
(a)
(b)
.........................
2,112
1,383,919
Series
2018-SUN,
Class
F,
(1-mo.
LIBOR
USD
at
2.55%
Floor
+
2.55%),
7.74%,
07/15/35
(a)(b)
..................
3,060
2,979,076
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.43%,
03/15/39
(a)(b)
6,622
6,143,082
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
4.08%,
05/10/39
(a)(b)
......
8,300
4,810,205
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.38%,
08/19/35
(a)(b)
...............
37,250
37,156,875
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(1-mo.
LIBOR
USD
at
4.35%
Floor
+
4.35%),
9.54%,
07/15/38
(a)(b)
1,400
1,198,207
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.33%,
05/15/37
(a)(b)
...............
4,250
4,127,838
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Velocity
Commercial
Capital
Loan
Trust,
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)(b)
..
USD
5,898
$
4,322,369
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS3,
Class
B,
4.65%,
09/15/57
(a)
...................
1,600
1,482,296
Series
2016-C37,
Class
C,
4.64%,
12/15/49
(a)
...................
2,803
2,385,319
Series
2016-LC25,
Class
C,
4.48%,
12/15/59
(a)
...................
8,320
7,066,420
Series
2016-NXS5,
Class
B,
5.11%,
01/15/59
(a)
...................
1,875
1,679,370
Series
2018-C45,
Class
C,
4.73%,
06/15/51
1,158
956,159
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
7.94%,
11/15/27
(a)(b)
....................
11,975
11,959,894
566,195,008
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
BBCMS
Trust
(b)
Series
2015-SRCH,
Class
XA,
1.06%,
08/10/35
....................
71,683
2,012,122
Series
2015-SRCH,
Class
XB,
0.30%,
08/10/35
....................
35,000
273,809
BX
Trust,
Series
2022-GPA,
Class
XCP,
1.03%,
10/15/39
(b)
.....................
375,000
488,400
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C6,
Class
XA,
1.22%,
11/10/49
...
58,966
1,608,531
Commercial
Mortgage
Trust
Series
2014-UBS5,
Class
XB2,
0.84%,
09/10/47
(b)
...................
12,675
107,629
Series
2015-CR25,
Class
XA,
0.95%,
08/10/48
....................
11,600
157,580
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.95%,
09/15/47
......................
5,975
32,179
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
.....................
40,477
823,092
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.95%,
03/10/50
(b)
....
33,729
587,839
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C15,
Class
XB,
0.46%,
04/15/47
(b)
...................
80,982
81,605
Series
2015-C26,
Class
XD,
1.45%,
10/15/48
(b)
...................
12,675
333,174
Series
2016-C32,
Class
XA,
0.79%,
12/15/49
....................
29,367
534,951
Morgan
Stanley
Capital
I
Trust,
Series
2016-
UBS9,
Class
XD,
1.75%,
03/15/49
(b)
....
13,600
508,167
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2017-75B,
Class
XA,
0.34%,
04/10/37
....................
40,610
324,474
Series
2017-75B,
Class
XB,
0.11%,
04/10/37
....................
27,000
56,373
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.39%,
08/15/49
(b)
...................
11,784
373,219
Series
2016-LC25,
Class
XA,
0.97%,
12/15/59
....................
18,648
424,390
WFRBS
Commercial
Mortgage
Trust
Series
2014-C20,
Class
XB,
0.74%,
05/15/47
....................
57,079
249,154
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2014-LC14,
Class
XA,
1.40%,
03/15/47
....................
USD
21,621
$
52,398
9,029,086
Total
Non-Agency
Mortgage-Backed
Securities
—
7.7%
(Cost:
$1,007,420,546)
...........................
946,934,871
Preferred
Securities
Capital
Trusts
—
1.3%
Banks
—
0.2%
(a)(j)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00%
(c)
...
EUR
3,200
3,273,844
Citigroup,
Inc.
Series
P,
(3-mo.
CME
Term
SOFR
+
4.17%),
5.95%
......................
USD
615
589,802
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
......................
15
12,068
HSBC
Holdings
plc,
(5-Year
USD
Swap
Rate
+
3.71%),
6.38%
..................
1,200
1,158,288
PNC
Financial
Services
Group,
Inc.
(The)
Series
T,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.40%
......................
12,250
9,034,375
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
......................
1,800
1,677,870
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
......................
1,614
1,448,968
US
Bancorp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70%
........................
15,530
11,521,707
28,716,922
Capital
Markets
—
0.2%
(a)(j)
Bank
of
New
York
Mellon
Corp.
(The),
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.35%),
3.70%
.
21,025
18,559,819
Charles
Schwab
Corp.
(The),
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00%
.....
600
487,650
19,047,469
Consumer
Finance
—
0.2%
(a)(j)
Ally
Financial,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
...........
13,375
9,429,375
Capital
One
Financial
Corp.,
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
.....
6,300
4,677,750
Discover
Financial
Services,
Series
C,
(3-mo.
LIBOR
USD
+
3.08%),
5.50%
........
20,150
15,290,241
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
.
1,220
1,070,969
30,468,335
Electric
Utilities
—
0.1%
(a)(j)
Edison
International
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
......................
15,783
13,792,764
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
......................
1,870
1,615,493
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(b)
................
USD
2,634
$
2,483,783
17,892,040
Financial
Services
—
0.1%
Voya
Financial,
Inc.,
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.36%),
6.13%
(a)(j)
.........
7,690
7,434,968
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(b)(j)
.....................
1,923
1,677,818
Industrial
Conglomerates
—
0.0%
General
Electric
Co.,
Series
D,
(3-mo.
LIBOR
USD
+
3.33%),
8.88%
(a)(j)
...........
229
229,000
Insurance
—
0.2%
MetLife,
Inc.,
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.58%),
3.85%
(a)(j)
................
21,770
20,115,045
Multi-Utilities
—
0.1%
Dominion
Energy,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.35%
(a)(j)
.........
10,005
8,405,416
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Energy
Transfer
LP
(a)(j)
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
......................
3,522
3,199,103
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
......................
29,150
24,716,916
27,916,019
Total
Capital
Trusts
—
1.3%
(Cost:
$193,279,770)
.............................
161,903,032
Shares
Shares
Preferred
Stocks
—
0.4%
Banks
—
0.1%
Banco
Bradesco
SA
(Preference)
........
1,637,107
5,648,262
Consumer
Finance
—
0.0%
SLM
Corp.,
Series
B,
(3-mo.
LIBOR
USD
+
1.70%),
7.25%
(a)(j)
................
55,085
2,996,624
Insurance
—
0.1%
Allstate
Corp.
(The),
Series
H,
5.10%
(j)
....
735,000
16,170,000
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Samsung
Electronics
Co.
Ltd.
(Preference)
.
599,724
27,215,059
Total
Preferred
Stocks
—
0.4%
(Cost:
$45,961,397)
..............................
52,029,945
Trust
Preferreds
—
0.2%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(30Y
CMT
at
14.50%
Cap
+
1.55%),
7.06%, 12/21/65
(a)(b)
.....
16,872,000
11,339,588
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Finance
—
0.1%
ILFC
E-Capital
Trust
II,
7.31%, 12/21/65
(a)(b)
.
11,944,000
$
8,291,602
Total
Trust
Preferreds
—
0.2%
(Cost:
$27,894,929)
..............................
19,631,190
Total
Preferred
Securities
—
1.9%
(Cost:
$267,136,096)
.............................
233,564,167
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(b)
Series
2018-K732,
Class
B,
4.19%, 05/25/25
...............
USD
1,500
1,436,575
Series
2018-W5FX,
Class
CFX,
3.79%, 04/25/28
...............
4,627
3,811,035
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
(Cost:
$5,994,419)
..............................
5,247,610
Shares
Shares
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(e)
(f)
............................
1,841
—
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/Exercisable
10/23/20,
1
Share
for
1
Warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(f)
....
1,489
$
17,660
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
17,660
Total
Long-Term
Investments
—
97.0%
(Cost:
$12,244,560,177)
...........................
11,970,895,089
Short-Term
Securities
Money
Market
Funds
—
2.8%
(p)(r)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.98%
...................
247,714,659
247,714,659
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.28%
(s)
.......................
106,802,910
106,813,590
Total
Short-Term
Securities
—
2.8%
(Cost:
$354,473,429)
.............................
354,528,249
Total
Options
Purchased
—
0.0%
(
Cost:
$6,531,690
)
..............................
47,120
Total
Investments
Before
Options
Written
—
99.8%
(Cost:
$12,605,565,296
)
...........................
12,325,470,458
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(3,265,845))
..................
(13,874)
Total
Investments
Net
of
Options
Written
—
99.8%
(Cost:
$12,602,299,451
)
...........................
12,325,456,584
Other
Assets
Less
Liabilities
—
0.2%
...................
18,923,144
Net
Assets
—
100.0%
..............................
$
12,344,379,728
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Non-income
producing
security.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$0,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$0.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(j)
Perpetual
security
with
no
stated
maturity
date.
(k)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(l)
Convertible
security.
(m)
Zero-coupon
bond.
(n)
Rounds
to
less
than
1,000.
(o)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(p)
Affiliate
of
the
Fund.
(q)
All
or
a
portion
of
this
security
is
on
loan.
(r)
Annualized
7-day
yield
as
of
period
end.
(s)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
99
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
June
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/23
Shares
Held
at
06/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,110,335,000
$
—
$
(862,620,341)
(a)
$
—
$
—
$
247,714,659
247,714,659
$
16,204,500
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
407,625,445
—
(298,288,667)
(a)
(2,545,161)
21,973
106,813,590
106,802,910
2,986,800
(b)
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
(c)
—
185,692,036
(186,391,185)
699,149
—
—
—
1,912,188
—
iShares
Core
Dividend
Growth
ETF
..................
156,928,300
270,130,479
(329,014,154)
3,839,496
(6,256,241)
95,627,880
1,855,771
3,116,361
—
iShares
Core
S&P
500
ETF
(c)
...
—
272,106,781
(276,227,700)
4,120,919
—
—
—
1,200,461
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
380,113,648
—
(316,619,498)
(61,809,328)
37,064,360
38,749,182
516,174
9,328,019
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
52,903,976
165,488,934
(51,365,671)
926,639
(1,896,473)
166,057,405
1,535,578
2,327,143
—
iShares
MBS
ETF
..........
—
372,058,794
—
—
(2,339,733)
369,719,061
3,964,178
2,017,262
—
$
(54,768,286)
$
26,593,886
$
1,024,681,777
$
39,092,734
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
100
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
301
09/15/23
$
15,018
$
(32,326)
S&P
500
E-Mini
Index
.......................................................
713
09/15/23
160,006
1,291,486
U.S.
Treasury
10-Year
Note
...................................................
8,746
09/20/23
982,148
(16,745,835)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
5,483
09/20/23
649,736
(5,255,137)
U.S.
Treasury
5-Year
Note
....................................................
15,506
09/29/23
1,661,080
(30,724,871)
(51,466,683)
Short
Contracts
EURO
STOXX
50
Index
.....................................................
1,165
09/15/23
56,348
(964,700)
GBP
Currency
............................................................
3,832
09/18/23
304,141
(2,054,173)
JPY
Currency
............................................................
663
09/18/23
58,116
1,697,981
U.S.
Treasury
10-Year
Note
...................................................
157
09/20/23
17,631
303,989
U.S.
Treasury
Long
Bond
.....................................................
62
09/20/23
7,880
(19,470)
U.S.
Treasury
Ultra
Bond
.....................................................
24
09/20/23
3,277
(30,978)
(1,067,351)
$
(52,534,034)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AED
195,000
USD
53,081
Citibank
NA
07/14/23
$
9
AUD
4,144,000
USD
2,703,653
Deutsche
Bank
AG
07/14/23
57,586
CAD
297,000
USD
221,381
Bank
of
America
NA
07/14/23
2,843
CAD
1,000
USD
749
Bank
of
New
York
Mellon
07/14/23
6
CAD
10,379,000
USD
7,771,436
Citibank
NA
07/14/23
64,319
EUR
23,000
USD
24,963
Bank
of
America
NA
07/14/23
146
EUR
452,000
USD
491,027
Bank
of
New
York
Mellon
07/14/23
2,414
EUR
1,000
USD
1,091
Barclays
Bank
plc
07/14/23
—
EUR
1,451,000
USD
1,561,807
UBS
AG
07/14/23
22,226
GBP
92,000
USD
114,262
Bank
of
America
NA
07/14/23
2,585
GBP
1,245,000
USD
1,563,004
Bank
of
New
York
Mellon
07/14/23
18,236
GBP
130,000
USD
161,400
Deutsche
Bank
AG
07/14/23
3,709
GBP
404,000
USD
504,324
UBS
AG
07/14/23
8,786
JPY
666,000
USD
4,616
UBS
AG
07/14/23
6
USD
706,558
AUD
1,057,000
Bank
of
New
York
Mellon
07/14/23
2,255
USD
1,048,377
AUD
1,544,000
Deutsche
Bank
AG
07/14/23
19,575
USD
246,243
CAD
324,000
Westpac
Banking
Corp.
07/14/23
1,635
USD
3,389,434
CHF
2,983,000
Citibank
NA
07/14/23
53,592
USD
28,209
CHF
25,000
UBS
AG
07/14/23
252
USD
1,920,978
EUR
1,741,000
Bank
of
America
NA
07/14/23
20,358
USD
2,184,244
EUR
1,994,000
Bank
of
New
York
Mellon
07/14/23
7,428
USD
207,475
EUR
187,000
Barclays
Bank
plc
07/14/23
3,330
USD
3,762,275
EUR
3,398,000
Deutsche
Bank
AG
07/14/23
52,734
USD
251,152
EUR
229,000
UBS
AG
07/14/23
1,156
USD
519,368
HKD
4,066,000
Bank
of
America
NA
07/14/23
423
USD
157,630
HKD
1,232,000
UBS
AG
07/14/23
389
USD
1,049,375
EUR
960,000
ANZ
Banking
Group
Ltd.
07/17/23
1,183
USD
1,145,901
EUR
1,040,000
Bank
of
America
NA
07/17/23
10,360
USD
186,720
EUR
170,000
Citibank
NA
07/17/23
1,103
USD
404,231
EUR
370,000
Deutsche
Bank
AG
07/17/23
240
USD
448,482
EUR
410,000
UBS
AG
07/17/23
816
USD
2,877,176
GBP
2,240,000
Nomura
International
plc
07/17/23
32,139
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
101
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
12,826,494
GBP
10,002,614
BNP
Paribas
SA
09/20/23
$
120,532
512,371
AUD
931,000
USD
629,898
Bank
of
New
York
Mellon
07/14/23
(9,552)
CAD
11,000
USD
8,329
Bank
of
America
NA
07/14/23
(25)
CHF
313,000
USD
353,495
Bank
of
America
NA
07/14/23
(3,471)
CHF
370,000
USD
418,079
Bank
of
New
York
Mellon
07/14/23
(4,314)
CHF
116,000
USD
131,317
Barclays
Bank
plc
07/14/23
(1,596)
CHF
327,000
USD
370,081
Deutsche
Bank
AG
07/14/23
(4,402)
EUR
2,765,000
USD
3,045,977
Bank
of
America
NA
07/14/23
(27,473)
EUR
7,729,000
USD
8,582,579
Bank
of
New
York
Mellon
07/14/23
(144,960)
HKD
612,000
USD
78,249
Citibank
NA
07/14/23
(139)
JPY
3,793,000
USD
26,512
Bank
of
America
NA
07/14/23
(190)
JPY
575,757,000
USD
4,394,990
Bank
of
New
York
Mellon
07/14/23
(399,350)
JPY
5,920,000
USD
42,688
Barclays
Bank
plc
07/14/23
(1,604)
KRW
1,530,726,000
USD
1,164,263
Citibank
NA
07/14/23
(2,168)
SGD
435,000
USD
330,225
Citibank
NA
07/14/23
(8,467)
USD
2,276,941
AED
8,364,000
Citibank
NA
07/14/23
(248)
USD
261,358
AUD
393,000
Deutsche
Bank
AG
07/14/23
(506)
USD
213,014
CAD
290,000
Deutsche
Bank
AG
07/14/23
(5,925)
USD
2,110,470
EUR
1,945,000
Bank
of
America
NA
07/14/23
(12,853)
USD
1,489,033
EUR
1,379,000
Bank
of
New
York
Mellon
07/14/23
(16,398)
USD
297,336
EUR
275,000
Citibank
NA
07/14/23
(2,877)
USD
1,168,690
EUR
1,081,000
Deutsche
Bank
AG
07/14/23
(11,419)
USD
347,940
EUR
323,000
Westpac
Banking
Corp.
07/14/23
(4,673)
USD
1,530,373
GBP
1,231,000
Bank
of
America
NA
07/14/23
(33,086)
USD
2,329,303
GBP
1,859,000
Bank
of
New
York
Mellon
07/14/23
(31,763)
USD
1,769,779
GBP
1,419,000
Deutsche
Bank
AG
07/14/23
(32,454)
USD
5,514,483
GBP
4,396,000
UBS
AG
07/14/23
(68,757)
NZD
12,265,000
USD
7,714,084
Bank
of
New
York
Mellon
07/17/23
(187,476)
USD
143,936
CHF
130,000
Bank
of
America
NA
07/17/23
(1,492)
USD
286,208,894
EUR
264,700,000
Bank
of
New
York
Mellon
07/17/23
(2,808,092)
USD
1,648,313
EUR
1,510,000
BNP
Paribas
SA
07/17/23
(405)
USD
1,273,081
EUR
1,170,000
Deutsche
Bank
AG
07/17/23
(4,402)
USD
109,971,989
EUR
101,690,000
Standard
Chartered
Bank
07/17/23
(1,059,886)
USD
90,510,312
GBP
71,970,000
Bank
of
New
York
Mellon
07/17/23
(899,202)
USD
461,735
EUR
423,086
Bank
of
America
NA
09/14/23
(1,608)
USD
832,436
EUR
767,156
Bank
of
New
York
Mellon
09/14/23
(7,715)
USD
10,387,623
EUR
9,597,878
State
Street
Bank
and
Trust
Co.
09/14/23
(123,504)
(5,922,452)
$
(5,410,081)
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
NASDAQ-100
Index
.......
Citibank
NA
19,793
07/21/23
USD
12,725.00
USD
300,442
$
47,120
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
NASDAQ-100
Index
..........
Citibank
NA
19,793
07/21/23
USD
11,900.00
USD
300,442
$
(13,874)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
102
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
................
1.00
%
Quarterly
06/20/28
USD
45,361
$
(689,889)
$
(481,770)
$
(208,119)
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Intrum
AB
...............
5.00
%
Quarterly
Goldman
Sachs
International
06/20/28
EUR
678
$
147,967
$
147,967
$
–
$
–
$
–
$
–
OTC
Credit
Default
Swap
s
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Casino
Guichard
Perrachon
SA
.............
5.00
%
Quarterly
BNP
Paribas
SA
12/20/23
CC
EUR
63
$
(63,455)
$
(3,236)
$
(60,219)
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/23
CC
EUR
200
(201,445)
(18,556)
(182,889)
thyssenkrupp
AG
......
1.00
Quarterly
Bank
of
America
NA
12/20/23
BB
EUR
710
1,475
(7,022)
8,497
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
360
19,956
26,036
(6,080)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
06/20/26
BB-
EUR
555
6,558
(14,507)
21,065
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
12/20/26
BB-
EUR
320
(1,505)
(9,845)
8,340
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/26
BB-
EUR
244
(1,146)
7,573
(8,719)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB-
EUR
125
(588)
3,872
(4,460)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB-
EUR
237
(1,112)
7,785
(8,897)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
BB-
EUR
125
(588)
4,537
(5,125)
K+S
AG
............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BBB-
EUR
560
66,936
35,498
31,438
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
12/20/26
NR
EUR
480
(5,839)
(23,902)
18,063
TK
Elevator
Holdco
GmbH
5.00
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
476
21,157
13,137
8,020
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/27
NR
EUR
1,090
105,070
40,114
64,956
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
06/20/27
BB
EUR
615
(11,626)
(70,171)
58,545
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
131
(2,467)
(15,784)
13,317
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
529
(10,009)
(75,013)
65,004
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
227
(4,285)
(20,066)
15,781
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
113
(2,142)
(10,033)
7,891
ADLER
Real
Estate
AG
.
5.00
Quarterly
Bank
of
America
NA
12/20/27
CCC+
EUR
304
(75,909)
(63,712)
(12,197)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
183
(45,627)
(37,580)
(8,047)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
513
(128,248)
(105,630)
(22,618)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/27
CCC+
EUR
149
(37,214)
(31,552)
(5,662)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
103
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
ADLER
Real
Estate
AG
.
5.00
%
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
312
$
(77,879)
$
(64,780)
$
(13,099)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC+
EUR
226
(56,467)
(46,925)
(9,542)
United
Group
BV
......
5.00
Quarterly
Bank
of
America
NA
12/20/27
B
EUR
610
(60,409)
(85,240)
24,831
United
Group
BV
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
B
EUR
435
(43,027)
(65,049)
22,022
Bank
of
America
Corp.
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
A-
USD
365
1,540
(1,599)
3,139
Bank
of
America
Corp.
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
A-
USD
7,195
30,388
4,762
25,626
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
Deutsche
Bank
AG
06/20/28
CC
EUR
412
(420,593)
(334,794)
(85,799)
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
CC
EUR
264
(269,506)
(199,236)
(70,270)
K+S
AG
............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/28
BBB-
EUR
148
19,972
15,668
4,304
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
BB
EUR
54
(1,923)
(3,738)
1,815
United
Group
BV
......
5.00
Quarterly
Deutsche
Bank
AG
06/20/28
B
EUR
839
(96,703)
(80,587)
(16,116)
$
(1,346,660)
$
(1,229,575)
$
(117,085)
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
HSBC
Bank
plc
(b)
02/10/28
$
3,121,300
$
149,112
(c)
$
3,292,426
0.0
%
(d)
Monthly
JPMorgan
Chase
Bank
NA
(e)
07/12/23
757,315
12,105
(f)
778,942
0.0
(d)
$
161,217
$
4,071,368
(b)
(e)
Range:
90-95
basis
points
40-60
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$(22,014)
of
net
dividends
and
financing
fees.
(d)
Rounds
to
less
than
0.1%.
(f)
Amount
includes
$(9,522)
of
net
dividends
and
financing
fees.
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
104
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
plc,
as
of
period
end,
termination
date
February
10,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
............
419,258
$
695,353
21.1
%
Vietnam
Vietnam
Dairy
Products
JSC
..
861,700
2,597,073
78.9
Total
Reference
Entity
—
Long
............
3,292,426
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
3,292,426
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA
,
as
of
period
end,
termination
date
July
12,
2023
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
China
Prosus
NV
..............
10,607
$
776,795
99.7
%
Russia
X5
Retail
Group
NV,
GDR
...
214,691
2,147
0.3
Total
Reference
Entity
—
Long
............
778,942
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
778,942
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
1,719,615,746
$
2,249,457
$
1,721,865,203
Common
Stocks
Aerospace
&
Defense
....................................
21,775,086
4,079,877
—
25,854,963
Air
Freight
&
Logistics
....................................
16,603,210
1,251,903
—
17,855,113
Automobile
Components
..................................
8,334,082
478,768
—
8,812,850
Automobiles
..........................................
8,872,441
8,409,161
—
17,281,602
Banks
...............................................
89,491,961
130,437,124
885
219,929,970
Beverages
...........................................
8,096,959
21,764,490
—
29,861,449
Biotechnology
.........................................
19,285,252
2,610,778
—
21,896,030
Broadline
Retail
........................................
4,202,666
19,821,185
—
24,023,851
Building
Products
.......................................
16,891,309
5,586,205
—
22,477,514
Capital
Markets
........................................
45,940,962
6,488,013
—
52,428,975
Chemicals
............................................
26,702,516
37,504,841
—
64,207,357
Commercial
Services
&
Supplies
.............................
13,078,781
—
—
13,078,781
Communications
Equipment
................................
11,967,915
8,541,140
—
20,509,055
Construction
&
Engineering
................................
29,859
11,396,325
—
11,426,184
Construction
Materials
....................................
—
4,610,940
—
4,610,940
Consumer
Finance
......................................
20,786,894
9,584,335
—
30,371,229
Consumer
Staples
Distribution
&
Retail
........................
31,892,093
8,443,842
2,219
40,338,154
Containers
&
Packaging
..................................
11,467,360
—
—
11,467,360
Diversified
REITs
.......................................
11,061,701
6,768,734
—
17,830,435
Diversified
Telecommunication
Services
........................
35,514,033
38,770,404
—
74,284,437
Electric
Utilities
........................................
138,960,255
17,952,648
—
156,912,903
Electrical
Equipment
.....................................
—
7,443,658
—
7,443,658
Electronic
Equipment,
Instruments
&
Components
.................
12,718,163
16,830,475
—
29,548,638
Energy
Equipment
&
Services
..............................
17,630,354
—
—
17,630,354
Entertainment
.........................................
15,785,240
133,645
—
15,918,885
Financial
Services
......................................
23,586,316
200,692
—
23,787,008
Food
Products
.........................................
37,287,309
23,881,423
—
61,168,732
Gas
Utilities
...........................................
158,145
11,420,326
—
11,578,471
Ground
Transportation
...................................
30,660,629
3,340,409
—
34,001,038
Health
Care
Equipment
&
Supplies
...........................
56,749,305
27,981,129
—
84,730,434
Health
Care
Providers
&
Services
............................
68,791,304
6,521,125
—
75,312,429
Health
Care
REITs
......................................
69,216,713
—
—
69,216,713
Hotels,
Restaurants
&
Leisure
..............................
7,430,711
17,927,778
—
25,358,489
Household
Durables
.....................................
19,725,532
15,171,380
—
34,896,912
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
105
Level
1
Level
2
Level
3
Total
Household
Products
.....................................
$
—
$
24,929,218
$
—
$
24,929,218
Independent
Power
and
Renewable
Electricity
Producers
............
2,352,714
6,320,155
—
8,672,869
Industrial
Conglomerates
..................................
—
14,596,420
—
14,596,420
Industrial
REITs
........................................
30,049,337
32,817,222
—
62,866,559
Insurance
............................................
42,398,862
69,859,614
—
112,258,476
Interactive
Media
&
Services
...............................
4,875,652
3,956,030
—
8,831,682
IT
Services
...........................................
37,984,177
31,399,845
—
69,384,022
Life
Sciences
Tools
&
Services
..............................
—
17,663,815
—
17,663,815
Machinery
............................................
16,790,134
26,906,531
—
43,696,665
Marine
Transportation
....................................
—
1,218,890
—
1,218,890
Media
...............................................
16,366,535
2,635,374
—
19,001,909
Metals
&
Mining
........................................
5,881,952
9,235,461
68
15,117,481
Multi-Utilities
..........................................
72,174,333
23,162,979
—
95,337,312
Office
REITs
..........................................
33,583,582
5,495,847
—
39,079,429
Oil,
Gas
&
Consumable
Fuels
...............................
90,009,656
79,289,998
47
169,299,701
Passenger
Airlines
......................................
—
6,156,272
—
6,156,272
Personal
Care
Products
..................................
5,575,460
14,183,051
—
19,758,511
Pharmaceuticals
.......................................
6,169,849
123,252,912
—
129,422,761
Professional
Services
....................................
50,842,499
23,150,340
—
73,992,839
Real
Estate
Management
&
Development
.......................
3,466,460
24,939,739
—
28,406,199
Residential
REITs
.......................................
32,048,779
—
—
32,048,779
Retail
REITs
..........................................
12,581,871
10,252,970
—
22,834,841
Semiconductors
&
Semiconductor
Equipment
....................
7,273,644
87,648,725
—
94,922,369
Software
.............................................
65,437,086
—
—
65,437,086
Specialized
REITs
......................................
96,878,161
—
—
96,878,161
Specialty
Retail
........................................
5,704,812
12,669,103
—
18,373,915
Technology
Hardware,
Storage
&
Peripherals
....................
31,918,688
21,771,959
—
53,690,647
Textiles,
Apparel
&
Luxury
Goods
............................
2,863,272
29,322,200
—
32,185,472
Tobacco
.............................................
20,378,370
13,430,154
—
33,808,524
Trading
Companies
&
Distributors
............................
2,838,868
19,863,503
—
22,702,371
Transportation
Infrastructure
...............................
6,202,482
97,133,978
—
103,336,460
Water
Utilities
.........................................
—
3,719,953
—
3,719,953
Wireless
Telecommunication
Services
.........................
5,733,575
33,543,714
3
39,277,292
Corporate
Bonds
Aerospace
&
Defense
....................................
—
86,830,189
—
86,830,189
Air
Freight
&
Logistics
....................................
—
889,281
—
889,281
Automobile
Components
..................................
—
52,706,336
—
52,706,336
Automobiles
..........................................
—
24,655,287
—
24,655,287
Banks
...............................................
—
447,580,842
—
447,580,842
Beverages
...........................................
—
7,508,846
—
7,508,846
Biotechnology
.........................................
—
16,339,977
—
16,339,977
Broadline
Retail
........................................
—
11,198,404
—
11,198,404
Building
Products
.......................................
—
20,793,088
—
20,793,088
Capital
Markets
........................................
—
157,790,582
145,998
157,936,580
Chemicals
............................................
—
72,767,156
—
72,767,156
Commercial
Services
&
Supplies
.............................
—
79,679,643
—
79,679,643
Communications
Equipment
................................
—
17,113,416
—
17,113,416
Construction
&
Engineering
................................
—
15,754,512
—
15,754,512
Construction
Materials
....................................
—
1,182,716
—
1,182,716
Consumer
Finance
......................................
—
67,007,674
—
67,007,674
Consumer
Staples
Distribution
&
Retail
........................
—
18,932,340
—
18,932,340
Containers
&
Packaging
..................................
—
80,241,347
—
80,241,347
Distributors
...........................................
—
4,415,332
—
4,415,332
Diversified
Consumer
Services
..............................
—
18,960,450
—
18,960,450
Diversified
REITs
.......................................
—
22,893,527
—
22,893,527
Diversified
Telecommunication
Services
........................
—
146,030,802
—
146,030,802
Electric
Utilities
........................................
—
127,531,577
—
127,531,577
Electrical
Equipment
.....................................
—
14,194,876
—
14,194,876
Electronic
Equipment,
Instruments
&
Components
.................
—
5,380,237
—
5,380,237
Energy
Equipment
&
Services
..............................
—
66,679,778
—
66,679,778
Entertainment
.........................................
—
20,042,933
—
20,042,933
Financial
Services
......................................
—
71,705,709
—
71,705,709
Food
Products
.........................................
—
26,014,775
—
26,014,775
Gas
Utilities
...........................................
—
7,601,790
—
7,601,790
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
106
Level
1
Level
2
Level
3
Total
Ground
Transportation
...................................
$
—
$
43,132,944
$
—
$
43,132,944
Health
Care
Equipment
&
Supplies
...........................
—
22,886,239
—
22,886,239
Health
Care
Providers
&
Services
............................
—
67,950,771
—
67,950,771
Health
Care
REITs
......................................
—
7,881,075
—
7,881,075
Health
Care
Technology
..................................
—
2,276,538
—
2,276,538
Hotel
&
Resort
REITs
....................................
—
4,365,078
—
4,365,078
Hotels,
Restaurants
&
Leisure
..............................
—
165,368,862
—
165,368,862
Household
Durables
.....................................
—
16,080,801
—
16,080,801
Household
Products
.....................................
—
4,037,493
—
4,037,493
Independent
Power
and
Renewable
Electricity
Producers
............
—
10,880,245
—
10,880,245
Industrial
Conglomerates
..................................
—
18,262,557
—
18,262,557
Industrial
REITs
........................................
—
404,015
—
404,015
Insurance
............................................
—
104,471,277
—
104,471,277
Interactive
Media
&
Services
...............................
—
2,133,986
—
2,133,986
IT
Services
...........................................
—
30,600,804
—
30,600,804
Leisure
Products
.......................................
—
2,248,848
—
2,248,848
Life
Sciences
Tools
&
Services
..............................
—
5,496,832
—
5,496,832
Machinery
............................................
—
39,337,663
—
39,337,663
Marine
Transportation
....................................
—
1,997,371
—
1,997,371
Media
...............................................
—
120,851,629
—
120,851,629
Metals
&
Mining
........................................
—
65,661,441
—
65,661,441
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
3,046,416
—
3,046,416
Multi-Utilities
..........................................
—
12,730,103
—
12,730,103
Office
REITs
..........................................
—
5,547,079
—
5,547,079
Oil,
Gas
&
Consumable
Fuels
...............................
—
276,155,001
—
276,155,001
Paper
&
Forest
Products
..................................
—
2,741,420
—
2,741,420
Passenger
Airlines
......................................
—
45,853,845
—
45,853,845
Personal
Care
Products
..................................
—
1,397,466
—
1,397,466
Pharmaceuticals
.......................................
—
49,661,409
—
49,661,409
Professional
Services
....................................
—
13,147,006
—
13,147,006
Real
Estate
Management
&
Development
.......................
—
21,611,763
—
21,611,763
Residential
REITs
.......................................
—
1,232,232
—
1,232,232
Retail
REITs
..........................................
—
7,944,582
—
7,944,582
Semiconductors
&
Semiconductor
Equipment
....................
—
31,501,316
—
31,501,316
Software
.............................................
—
113,699,608
—
113,699,608
Specialized
REITs
......................................
—
24,244,338
—
24,244,338
Specialty
Retail
........................................
—
49,267,567
—
49,267,567
Technology
Hardware,
Storage
&
Peripherals
....................
—
14,663,736
—
14,663,736
Textiles,
Apparel
&
Luxury
Goods
............................
—
8,164,127
—
8,164,127
Tobacco
.............................................
—
4,616,859
—
4,616,859
Trading
Companies
&
Distributors
............................
—
36,852,890
—
36,852,890
Transportation
Infrastructure
...............................
—
3,530,978
—
3,530,978
Water
Utilities
.........................................
—
270,351
—
270,351
Wireless
Telecommunication
Services
.........................
—
57,743,113
—
57,743,113
Equity-Linked
Notes
......................................
—
1,241,677,726
—
1,241,677,726
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
13,800,691
—
13,800,691
Automobile
Components
..................................
—
3,214,331
—
3,214,331
Automobiles
..........................................
—
1,915,209
—
1,915,209
Beverages
...........................................
—
6,391,314
—
6,391,314
Broadline
Retail
........................................
—
8,245,436
386,417
8,631,853
Building
Products
.......................................
—
6,940,299
—
6,940,299
Capital
Markets
........................................
—
14,094,944
9,349,345
23,444,289
Chemicals
............................................
—
24,956,407
—
24,956,407
Commercial
Services
&
Supplies
.............................
—
20,108,246
2,938,987
23,047,233
Communications
Equipment
................................
—
1,219,305
—
1,219,305
Construction
&
Engineering
................................
—
4,253,134
13,914,091
18,167,225
Construction
Materials
....................................
—
5,010,298
—
5,010,298
Consumer
Staples
Distribution
&
Retail
........................
—
2,639,406
12,698,279
15,337,685
Containers
&
Packaging
..................................
—
7,827,377
—
7,827,377
Distributors
...........................................
—
1,336,429
—
1,336,429
Diversified
Consumer
Services
..............................
—
16,064,307
—
16,064,307
Diversified
REITs
.......................................
—
912,376
—
912,376
Diversified
Telecommunication
Services
........................
—
21,880,041
918,314
22,798,355
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
107
Level
1
Level
2
Level
3
Total
Electric
Utilities
........................................
$
—
$
775,852
$
—
$
775,852
Electrical
Equipment
.....................................
—
—
1,613,565
1,613,565
Electronic
Equipment,
Instruments
&
Components
.................
—
1,187,179
—
1,187,179
Energy
Equipment
&
Services
..............................
—
3,172,562
30,804
3,203,366
Entertainment
.........................................
—
28,415,194
—
28,415,194
Financial
Services
......................................
—
20,843,651
125,126,949
145,970,600
Food
Products
.........................................
—
20,896,056
—
20,896,056
Ground
Transportation
...................................
—
3,839,282
—
3,839,282
Health
Care
Equipment
&
Supplies
...........................
—
9,398,769
—
9,398,769
Health
Care
Providers
&
Services
............................
—
13,454,874
—
13,454,874
Health
Care
Technology
..................................
—
10,481,466
—
10,481,466
Hotels,
Restaurants
&
Leisure
..............................
—
42,018,285
5,805,854
47,824,139
Household
Durables
.....................................
—
8,981,981
—
8,981,981
Household
Products
.....................................
—
2,478,267
—
2,478,267
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,382,520
—
1,382,520
Insurance
............................................
—
24,593,371
—
24,593,371
Interactive
Media
&
Services
...............................
—
6,969,610
—
6,969,610
IT
Services
...........................................
—
18,241,958
—
18,241,958
Leisure
Products
.......................................
—
1,139,234
1,049,772
2,189,006
Life
Sciences
Tools
&
Services
..............................
—
14,130,553
—
14,130,553
Machinery
............................................
—
25,757,548
1,972,577
27,730,125
Media
...............................................
—
18,148,509
2,651,554
20,800,063
Oil,
Gas
&
Consumable
Fuels
...............................
—
7,628,998
—
7,628,998
Passenger
Airlines
......................................
—
14,554,432
—
14,554,432
Personal
Care
Products
..................................
—
6,464,100
—
6,464,100
Pharmaceuticals
.......................................
—
10,712,148
1,287,928
12,000,076
Professional
Services
....................................
—
23,106,455
2,261,039
25,367,494
Real
Estate
Management
&
Development
.......................
—
1,113,170
2,044,189
3,157,359
Semiconductors
&
Semiconductor
Equipment
....................
—
2,383,084
—
2,383,084
Software
.............................................
—
58,929,474
1,374,300
60,303,774
Specialty
Retail
........................................
—
11,136,948
—
11,136,948
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,020,100
512,997
1,533,097
Trading
Companies
&
Distributors
............................
—
7,349,032
2,063,329
9,412,361
Transportation
Infrastructure
...............................
—
3,846,569
—
3,846,569
Wireless
Telecommunication
Services
.........................
—
3,342,896
—
3,342,896
Foreign
Agency
Obligations
.................................
—
65,066,603
—
65,066,603
Foreign
Government
Obligations
..............................
—
122,186,847
—
122,186,847
Investment
Companies
....................................
670,153,528
—
—
670,153,528
Non-Agency
Mortgage-Backed
Securities
........................
—
936,617,823
10,317,048
946,934,871
Preferred
Securities
Banks
...............................................
5,648,262
28,716,922
—
34,365,184
Capital
Markets
........................................
—
19,047,469
—
19,047,469
Commercial
Services
&
Supplies
.............................
—
11,339,588
—
11,339,588
Consumer
Finance
......................................
2,996,624
38,759,937
—
41,756,561
Electric
Utilities
........................................
—
17,892,040
—
17,892,040
Financial
Services
......................................
—
7,434,968
—
7,434,968
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,677,818
—
1,677,818
Industrial
Conglomerates
..................................
—
229,000
—
229,000
Insurance
............................................
16,170,000
20,115,045
—
36,285,045
Multi-Utilities
..........................................
—
8,405,416
—
8,405,416
Oil,
Gas
&
Consumable
Fuels
...............................
—
27,916,019
—
27,916,019
Technology
Hardware,
Storage
&
Peripherals
....................
—
27,215,059
—
27,215,059
U.S.
Government
Sponsored
Agency
Securities
....................
—
5,247,610
—
5,247,610
Warrants
..............................................
17,660
—
—
17,660
Short-Term
Securities
Money
Market
Funds
......................................
247,714,659
—
—
247,714,659
Options
Purchased
Equity
contracts
..........................................
—
47,120
—
47,120
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(318,106)
(318,106)
$
2,551,776,599
$
9,466,164,254
$
200,397,909
$
12,218,338,762
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Semi-Annual
Report
To
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
108
Level
1
Level
2
Level
3
Total
Investments
valued
at
NAV
(b)
......................................
106,813,590
$
—
$
12,325,152,352
$
—
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
402,654
$
—
$
402,654
Equity
contracts
...........................................
1,291,486
161,217
—
1,452,703
Foreign
currency
exchange
contracts
............................
1,697,981
512,371
—
2,210,352
Interest
rate
contracts
.......................................
303,989
—
—
303,989
Liabilities
Credit
contracts
...........................................
—
(727,858)
—
(727,858)
Equity
contracts
...........................................
(32,326)
(978,574)
—
(1,010,900)
Foreign
currency
exchange
contracts
............................
(2,054,173)
(5,922,452)
—
(7,976,625)
Interest
rate
contracts
.......................................
(52,776,291)
—
—
(52,776,291)
$
(51,569,334)
$
(6,552,642)
$
—
$
(58,121,976)
(a)
Unfunded
floating
rate
loan
interests
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
(b)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(c)
Derivative
financial
instruments
are
swaps,
futures
contracts,
forward
foreign
currency
exchange
contracts
and
options
written.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Unfunded
Floating
Rate
Loan
Interests
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2022
.......................................
$
10,267,248
$
72,638
$
12,110,810
$
187,906,300
$
72,835,034
$
(515,438)
$
282,676,592
Transfers
into
Level
3
.................................................
841,623
—
—
11,097,290
8,720,272
—
20,659,185
Transfers
out
of
Level
3
................................................
(10,267,248)
—
(1,481,490)
(10,814,231)
(53,281,798)
—
(75,844,767)
Accrued
discounts/premiums
.............................................
—
—
(27,937)
296,553
84,796
—
353,412
Net
realized
gain
(loss)
................................................
2,283,830
(750,032)
(1,320,800)
(2,277,441)
(528,012)
—
(2,592,455)
Net
change
in
unrealized
appreciation
(depreciation)
(a)
............................
(102,583)
805,269
(12,368,052)
(12,053,961)
(777,024)
197,332
(24,299,019)
Purchases
.........................................................
—
26,902,548
13,646,987
37,524,500
—
—
78,074,035
Sales
............................................................
(773,413)
(27,027,201)
(10,413,520)
(23,678,720)
(16,736,220)
—
(78,629,074)
Closing
balance,
as
of
June
30,
2023
.......................................
$
2,249,457
$
3,222
$
145,998
$
188,000,290
$
10,317,048
$
(318,106)
$
200,397,909
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
(
a
)
.
$
(102,583)
$
(26,244,592)
$
(13,473,052)
$
(11,978,603)
$
(1,089,772)
$
197,332
$
(52,691,270)
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
June
30,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Currency
Abbreviation
AED
United
Arab
Emirates
Dirham
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
NZD
New
Zealand
Dollar
SGD
Singapore
Dollar
USD
United
States
Dollar
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
109
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Securities
MSCI
Morgan
Stanley
Capital
International
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
Statement
of
Assets
and
Liabilities
(unaudited)

June
30,
2023
2023
BlackRock
Semi-Annual
Report
To
Shareholders
110
See
notes
to
financial
statements.
BlackRock
Multi-
Asset
Income
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
11,300,788,681‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
1,024,681,777‌
Cash  
.............................................................................................................
6,502,784‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
..................................................................................
310,000‌
Collateral
—
OTC
derivatives
............................................................................................
1,223,000‌
Futures
contracts
....................................................................................................
77,789,000‌
Centrally
cleared
swaps
................................................................................................
540,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
11,358,340‌
Receivables:
–‌
Investments
sold
....................................................................................................
93,112,702‌
Securities
lending
income
—
affiliated
......................................................................................
35,685‌
Capital
shares
sold
...................................................................................................
11,643,418‌
Dividends
—
unaffiliated
...............................................................................................
10,369,691‌
Dividends
—
affiliated
.................................................................................................
1,301,206‌
Interest
—
unaffiliated
.................................................................................................
89,545,923‌
From
the
Manager
...................................................................................................
115,708‌
Variation
margin
on
futures
contracts
.......................................................................................
4,006,766‌
Swap
premiums
paid
...................................................................................................
454,916‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
512,371‌
OTC
swaps
........................................................................................................
563,871‌
Prepaid
expenses
.....................................................................................................
143,977‌
Total
assets
.........................................................................................................
12,634,999,816‌
LIABILITIES
Cash
received:
Collateral
—
OTC
derivatives
............................................................................................
260,000‌
Collateral
on
securities
loaned
.............................................................................................
109,516,903‌
Options
written,
at
value
(e)
................................................................................................
13,874‌
Payables:
–‌
Investments
purchased
................................................................................................
105,285,516‌
Swaps  
..........................................................................................................
401,332‌
Accounting
services
fees
...............................................................................................
435,887‌
Administration
fees
...................................................................................................
346,768‌
Capital
shares
redeemed
...............................................................................................
43,588,607‌
Custodian
fees
......................................................................................................
589,584‌
Deferred
foreign
capital
gain
tax
..........................................................................................
1,947,137‌
Income
dividend
distributions
............................................................................................
8,161,495‌
Investment
advisory
fees
...............................................................................................
4,515,999‌
Trustees'
and
Officer's
fees
.............................................................................................
24,009‌
Other
affiliate
fees
...................................................................................................
16,615‌
Professional
fees
....................................................................................................
341,957‌
Registration
fees
....................................................................................................
757,432‌
Service
and
distribution
fees
.............................................................................................
1,416,158‌
Transfer
agent
fees
..................................................................................................
2,745,255‌
Other
accrued
expenses
...............................................................................................
48,869‌
Variation
margin
on
futures
contracts
.......................................................................................
1,873,293‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
184,544‌
Swap
premiums
received
................................................................................................
1,388,557‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
5,922,452‌
OTC
swaps
........................................................................................................
519,739‌
Unfunded
floating
rate
loan
interests
.......................................................................................
318,106‌
Total
liabilities
........................................................................................................
290,620,088‌
Commitments
and
contingent
liabilities
—‌
NET
ASSETS
........................................................................................................
$
12,344,379,728‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
111
Financial
Statements
BlackRock
Multi-
Asset
Income
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
14,668,099,987‌
Accumulated
loss
.....................................................................................................
(2,323,720,259‌)
NET
ASSETS
........................................................................................................
$
12,344,379,728‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
11,590,522,159‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
105,492,145‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
1,015,043,137‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
11,437,588‌
(e)
  Premiums
received
..................................................................................................
$
3,265,845‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
June
30,
2023
2023
BlackRock
Semi-Annual
Report
To
Shareholders
112
See
notes
to
financial
statements.
BlackRock
Multi-
Asset
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
6,741,794,298‌
Shares
outstanding
..................................................................................................
693,138,995‌
Net
asset
value
.....................................................................................................
$
9.73‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
A
Net
assets
.........................................................................................................
$
4,107,974,848‌
Shares
outstanding
..................................................................................................
422,847,256‌
Net
asset
value
.....................................................................................................
$
9.72‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Investor
C
Net
assets
.........................................................................................................
$
681,406,156‌
Shares
outstanding
..................................................................................................
70,222,522‌
Net
asset
value
.....................................................................................................
$
9.70‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Class
K
Net
assets
.........................................................................................................
$
813,204,426‌
Shares
outstanding
..................................................................................................
83,651,131‌
Net
asset
value
.....................................................................................................
$
9.72‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
RETINC-6/23-SAR
Item 2 –  Code of Ethics – Not Applicable to this semi-annual report
Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report
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 – Not Applicable to this semi-annual report
              (a)(2) Section 302 Certifications are attached
             
section302
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds II
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds II
 
Date: August 22, 2023
 
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: August 22, 2023
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds II
 
Date: August 22, 2023