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 Dynamic High Income Portfolio
                 
BlackRock Multi-Asset Income Portfolio
 
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: 07/31/2024
 
Date of reporting period: 01/31/2024
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
   
Not Applicable
January
31,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
II
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
January
31,
2024.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
in
the
first
half
of
the
period
before
stalling
between
3%
and
4%
in
the
second
half.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks
advanced
at
a
significantly
slower
pace.
Meanwhile,
international
developed
market
equities
also
gained,
while
emerging
market
stocks
declined
overall.
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.
However,
shorter-duration
U.S.
Treasuries
gained,
as
higher
yields
boosted
returns.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
four
times
during
the
12-month
period,
but
paused
its
tightening
in
the
second
half
of
the
period.
The
Fed
also
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
interest
rate
cuts,
as
reflected
in
the
recent
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
January
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
6.43%
20.82%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(2.02)
2.40
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
3.15
10.01
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(6.00)
(2.94)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.73
5.13
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
1.74
(0.38)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
3.15
2.10
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
2.70
2.90
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.18
9.28
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
Portfolio
Information
.....................................................................................................
8
About
Fund
Performance
..................................................................................................
9
Disclosure
of
Expenses
...................................................................................................
10
Derivative
Financial
Instruments
.............................................................................................
10
Financial
Statements:
Schedules
of
Investments
...............................................................................................
11
Statements
of
Assets
and
Liabilities
.........................................................................................
133
Statements
of
Operations
................................................................................................
136
Statements
of
Changes
in
Net
Assets
........................................................................................
137
Financial
Highlights
.....................................................................................................
138
Notes
to
Financial
Statements
...............................................................................................
146
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
161
Additional
Information
....................................................................................................
162
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
164
Fund
Summary
as
of
January
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Dynamic
High
Income
Portfolio
Investment
Objective
BlackRock
Dynamic
High
Income
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
high
current
income
with
consideration
for
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
January
31,
2024,
all
of
the
Fund’s
share
classes
outperformed
the
Fund’s
custom
benchmark,
a
blend
of
70%
MSCI
World
Index/30%
Bloomberg
U.S.
Aggregate
Bond
Index,
with
the
exception
of
its
Investor
C
Shares
which
underperformed.
The
Fund
seeks
to
earn
a
high
level
of
current
income
by
tactically
managing
a
diversified
portfolio
of
non-traditional
sources
of
yield.
The
Fund
has
the
flexibility
to
invest
across
all
asset
classes
and
is
managed
within
a
risk-controlled
framework,
seeking
to
maintain
competitive
yield
with
a
risk
profile
similar
to
or
below
that
of
the
custom
benchmark.
The
Fund’s
performance
is
reviewed
on
an
absolute
basis
due
to
the
nature
of
its
strategy.
What
factors
influenced
performance?
The
Fund’s
allocation
to
U.S.
equities
was
the
largest
contributor
to
returns
during
the
reporting
period
given
a
relatively
favorable
market
backdrop
that
led
to
strong
returns
for
risk
assets.
Similarly,
covered
calls
and
high
yield
bonds
were
large
positive
drivers
of
returns,
as
well.
The
environment
of
elevated
interest
rates
was
also
supportive
for
holdings
in
floating-rate
securities,
such
as
collateralized
loan
obligations
(“CLO”s).
While
most
aspects
of
the
Fund’s
positioning
were
positive,
an
allocation
to
emerging
market
equities
detracted
modestly.
The
asset
class
lagged
due
to
the
combination
of
U.S.
dollar
strength
and
concerns
about
China’s
property
sector.
The
Fund’s
allocation
to
international
equities
also
slightly
weighed
on
performance.
Holdings
in
infrastructure
stocks
were
another
modest
detractor
due
in
part
to
the
category’s
above-average
interest
rate
sensitivity.
The
Fund
used
derivatives
as
part
of
its
investment
strategy.
In
addition
to
using
U.S.
Treasury
futures
to
manage
duration
positioning,
the
Fund
held
equity
futures,
equity
options
and
currency
futures
to
adjust
its
risk
profile.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
Additionally,
it
used
equity
covered
calls
to
provide
an
alternative
source
of
income.
Duration
management
efforts
aided
returns,
as
did
the
use
of
covered
calls.
Positions
in
equity
futures
and
currency
futures
also
helped
performance.
The
Fund’s
cash
position
had
no
material
impact
on
performance.
Describe
recent
portfolio
activity.
The
investment
adviser
maintained
a
relatively
positive
outlook,
leading
it
to
increase
the
portfolio’s
risk
profile.
The
Fund
finished
the
period
with
a
higher
weighting
in
equities,
most
notably
via
U.S.
stocks
and
covered
calls.
The
investment
adviser
was
also
active
in
fixed
income,
at
times
reducing
the
Fund’s
allocation
to
credit-oriented
market
segments
in
favor
of
equities.
The
Fund
ended
January
2024
with
decreased
weightings
in
asset-backed
securities,
high
yield
bonds
and
bank
loans.
The
investment
adviser
actively
managed
the
Fund’s
duration
profile
in
response
to
the
shifting
interest
rate
backdrop.
The
investment
adviser
reduced
duration
after
the
bond
market
rally
in
late
2023,
leading
to
a
decline
in
portfolio
duration
over
the
reporting
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
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
stocks
and
global
real
estate
investment
trusts.
The
Fund’s
duration
stood
at
approximately
1.6
years.
The
Fund’s
cash
position
was
modestly
elevated
at
end
of
January
2024,
as
the
investment
adviser
was
judicious
in
managing
the
Fund’s
overall
level
of
risk
after
a
stretch
of
strong
market
performance.
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
January
31,
2024
(continued)
5
Fund
Summary
BlackRock
Dynamic
High
Income
Portfolio
Performance
(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
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
The
Fund
may
also
gain
exposure
to
such
equity
securities
and
fixed-
income
securities
by
investing
in
BlackRock
equity
and/or
fixed-income
mutual
funds
and
affiliated
and
unaffiliated
exchange-traded
funds
(“ETFs”).
The
Fund
may
also
invest
up
to
50%
of
its
assets
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
The
Fund
compares
its
performance
to
that
of
a
customized
weighted
index
comprised
of
the
returns
of
the
MSCI
World
Index
(70%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(30%).
(d)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(f)
The
Fund
commenced
operations
on
November
3,
2014.
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
Since
Inception
(f)
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
..............
7.06‌%
6.87‌%
5.02‌%
8.56‌%
N/A‌
4.28‌%
N/A‌
4.51‌%
N/A‌
Investor
A
...............
6.45‌
6.31‌
4.76‌
8.29‌
2.61‌%
4.02‌
2.90‌%
4.25‌
3.64‌%
Investor
C
...............
6.06‌
5.89‌
4.38‌
7.50‌
6.50‌
3.25‌
3.25‌
3.57‌
3.57‌
Class
K
................
7.11‌
6.96‌
4.92‌
8.61‌
N/A‌
4.33‌
N/A‌
4.55‌
N/A‌
70%
MSCI
World
Index/30%
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
..........
—‌
—‌
4.69‌
12.41‌
N/A‌
8.40‌
N/A‌
6.90‌
N/A‌
MSCI
World
Index
(d)
.......
—‌
—‌
5.31‌
16.99‌
N/A‌
11.39‌
N/A‌
9.02‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(e)
..........
—‌
—‌
3.15‌
2.10‌
N/A‌
0.83‌
N/A‌
1.39‌
N/A‌
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,050.20‌
$
3.35‌
$
1,000.00‌
$
1,021.87‌
$
3.30‌
0.65‌%
Investor
A
................................
1,000.00‌
1,047.60‌
4.63‌
1,000.00‌
1,020.61‌
4.57‌
0.90‌
Investor
C
................................
1,000.00‌
1,043.80‌
8.48‌
1,000.00‌
1,016.84‌
8.36‌
1.65‌
Class
K
..................................
1,000.00‌
1,049.20‌
3.09‌
1,000.00‌
1,022.12‌
3.05‌
0.60‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/366
(to
reflect
the
one-half
year
period
shown).
Fund
Summary
as
of
January
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Multi-Asset
Income
Portfolio
Investment
Objective
BlackRock
Multi-Asset
Income
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
with
consideration
for
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
January
31,
2024,
all
of
the
Fund’s
share
classes
outperformed
the
Fund’s
custom
benchmark,
a
blend
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index,
with
the
exception
of
its
Investor
C
Shares
which
underperformed
and
its
Investor
A
Shares
which
performed
in
line.
The
Fund
employs
an
unconstrained
strategy
(i.e.,
one
with
the
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
Fund
may
use
derivatives
to
manage
the
portfolio’s
positioning
and
to
provide
an
element
of
protection
during
periods
of
market
distress.
The
following
discussion
relates
to
absolute
performance
due
to
the
nature
of
the
Fund’s
strategy.
What
factors
influenced
performance?
The
Fund’s
allocation
to
high
yield
bonds
was
the
largest
contributor
to
returns
during
the
reporting
period.
Relatively
positive
market
conditions,
together
with
a
strong
bond
market
rally
late
in
2023,
helped
buoy
the
asset
class.
The
Fund’s
U.S.
equity
allocation
was
another
key
contributor,
as
the
favorable
environment
led
to
sizable
gains
for
stocks.
The
backdrop
of
elevated
interest
rates
was
also
supportive
for
holdings
in
floating-rate
securities,
such
as
collateralized
loan
obligations
(“CLO”s).
While
most
aspects
of
the
Fund’s
positioning
were
positive,
an
allocation
to
emerging
market
equities
detracted
modestly.
The
asset
class
lagged
due
to
the
combination
of
U.S.
dollar
strength
and
concerns
about
China’s
property
sector.
The
Fund’s
allocation
to
international
equities
also
slightly
weighed
on
performance.
Holdings
in
infrastructure
stocks
were
another
modest
detractor
due
in
part
to
the
category’s
above-average
interest
rate
sensitivity.
The
Fund
used
derivatives
as
part
of
its
investment
strategy.
In
addition
to
using
U.S.
Treasury
futures
to
manage
duration
positioning,
the
Fund
held
equity
futures,
equity
options
and
currency
futures
to
adjust
its
risk
profile.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
Additionally,
it
used
equity
covered
calls
to
provide
an
alternative
source
of
income.
Duration
management
efforts
aided
returns,
as
did
the
use
of
covered
calls.
Positions
in
equity
futures
and
currency
futures
further
helped
performance.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance.
Describe
recent
portfolio
activity.
The
investment
adviser
maintained
a
relatively
positive
outlook,
leading
it
to
increase
the
portfolio’s
risk
profile.
The
Fund
finished
the
period
with
a
higher
weighting
in
equities,
most
notably
via
U.S.
stocks
and
covered
calls.
The
investment
adviser
was
also
active
in
fixed
income,
at
times
reducing
the
Fund’s
allocation
to
credit-oriented
market
segments
in
favor
of
equities.
The
Fund
ended
January
2024
with
decreased
weightings
in
agency
mortgage-backed
securities,
investment-grade
corporate
bonds,
and
commercial
mortgage-backed
securities.
The
investment
adviser
actively
managed
the
Fund’s
duration
profile
in
response
to
the
shifting
interest
rate
backdrop.
The
investment
adviser
reduced
duration
after
the
bond
market
rally
in
late
2023,
leading
to
a
decline
in
portfolio
duration
over
the
reporting
period.
Describe
portfolio
positioning
at
period
end.
The
Fund
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
stocks
and
global
real
estate
investment
trusts.
The
Fund’s
duration
stood
at
approximately
2.8
years.
The
Fund’s
cash
position
was
modestly
elevated
at
the
end
of
January
2024,
as
the
investment
adviser
was
judicious
in
managing
the
Fund’s
overall
level
of
risk
after
a
stretch
of
strong
market
performance.
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
January
31,
2024
(continued)
7
Fund
Summary
BlackRock
Multi-Asset
Income
Portfolio
Performance
(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
60%
of
its
assets
in
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
In
addition,
the
Fund
may
invest
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
The
Fund
compares
its
performance
to
that
of
a
customized
weighted
index
comprised
of
the
returns
of
the
MSCI
World
Index
(50%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(50%).
(d)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
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
..............
6.13‌%
6.02‌%
4.39‌%
6.04‌%
N/A‌
4.17‌%
N/A‌
4.13‌%
N/A‌
Investor
A
...............
5.57‌
5.48‌
4.26‌
5.78‌
0.22‌%
3.91‌
2.79‌%
3.87‌
3.31‌%
Investor
C
...............
5.13‌
5.01‌
3.98‌
4.99‌
3.99‌
3.13‌
3.13‌
3.25‌
3.25‌
Class
K
................
6.18‌
6.08‌
4.42‌
5.98‌
N/A‌
4.22‌
N/A‌
4.15‌
N/A‌
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
..........
—‌
—‌
4.27‌
9.41‌
N/A‌
6.32‌
N/A‌
5.58‌
N/A‌
MSCI
World
Index
(d)
.......
—‌
—‌
5.31‌
16.99‌
N/A‌
11.39‌
N/A‌
9.14‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(e)
..........
—‌
—‌
3.15‌
2.10‌
N/A‌
0.83‌
N/A‌
1.63‌
N/A‌
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Including
Interest
Expense
(a)
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(08/01/23)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(01/31/24)
Expenses
Paid
During
the
Period
(a)
Including
Interest
Expense
Excluding
Interest
Expense
Institutional
....
$
1,000.00‌
$
1,043.90‌
$
2.88‌
$
2.83‌
$
1,000.00‌
$
1,022.32‌
$
2.85‌
$
1,022.37‌
$
2.80‌
0.56‌%
0.55‌%
Investor
A
.....
1,000.00‌
1,042.60‌
4.16‌
4.11‌
1,000.00‌
1,021.06‌
4.12‌
1,021.11‌
4.06‌
0.81‌
0.80‌
Investor
C
.....
1,000.00‌
1,039.80‌
8.00‌
7.95‌
1,000.00‌
1,017.29‌
7.91‌
1,017.34‌
7.86‌
1.56‌
1.55‌
Class
K
......
1,000.00‌
1,044.20‌
2.62‌
2.57‌
1,000.00‌
1,022.57‌
2.59‌
1,022.62‌
2.54‌
0.51‌
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
184/366
(to
reflect
the
one-half
year
period
shown).
Portfolio
Information
January
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
'
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
Core
Dividend
Growth
ETF
.....................
5
.6‌
%
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.............
2
.6‌
Citigroup,
Inc.
(
Microsoft
Corp.
)
,
13.72
%
,
03/13/24
...........
0
.9‌
BNP
Paribas
SA
(
Apple,
Inc.
)
,
9.51
%
,
02/02/24
..............
0
.8‌
Nomura
America
Finance
LLC
(
Apple,
Inc.
)
,
10.85
%
,
03/21/24
...
0
.8‌
Citigroup,
Inc.
(
Amazon.com,
Inc.
)
,
18.18
%
,
02/02/24
.........
0
.6‌
Microsoft
Corp.
...................................
0
.5‌
Mizuho
Markets
Cayman
LP
(
Alphabet,
Inc.
)
,
13.71
%
,
02/01/24
...
0
.5‌
JPMorgan
Structured
Products
BV
(
Alphabet,
Inc.
)
,
17.88
%
,
03/21/24
0
.5‌
Barclays
Bank
plc
(
SAP
SE
)
,
9.82
%
,
03/22/24
..............
0
.5‌
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Equity-Linked
Notes
.................................
29
.4‌
%
Common
Stocks
...................................
21
.5‌
Corporate
Bonds
...................................
15
.9‌
Asset-Backed
Securities
..............................
12
.2‌
Investment
Companies
...............................
8
.2‌
Floating
Rate
Loan
Interests
...........................
5
.4‌
Non-Agency
Mortgage-Backed
Securities
..................
3
.0‌
Preferred
Securities
.................................
1
.9‌
Foreign
Government
Obligations
........................
1
.9‌
Foreign
Agency
Obligations
............................
0
.6‌
U.S.
Government
Sponsored
Agency
Securities
..............
0
.0‌
(b)
Warrants
........................................
0
.0‌
(b)
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
Core
Dividend
Growth
ETF
.....................
2
.9‌
%
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.............
2
.1‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..............
0
.6‌
Microsoft
Corp.
...................................
0
.4‌
Citigroup,
Inc.
(
Microsoft
Corp.
)
,
13.72
%
,
03/13/24
...........
0
.4‌
Sanofi
SA
.......................................
0
.3‌
BNP
Paribas
SA
(
Apple,
Inc.
)
,
9.51
%
,
02/02/24
..............
0
.3‌
Nomura
America
Finance
LLC
(
Apple,
Inc.
)
,
10.85
%
,
03/21/24
...
0
.3‌
AstraZeneca
plc
..................................
0
.3‌
Novo
Nordisk
A/S
,
Class
B
...........................
0
.3‌
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
25
.5‌
%
Common
Stocks
...................................
25
.0‌
Asset-Backed
Securities
..............................
14
.9‌
Equity-Linked
Notes
.................................
13
.8‌
Floating
Rate
Loan
Interests
...........................
6
.5‌
Non-Agency
Mortgage-Backed
Securities
..................
5
.6‌
Investment
Companies
...............................
5
.0‌
Preferred
Securities
.................................
1
.9‌
Foreign
Government
Obligations
........................
1
.1‌
Foreign
Agency
Obligations
............................
0
.6‌
Fixed
Rate
Loan
Interests
.............................
0
.1‌
U.S.
Government
Sponsored
Agency
Securities
..............
0
.0‌
(b)
Warrants
........................................
0
.0‌
(b)
(a)
Excludes
short-term
securities,
options
purchased
and
options
written.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
About
Fund
Performance
9
About
Fund
Performance
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.
Class
K
Shares
performance
shown
prior
to
the
Class
K
Shares
inception
date
of
March
28,
2016
for
BlackRock
Dynamic
High
Income
Portfolio
and
the
Class
K
Shares
inception
date
of
February
3,
2017
for
the
BlackRock
Multi-Asset
Income
Portfolio
is
that
of
Institutional
Shares.
The
performance
of
each
Fund’s
Class
K
Shares
would
be
substantially
similar
to
Institutional
Shares
because
Class
K
Shares
and
Institutional
Shares
invest
in
the
same
portfolio
of
securities
and
performance
would
only
differ
to
the
extent
that
Class
K
Shares
and
Institutional
Shares
have
different
expenses.
The
actual
returns
of
Class
K
Shares
would
have
been
higher
than
those
of
Institutional
Shares
because
Class
K
Shares
have
lower
expenses
than
the
Institutional
Shares.  
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.
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.
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 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
2024
BlackRock
Semi-Annual
Report
to
Shareholders
10
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.
Derivative
Financial
Instruments
The
Funds
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
Funds
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
Funds’
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 a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds’
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AB
BSL
CLO
4
Ltd.,
Series
2023-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
7.82%,
04/20/36
(a)
(b)
..........
USD
2,000
$
2,005,993
AGL
CLO
11
Ltd.,
Series
2021-11A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
04/15/34
(a)
(b)
..........
500
498,882
AGL
CLO
17
Ltd.,
Series
2022-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.42%,
01/21/35
(a)
(b)
..........
1,000
990,341
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
10/17/34
................
1,000
997,448
Series
2015-AA,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/17/34
................
1,000
993,717
AIMCO
CLO
10
Ltd.,
Series
2019-10A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
07/22/32
(a)
(b)
.........
2,400
2,403,785
AIMCO
CLO
14
Ltd.,
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
04/20/34
(a)
(b)
..........
865
858,633
AMSR
Trust
(b)
Series
2020-SFR2,
Class
I,
5.25%,
07/17/37
600
567,240
Series
2020-SFR3,
Class
H,
6.50%,
09/17/37
.....................
100
96,579
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-
4RA,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.18%,
01/28/31
(a)
(b)
250
245,046
Anchorage
Capital
CLO
Ltd.,
Series
2018-1RA,
Class
E,
(3-mo.
CME
Term
SOFR
at
5.76%
Floor
+
5.76%),
11.08%,
04/13/31
(a)
(b)
....
1,000
967,926
Ares
LIII
CLO
Ltd.,
Series
2019-53A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.23%,
04/24/31
(a)
(b)
..........
500
500,036
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
(3-mo.
LIBOR
USD
+
0.00%),
0.00%,
04/15/30
(a)
(b)
.....................
500
127,400
Arini
European
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.04%
Floor
+
6.04%),
9.97%,
07/15/36
(a)
(c)
................
EUR
100
108,462
Atrium
XIV
LLC,
Series
14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
08/23/30
(a)
(b)
................
USD
250
249,795
Bain
Capital
Credit
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
10/17/32
(a)
(b)
.....
1,000
994,670
Benefit
Street
Partners
CLO
XXI
Ltd.,
Series
2020-21A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
10/15/34
(a)
(b)
.....................
3,500
3,499,612
Benefit
Street
Partners
CLO
XXIV
Ltd.,
Series
2021-24A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.93%,
10/20/34
(a)
(b)
.....................
2,000
2,017,261
Cairn
CLO
XVI
DAC,
Series
2023-16X,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
9.14%,
01/15/37
(a)
(c)
..........
EUR
100
108,063
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
07/15/31
.....................
USD
1,000
992,378
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
07/15/34
................
500
495,746
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.08%,
01/15/34
.....................
USD
500
$
499,989
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.15%),
8.47%,
07/16/31
(a)
(b)
.....................
1,000
985,046
CarVal
CLO
II
Ltd.,
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.08%,
04/20/32
(a)
(b)
..........
1,000
987,104
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
3.96%),
9.28%,
04/20/29
(a)
(b)
................
250
249,994
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)
(b)
........
1,000
308,200
CIFC
European
Funding
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.14%,
07/15/32
(a)
(c)
.........
EUR
100
105,713
CIFC
Funding
2020-III
Ltd.,
Series
2020-3A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
10/20/34
(a)
(b)
.....
USD
1,000
983,146
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.38%,
04/27/31
................
500
492,546
Series
2014-5A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.66%),
8.98%,
10/17/31
................
500
497,621
Series
2015-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.22%,
04/19/29
................
250
250,000
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.76%),
9.08%,
04/23/29
....
500
499,988
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.39%,
04/25/33
.....................
3,500
3,465,101
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
07/15/33
.....................
2,935
2,912,209
Series
2021-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
10/15/34
.....................
1,750
1,753,057
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
04/20/32
................
500
499,139
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
04/20/32
................
500
501,195
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
04/15/34
................
900
892,221
Series
2021-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.86%
Floor
+
6.86%),
12.18%,
04/22/34
.....................
2,000
2,000,623
Series
2021-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/20/34
.....................
4,700
4,732,430
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
07/20/34
.....................
500
494,501
Contego
CLO
VII
DAC,
Series
7X,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.91%,
05/14/32
(a)
(c)
................
EUR
150
160,708
Dryden
75
CLO
Ltd.,
Series
2019-75A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.60%
Floor
+
6.86%),
12.18%,
04/15/34
(a)
(b)
....
USD
350
338,220
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
10/20/34
(a)
(b)
.........
USD
1,855
$
1,860,038
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
6.95%,
01/17/34
(a)
(b)
.........
2,750
2,759,640
Elmwood
CLO
XI
Ltd.
(a)(b)
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/20/34
.....................
3,400
3,339,549
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.58%,
10/20/34
.....................
1,250
1,242,698
Fidelity
Grand
Harbour
CLO
DAC
(a)(c)
Series
2021-1X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.54%,
10/15/34
.....................
EUR
250
262,583
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
5.90%
Floor
+
5.90%),
9.68%,
08/15/36
.....................
150
162,562
Flatiron
CLO
19
Ltd.,
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.20%,
11/16/34
(a)
(b)
.........
USD
2,400
2,396,415
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.23%,
10/19/39
(a)
(b)
..........
1,500
1,507,858
Galaxy
XXVI
CLO
Ltd.,
Series
2018-26A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.33%,
11/22/31
(a)
(b)
..........
2,500
2,494,501
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.63%),
6.95%,
01/22/33
(a)
(b)
.........
1,000
1,002,419
Golub
Capital
Partners
CLO
43B
Ltd.,
Series
2019-43A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.53%,
07/20/32
(a)
(b)
.....................
2,000
2,006,266
Golub
Capital
Partners
CLO
66B
Ltd.,
Series
2023-66A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
8.62%,
04/25/36
(a)
(b)
.....................
2,000
2,017,582
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.08%,
04/15/31
(a)
(b)
.....
650
627,368
Greywolf
CLO
V
Ltd.,
Series
2015-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.59%,
01/27/31
(a)
(b)
.........
500
498,220
GSAA
Home
Equity
Trust,
Series
2006-5,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.81%,
03/25/36
(a)
......
54
16,420
Invesco
CLO
Ltd.
(a)(b)
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.37%,
04/20/35
.....................
750
745,159
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.30%),
11.62%,
04/20/35
.....................
500
482,027
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.55%,
01/17/38
(a)
(b)
.....
241
241,075
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
9.18%,
01/15/33
(a)
(b)
..........
500
495,921
Madison
Park
Funding
XIII
Ltd.,
Series
2014-
13A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.47%,
04/19/30
(a)
(b)
..........
500
500,001
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Madison
Park
Funding
XLV
Ltd.,
Series
2020-
45A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
07/15/34
(a)
(b)
USD
2,000
$
2,000,202
Madison
Park
Funding
XLVI
Ltd.,
Series
2020-
46A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/15/34
(a)
(b)
2,480
2,476,048
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.86%),
8.18%,
04/20/30
(a)
(b)
500
491,258
Madison
Park
Funding
XXXIII
Ltd.,
Series
2019-
33A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.41%,
10/15/32
(a)
(b)
1,000
994,561
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.94%,
04/25/32
(a)
(b)
.....................
3,000
3,018,897
Madison
Park
Funding
XXXVI
Ltd.,
Series
2019-36A,
Class
D1R,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.50%),
8.81%,
04/15/35
(a)
(b)
.....................
1,000
1,001,908
Madison
Park
Funding
XXXVII
Ltd.,
Series
2019-37A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
07/15/33
(a)
(b)
.....................
1,500
1,492,581
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.73%,
05/25/37
(a)
......................
650
499,066
Neuberger
Berman
CLO
XVIII
Ltd.,
Series
2014-18A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
3.26%),
8.58%,
10/21/30
(a)
(b)
....
250
236,871
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.21%,
10/18/30
(a)
(b)
.....................
1,000
985,048
Neuberger
Berman
Loan
Advisers
CLO
27
Ltd.,
Series
2018-27A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.18%,
01/15/30
(a)
(b)
.....................
500
499,350
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd.,
Series
2019-34A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
7.07%,
01/20/35
(a)
(b)
................
4,000
3,983,200
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.,
Series
2022-50A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.90%
Floor
+
4.90%),
10.22%,
07/23/36
(a)
(b)
.....................
1,500
1,509,314
Neuberger
Berman
Loan
Advisers
CLO
Ltd.,
Series
2021-44A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.58%,
10/16/34
(a)
(b)
.....................
2,000
1,965,350
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.33%,
01/20/31
(a)
(b)
.....................
500
483,783
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
07/17/30
(a)
(b)
.....................
250
247,099
OHA
Credit
Funding
1
Ltd.,
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
10/20/30
(a)
(b)
.....
500
500,009
OHA
Credit
Funding
16
Ltd.,
Series
2023-16A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.00%),
9.36%,
10/20/36
(a)
(b)
.....
2,000
1,999,011
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/02/35
(a)
(b)
.....
USD
4,000
$
4,018,000
OHA
Credit
Funding
5
Ltd.,
Series
2020-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.73%,
04/18/33
(a)
(b)
.....
500
501,204
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.53%,
02/20/34
(a)
(b)
1,000
990,333
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
10/17/31
................
800
794,511
Series
2015-1A,
Class
CR4,
(3-mo.
CME
Term
SOFR
at
3.11%
Floor
+
3.11%),
8.48%,
05/21/34
................
500
488,111
Series
2015-2A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
07/20/30
................
750
750,000
Series
2015-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.33%,
07/20/30
................
1,300
1,293,507
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.64%,
11/14/34
................
500
497,386
Series
2020-3A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
8.02%,
11/15/36
................
1,000
999,970
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.53%,
01/15/35
.....................
1,750
1,750,002
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
10/15/34
.....................
3,000
3,004,226
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/15/34
.....................
1,400
1,392,235
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/15/34
.....................
3,000
2,962,829
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.05%
Floor
+
6.31%),
11.63%,
10/15/34
.....................
3,000
2,956,928
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.37%,
04/20/35
.....................
1,500
1,499,997
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.37%,
04/20/35
.....................
1,000
993,689
Prima
Capital
CRE
Securitization
Ltd.,
Series
2016-6A,
Class
C,
4.00%,
08/24/40
(b)
....
2,000
1,812,724
Providus
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
6.95%,
02/15/35
(a)
(c)
................
EUR
100
104,361
Rad
CLO
12
Ltd.,
Series
2021-12A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/30/34
(a)
(b)
..........
USD
1,500
1,481,086
Rad
CLO
14
Ltd.,
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
01/15/35
(a)
(b)
..........
1,000
981,849
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
04/20/34
(a)
(b)
.....
250
250,027
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
8.78%,
10/17/30
(a)
(b)
.....
2,000
1,979,918
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.68%,
07/15/31
(a)
(b)
................
USD
500
$
499,990
Regatta
XV
Funding
Ltd.
(a)(b)
Series
2018-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.44%,
10/25/31
.....................
285
285,335
Series
2018-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.89%,
10/25/31
.....................
250
250,294
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.90%
Floor
+
4.16%),
9.48%,
01/15/33
(a)
(b)
.....
2,000
1,995,226
Regatta
XXIII
Funding
Ltd.,
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
01/20/35
(a)
(b)
.....
1,000
1,003,890
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.18%,
07/16/34
(a)
(c)
................
EUR
150
155,677
Rockford
Tower
CLO
Ltd.,
Series
2018-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/20/31
(a)
(b)
.....
USD
300
300,005
Signal
Peak
CLO
5
Ltd.,
Series
2018-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.04%,
04/25/31
(a)
(b)
..........
2,000
2,007,377
Signal
Peak
CLO
7
Ltd.,
Series
2019-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/30/32
(a)
(b)
..........
500
500,850
Sycamore
Tree
CLO
Ltd.,
Series
2023-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
4.50%
Floor
+
4.50%),
0.00%,
01/20/37
(a)
(b)
.....
2,000
2,000,000
Symphony
CLO
XIX
Ltd.,
Series
2018-19A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.01%),
7.33%,
04/16/31
(a)
(b)
................
500
495,399
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.53%,
04/20/34
(a)
(b)
..........
500
497,913
TCI-Flatiron
CLO
Ltd.,
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.33%,
01/29/32
(a)
(b)
.........
1,000
991,615
TICP
CLO
VII
Ltd.,
Series
2017-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
04/15/33
(a)
(b)
..........
500
499,973
TICP
CLO
XI
Ltd.,
Series
2018-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/20/31
(a)
(b)
..........
300
301,994
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
3.16%),
8.48%,
04/20/31
(a)
(b)
.....................
500
493,113
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
10.47%,
04/20/36
(a)
(b)
.........
1,000
1,022,695
Total
Asset-Backed
Securities
—
12
.1
%
(Cost:
$
137,547,256
)
..............................
137,173,861
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.4%
BAE
Systems
plc
....................
113,228
1,686,698
L3Harris
Technologies,
Inc.
.............
7,719
1,608,794
RTX
Corp.
........................
17,970
1,637,426
4,932,918
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Air
Freight
&
Logistics
—
0.1%
United
Parcel
Service,
Inc.
,
Class
B
.......
10,438
$
1,481,152
Automobile
Components
—
0.1%
Aptiv
plc
(d)
.........................
4,010
326,133
Lear
Corp.
........................
2,060
273,774
599,907
Automobiles
—
0.1%
General
Motors
Co.
..................
27,695
1,074,566
Banks
—
1.0%
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
....
2,243,100
808,044
Citigroup,
Inc.
......................
40,142
2,254,776
Citizens
Financial
Group,
Inc.
...........
58,052
1,898,301
DBS
Group
Holdings
Ltd.
..............
40,300
954,518
First
Citizens
BancShares,
Inc.
,
Class
A
.....
1,094
1,651,940
M&T
Bank
Corp.
....................
8,530
1,177,993
Sberbank
of
Russia
PJSC
(e)
.............
98,136
11
Wells
Fargo
&
Co.
...................
49,241
2,470,913
11,216,496
Beverages
—
0.1%
Diageo
plc
........................
34,230
1,236,314
Keurig
Dr
Pepper,
Inc.
................
11,810
371,307
1,607,621
Biotechnology
—
0.2%
AbbVie,
Inc.
.......................
12,358
2,031,655
Broadline
Retail
—
0.1%
Alibaba
Group
Holding
Ltd.
,
ADR
.........
7,110
513,129
Building
Products
—
0.3%
Allegion
plc
........................
17,189
2,129,545
Carrier
Global
Corp.
..................
25,791
1,411,026
Johnson
Controls
International
plc
........
5,090
268,192
3,808,763
Capital
Markets
—
0.5%
Carlyle
Group,
Inc.
(The)
...............
12,042
481,921
Charles
Schwab
Corp.
(The)
............
19,036
1,197,745
FactSet
Research
Systems,
Inc.
..........
572
272,226
Intercontinental
Exchange,
Inc.
..........
16,196
2,062,237
MSCI,
Inc.
........................
512
306,493
Raymond
James
Financial,
Inc.
..........
4,258
469,146
State
Street
Corp.
...................
3,403
251,380
5,041,148
Chemicals
—
0.3%
Air
Liquide
SA
......................
9,152
1,712,645
Ecolab,
Inc.
.......................
129
25,570
International
Flavors
&
Fragrances,
Inc.
.....
9,290
749,517
Sherwin-Williams
Co.
(The)
.............
936
284,900
2,772,632
Commercial
Services
&
Supplies
—
0.2%
Cintas
Corp.
.......................
474
286,566
Republic
Services,
Inc.
................
9,937
1,700,420
Waste
Management,
Inc.
...............
1,543
286,427
2,273,413
Communications
Equipment
—
0.1%
Cisco
Systems,
Inc.
..................
28,286
1,419,392
Construction
&
Engineering
—
0.0%
Eiffage
SA
........................
1,455
152,237
Ferrovial
SE
.......................
6,511
248,299
400,536
Security
Shares
Shares
Value
Consumer
Finance
—
0.2%
American
Express
Co.
................
4,296
$
862,379
Capital
One
Financial
Corp.
.............
2,074
280,654
Synchrony
Financial
..................
18,790
730,367
1,873,400
Consumer
Staples
Distribution
&
Retail
—
0.3%
Costco
Wholesale
Corp.
...............
542
376,625
Dollar
General
Corp.
.................
9,780
1,291,645
Fix
Price
Group
plc
,
GDR
(b)
(c)
(e)
...........
20,010
200
Wal-Mart
de
Mexico
SAB
de
CV
..........
369,447
1,525,956
Walmart,
Inc.
.......................
2,074
342,728
3,537,154
Containers
&
Packaging
—
0.2%
Amcor
plc
.........................
12,858
121,251
Avery
Dennison
Corp.
.................
1,325
264,271
Ball
Corp.
.........................
4,514
250,302
Sealed
Air
Corp.
....................
36,475
1,260,211
WestRock
Co.
......................
3,108
125,128
2,021,163
Distributors
—
0.0%
Genuine
Parts
Co.
...................
222
31,131
LKQ
Corp.
........................
1,857
86,666
117,797
Diversified
REITs
—
0.1%
(c)
Cromwell
European
REIT
..............
389,803
588,623
LXI
REIT
plc
.......................
724,300
966,000
1,554,623
Diversified
Telecommunication
Services
—
0.6%
AT&T,
Inc.
.........................
36,174
639,916
Cellnex
Telecom
SA
(b)
(c)
................
49,859
1,918,443
Koninklijke
KPN
NV
..................
456,219
1,551,939
TELUS
Corp.
......................
86,807
1,554,772
Verizon
Communications,
Inc.
...........
33,059
1,400,049
7,065,119
Electric
Utilities
—
1.1%
Alliant
Energy
Corp.
..................
15,850
771,261
American
Electric
Power
Co.,
Inc.
.........
19,417
1,517,244
CK
Infrastructure
Holdings
Ltd.
...........
47,000
279,126
CLP
Holdings
Ltd.
...................
31,500
250,533
Duke
Energy
Corp.
..................
6,394
612,737
Edison
International
..................
14,072
949,579
Entergy
Corp.
......................
6,900
688,344
Eversource
Energy
..................
984
53,352
Exelon
Corp.
.......................
19,132
665,985
NextEra
Energy,
Inc.
.................
20,973
1,229,647
PG&E
Corp.
.......................
84,917
1,432,550
Portland
General
Electric
Co.
............
12,964
530,616
PPL
Corp.
........................
36,089
945,532
Southern
Co.
(The)
..................
11,373
790,651
SSE
plc
..........................
9,835
209,465
Terna
-
Rete
Elettrica
Nazionale
..........
50,357
424,613
Xcel
Energy,
Inc.
....................
16,170
968,098
12,319,333
Electrical
Equipment
—
0.1%
Sensata
Technologies
Holding
plc
.........
13,340
482,508
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Amphenol
Corp.
,
Class
A
..............
1,491
150,740
TE
Connectivity
Ltd.
..................
6,988
993,624
Zebra
Technologies
Corp.
,
Class
A
(d)
.......
1,939
464,487
1,608,851
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
—
0.2%
Baker
Hughes
Co.
...................
710
$
20,235
Baker
Hughes
Co.
,
Class
A
.............
55,651
1,586,053
Halliburton
Co.
.....................
5,687
202,742
Schlumberger
NV
...................
4,353
211,991
2,021,021
Financial
Services
—
0.3%
Equitable
Holdings,
Inc.
...............
19,466
636,344
Fidelity
National
Information
Services,
Inc.
...
26,638
1,658,482
Jack
Henry
&
Associates,
Inc.
...........
1,570
260,353
Travelport
Finance
(d)
(e)
.................
27
82,469
Visa,
Inc.
,
Class
A
...................
2,812
768,407
3,406,055
Food
Products
—
0.5%
Kraft
Heinz
Co.
(The)
.................
42,912
1,593,323
Mondelez
International,
Inc.
,
Class
A
.......
27,201
2,047,419
Nestle
SA
(Registered)
................
20,365
2,320,604
5,961,346
Gas
Utilities
—
0.0%
Tokyo
Gas
Co.
Ltd.
..................
11,800
271,068
Ground
Transportation
—
0.4%
Canadian
Pacific
Kansas
City
Ltd.
........
9,792
787,975
CSX
Corp.
........................
15,252
544,496
Norfolk
Southern
Corp.
................
1,828
430,019
Union
Pacific
Corp.
..................
10,641
2,595,659
West
Japan
Railway
Co.
...............
3,900
162,433
4,520,582
Health
Care
Equipment
&
Supplies
—
0.6%
Baxter
International,
Inc.
...............
40,363
1,561,644
EssilorLuxottica
SA
..................
10,115
1,982,268
Koninklijke
Philips
NV
(d)
................
26,383
558,147
Medtronic
plc
......................
33,993
2,975,747
ResMed,
Inc.
......................
1,036
197,047
7,274,853
Health
Care
Providers
&
Services
—
0.8%
Cardinal
Health,
Inc.
..................
14,795
1,615,466
Cencora,
Inc.
......................
1,268
295,038
Cigna
Group
(The)
...................
3,405
1,024,735
Elevance
Health,
Inc.
.................
2,260
1,115,174
Envision
Healthcare
Corp.
(d)
(e)
...........
3,755
37,550
HCA
Healthcare,
Inc.
.................
997
303,985
Humana,
Inc.
......................
2,418
914,149
Laboratory
Corp.
of
America
Holdings
......
5,108
1,135,508
McKesson
Corp.
....................
559
279,439
UnitedHealth
Group,
Inc.
...............
4,519
2,312,553
Universal
Health
Services,
Inc.
,
Class
B
....
1,687
267,913
9,301,510
Health
Care
REITs
—
0.8%
Assura
plc
........................
3,447,042
1,945,702
CareTrust
REIT,
Inc.
..................
81,008
1,694,687
Community
Healthcare
Trust,
Inc.
.........
7,837
200,549
Healthpeak
Properties,
Inc.
.............
73,758
1,364,523
Physicians
Realty
Trust
................
108,894
1,332,863
Target
Healthcare
REIT
plc
.............
964,640
1,015,121
Welltower,
Inc.
......................
12,838
1,110,615
8,664,060
Hotels,
Restaurants
&
Leisure
—
0.0%
Domino's
Pizza,
Inc.
..................
637
271,502
Yum!
Brands,
Inc.
...................
934
120,944
392,446
Security
Shares
Shares
Value
Household
Durables
—
0.2%
Newell
Brands,
Inc.
..................
40,386
$
336,012
Sony
Group
Corp.
,
ADR
...............
7,827
765,089
Taylor
Wimpey
plc
...................
873,607
1,631,017
2,732,118
Household
Products
—
0.1%
Reckitt
Benckiser
Group
plc
.............
6,754
488,320
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Boralex,
Inc.
,
Class
A
.................
6,005
144,849
EDP
Renovaveis
SA
..................
9,178
148,621
293,470
Industrial
Conglomerates
—
0.0%
Siemens
AG
(Registered)
..............
1,396
249,917
Industrial
REITs
—
0.7%
ESR
Kendall
Square
REIT
Co.
Ltd.
........
326,924
921,071
Goodman
Group
....................
63,235
1,049,649
LondonMetric
Property
plc
..............
333,718
815,405
Prologis,
Inc.
.......................
16,716
2,117,750
Rexford
Industrial
Realty,
Inc.
...........
35,558
1,869,995
Warehouses
De
Pauw
CVA
.............
53,277
1,558,734
8,332,604
Insurance
—
0.8%
American
International
Group,
Inc.
........
20,693
1,438,371
Assurant,
Inc.
......................
6,960
1,168,932
Brown
&
Brown,
Inc.
..................
1,824
141,470
Fidelity
National
Financial,
Inc.
,
Class
A
.....
21,720
1,086,652
Globe
Life,
Inc.
.....................
2,116
259,887
Prudential
plc
......................
152,609
1,567,686
Travelers
Cos.,
Inc.
(The)
..............
1,473
311,333
Willis
Towers
Watson
plc
...............
3,431
845,055
Zurich
Insurance
Group
AG
.............
3,233
1,642,653
8,462,039
IT
Services
—
0.5%
Accenture
plc
,
Class
A
................
5,634
2,050,100
Cognizant
Technology
Solutions
Corp.
,
Class
A
17,144
1,322,145
NEXTDC
Ltd.
(d)
.....................
141,466
1,280,714
SUNeVision
Holdings
Ltd.
..............
1,890,000
648,503
5,301,462
Leisure
Products
—
0.1%
Hasbro,
Inc.
.......................
11,320
554,114
Life
Sciences
Tools
&
Services
—
0.0%
Fortrea
Holdings,
Inc.
(d)
................
11,806
365,514
Machinery
—
0.4%
CNH
Industrial
NV
...................
46,590
559,080
Komatsu
Ltd.
......................
30,100
856,343
Otis
Worldwide
Corp.
.................
26,886
2,377,798
Westinghouse
Air
Brake
Technologies
Corp.
..
3,640
478,915
4,272,136
Media
—
0.2%
Comcast
Corp.
,
Class
A
...............
26,212
1,219,907
Fox
Corp.
,
Class
A
...................
16,601
536,212
Learfield
Communications
LLC
,
(Acquired
09/06/23
,
cost
$
13,651
)
(d)
(f)
...........
1,086
46,155
Omnicom
Group,
Inc.
.................
1,880
169,914
SES
SA
,
ADR
......................
28,458
174,605
2,146,793
Multi-Utilities
—
0.4%
CenterPoint
Energy,
Inc.
...............
16,904
472,298
CMS
Energy
Corp.
...................
2,434
139,127
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Multi-Utilities
(continued)
Dominion
Energy,
Inc.
.................
17,999
$
822,914
DTE
Energy
Co.
....................
4,443
468,381
National
Grid
plc
....................
78,675
1,047,881
NiSource,
Inc.
......................
28,463
739,184
Sempra
..........................
15,959
1,142,026
4,831,811
Office
REITs
—
0.3%
Alexandria
Real
Estate
Equities,
Inc.
.......
8,122
981,950
Boston
Properties,
Inc.
................
18,833
1,252,394
SL
Green
Realty
Corp.
................
19,665
883,942
3,118,286
Oil,
Gas
&
Consumable
Fuels
—
1.0%
BP
plc
...........................
307,320
1,794,877
Cheniere
Energy,
Inc.
.................
3,785
620,702
Chevron
Corp.
......................
3,670
541,068
DT
Midstream,
Inc.
...................
5,860
314,623
Enbridge,
Inc.
......................
14,165
502,984
Koninklijke
Vopak
NV
.................
4,293
134,108
Kosmos
Energy
Ltd.
(d)
.................
101,394
614,448
LUKOIL
PJSC
(e)
.....................
44,196
5
Novatek
PJSC
(e)
....................
80
—
Pembina
Pipeline
Corp.
...............
15,654
539,207
Shell
plc
..........................
99,410
3,096,694
Suncor
Energy,
Inc.
..................
27,990
927,029
Targa
Resources
Corp.
................
8,224
698,711
TC
Energy
Corp.
....................
18,221
718,838
Williams
Cos.,
Inc.
(The)
...............
31,458
1,090,334
11,593,628
Personal
Care
Products
—
0.0%
Unilever
plc
,
ADR
...................
9,097
442,933
Pharmaceuticals
—
1.0%
AstraZeneca
plc
....................
23,361
3,097,128
Bayer
AG
(Registered)
................
21,271
661,882
Bristol-Myers
Squibb
Co.
...............
9,730
475,505
Eli
Lilly
&
Co.
......................
1,079
696,613
Novo
Nordisk
A/S
,
Class
B
.............
18,568
2,122,405
Novo
Nordisk
A/S
,
ADR
...............
696
79,859
Pfizer,
Inc.
........................
14,140
382,911
Sanofi
SA
.........................
33,202
3,325,031
10,841,334
Professional
Services
—
0.7%
Dun
&
Bradstreet
Holdings,
Inc.
..........
71,059
823,574
Leidos
Holdings,
Inc.
.................
13,878
1,533,103
NMG,
Inc.
(d)
........................
602
60,200
Paychex,
Inc.
......................
18,064
2,198,931
RELX
plc
.........................
50,677
2,090,390
SS&C
Technologies
Holdings,
Inc.
........
23,480
1,432,749
8,138,947
Real
Estate
Management
&
Development
—
0.4%
CK
Asset
Holdings
Ltd.
................
439,500
1,983,175
Corp.
Inmobiliaria
Vesta
SAB
de
CV
,
ADR
...
17,694
670,957
VGP
NV
..........................
4,311
505,632
Vonovia
SE
........................
29,688
924,851
Wharf
Real
Estate
Investment
Co.
Ltd.
.....
243,000
711,950
4,796,565
Residential
REITs
—
0.4%
Mid-America
Apartment
Communities,
Inc.
...
262
33,112
Sun
Communities,
Inc.
................
15,963
2,000,962
UDR,
Inc.
.........................
65,749
2,368,279
4,402,353
Security
Shares
Shares
Value
Retail
REITs
—
0.2%
Link
REIT
.........................
387,500
$
1,943,578
Semiconductors
&
Semiconductor
Equipment
—
0.6%
Applied
Materials,
Inc.
................
8,817
1,448,633
MediaTek,
Inc.
......................
28,000
864,014
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
143,000
2,862,646
Texas
Instruments,
Inc.
................
11,362
1,819,283
6,994,576
Software
—
0.7%
Microsoft
Corp.
.....................
14,903
5,925,135
Oracle
Corp.
.......................
15,544
1,736,265
7,661,400
Specialized
REITs
—
1.2%
American
Tower
Corp.
................
14,493
2,835,555
Crown
Castle,
Inc.
...................
14,655
1,586,404
Digital
Realty
Trust,
Inc.
...............
6,411
900,489
EPR
Properties
.....................
30,547
1,352,316
Equinix,
Inc.
.......................
1,536
1,274,527
Extra
Space
Storage,
Inc.
..............
8,536
1,232,940
SBA
Communications
Corp.
............
10,562
2,364,409
VICI
Properties,
Inc.
..................
73,067
2,200,778
13,747,418
Specialty
Retail
—
0.1%
Home
Depot,
Inc.
(The)
...............
1,099
387,903
Tractor
Supply
Co.
...................
1,231
276,483
664,386
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Apple,
Inc.
........................
12,369
2,280,844
HP,
Inc.
..........................
13,519
388,130
Samsung
Electronics
Co.
Ltd.
,
GDR
(b)
(c)
.....
1,117
1,526,457
4,195,431
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
1,989
1,654,965
Tapestry,
Inc.
.......................
15,360
595,815
2,250,780
Tobacco
—
0.3%
British
American
Tobacco
plc
............
46,020
1,356,836
Philip
Morris
International,
Inc.
...........
21,361
1,940,647
3,297,483
Trading
Companies
&
Distributors
—
0.0%
Fastenal
Co.
.......................
4,298
293,253
Transportation
Infrastructure
—
0.6%
Aena
SME
SA
(b)
(c)
....................
7,048
1,246,842
Aeroports
de
Paris
SA
................
5,321
712,002
Atlas
Arteria
Ltd.
(g)
...................
88,141
310,732
Auckland
International
Airport
Ltd.
........
97,825
504,375
Flughafen
Zurich
AG
(Registered)
.........
3,561
734,727
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(d)
.....................
7,858
461,202
Getlink
SE
........................
14,171
244,182
Japan
Airport
Terminal
Co.
Ltd.
..........
7,800
309,761
Salik
Co.
PJSC
.....................
159,521
150,707
Transurban
Group
(g)
..................
211,682
1,859,676
6,534,206
Water
Utilities
—
0.0%
United
Utilities
Group
plc
...............
20,292
273,308
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.1%
Rogers
Communications,
Inc.
,
Class
B
.....
9,962
$
465,331
Vodafone
Group
plc
..................
1,054,170
896,194
1,361,525
Total
Common
Stocks
—
21
.4
%
(Cost:
$
228,114,078
)
..............................
242,147,905
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.2%
(b)
Bombardier,
Inc.
7.13%
,
06/15/26
..................
USD
192
193,600
7.88%
,
04/15/27
..................
86
85,890
6.00%
,
02/15/28
..................
272
264,997
8.75%
,
11/15/30
..................
177
185,754
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
......................
13
12,340
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
......................
570
596,932
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
..
200
197,750
Spirit
AeroSystems,
Inc.
9.38%
,
11/30/29
..................
194
210,195
9.75%
,
11/15/30
..................
154
161,632
TransDigm,
Inc.
6.75%
,
08/15/28
..................
319
324,220
7.13%
,
12/01/31
..................
40
41,691
Triumph
Group,
Inc.,
9.00%,
03/15/28
.....
295
311,269
Wesco
Aircraft
Holdings,
Inc.,
9.00%,
11/15/26
(d)
(h)
....................
84
8,820
2,595,090
Automobile
Components
—
0.3%
Clarios
Global
LP
(b)
6.75%
,
05/15/25
..................
58
57,957
8.50%
,
05/15/27
..................
765
762,903
Dana
Financing
Luxembourg
SARL,
8.50%,
07/15/31
(c)
.....................
EUR
239
281,729
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
.......
USD
114
112,935
Forvia
SE,
3.75%,
06/15/28
(c)
...........
EUR
100
104,423
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%
,
07/15/29
..................
USD
38
35,665
5.63%
,
04/30/33
..................
39
35,288
Icahn
Enterprises
LP
6.25%
,
05/15/26
..................
134
128,386
5.25%
,
05/15/27
..................
328
295,036
9.75%
,
01/15/29
(b)
.................
97
99,546
4.38%
,
02/01/29
..................
50
41,786
IHO
Verwaltungs
GmbH,
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)
(c)
(i)
.........
EUR
325
379,343
Schaeffler
AG
(c)
4.50%
,
08/14/26
..................
100
109,010
4.75%
,
08/14/29
..................
100
109,434
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
........
USD
73
63,592
ZF
Europe
Finance
BV
(c)
2.00%
,
02/23/26
..................
EUR
200
205,063
4.75%
,
01/31/29
..................
500
537,519
6.13%
,
03/13/29
..................
200
227,313
3,586,928
Automobiles
—
0.1%
(c)
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)
...........
1,000
1,053,683
ZF
Finance
GmbH,
2.25%,
05/03/28
......
100
97,708
1,151,391
Security
Par
(000)
Par
(000)
Value
Banks
—
2.0%
Abu
Dhabi
Commercial
Bank
PJSC,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
8.00%
(a)
(c)
(j)
.........
USD
200
$
212,313
Banca
Monte
dei
Paschi
di
Siena
SpA,
(3-mo.
EURIBOR
+
3.28%),
6.75%,
09/05/27
(a)
(c)
..
EUR
148
166,941
Banco
BPM
SpA
(a)(c)
(3-mo.
EURIBOR
+
2.80%),
6.00%
,
06/14/28
.....................
150
170,254
(3-mo.
EURIBOR
+
2.35%),
4.88%
,
01/17/30
.....................
350
384,579
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%
,
06/29/31
................
300
306,482
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%
,
01/19/32
................
200
203,447
Banco
de
Credito
Social
Cooperativo
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%,
09/14/29
(a)
(c)
...............
300
348,580
Banco
de
Sabadell
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(j)
......................
200
204,941
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%
,
02/07/29
................
100
112,207
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%
,
04/15/31
................
100
102,261
(5-Year
EUR
Swap
Annual
+
3.15%),
6.00%
,
08/16/33
................
300
329,041
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)
(b)
(j)
.........
USD
217
202,353
Bangkok
Bank
PCL
(b)
5.30%
,
09/21/28
..................
470
474,865
5.50%
,
09/21/33
..................
470
476,857
Bank
of
Ireland
Group
plc
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
EUR
200
217,758
(5-Year
EUR
Swap
Annual
+
6.43%),
6.00%
200
212,358
Bankinter
SA,
(5-Year
EUR
Swap
Annual
+
6.71%),
6.25%
(a)
(c)
(j)
...............
200
214,411
Barclays
plc
(a)(j)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
USD
200
199,128
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
1,650
1,563,853
(BPSWS5
+
5.64%),
9.25%
..........
GBP
262
332,033
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
USD
1,265
1,223,649
(USISSO05
+
5.78%),
9.63%
.........
530
545,870
BNP
Paribas
SA
(a)(j)
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(c)
200
200,122
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(b)
......................
740
766,239
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(c)
......................
EUR
200
221,517
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(b)
......................
USD
825
669,984
CaixaBank
SA
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
EUR
200
212,358
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.30%),
7.50%
.................
200
221,465
Commerzbank
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(j)
......................
600
629,778
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(j)
......................
200
205,577
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(3-mo.
EURIBOR
+
2.10%),
4.63%
,
01/17/31
.....................
EUR
100
$
110,476
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%
,
02/28/33
.....................
GBP
200
269,495
Cooperatieve
Rabobank
UA,
(5-Year
EUR
Swap
Annual
+
4.68%),
4.38%
(a)
(c)
(j)
.....
EUR
200
202,385
Credit
Agricole
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.44%),
7.25%
(a)
(c)
(j)
.......
100
112,929
Danske
Bank
A/S,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.13%),
7.00%
(a)
(c)
(j)
...............
USD
1,805
1,789,387
HSBC
Holdings
plc
(a)(j)
(5-Year
USD
Swap
Rate
+
4.37%),
6.38%
.
718
711,564
(5-Year
USD
Swap
Rate
+
3.75%),
6.00%
.
487
460,133
(5-Year
EUR
Swap
Annual
+
3.84%),
4.75%
(c)
......................
EUR
200
199,117
ING
Groep
NV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(a)
(j)
................
USD
200
163,982
Intercorp
Peru
Ltd.,
3.88%,
08/15/29
(b)
.....
317
273,413
Intesa
Sanpaolo
SpA
(c)
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)
(j)
.....................
EUR
606
612,375
5.15%
,
06/10/30
..................
GBP
348
402,121
JPMorgan
Chase
&
Co.,
Series
W,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.64%,
05/15/47
(a)
..
USD
1,492
1,305,497
KBC
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(a)
(c)
(j)
...........
EUR
200
229,907
Lloyds
Banking
Group
plc
(a)(j)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(c)
................
200
209,447
(5-Year
USD
Swap
Rate
+
4.50%),
7.50%
.
USD
380
370,880
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
485
472,287
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.88%),
8.50%
....
GBP
200
255,336
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
USD
450
441,183
Nordea
Bank
Abp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.75%
(a)
(b)
(j)
...............
560
452,930
Societe
Generale
SA
(a)(j)
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(b)
1,050
1,053,707
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(c)
......................
EUR
200
222,084
Standard
Chartered
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
4.30%
(a)
(b)
(j)
...............
USD
850
682,501
UniCredit
SpA
(a)(c)
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(j)
................
EUR
200
221,273
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%
,
01/15/32
................
400
405,671
22,961,301
Beverages
—
0.0%
Davide
Campari-Milano
NV,
2.38%,
01/17/29
(c)
(k)
200
220,621
Biotechnology
—
0.0%
(c)
Cidron
Aida
Finco
SARL,
6.25%,
04/01/28
...
GBP
205
248,755
Grifols
SA,
1.63%,
02/15/25
...........
EUR
100
104,828
353,583
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
—
0.0%
(b)
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
......................
USD
119
$
122,135
Match
Group
Holdings
II
LLC,
5.63%,
02/15/29
83
80,713
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
....
76
74,101
276,949
Building
Products
—
0.1%
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
.....................
165
169,153
HT
Troplast
GmbH,
9.38%,
07/15/28
(c)
.....
EUR
247
274,029
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%
,
07/15/28
..................
USD
66
63,413
9.75%
,
07/15/28
..................
73
73,390
Smyrna
Ready
Mix
Concrete
LLC
(b)
6.00%
,
11/01/28
..................
260
254,137
8.88%
,
11/15/31
..................
198
208,011
Standard
Industries,
Inc.
(b)
4.38%
,
07/15/30
..................
85
77,244
3.38%
,
01/15/31
..................
18
15,306
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
...
38
36,801
1,171,484
Capital
Markets
—
0.5%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
.....................
108
112,119
Aretec
Group,
Inc.,
10.00%,
08/15/30
(b)
....
35
37,801
Blue
Owl
Capital
Corp.
II,
8.45%,
11/15/26
(b)
.
58
60,056
Blue
Owl
Credit
Income
Corp.
5.50%
,
03/21/25
..................
111
109,908
7.75%
,
09/16/27
..................
61
63,222
6.65%
,
03/15/31
(b)
.................
90
89,240
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
................
76
72,369
Deutsche
Bank
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.69%),
6.75%
(a)
(c)
(j)
.......
EUR
200
204,295
Gaci
First
Investment
Co.,
5.13%,
02/14/53
(c)
.
USD
251
213,413
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
..
200
190,500
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/28
(b)
.....................
65
69,504
State
Street
Corp.,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.65%,
06/15/47
(a)
...........
3,250
2,704,829
SURA
Asset
Management
SA,
4.88%,
04/17/24
(c)
.....................
451
447,694
UBS
Group
AG
(a)(j)
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(c)
877
873,711
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(c)
200
197,593
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
9.25%
(b)
......................
200
213,938
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(b)
......................
430
340,944
Vivion
Investments
SARL,
3.00%,
08/08/24
(c)
.
EUR
100
102,682
6,103,818
Chemicals
—
0.7%
Ashland,
Inc.,
3.38%,
09/01/31
(b)
.........
USD
8
6,751
Avient
Corp.,
7.13%,
08/01/30
(b)
.........
112
114,882
Braskem
Idesa
SAPI,
6.99%,
02/20/32
(b)
....
768
500,400
Braskem
Netherlands
Finance
BV
(b)
8.50%
,
01/12/31
..................
353
334,460
7.25%
,
02/13/33
..................
636
562,860
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
8.22%),
8.50%
,
01/23/81
(a)
....................
200
193,000
Chemours
Co.
(The)
(b)
5.75%
,
11/15/28
..................
89
83,944
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
4.63%
,
11/15/29
..................
USD
37
$
32,138
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
..
466
425,714
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(c)
.....................
EUR
300
310,480
HB
Fuller
Co.,
4.25%,
10/15/28
.........
USD
195
181,084
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
...
200
168,470
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
....
281
274,651
INEOS
Finance
plc,
6.38%,
04/15/29
(c)
.....
EUR
112
121,038
INEOS
Quattro
Finance
2
plc,
8.50%,
03/15/29
(c)
.....................
250
286,051
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(b)
..
USD
295
237,351
Kronos
International,
Inc.,
3.75%,
09/15/25
(c)
.
EUR
200
217,919
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
...
USD
107
90,590
MEGlobal
BV
4.25%
,
11/03/26
(c)
.................
230
221,375
2.63%
,
04/28/28
(c)
.................
259
231,319
2.63%
,
04/28/28
(b)
.................
200
178,625
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
65
62,160
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(c)
.
EUR
100
112,079
Nobian
Finance
BV,
3.63%,
07/15/26
(c)
.....
227
234,427
Olympus
Water
US
Holding
Corp.
9.63%
,
11/15/28
(c)
.................
323
376,530
9.75%
,
11/15/28
(b)
.................
USD
200
211,595
Sasol
Financing
USA
LLC
4.38%
,
09/18/26
..................
200
186,313
6.50%
,
09/27/28
..................
255
240,707
8.75%
,
05/03/29
(b)
.................
277
281,588
SCIL
IV
LLC,
9.50%,
07/15/28
(c)
.........
EUR
200
233,215
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
.....................
USD
239
202,493
WR
Grace
Holdings
LLC
(b)
4.88%
,
06/15/27
..................
155
148,215
5.63%
,
08/15/29
..................
580
511,404
7.38%
,
03/01/31
..................
67
68,261
7,642,089
Commercial
Services
&
Supplies
—
0.5%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
.
217
198,826
Allied
Universal
Holdco
LLC
6.63%
,
07/15/26
(b)
.................
403
397,102
9.75%
,
07/15/27
(b)
.................
265
259,115
3.63%
,
06/01/28
(c)
.................
EUR
100
98,594
4.63%
,
06/01/28
(b)
.................
USD
553
498,036
4.88%
,
06/01/28
(c)
.................
GBP
383
426,741
6.00%
,
06/01/29
(b)
.................
USD
405
336,267
APi
Group
DE,
Inc.
(b)
4.13%
,
07/15/29
..................
38
34,773
4.75%
,
10/15/29
..................
82
76,778
APX
Group,
Inc.
(b)
6.75%
,
02/15/27
..................
128
127,996
5.75%
,
07/15/29
..................
180
170,945
Covanta
Holding
Corp.
4.88%
,
12/01/29
(b)
.................
63
54,412
5.00%
,
09/01/30
..................
49
41,656
Garda
World
Security
Corp.
(b)
4.63%
,
02/15/27
..................
22
20,790
9.50%
,
11/01/27
..................
68
68,410
7.75%
,
02/15/28
..................
197
200,476
6.00%
,
06/01/29
..................
13
11,416
GFL
Environmental,
Inc.,
4.38%,
08/15/29
(b)
..
151
138,486
Intrum
AB,
3.50%,
07/15/26
(c)
...........
EUR
168
136,168
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
.....................
USD
68
68,000
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
......
432
383,871
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
..
177
169,072
Paprec
Holding
SA,
7.25%,
11/17/29
(c)
.....
EUR
100
115,479
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Prime
Security
Services
Borrower
LLC,
6.25%,
01/15/28
(b)
.....................
USD
289
$
286,396
Q-Park
Holding
I
BV,
5.13%,
03/01/29
(c)
....
EUR
100
108,327
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(c)
................
88
94,644
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(c)
................
100
105,376
Verisure
Holding
AB,
7.13%,
02/01/28
(c)
....
200
226,410
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
....
USD
546
528,916
Williams
Scotsman,
Inc.,
7.38%,
10/01/31
(b)
..
34
35,614
5,419,092
Communications
Equipment
—
0.1%
(b)
CommScope
Technologies
LLC,
6.00%,
06/15/25
......................
166
131,970
CommScope,
Inc.
6.00%
,
03/01/26
..................
199
172,370
4.75%
,
09/01/29
..................
115
76,029
Viasat,
Inc.
5.63%
,
09/15/25
..................
138
133,343
5.63%
,
04/15/27
..................
142
133,312
7.50%
,
05/30/31
..................
21
15,566
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
.....
51
44,437
707,027
Construction
&
Engineering
—
0.2%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
.....................
205
204,936
Azzurra
Aeroporti
SpA,
2.63%,
05/30/27
(c)
...
EUR
300
304,049
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
.....................
USD
585
617,906
Cellnex
Finance
Co.
SA
(c)
2.00%
,
09/15/32
..................
EUR
500
468,763
2.00%
,
02/15/33
..................
200
185,778
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
...
USD
79
73,673
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(c)
GBP
100
121,851
Heathrow
Finance
plc
(c)(l)
4.75%
,
03/01/24
..................
100
126,422
3.88%
,
03/01/27
..................
100
119,316
4.13%
,
09/01/29
..................
100
115,575
Pike
Corp.,
8.63%,
01/31/31
(b)
..........
USD
27
28,564
2,366,833
Consumer
Finance
—
0.2%
ASG
Finance
DAC,
7.88%,
12/03/24
(b)
.....
262
254,978
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(b)
.....................
42
41,949
Encore
Capital
Group,
Inc.
(c)
4.88%
,
10/15/25
..................
EUR
100
107,639
5.38%
,
02/15/26
..................
GBP
100
122,174
4.25%
,
06/01/28
..................
100
109,621
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)
(i)
.......
USD
129
124,553
Macquarie
Airfinance
Holdings
Ltd.
(b)
8.38%
,
05/01/28
..................
52
54,624
8.13%
,
03/30/29
..................
88
91,306
Navient
Corp.
5.50%
,
03/15/29
..................
92
83,058
9.38%
,
07/25/30
..................
110
114,688
OneMain
Finance
Corp.
6.63%
,
01/15/28
..................
86
85,699
9.00%
,
01/15/29
..................
109
114,805
5.38%
,
11/15/29
..................
81
74,946
4.00%
,
09/15/30
..................
48
40,650
Volkswagen
International
Finance
NV,
(9-Year
EUR
Swap
Annual
+
3.96%),
3.88%
(a)
(c)
(j)
..
EUR
300
296,620
1,717,310
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
—
0.1%
Bellis
Acquisition
Co.
plc
(c)
3.25%
,
02/16/26
..................
GBP
400
$
479,039
4.50%
,
02/16/26
..................
400
483,959
Market
Bidco
Finco
plc,
5.50%,
11/04/27
(c)
...
148
172,087
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
.....................
USD
30
27,490
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
54
45,360
1,207,935
Containers
&
Packaging
—
0.4%
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%
,
06/15/27
(b)
.................
200
197,736
2.00%
,
09/01/28
(c)
.................
EUR
200
186,896
4.00%
,
09/01/29
(b)
.................
USD
200
162,095
Ardagh
Packaging
Finance
plc
2.13%
,
08/15/26
(c)
.................
EUR
246
238,590
2.13%
,
08/15/26
(c)
.................
100
96,987
4.13%
,
08/15/26
(b)
.................
USD
200
179,638
5.25%
,
08/15/27
(b)
.................
202
150,992
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%
,
04/15/29
..................
190
189,057
8.75%
,
04/15/30
..................
337
320,133
Fiber
Bidco
SpA
(c)
11.00%
,
10/25/27
.................
EUR
200
235,052
(3-mo.
EURIBOR
+
4.00%),
7.97%
,
01/15/30
(a)
....................
209
227,565
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(b)
USD
13
11,603
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(c)
...
EUR
366
347,083
LABL,
Inc.
(b)
5.88%
,
11/01/28
..................
USD
171
153,098
9.50%
,
11/01/28
..................
201
200,479
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%
,
08/15/26
..................
901
910,418
9.25%
,
04/15/27
..................
40
38,610
OI
European
Group
BV,
6.25%,
05/15/28
(c)
..
EUR
100
112,456
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
USD
58
61,862
Trivium
Packaging
Finance
BV,
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.75%,
08/15/26
(a)
(c)
....................
EUR
100
108,158
4,128,508
Distributors
—
0.0%
(b)
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
USD
266
254,105
Resideo
Funding,
Inc.,
4.00%,
09/01/29
....
45
38,993
293,098
Diversified
Consumer
Services
—
0.1%
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
+
5.50%),
9.50%,
05/15/28
(a)
(c)
..........
EUR
120
129,684
Mavis
Tire
Express
Services
Topco
Corp.,
6.50%,
05/15/29
(b)
................
USD
113
103,833
Rekeep
SpA,
7.25%,
02/01/26
(c)
.........
EUR
111
111,351
Sotheby's
(b)
7.38%
,
10/15/27
..................
USD
404
388,253
5.88%
,
06/01/29
..................
324
279,688
TUI
Cruises
GmbH,
6.50%,
05/15/26
(c)
.....
EUR
211
225,747
Verisure
Holding
AB,
9.25%,
10/15/27
(c)
....
100
115,905
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(b)
....
USD
228
235,478
1,589,939
Diversified
REITs
—
0.1%
(b)
HAT
Holdings
I
LLC
3.38%
,
06/15/26
..................
128
118,952
8.00%
,
06/15/27
..................
33
34,175
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
........
167
150,611
Uniti
Group
LP,
10.50%,
02/15/28
........
331
336,942
Security
Par
(000)
Par
(000)
Value
Diversified
REITs
(continued)
VICI
Properties
LP,
4.63%,
06/15/25
......
USD
16
$
15,763
656,443
Diversified
Telecommunication
Services
—
1.1%
Altice
France
SA
8.13%
,
02/01/27
(b)
.................
226
202,001
11.50%
,
02/01/27
(c)
................
EUR
166
176,032
3.38%
,
01/15/28
(c)
.................
193
160,982
4.13%
,
01/15/29
(c)
.................
406
333,562
5.13%
,
07/15/29
(b)
.................
USD
305
222,984
5.50%
,
10/15/29
(b)
.................
400
294,706
British
Telecommunications
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%
,
08/18/80
................
EUR
100
103,207
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%
,
12/20/83
.....................
GBP
100
135,442
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%
,
12/20/83
.....................
100
135,443
CCO
Holdings
LLC
(b)
5.00%
,
02/01/28
..................
USD
43
40,413
6.38%
,
09/01/29
..................
441
429,385
4.50%
,
08/15/30
..................
96
83,487
7.38%
,
03/01/31
..................
728
735,735
4.75%
,
02/01/32
..................
83
71,194
4.25%
,
01/15/34
..................
89
70,764
Cellnex
Telecom
SA
(c)
1.00%
,
04/20/27
..................
EUR
100
99,976
2.13%
,
08/11/30
(k)
.................
300
336,515
1.75%
,
10/23/30
..................
200
191,226
Frontier
Communications
Holdings
LLC
(b)
5.00%
,
05/01/28
..................
USD
314
289,783
8.75%
,
05/15/30
..................
407
416,927
8.63%
,
03/15/31
..................
34
34,501
Iliad
Holding
SASU
(b)
6.50%
,
10/15/26
..................
200
196,052
7.00%
,
10/15/28
..................
253
250,984
Iliad
SA
(c)
5.38%
,
02/15/29
..................
EUR
200
221,371
5.63%
,
02/15/30
..................
700
783,864
Infrastrutture
Wireless
Italiane
SpA
(c)
1.63%
,
10/21/28
..................
250
249,617
1.75%
,
04/19/31
..................
120
115,415
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(c)
300
312,496
Level
3
Financing,
Inc.
(b)
3.40%
,
03/01/27
..................
USD
275
270,187
4.63%
,
09/15/27
..................
396
243,540
3.63%
,
01/15/29
..................
36
18,900
11.00%
,
11/15/29
(m)
................
255
257,308
10.50%
,
05/15/30
.................
364
362,180
Lorca
Telecom
Bondco
SA,
4.00%,
09/18/27
(c)
EUR
271
284,511
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
.
USD
172
89,657
RCS
&
RDS
SA
(c)
2.50%
,
02/05/25
..................
EUR
100
105,816
3.25%
,
02/05/28
..................
200
195,535
Telecom
Italia
Capital
SA
6.38%
,
11/15/33
..................
USD
151
146,356
6.00%
,
09/30/34
..................
391
366,512
7.20%
,
07/18/36
..................
143
143,576
7.72%
,
06/04/38
..................
138
142,427
Telecom
Italia
SpA
(c)
3.63%
,
05/25/26
..................
EUR
100
106,328
2.38%
,
10/12/27
..................
100
100,829
6.88%
,
02/15/28
..................
200
229,811
7.88%
,
07/31/28
..................
188
223,641
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
1.63%
,
01/18/29
..................
EUR
100
$
92,385
Virgin
Media
Secured
Finance
plc,
4.13%,
08/15/30
(c)
.....................
GBP
686
739,719
Zayo
Group
Holdings,
Inc.
(b)
4.00%
,
03/01/27
..................
USD
1,054
801,496
6.13%
,
03/01/28
..................
358
238,389
11,853,167
Electric
Utilities
—
0.5%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
.....................
265
226,717
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(b)
100
105,592
Continuum
Energy
Aura
Pte.
Ltd.,
9.50%,
02/24/27
(b)
.....................
235
242,943
Diamond
II
Ltd.,
7.95%,
07/28/26
(b)
.......
200
202,250
Duke
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
...........
1,425
1,163,562
Edison
International,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
...........
181
185,910
EDP
-
Energias
de
Portugal
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%
,
08/02/81
................
EUR
200
201,821
Series
NC8
,
(5-Year
EUR
Swap
Annual
+
2.08%),
1.88%
,
03/14/82
..........
400
365,287
EnBW
Energie
Baden-Wuerttemberg
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.66%),
5.25%,
01/23/84
(a)
(c)
...............
100
109,826
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(c)
..
USD
282
242,432
FirstEnergy
Corp.,
4.00%,
05/01/26
(b)
(k)
.....
130
128,570
Naturgy
Finance
BV
(a)(c)(j)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
EUR
100
107,413
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
300
300,533
NextEra
Energy
Capital
Holdings,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
.....................
USD
1,898
1,660,276
NRG
Energy,
Inc.,
7.00%,
03/15/33
(b)
......
105
110,833
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
.....................
65
60,578
PG&E
Corp.,
4.25%,
12/01/27
(b)
(k)
........
131
133,292
5,547,835
Electrical
Equipment
—
0.0%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
.....
113
104,858
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Belden,
Inc.,
3.38%,
07/15/31
(c)
.........
EUR
117
114,107
Coherent
Corp.,
5.00%,
12/15/29
(b)
.......
USD
254
237,825
351,932
Energy
Equipment
&
Services
—
0.6%
Archrock
Partners
LP
(b)
6.88%
,
04/01/27
..................
271
271,678
6.25%
,
04/01/28
..................
288
284,780
Borr
IHC
Ltd.,
10.00%,
11/15/28
(b)
........
200
207,000
EDO
Sukuk
Ltd.,
5.88%,
09/21/33
(b)
.......
632
642,112
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
.........
184
184,964
Kodiak
Gas
Services
LLC,
7.25%,
02/15/29
(b)
.
162
163,938
Nabors
Industries
Ltd.
(b)
7.25%
,
01/15/26
..................
75
73,130
7.50%
,
01/15/28
..................
81
74,115
Nabors
Industries,
Inc.
(b)
7.38%
,
05/15/27
..................
146
143,465
9.13%
,
01/31/30
..................
45
45,790
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
...
167
173,420
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Oceaneering
International,
Inc.,
6.00%,
02/01/28
......................
USD
23
$
22,469
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
..
8
7,871
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(b)
..
53
54,251
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
.....................
156
161,238
Transocean,
Inc.
(b)
7.50%
,
01/15/26
..................
170
168,304
11.50%
,
01/30/27
.................
342
357,390
8.00%
,
02/01/27
..................
176
174,606
8.75%
,
02/15/30
..................
315
326,855
USA
Compression
Partners
LP
6.88%
,
04/01/26
..................
383
380,750
6.88%
,
09/01/27
..................
202
201,859
Valaris
Ltd.,
8.38%,
04/30/30
(b)
..........
369
378,321
Vallourec
SACA,
8.50%,
06/30/26
(c)
.......
EUR
125
136,034
Venture
Global
LNG,
Inc.
(b)
8.13%
,
06/01/28
..................
USD
450
454,810
9.50%
,
02/01/29
..................
694
737,055
8.38%
,
06/01/31
..................
360
363,541
9.88%
,
02/01/32
..................
385
404,876
Weatherford
International
Ltd.
(b)
6.50%
,
09/15/28
..................
99
101,072
8.63%
,
04/30/30
..................
175
178,809
6,874,503
Entertainment
—
0.1%
CPUK
Finance
Ltd.,
3.59%,
08/28/25
(c)
.....
GBP
139
170,341
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
.....................
USD
98
74,517
Live
Nation
Entertainment,
Inc.,
3.75%,
01/15/28
(b)
.....................
79
72,976
Motion
Finco
SARL,
7.38%,
06/15/30
(c)
.....
EUR
202
225,366
Pinnacle
Bidco
plc,
10.00%,
10/11/28
(c)
.....
GBP
201
267,273
810,473
Financial
Services
—
0.4%
Banco
Votorantim
SA,
4.50%,
09/24/24
(c)
...
USD
243
239,355
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
....
202
201,549
Freedom
Mortgage
Corp.
(b)
12.00%
,
10/01/28
.................
32
35,126
12.25%
,
10/01/30
.................
32
35,674
Freedom
Mortgage
Holdings
LLC,
9.25%,
02/01/29
(b)
.....................
18
18,227
Garfunkelux
Holdco
3
SA,
6.75%,
11/01/25
(c)
.
EUR
100
87,777
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
...
USD
267
241,048
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%
,
02/01/26
..................
532
518,487
6.00%
,
01/15/27
..................
118
115,702
5.13%
,
12/15/30
..................
81
72,804
5.75%
,
11/15/31
..................
18
16,591
7.13%
,
02/01/32
..................
252
249,944
NCR
Atleos
Corp.,
9.50%,
04/01/29
(b)
......
80
85,808
Nexi
SpA,
0.00%,
02/24/28
(c)
(k)
(n)
.........
EUR
200
189,114
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(b)
.....................
USD
84
86,516
Rocket
Mortgage
LLC
(b)
2.88%
,
10/15/26
..................
127
116,532
3.88%
,
03/01/31
..................
41
35,826
Sabre
GLBL,
Inc.
(b)
8.63%
,
06/01/27
..................
234
218,790
11.25%
,
12/15/27
.................
7
7,009
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
....
193
188,271
Thames
Water
Utilities
Finance
plc,
4.00%,
04/18/27
(c)
.....................
EUR
100
104,424
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
..
USD
1,017
1,021,053
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Worldline
SA,
0.00%,
07/30/26
(c)
(k)
(n)
.......
EUR
383
$
370,627
4,256,254
Food
Products
—
0.1%
B&G
Foods,
Inc.,
8.00%,
09/15/28
(b)
......
USD
45
46,908
Chobani
LLC,
4.63%,
11/15/28
(b)
.........
247
231,157
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
(b)
...
65
65,000
MHP
Lux
SA,
6.25%,
09/19/29
(c)
.........
238
167,790
Minerva
Luxembourg
SA,
8.88%,
09/13/33
(b)
.
353
369,591
Post
Holdings,
Inc.
(b)
5.50%
,
12/15/29
..................
34
32,865
4.63%
,
04/15/30
..................
12
11,036
4.50%
,
09/15/31
..................
6
5,389
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(c)
GBP
100
120,151
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
...
USD
95
81,678
Tereos
Finance
Groupe
I
SA,
4.75%,
04/30/27
(c)
EUR
120
129,509
1,261,074
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
...
USD
131
134,683
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
................
131
137,585
NGL
Energy
Operating
LLC
(b)
8.13%
,
02/15/29
..................
154
154,774
8.38%
,
02/15/32
..................
311
313,292
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
.....................
79
71,006
UGI
International
LLC,
2.50%,
12/01/29
(c)
...
EUR
250
238,454
1,049,794
Ground
Transportation
—
0.1%
BCP
V
Modular
Services
Finance
II
plc,
4.75%,
11/30/28
(c)
.....................
100
100,100
DAE
Funding
LLC
(c)
1.55%
,
08/01/24
..................
USD
243
236,697
2.63%
,
03/20/25
..................
200
191,750
GN
Bondco
LLC,
9.50%,
10/15/31
(b)
......
148
145,965
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)
(c)
(j)
....................
GBP
244
281,463
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
..
USD
205
192,165
Uber
Technologies,
Inc.,
6.25%,
01/15/28
(b)
..
24
24,134
1,172,274
Health
Care
Equipment
&
Supplies
—
0.1%
(b)
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/28
516
535,386
Garden
Spinco
Corp.,
8.63%,
07/20/30
....
180
192,600
Medline
Borrower
LP
3.88%
,
04/01/29
..................
27
24,446
5.25%
,
10/01/29
..................
677
631,241
1,383,673
Health
Care
Providers
&
Services
—
0.3%
Acadia
Healthcare
Co.,
Inc.
(b)
5.50%
,
07/01/28
..................
74
72,342
5.00%
,
04/15/29
..................
27
25,751
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
.
187
167,610
Community
Health
Systems,
Inc.
(b)
5.63%
,
03/15/27
..................
26
24,018
6.00%
,
01/15/29
..................
456
412,010
5.25%
,
05/15/30
..................
326
269,903
4.75%
,
02/15/31
..................
239
189,730
Encompass
Health
Corp.,
4.63%,
04/01/31
..
12
11,025
Ephios
Subco
3
SARL,
7.88%,
01/31/31
(c)
...
EUR
252
287,189
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
......
USD
260
242,749
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
94
87,544
LifePoint
Health,
Inc.
(b)
9.88%
,
08/15/30
..................
163
166,679
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
11.00%
,
10/15/30
.................
USD
131
$
139,393
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
..
125
114,070
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
.....................
19
18,905
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
................
35
34,939
Surgery
Center
Holdings,
Inc.
(b)
6.75%
,
07/01/25
..................
420
420,630
10.00%
,
04/15/27
.................
120
120,754
Tenet
Healthcare
Corp.
5.13%
,
11/01/27
..................
153
148,566
4.63%
,
06/15/28
..................
48
45,520
6.13%
,
10/01/28
..................
163
162,400
6.75%
,
05/15/31
(b)
.................
10
10,228
3,171,955
Hotel
&
Resort
REITs
—
0.1%
RHP
Hotel
Properties
LP,
4.50%,
02/15/29
(b)
.
198
184,063
RLJ
Lodging
Trust
LP,
4.00%,
09/15/29
(b)
...
80
70,802
Service
Properties
Trust
7.50%
,
09/15/25
..................
72
73,086
8.63%
,
11/15/31
(b)
.................
363
384,887
712,838
Hotels,
Restaurants
&
Leisure
—
0.9%
1011778
BC
ULC,
4.00%,
10/15/30
(b)
......
14
12,513
Accor
SA,
(5-Year
EUR
Swap
Annual
+
3.25%),
2.63%
(a)
(c)
(j)
....................
EUR
200
211,069
Allwyn
Entertainment
Financing
UK
plc,
7.25%,
04/30/30
(c)
.....................
275
310,938
Boyd
Gaming
Corp.,
4.75%,
06/15/31
(b)
....
USD
164
150,655
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
......
131
119,995
Burger
King
France
SAS,
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.72%,
11/01/26
(a)
(c)
.
EUR
100
108,748
Caesars
Entertainment,
Inc.
(b)
8.13%
,
07/01/27
..................
USD
435
446,417
4.63%
,
10/15/29
..................
283
258,695
7.00%
,
02/15/30
..................
171
175,728
Carnival
Corp.
7.63%
,
03/01/26
(c)
.................
EUR
135
148,302
5.75%
,
03/01/27
(b)
.................
USD
269
265,019
4.00%
,
08/01/28
(b)
.................
90
83,251
6.00%
,
05/01/29
(b)
.................
320
309,945
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
.....................
790
864,229
Carnival
plc,
1.00%,
10/28/29
..........
EUR
100
81,612
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
......
USD
60
59,255
Cedar
Fair
LP,
6.50%,
10/01/28
.........
75
74,627
Churchill
Downs,
Inc.,
5.75%,
04/01/30
(b)
...
261
252,499
Cirsa
Finance
International
SARL,
(3-mo.
EURIBOR
+
4.50%),
8.41%,
07/31/28
(a)
(c)
..
EUR
100
109,421
CPUK
Finance
Ltd.,
4.88%,
08/28/25
(c)
.....
GBP
100
123,171
Elior
Group
SA,
3.75%,
07/15/26
(c)
.......
EUR
230
232,146
Fertitta
Entertainment
LLC
(b)
4.63%
,
01/15/29
..................
USD
177
161,966
6.75%
,
01/15/30
..................
51
45,851
Food
Service
Project
SA,
5.50%,
01/21/27
(c)
.
EUR
100
108,440
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
6.63%,
01/15/32
(b)
................
USD
70
70,147
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(c)
.....................
EUR
315
328,931
Life
Time,
Inc.,
8.00%,
04/15/26
(b)
........
USD
184
184,243
Light
&
Wonder
International,
Inc.,
7.50%,
09/01/31
(b)
.....................
38
39,541
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
.....................
150
155,898
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
.
112
111,028
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Lottomatica
SpA
(a)(c)
(3-mo.
EURIBOR
+
4.13%),
8.10%
,
06/01/28
.....................
EUR
140
$
152,569
(3-mo.
EURIBOR
+
4.00%),
7.93%
,
12/15/30
.....................
100
109,502
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
204
172,558
Melco
Resorts
Finance
Ltd.,
5.38%,
12/04/29
(b)
200
177,250
Merlin
Entertainments
Group
US
Holdings,
Inc.,
7.38%,
02/15/31
(b)
................
200
200,272
MGM
China
Holdings
Ltd.,
5.88%,
05/15/26
(b)
.
200
194,368
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
.....................
67
61,811
NCL
Corp.
Ltd.
(b)
5.88%
,
03/15/26
..................
68
66,305
8.38%
,
02/01/28
..................
65
68,243
8.13%
,
01/15/29
..................
47
49,335
7.75%
,
02/15/29
..................
86
86,834
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
......
97
92,769
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
..
81
84,442
Premier
Entertainment
Sub
LLC
(b)
5.63%
,
09/01/29
..................
95
71,242
5.88%
,
09/01/31
..................
95
69,010
Raising
Cane's
Restaurants
LLC,
9.38%,
05/01/29
(b)
.....................
43
46,075
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
..
62
59,510
Royal
Caribbean
Cruises
Ltd.
(b)
4.25%
,
07/01/26
..................
59
56,772
5.38%
,
07/15/27
..................
72
70,849
5.50%
,
04/01/28
..................
89
87,867
8.25%
,
01/15/29
..................
93
98,547
9.25%
,
01/15/29
..................
59
63,373
7.25%
,
01/15/30
..................
161
167,796
Sands
China
Ltd.,
4.05%,
01/08/26
(l)
......
200
192,000
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
.....................
79
74,260
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
.....................
245
249,900
Station
Casinos
LLC
(b)
4.50%
,
02/15/28
..................
83
78,022
4.63%
,
12/01/31
..................
161
144,498
Stonegate
Pub
Co.
Financing
plc,
8.00%,
07/13/25
(c)
.....................
GBP
100
122,294
Viking
Cruises
Ltd.
(b)
5.88%
,
09/15/27
..................
USD
90
86,744
7.00%
,
02/15/29
..................
20
19,969
9.13%
,
07/15/31
..................
331
354,170
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
.....................
96
93,480
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
...
155
151,472
Wynn
Macau
Ltd.
5.63%
,
08/26/28
(c)
.................
259
239,704
5.63%
,
08/26/28
(b)
.................
200
185,100
5.13%
,
12/15/29
(b)
.................
200
177,250
Wynn
Resorts
Finance
LLC
(b)
5.13%
,
10/01/29
..................
167
157,766
7.13%
,
02/15/31
..................
92
94,873
10,333,081
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
6.63%
,
01/15/28
..................
30
29,558
4.63%
,
08/01/29
..................
170
153,010
Brookfield
Residential
Properties,
Inc.
(b)
5.00%
,
06/15/29
..................
120
109,344
4.88%
,
02/15/30
..................
169
149,870
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
170
166,612
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
USD
58
$
60,986
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
.....................
53
51,940
KB
Home,
7.25%,
07/15/30
............
46
47,275
LGI
Homes,
Inc.,
8.75%,
12/15/28
(b)
.......
33
34,838
Mattamy
Group
Corp.
(b)
5.25%
,
12/15/27
..................
35
33,770
4.63%
,
03/01/30
..................
94
85,700
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(b)
...
41
41,000
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
.
135
93,548
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(b)
.....................
7
6,667
TRI
Pointe
Homes,
Inc.,
5.70%,
06/15/28
...
37
36,390
1,100,508
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
4.13%
,
10/15/30
..................
3
2,690
4.13%
,
04/30/31
(b)
.................
160
141,365
144,055
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Calpine
Corp.
(b)
5.13%
,
03/15/28
..................
246
234,737
4.63%
,
02/01/29
..................
44
40,680
5.00%
,
02/01/31
..................
14
12,701
NextEra
Energy
Partners
LP
(b)(k)
0.00%
,
11/15/25
(n)
.................
72
63,612
2.50%
,
06/15/26
..................
72
64,620
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
.
66
70,047
TransAlta
Corp.,
7.75%,
11/15/29
........
78
82,003
568,400
Industrial
Conglomerates
—
0.0%
Emerald
Debt
Merger
Sub
LLC,
6.38%,
12/15/30
(c)
.....................
EUR
100
113,473
GEMS
MENASA
Cayman
Ltd.,
7.13%,
07/31/26
(b)
.....................
USD
314
308,799
422,272
Insurance
—
0.5%
Acrisure
LLC
(b)
8.25%
,
02/01/29
..................
152
152,389
6.00%
,
08/01/29
..................
112
102,742
Alliant
Holdings
Intermediate
LLC
(b)
4.25%
,
10/15/27
..................
185
172,094
6.75%
,
10/15/27
..................
1,151
1,123,744
5.88%
,
11/01/29
..................
325
307,785
Allianz
SE,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
(a)
(b)
(j)
....................
400
319,111
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
....
298
278,138
AXA
SA
(5-Year
EUR
Swap
Annual
+
3.84%),
6.38%
(a)
(c)
(j)
....................
EUR
204
224,596
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(c)
......
GBP
300
371,593
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
..
USD
113
113,213
HUB
International
Ltd.
(b)
7.25%
,
06/15/30
..................
98
100,809
7.38%
,
01/31/32
..................
992
1,015,903
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%
,
03/15/30
..................
194
201,275
10.50%
,
12/15/30
.................
124
130,674
Liberty
Mutual
Group,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.13%
,
12/15/51
(b)
....................
450
394,386
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%
,
05/23/59
(c)
...............
EUR
150
$
159,066
NFP
Corp.
(b)
4.88%
,
08/15/28
..................
USD
358
355,100
6.88%
,
08/15/28
..................
397
399,225
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
....
126
116,745
6,038,588
IT
Services
—
0.2%
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
.
131
115,116
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
.....
83
74,232
Atos
SE,
1.75%,
05/07/25
(c)
............
EUR
100
40,013
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(c)
...
100
107,245
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
...
USD
295
275,456
Cablevision
Lightpath
LLC,
3.88%,
09/15/27
(b)
200
179,179
Central
Parent
LLC,
8.00%,
06/15/29
(b)
.....
218
223,738
Engineering
-
Ingegneria
Informatica
-
SpA,
11.13%,
05/15/28
(c)
...............
EUR
311
361,305
Global
Switch
Finance
BV,
1.38%,
10/07/30
(c)
.
135
131,600
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(b)
.....................
USD
37
40,006
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
..
15
14,920
United
Group
BV
(c)
(3-mo.
EURIBOR
+
3.25%),
7.25%
,
02/15/26
(a)
....................
EUR
100
108,016
4.00%
,
11/15/27
..................
100
101,359
1,772,185
Leisure
Products
—
0.0%
Mattel,
Inc.
6.20%
,
10/01/40
..................
USD
108
106,707
5.45%
,
11/01/41
..................
38
34,143
140,850
Life
Sciences
Tools
&
Services
—
0.0%
Star
Parent,
Inc.,
9.00%,
10/01/30
(b)
.......
360
378,541
Machinery
—
0.3%
Boels
Topholding
BV
6.25%
,
02/15/29
(c)
.................
EUR
270
304,190
Chart
Industries,
Inc.
(b)
7.50%
,
01/01/30
..................
USD
189
194,012
9.50%
,
01/01/31
..................
163
173,844
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
.....................
90
67,258
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)
(i)
..........
105
105,051
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
(b)
.....................
244
246,440
IMA
Industria
Macchine
Automatiche
SpA,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.94%,
01/15/28
(a)
(c)
...............
EUR
100
108,297
Loxam
SAS
(c)
6.38%
,
05/15/28
..................
250
279,121
6.38%
,
05/31/29
..................
102
113,219
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
......
USD
94
56,799
Renk
AG,
5.75%,
07/15/25
(c)
...........
EUR
200
215,622
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(b)
.....................
USD
100
91,914
Terex
Corp.,
5.00%,
05/15/29
(b)
.........
192
181,440
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
....
515
516,339
Titan
International,
Inc.,
7.00%,
04/30/28
...
55
54,833
TK
Elevator
Holdco
GmbH
6.63%
,
07/15/28
(c)
.................
EUR
187
193,926
7.63%
,
07/15/28
(b)
.................
USD
200
198,322
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(c)
.
EUR
150
157,728
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
510
491,749
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
..
USD
122
$
111,020
3,861,124
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(b)
........
160
163,219
Media
—
0.8%
Altice
Financing
SA
2.25%
,
01/15/25
(c)
.................
EUR
100
104,153
4.25%
,
08/15/29
(c)
.................
100
94,668
5.75%
,
08/15/29
(b)
.................
USD
300
261,443
Banijay
Entertainment
SASU,
7.00%,
05/01/29
(c)
.....................
EUR
247
280,752
Cable
One,
Inc.
0.00%
,
03/15/26
(k)
(n)
................
USD
78
66,651
4.00%
,
11/15/30
(b)
.................
68
54,740
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
.....................
247
247,127
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%
,
08/15/27
..................
138
129,967
7.75%
,
04/15/28
..................
181
156,918
9.00%
,
09/15/28
..................
525
545,773
7.50%
,
06/01/29
..................
225
185,904
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
.....
175
136,529
CSC
Holdings
LLC
(b)
11.25%
,
05/15/28
.................
626
634,311
11.75%
,
01/31/29
.................
450
457,078
DirecTV
Financing
LLC
(b)
5.88%
,
08/15/27
..................
279
265,243
8.88%
,
02/01/30
..................
101
103,025
DISH
DBS
Corp.
(b)
5.25%
,
12/01/26
..................
402
316,577
5.75%
,
12/01/28
..................
79
53,145
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
...
467
487,411
Eutelsat
SA,
1.50%,
10/13/28
(c)
.........
EUR
200
150,339
Gray
Television,
Inc.
(b)
5.88%
,
07/15/26
..................
USD
100
98,000
7.00%
,
05/15/27
..................
92
89,930
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
43
36,403
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
.....................
200
192,652
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
.....
25
24,348
Outfront
Media
Capital
LLC
(b)
5.00%
,
08/15/27
..................
289
276,632
4.25%
,
01/15/29
..................
37
32,978
4.63%
,
03/15/30
..................
10
8,851
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
...........
431
384,911
Radiate
Holdco
LLC
(b)
4.50%
,
09/15/26
..................
278
214,948
6.50%
,
09/15/28
..................
375
161,419
SES
SA,
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
(a)
(c)
(j)
....................
EUR
100
100,775
Sirius
XM
Radio,
Inc.,
5.00%,
08/01/27
(b)
....
USD
317
304,710
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
....
83
75,950
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(c)
EUR
276
291,062
Summer
BidCo
BV
(c)(i)
9.00%
,
(
9.00
%
Cash
or
9.75
%
PIK),
11/15/25
.....................
212
224,421
10.00%
,
(
10.00
%
Cash
or
10.75
%
PIK),
02/15/29
.....................
100
108,988
Tele
Columbus
AG,
3.88%,
05/02/25
(c)
.....
200
134,774
United
Group
BV
(c)
6.75%
,
02/15/31
..................
100
107,394
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
(3-mo.
EURIBOR
+
4.25%),
8.15%
,
02/15/31
(a)
....................
EUR
100
$
107,530
Univision
Communications,
Inc.
(b)
8.00%
,
08/15/28
..................
USD
248
252,357
7.38%
,
06/30/30
..................
82
80,393
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
................
287
270,168
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(c)
.
EUR
100
97,557
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(c)
300
282,063
Ziggo
Bond
Co.
BV,
5.13%,
02/28/30
(b)
.....
USD
250
210,916
Ziggo
BV,
2.88%,
01/15/30
(c)
...........
EUR
400
392,143
9,294,027
Metals
&
Mining
—
0.4%
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
..
USD
69
71,972
ATI,
Inc.
4.88%
,
10/01/29
..................
83
76,687
5.13%
,
10/01/31
..................
98
89,432
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
....
476
482,578
Carpenter
Technology
Corp.,
7.63%,
03/15/30
183
189,277
Constellium
SE
(b)
5.63%
,
06/15/28
..................
250
244,568
3.75%
,
04/15/29
..................
250
224,664
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
.....
177
160,185
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(b)
200
183,625
Freeport
Indonesia
PT,
4.76%,
04/14/27
(c)
...
231
226,380
Kaiser
Aluminum
Corp.
(b)
4.63%
,
03/01/28
..................
115
105,972
4.50%
,
06/01/31
..................
194
165,635
Metinvest
BV,
8.50%,
04/23/26
(c)
.........
246
193,110
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(b)
..
10
10,562
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
.......
329
327,362
Novelis
Corp.
(b)
3.25%
,
11/15/26
..................
335
313,669
4.75%
,
01/30/30
..................
152
140,979
3.88%
,
08/15/31
..................
207
179,539
POSCO
(b)
5.63%
,
01/17/26
..................
200
201,374
5.75%
,
01/17/28
..................
200
203,930
Vedanta
Resources
Finance
II
plc
(l)
13.88%
,
12/09/28
(c)
................
272
235,280
13.88%
,
12/09/28
(b)
................
282
243,930
4,270,710
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%
,
10/01/25
..................
18
17,691
4.75%
,
06/15/29
..................
55
49,231
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
34
31,476
98,398
Oil,
Gas
&
Consumable
Fuels
—
1.1%
3R
Lux
SARL,
9.75%,
02/05/31
(b)
........
210
209,370
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
....
252
249,813
Antero
Midstream
Partners
LP
(b)
5.75%
,
03/01/27
..................
54
53,599
5.75%
,
01/15/28
..................
33
32,394
5.38%
,
06/15/29
..................
92
88,328
Antero
Resources
Corp.,
7.63%,
02/01/29
(b)
..
50
51,483
Apache
Corp.,
5.35%,
07/01/49
.........
32
26,166
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%
,
11/01/27
..................
177
224,347
8.25%
,
12/31/28
..................
127
129,906
5.88%
,
06/30/29
..................
272
256,208
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
....
91
94,485
Buckeye
Partners
LP,
5.60%,
10/15/44
.....
62
47,783
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Chesapeake
Energy
Corp.
(b)
5.88%
,
02/01/29
..................
USD
21
$
20,856
6.75%
,
04/15/29
..................
205
207,373
CITGO
Petroleum
Corp.
(b)
7.00%
,
06/15/25
..................
171
170,976
8.38%
,
01/15/29
..................
211
219,222
Civitas
Resources,
Inc.
(b)
8.38%
,
07/01/28
..................
234
246,100
8.63%
,
11/01/30
..................
157
167,450
8.75%
,
07/01/31
..................
343
364,645
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
85
74,069
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
...
40
40,622
Comstock
Resources,
Inc.
(b)
6.75%
,
03/01/29
..................
109
100,089
5.88%
,
01/15/30
..................
289
250,434
Cosan
Luxembourg
SA,
7.25%,
06/27/31
(b)
..
275
276,292
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
.......
250
233,237
Crescent
Energy
Finance
LLC
(b)
7.25%
,
05/01/26
..................
228
227,145
9.25%
,
02/15/28
..................
308
319,748
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
85
87,369
EIG
Pearl
Holdings
SARL,
3.55%,
08/31/36
(b)
.
511
427,962
Enbridge,
Inc.
(a)
Series
16-A
,
(3-mo.
CME
Term
SOFR
+
4.15%),
6.00%
,
01/15/77
..........
678
652,514
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%
,
01/15/84
.....................
79
84,459
Energian
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(c)
....................
258
242,393
EnLink
Midstream
LLC,
5.63%,
01/15/28
(b)
..
212
209,544
EnLink
Midstream
Partners
LP,
5.60%,
04/01/44
110
97,630
EQM
Midstream
Partners
LP,
7.50%,
06/01/30
(b)
35
37,538
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
.....................
51
53,425
Genesis
Energy
LP
7.75%
,
02/01/28
..................
30
30,080
8.25%
,
01/15/29
..................
68
69,905
8.88%
,
04/15/30
..................
76
79,513
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
...
36
35,678
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
..
40
40,404
Hilcorp
Energy
I
LP
(b)
6.25%
,
11/01/28
..................
52
51,809
5.75%
,
02/01/29
..................
108
104,257
8.38%
,
11/01/33
..................
172
184,855
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
......
152
132,956
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)
(c)
...
100
89,709
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
.....................
35
34,591
Matador
Resources
Co.,
6.88%,
04/15/28
(b)
..
136
139,267
MC
Brazil
Downstream
Trading
SARL,
7.25%,
06/30/31
(c)
.....................
190
146,358
Murphy
Oil
Corp.,
5.88%,
12/01/42
(l)
......
11
9,749
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(b)
.
186
183,778
Northern
Oil
&
Gas,
Inc.
(b)
8.13%
,
03/01/28
..................
169
171,631
8.75%
,
06/15/31
..................
179
187,083
NuStar
Logistics
LP,
6.38%,
10/01/30
......
17
17,085
Occidental
Petroleum
Corp.,
6.63%,
09/01/30
106
112,773
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
...
67
69,400
Permian
Resources
Operating
LLC
(b)
6.88%
,
04/01/27
..................
97
96,415
8.00%
,
04/15/27
..................
138
142,834
5.88%
,
07/01/29
..................
315
308,095
9.88%
,
07/15/31
..................
117
129,602
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Puma
International
Financing
SA
5.00%
,
01/24/26
(b)
.................
USD
350
$
330,750
5.00%
,
01/24/26
(c)
.................
517
488,565
Repsol
International
Finance
BV,
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
(a)
(c)
(j)
.....
EUR
200
209,528
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
..
USD
119
110,793
SCC
Power
plc
(b)(i)
8.00%
,
(
8.00
%
Cash
or
8.00
%
PIK),
12/31/28
.....................
552
255,303
4.00%
,
(
4.00
%
Cash
or
4.00
%
PIK),
05/17/32
.....................
299
48,191
SierraCol
Energy
Andina
LLC,
6.00%,
06/15/28
(c)
.....................
200
167,313
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(b)
................
155
158,949
SM
Energy
Co.
6.75%
,
09/15/26
..................
32
31,957
6.63%
,
01/15/27
..................
16
15,925
6.50%
,
07/15/28
..................
53
53,000
Tallgrass
Energy
Partners
LP
(b)
6.00%
,
03/01/27
..................
31
30,496
7.38%
,
02/15/29
..................
150
149,627
6.00%
,
12/31/30
..................
2
1,859
Talos
Production,
Inc.
(b)
9.00%
,
02/01/29
..................
55
55,734
9.38%
,
02/01/31
..................
46
47,036
Var
Energi
ASA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%,
11/15/83
(a)
(c)
.....
EUR
248
285,770
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%
,
08/15/29
..................
USD
128
114,402
4.13%
,
08/15/31
..................
55
48,637
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
...
148
142,445
Vital
Energy,
Inc.
10.13%
,
01/15/28
.................
106
111,015
9.75%
,
10/15/30
..................
126
133,861
Western
Midstream
Operating
LP
5.30%
,
03/01/48
..................
244
213,915
5.50%
,
08/15/48
..................
51
45,153
12,093,025
Paper
&
Forest
Products
—
0.0%
Ahlstrom
Holding
3
Oy
3.63%
,
02/04/28
(c)
.................
EUR
100
99,943
4.88%
,
02/04/28
(b)
.................
USD
200
179,325
279,268
Passenger
Airlines
—
0.1%
American
Airlines,
Inc.
(b)
5.75%
,
04/20/29
..................
166
162,617
8.50%
,
05/15/29
..................
138
146,282
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(b)
202
204,651
Deutsche
Lufthansa
AG,
2.88%,
05/16/27
(c)
..
EUR
100
104,171
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(c)
................
100
104,497
United
Airlines
Pass-Through
Trust,
Series
2020-1,
Class
B,
4.88%,
01/15/26
......
USD
22
21,723
United
Airlines,
Inc.,
4.63%,
04/15/29
(b)
.....
151
139,680
VistaJet
Malta
Finance
plc
(b)
7.88%
,
05/01/27
..................
62
51,784
6.38%
,
02/01/30
..................
122
88,304
1,023,709
Pharmaceuticals
—
0.3%
1375209
BC
Ltd.,
9.00%,
01/30/28
(b)
......
84
81,480
Bayer
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
4.46%),
5.38%
,
03/25/82
................
EUR
400
407,674
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Series
NC5
,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%
,
09/25/83
..........
EUR
100
$
109,151
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%
,
09/25/83
................
100
110,231
Catalent
Pharma
Solutions,
Inc.
2.38%
,
03/01/28
(c)
.................
265
254,167
3.50%
,
04/01/30
(b)
.................
USD
35
30,758
Cheplapharm
Arzneimittel
GmbH
5.50%
,
01/15/28
(b)
.................
200
191,530
7.50%
,
05/15/30
(c)
.................
EUR
200
227,276
Gruenenthal
GmbH,
6.75%,
05/15/30
(c)
.....
300
344,878
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
....
USD
203
187,244
Organon
&
Co.,
2.88%,
04/30/28
(c)
.......
EUR
221
222,045
Teva
Pharmaceutical
Finance
Netherlands
II
BV
7.38%
,
09/15/29
..................
500
584,772
4.38%
,
05/09/30
..................
100
101,293
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%
,
10/01/26
..................
USD
84
78,120
4.75%
,
05/09/27
..................
200
192,006
3,122,625
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
...
56
50,823
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
.......
437
387,256
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
.....................
268
249,143
La
Financiere
Atalian
SASU,
5.13%,
05/15/25
(c)
EUR
150
121,579
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
................
USD
91
85,888
894,689
Real
Estate
Management
&
Development
—
0.3%
ADLER
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(c)
(i)
......
EUR
100
110,108
ADLER
Group
SA,
21.00%,
(21.00%
Cash
or
21.00%
PIK),
07/31/25
(c)
(i)
...........
100
96,984
ADLER
Real
Estate
AG,
3.00%,
04/27/26
(c)
..
200
175,055
Agps
Bondco
plc,
5.00%,
01/14/29
(c)
(d)
(h)
....
300
126,701
Anywhere
Real
Estate
Group
LLC
Series
AI
,
7.00%
,
04/15/30
...........
USD
125
112,788
7.00%
,
04/15/30
(b)
.................
190
171,415
Aroundtown
SA,
0.38%,
04/15/27
(c)
.......
EUR
300
264,273
ATF
Netherlands
BV,
(5-Year
EUR
Swap
Annual
+
4.38%),
7.08%
(a)
(c)
(j)
..............
300
181,558
Balder
Finland
OYJ,
1.00%,
01/20/29
(c)
.....
100
84,710
Cushman
&
Wakefield
US
Borrower
LLC
(b)
6.75%
,
05/15/28
..................
USD
192
189,373
8.88%
,
09/01/31
..................
74
77,243
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(c)
................
EUR
200
145,931
Fantasia
Holdings
Group
Co.
Ltd.
(c)(d)(h)
15.00%
,
12/18/21
.................
USD
400
9,000
11.75%
,
04/17/22
.................
600
13,500
12.25%
,
10/18/22
.................
400
9,000
10.88%
,
01/09/23
.................
218
4,905
11.88%
,
06/01/23
.................
300
6,750
9.25%
,
07/28/23
..................
600
13,500
Fastighets
AB
Balder,
1.88%,
03/14/25
(c)
....
EUR
100
104,286
Heimstaden
Bostad
Treasury
BV
(c)
1.38%
,
03/03/27
..................
300
273,025
1.00%
,
04/13/28
..................
100
83,617
Howard
Hughes
Corp.
(The)
(b)
5.38%
,
08/01/28
..................
USD
4
3,832
4.13%
,
02/01/29
..................
56
50,504
4.38%
,
02/01/31
..................
78
67,517
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
JGC
Ventures
Pte.
Ltd.,
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(c)
(i)
............
USD
8
$
2,557
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)
(c)
(j)
.........
338
332,719
Modernland
Overseas
Pte.
Ltd.
(c)
5.00%
,
(
5.00
%
Cash
or
3.00
%
PIK),
04/30/27
(d)
(h)
(i)
..................
447
130,176
Series
2
,
5.00%
,
04/30/27
...........
26
3,645
Realogy
Group
LLC,
5.75%,
01/15/29
(b)
....
4
2,971
SBB
Treasury
OYJ,
0.75%,
12/14/28
(c)
.....
EUR
100
67,949
Sunac
China
Holdings
Ltd.
(c)(i)
5.00%
,
(
5.00
%
Cash
or
6.00
%
PIK),
09/30/25
.....................
USD
18
1,832
5.25%
,
(
5.25
%
Cash
or
6.25
%
PIK),
09/30/26
.....................
18
1,641
5.50%
,
(
5.50
%
Cash
or
6.50
%
PIK),
09/30/27
.....................
35
2,770
5.75%
,
(
5.75
%
Cash
or
6.75
%
PIK),
09/30/28
.....................
53
3,437
6.00%
,
(
6.00
%
Cash
or
7.00
%
PIK),
09/30/29
.....................
53
2,839
6.25%
,
(
6.25
%
Cash
or
7.25
%
PIK),
09/30/30
.....................
25
1,114
1.00%
,
(
1.00
%
Cash
or
2.00
%
PIK),
09/30/32
(k)
....................
22
1,011
2,930,236
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
.....................
131
115,983
Semiconductors
&
Semiconductor
Equipment
—
0.1%
ams-OSRAM
AG
(c)
2.13%
,
11/03/27
(k)
.................
EUR
200
169,130
10.50%
,
03/30/29
.................
200
233,431
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
........
USD
230
203,949
606,510
Software
—
0.6%
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
.........
136
145,631
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
.
1,055
942,393
Boxer
Parent
Co.,
Inc.
6.50%
,
10/02/25
(c)
.................
EUR
125
135,087
7.13%
,
10/02/25
(b)
.................
USD
141
141,250
9.13%
,
03/01/26
(b)
.................
320
320,000
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
..
190
197,165
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
.....
221
225,172
Clarivate
Science
Holdings
Corp.
(b)
3.88%
,
07/01/28
..................
310
285,668
4.88%
,
07/01/29
..................
369
344,477
Cloud
Software
Group,
Inc.
(b)
6.50%
,
03/31/29
..................
1,398
1,305,359
9.00%
,
09/30/29
..................
733
693,753
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%
,
10/15/26
..................
59
55,891
6.50%
,
10/15/28
..................
77
69,157
Elastic
NV,
4.13%,
07/15/29
(b)
..........
164
148,796
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
.....................
200
182,047
McAfee
Corp.,
7.38%,
02/15/30
(b)
........
411
372,453
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
.....
295
281,445
UKG,
Inc.,
6.88%,
02/01/31
(b)
...........
988
999,115
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
.......
195
166,636
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
101
89,740
7,101,235
Security
Par
(000)
Par
(000)
Value
Specialized
REITs
—
0.0%
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(b)
.....
USD
157
$
160,994
Specialty
Retail
—
0.2%
Arko
Corp.,
5.13%,
11/15/29
(b)
..........
52
45,828
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
..................
41
38,546
4.75%
,
03/01/30
..................
10
9,253
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(c)
.....................
GBP
100
105,932
Goldstory
SAS,
6.75%,
02/01/30
(c)
.......
EUR
100
108,070
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
.
USD
18
16,594
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
...
141
130,610
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
81
75,741
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
.....................
115
103,638
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
................
112
110,098
SRS
Distribution,
Inc.
(b)
4.63%
,
07/01/28
..................
371
346,072
6.13%
,
07/01/29
..................
208
196,835
6.00%
,
12/01/29
..................
292
273,020
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
...
642
628,402
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)
(i)
............
90
89,894
2,278,533
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Seagate
HDD
Cayman
(b)
8.25%
,
12/15/29
..................
182
195,956
8.50%
,
07/15/31
..................
109
118,414
314,370
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(b)
Crocs,
Inc.
4.25%
,
03/15/29
..................
9
8,145
4.13%
,
08/15/31
..................
64
54,551
Hanesbrands,
Inc.,
4.88%,
05/15/26
......
21
20,253
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
.....
80
72,617
155,566
Trading
Companies
&
Distributors
—
0.0%
(b)
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%
,
10/01/25
..................
17
16,977
5.50%
,
05/01/28
..................
251
243,214
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
......................
64
56,240
Imola
Merger
Corp.,
4.75%,
05/15/29
......
112
104,289
420,720
Transportation
Infrastructure
—
0.1%
Abertis
Infraestructuras
Finance
BV,
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
(a)
(c)
(j)
..
EUR
200
208,575
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(a)
(c)
(j)
...............
USD
348
345,042
Stena
International
SA,
7.25%,
01/15/31
(b)
...
400
400,244
953,861
Wireless
Telecommunication
Services
—
0.5%
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
....
200
195,467
Kenbourne
Invest
SA,
6.88%,
11/26/24
(b)
....
421
305,225
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
...............
207
211,722
Millicom
International
Cellular
SA,
5.13%,
01/15/28
(c)
.....................
474
440,506
SoftBank
Group
Corp.
(c)
3.13%
,
09/19/25
..................
EUR
100
105,131
5.00%
,
04/15/28
..................
100
108,156
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
4.00%
,
09/19/29
..................
EUR
500
$
505,227
3.88%
,
07/06/32
..................
400
378,829
Telefonica
Europe
BV
(a)(c)(j)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
200
211,095
(6-Year
EUR
Swap
Annual
+
4.32%),
7.13%
300
351,366
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
400
445,290
(8-Year
EUR
Swap
Annual
+
3.62%),
6.75%
100
116,460
VF
Ukraine
PAT,
6.20%,
02/11/25
(c)
.......
USD
332
264,355
Vmed
O2
UK
Financing
I
plc
(c)
4.00%
,
01/31/29
..................
GBP
100
112,478
4.50%
,
07/15/31
..................
400
435,383
Vodafone
Group
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%
,
08/27/80
................
EUR
200
205,874
Series
60NC10
,
(5-Year
EUR
Swap
Annual
+
3.48%),
3.00%
,
08/27/80
.........
500
483,613
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%
,
08/30/84
................
300
346,295
5,222,472
Total
Corporate
Bonds
—
15
.8
%
(Cost:
$
181,407,009
)
..............................
178,959,823
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
(b)(c)
Barclays
Bank
plc
(
L3Harris
Technologies,
Inc.
)
,
13.52
%
,
03/18/24
.................
USD
4
852,903
SGA
Societe
Generale
Acceptance
NV
(
RTX
Corp.
)
,
14.04
%
,
02/20/24
............
9
790,701
1,643,604
Automobile
Components
—
0.0%
(b)(c)
Citigroup,
Inc.
(
Aptiv
plc
)
,
22.81
%
,
03/25/24
..
2
181,283
Mizuho
Markets
Cayman
LP
(
Lear
Corp.
)
,
26.22
%
,
02/08/24
.................
2
278,812
460,095
Automobiles
—
0.2%
(b)(c)
Nomura
Holdings,
Inc.
(
General
Motors
Co.
)
,
23.14
%
,
03/20/24
.................
12
430,225
Royal
Bank
of
Canada
(
General
Motors
Co.
)
,
17.95
%
,
03/21/24
.................
45
1,738,628
2,168,853
Banks
—
1.4%
Barclays
Bank
plc
(
Banco
Bilbao
Vizcaya
Argentaria
SA
)
,
12.05
%
,
03/22/24
......
EUR
181
1,707,782
Barclays
Bank
plc
(
Citizens
Financial
Group,
Inc.
)
,
20.33
%
,
02/23/24
(b)
(c)
...........
USD
6
184,836
Barclays
Bank
plc
(
Swedbank
AB
)
,
10.28
%
,
03/22/24
(b)
(c)
...............
SEK
55
976,111
BMO
Capital
Markets
Corp.
(
Citigroup,
Inc.
)
,
17.08
%
,
02/05/24
(b)
(c)
...............
USD
17
854,917
Citigroup,
Inc.
(
M&T
Bank
Corp.
)
,
22.49
%
,
03/11/24
(b)
(c)
...............
3
435,956
Citigroup,
Inc.
(
Wells
Fargo
&
Co.
)
,
19.97
%
,
02/23/24
(b)
(c)
...............
18
918,980
HSBC
Bank
plc
(Banco
Santander
SA)
18.60
%
,
02/01/24
(b)
(c)
...............
EUR
7
692,660
12.05
%
,
04/11/24
(b)
(c)
...............
7
729,348
Mizuho
Markets
Cayman
LP
(
Comerica,
Inc.
)
,
21.57
%
,
03/13/24
(b)
(c)
...............
USD
5
285,267
Nomura
Holdings,
Inc.
(
Citigroup,
Inc.
)
,
17.35
%
,
03/12/24
(b)
(c)
...............
19
1,031,921
Nomura
Holdings,
Inc.
(
JPMorgan
Chase
&
Co.
)
,
7.45
%
,
03/12/24
(b)
(c)
............
17
2,873,523
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Royal
Bank
of
Canada
(
Bank
of
America
Corp.
)
,
16.59
%
,
03/12/24
(b)
(c)
...............
USD
60
$
2,021,010
Royal
Bank
of
Canada
(
First
Citizens
BancShares,
Inc.
)
,
22.17
%
,
02/05/24
(b)
(c)
..
—
(o)
445,181
Royal
Bank
of
Canada
(
First
Horizon
Corp.
)
,
17.96
%
,
03/11/24
(b)
(c)
...............
31
434,459
Royal
Bank
of
Canada
(
Huntington
Bancshares,
Inc.
)
,
14.99
%
,
03/13/24
(b)
(c)
...........
23
286,775
Royal
Bank
of
Canada
(
Wells
Fargo
&
Co.
)
,
14.19
%
,
03/12/24
(b)
(c)
...............
42
2,044,022
Toronto-Dominion
Bank
(The)
(
PNC
Financial
Services
Group,
Inc.
(The)
)
,
16.70
%
,
03/07/24
(b)
(c)
...............
3
429,157
16,351,905
Beverages
—
1.1%
Barclays
Bank
plc
(
Anheuser-Busch
InBev
SA
)
,
6.53
%
,
02/29/24
(b)
(c)
................
EUR
48
2,978,459
Barclays
Bank
plc
(
Molson
Coors
Beverage
Co.
)
,
11.56
%
,
02/21/24
(b)
(c)
............
USD
28
1,690,428
BNP
Paribas
SA
(
Monster
Beverage
Corp.
)
,
10.11
%
,
02/28/24
(b)
(c)
...............
19
1,063,929
HSBC
Bank
plc
(
Diageo
plc
)
,
14.10
%
,
03/22/24
GBP
63
2,331,657
SGA
Societe
Generale
Acceptance
NV
(
Coca-
Cola
Co.
(The)
)
,
5.54
%
,
02/14/24
(b)
(c)
.....
USD
62
3,649,840
SGA
Societe
Generale
Acceptance
NV
(
Keurig
Dr
Pepper,
Inc.
)
,
13.85
%
,
02/20/24
(b)
(c)
....
5
148,691
11,863,004
Broadline
Retail
—
0.9%
(b)(c)
BNP
Paribas
SA
(
Etsy,
Inc.
)
,
23.16
%
,
02/22/24
11
694,788
BNP
Paribas
SA
(
Macy's,
Inc.
)
,
31.69
%
,
03/01/24
.................
30
543,518
BNP
Paribas
SA
(
MercadoLibre,
Inc.
)
,
22.13
%
,
02/22/24
.................
1
1,142,121
Citigroup,
Inc.
(
Amazon.com,
Inc.
)
,
18.18
%
,
02/02/24
.................
53
7,142,263
HSBC
Bank
plc
(
Alibaba
Group
Holding
Ltd.
)
,
27.53
%
,
03/18/24
.................
3
189,596
9,712,286
Building
Products
—
0.2%
(b)(c)
Barclays
Bank
plc
(
Cie
de
Saint-Gobain
SA
)
,
14.48
%
,
02/29/24
.................
EUR
14
988,277
Royal
Bank
of
Canada
(
Johnson
Controls
International
plc
)
,
13.87
%
,
03/21/24
.....
USD
13
695,641
SGA
Societe
Generale
Acceptance
NV
(
Allegion
plc
)
,
20.09
%
,
03/20/24
........
2
241,562
1,925,480
Capital
Markets
—
0.9%
(b)(c)
Barclays
Bank
plc
(
Ameriprise
Financial,
Inc.
)
,
10.47
%
,
03/25/24
.................
2
850,802
Barclays
Bank
plc
(
Intercontinental
Exchange,
Inc.
)
,
9.54
%
,
02/02/24
..............
10
1,134,942
Barclays
Bank
plc
(
LPL
Financial
Holdings,
Inc.
)
,
18.38
%
,
02/02/24
..............
2
566,457
BMO
Capital
Markets
Corp.
(
Raymond
James
Financial,
Inc.
)
,
20.20
%
,
02/23/24
.......
4
387,635
JPMorgan
Structured
Products
BV
(
Carlyle
Group,
Inc.
(The)
)
,
24.55
%
,
03/25/24
....
9
366,636
Mizuho
Markets
Cayman
LP
(
Charles
Schwab
Corp.
(The)
)
,
22.75
%
,
02/08/24
........
24
1,453,256
Nomura
Holdings,
Inc.
(
Goldman
Sachs
Group,
Inc.
(The)
)
,
16.09
%
,
03/14/24
.........
1
191,766
Royal
Bank
of
Canada
(
State
Street
Corp.
)
,
12.27
%
,
03/13/24
.................
6
414,907
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
SGA
Societe
Generale
Acceptance
NV
(
Cboe
Global
Markets,
Inc.
)
,
7.61
%
,
02/02/24
...
USD
10
$
1,753,307
Societe
Generale
(
Nasdaq,
Inc.
)
,
10.96
%
,
03/25/24
.................
5
285,943
Toronto-Dominion
Bank
(The)
(
Goldman
Sachs
Group,
Inc.
(The)
)
,
14.90
%
,
03/07/24
....
2
853,813
Toronto-Dominion
Bank
(The)
(
Morgan
Stanley
)
,
17.91
%
,
03/07/24
...........
10
863,339
UBS
AG
(
CME
Group,
Inc.
)
,
19.90
%
,
02/08/24
4
807,080
9,929,883
Chemicals
—
0.3%
(b)(c)
Citigroup,
Inc.
(
LyondellBasell
Industries
NV
)
,
17.16
%
,
02/02/24
.................
6
560,099
JPMorgan
Structured
Products
BV
(
International
Flavors
&
Fragrances,
Inc.
)
,
14.64
%
,
03/14/24
.................
5
409,727
Nomura
Holdings,
Inc.
(
Dow,
Inc.
)
,
11.89
%
,
04/26/24
.................
16
845,499
Royal
Bank
of
Canada
(
Ecolab,
Inc.
)
,
12.38
%
,
02/14/24
.................
7
1,145,094
Royal
Bank
of
Canada
(
PPG
Industries,
Inc.
)
,
11.11
%
,
03/13/24
..................
4
559,831
3,520,250
Commercial
Services
&
Supplies
—
0.1%
Barclays
Bank
plc
(
Republic
Services,
Inc.
)
,
9.61
%
,
02/15/24
(b)
(c)
................
6
981,289
Communications
Equipment
—
0.3%
(b)(c)
Citigroup,
Inc.
(
Arista
Networks,
Inc.
)
,
19.45
%
,
02/13/24
.................
7
1,449,159
Mizuho
Markets
Cayman
LP
(
Cisco
Systems,
Inc.
)
,
18.12
%
,
02/08/24
..............
10
504,265
Royal
Bank
of
Canada
(
Ciena
Corp.
)
,
16.50
%
,
02/09/24
.................
24
1,165,098
3,118,522
Construction
&
Engineering
—
0.2%
(b)(c)
Citigroup,
Inc.
(
Vinci
SA
)
,
19.25
%
,
02/09/24
..
8
1,103,312
Nomura
Holdings,
Inc.
(
Vinci
SA
)
,
28.73
%
,
02/15/24
.................
5
693,085
1,796,397
Construction
Materials
—
0.2%
(b)(c)
JPMorgan
Structured
Products
BV
(
Martin
Marietta
Materials,
Inc.
)
,
14.12
%
,
02/15/24
3
1,278,283
Nomura
Holdings,
Inc.
(
Vulcan
Materials
Co.
)
,
9.92
%
,
02/16/24
..................
5
1,133,608
2,411,891
Consumer
Finance
—
0.0%
JPMorgan
Structured
Products
BV
(
Synchrony
Financial
)
,
21.87
%
,
03/14/24
(b)
(c)
........
11
433,703
Consumer
Staples
Distribution
&
Retail
—
0.6%
(b)(c)
Barclays
Bank
plc
(
Tesco
plc
)
,
8.02
%
,
03/13/24
GBP
258
942,991
Royal
Bank
of
Canada
(
Kroger
Co.
(The)
)
,
10.23
%
,
02/29/24
.................
USD
19
853,654
Royal
Bank
of
Canada
(
Sysco
Corp.
)
,
6.51
%
,
03/21/24
..................
18
1,443,479
SGA
Societe
Generale
Acceptance
NV
(
Target
Corp.
)
,
16.37
%
,
02/28/24
............
24
3,293,381
6,533,505
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Sealed
Air
Corp.
)
,
19.86
%
,
02/23/24
.................
USD
16
$
544,342
JPMorgan
Structured
Products
BV
(
Sealed
Air
Corp.
)
,
22.81
%
,
04/25/24
............
4
154,246
698,588
Distributors
—
0.1%
BNP
Paribas
SA
(
Genuine
Parts
Co.
)
,
12.26
%
,
02/23/24
(b)
(c)
...............
7
987,474
Diversified
Telecommunication
Services
—
0.6%
(b)(c)
Barclays
Bank
plc
(
Verizon
Communications,
Inc.
)
,
19.53
%
,
02/23/24
..............
21
806,371
Citigroup,
Inc.
(
TELUS
Corp.
)
,
12.08
%
,
03/15/24
.................
128
2,185,842
Mizuho
Markets
Cayman
LP
(
TELUS
Corp.
)
,
17.01
%
,
03/07/24
.................
20
344,225
Nomura
Holdings,
Inc.
(
Verizon
Communications,
Inc.
)
,
8.65
%
,
03/14/24
..
68
2,867,970
6,204,408
Electric
Utilities
—
0.4%
BMO
Capital
Markets
Corp.
(
Exelon
Corp.
)
,
20.14
%
,
03/07/24
(b)
(c)
...............
9
315,051
JPMorgan
Structured
Products
BV
(
NextEra
Energy,
Inc.
)
,
23.49
%
,
03/18/24
(b)
(c)
......
2
105,126
JPMorgan
Structured
Products
BV
(
PG&E
Corp.
)
,
10.14
%
,
03/18/24
(b)
(c)
..........
17
279,435
Mizuho
Markets
Cayman
LP
(American
Electric
Power
Co.,
Inc.)
18.32
%
,
02/08/24
(b)
(c)
...............
5
398,696
15.12
%
,
02/23/24
(b)
(c)
...............
14
1,064,642
Nomura
Holdings,
Inc.
(
NextEra
Energy,
Inc.
)
,
11.41
%
,
04/26/24
(b)
(c)
...............
45
2,602,755
4,765,705
Electrical
Equipment
—
0.2%
(b)(c)
Barclays
Bank
plc
(
Eaton
Corp.
plc
)
,
13.16
%
,
02/08/24
.................
7
1,417,684
SGA
Societe
Generale
Acceptance
NV
(
Schneider
Electric
SE
)
,
19.21
%
,
02/05/24
.
11
351,275
1,768,959
Electronic
Equipment,
Instruments
&
Components
—
0.2%
(b)(c)
Barclays
Bank
plc
(
Amphenol
Corp.
)
,
9.28
%
,
03/15/24
..................
21
2,102,853
BMO
Capital
Markets
Corp.
(
Zebra
Technologies
Corp.
)
,
23.51
%
,
03/14/24
...
1
243,589
2,346,442
Energy
Equipment
&
Services
—
0.2%
(b)(c)
Citigroup,
Inc.
(
Schlumberger
NV
)
,
19.16
%
,
03/13/24
.................
23
1,114,853
Nomura
Holdings,
Inc.
(
Halliburton
Co.
)
,
19.28
%
,
03/14/24
.................
32
1,152,403
2,267,256
Entertainment
—
0.4%
(b)(c)
Barclays
Bank
plc
(
Walt
Disney
Co.
(The)
)
,
15.08
%
,
02/07/24
.................
17
1,597,745
HSBC
Bank
plc
(
Netflix,
Inc.
)
,
17.25
%
,
03/15/24
4
2,147,973
Mizuho
Markets
Cayman
LP
(
Live
Nation
Entertainment,
Inc.
)
,
16.53
%
,
02/23/24
...
10
834,275
4,579,993
Financial
Services
—
1.0%
(b)(c)
Barclays
Bank
plc
(
Fidelity
National
Information
Services,
Inc.
)
,
18.76
%
,
02/13/24
.......
16
994,477
Barclays
Bank
plc
(
Mastercard,
Inc.
)
,
6.61
%
,
03/25/24
..................
9
4,259,578
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Barclays
Bank
plc
(
Visa,
Inc.
)
,
10.73
%
,
03/18/24
.................
USD
1
$
382,681
BNP
Paribas
SA
(
Block,
Inc.
)
,
22.98
%
,
02/23/24
17
901,860
BNP
Paribas
SA
(
Fiserv,
Inc.
)
,
5.67
%
,
02/07/24
30
4,063,308
Citigroup,
Inc.
(
Equitable
Holdings,
Inc.
)
,
19.60
%
,
03/25/24
.................
12
403,074
JPMorgan
Structured
Products
BV
(
Rocket
Cos.,
Inc.
)
,
17.14
%
,
02/29/24
..........
GBP
1
98,889
SGA
Societe
Generale
Acceptance
NV
(
Fidelity
National
Information
Services,
Inc.
)
,
21.60
%
,
02/20/24
.................
USD
10
612,136
11,716,003
Food
Products
—
0.6%
(b)(c)
Barclays
Bank
plc
(
Bunge
Global
SA
)
,
15.12
%
,
02/08/24
.................
7
630,222
Barclays
Bank
plc
(
Kraft
Heinz
Co.
(The)
)
,
17.29
%
,
03/18/24
.................
24
870,995
JPMorgan
Structured
Products
BV
(
Kraft
Heinz
Co.
(The)
)
,
12.17
%
,
02/15/24
..........
37
1,283,450
Royal
Bank
of
Canada
(
PPB
Group
Bhd
)
,
5.31
%
,
02/09/24
..................
11
1,811,751
Societe
Generale
(
Mondelez
International,
Inc.
)
,
6.98
%
,
03/25/24
..................
23
1,717,896
6,314,314
Ground
Transportation
—
0.3%
(b)(c)
Barclays
Bank
plc
(
Avis
Budget
Group,
Inc.
)
,
37.79
%
,
02/14/24
.................
3
412,114
Goldman
Sachs
International
(
Uber
Technologies,
Inc.
)
,
24.75
%
,
02/08/24
....
12
732,501
Mizuho
Markets
Cayman
LP
(
Avis
Budget
Group,
Inc.
)
,
20.20
%
,
02/14/24
........
4
586,494
Mizuho
Markets
Cayman
LP
(
Ryder
System,
Inc.
)
,
13.13
%
,
02/14/24
..............
8
863,034
Nomura
Holdings,
Inc.
(
Union
Pacific
Corp.
)
,
18.26
%
,
03/14/24
.................
1
192,182
Royal
Bank
of
Canada
(
JB
Hunt
Transport
Services,
Inc.
)
,
11.41
%
,
03/13/24
.......
2
427,286
Societe
Generale
(
Old
Dominion
Freight
Line,
Inc.
)
,
17.38
%
,
03/25/24
..............
1
419,268
3,632,879
Health
Care
Equipment
&
Supplies
—
1.0%
Barclays
Bank
plc
(
EssilorLuxottica
SA
)
,
9.44
%
,
02/23/24
(b)
(c)
................
EUR
6
1,110,902
Barclays
Bank
plc
(
Stryker
Corp.
)
,
11.14
%
,
03/25/24
(b)
(c)
...............
USD
4
1,413,719
Barclays
Bank
plc
(
Zimmer
Biomet
Holdings,
Inc.
)
,
16.61
%
,
03/18/24
(b)
(c)
...........
2
196,919
Citigroup,
Inc.
(
Boston
Scientific
Corp.
)
,
12.41
%
,
02/01/24
(b)
(c)
...............
35
1,831,779
Citigroup,
Inc.
(
Dexcom,
Inc.
)
,
25.45
%
,
02/09/24
(b)
(c)
...............
12
1,161,121
HSBC
Bank
plc
(Koninklijke
Philips
NV)
22.90
%
,
02/01/24
(b)
(c)
...............
EUR
15
310,839
14.50
%
,
04/11/24
(b)
(c)
...............
14
310,028
Nomura
Holdings,
Inc.
(
Boston
Scientific
Corp.
)
,
8.30
%
,
02/02/24
(b)
(c)
................
USD
46
2,658,992
Nomura
Holdings,
Inc.
(
Medtronic
plc
)
,
15.73
%
,
03/20/24
(b)
(c)
...............
9
744,605
Royal
Bank
of
Canada
(
Baxter
International,
Inc.
)
,
23.68
%
,
03/25/24
(b)
(c)
...........
17
667,037
Societe
Generale
(
Boston
Scientific
Corp.
)
,
6.98
%
,
03/25/24
(b)
(c)
................
22
1,419,111
11,825,052
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
—
1.7%
(b)(c)
Barclays
Bank
plc
(
Cigna
Group
(The)
)
,
11.38
%
,
02/02/24
.................
USD
5
$
1,549,954
Barclays
Bank
plc
(
CVS
Health
Corp.
)
,
16.33
%
,
02/08/24
.................
26
1,855,173
BMO
Capital
Markets
Corp.
(
Humana,
Inc.
)
,
17.96
%
,
03/07/24
.................
1
193,167
BMO
Capital
Markets
Corp.
(
Laboratory
Corp.
of
America
Holdings
)
,
18.36
%
,
03/07/24
..
3
625,690
Citigroup,
Inc.
(
Cardinal
Health,
Inc.
)
,
13.56
%
,
03/25/24
.................
7
719,433
Citigroup,
Inc.
(
Elevance
Health,
Inc.
)
,
9.70
%
,
03/15/24
..................
7
3,584,169
Citigroup,
Inc.
(
Laboratory
Corp.
of
America
Holdings
)
,
11.64
%
,
02/16/24
..........
5
984,250
Mizuho
Markets
Cayman
LP
(
Cigna
Group
(The)
)
,
20.00
%
,
03/07/24
............
2
548,292
Mizuho
Markets
Cayman
LP
(
McKesson
Corp.
)
,
10.00
%
,
02/01/24
.................
3
1,413,459
Royal
Bank
of
Canada
(
HCA
Healthcare,
Inc.
)
,
10.53
%
,
03/21/24
.................
5
1,437,042
Royal
Bank
of
Canada
(
Humana,
Inc.
)
,
12.49
%
,
02/02/24
.................
2
917,711
SGA
Societe
Generale
Acceptance
NV
(
Elevance
Health,
Inc.
)
,
17.31
%
,
03/20/24
.
1
586,528
SGA
Societe
Generale
Acceptance
NV
(
UnitedHealth
Group,
Inc.
)
,
9.27
%
,
03/12/24
10
4,881,390
19,296,258
Hotels,
Restaurants
&
Leisure
—
1.4%
(b)(c)
Barclays
Bank
plc
(
Compass
Group
plc
)
,
12.79
%
,
03/13/24
.................
GBP
31
847,006
BNP
Paribas
SA
(
Booking
Holdings,
Inc.
)
,
13.22
%
,
02/22/24
.................
USD
—
(o)
861,892
BNP
Paribas
SA
(
Expedia
Group,
Inc.
)
,
13.49
%
,
02/09/24
.................
10
1,182,006
Citigroup,
Inc.
(
Chipotle
Mexican
Grill,
Inc.
)
,
11.88
%
,
02/07/24
.................
—
(o)
968,706
JPMorgan
Structured
Products
BV
(
Flight
Centre
Travel
Group
Ltd.
)
,
11.08
%
,
02/08/24
2
577,924
Mizuho
Markets
Cayman
LP
(
Airbnb,
Inc.
)
,
18.72
%
,
02/14/24
.................
8
1,023,090
Mizuho
Markets
Cayman
LP
(
Hilton
Worldwide
Holdings,
Inc.
)
,
10.82
%
,
02/09/24
.......
10
1,734,284
Mizuho
Markets
Cayman
LP
(
Starbucks
Corp.
)
,
9.57
%
,
02/02/24
..................
20
1,862,351
Nomura
Holdings,
Inc.
(
Darden
Restaurants,
Inc.
)
,
11.49
%
,
03/22/24
..............
5
849,427
Nomura
Holdings,
Inc.
(
Las
Vegas
Sands
Corp.
)
,
10.38
%
,
04/22/24
............
17
836,737
SGA
Societe
Generale
Acceptance
NV
(
MGM
Resorts
International
)
,
24.48
%
,
02/08/24
..
35
1,519,990
Starbucks
Corp.
(
Starbucks
Corp.
)
,
12.28
%
,
03/25/24
.................
23
2,127,656
UBS
AG
(
Wyndham
Hotels
&
Resorts,
Inc.
)
,
11.60
%
,
02/15/24
.................
9
700,297
UBS
AG
(
Yum!
Brands,
Inc.
)
,
9.30
%
,
02/08/24
10
1,271,600
16,362,966
Household
Durables
—
0.2%
(b)(c)
BMO
Capital
Markets
Corp.
(
Sony
Group
Corp.
)
,
19.27
%
,
02/23/24
............
4
404,119
Citigroup,
Inc.
(
Mohawk
Industries,
Inc.
)
,
20.51
%
,
02/09/24
.................
5
432,050
Citigroup,
Inc.
(
Newell
Brands,
Inc.
)
,
30.32
%
,
03/25/24
.................
17
144,104
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
Royal
Bank
of
Canada
(
PulteGroup,
Inc.
)
,
17.27
%
,
03/21/24
.................
USD
7
$
708,378
1,688,651
Household
Products
—
0.2%
Barclays
Bank
plc
(
Church
&
Dwight
Co.,
Inc.
)
,
6.37
%
,
02/02/24
(b)
(c)
................
9
879,202
JPMorgan
Structured
Products
BV
(Henkel
AG
&
Co.
KGaA)
7.35
%
,
03/05/24
(b)
(c)
................
EUR
11
810,789
15.09
%
,
04/11/24
(b)
(c)
...............
2
146,977
1,836,968
Industrial
Conglomerates
—
0.5%
(b)(c)
JPMorgan
Structured
Products
BV
(
Siemens
AG
)
,
16.45
%
,
02/08/24
..............
11
1,867,096
Nomura
Holdings,
Inc.
(
General
Electric
Co.
)
,
12.21
%
,
03/14/24
.................
USD
13
1,723,663
Royal
Bank
of
Canada
(
Siemens
AG
)
,
21.52
%
,
02/29/24
(a)
................
EUR
1
159,578
UBS
AG
(
Honeywell
International,
Inc.
)
,
11.69
%
,
02/02/24
.................
USD
11
1,990,819
5,741,156
Industrial
REITs
—
0.1%
BNP
Paribas
SA
(
Prologis,
Inc.
)
,
15.16
%
,
03/08/24
(b)
(c)
...............
7
852,242
Insurance
—
0.7%
(b)(c)
Barclays
Bank
plc
(
Progressive
Corp.
(The)
)
,
9.68
%
,
03/15/24
..................
8
1,409,443
Barclays
Bank
plc
(
Willis
Towers
Watson
plc
)
,
15.56
%
,
03/18/24
.................
2
445,644
BNP
Paribas
SA
(
MetLife,
Inc.
)
,
15.30
%
,
02/01/24
.................
18
1,141,765
BNP
Paribas
SA
(
Prudential
plc
)
,
25.31
%
,
03/28/24
.................
GBP
41
418,254
Nomura
Holdings,
Inc.
(
American
International
Group,
Inc.
)
,
11.14
%
,
02/15/24
.........
USD
12
794,078
Nomura
Holdings,
Inc.
(
Everest
Group
Ltd.
)
,
16.15
%
,
02/08/24
.................
2
878,162
Nomura
Holdings,
Inc.
(
Marsh
&
McLennan
Cos,
Inc.
)
,
6.35
%
,
04/22/24
...........
7
1,431,572
Royal
Bank
of
Canada
(
Fidelity
National
Financial,
Inc.
)
,
13.66
%
,
02/15/24
.......
16
787,607
Royal
Bank
of
Canada
(
Travelers
Cos.,
Inc.
(The)
)
,
9.36
%
,
03/13/24
.............
4
855,141
8,161,666
Interactive
Media
&
Services
—
1.7%
(b)(c)
BMO
Capital
Markets
Corp.
(
Meta
Platforms,
Inc.
)
,
15.57
%
,
02/01/24
..............
6
2,183,747
Citigroup
Global
Markets
Holdings
(
Match
Group,
Inc.
)
,
22.22
%
,
03/25/24
........
22
847,818
Citigroup,
Inc.
(
Meta
Platforms,
Inc.
)
,
18.76
%
,
02/02/24
.................
7
2,194,532
JPMorgan
Structured
Products
BV
(
Alphabet,
Inc.
)
,
17.88
%
,
03/21/24
..............
38
5,721,023
Mizuho
Markets
Cayman
LP
(
Alphabet,
Inc.
)
,
13.71
%
,
02/01/24
.................
41
5,813,315
Royal
Bank
of
Canada
(
Meta
Platforms,
Inc.
)
,
26.25
%
,
03/21/24
.................
7
2,816,985
19,577,420
IT
Services
—
0.7%
(b)(c)
BNP
Paribas
SA
(
Akamai
Technologies,
Inc.
)
,
10.08
%
,
02/14/24
.................
10
1,160,426
Citigroup,
Inc.
(
Gartner,
Inc.
)
,
10.00
%
,
02/07/24
3
1,147,538
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Mizuho
Markets
Cayman
LP
(
Akamai
Technologies,
Inc.
)
,
8.47
%
,
02/15/24
.....
USD
5
$
573,168
Mizuho
Markets
Cayman
LP
(
Cognizant
Technology
Solutions
Corp.
)
,
19.00
%
,
02/08/24
.................
9
652,610
Mizuho
Markets
Cayman
LP
(
VeriSign,
Inc.
)
,
7.37
%
,
02/09/24
..................
5
1,058,687
Nomura
Holdings,
Inc.
(
International
Business
Machines
Corp.
)
,
9.68
%
,
04/25/24
......
15
2,738,361
Nomura
Holdings,
Inc.
(
Snowflake,
Inc.
)
,
19.25
%
,
03/01/24
.................
6
1,133,033
8,463,823
Leisure
Products
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Polaris,
Inc.
)
,
22.76
%
,
03/25/24
.................
5
425,567
SGA
Societe
Generale
Acceptance
NV
(
Hasbro,
Inc.
)
,
33.89
%
,
02/20/24
..............
4
173,586
599,153
Life
Sciences
Tools
&
Services
—
0.4%
(b)(c)
BMO
Capital
Markets
Corp.
(
Fortrea
Holdings,
Inc.
)
,
23.56
%
,
03/14/24
..............
6
198,330
Citigroup
Global
Markets
Holdings
(
Thermo
Fisher
Scientific,
Inc.
)
,
12.10
%
,
03/25/24
..
4
2,121,743
Nomura
Holdings,
Inc.
(
Bruker
Corp.
)
,
18.91
%
,
02/09/24
.................
13
955,982
Royal
Bank
of
Canada
(
Danaher
Corp.
)
,
9.89
%
,
03/21/24
..................
6
1,414,015
4,690,070
Machinery
—
0.6%
Barclays
Bank
plc
(
Stanley
Black
&
Decker,
Inc.
)
,
20.26
%
,
02/02/24
(b)
(c)
...........
8
719,508
Barclays
Bank
plc
(
Volvo
AB
)
,
8.92
%
,
03/22/24
SEK
47
1,138,506
Citigroup
Global
Markets
Holdings
(
Otis
Worldwide
Corp.
)
,
9.25
%
,
03/25/24
(b)
(c)
...
USD
13
1,138,701
Citigroup,
Inc.
(
Ingersoll
Rand,
Inc.
)
,
21.69
%
,
02/16/24
(b)
(c)
...............
5
427,621
Mizuho
Markets
Cayman
LP
(
Parker-Hannifin
Corp.
)
,
14.12
%
,
02/01/24
(b)
(c)
..........
3
1,157,179
Nomura
Holdings,
Inc.
(
Flowserve
Corp.
)
,
17.96
%
,
02/22/24
(b)
(c)
...............
28
1,123,370
Nomura
Holdings,
Inc.
(
Otis
Worldwide
Corp.
)
,
6.83
%
,
02/02/24
(b)
(c)
................
15
1,282,303
6,987,188
Media
—
0.3%
(b)(c)
Nomura
Holdings,
Inc.
(
Comcast
Corp.
)
,
8.40
%
,
04/29/24
..................
62
2,901,077
Royal
Bank
of
Canada
(
Comcast
Corp.
)
,
19.17
%
,
02/05/24
.................
13
555,563
SGA
Societe
Generale
Acceptance
NV
(
Fox
Corp.
)
,
17.10
%
,
02/20/24
............
9
279,131
3,735,771
Metals
&
Mining
—
0.1%
Barclays
Bank
plc
(
Freeport-McMoRan,
Inc.
)
,
19.82
%
,
03/15/24
(b)
(c)
...............
28
1,126,141
Multi-Utilities
—
0.0%
Nomura
Holdings,
Inc.
(
Sempra
)
,
13.27
%
,
02/15/24
(b)
(c)
...............
4
309,321
Oil,
Gas
&
Consumable
Fuels
—
1.0%
(b)(c)
Barclays
Bank
plc
(
Devon
Energy
Corp.
)
,
20.46
%
,
02/14/24
.................
21
900,648
Barclays
Bank
plc
(
Phillips
66
)
,
16.80
%
,
03/25/24
.................
7
985,727
BNP
Paribas
SA
(
APA
Corp.
)
,
20.15
%
,
02/22/24
17
545,127
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
BNP
Paribas
SA
(
BP
plc
)
,
25.44
%
,
03/28/24
..
GBP
169
$
969,987
BNP
Paribas
SA
(
Marathon
Oil
Corp.
)
,
19.19
%
,
02/15/24
.................
USD
34
782,398
BNP
Paribas
SA
(
Shell
plc
)
,
22.54
%
,
02/29/24
GBP
27
848,280
Goldman
Sachs
International
(
Chevron
Corp.
)
,
20.04
%
,
02/20/24
.................
USD
1
88,361
Mizuho
Markets
Cayman
LP
(
Williams
Cos.,
Inc.
(The)
)
,
17.02
%
,
03/07/24
.........
5
177,911
Nomura
America
Finance
LLC
(
Marathon
Petroleum
Corp.
)
,
18.38
%
,
03/21/24
.....
9
1,431,184
Nomura
Holdings,
Inc.
(
Kosmos
Energy
Ltd.
)
,
31.34
%
,
02/15/24
.................
46
278,983
Nomura
Holdings,
Inc.
(
Occidental
Petroleum
Corp.
)
,
13.37
%
,
02/27/24
............
16
948,333
SGA
Societe
Generale
Acceptance
NV
(
ConocoPhillips
)
,
16.47
%
,
02/05/24
.....
1
145,575
UBS
AG
(
BP
plc
)
,
14.80
%
,
02/07/24
.......
80
2,800,954
10,903,468
Personal
Care
Products
—
0.4%
(b)(c)
JPMorgan
Structured
Products
BV
(
Beiersdorf
AG
)
,
8.78
%
,
02/29/24
...............
EUR
6
835,475
JPMorgan
Structured
Products
BV
(
L'Oreal
SA
)
,
10.54
%
,
02/08/24
..............
6
3,118,916
Royal
Bank
of
Canada
(
Unilever
plc
)
,
11.47
%
,
02/15/24
.................
USD
5
241,200
4,195,591
Pharmaceuticals
—
0.4%
(b)(c)
Barclays
Bank
plc
(
Elanco
Animal
Health,
Inc.
)
,
36.45
%
,
02/22/24
.................
54
811,026
BMO
Capital
Markets
Corp.
(
Eli
Lilly
&
Co.
)
,
17.55
%
,
02/05/24
.................
—
(o)
182,641
BNP
Paribas
SA
(
AstraZeneca
plc
)
,
22.78
%
,
02/29/24
.................
GBP
2
226,310
HSBC
Bank
plc
(
Bayer
AG
)
,
20.40
%
,
04/11/24
EUR
12
377,086
Royal
Bank
of
Canada
(
Bayer
AG
)
,
28.51
%
,
02/01/24
.................
9
305,557
Royal
Bank
of
Canada
(
Johnson
&
Johnson
)
,
9.37
%
,
03/14/24
..................
USD
18
2,820,530
SGA
Societe
Generale
Acceptance
NV
(
Pfizer,
Inc.
)
,
27.11
%
,
02/20/24
..............
3
93,493
4,816,643
Professional
Services
—
0.4%
(b)(c)
Barclays
Bank
plc
(
Dun
&
Bradstreet
Holdings,
Inc.
)
,
23.78
%
,
03/18/24
..............
39
455,799
BNP
Paribas
SA
(
Verisk
Analytics,
Inc.
)
,
9.48
%
,
02/28/24
..................
5
1,142,373
Mizuho
Markets
Cayman
LP
(
Leidos
Holdings,
Inc.
)
,
13.10
%
,
02/20/24
..............
7
793,392
SGA
Societe
Generale
Acceptance
NV
(
SS&C
Technologies
Holdings,
Inc.
)
,
15.88
%
,
02/20/24
.................
13
777,008
Societe
Generale
(
Automatic
Data
Processing,
Inc.
)
,
10.06
%
,
03/25/24
..............
6
1,415,049
4,583,621
Semiconductors
&
Semiconductor
Equipment
—
0.0%
BMO
Capital
Markets
Corp.
(
Intel
Corp.
)
,
25.07
%
,
02/08/24
(b)
(c)
...............
4
154,108
Software
—
3.0%
(b)(c)
Barclays
Bank
plc
(
C3.ai,
Inc.
)
,
9.16
%
,
02/20/24
EUR
8
1,410,840
Barclays
Bank
plc
(
SAP
SE
)
,
9.82
%
,
03/22/24
33
5,689,375
BNP
Paribas
SA
(
Crowdstrike
Holdings,
Inc.
)
,
18.39
%
,
03/07/24
.................
USD
5
1,189,789
BNP
Paribas
SA
(
Intuit,
Inc.
)
,
13.25
%
,
02/23/24
2
1,430,284
Security
Par
(000)
Par
(000)
Value
Software
(continued)
BNP
Paribas
SA
(
Palo
Alto
Networks,
Inc.
)
,
21.92
%
,
02/22/24
.................
USD
5
$
1,488,430
Citigroup,
Inc.
(
Microsoft
Corp.
)
,
13.72
%
,
03/13/24
.................
25
9,885,522
Mizuho
Markets
Cayman
LP
(
BILL
Holdings,
Inc.
)
,
30.52
%
,
02/01/24
..............
15
1,062,713
Nomura
Holdings,
Inc.
(
Salesforce,
Inc.
)
,
9.97
%
,
03/01/24
..................
8
2,232,306
Nomura
Holdings,
Inc.
(
Workday,
Inc.
)
,
11.44
%
,
02/27/24
.................
4
1,156,031
Royal
Bank
of
Canada
(
Microsoft
Corp.
)
,
14.53
%
,
02/05/24
.................
1
426,237
Royal
Bank
of
Canada
(
Synopsys,
Inc.
)
,
9.97
%
,
02/15/24
..................
4
2,066,829
Societe
Generale
(
Microsoft
Corp.
)
,
11.68
%
,
03/25/24
.................
14
5,656,891
33,695,247
Specialized
REITs
—
0.0%
(b)(c)
BMO
Capital
Markets
Corp.
(
American
Tower
Corp.
)
,
17.67
%
,
03/14/24
............
—
(o)
79,533
SGA
Societe
Generale
Acceptance
NV
(
Crown
Castle,
Inc.
)
,
24.16
%
,
03/20/24
........
1
130,087
209,620
Specialty
Retail
—
0.8%
(b)(c)
BNP
Paribas
SA
(
TJX
Cos.,
Inc.
(The)
)
,
8.53
%
,
02/28/24
..................
18
1,720,109
BNP
Paribas
SA
(
Ulta
Beauty,
Inc.
)
,
13.08
%
,
03/14/24
.................
2
1,143,361
BNP
Paribas
SA
(
Williams-Sonoma,
Inc.
)
,
20.87
%
,
03/15/24
.................
6
1,103,482
Citigroup,
Inc.
(
AutoNation,
Inc.
)
,
20.32
%
,
02/16/24
.................
8
1,114,750
JPMorgan
Structured
Products
BV
(
O'Reilly
Automotive,
Inc.
)
,
10.67
%
,
02/08/24
.....
2
1,971,930
JPMorgan
Structured
Products
BV
(
Ross
Stores,
Inc.
)
,
9.33
%
,
02/28/24
.........
9
1,153,970
SGA
Societe
Generale
Acceptance
NV
(
O'Reilly
Automotive,
Inc.
)
,
7.94
%
,
02/07/24
......
1
873,813
9,081,415
Technology
Hardware,
Storage
&
Peripherals
—
1.8%
(b)(c)
BNP
Paribas
SA
(
Apple,
Inc.
)
,
9.51
%
,
02/02/24
47
8,621,976
BNP
Paribas
SA
(
Hewlett
Packard
Enterprise
Co.
)
,
13.45
%
,
02/29/24
..............
50
775,853
Mizuho
Markets
Cayman
LP
(
Apple,
Inc.
)
,
8.56
%
,
02/01/24
..................
15
2,758,777
Nomura
America
Finance
LLC
(
Apple,
Inc.
)
,
10.85
%
,
03/21/24
.................
45
8,551,158
Royal
Bank
of
Canada
(
HP,
Inc.
)
,
16.61
%
,
03/07/24
.................
7
206,063
20,913,827
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(b)(c)
Barclays
Bank
plc
(
Tapestry,
Inc.
)
,
18.60
%
,
02/08/24
.................
31
1,160,011
Goldman
Sachs
International
(
Skechers
USA,
Inc.
)
,
16.91
%
,
02/02/24
..............
12
562,706
JPMorgan
Structured
Products
BV
(
Ralph
Lauren
Corp.
)
,
17.48
%
,
03/25/24
.......
1
128,355
JPMorgan
Structured
Products
BV
(
Skechers
USA,
Inc.
)
,
14.33
%
,
02/01/24
..........
11
583,876
Royal
Bank
of
Canada
(
adidas
AG
)
,
22.01
%
,
03/13/24
.................
EUR
4
831,202
SGA
Societe
Generale
Acceptance
NV
(
Tapestry,
Inc.
)
,
24.22
%
,
02/20/24
......
USD
5
188,936
3,455,086
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Tobacco
—
0.4%
(b)(c)
JPMorgan
Structured
Products
BV
(
British
American
Tobacco
plc
)
,
23.09
%
,
02/01/24
.
GBP
22
$
661,665
Royal
Bank
of
Canada
(
British
American
Tobacco
plc
)
,
19.33
%
,
04/11/24
........
25
748,910
Royal
Bank
of
Canada
(
Philip
Morris
International,
Inc.
)
,
12.35
%
,
02/09/24
....
USD
30
2,725,653
4,136,228
Trading
Companies
&
Distributors
—
0.2%
(b)(c)
Citigroup,
Inc.
(
Fastenal
Co.
)
,
10.94
%
,
03/11/24
10
710,019
Nomura
Holdings,
Inc.
(
Ferguson
plc
)
,
11.52
%
,
03/05/24
.................
5
853,907
Nomura
Holdings,
Inc.
(
United
Rentals,
Inc.
)
,
10.71
%
,
04/29/24
.................
2
1,096,064
2,659,990
Wireless
Telecommunication
Services
—
0.2%
(b)(c)
JPMorgan
Structured
Products
BV
(
Vodafone
Group
plc
)
,
23.08
%
,
03/28/24
.........
GBP
580
486,141
Royal
Bank
of
Canada
(
Rogers
Communications,
Inc.
)
,
20.00
%
,
03/25/24
.
CAD
5
253,533
UBS
AG
(
T-Mobile
US,
Inc.
)
,
8.40
%
,
02/02/24
.
USD
12
1,879,657
2,619,331
Total
Equity-Linked
Notes
—
29
.2
%
(Cost:
$
327,589,429
)
..............................
330,810,709
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%),
9.90
%
,
05/25/28
............
365
340,527
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.90
%
,
05/25/28
............
65
60,743
Bleriot
US
Bidco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.61
%
,
10/30/28
...
93
93,180
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.01
%
,
08/03/29
.......
125
123,783
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
08/24/28
..................
345
344,843
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
08/24/28
..................
148
147,790
Peraton
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/01/28
..................
229
228,602
Peraton
Corp.,
2nd
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.22
%
,
02/01/29
.................
145
144,331
Setanta
Aircraft
Leasing
DAC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.61
%
,
11/05/28
..................
160
160,000
TransDigm,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
08/24/28
......
79
79,404
TransDigm,
Inc.,
Term
Loan
H
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
02/22/27
...
160
159,742
TransDigm,
Inc.,
Term
Loan
J
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
02/28/31
...
95
95,078
1,978,023
Security
Par
(000)
Par
(000)
Value
Automobile
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/31/31
...
USD
28
$
27,744
Clarios
Global
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
05/06/30
..................
247
247,420
Tenneco,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.45
%
-
10.47
%
,
11/17/28
...........
128
115,680
390,844
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
12/14/27
(a)
...........
169
168,976
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
01/24/29
..................
477
450,791
Naked
Juice
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.45
%
,
01/24/30
.................
171
137,002
587,793
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
11/24/28
...
60
59,724
New
SK
Holdco
Sub
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.19
%
,
06/30/27
.................
228
226,085
Pug
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.95
%
,
02/12/27
......
330
324,250
Pug
LLC,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
,
02/12/27
(e)
.................
33
32,733
Sally
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
02/28/30
...
63
62,659
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.36
%
,
12/21/27
..................
78
63,496
768,947
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
05/13/29
.
40
39,998
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.09
%
,
11/03/28
(e)
.................
65
64,594
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
04/12/28
............
43
42,250
CP
Atlas
Buyer,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25
%
-
9.18
%
,
11/23/27
.................
130
125,968
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
10/02/28
............
32
31,527
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.84
%
,
04/02/29
(e)
.................
53
53,138
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
Wilsonart
LLC,
Term
Loan
E
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.25%),
8.70
%
,
12/31/26
..................
USD
273
$
272,833
630,308
Capital
Markets
—
0.2%
(a)
Aretec
Group,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.93
%
,
08/09/30
...
56
55,805
Ascensus
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
08/02/28
.......
250
248,542
Ascensus
Group
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
12.09
%
,
08/02/29
......
81
77,962
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B5
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.85
%
,
12/20/29
..................
143
143,146
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.95
%
,
07/24/26
................
134
132,256
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.20
%
,
07/24/26
..........
70
69,737
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.40
%
,
10/22/26
..........
177
176,508
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.13
%
,
10/22/27
..........
70
70,149
Focus
Financial
Partners
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
06/30/28
............
159
157,911
Focus
Financial
Partners
LLC,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
06/30/28
............
134
133,111
ION
Trading
Finance
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.20
%
,
04/01/28
.................
65
63,919
Learning
Care
Group
US
No.
2,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.07
%
-
10.14
%
,
08/11/28
24
23,928
Osaic
Holdings,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
08/17/28
..................
212
211,178
1,564,152
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
09/30/28
..................
158
156,578
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43
%
,
11/24/27
.......
68
66,629
Ascend
Performance
Materials
Operations
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.32
%
,
08/27/26
..
58
56,037
Chemours
Co.,
(The),
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
08/18/28
..................
122
121,178
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.36
%
,
12/29/27
............
46
37,433
Derby
Buyer
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.58
%
,
11/01/30
..................
218
218,545
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.71
%
,
10/04/29
............
USD
63
$
61,970
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.91
%
,
06/09/28
............
142
142,193
Element
Solutions,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
12/18/30
..................
225
224,649
H.B.
Fuller
Co.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.58
%
,
02/15/30
..................
32
31,718
Herens
Holdco
SARL,
Facility
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.37
%
,
07/03/28
............
128
119,125
Ineos
US
Finance
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93
%
,
02/18/30
...
53
52,026
LSF11
A5
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
10/15/28
..........
155
154,186
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.68
%
,
10/15/28
..........
37
36,746
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.95
%
,
06/30/27
..................
32
31,653
Momentive
Performance
Materials,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
03/29/28
..................
223
219,078
Nouryon
Finance
BV,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.47
%
,
04/03/28
...
94
93,316
Olympus
Water
US
Holding
Corp.
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.57
%
,
11/09/28
...........
105
104,738
Oxea
Holding
Vier
GmbH,
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.93
%
,
10/14/24
..................
159
154,790
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
03/16/27
...........
60
59,549
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
08/02/28
............
151
150,058
WR
Grace
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.36
%
,
09/22/28
..................
152
151,935
2,444,130
Commercial
Services
&
Supplies
—
0.2%
(a)
Action
Environmental
Group,
Inc.,
(The),
Delayed
Draw
Term
Loan
,
10/24/30
(e)
(p)
...
9
8,999
Action
Environmental
Group,
Inc.,
(The),
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.88
%
,
10/24/30
(e)
......
61
60,998
Allied
Universal
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
05/12/28
..........
309
305,322
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.08
%
,
05/12/28
..........
42
41,764
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.34
%
,
02/15/29
..................
108
107,946
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
04/06/28
..................
USD
81
$
80,564
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
06/22/30
..................
187
186,220
Asplundh
Tree
Expert
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
09/07/27
..................
204
204,045
Clean
Harbors,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
10/08/28
...
87
87,497
Covanta
Holding
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
11/30/28
..................
160
159,812
Covanta
Holding
Corp.,
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
11/30/28
..................
12
11,859
Garda
World
Security
Corp.,
Term
Loan
,
02/01/29
(p)
......................
45
44,851
GFL
Environmental,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82
%
,
05/31/27
..................
72
71,933
LABL,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.43
%
,
10/29/28
.................
90
84,873
NEP
Group,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.75%),
10.20
%
,
08/19/26
.................
139
133,364
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
-
9.82
%
,
12/15/28
.
119
88,024
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
10/13/30
............
86
86,011
Tempo
Acquisition
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
08/31/28
..................
521
520,758
TruGreen
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43
%
,
11/02/27
..................
187
180,722
Viad
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.45
%
,
07/30/28
.................
104
103,881
2,569,443
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.34
%
,
10/24/30
......
160
160,829
ViaSat,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.83
%
,
03/02/29
..........
113
111,197
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.94
%
,
05/30/30
..........
85
83,213
355,239
Construction
&
Engineering
—
0.1%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.50%),
10.81
%
,
08/01/30
............
360
358,798
Legence
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93
%
,
12/16/27
..................
25
24,722
Pike
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
01/21/28
......
119
118,839
Security
Par
(000)
Par
(000)
Value
Construction
&
Engineering
(continued)
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.11
%
,
05/12/28
..................
USD
145
$
143,477
645,836
Construction
Materials
—
0.1%
(a)
New
AMI
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.33
%
,
03/08/29
.................
113
102,289
Oscar
AcquisitionCo
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.95
%
,
04/29/29
..................
132
130,625
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
03/19/29
..................
55
54,693
Standard
Building
Solutions,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
09/22/28
............
114
113,553
Summit
Materials
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
01/12/29
..................
72
72,180
473,340
Consumer
Staples
Distribution
&
Retail
—
0.0%
US
Foods,
Inc.,
Term
Loan
B
(a)
(1-mo.
CME
Term
SOFR
+
2.00%),
7.45
%
,
09/13/26
................
121
120,500
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
11/22/28
................
115
115,067
235,567
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.22
%
,
12/01/27
.......
392
390,247
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
08/14/26
..................
123
123,250
Pactiv
Evergreen,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70
%
,
02/05/26
..................
43
42,780
Pregis
TopCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
07/31/26
..................
35
34,701
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.61
%
,
09/15/28
............
136
135,477
726,455
Distributors
—
0.0%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
0.00
%
,
01/31/24
(e)
...........
175
174,840
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
9.32
%
,
10/28/27
..................
158
149,714
324,554
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
12/11/28
.............
64
62,853
Ascend
Learning
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
11.18
%
,
12/10/29
............
50
46,443
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
11/24/28
.......
USD
187
$
186,736
Kuehg
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.35
%
,
06/12/30
.................
135
134,613
Sotheby's,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
10.08
%
,
01/15/27
313
310,028
Spring
Education
Group,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.50%),
9.85
%
,
09/29/30
..................
174
173,889
Veritas
US,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.00%),
10.45
%
,
09/01/25
.................
193
166,031
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.09
%
,
01/30/31
..................
199
199,000
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.45
%
,
01/08/27
............
93
93,027
1,372,620
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
05/18/30
(a)
.................
80
80,212
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.33
%
,
07/15/25
................
46
44,979
(3-mo.
LIBOR
USD
+
2.75%),
8.33
%
,
01/31/26
(e)
...............
96
95,134
Altice
France
SA,
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.81
%
,
08/15/28
..
158
143,188
Connect
Finco
SARL,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.83
%
,
12/11/26
..................
601
600,177
Consolidated
Communications,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.95
%
,
10/02/27
...........
87
82,288
Iridium
Satellite
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.83
%
,
09/20/30
..................
304
303,235
Level
3
Financing,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
03/01/27
..................
138
132,834
Lumen
Technologies,
Inc.,
Term
Loan
,
01/01/28
(p)
......................
9
9,366
Lumen
Technologies,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.70
%
,
03/15/27
..................
191
131,070
Orbcomm,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.70
%
-
9.90
%
,
09/01/28
............
107
101,157
Radiate
Holdco
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.70
%
,
09/25/26
..................
307
248,574
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70
%
,
01/31/29
..................
83
82,260
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Zayo
Group
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
03/09/27
..................
USD
458
$
386,853
2,361,115
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.36
%
,
06/23/28
(a)
...........
144
143,572
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
07/02/29
(a)
.................
103
102,736
Energy
Equipment
&
Services
—
0.0%
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.71
%
,
10/05/28
(a)
.
263
262,918
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
04/22/26
..................
220
173,203
Aristocrat
Technologies,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
05/24/29
............
17
16,983
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.60
%
,
03/08/30
............
94
93,754
City
Football
Group
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
07/21/28
..................
179
177,084
Creative
Artists
Agency
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
11/27/28
..................
263
262,945
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.60
%
,
01/15/30
.
195
194,708
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
10/19/26
..................
395
394,035
Playtika
Holding
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
03/13/28
..................
172
170,902
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.07
%
,
01/23/25
..................
126
126,381
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.34
%
,
04/29/26
............
83
82,576
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
05/18/25
......
289
288,462
WMG
Acquisition
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.34
%
,
01/24/31
..................
337
336,073
2,317,106
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%),
8.93
%
,
12/21/28
..
125
125,312
Belron
Finance
US
LLC,
Term
Loan
(3-mo.
CME
Term
SOFR
+
2.25%),
7.83
%
,
10/30/26
................
150
149,642
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.58
%
,
04/13/28
..........
USD
252
$
251,837
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.66
%
,
04/18/29
(e)
.........
47
46,824
Cogeco
Communications
Finance
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.95
%
,
09/01/28
.......
164
159,414
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
9.10
%
,
04/09/27
.......
535
524,751
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.36
%
,
04/07/28
......
150
147,187
GIP
Pilot
Acquisition
Partners
LP,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
10/04/30
..................
32
31,987
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.33
%
,
01/31/31
............
248
247,742
LBM
Acquisition
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
12/17/27
............
59
58,494
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
03/24/25
..................
138
137,743
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
12/11/26
.......
244
243,187
UPC
Financing
Partnership,
Facility
Term
Loan
AX
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
01/31/29
..................
54
53,321
White
Cap
Supply
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
10/19/27
............
142
141,961
2,319,402
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.20
%
,
10/01/25
............
192
186,209
B&G
Foods,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
10/10/26
...
30
29,522
Chobani
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.95
%
,
10/25/27
..........
466
465,791
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
10/25/27
................
73
73,000
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
01/29/27
..................
413
412,387
H-Food
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.34
%
,
05/23/25
...
69
53,452
Nomad
Foods
Ltd.,
Term
Loan
B4
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.47
%
,
11/13/29
..................
110
109,607
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.07
%
,
06/08/28
.......
273
273,464
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.86
%
,
03/31/28
............
125
122,704
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
01/20/28
..................
USD
303
$
302,726
2,028,862
Ground
Transportation
—
0.1%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.19
%
,
04/06/28
..
70
69,489
Avis
Budget
Car
Rental
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
08/06/27
..................
82
81,496
Genesee
&
Wyoming,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.45
%
,
12/30/26
..................
131
130,549
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
5.50%),
11.07
%
-
11.15
%
,
08/04/25
(e)
................
58
48,952
Uber
Technologies,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.13
%
,
03/03/30
..................
188
188,270
518,756
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
05/10/27
..........
249
242,859
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
09/29/28
(e)
...............
103
100,688
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
11/03/28
..................
233
230,336
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.11
%
,
03/05/26
.................
94
82,029
Insulet
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
05/04/28
......
86
86,096
Medline
Borrower
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
10/23/28
..................
472
470,717
1,212,725
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%),
8.70
%
,
09/29/28
..........
130
129,901
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
09/29/28
..........
31
30,915
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.82
%
,
11/08/27
.............
347
346,242
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
11/01/28
..................
299
298,040
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.32
%
,
02/18/27
................
131
67,474
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.32
%
,
11/15/28
...........
48
25,035
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
12.32
%
,
11/15/29
............
62
18,714
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
MED
ParentCo.
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.70
%
,
08/31/26
..................
USD
32
$
31,093
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
11/01/28
.......
89
80,311
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.43
%
,
11/01/29
......
87
70,579
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
10/27/28
............
68
68,434
Surgery
Center
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
12/19/30
..................
118
117,719
Vizient,
Inc.,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
05/16/29
..................
45
45,233
1,329,690
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
02/15/29
..................
311
306,192
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
10/01/27
............
310
300,809
IQVIA,
Inc.,
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.35
%
,
01/02/31
......
125
125,125
Polaris
Newco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.57
%
,
06/02/28
..................
489
476,366
Verscend
Holding
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.45
%
,
08/27/25
..................
229
228,831
1,437,323
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
09/20/30
..................
216
214,705
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.20
%
,
02/02/26
..................
200
190,232
Alterra
Mountain
Co.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18
%
,
05/31/30
..................
19
18,905
Bally's
Corp.,
Facility
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.83
%
,
10/02/28
..................
120
111,648
Caesars
Entertainment,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.66
%
,
02/06/30
............
113
112,873
Caesars
Entertainment,
Inc.,
Term
Loan
B1
,
02/06/31
(p)
......................
274
273,315
Carnival
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.34
%
,
08/09/27
..................
125
124,432
Churchill
Downs,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43
%
,
03/17/28
..................
141
140,628
CPG
International
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93
%
,
04/28/29
..................
119
118,973
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.00%),
8.61
%
,
03/08/24
..................
USD
317
$
312,278
Fertitta
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
01/27/29
............
451
449,502
Flutter
Entertainment
plc,
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.86
%
,
07/22/28
..........
48
48,316
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
11/25/30
...........
324
322,380
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93
%
,
11/30/29
.......
157
157,081
Four
Seasons
Holdings,
Inc.,
Term
Loan
B
,
11/30/29
(p)
......................
185
184,885
Hilton
Domestic
Operating
Co.,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44
%
,
11/08/30
..................
227
226,883
IRB
Holding
Corp.,
Term
Loan
B
,
12/15/27
(p)
..
261
260,626
Light
and
Wonder
International,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
04/14/29
...........
125
124,844
Merlin
Buyer,
Inc.,
Term
Loan
,
11/12/29
(p)
....
123
122,154
Packers
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
03/09/28
..................
127
83,962
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18
%
,
05/03/29
............
186
185,124
Playa
Resorts
Holding
BV,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
01/05/29
..................
75
75,189
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
-
7.84
%
,
08/25/28
.
44
43,533
Station
Casinos
LLC,
Facility
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
2.25%),
7.68
%
,
02/08/27
............
169
168,849
Whatabrands
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
08/03/28
..................
326
324,980
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
05/24/30
..................
24
24,293
4,420,590
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.86
%
,
05/17/28
..................
138
119,421
Hunter
Douglas
Holding
BV,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.88
%
,
02/26/29
............
258
253,826
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
10/06/28
............
245
217,829
Weber-Stephen
Products
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.70
%
,
10/30/27
............
345
311,090
902,166
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.61
%
,
07/31/30
..................
USD
122
$
120,934
Calpine
Corp.,
Term
Loan
,
01/31/31
(p)
......
124
122,822
Constellation
Renewables
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
8.15
%
,
12/15/27
............
146
145,264
389,020
Industrial
Conglomerates
—
0.0%
(a)
EMRLD
Borrower
LP,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.31
%
,
05/31/30
..................
125
124,744
JFL-Tiger
Acquisition
Co.,
Inc.
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.32
%
,
10/17/30
............
54
53,887
Minimax
Viking
GmbH,
Facility
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.20
%
,
07/31/28
............
21
20,869
199,500
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
11/06/30
...........
622
623,365
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.70
%
,
02/19/28
..........
218
216,893
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.20
%
,
02/19/28
..........
47
47,281
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
02/12/27
..........
320
319,201
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
02/12/27
..........
6
5,968
Baldwin
Risk
Partners
LLC,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
10/14/27
............
73
72,482
Hub
International
Ltd.,
Term
Loan
,
06/20/30
(p)
.
467
467,328
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
+
4.25%),
9.62
%
,
03/15/30
......
116
115,928
Ryan
Specialty
Group
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.08
%
,
09/01/27
..................
225
225,028
USI,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
09/27/30
...........
133
132,364
USI,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.35
%
,
11/22/29
.......
309
308,933
2,534,771
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.39
%
,
06/26/28
..................
59
58,525
Camelot
US
Acquisition
LLC,
Term
Loan
,
01/31/31
(e)
(p)
.....................
424
423,065
Grab
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.95
%
,
01/29/26
..................
91
90,420
572,010
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.1%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.70
%
,
01/31/28
.................
USD
120
$
114,772
Asurion
LLC,
2nd
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.70
%
,
01/20/29
.................
47
44,488
Asurion
LLC,
Term
Loan
B11
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.68
%
,
08/19/28
......
144
142,493
Asurion
LLC,
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70
%
,
12/23/26
......
146
145,643
Central
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.35
%
,
07/06/29
..................
304
304,472
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.45
%
,
08/10/27
..................
169
168,820
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
-
7.34
%
,
11/09/29
..................
139
139,382
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
02/24/28
............
370
369,859
Venga
Finance
SARL,
Term
Loan
06/28/29
(p)
......................
7
6,976
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.40
%
,
06/28/29
..........
81
80,734
1,517,639
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.44
%
,
12/01/28
............
58
55,940
Peloton
Interactive,
Inc.,
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.48
%
,
05/25/27
.................
68
68,503
Topgolf
Callaway
Brands
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93
%
,
03/15/30
..................
102
101,862
226,305
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
11/08/27
..................
106
105,476
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.95
%
,
02/04/27
............
64
63,841
Fortrea
Holdings,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
07/01/30
..................
43
42,763
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.86
%
,
07/03/28
..........
223
222,980
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.31
%
,
10/19/27
............
218
215,526
Parexel
International,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
11/15/28
.............
291
290,539
Star
Parent,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.35
%
,
09/27/30
......
108
105,377
1,046,502
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
—
0.3%
(a)
Albion
Financing
3
SARL,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.83
%
,
08/17/26
.................
USD
176
$
176,105
Barnes
Group,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43
%
,
09/03/30
...
93
92,740
Clark
Equipment
Co.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.95
%
,
04/20/29
..................
44
43,881
Columbus
McKinnon
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.39
%
,
05/14/28
..................
37
36,618
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
10/21/28
..........
218
217,844
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
,
10/21/28
..........
123
123,201
Gardner
Denver,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
03/01/27
..................
162
162,330
Gates
Global
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.93
%
,
03/31/27
..................
262
261,273
Generac
Power
Systems,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
12/13/26
..................
38
37,941
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
03/28/25
..................
290
289,347
Indicor
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.35
%
,
11/22/29
..................
278
278,198
Ingersoll-Rand
Services
Co.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
03/01/27
..................
56
55,573
Madison
IAQ
LLC,
Term
Loan
,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.70
%
,
06/21/28
..................
262
259,940
Osmosis
Buyer
Ltd.,
Delayed
Draw
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
2.13
%
-
9.59
%
,
07/31/28
.......
119
118,808
SPX
Flow,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
04/05/29
..................
199
198,895
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
07/30/27
...........
327
326,737
Vertiv
Group
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
,
03/02/27
...
230
229,888
WEC
US
Holdings
Ltd.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.09
%
,
01/27/31
..................
126
125,252
Zurn
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.45
%
,
10/04/28
..................
17
17,513
3,052,084
Media
—
0.1%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.25%),
8.93
%
,
03/03/25
............
125
123,152
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3
,
(3-mo.
LIBOR
USD
+
15.00%),
15.00
%
,
10/15/26
.................
107
109,582
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Charter
Communications
Operating
LLC,
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
12/07/30
..................
USD
123
$
120,850
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.50%),
9.07
%
,
08/21/26
..................
93
92,029
CSC
Holdings
LLC,
Term
Loan
,
(1-mo.
LIBOR
USD
+
2.50%),
7.95
%
,
04/15/27
.......
162
154,182
DirecTV
Financing
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.65
%
,
08/02/27
.................
117
117,047
ECL
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.08
%
,
09/03/30
.................
52
51,896
Learfield
Communications
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
5.50%),
10.83
%
,
06/30/28
......
77
76,519
Sinclair
Television
Group,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18
%
,
04/21/29
..................
51
45,745
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.37
%
,
05/11/29
(e)
.................
127
126,682
Ziggo
Financing
Partnership,
Facility
Term
Loan
I
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
04/30/28
..................
111
108,364
1,126,048
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Ecopetrol
SA,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
0.00%),
10.14
%
,
09/06/30
(e)
....
450
446,625
Freeport
LNG
investments
LLLP,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
12/21/28
............
329
324,446
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.94
%
,
09/19/29
............
36
35,543
Medallion
Midland
Acquisition
LP,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.86
%
,
10/18/28
..................
237
237,847
Murphy
Oil
USA,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
7.19
%
,
01/31/28
..................
44
44,369
New
Fortress
Energy
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.32
%
,
10/30/28
.................
180
179,910
1,268,740
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.33
%
,
04/20/28
.................
174
178,044
Air
Canada,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.14
%
,
08/11/28
..................
205
205,098
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
7.32
%
,
01/29/27
................
204
203,426
(6-mo.
CME
Term
SOFR
+
2.75%),
8.60
%
,
02/15/28
................
200
199,250
(3-mo.
CME
Term
SOFR
+
3.50%),
8.87
%
,
06/04/29
................
160
159,701
Mileage
Plus
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.77
%
,
06/21/27
.................
202
207,578
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
(continued)
United
AirLines,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.20
%
,
04/21/28
..................
USD
173
$
172,678
WestJet
Airlines
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.44
%
,
12/11/26
..................
114
113,607
1,439,382
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.95
%
,
10/01/26
(a)
......
655
655,002
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
5.50%),
10.83
%
,
05/04/28
.................
126
125,017
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58
%
,
02/28/28
..................
140
140,370
Bausch
Health
Cos.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.69
%
,
02/01/27
.................
151
118,205
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.45
%
,
02/22/28
............
265
260,524
Elanco
Animal
Health,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
08/01/27
..................
219
214,504
Jazz
Pharmaceuticals
PLC,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
05/05/28
............
209
208,407
Organon
&
Co.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
06/02/28
..................
137
136,414
Perrigo
Co.
plc,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
04/20/29
..................
89
88,787
Precision
Medicine
Group
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.45
%
,
11/18/27
.............
122
119,681
1,411,909
Professional
Services
—
0.3%
(a)
AlixPartners
LLP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
02/04/28
..................
173
173,245
ASGN,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
08/30/30
......
44
44,011
CoreLogic,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
06/02/28
..................
500
481,968
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.09
%
,
01/18/29
..................
977
976,114
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%),
9.70
%
,
07/06/29
.......
61
60,093
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
,
07/06/29
..................
133
131,848
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
04/28/28
..................
USD
173
$
172,263
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06
%
,
04/29/29
(e)
...........
152
130,583
Trans
Union
LLC,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
11/16/26
...
145
144,383
Trans
Union
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
12/01/28
..................
137
136,478
VS
Buyer
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.68
%
,
02/28/27
......
206
206,251
2,657,237
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
08/21/25
................
18
17,560
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
01/31/30
..........
115
113,870
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
01/31/30
(e)
.........
111
110,167
241,597
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82
%
,
08/17/29
..................
217
215,534
Synaptics,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.87
%
,
12/02/28
..................
67
66,691
282,225
Software
—
0.4%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.85
%
,
09/18/26
............
65
65,327
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.10
%
,
09/17/27
............
32
32,071
Barracuda
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.81
%
,
08/15/29
............
59
57,662
CCC
Intelligent
Solutions,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
09/21/28
............
204
203,516
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.95
%
,
03/30/29
............
673
659,898
Cloudera,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
10/08/28
(e)
.................
56
55,535
Cloudera,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.43
%
,
10/08/29
.................
122
117,781
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.62
%
,
12/01/28
.................
38
37,914
Epicor
Software
Corp.,
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.70
%
,
07/30/27
..................
57
57,013
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Gen
Digital,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.43
%
,
09/12/29
..................
USD
161
$
160,132
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
12/01/27
.......
259
259,064
Helios
Software
Holdings,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.07
%
,
07/18/30
..................
107
106,133
Informatica
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
10/27/28
......
271
269,963
Magenta
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.57
%
,
07/27/28
............
160
103,798
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.82
%
,
07/27/29
............
349
121,807
McAfee
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
03/01/29
..................
296
292,451
MH
Sub
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.58
%
,
05/03/28
..................
346
338,919
MH
Sub
I
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.58
%
,
02/23/29
.................
208
198,351
Proofpoint,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
08/31/28
..................
400
396,721
RealPage,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
04/24/28
..................
476
465,376
Severin
Acquisition
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.56
%
,
08/01/27
..................
121
120,928
Sophia
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
10/07/27
..................
225
224,440
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
04/16/25
..................
24
24,343
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
04/16/25
..................
23
22,986
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
05/04/26
..........
43
42,922
(3-mo.
CME
Term
SOFR
+
3.75%),
9.16
%
,
05/04/26
................
121
121,487
(3-mo.
CME
Term
SOFR
+
0.04%),
0.00
%
,
02/10/31
(e)
...............
130
130,159
UKG,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.68
%
,
05/03/27
.................
145
144,693
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
07/20/28
............
32
31,763
4,863,153
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
10.01
%
,
03/31/26
.................
USD
91
$
90,281
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.08
%
,
05/04/28
..
274
273,648
PetSmart
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/11/28
..................
230
228,304
Pilot
Travel
Centers
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43
%
,
08/04/28
..................
134
134,074
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.95
%
,
10/20/28
..........
46
43,865
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
10/20/28
..........
56
53,924
RVR
Dealership
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
02/08/28
............
21
18,710
842,806
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.50
%
,
02/20/29
..................
61
61,002
Hanesbrands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
03/08/30
..................
41
40,394
101,396
Trading
Companies
&
Distributors
—
0.1%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
05/19/28
..................
54
54,391
Core
&
Main
LP,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
-
8.06
%
,
07/27/28
..................
348
346,936
Foundation
Building
Materials,
Inc.,
Term
Loan
,
01/29/31
(p)
......................
164
163,052
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
06/02/28
..........
74
73,240
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
06/02/28
..........
311
309,480
TMK
Hawk
Parent
Corp.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.58
%
,
06/30/29
(e)
................
131
105,901
1,053,000
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
09/22/28
..........
121
119,936
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
09/22/28
..........
83
83,159
OLA
Netherlands
BV,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
11.69
%
,
12/15/26
(e)
................
105
103,792
Rand
Parent
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.60
%
,
03/17/30
..................
60
59,348
366,235
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.
1st
LienTerm
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
6.75%),
0.00
%
,
05/25/27
(e)
.......
USD
106
$
100,323
Gogo
Intermediate
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.20
%
,
04/30/28
............
87
86,390
SBA
Senior
Finance
II
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.34
%
,
01/25/31
..................
154
153,959
340,672
Total
Floating
Rate
Loan
Interests
—
5
.4
%
(Cost:
$
61,379,449
)
...............................
60,860,633
Foreign
Agency
Obligations
Argentina
—
0.0%
YPF
SA
,
9.50%
,
01/17/31
(b)
.............
426
425,702
Chile
—
0.0%
Banco
del
Estado
de
Chile
,
2.70%
,
01/09/25
(c)
105
101,693
Empresa
Nacional
del
Petroleo
,
6.15%
,
05/10/33
(b)
......................
225
224,138
325,831
Colombia
—
0.1%
Ecopetrol
SA
,
8.88%
,
01/13/33
..........
458
483,121
France
—
0.1%
Electricite
de
France
SA
(a)(c)(j)
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
.......................
EUR
200
215,492
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
GBP
400
494,357
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
EUR
600
575,473
1,285,322
Hungary
—
0.1%
Magyar
Export-Import
Bank
Zrt.
,
6.00%
,
05/16/29
(c)
......................
380
432,611
Indonesia
—
0.0%
Pertamina
Persero
PT
,
3.65%
,
07/30/29
(c)
...
USD
392
365,907
Ireland
—
0.1%
AIB
Group
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
(j)
......................
EUR
400
427,268
(5-Year
EUR
Swap
Annual
+
2.15%),
1.88%
,
11/19/29
................
100
105,630
532,898
Italy
—
0.0%
(c)
Banca
Monte
dei
Paschi
di
Siena
SpA
3.63%
,
09/24/24
..................
100
107,183
(3-mo.
EURIBOR
+
3.21%),
6.75%
,
03/02/26
(a)
....................
150
164,636
Poste
Italiane
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(a)
(j)
........
167
151,465
423,284
Mexico
—
0.1%
Petroleos
Mexicanos
3.75%
,
02/21/24
(c)
.................
105
113,190
4.25%
,
01/15/25
..................
USD
30
29,160
6.50%
,
03/13/27
..................
239
223,704
8.75%
,
06/02/29
..................
464
446,530
5.95%
,
01/28/31
..................
519
405,858
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
6.70%
,
02/16/32
..................
USD
237
$
192,314
1,410,756
Morocco
—
0.0%
OCP
SA
,
5.13%
,
06/23/51
(c)
.............
217
155,914
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA
,
5.13%
,
08/11/61
(b)
.................
200
146,854
Peru
—
0.1%
Corp.
Financiera
de
Desarrollo
SA
,
4.75%
,
07/15/25
(c)
......................
461
455,533
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego
,
6.25%
,
10/31/28
(b)
......................
200
210,000
Total
Foreign
Agency
Obligations
—
0
.6
%
(Cost:
$
6,827,268
)
...............................
6,653,733
Foreign
Government
Obligations
Bahrain
—
0.1%
Kingdom
of
Bahrain
(c)
5.45%
,
09/16/32
..................
267
240,634
7.50%
,
09/20/47
..................
259
237,930
478,564
Brazil
—
0.0%
Federative
Republic
of
Brazil
,
7.13%
,
05/13/54
429
428,571
Chile
—
0.0%
Republic
of
Chile
,
4.34%
,
03/07/42
........
468
411,138
Colombia
—
0.2%
Republic
of
Colombia
4.50%
,
01/28/26
..................
511
500,620
3.88%
,
03/22/26
..................
EUR
134
141,918
3.13%
,
04/15/31
..................
USD
457
364,686
8.00%
,
04/20/33
..................
518
549,242
8.00%
,
11/14/35
..................
200
210,200
1,766,666
Costa
Rica
—
0.0%
Republic
of
Costa
Rica
6.55%
,
04/03/34
(c)
.................
230
235,290
7.30%
,
11/13/54
(b)
.................
211
220,390
455,680
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%
,
01/25/27
(c)
.................
487
487,243
4.50%
,
01/30/30
(c)
.................
200
182,300
4.50%
,
01/30/30
(b)
.................
383
349,105
7.05%
,
02/03/31
(b)
.................
165
171,435
4.88%
,
09/23/32
(b)
.................
306
273,105
1,463,188
Egypt
—
0.0%
Arab
Republic
of
Egypt
,
7.50%
,
02/16/61
(b)
...
200
115,000
Guatemala
—
0.1%
Republic
of
Guatemala
7.05%
,
10/04/32
(b)
.................
380
399,380
3.70%
,
10/07/33
(c)
.................
208
171,080
6.60%
,
06/13/36
(b)
.................
225
228,038
4.65%
,
10/07/41
(b)
.................
521
417,581
1,216,079
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Honduras
—
0.0%
Republic
of
Honduras
,
5.63%
,
06/24/30
(b)
....
USD
195
$
170,016
Hungary
—
0.1%
Hungary
Government
Bond
5.38%
,
03/25/24
..................
88
87,820
5.25%
,
06/16/29
(b)
.................
555
549,450
5.38%
,
09/12/33
(c)
.................
EUR
376
422,150
5.50%
,
03/26/36
(b)
.................
USD
200
196,225
1,255,645
Indonesia
—
0.1%
Perusahaan
Penerbit
SBSN
Indonesia
III
,
4.40%
,
06/06/27
(b)
.................
240
237,225
Republic
of
Indonesia
4.10%
,
04/24/28
..................
230
224,250
6.75%
,
01/15/44
(c)
.................
387
452,833
914,308
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
6.38%
,
03/03/28
(c)
.................
606
590,092
5.88%
,
10/17/31
(c)
.................
EUR
155
151,030
8.25%
,
01/30/37
(b)
.................
USD
200
200,200
941,322
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan
,
4.95%
,
07/07/25
(c)
......................
200
192,250
Mexico
—
0.1%
United
Mexican
States
3.75%
,
01/11/28
..................
218
209,062
2.66%
,
05/24/31
..................
530
445,200
8.30%
,
08/15/31
..................
35
41,930
6.35%
,
02/09/35
..................
528
549,173
6.40%
,
05/07/54
..................
216
216,561
1,461,926
Morocco
—
0.1%
Kingdom
of
Morocco
2.38%
,
12/15/27
(c)
.................
256
229,120
5.95%
,
03/08/28
(b)
.................
239
243,780
472,900
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
8.38%
,
03/24/29
(b)
.................
280
262,150
7.63%
,
11/28/47
(c)
.................
497
377,099
639,249
North
Macedonia
—
0.0%
Republic
of
North
Macedonia
,
6.96%
,
03/13/27
(c)
......................
EUR
182
205,538
Oman
—
0.1%
(c)
Oman
Government
Bond
6.50%
,
03/08/47
..................
USD
213
209,778
6.75%
,
01/17/48
..................
554
558,155
Oman
Sovereign
Sukuk
SAOC
,
4.40%
,
06/01/24
.......................
240
237,960
1,005,893
Panama
—
0.1%
Republic
of
Panama
6.40%
,
02/14/35
..................
511
480,851
6.85%
,
03/28/54
..................
525
467,250
948,101
Security
Par
(000)
Par
(000)
Value
Paraguay
—
0.0%
Republic
of
Paraguay
,
2.74%
,
01/29/33
(c)
....
USD
398
$
320,788
Peru
—
0.1%
Republic
of
Peru
2.78%
,
01/23/31
..................
665
574,228
1.86%
,
12/01/32
..................
406
312,823
887,051
Poland
—
0.1%
Republic
of
Poland
4.88%
,
10/04/33
..................
219
217,850
5.50%
,
04/04/53
..................
335
338,635
556,485
Romania
—
0.1%
Romania
Government
Bond
5.25%
,
11/25/27
(b)
.................
130
128,458
2.88%
,
03/11/29
(c)
.................
EUR
450
443,154
2.50%
,
02/08/30
(c)
.................
473
447,914
2.12%
,
07/16/31
(c)
.................
590
513,502
1,533,028
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.50%
,
04/17/30
(c)
.................
USD
315
308,306
5.00%
,
01/18/53
(b)
.................
489
434,599
742,905
Senegal
—
0.0%
Republic
of
Senegal
,
6.25%
,
05/23/33
(c)
.....
272
234,600
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%
,
09/30/29
..................
370
336,311
5.88%
,
04/20/32
..................
200
183,480
5.00%
,
10/12/46
..................
602
416,885
936,676
Ukraine
—
0.0%
Ukraine
Government
Bond
(d)(h)
7.75%
,
09/01/25
(c)
.................
340
92,990
8.99%
,
02/01/26
(c)
.................
352
101,552
7.75%
,
09/01/26
(c)
.................
45
11,689
7.75%
,
09/01/27
(c)
.................
235
59,220
7.25%
,
03/15/35
(b)
.................
526
119,007
384,458
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
,
5.75%
,
10/28/34
415
444,543
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
International
Bond
,
7.85%
,
10/12/28
(b)
.................
200
207,300
Total
Foreign
Government
Obligations
—
1
.8
%
(Cost:
$
22,269,231
)
...............................
20,789,868
Shares
Shares
Investment
Companies
(q)
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
...................
42,295
409,411
iShares
Core
Dividend
Growth
ETF
.......
1,155,941
62,998,785
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(r)
..........................
375,205
29,070,883
Total
Investment
Companies
—
8
.2
%
(Cost:
$
89,541,980
)
...............................
92,479,079
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.2%
Alternative
Loan
Trust
(a)
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%),
6.79%,
11/25/46
.
USD
62
$
47,712
Series
2006-OA8,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.49%),
5.83%,
07/25/46
................
129
108,314
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.73%,
04/25/47
................
159
139,045
Banc
of
America
Mortgage
Trust,
Series
2007-
4,
Class
1A1,
6.25%,
12/28/37
.........
28
20,291
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.55%),
7.89%,
10/25/39
(a)
(b)
.....................
994
998,524
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(b)
(l)
.....
1,485
1,420,544
2,734,430
Commercial
Mortgage-Backed
Securities
—
2.8%
(a)
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.48%
Floor
+
2.42%),
7.76%,
09/15/34
(b)
.
485
443,290
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.27%),
7.61%,
04/15/35
(b)
......
540
520,726
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2018-DSNY,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.00%),
7.33%,
09/15/34
(b)
.................
1,058
1,046,071
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.41%,
08/05/38
(b)
...........
200
141,200
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.15%,
10/15/35
(b)
.................
946
99,427
BPR
Trust,
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
09/15/38
(b)
.................
325
319,617
BX
Commercial
Mortgage
Trust
(b)
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
2.41%),
7.75%,
10/15/36
.....................
1,063
1,051,875
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.76%
Floor
+
2.76%),
8.10%,
10/15/36
.....................
1,321
1,283,870
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.36%,
02/15/33
................
973
950,699
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.60%,
02/15/33
................
571
561,278
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.70%,
02/15/33
................
460
451,366
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
8.25%,
06/15/38
................
668
648,910
Series
2021-VINO,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.92%
Floor
+
2.92%),
8.25%,
05/15/38
................
842
818,838
Series
2021-XL2,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.36%),
7.69%,
10/15/38
.....................
798
774,639
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.22%,
06/15/27
................
USD
480
$
480,900
BX
Trust
(b)
Series
2021-ARIA,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.26%),
8.59%,
10/15/36
................
555
528,352
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
................
133
127,444
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
................
395
375,513
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
01/15/34
................
261
254,667
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
01/15/34
................
406
398,213
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
06/15/36
................
536
494,686
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.39%,
08/15/43
................
1,191
1,193,004
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
05/15/38
................
1,500
1,513,125
BXP
Trust,
Series
2021-601L,
Class
D,
2.87%,
01/15/44
(b)
......................
281
179,731
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.77%,
08/15/36
(b)
......................
600
605,021
CSMC
Trust
(b)
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
5.23%),
10.56%,
10/15/37
...............
239
220,426
Series
2021-980M,
Class
E,
3.65%,
07/15/31
.....................
125
110,416
Series
2021-BHAR,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.95%,
11/15/38
................
97
94,851
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.48%,
09/09/24
................
1,000
1,005,625
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.30%),
7.63%,
05/15/35
(b)
......
402
392,065
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
F,
3.65%,
10/10/34
(b)
...........
220
156,926
ELP
Commercial
Mortgage
Trust,
Series
2021-
ELP,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.12%
Floor
+
3.23%),
8.56%,
11/15/38
(b)
.
265
252,931
Extended
Stay
America
Trust
(b)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
07/15/38
................
650
643,093
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
8.30%,
07/15/38
................
476
472,784
Series
2021-ESH,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.15%,
07/15/38
................
207
205,997
GS
Mortgage
Securities
Corp.
II,
Series
2023-
SHIP,
Class
E,
7.68%,
09/10/38
(b)
.......
1,400
1,375,543
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
GS
Mortgage
Securities
Corp.
Trust,
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
8.03%,
11/15/27
(b)
......................
USD
709
$
710,429
HONO
Mortgage
Trust
(b)
Series
2021-LULU,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
8.80%,
10/15/36
................
174
162,279
Series
2021-LULU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.51%),
9.85%,
10/15/36
................
157
144,033
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.58%,
10/15/39
(b)
.
1,340
1,336,650
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(b)
Series
2016-NINE,
Class
B,
(1-mo.
LIBOR
USD
+
0.00%),
2.95%,
09/06/38
.....
1,000
907,450
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.87%,
04/15/37
.....................
752
541,058
Series
2022-OPO,
Class
D,
3.56%,
01/05/39
250
160,625
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.80%,
03/15/38
(b)
...........
605
583,962
MAD
Mortgage
Trust,
Series
2017-330M,
Class
E,
4.17%,
08/15/34
(b)
...............
151
109,335
Med
Trust
(b)
Series
2021-MDLN,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.11%),
9.45%,
11/15/38
................
995
977,807
Series
2021-MDLN,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.36%),
10.70%,
11/15/38
...............
1,227
1,196,433
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.22%),
9.55%,
12/15/34
(b)
.................
287
267,857
MHP
Commercial
Mortgage
Trust,
Series
2021-
STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
9.40%,
07/15/38
(b)
.
138
133,601
Morgan
Stanley
Capital
I
Trust
Series
2018-H3,
Class
C,
5.01%,
07/15/51
160
142,245
Series
2018-MP,
Class
E,
4.42%,
07/11/40
(b)
238
146,008
Series
2018-SUN,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.85%),
8.19%,
07/15/35
(b)
...............
340
327,985
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.63%,
03/15/39
(b)
.
317
295,666
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.61%,
08/19/35
(b)
.................
1,000
1,002,500
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
9.80%,
07/15/38
(b)
100
20,941
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.52%,
05/15/37
(b)
.................
750
748,117
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-NXS5,
Class
B,
5.11%,
01/15/59
...
250
234,252
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.12%,
11/15/27
(b)
......................
USD
1,113
$
1,116,478
31,458,830
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)(b)
BX
Trust,
Series
2022-GPA,
Class
XCP,
0.00%,
08/15/39
.......................
61,975
1,816
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C26,
Class
XD,
1.45%,
10/15/48
.......................
4,650
93,199
95,015
Total
Non-Agency
Mortgage-Backed
Securities
—
3
.0
%
(Cost:
$
36,076,547
)
...............................
34,288,275
Preferred
Securities
Capital
Trusts
—
1.7%
Banks
—
0.2%
(a)(j)
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00
%
(c)
....
EUR
200
213,978
PNC
Financial
Services
Group,
Inc.
(The)
,
Series
T
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.40
%
.........................
USD
1,750
1,506,413
US
Bancorp
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70
%
.........................
1,205
1,038,955
2,759,346
Capital
Markets
—
0.4%
(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
%
..
1,575
1,484,394
Charles
Schwab
Corp.
(The)
Series
I
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00
%
.......................
1,575
1,431,315
Series
H
,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
4.00
%
.......................
1,730
1,436,164
4,351,873
Consumer
Finance
—
0.5%
(a)(j)
Ally
Financial,
Inc.
,
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70
%
............
2,800
2,269,294
American
Express
Co.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55
%
...................
1,315
1,172,317
Capital
One
Financial
Corp.
,
Series
M
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95
%
......
1,250
1,082,750
Discover
Financial
Services
,
Series
C
,
(3-mo.
CME
Term
SOFR
+
3.34%),
5.50
%
......
1,500
1,233,972
5,758,333
Electric
Utilities
—
0.2%
Edison
International
,
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38
%
(a)
(j)
..........
2,391
2,300,463
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)
......................
105
101,850
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
—
0.1%
MetLife,
Inc.
,
Series
G
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.58%),
3.85
%
(a)
(j)
.................
USD
825
$
789,177
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)
..........
790
713,347
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
%
.......................
98
94,695
Series
G
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13
%
.......................
2,000
1,933,302
2,027,997
Total
Capital
Trusts
—
1
.7
%
(Cost:
$
20,961,910
)
...............................
18,802,386
Shares
Shares
Preferred
Stocks
—
0.1%
Consumer
Finance
—
0.1%
SLM
Corp.
(Preference)
,
Series
B
,
(3-mo.
CME
Term
SOFR
+
1.70%),
7.35
%
(a)
(j)
........
11,500
805,000
Household
Products
—
0.0%
Henkel
AG
&
Co.
KGaA
(Preference)
.......
3,490
267,538
Total
Preferred
Stocks
—
0
.1
%
(Cost:
$
993,465
)
.................................
1,072,538
Trust
Preferreds
—
0.1%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
1.81%),
7.19
%
,
12/21/65
(a)
(b)
................
896,000
691,918
Consumer
Finance
—
0.0%
ILFC
E-Capital
Trust
II
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
2.06%),
7.44
%
,
12/21/65
(a)
(b)
................
397,000
314,378
Total
Trust
Preferreds
—
0
.1
%
(Cost:
$
1,257,797
)
...............................
1,006,296
Total
Preferred
Securities
—
1
.9
%
(Cost:
$
23,213,172
)
...............................
20,881,220
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
,
Series
2018-W5FX
,
Class
CFX
,
(1-mo.
LIBOR
USD
+
0.00%),
3.79
%
,
04/25/28
(a)
(b)
................
334
287,946
Total
U.S.
Government
Sponsored
Agency
Securities
—
0
.0
%
(Cost:
$
326,264
)
.................................
287,946
Security
Shares
Shares
Value
Warrants
Diversified
Consumer
Services
—
0.0
%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22
,
1
Share
for
1
Warrant,
Expires
06/30/27
,
Strike
Price
USD
10.00
)
(d)
(e)
.......................
501
$
—
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)
.....
119
1,622
Total
Warrants
—
0
.0
%
(Cost:
$
—
)
.....................................
1,622
Total
Long-Term
Investments
—
99.4%
(Cost:
$
1,114,291,683
)
............................
1,125,334,674
Short-Term
Securities
Money
Market
Funds
—
11.0%
(q)(s)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.21
%
....................
84,259,444
84,259,444
SL
Liquidity
Series,
LLC,
Money
Market
Series
,
5.49
%
(t)
........................
39,681,617
39,697,490
Total
Money
Market
Funds
—
11
.0
%
(Cost:
$
123,956,880
)
..............................
123,956,934
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
0.0%
U.S.
Treasury
Bills
,
5.34
%
,
05/09/24
(u)
......
USD
186
183,381
Total
U.S.
Treasury
Obligations
—
0
.0
%
(Cost:
$
183,364
)
.................................
183,381
Total
Short-Term
Securities
—
11.0%
(Cost:
$
124,140,244
)
..............................
124,140,315
Total
Options
Purchased
—
0
.1
%
(
Cost:
$
744,470
)
.................................
894,580
Total
Investments
Before
Options
Written
—
110
.5
%
(Cost:
$
1,239,176,397
)
............................
1,250,369,569
Total
Options
Written
—
(
0
.1
)
%
(Premium
Received
—
$
(
451,361
)
)
....................
(
538,994
)
Total
Investments
Net
of
Options
Written
—
110
.4
%
(Cost:
$
1,238,725,036
)
............................
1,249,830,575
Liabilities
in
Excess
of
Other
Assets
—
(
10.4
)
%
............
(
117,466,627
)
Net
Assets
—
100.0%
...............................
$
1,132,363,948
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
48
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Non-income
producing
security.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$46,155,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$13,651.
(g)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(h)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(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)
Convertible
security.
(l)
Step
coupon
security.
Coupon
rate
will
either
increase
(step-up
bond)
or
decrease
(step-down
bond)
at
regular
intervals
until
maturity.
Interest
rate
shown
reflects
the
rate
currently
in
effect.
(m)
When-issued
security.
(n)
Zero-coupon
bond.
(o)
Rounds
to
less
than
1,000.
(p)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(q)
Affiliate
of
the
Fund.
(r)
All
or
a
portion
of
this
security
is
on
loan.
(s)
Annualized
7-day
yield
as
of
period
end.
(t)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(u)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
118,668,905
$
—
$
(
34,409,461
)
(a)
$
—
$
—
$
84,259,444
84,259,444
$
1,224,410
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
.........
40,024,885
—
(
330,118
)
(a)
5,002
(
2,279
)
39,697,490
39,681,617
228,960
(b)
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
(c)
.
27,691,088
—
(
27,580,310
)
(
2,205,343
)
2,094,565
—
—
342,760
—
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
..............
11,022,489
502,412
(
11,186,522
)
(
172,322
)
243,354
409,411
42,295
502,394
—
iShares
Core
Dividend
Growth
ETF
................
55,386,619
72,498,029
(
66,474,362
)
(
548,201
)
2,136,700
62,998,785
1,155,941
405,340
—
iShares
Core
S&P
500
ETF
(c)
.
—
21,626,369
(
23,404,521
)
1,778,152
—
—
—
—
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
39,386,612
11,363,971
(
22,767,271
)
(
1,117,848
)
2,205,419
29,070,883
375,205
1,149,530
—
$
(
2,260,560
)
$
6,677,759
$
216,436,013
$
3,853,394
$
—
—
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
49
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
.......................................................
494
03/15/24
$
120,301
$
1,169,153
U.S.
Treasury
10-Year
Note
...................................................
419
03/19/24
47,079
1,301,523
U.S.
Treasury
Ultra
Bond
.....................................................
8
03/19/24
1,035
61,673
U.S.
Treasury
5-Year
Note
....................................................
1,323
03/28/24
143,473
2,625,662
5,158,011
Short
Contracts
EUR
Currency
............................................................
299
03/18/24
40,591
9,790
GBP
Currency
............................................................
433
03/18/24
34,410
(
319,080
)
JPY
Currency
............................................................
33
03/18/24
2,839
46,516
U.S.
Treasury
Long
Bond
.....................................................
1
03/19/24
123
(
6,759
)
U.S.
Treasury
2-Year
Note
....................................................
1
03/28/24
206
(
1,736
)
(
271,269
)
$
4,886,742
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
16,839,984
EUR
15,510,000
Barclays
Bank
plc
02/15/24
$
69,090
USD
28,022,623
EUR
25,490,000
Morgan
Stanley
&
Co.
International
plc
02/15/24
460,401
USD
303,928
EUR
280,000
UBS
AG
02/15/24
1,165
USD
3,485,269
GBP
2,730,000
Morgan
Stanley
&
Co.
International
plc
02/15/24
25,183
USD
4,098,846
GBP
3,220,000
Standard
Chartered
Bank
02/15/24
17,718
USD
213,879
EUR
196,581
Nomura
International
plc
03/14/24
1,061
USD
218,781
EUR
201,383
Royal
Bank
of
Canada
03/14/24
764
AED
22,000
USD
5,991
Natwest
Markets
plc
04/15/24
—
AED
18,000
USD
4,902
Standard
Chartered
Bank
04/15/24
—
USD
157,729
AED
579,000
Natwest
Markets
plc
04/15/24
60
USD
148,528
CHF
125,000
Natwest
Markets
plc
04/15/24
2,531
USD
470,154
EUR
427,000
Natwest
Markets
plc
04/15/24
7,259
USD
497,451
GBP
389,000
Standard
Chartered
Bank
04/15/24
4,205
589,437
EUR
149,750
USD
164,185
Morgan
Stanley
&
Co.
International
plc
03/14/24
(
2,067
)
USD
2,477,223
EUR
2,293,977
Barclays
Bank
plc
03/14/24
(
6,224
)
AUD
138,000
USD
92,990
Natwest
Markets
plc
04/15/24
(
2,243
)
CAD
331,000
USD
248,133
Natwest
Markets
plc
04/15/24
(
1,702
)
GBP
17,000
USD
21,660
Natwest
Markets
plc
04/15/24
(
104
)
JPY
63,208,000
USD
443,403
Standard
Chartered
Bank
04/15/24
(
8,990
)
KRW
95,040,000
USD
72,326
Standard
Chartered
Bank
04/15/24
(
817
)
NZD
756,000
USD
474,454
Natwest
Markets
plc
04/15/24
(
12,328
)
SGD
28,000
USD
21,147
Natwest
Markets
plc
04/15/24
(
208
)
USD
70,597
HKD
551,000
Standard
Chartered
Bank
04/15/24
(
18
)
USD
91,329
JPY
13,331,000
Natwest
Markets
plc
04/15/24
(
292
)
(
34,993
)
$
554,444
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
50
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
S&P
500
Index
..........
Bank
of
America
NA
13,761
04/19/24
USD
4,750.00
USD
66,681
$
894,580
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
S&P
500
Index
.............
Bank
of
America
NA
13,761
04/19/24
USD
4,600.00
USD
66,681
$
(
538,994
)
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
BNP
Paribas
SA
03/20/24
USD
611
$
7,330
$
(
3,180
)
$
10,510
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
BNP
Paribas
SA
03/20/24
USD
622
(
5,533
)
(
2,740
)
(
2,793
)
$
1,797
$
(
5,920
)
$
7,717
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.33
%
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
OTC
Swaps
.....................................................
$
—
$
(
5,920
)
$
10,510
$
(
2,793
)
$
—
Options
Written
...................................................
N/A
N/A
—
(
87,633
)
(
538,994
)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
51
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
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)
......
$
—
$
—
$
1,169,153
$
56,306
$
3,988,858
$
—
$
5,214,317
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
589,437
—
—
589,437
Options
purchased
Investments
at
value
—
unaffiliated
(b)
............
—
—
894,580
—
—
—
894,580
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
—
—
10,510
—
10,510
$
—
$
—
$
2,063,733
$
645,743
$
3,999,368
$
—
$
6,708,844
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
319,080
$
8,495
$
—
$
327,575
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
34,993
—
—
34,993
Options
written
Options
written
at
value
.....................
—
—
538,994
—
—
—
538,994
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
8,713
—
8,713
$
—
$
—
$
538,994
$
354,073
$
17,208
$
—
$
910,275
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
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.
For
the
period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
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
c
ontracts
.......................
$
—
$
—
$
6,935,593
$
521,544
$
(
7,060,816
)
$
—
$
396,321
Forward
foreign
currency
exchange
contracts
....
—
—
—
510,113
—
—
510,113
Options
purchased
(a)
.....................
—
—
3,517,549
—
—
—
3,517,549
Options
written
........................
—
—
(
818,654
)
—
—
—
(
818,654
)
Swaps
..............................
—
—
245,200
—
(
12,029
)
—
233,171
$
—
$
—
$
9,879,688
$
1,031,657
$
(7,072,845)
$
—
$
3,838,500
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
1,617,736
)
$
153,010
$
7,102,196
$
—
$
5,637,470
Forward
foreign
currency
exchange
contracts
....
—
—
—
27,154
—
—
27,154
Options
purchased
(b)
.....................
—
—
150,110
—
—
—
150,110
Options
written
........................
—
—
(
87,633
)
—
—
—
(
87,633
)
Swaps
..............................
—
—
14,891
—
7,717
—
22,608
$
—
$
—
$
(1,540,368)
$
180,164
$
7,109,913
$
—
$
5,749,709
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
Options
purchased
are
included
in
net
change
in
unrealized
appreciation
(depreciation)
on
investments
—
unaffiliated.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
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
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
302,540,370
Average
notional
value
of
contracts
—
short
.................................................................................
$
55,457,849
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
44,737,210
Average
amounts
sold
—
in
USD
........................................................................................
$
1,572,965
Options
Average
value
of
option
contracts
purchased
................................................................................
$
451,455
Average
value
of
option
contracts
written
...................................................................................
$
269,497
Total
return
swaps
Average
notional
value
...............................................................................................
$
1,163,708
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
999,632
$
2,855,159
Forward
f
oreign
currency
exchange
contracts
.................................................................
589,437
34,993
Options
(a)
.........................................................................................
894,580
538,994
Swaps
—
OTC
(b)
.....................................................................................
10,510
8,713
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
2,494,159
$
3,437,859
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
999,632
)
(
2,855,159
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,494,527
$
582,700
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
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
Statements
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)(c)
Bank
of
America
NA
..............................
$
894,580
$
(
538,994
)
$
—
$
—
$
355,586
Barclays
Bank
plc
................................
69,090
(
6,224
)
—
—
62,866
BNP
Paribas
SA
.................................
10,510
(
8,713
)
—
—
1,797
Morgan
Stanley
&
Co.
International
plc
..................
485,584
(
2,067
)
—
—
483,517
Natwest
Markets
plc
..............................
9,850
(
9,850
)
—
—
—
Nomura
International
plc
...........................
1,061
—
—
—
1,061
Royal
Bank
of
Canada
.............................
764
—
—
—
764
Standard
Chartered
Bank
...........................
21,923
(
9,825
)
—
—
12,098
UBS
AG
......................................
1,165
—
—
—
1,165
$
1,494,527
$
(
575,673
)
$
—
$
—
$
918,854
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
(b)(d)
Bank
of
America
NA
..............................
$
538,994
$
(
538,994
)
$
—
$
—
$
—
Barclays
Bank
plc
................................
6,224
(
6,224
)
—
—
—
BNP
Paribas
SA
.................................
8,713
(
8,713
)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
2,067
(
2,067
)
—
—
—
Natwest
Markets
plc
..............................
16,877
(
9,850
)
—
—
7,027
Standard
Chartered
Bank
...........................
9,825
(
9,825
)
—
—
—
$
582,700
$
(
575,673
)
$
—
$
—
$
7,027
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
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.
(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
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(c)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(d)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
receivable/payable
on
the
Statements
of
Assets
and
Liabilities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
137,173,861
$
—
$
137,173,861
Common
Stocks
Aerospace
&
Defense
....................................
3,246,220
1,686,698
—
4,932,918
Air
Freight
&
Logistics
....................................
1,481,152
—
—
1,481,152
Automobile
Components
..................................
599,907
—
—
599,907
Automobiles
..........................................
1,074,566
—
—
1,074,566
Banks
...............................................
9,453,923
1,762,562
11
11,216,496
Beverages
...........................................
371,307
1,236,314
—
1,607,621
Biotechnology
.........................................
2,031,655
—
—
2,031,655
Broadline
Retail
........................................
513,129
—
—
513,129
Building
Products
.......................................
3,808,763
—
—
3,808,763
Capital
Markets
........................................
5,041,148
—
—
5,041,148
Chemicals
............................................
1,059,987
1,712,645
—
2,772,632
Commercial
Services
&
Supplies
.............................
2,273,413
—
—
2,273,413
Communications
Equipment
................................
1,419,392
—
—
1,419,392
Construction
&
Engineering
................................
—
400,536
—
400,536
Consumer
Finance
......................................
1,873,400
—
—
1,873,400
Consumer
Staples
Distribution
&
Retail
........................
3,536,954
—
200
3,537,154
Containers
&
Packaging
..................................
2,021,163
—
—
2,021,163
Distributors
...........................................
117,797
—
—
117,797
Diversified
REITs
.......................................
—
1,554,623
—
1,554,623
Diversified
Telecommunication
Services
........................
3,594,737
3,470,382
—
7,065,119
Electric
Utilities
........................................
11,155,596
1,163,737
—
12,319,333
Electrical
Equipment
.....................................
482,508
—
—
482,508
Electronic
Equipment,
Instruments
&
Components
.................
1,608,851
—
—
1,608,851
Energy
Equipment
&
Services
..............................
2,021,021
—
—
2,021,021
Financial
Services
......................................
3,323,586
—
82,469
3,406,055
Food
Products
.........................................
3,640,742
2,320,604
—
5,961,346
Gas
Utilities
...........................................
—
271,068
—
271,068
Ground
Transportation
...................................
4,358,149
162,433
—
4,520,582
Health
Care
Equipment
&
Supplies
...........................
4,734,438
2,540,415
—
7,274,853
Health
Care
Providers
&
Services
............................
9,263,960
—
37,550
9,301,510
Health
Care
REITs
......................................
7,648,939
1,015,121
—
8,664,060
Hotels,
Restaurants
&
Leisure
..............................
392,446
—
—
392,446
Household
Durables
.....................................
1,101,101
1,631,017
—
2,732,118
Household
Products
.....................................
—
488,320
—
488,320
Independent
Power
and
Renewable
Electricity
Producers
............
144,849
148,621
—
293,470
Industrial
Conglomerates
..................................
—
249,917
—
249,917
Industrial
REITs
........................................
3,987,745
4,344,859
—
8,332,604
Insurance
............................................
5,251,700
3,210,339
—
8,462,039
IT
Services
...........................................
3,372,245
1,929,217
—
5,301,462
Leisure
Products
.......................................
554,114
—
—
554,114
Life
Sciences
Tools
&
Services
..............................
365,514
—
—
365,514
Machinery
............................................
3,415,793
856,343
—
4,272,136
Media
...............................................
1,926,033
220,760
—
2,146,793
Multi-Utilities
..........................................
3,783,930
1,047,881
—
4,831,811
Office
REITs
..........................................
3,118,286
—
—
3,118,286
Oil,
Gas
&
Consumable
Fuels
...............................
6,567,944
5,025,679
5
11,593,628
Personal
Care
Products
..................................
442,933
—
—
442,933
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
54
Level
1
Level
2
Level
3
Total
Pharmaceuticals
.......................................
$
1,634,888
$
9,206,446
$
—
$
10,841,334
Professional
Services
....................................
5,988,357
2,150,590
—
8,138,947
Real
Estate
Management
&
Development
.......................
670,957
4,125,608
—
4,796,565
Residential
REITs
.......................................
4,402,353
—
—
4,402,353
Retail
REITs
..........................................
—
1,943,578
—
1,943,578
Semiconductors
&
Semiconductor
Equipment
....................
3,267,916
3,726,660
—
6,994,576
Software
.............................................
7,661,400
—
—
7,661,400
Specialized
REITs
......................................
13,747,418
—
—
13,747,418
Specialty
Retail
........................................
664,386
—
—
664,386
Technology
Hardware,
Storage
&
Peripherals
....................
2,668,974
1,526,457
—
4,195,431
Textiles,
Apparel
&
Luxury
Goods
............................
595,815
1,654,965
—
2,250,780
Tobacco
.............................................
1,940,647
1,356,836
—
3,297,483
Trading
Companies
&
Distributors
............................
293,253
—
—
293,253
Transportation
Infrastructure
...............................
655,082
5,879,124
—
6,534,206
Water
Utilities
.........................................
—
273,308
—
273,308
Wireless
Telecommunication
Services
.........................
465,331
896,194
—
1,361,525
Corporate
Bonds
........................................
—
178,959,823
—
178,959,823
Equity-Linked
Notes
......................................
—
330,810,709
—
330,810,709
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
1,978,023
—
1,978,023
Automobile
Components
..................................
—
390,844
—
390,844
Automobiles
..........................................
—
168,976
—
168,976
Beverages
...........................................
—
587,793
—
587,793
Broadline
Retail
........................................
—
736,214
32,733
768,947
Building
Products
.......................................
—
512,576
117,732
630,308
Capital
Markets
........................................
—
1,564,152
—
1,564,152
Chemicals
............................................
—
2,444,130
—
2,444,130
Commercial
Services
&
Supplies
.............................
—
2,499,446
69,997
2,569,443
Communications
Equipment
................................
—
355,239
—
355,239
Construction
&
Engineering
................................
—
645,836
—
645,836
Construction
Materials
....................................
—
473,340
—
473,340
Consumer
Staples
Distribution
&
Retail
........................
—
235,567
—
235,567
Containers
&
Packaging
..................................
—
726,455
—
726,455
Distributors
...........................................
—
149,714
174,840
324,554
Diversified
Consumer
Services
..............................
—
1,372,620
—
1,372,620
Diversified
REITs
.......................................
—
80,212
—
80,212
Diversified
Telecommunication
Services
........................
—
2,265,981
95,134
2,361,115
Electrical
Equipment
.....................................
—
143,572
—
143,572
Electronic
Equipment,
Instruments
&
Components
.................
—
102,736
—
102,736
Energy
Equipment
&
Services
..............................
—
262,918
—
262,918
Entertainment
.........................................
—
2,317,106
—
2,317,106
Financial
Services
......................................
—
2,272,578
46,824
2,319,402
Food
Products
.........................................
—
2,028,862
—
2,028,862
Ground
Transportation
...................................
—
469,804
48,952
518,756
Health
Care
Equipment
&
Supplies
...........................
—
1,112,037
100,688
1,212,725
Health
Care
Providers
&
Services
............................
—
1,329,690
—
1,329,690
Health
Care
Technology
..................................
—
1,437,323
—
1,437,323
Hotels,
Restaurants
&
Leisure
..............................
—
4,420,590
—
4,420,590
Household
Durables
.....................................
—
902,166
—
902,166
Independent
Power
and
Renewable
Electricity
Producers
............
—
389,020
—
389,020
Industrial
Conglomerates
..................................
—
199,500
—
199,500
Insurance
............................................
—
2,534,771
—
2,534,771
Interactive
Media
&
Services
...............................
—
148,945
423,065
572,010
IT
Services
...........................................
—
1,517,639
—
1,517,639
Leisure
Products
.......................................
—
226,305
—
226,305
Life
Sciences
Tools
&
Services
..............................
—
1,046,502
—
1,046,502
Machinery
............................................
—
3,052,084
—
3,052,084
Media
...............................................
—
999,366
126,682
1,126,048
Oil,
Gas
&
Consumable
Fuels
...............................
—
822,115
446,625
1,268,740
Passenger
Airlines
......................................
—
1,439,382
—
1,439,382
Personal
Care
Products
..................................
—
655,002
—
655,002
Pharmaceuticals
.......................................
—
1,411,909
—
1,411,909
Professional
Services
....................................
—
2,526,654
130,583
2,657,237
Real
Estate
Management
&
Development
.......................
—
131,430
110,167
241,597
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
55
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Semiconductors
&
Semiconductor
Equipment
....................
$
—
$
282,225
$
—
$
282,225
Software
.............................................
—
4,677,459
185,694
4,863,153
Specialty
Retail
........................................
—
842,806
—
842,806
Textiles,
Apparel
&
Luxury
Goods
............................
—
101,396
—
101,396
Trading
Companies
&
Distributors
............................
—
947,099
105,901
1,053,000
Transportation
Infrastructure
...............................
—
262,443
103,792
366,235
Wireless
Telecommunication
Services
.........................
—
240,349
100,323
340,672
Foreign
Agency
Obligations
.................................
—
6,653,733
—
6,653,733
Foreign
Government
Obligations
..............................
—
20,789,868
—
20,789,868
Investment
Companies
....................................
92,479,079
—
—
92,479,079
Non-Agency
Mortgage-Backed
Securities
........................
—
34,288,275
—
34,288,275
Preferred
Securities
Banks
...............................................
—
2,759,346
—
2,759,346
Capital
Markets
........................................
—
4,351,873
—
4,351,873
Commercial
Services
&
Supplies
.............................
—
691,918
—
691,918
Consumer
Finance
......................................
805,000
6,072,711
—
6,877,711
Electric
Utilities
........................................
—
2,300,463
—
2,300,463
Household
Products
.....................................
—
267,538
—
267,538
Independent
Power
and
Renewable
Electricity
Producers
............
—
101,850
—
101,850
Insurance
............................................
—
789,177
—
789,177
Multi-Utilities
..........................................
—
713,347
—
713,347
Oil,
Gas
&
Consumable
Fuels
...............................
—
2,027,997
—
2,027,997
U.S.
Government
Sponsored
Agency
Securities
....................
—
287,946
—
287,946
Warrants
..............................................
1,622
—
—
1,622
Short-Term
Securities
Money
Market
Funds
......................................
84,259,444
—
—
84,259,444
U.S.
Treasury
Obligations
...................................
—
183,381
—
183,381
Options
Purchased
Equity
contracts
..........................................
—
894,580
—
894,580
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
(
31
)
—
(
31
)
$
348,382,958
$
859,749,123
$
2,539,967
$
1,210,672,048
Investments
valued
at
NAV
(b)
......................................
39,697,490
$
1,250,369,538
Derivative
Financial
Instruments
(c)
Assets
Equity
contracts
...........................................
$
1,169,153
$
—
$
—
$
1,169,153
Foreign
currency
exchange
contracts
............................
56,306
589,437
—
645,743
Interest
rate
contracts
.......................................
3,988,858
10,510
—
3,999,368
Liabilities
Equity
contracts
...........................................
—
(
538,994
)
—
(
538,994
)
Foreign
currency
exchange
contracts
............................
(
319,080
)
(
34,993
)
—
(
354,073
)
Interest
rate
contracts
.......................................
(
8,495
)
(
2,793
)
—
(
11,288
)
$
4,886,742
$
23,167
$
—
$
4,909,909
(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.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AB
BSL
CLO
2
Ltd.,
Series
2021-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
04/15/34
(a)
(b)
..........
USD
15,000
$
14,975,727
Accredited
Mortgage
Loan
Trust,
Series
2004-4,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.69%),
5.20%,
01/25/35
(a)
......
276
274,187
AGL
CLO
3
Ltd.,
Series
2020-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
01/15/33
(a)
(b)
..........
2,000
2,000,396
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
07/20/34
(a)
(b)
..........
4,000
4,005,646
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
10/17/34
................
1,500
1,501,641
Series
2015-AA,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
10/17/34
................
3,000
2,992,344
Series
2015-AA,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/17/34
................
4,500
4,471,725
AIMCO
CLO
10
Ltd.
(a)(b)
Series
2019-10A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
07/22/32
................
7,500
7,452,101
Series
2019-10A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
07/22/32
................
3,500
3,505,520
AIMCO
CLO
11
Ltd.,
Series
2020-11A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
10/17/34
(a)
(b)
.........
4,500
4,488,795
AIMCO
CLO
12
Ltd.,
Series
2020-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
7.02%,
01/17/32
(a)
(b)
.........
10,000
9,992,000
AIMCO
CLO
15
Ltd.,
Series
2021-15A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/17/34
(a)
(b)
..........
1,500
1,493,892
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
10/21/28
(a)
(b)
..........
1,300
1,298,965
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
01/17/31
(a)
(b)
..........
1,000
999,229
Allegro
CLO
VII
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
06/13/31
(a)
(b)
..........
1,000
996,400
Allegro
CLO
XI
Ltd.,
Series
2019-2A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.65%),
6.96%,
01/19/33
(a)
(b)
.....
2,000
2,001,591
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.43%,
10/15/29
(a)
(b)
.....................
3,500
3,504,824
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.89%,
11/02/30
(a)
(b)
.....................
1,223
1,222,942
AMSR
Trust
(b)
Series
2019-SFR1,
Class
G,
4.86%,
01/19/39
.....................
1,900
1,767,367
Series
2019-SFR1,
Class
H,
6.04%,
01/19/39
.....................
2,417
2,296,773
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
.....................
10,250
9,823,244
Series
2020-SFR1,
Class
F,
3.57%,
04/17/37
.....................
19,850
19,023,803
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-SFR1,
Class
G,
4.31%,
04/17/37
.....................
USD
7,500
$
7,208,660
Series
2020-SFR2,
Class
E2,
4.28%,
07/17/37
.....................
2,000
1,931,387
Series
2020-SFR2,
Class
I,
5.25%,
07/17/37
9,400
8,886,755
Series
2020-SFR3,
Class
H,
6.50%,
09/17/37
.....................
1,958
1,891,345
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
.....................
3,441
3,288,278
Series
2021-SFR3,
Class
F,
3.23%,
10/17/38
.....................
11,000
9,784,080
Anchorage
Capital
CLO
11
Ltd.,
Series
2019-
11A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.56%),
7.88%,
07/22/32
(a)
(b)
700
697,406
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-
15A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
07/20/34
(a)
(b)
7,000
6,997,200
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.41%),
6.73%,
04/15/34
(a)
(b)
..........
1,000
998,488
Anchorage
Capital
CLO
20
Ltd.
(a)(b)
Series
2021-20A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
01/20/35
................
1,300
1,299,853
Series
2021-20A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
01/20/35
.....................
1,500
1,496,246
Anchorage
Capital
CLO
25
Ltd.,
Series
2022-
25A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
7.67%,
04/20/35
(a)
(b)
5,000
4,976,567
Anchorage
Capital
CLO
3-R
Ltd.,
Series
2014-
3RA,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.08%,
01/28/31
(a)
(b)
..........
3,400
3,403,166
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/15/32
(a)
(b)
1,000
996,998
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2018-10A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
10/15/31
................
7,155
7,157,496
Series
2018-10A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
10/15/31
.....................
3,000
3,000,820
Series
2018-10A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
10/15/31
.....................
1,500
1,476,788
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.34%),
6.66%,
04/15/31
(a)
(b)
.....................
2,223
2,227,821
Apidos
CLO
XV
(a)(b)
Series
2013-15A,
Class
CRR,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.43%,
04/20/31
.
3,000
2,981,261
Series
2013-15A,
Class
DRR,
(3-mo.
CME
Term
SOFR
+
2.96%),
8.28%,
04/20/31
.
2,000
1,960,121
Apidos
CLO
XX,
Series
2015-20A,
Class
BRR,
(3-mo.
CME
Term
SOFR
+
2.21%),
7.53%,
07/16/31
(a)
(b)
.....................
1,750
1,746,803
Apidos
CLO
XXII,
Series
2015-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
04/20/31
(a)
(b)
..........
1,000
987,566
Apidos
CLO
XXIX
(a)(b)
Series
2018-29A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
1.81%),
7.14%,
07/25/30
.
1,000
1,000,415
Series
2018-29A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.49%,
07/25/30
....
1,000
995,817
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Apidos
CLO
XXV
Ltd.,
Series
2016-25A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
10/20/31
(a)
(b)
.....
USD
4,488
$
4,494,753
Apidos
CLO
XXXIII,
Series
2020-33A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/24/34
(a)
(b)
.........
1,300
1,300,100
Apidos
CLO
XXXIV,
Series
2020-34A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/20/35
(a)
(b)
.....
14,000
13,998,891
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
07/20/34
(a)
(b)
..........
1,000
1,001,235
Aqueduct
European
CLO
DAC,
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
4.40%
Floor
+
4.40%),
8.34%,
10/15/30
(a)
(c)
..........
EUR
219
234,867
Ares
L
CLO
Ltd.,
Series
2018-50A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
01/15/32
(a)
(b)
..........
USD
6,000
6,001,184
Ares
LIII
CLO
Ltd.,
Series
2019-53A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.23%,
04/24/31
(a)
(b)
..........
4,500
4,500,326
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/15/34
(a)
(b)
..........
1,000
1,001,500
Ares
LXI
CLO
Ltd.,
Series
2021-61A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/20/34
(a)
(b)
..........
7,500
7,499,786
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
(3-mo.
LIBOR
USD
+
0.00%),
0.00%,
04/15/30
(a)
(b)
.....................
4,500
1,146,600
Ares
XLVIII
CLO
Ltd.,
Series
2018-48A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
07/20/30
(a)
(b)
..........
1,000
992,337
Ares
XXXIR
CLO
Ltd.,
Series
2014-31RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.56%),
6.94%,
05/24/30
(a)
(b)
.....
1,000
998,850
Ares
XXXVII
CLO
Ltd.
(a)(b)
Series
2015-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.43%),
6.75%,
10/15/30
.
2,303
2,304,016
Series
2015-4A,
Class
A3R,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.08%,
10/15/30
.
1,500
1,505,550
Series
2015-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.38%,
10/15/30
.
1,017
1,017,003
Ares
XXXVR
CLO
Ltd.,
Series
2015-35RA,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.98%,
07/15/30
(a)
(b)
.....
1,500
1,503,696
Arini
European
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.04%
Floor
+
6.04%),
9.97%,
07/15/36
(a)
(c)
................
EUR
410
444,696
Atlas
Senior
Loan
Fund
VII
Ltd.,
Series
2016-
7A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.19%,
11/27/31
(a)
(b)
USD
5,500
5,462,863
Atlas
Senior
Loan
Fund
XI
Ltd.,
Series
2018-
11A,
Class
A1L,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.69%,
07/26/31
(a)
(b)
..........
1,693
1,696,265
Atlas
Senior
Loan
Fund
XII
Ltd.,
Series
2018-
12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
10/24/31
(a)
(b)
1,592
1,595,061
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(a)
(b)
.....................
11,500
5,175
Atrium
XIV
LLC,
Series
14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
08/23/30
(a)
(b)
................
1,000
999,179
Atrium
XV,
Series
15A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
01/23/31
(a)
(b)
................
1,000
1,002,100
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Aurium
CLO
VIII
DAC,
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.92%,
06/23/34
(a)
(c)
................
EUR
250
$
260,540
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
8.07%,
04/15/31
(a)
(c)
................
670
696,941
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
10/17/32
................
USD
1,000
992,593
Series
2021-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.42%),
6.74%,
07/24/34
.....................
6,750
6,755,313
Series
2021-7A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
01/22/35
.....................
2,250
2,243,937
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.15%,
04/18/35
.....................
5,000
4,987,000
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.50%,
04/18/35
.....................
7,000
6,898,919
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.50%,
04/18/35
.....................
2,500
2,419,246
Ballyrock
CLO
Ltd.
(a)(b)
Series
2020-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/20/31
................
4,500
4,489,465
Series
2020-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/20/31
................
2,000
1,991,242
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
10/22/32
(a)
(b)
..........
3,250
3,230,590
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.45%
Floor
+
3.71%),
9.03%,
10/15/36
(a)
(b)
.........
2,000
1,909,917
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
01/25/35
(a)
(b)
.....
2,000
1,983,050
Battalion
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/15/34
.....................
3,000
2,954,815
Series
2021-19A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
04/15/34
.....................
3,000
2,894,408
Battalion
CLO
XVI
Ltd.,
Series
2019-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
12/19/32
(a)
(b)
.........
5,000
5,001,613
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2005-HE1,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.36%),
5.59%,
01/25/35
................
362
364,572
Series
2006-HE7,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.79%,
09/25/36
................
383
378,622
Series
2007-HE2,
Class
22A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.59%,
03/25/37
................
1,949
1,770,825
Series
2007-HE2,
Class
23A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.59%,
03/25/37
................
1,894
1,726,599
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2007-HE3,
Class
2A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.59%,
04/25/37
................
USD
3,434
$
5,031,219
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2004-HE3,
Class
M2,
(1-mo.
CME
Term
SOFR
at
1.73%
Floor
+
1.84%),
5.33%,
04/25/34
(a)
.................
1,446
1,431,275
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
01/20/31
(a)
(b)
.....................
1,169
1,169,786
Benefit
Street
Partners
CLO
XIX
Ltd.
(a)(b)
Series
2019-19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.93%,
01/15/33
.....................
7,000
7,026,639
Series
2019-19A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
01/15/33
.....................
4,250
4,257,112
Benefit
Street
Partners
CLO
XV
Ltd.
(a)(b)
Series
2018-15A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.71%,
07/18/31
................
1,989
1,988,436
Series
2018-15A,
Class
A2A,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.26%,
07/18/31
................
1,000
997,551
Birch
Grove
CLO
3
Ltd.
(a)(b)
Series
2021-3A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.37%,
01/19/35
.....................
7,500
7,512,000
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.82%,
01/19/35
.....................
5,000
4,981,755
Birch
Grove
CLO
Ltd.,
Series
19A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.85%,
06/15/31
(a)
(b)
..........
2,000
1,999,965
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.41%
Floor
+
5.41%),
9.35%,
04/15/34
(a)
(c)
..........
EUR
300
318,804
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
10/22/30
(a)
(b)
.....
USD
572
573,369
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(3-mo.
EURIBOR
at
6.21%
Floor
+
6.21%),
10.17%,
02/25/34
(a)
(c)
........
EUR
700
737,563
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/20/34
(a)
(b)
.....
USD
5,000
5,013,981
Bridgepoint
CLO
1
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
4.25%
Floor
+
4.25%),
8.19%,
01/15/34
(a)
(c)
................
EUR
750
810,236
Buckhorn
Park
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.21%,
07/18/34
................
USD
9,000
9,024,270
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.56%,
07/18/34
................
2,500
2,495,879
Cairn
CLO
XVI
DAC,
Series
2023-16X,
Class
D,
(3-mo.
EURIBOR
at
5.20%
Floor
+
5.20%),
9.14%,
01/15/37
(a)
(c)
..........
EUR
215
232,336
Canyon
Capital
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.48%,
07/15/31
.
USD
1,500
1,486,882
Series
2016-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.01%),
7.33%,
10/15/31
.
1,250
1,249,083
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
07/15/30
................
USD
5,000
$
4,976,343
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.52%,
04/15/35
.....................
2,000
1,977,083
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
07/15/31
.....................
1,000
992,378
Series
2020-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
07/15/34
................
1,000
992,689
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
07/15/34
................
1,000
991,491
Series
2020-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.76%),
8.08%,
01/15/34
.....................
1,000
999,979
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.43%,
04/30/31
(a)
(b)
.....................
1,000
990,012
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
04/20/31
................
2,700
2,702,970
Series
2019-3A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/20/32
................
5,000
5,009,500
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.56%),
7.88%,
10/20/32
................
4,000
3,992,220
Carrington
Mortgage
Loan
Trust,
Series
2006-
FRE1,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
5.70%,
04/25/36
(a)
.
2,876
2,461,276
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
3.15%),
8.47%,
07/16/31
(a)
(b)
.....................
1,995
1,965,166
CarVal
CLO
III
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.53%,
07/20/32
(a)
(b)
..........
7,000
6,956,726
CarVal
CLO
IV
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/20/34
.....................
6,500
6,494,764
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
07/20/34
.....................
5,000
5,039,122
CarVal
CLO
VC
Ltd.
(a)(b)
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/15/34
.....................
2,000
1,999,392
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
10/15/34
.....................
3,000
2,880,261
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
3.96%),
9.28%,
04/20/29
(a)
(b)
................
1,000
999,976
CBAM
Ltd.
(a)(b)
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.83%,
07/20/30
....
624
624,866
Series
2020-13A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.43%
Floor
+
1.69%),
7.01%,
01/20/34
.....................
4,000
4,012,421
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cedar
Funding
IV
CLO
Ltd.,
Series
2014-4A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.91%),
7.23%,
07/23/34
(a)
(b)
USD
5,000
$
4,997,000
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)
(b)
........
3,950
1,217,390
Cedar
Funding
V
CLO
Ltd.,
Series
2016-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.68%,
07/17/31
(a)
(b)
..........
1,617
1,617,981
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
3.31%
Floor
+
3.57%),
8.89%,
04/20/34
(a)
(b)
1,950
1,933,806
CIFC
European
Funding
CLO
I
DAC,
Series
1X,
Class
DR,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.14%,
07/15/32
(a)
(c)
.........
EUR
200
211,426
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(3-mo.
EURIBOR
at
5.61%
Floor
+
5.61%),
9.55%,
01/15/34
(a)
(c)
.....
200
213,102
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
A2RR,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.56%),
6.88%,
04/27/31
................
USD
1,700
1,695,472
Series
2014-2RA,
Class
A3,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
04/24/30
................
500
500,001
Series
2014-3A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
2.61%),
7.93%,
10/22/31
.
1,000
999,230
Series
2015-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
01/22/31
................
1,000
995,544
Series
2016-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.28%,
10/21/31
................
7,000
7,011,873
Series
2017-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
+
1.48%),
6.80%,
07/20/30
....
2,665
2,664,589
Series
2017-5A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.43%,
11/16/30
.....
500
497,044
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.66%),
6.96%,
04/18/31
....
1,000
999,296
Series
2018-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/17/31
.....................
2,676
2,679,601
Series
2018-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
10/17/31
.....................
2,000
2,000,006
Series
2019-5A,
Class
A2RS,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
01/15/35
................
2,200
2,220,231
Series
2019-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
6.91%,
01/16/33
.....................
8,500
8,527,361
Series
2019-6A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.21%
Floor
+
4.21%),
9.53%,
01/16/33
.....................
1,150
1,153,782
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.39%,
04/25/33
.....................
10,500
10,395,303
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
07/15/36
.....................
1,500
1,469,591
Series
2021-6A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
10/15/34
.....................
600
601,048
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH2,
Class
M3,
(1-mo.
CME
Term
SOFR
at
0.47%
Floor
+
0.58%),
5.92%,
08/25/36
(a)
......................
2,892
2,652,160
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Clear
Creek
CLO
Ltd.
(a)(b)
Series
2015-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.78%,
10/20/30
.
USD
3,382
$
3,383,406
Series
2015-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
1.86%),
7.18%,
10/20/30
.
3,000
2,997,155
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
04/20/32
................
2,500
2,495,693
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
04/20/32
................
1,000
1,002,391
Series
2020-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/15/34
................
4,000
3,982,046
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
04/15/34
................
3,100
3,073,207
Series
2021-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/20/34
.....................
14,000
14,096,600
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
07/20/34
.....................
5,000
5,000,020
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
07/20/34
.....................
2,500
2,472,504
Series
2021-2A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.08%,
07/20/34
.....................
1,325
1,319,151
Series
2021-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.34%,
01/25/35
.....................
5,000
5,037,000
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.64%,
01/25/35
.....................
3,000
3,000,015
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.69%,
01/25/35
.....................
1,000
990,481
Clover
CLO
Ltd.,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.69%,
10/25/33
(a)
(b)
..........
7,300
7,313,773
Conseco
Finance
Corp.
(a)
Series
1996-5,
Class
M1,
8.05%,
07/15/27
.
240
244,661
Series
1997-7,
Class
M1,
7.03%,
07/15/28
.
1,385
1,320,036
Contego
CLO
VII
DAC,
Series
7X,
Class
D,
(3-mo.
EURIBOR
at
3.95%
Floor
+
3.95%),
7.91%,
05/14/32
(a)
(c)
................
EUR
200
214,277
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2007-CB6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.79%,
07/25/37
(a)
(b)
................
USD
1,192
753,567
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
7.08%,
12/15/34
(a)
(c)
.....
EUR
200
208,968
CVC
Cordatus
Loan
Fund
XXVII
DAC,
Series
27X,
Class
D2,
(3-mo.
EURIBOR
at
6.58%
Floor
+
6.58%),
10.52%,
04/15/35
(a)
(c)
....
400
434,880
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.76%,
10/20/30
(a)
(b)
.....................
USD
477
477,497
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.61%,
07/18/30
(a)
(b)
.....
2,000
1,987,998
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
61
CLO
Ltd.,
Series
2018-61A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
01/17/32
(a)
(b)
.........
USD
8,000
$
7,910,180
Dryden
Senior
Loan
Fund,
Series
2017-47A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
04/15/28
(a)
(b)
.....
5,250
5,250,000
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
B3R,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
01/15/34
................
3,500
3,492,526
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
04/15/31
................
2,500
2,497,588
Series
2020-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.31%
Floor
+
2.31%),
7.63%,
10/15/34
................
3,500
3,491,155
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.36%
Floor
+
3.36%),
8.68%,
10/15/34
................
3,000
2,994,253
Elevation
CLO
Ltd.,
Series
2017-8A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.31%),
7.64%,
10/25/30
(a)
(b)
.....................
3,000
2,989,275
Elmwood
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
10/20/33
................
2,500
2,500,000
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.66%),
9.98%,
10/20/33
................
2,000
2,007,002
Elmwood
CLO
IV
Ltd.
(a)(b)
Series
2020-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
04/15/33
.....................
1,250
1,256,125
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
04/15/33
.....................
5,500
5,507,835
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
07/20/34
(a)
(b)
..........
1,500
1,490,397
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
10/20/34
(a)
(b)
.........
2,000
2,005,432
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.63%
Floor
+
1.63%),
6.95%,
01/17/34
(a)
(b)
.........
4,000
4,014,022
Elmwood
CLO
XI
Ltd.,
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/20/34
(a)
(b)
..........
2,000
1,964,441
Fidelity
Grand
Harbour
CLO
DAC
(a)(c)
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
5.90%
Floor
+
5.90%),
9.68%,
08/15/36
.....................
EUR
238
257,931
Series
2023-2X,
Class
D,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
0.00%,
04/15/38
.....................
300
324,210
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2006-FF13,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.35%),
5.69%,
10/25/36
................
USD
3,067
2,004,350
Series
2006-FF13,
Class
A2C,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.77%,
10/25/36
................
1,798
1,142,696
Series
2006-FF17,
Class
A5,
(1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
0.26%),
5.60%,
12/25/36
................
2,211
1,827,617
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-FFH1,
Class
M1,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
+
0.67%),
6.01%,
01/25/36
................
USD
4,317
$
4,141,030
FirstKey
Homes
Trust
(b)
Series
2022-SFR1,
Class
E1,
5.00%,
05/19/39
.....................
6,000
5,771,053
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
.....................
6,382
5,939,324
Flatiron
CLO
17
Ltd.
(a)(b)
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.62%,
05/15/30
................
1,718
1,717,300
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.54%,
05/15/30
................
1,000
1,000,003
Flatiron
CLO
20
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
4.05%
Floor
+
4.05%),
9.42%,
11/20/33
(a)
(b)
..........
1,000
1,005,180
Flatiron
CLO
21
Ltd.
(a)(b)
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.42%,
07/19/34
.....................
2,000
2,000,002
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.47%,
07/19/34
.....................
2,500
2,482,202
FRTKL,
Series
2021-SFR1,
Class
F,
3.17%,
09/17/38
(b)
......................
2,900
2,576,679
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.23%,
10/19/39
(a)
(b)
..........
8,500
8,544,526
Galaxy
XXIV
CLO
Ltd.,
Series
2017-24A,
Class
C,
(3-mo.
CME
Term
SOFR
+
1.96%),
7.28%,
01/15/31
(a)
(b)
................
500
492,642
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.67%,
05/16/31
(a)
(b)
..........
2,737
2,736,103
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/22/31
(a)
(b)
..........
6,602
6,607,764
Generate
CLO
6
Ltd.,
Series
6A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
8.03%,
01/22/35
(a)
(b)
..........
1,000
1,001,112
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.63%),
6.95%,
01/22/33
(a)
(b)
.........
3,000
3,007,256
Generate
CLO
9
Ltd.
(a)(b)
Series
9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.33%,
10/20/34
8,500
8,485,506
Series
9A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.83%,
10/20/34
.....................
3,000
2,995,213
Series
9A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.85%
Floor
+
7.11%),
12.43%,
10/20/34
.....................
1,000
1,000,010
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.45%),
6.77%,
10/15/30
(a)
(b)
.....................
1,509
1,509,623
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
04/20/34
(a)
(b)
................
9,500
9,386,607
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
07/20/34
(a)
(b)
................
1,000
1,002,397
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
AJ,
(3-mo.
CME
Term
SOFR
+
1.56%),
6.88%,
04/20/30
(a)
(b)
....
USD
2,000
$
2,005,409
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/24/31
(a)
(b)
................
1,000
997,511
GoldenTree
Loan
Management
US
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/20/32
................
2,000
1,998,898
Series
2019-5A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
10/20/32
................
1,000
1,001,335
GoldenTree
Loan
Management
US
CLO
6
Ltd.,
Series
2019-6A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.12%,
04/20/35
(a)
(b)
................
800
798,956
GoldenTree
Loan
Opportunities
IX
Ltd.,
Series
2014-9A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
10/29/29
(a)
(b)
.....................
900
899,910
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
07/20/31
(a)
(b)
.....................
2,860
2,864,734
GoldentTree
Loan
Management
US
CLO
1
Ltd.
(a)(b)
Series
2021-11A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/20/34
.....................
3,000
2,985,205
Series
2021-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
10/20/34
.....................
1,000
985,847
Golub
Capital
Partners
CLO
41B-R
Ltd.,
Series
2019-41A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.58%),
6.90%,
01/20/34
(a)
(b)
.....................
2,500
2,509,396
Golub
Capital
Partners
CLO
52B
Ltd.,
Series
2020-52A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.38%,
01/20/34
(a)
(b)
.....................
2,000
2,007,575
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
07/20/34
(a)
(b)
.....................
5,915
5,913,162
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.77%,
01/25/35
(a)
(b)
.....................
1,000
1,000,618
Greene
King
Finance
plc
(a)
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
7.14%,
12/15/34
...
GBP
100
105,192
Series
B2,  (1D
GBOIS
+
2.20%),
7.39%,
03/15/36
(c)
....................
100
98,854
Greenpoint
Manufactured
Housing,
Series
2000-1,
Class
A4,
8.14%,
03/20/30
(a)
.....
USD
4,172
2,787,088
Greywolf
CLO
III
Ltd.,
Series
2020-3RA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
8.03%,
04/15/33
(a)
(b)
.........
3,000
2,995,059
GSAA
Home
Equity
Trust
Series
2005-14,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
0.70%
Floor
+
0.81%),
6.15%,
12/25/35
(a)
...............
1,025
441,815
Series
2006-4,
Class
1A1,
3.97%,
03/25/36
(a)
2,567
1,751,259
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-5,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.81%,
03/25/36
(a)
....................
USD
3,391
$
1,031,494
Series
2006-18,
Class
AF6,
6.18%,
11/25/36
(d)
....................
3,249
734,336
GSAMP
Trust
(a)
Series
2006-FM3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.59%,
11/25/36
................
6,379
2,998,245
Series
2006-HE6,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
+
0.59%),
5.93%,
08/25/36
................
1,365
1,053,839
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.68%,
07/28/31
(a)
(b)
..........
1,000
1,000,058
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
11/30/32
(a)
(b)
.....
11,000
11,033,455
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
04/20/34
(a)
(b)
..........
1,750
1,747,864
HalseyPoint
CLO
5
Ltd.
(a)(b)
Series
2021-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
01/30/35
.....................
3,500
3,497,533
Series
2021-5A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
9.08%,
01/30/35
.....................
3,000
2,994,363
HalseyPoint
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
A1A1,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.93%,
01/20/33
................
11,050
11,075,280
Series
2019-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
01/20/33
.....................
2,500
2,496,821
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(3-mo.
EURIBOR
at
5.57%
Floor
+
5.57%),
9.51%,
10/15/31
(a)
(c)
................
EUR
235
244,407
Henley
CLO
IV
DAC,
Series
4X,
Class
E,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
9.20%,
04/25/34
(a)
(c)
................
300
311,274
Highbridge
Loan
Management
Ltd.,
Series
12A-18,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.41%,
07/18/31
(a)
(b)
USD
1,000
993,473
Home
Partners
of
America
Trust,
Series
2021-2,
Class
F,
3.80%,
12/17/26
(b)
...........
9,621
8,579,047
Invesco
CLO
Ltd.
(a)(b)
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
07/15/34
.....................
500
494,993
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.12%,
04/20/35
.....................
3,125
3,111,551
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
7.47%,
04/20/35
.....................
5,000
4,925,390
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(3-mo.
EURIBOR
at
8.07%
Floor
+
8.07%),
12.01%,
07/15/32
(a)
(c)
...............
EUR
177
185,001
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.55%,
01/17/38
(a)
(b)
.....
USD
2,649
2,651,828
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M7,
(1-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.31%),
6.65%,
07/25/36
(a)
......................
2,975
2,508,037
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
KKR
CLO
18
Ltd.,
Series
18,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.66%,
07/18/30
(a)
(b)
................
USD
8,050
$
8,050,023
KKR
CLO
27
Ltd.
(a)(b)
Series
27A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.16%,
10/15/32
.....................
4,250
4,235,546
Series
27A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.56%,
10/15/32
.....................
1,450
1,432,729
KKR
CLO
35
Ltd.,
Series
35A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/20/34
(a)
(b)
................
3,657
3,647,991
KKR
CLO
41
Ltd.,
Series
2022-41A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
8.57%,
04/15/35
(a)
(b)
..........
5,250
5,108,328
LCM
XXV
Ltd.,
Series
25A,
Class
B2,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.23%,
07/20/30
(a)
(b)
.....................
350
351,103
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(1-mo.
CME
Term
SOFR
+
2.41%),
7.75%,
12/25/37
(a)
......................
5,655
5,366,799
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2005-3,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.97%,
08/25/45
.....................
1,573
1,516,239
Series
2006-4,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.75%,
05/25/36
.....................
20,891
11,036,434
Series
2006-6,
Class
2A3,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.75%,
07/25/36
.....................
5,739
2,214,857
Series
2006-7,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
5.76%,
08/25/36
.....................
6,308
3,280,725
Series
2006-WL3,
Class
2A4,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
6.05%,
01/25/36
................
1,369
1,181,956
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.86%),
9.18%,
01/15/33
(a)
(b)
..........
2,250
2,231,644
Madison
Park
Funding
XX
Ltd.
(a)(b)
Series
2016-20A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.48%,
07/27/30
.
4,080
4,059,888
Series
2016-20A,
Class
DR,
(3-mo.
CME
Term
SOFR
+
3.26%),
8.58%,
07/27/30
.
1,315
1,301,994
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-
29A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.76%,
10/18/30
(a)
(b)
5,450
5,443,574
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.78%,
07/29/30
(a)
(b)
..........
3,298
3,298,432
Madison
Park
Funding
XXVII
Ltd.
(a)(b)
Series
2018-27A,
Class
B,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.06%),
7.38%,
04/20/30
.....................
1,600
1,588,300
Series
2018-27A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
2.86%),
8.18%,
04/20/30
.....................
1,000
982,516
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.11%,
10/15/32
................
6,000
5,983,187
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.51%,
10/15/32
................
USD
4,750
$
4,732,892
Series
2019-33A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.41%,
10/15/32
................
2,000
1,989,121
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.94%,
04/25/32
(a)
(b)
.....................
2,250
2,264,173
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.06%,
12/18/30
(a)
(b)
.....
1,500
1,494,750
Margay
CLO
I
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.34%,
07/15/36
(a)
(c)
.....................
EUR
100
108,629
Marino
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.67%
Floor
+
5.67%),
9.60%,
01/16/34
(a)
(c)
................
100
105,113
MASTR
Asset-Backed
Securities
Trust,
Series
2006-AM2,
Class
A4,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.97%,
06/25/36
(a)
(b)
.....................
USD
1,832
1,608,767
Milos
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
10/20/30
(a)
(b)
..........
5,862
5,863,172
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-1XS,
Class
2A3,
6.42%,
09/25/46
(d)
..
588
124,427
Neuberger
Berman
CLO
XVIII
Ltd.,
Series
2014-18A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
3.26%),
8.58%,
10/21/30
(a)
(b)
....
1,250
1,184,355
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
ERR,
(3-mo.
CME
Term
SOFR
at
6.50%
Floor
+
6.76%),
12.08%,
07/15/34
(a)
(b)
2,600
2,553,981
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-
21A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.88%,
04/20/34
(a)
(b)
1,000
989,181
Neuberger
Berman
CLO
XXII
Ltd.
(a)(b)
Series
2016-22A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/17/30
................
800
801,760
Series
2016-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/17/30
................
1,000
1,005,504
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.21%,
10/18/30
(a)
(b)
.....................
3,250
3,201,406
Neuberger
Berman
Loan
Advisers
CLO
29
Ltd.,
Series
2018-29A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.67%,
10/19/31
(a)
(b)
.....................
500
500,244
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.60%),
6.91%,
01/19/33
(a)
(b)
................
8,450
8,483,391
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
07/20/31
(a)
(b)
................
1,563
1,551,016
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
04/16/33
(a)
(b)
.....................
1,000
988,906
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.,
Series
2021-45A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
10/14/35
(a)
(b)
.....................
USD
12,250
$
12,266,993
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.52%
Floor
+
5.52%),
9.45%,
04/17/34
(a)
(c)
.....................
EUR
188
202,359
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
(b)
...
USD
5,006
4,279,562
Newark
BSL
CLO
1
Ltd.,
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
12/21/29
(a)
(b)
.....
3,279
3,280,991
NYACK
Park
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
6.70%,
10/20/34
.....................
4,418
4,425,077
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.53%,
10/20/34
.....................
2,500
2,499,219
Oakwood
Mortgage
Investors,
Inc.
Series
1998-D,
Class
M1,
7.42%,
01/15/29
(b)
375
363,471
Series
1999-C,
Class
A2,
7.48%,
08/15/27
.
2,009
1,597,077
Series
2001-D,
Class
A3,
5.90%,
09/17/31
(a)
292
135,188
OCP
CLO
Ltd.
(a)(b)
Series
2014-6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.52%),
6.84%,
10/17/30
.
9,128
9,144,975
Series
2014-6A,
Class
A2R,
(3-mo.
CME
Term
SOFR
+
1.98%),
7.30%,
10/17/30
.
7,500
7,511,509
Series
2015-10A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.31%
Floor
+
2.31%),
7.64%,
01/26/34
................
3,700
3,674,584
Series
2015-10A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.54%,
01/26/34
................
2,000
1,968,267
Series
2016-11A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
+
1.53%),
6.86%,
10/26/30
.
610
610,396
Series
2018-15A,
Class
A3,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/20/31
................
1,000
1,003,156
Series
2019-16A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.11%
Floor
+
2.11%),
7.44%,
04/10/33
................
2,500
2,463,708
Series
2019-17A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.26%
Floor
+
2.26%),
7.58%,
07/20/32
................
6,000
5,955,956
Series
2020-19A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
10/20/34
................
7,500
7,478,009
Series
2021-22A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
12/02/34
.....................
4,500
4,469,694
Series
2021-22A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
12/02/34
.....................
1,250
1,238,252
OCP
Euro
CLO
DAC
(a)(c)
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.94%,
01/15/32
.....................
EUR
298
320,832
Series
2017-2X,
Class
F,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.34%,
01/15/32
.....................
200
210,841
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Octagon
Investment
Partners
26
Ltd.
(a)(b)
Series
2016-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.86%),
7.18%,
07/15/30
................
USD
6,000
$
5,996,400
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.38%,
07/15/30
................
2,250
2,206,374
Octagon
Investment
Partners
29
Ltd.,
Series
2016-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
+
3.36%),
8.68%,
01/24/33
(a)
(b)
....
1,532
1,503,589
Octagon
Investment
Partners
34
Ltd.,
Series
2017-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
+
1.66%),
6.98%,
01/20/30
(a)
(b)
.........
2,000
1,999,785
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.86%),
8.18%,
01/20/31
(a)
(b)
.....................
1,000
955,024
Octagon
Investment
Partners
40
Ltd.,
Series
2019-1A,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
01/20/35
(a)
(b)
.....................
3,000
2,999,818
Octagon
Investment
Partners
41
Ltd.
(a)(b)
Series
2019-2A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/15/33
................
8,500
8,531,422
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
10/15/33
................
3,800
3,805,869
Octagon
Loan
Funding
Ltd.
(a)(b)
Series
2014-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.81%,
11/18/31
................
13,212
13,231,402
Series
2014-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.33%,
11/18/31
................
1,500
1,498,500
OHA
Credit
Funding
2
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
04/21/34
................
1,500
1,500,025
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.88%,
04/21/34
................
1,000
1,001,767
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
07/02/35
(a)
(b)
.....
2,000
2,003,033
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
07/20/34
(a)
(b)
.....
1,000
1,011,100
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.53%,
02/20/34
(a)
(b)
5,970
5,912,287
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
01/20/32
(a)
(b)
.....
400
399,496
OHA
Credit
Partners
XIV
Ltd.
(a)(b)
Series
2017-14A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.08%,
01/21/30
....
1,000
1,002,700
Series
2017-14A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.38%,
01/21/30
....
1,500
1,489,310
OHA
Credit
Partners
XVI,
Series
2021-16A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.71%,
10/18/34
(a)
(b)
.....
13,500
13,517,511
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
OHA
Loan
Funding
Ltd.
(a)(b)
Series
2015-1A,
Class
DR3,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.46%),
8.77%,
01/19/37
................
USD
4,750
$
4,484,725
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.21%),
7.53%,
01/20/33
.
2,250
2,243,008
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
10/17/31
................
2,950
2,929,761
Series
2014-1A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
01/17/31
................
6,650
6,628,725
Series
2015-2A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/20/30
................
4,687
4,688,017
Series
2018-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.71%
Floor
+
1.71%),
7.01%,
04/18/31
.....................
10,000
10,019,000
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.01%
Floor
+
2.01%),
7.31%,
04/18/31
.....................
2,000
2,000,005
Series
2018-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.23%,
07/16/31
....
1,000
1,003,800
Series
2019-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.79%,
11/14/34
................
7,000
7,010,002
Series
2019-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.34%,
11/14/34
................
7,000
7,009,800
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.64%,
11/14/34
................
2,500
2,486,932
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.31%
Floor
+
3.31%),
8.69%,
11/14/34
................
3,750
3,683,350
Series
2020-3A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.65%),
8.02%,
11/15/36
................
2,000
1,999,939
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.28%,
04/20/34
.....................
7,000
7,000,009
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.06%
Floor
+
2.06%),
7.38%,
07/15/34
.....................
2,000
2,000,002
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.16%
Floor
+
3.16%),
8.48%,
07/15/34
.....................
4,000
3,973,990
Series
2021-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.91%
Floor
+
1.91%),
7.23%,
01/15/35
.....................
7,000
7,022,400
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.53%,
01/15/35
.....................
5,000
5,000,006
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.53%,
01/15/35
.....................
2,000
2,003,121
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.91%
Floor
+
1.91%),
7.23%,
10/15/34
.....................
7,250
7,254,300
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/15/34
.....................
4,850
4,823,099
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
10/15/34
.....................
7,000
6,913,267
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.12%,
04/20/35
.....................
USD
1,000
$
1,000,494
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.37%,
04/20/35
.....................
3,500
3,499,992
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.37%,
04/20/35
.....................
3,250
3,229,489
Palmer
Square
European
CLO
DAC
(a)(c)
Series
2022-2X,
Class
DR,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.93%,
01/15/38
.....................
EUR
373
403,101
Series
2023-1X,
Class
D,
(3-mo.
EURIBOR
at
6.20%
Floor
+
6.20%),
10.14%,
07/15/36
.....................
276
301,536
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.44%,
08/23/31
................
USD
2,600
2,602,510
Series
2018-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
10/20/31
................
4,700
4,680,728
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.83%,
07/15/34
.....................
6,000
5,993,376
Pikes
Peak
CLO
2
(a)(b)
Series
2018-2A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.31%,
10/18/34
................
5,000
4,980,491
Series
2018-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.81%,
10/18/34
................
2,350
2,349,978
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.33%,
05/18/34
(a)
(b)
..........
1,000
1,001,202
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/20/34
(a)
(b)
..........
2,000
1,997,601
Pikes
Peak
CLO
9,
Series
2021-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
10/27/34
(a)
(b)
..........
7,000
7,005,574
Post
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
10/15/34
.....................
10,000
10,036,434
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/15/34
.....................
3,500
3,495,624
Series
2021-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.88%,
10/15/34
.....................
1,200
1,169,119
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.52%,
04/20/35
.....................
1,750
1,696,915
PPM
CLO
4
Ltd.
(a)(b)
Series
2020-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.75%,
10/18/34
................
6,000
5,993,281
Series
2020-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.21%,
10/18/34
................
3,000
3,004,500
Prima
Capital
CRE
Securitization
Ltd.
(b)
Series
2015-4A,
Class
C,
4.00%,
08/24/49
.
2,196
2,108,387
Series
2016-6A,
Class
C,
4.00%,
08/24/40
.
16,500
14,954,973
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Progress
Residential
Trust
(b)
Series
2019-SFR3,
Class
F,
3.87%,
09/17/36
.....................
USD
3,000
$
2,991,464
Series
2020-SFR1,
Class
F,
3.43%,
04/17/37
.....................
5,500
5,274,951
Series
2020-SFR1,
Class
G,
4.03%,
04/17/37
.....................
3,500
3,349,215
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
.....................
8,433
7,372,029
Series
2021-SFR10,
Class
G,
4.86%,
12/17/40
.....................
5,953
5,103,766
Series
2021-SFR8,
Class
F,
3.18%,
10/17/38
.....................
22,000
19,516,851
Series
2021-SFR8,
Class
G,
4.01%,
10/17/38
.....................
10,000
8,829,977
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
.....................
2,000
2,002,523
Providus
CLO
V
DAC,
Series
5X,
Class
D,
(3-mo.
EURIBOR
at
2.95%
Floor
+
2.95%),
6.95%,
02/15/35
(a)
(c)
................
EUR
500
521,807
Rad
CLO
2
Ltd.
(a)(b)
Series
2018-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
10/15/31
................
USD
4,966
4,970,056
Series
2018-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
10/15/31
................
5,000
4,992,500
Rad
CLO
3
Ltd.
(a)(b)
Series
2019-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.48%
Floor
+
1.74%),
7.06%,
04/15/32
.....................
15,500
15,502,292
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
04/15/32
................
4,000
3,985,998
Rad
CLO
5
Ltd.,
Series
2019-5A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/24/32
(a)
(b)
..........
3,000
3,001,490
Rad
CLO
9
Ltd.,
Series
2020-9A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.98%,
01/15/34
(a)
(b)
..........
1,250
1,251,664
Rad
CLO
10
Ltd.
(a)(b)
Series
2021-10A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
04/23/34
.....................
3,750
3,675,156
Series
2021-10A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.33%,
04/23/34
.....................
2,000
1,969,045
Rad
CLO
12
Ltd.
(a)(b)
Series
2021-12A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/30/34
.....................
1,375
1,367,589
Series
2021-12A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/30/34
.....................
3,375
3,332,444
Rad
CLO
14
Ltd.
(a)(b)
Series
2021-14A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
01/15/35
.....................
3,500
3,470,684
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
01/15/35
.....................
1,000
981,849
Rad
CLO
15
Ltd.
(a)(b)
Series
2021-15A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
01/20/34
.....................
7,000
6,996,480
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-15A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
01/20/34
.....................
USD
1,650
$
1,641,335
Series
2021-15A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
01/20/34
.....................
2,900
2,875,808
Regatta
IX
Funding
Ltd.
(a)(b)
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.38%,
04/17/30
....
10,000
10,018,843
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.71%),
8.03%,
04/17/30
....
1,000
1,000,002
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
04/20/34
(a)
(b)
.....
1,000
1,000,108
Regatta
VII
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.68%,
06/20/34
(a)
(b)
750
748,529
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.83%,
10/17/30
(a)
(b)
................
2,224
2,227,544
Regatta
X
Funding
Ltd.,
Series
2017-3A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.38%,
01/17/31
(a)
(b)
................
1,500
1,500,002
Regatta
XII
Funding
Ltd.,
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
10/15/32
(a)
(b)
.....
10,000
10,046,374
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.68%,
07/15/31
(a)
(b)
................
1,250
1,249,974
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
01/15/33
(a)
(b)
.....
6,700
6,681,899
Regatta
XVII
Funding
Ltd.,
Series
2020-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.81%),
8.13%,
10/15/33
(a)
(b)
.....
500
499,989
Regatta
XXIII
Funding
Ltd.
(a)(b)
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
01/20/35
.....................
3,000
3,000,002
Series
2021-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
01/20/35
.....................
2,000
2,007,781
Riserva
CLO
Ltd.,
Series
2016-3A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.36%,
01/18/34
(a)
(b)
..........
1,000
985,797
Rockfield
Park
CLO
DAC
(a)(c)
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.18%,
07/16/34
EUR
400
415,139
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.95%
Floor
+
5.95%),
9.88%,
07/16/34
357
373,429
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR2A,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
04/20/34
................
USD
3,500
3,492,650
Series
2017-3A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.06%),
7.38%,
10/20/30
....
2,300
2,300,007
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
+
1.98%),
7.35%,
05/20/31
....
1,000
1,000,702
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
10/20/31
.....................
3,288
3,291,614
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
10/20/31
.....................
1,125
1,123,875
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/20/31
.....................
USD
700
$
700,012
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.63%,
08/20/32
................
5,500
5,476,393
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.54%),
6.86%,
01/20/32
....
10,000
10,005,467
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
07/20/34
.....................
2,000
1,987,495
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.83%,
07/20/34
.....................
1,250
1,217,184
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
10/20/34
.....................
3,000
2,991,385
RR
5
Ltd.,
Series
2018-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.83%,
10/15/31
(a)
(b)
................
1,250
1,244,718
RRX
1
Ltd.
(a)(b)
Series
2020-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.63%),
6.95%,
04/15/33
.....................
7,500
7,525,540
Series
2020-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/15/33
.....................
2,000
1,995,863
RRX
4
Ltd.
(a)(b)
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
07/15/34
.....................
7,000
7,010,546
Series
2021-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
07/15/34
.....................
1,250
1,250,610
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
04/17/34
(a)
(b)
.....
630
629,619
Signal
Peak
CLO
10
Ltd.
(a)(b)
Series
2021-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/21/34
.....................
9,500
9,475,303
Series
2021-9A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
07/21/34
.....................
2,000
1,996,015
Signal
Peak
CLO
2
LLC,
Series
2015-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
04/20/29
(a)
(b)
.....
2,000
1,999,128
Signal
Peak
CLO
4
Ltd.
(a)(b)
Series
2017-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.41%
Floor
+
2.41%),
7.74%,
10/26/34
................
5,000
4,945,827
Series
2017-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.46%
Floor
+
3.46%),
8.79%,
10/26/34
................
2,300
2,248,703
Signal
Peak
CLO
7
Ltd.
(a)(b)
Series
2019-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
04/30/32
.....................
5,000
4,990,317
Series
2019-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/30/32
.....................
5,380
5,389,146
Sixth
Street
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/20/34
.....................
3,000
3,006,000
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-19A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
07/20/34
.....................
USD
1,000
$
991,246
Series
2021-19A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
07/20/34
.....................
4,000
3,964,981
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.50%),
6.82%,
01/20/34
(a)
(b)
.....
8,500
8,504,003
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
04/20/34
(a)
(b)
.....
1,755
1,724,618
Sound
Point
CLO
XXI
Ltd.,
Series
2018-3A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.77%,
10/26/31
(a)
(b)
6,600
6,587,740
Sound
Point
CLO
XXIII
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.83%,
07/15/34
(a)
(b)
.....
2,250
2,218,779
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.29%,
04/25/34
(a)
(b)
.....
3,350
3,320,520
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.54%),
6.87%,
01/25/32
(a)
(b)
.....
1,500
1,502,719
Sound
Point
CLO
XXXIII
Ltd.,
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.22%,
04/25/35
(a)
(b)
.....
5,200
5,177,110
Southwick
Park
CLO
LLC,
Series
2019-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.32%),
6.64%,
07/20/32
(a)
(b)
2,000
2,002,999
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(a)
Series
2006-BC3,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.32%
Floor
+
0.43%),
5.77%,
10/25/36
................
5,058
3,472,695
Series
2007-MN1A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.23%
Floor
+
0.34%),
5.68%,
01/25/37
(b)
...............
1,374
800,160
Symphony
CLO
XXII
Ltd.,
Series
2020-22A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.26%,
04/18/33
(a)
(b)
.....
1,250
1,244,749
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
10/23/34
(a)
(b)
.....
2,000
2,004,145
TCI-Flatiron
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.48%,
11/18/30
.....
1,250
1,250,003
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
01/29/32
................
4,000
4,000,002
Series
2018-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
3.01%),
8.33%,
01/29/32
................
2,000
1,983,230
TCW
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
04/20/34
................
3,500
3,461,026
Series
2020-1A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.66%),
8.98%,
04/20/34
................
2,250
2,177,167
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
03/18/34
.....................
1,000
983,789
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.69%,
07/25/34
.....................
2,500
2,484,186
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
TICP
CLO
IX
Ltd.
(a)(b)
Series
2017-9A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
01/20/31
.....................
USD
1,000
$
1,001,883
Series
2017-9A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
01/20/31
.....................
1,000
995,008
TICP
CLO
VI
Ltd.
(a)(b)
Series
2016-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
01/15/34
................
2,000
2,006,627
Series
2016-6A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
01/15/34
................
2,000
1,998,800
Series
2016-6A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
01/15/34
................
1,650
1,638,928
TICP
CLO
VII
Ltd.
(a)(b)
Series
2017-7A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
04/15/33
................
2,000
2,005,193
Series
2017-7A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
04/15/33
................
6,500
6,499,644
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
10/20/31
.....................
7,580
7,586,703
Series
2018-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/20/31
.....................
1,100
1,107,311
Series
2018-11A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.58%,
10/20/31
.....................
1,000
998,647
TICP
CLO
XII
Ltd.
(a)(b)
Series
2018-12A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
07/15/34
................
13,450
13,434,902
Series
2018-12A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.88%,
07/15/34
................
1,500
1,475,294
TICP
CLO
XIII
Ltd.,
Series
2019-13A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.41%
Floor
+
3.41%),
8.73%,
04/15/34
(a)
(b)
.........
2,000
1,975,964
TICP
CLO
XIV
Ltd.,
Series
2019-14A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/20/32
(a)
(b)
.........
3,250
3,250,059
Trestles
CLO
Ltd.,
Series
2020-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.83%,
01/20/33
(a)
(b)
..........
1,450
1,443,645
Tricon
American
Homes
Trust
(b)
Series
2019-SFR1,
Class
E,
3.40%,
03/17/38
.....................
7,000
6,682,258
Series
2020-SFR2,
Class
E2,
3.08%,
11/17/39
.....................
1,000
881,781
Tricon
Residential
Trust
(b)
Series
2021-SFR1,
Class
F,
3.69%,
07/17/38
.....................
5,500
5,021,000
Series
2021-SFR1,
Class
G,
4.13%,
07/17/38
.....................
3,551
3,202,410
Series
2022-SFR2,
Class
E,
7.51%,
07/17/40
.....................
10,000
10,231,109
Trimaran
CAVU
Ltd.,
Series
2021-2A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.34%,
10/25/34
(a)
(b)
..........
1,500
1,500,440
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Unique
Pub
Finance
Co.
plc
(The)
(c)
Series
A4,  5.66%,
06/30/27
..........
GBP
416
$
518,061
Series
N,  6.46%,
03/30/32
(d)
..........
400
505,266
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
3.16%),
8.48%,
04/20/31
(a)
(b)
.....................
USD
1,500
1,479,340
Voya
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.46%,
04/18/31
.
1,000
992,716
Series
2014-4A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.35%),
7.67%,
07/14/31
.
500
495,053
Series
2016-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.45%),
6.75%,
10/18/31
.
479
479,402
Washington
Mutual
Asset-Backed
CertificatesTrust,
Series
2006-HE5,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.42%),
4.34%,
10/25/36
(a)
..........
11,461
8,481,317
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.93%,
07/20/30
(a)
(b)
.....
3,800
3,796,181
Wellman
Park
CLO
Ltd.,
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.86%
Floor
+
1.86%),
7.18%,
07/15/34
(a)
(b)
..........
7,000
6,995,069
Whitebox
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
ANBR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/24/32
................
10,415
10,419,166
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
07/24/32
................
5,000
4,997,704
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.80%,
10/15/34
(a)
(b)
.........
2,000
1,999,695
Whitebox
CLO
IV
Ltd.
(a)(b)
Series
2023-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
7.47%,
04/20/36
.....................
1,500
1,509,250
Series
2023-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
7.92%,
04/20/36
.....................
2,000
2,003,297
Series
2023-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
10.47%,
04/20/36
.....................
1,000
1,022,695
Total
Asset-Backed
Securities
—
14
.2
%
(Cost:
$
1,651,545,111
)
.............................
1,618,461,640
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.4%
BAE
Systems
plc
....................
1,038,796
15,474,395
L3Harris
Technologies,
Inc.
.............
65,582
13,668,600
MTU
Aero
Engines
AG
................
21,279
4,892,687
RTX
Corp.
........................
154,148
14,045,966
48,081,648
Air
Freight
&
Logistics
—
0.2%
Agility
Public
Warehousing
Co.
KSC
(e)
......
248,197
467,030
Hyundai
Glovis
Co.
Ltd.
(e)
..............
6,561
859,114
United
Parcel
Service,
Inc.
,
Class
B
.......
95,745
13,586,216
ZTO
Express
Cayman,
Inc.
,
ADR
.........
152,749
2,498,974
17,411,334
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Automobile
Components
—
0.1%
Aptiv
plc
(e)
.........................
34,420
$
2,799,379
Hyundai
Mobis
Co.
Ltd.
................
12,590
1,973,526
Lear
Corp.
........................
17,907
2,379,840
7,152,745
Automobiles
—
0.2%
General
Motors
Co.
..................
239,727
9,301,408
Guangzhou
Automobile
Group
Co.
Ltd.
,
Class
H
............................
1,064,000
420,561
Maruti
Suzuki
India
Ltd.
...............
45,590
5,591,662
SAIC
Motor
Corp.
Ltd.
,
Class
A
..........
1,046,823
1,992,686
17,306,317
Banks
—
1.9%
Absa
Group
Ltd.
....................
606,197
5,293,020
Abu
Dhabi
Commercial
Bank
PJSC
.......
1,614,522
3,956,138
Abu
Dhabi
Islamic
Bank
PJSC
...........
130,932
399,254
Al
Rajhi
Bank
......................
61,289
1,368,150
AMMB
Holdings
Bhd.
.................
265,100
237,344
Axis
Bank
Ltd.
......................
844,577
10,858,993
Bank
Mandiri
Persero
Tbk.
PT
...........
5,485,100
2,309,314
Bank
Negara
Indonesia
Persero
Tbk.
PT
....
1,028,300
374,111
Bank
of
Beijing
Co.
Ltd.
,
Class
A
.........
1,871,700
1,327,297
Bank
of
China
Ltd.
,
Class
H
.............
17,047,000
6,397,235
Bank
of
Communications
Co.
Ltd.
,
Class
H
..
1,167,000
690,403
Bank
of
Shanghai
Co.
Ltd.
,
Class
A
........
1,747,300
1,555,573
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
....
37,459,713
13,494,321
BNP
Paribas
SA
....................
63,007
4,233,073
Boubyan
Bank
KSCP
.................
213,096
424,729
Chang
Hwa
Commercial
Bank
Ltd.
........
712,687
397,860
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
......
1,026,000
508,488
China
Everbright
Bank
Co.
Ltd.
,
Class
H
....
819,000
243,150
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
.
1,326,000
441,020
CIMB
Group
Holdings
Bhd.
.............
893,100
1,176,341
Citigroup,
Inc.
......................
343,747
19,308,269
Citizens
Financial
Group,
Inc.
...........
526,635
17,220,964
Commercial
International
Bank
Egypt
SAE
...
382,397
500,138
Commercial
International
Bank
Egypt
SAE
(Registered)
,
GDR
(c)
................
276,038
325,725
Credicorp
Ltd.
......................
358
53,138
CTBC
Financial
Holding
Co.
Ltd.
.........
2,441,000
2,214,505
DBS
Group
Holdings
Ltd.
..............
410,400
9,720,448
Dubai
Islamic
Bank
PJSC
..............
345,482
594,467
E.Sun
Financial
Holding
Co.
Ltd.
.........
1,463,894
1,155,436
Emirates
NBD
Bank
PJSC
..............
189,975
915,492
First
Abu
Dhabi
Bank
PJSC
.............
266,452
1,062,263
First
Citizens
BancShares,
Inc.
,
Class
A
.....
9,488
14,326,880
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
1,022,211
10,394,047
Gulf
Bank
KSCP
....................
382,603
360,111
HDFC
Bank
Ltd.
....................
489,648
8,610,885
Hong
Leong
Bank
Bhd.
................
78,900
320,209
HSBC
Holdings
plc
..................
488,042
3,810,487
Hua
Nan
Financial
Holdings
Co.
Ltd.
.......
662,000
456,018
ICICI
Bank
Ltd.
.....................
211,550
2,620,077
ICICI
Bank
Ltd.
,
ADR
.................
4,065
99,186
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
........................
15,006,000
7,309,874
KBC
Group
NV
.....................
28,372
1,850,751
Kotak
Mahindra
Bank
Ltd.
..............
99,389
2,184,454
Kuwait
Finance
House
KSCP
............
885,603
2,219,769
M&T
Bank
Corp.
....................
80,850
11,165,385
Malayan
Banking
Bhd.
................
548,600
1,073,061
Mega
Financial
Holding
Co.
Ltd.
..........
245
294
Metropolitan
Bank
&
Trust
Co.
...........
86,240
87,356
Moneta
Money
Bank
A/S
(b)
(c)
............
31,466
135,414
National
Bank
of
Greece
SA
(e)
...........
306,911
2,333,470
Security
Shares
Shares
Value
Banks
(continued)
National
Bank
of
Kuwait
SAKP
...........
272,746
$
868,430
Nordea
Bank
Abp
...................
333,910
4,115,069
OTP
Bank
Nyrt.
.....................
136,670
6,331,755
Public
Bank
Bhd.
....................
1,098,100
1,017,958
Qatar
International
Islamic
Bank
QSC
......
74,760
213,705
Qatar
Islamic
Bank
SAQ
...............
104,197
557,356
Qatar
National
Bank
QPSC
.............
258,634
1,098,735
RHB
Bank
Bhd.
.....................
276,500
327,098
Sberbank
of
Russia
PJSC
(f)
.............
877,548
98
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
640,000
519,230
UniCredit
SpA
......................
154,529
4,526,471
Wells
Fargo
&
Co.
...................
427,600
21,456,968
219,147,260
Beverages
—
0.3%
Ambev
SA
........................
2,151,818
5,685,310
Ambev
SA
,
ADR
....................
351,350
920,537
Diageo
plc
........................
314,103
11,344,728
Keurig
Dr
Pepper,
Inc.
................
99,500
3,128,280
Nongfu
Spring
Co.
Ltd.
,
Class
H
(b)
(c)
........
155,800
845,551
Pernod
Ricard
SA
...................
29,237
4,794,445
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
........
70,000
399,470
United
Breweries
Ltd.
.................
16,340
355,290
United
Spirits
Ltd.
...................
72,030
944,481
28,418,092
Biotechnology
—
0.2%
3SBio,
Inc.
(b)
(c)
......................
515,000
388,078
AbbVie,
Inc.
.......................
113,398
18,642,631
Celltrion,
Inc.
.......................
3,280
440,145
Ever
Supreme
Bio
Technology
Co.
Ltd.
.....
90,000
558,339
Hugel,
Inc.
(e)
.......................
4,949
562,197
PharmaEngine,
Inc.
..................
28,000
94,647
20,686,037
Broadline
Retail
—
0.3%
Alibaba
Group
Holding
Ltd.
.............
1,137,100
10,198,625
Alibaba
Group
Holding
Ltd.
,
ADR
.........
163,784
11,820,291
Poya
International
Co.
Ltd.
.............
13,480
222,102
Prosus
NV
........................
274,153
8,156,510
30,397,528
Building
Products
—
0.4%
Allegion
plc
........................
154,705
19,166,403
Assa
Abloy
AB
,
Class
B
...............
156,486
4,291,742
Carrier
Global
Corp.
..................
236,621
12,945,535
Cie
de
Saint-Gobain
SA
...............
87,084
6,157,409
Johnson
Controls
International
plc
........
44,180
2,327,844
44,888,933
Capital
Markets
—
0.5%
B3
SA
-
Brasil
Bolsa
Balcao
.............
3,275,314
8,647,083
Carlyle
Group,
Inc.
(The)
...............
104,590
4,185,692
Charles
Schwab
Corp.
(The)
............
174,690
10,991,495
EFG
Holding
S.A.E.
(e)
.................
535,047
143,794
GF
Securities
Co.
Ltd.
,
Class
H
..........
2,573,200
2,589,688
Intercontinental
Exchange,
Inc.
..........
148,629
18,924,930
London
Stock
Exchange
Group
plc
........
27,162
3,072,404
Raymond
James
Financial,
Inc.
..........
36,489
4,020,358
52,575,444
Chemicals
—
0.3%
Air
Liquide
SA
......................
81,674
15,283,933
Asian
Paints
Ltd.
....................
25,650
911,128
Berger
Paints
India
Ltd.
...............
15,130
102,968
Hansol
Chemical
Co.
Ltd.
(e)
.............
23,948
3,584,440
International
Flavors
&
Fragrances,
Inc.
.....
78,156
6,305,626
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
(continued)
Linde
plc
.........................
4,298
$
1,739,960
Linde
plc
.........................
6,867
2,771,538
Pidilite
Industries
Ltd.
.................
26,637
811,871
Saudi
Aramco
Base
Oil
Co.
.............
37,060
1,438,987
Saudi
Basic
Industries
Corp.
............
277,187
5,745,974
Saudi
Industrial
Investment
Group
........
52,052
281,274
Yanbu
National
Petrochemical
Co.
........
35,117
359,174
39,336,873
Commercial
Services
&
Supplies
—
0.1%
Republic
Services,
Inc.
................
87,290
14,937,065
Communications
Equipment
—
0.1%
Accton
Technology
Corp.
..............
284,300
4,782,653
Cisco
Systems,
Inc.
..................
189,857
9,527,024
Gemtek
Technology
Corp.
..............
350,000
396,195
14,705,872
Construction
&
Engineering
—
0.2%
China
Railway
Group
Ltd.
,
Class
H
........
1,364,000
623,808
Eiffage
SA
........................
16,348
1,710,494
Ferrovial
SE
.......................
174,282
6,646,287
Gamuda
Bhd.
......................
413,000
440,941
McDermott
International
Ltd.
(e)
...........
165,884
34,836
Vinci
SA
..........................
68,182
8,612,910
18,069,276
Construction
Materials
—
0.1%
CRH
plc
..........................
85,926
6,095,729
Shree
Cement
Ltd.
...................
2,688
923,839
7,019,568
Consumer
Finance
—
0.2%
American
Express
Co.
................
39,419
7,912,970
Kaspi.KZ
JSC
,
ADR
(c)
(g)
................
9,648
882,310
Kaspi.KZ
JSC
,
ADR
(c)
.................
59,026
5,430,392
SBI
Cards
&
Payment
Services
Ltd.
.......
372,879
3,214,377
Synchrony
Financial
..................
184,845
7,184,925
24,624,974
Consumer
Staples
Distribution
&
Retail
—
0.3%
Abdullah
Al
Othaim
Markets
Co.
..........
77,970
285,100
Cencosud
SA
......................
294,229
512,037
CP
ALL
PCL
,
NVDR
..................
3,033,400
4,465,475
Dollar
General
Corp.
.................
83,221
10,990,997
Fix
Price
Group
plc
,
GDR
(b)
(c)
(f)
...........
183,882
1,839
GS
Retail
Co.
Ltd.
(e)
..................
15,902
265,394
Migros
Ticaret
A/S
...................
59,223
796,536
Nahdi
Medical
Co.
...................
17,400
652,484
President
Chain
Store
Corp.
............
77,000
649,215
Sendas
Distribuidora
SA
...............
1,685,037
4,673,100
Wal-Mart
de
Mexico
SAB
de
CV
..........
3,756,762
15,516,847
38,809,024
Containers
&
Packaging
—
0.1%
Sealed
Air
Corp.
....................
316,173
10,923,777
Diversified
REITs
—
0.1%
Cromwell
European
REIT
(c)
.............
2,336,520
3,528,265
Fibra
Uno
Administracion
SA
de
CV
.......
2,908,517
4,939,485
LXI
REIT
plc
(c)
......................
4,742,511
6,325,096
14,792,846
Diversified
Telecommunication
Services
—
0.6%
AT&T,
Inc.
.........................
310,187
5,487,208
Cellnex
Telecom
SA
(b)
(c)
................
364,590
14,028,465
China
Tower
Corp.
Ltd.
,
Class
H
(b)
(c)
.......
9,232,000
1,026,981
Chunghwa
Telecom
Co.
Ltd.
............
687,000
2,604,357
Emirates
Telecommunications
Group
Co.
PJSC
109,655
572,614
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
(continued)
Hellenic
Telecommunications
Organization
SA
,
Class
R
........................
40,408
$
561,060
Koninklijke
KPN
NV
..................
4,050,123
13,777,474
KT
Corp.
(e)
........................
31,021
821,684
KT
Corp.
,
ADR
(e)
....................
24,578
324,184
LG
Uplus
Corp.
.....................
66,112
506,172
Ooredoo
QPSC
.....................
103,138
302,723
Orange
Polska
SA
...................
134,957
288,263
Saudi
Telecom
Co.
...................
236,161
2,569,813
Telefonica
Brasil
SA
..................
153,778
1,592,284
Telefonica
Brasil
SA
,
ADR
..............
106,997
1,104,209
Telekom
Malaysia
Bhd.
................
220,400
275,451
Telkom
Indonesia
Persero
Tbk.
PT
........
6,218,800
1,559,842
Telkom
Indonesia
Persero
Tbk.
PT
,
ADR
(e)
...
16,700
420,172
TELUS
Corp.
......................
798,654
14,304,428
Verizon
Communications,
Inc.
...........
239,238
10,131,729
72,259,113
Electric
Utilities
—
1.2%
Alliant
Energy
Corp.
..................
175,173
8,523,918
American
Electric
Power
Co.,
Inc.
.........
191,673
14,977,328
CK
Infrastructure
Holdings
Ltd.
...........
519,000
3,082,260
CLP
Holdings
Ltd.
...................
352,000
2,799,611
CPFL
Energia
SA
....................
135,843
993,378
Duke
Energy
Corp.
..................
70,668
6,772,115
Edison
International
..................
138,841
9,368,991
Enel
Americas
SA
...................
2,504,532
253,820
Enel
Chile
SA
......................
4,031,697
242,344
Enel
SpA
.........................
447,743
3,055,119
Entergy
Corp.
......................
76,252
7,606,900
Eversource
Energy
..................
6,091
330,254
Exelon
Corp.
.......................
170,257
5,926,646
Korea
Electric
Power
Corp.
(e)
............
34,844
516,699
Manila
Electric
Co.
...................
16,470
105,978
NextEra
Energy,
Inc.
.................
225,192
13,203,007
PG&E
Corp.
.......................
859,507
14,499,883
Portland
General
Electric
Co.
............
143,279
5,864,410
PPL
Corp.
........................
398,851
10,449,896
Southern
Co.
(The)
..................
125,687
8,737,760
SSE
plc
..........................
110,234
2,347,758
Terna
-
Rete
Elettrica
Nazionale
..........
586,480
4,945,228
Xcel
Energy,
Inc.
....................
178,708
10,699,248
135,302,551
Electrical
Equipment
—
0.2%
ABB
India
Ltd.
......................
3,819
215,089
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
A
........................
251,500
5,307,669
Goldwind
Science
&
Technology
Co.
Ltd.
,
Class
H
............................
318,200
116,228
Schneider
Electric
SE
.................
22,590
4,437,808
Sensata
Technologies
Holding
plc
.........
115,870
4,191,018
Sociedad
Quimica
y
Minera
de
Chile
SA
,
ADR
64,973
2,733,414
17,001,226
Electronic
Equipment,
Instruments
&
Components
—
0.2%
AUO
Corp.
(e)
.......................
578,000
337,783
Delta
Electronics,
Inc.
.................
367,000
3,284,134
FLEXium
Interconnect,
Inc.
.............
105,000
286,490
Hexagon
AB
,
Class
B
.................
378,912
4,135,289
Hon
Hai
Precision
Industry
Co.
Ltd.
........
818,000
2,675,862
Largan
Precision
Co.
Ltd.
..............
8,000
634,278
Primax
Electronics
Ltd.
................
295,000
618,408
Simplo
Technology
Co.
Ltd.
.............
57,000
737,643
TE
Connectivity
Ltd.
..................
68,503
9,740,441
Tianma
Microelectronics
Co.
Ltd.
,
Class
A
(e)
..
75,900
87,729
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
TXC
Corp.
........................
140,000
$
424,025
WPG
Holdings
Ltd.
..................
387,000
1,077,371
Zebra
Technologies
Corp.
,
Class
A
(e)
.......
16,565
3,968,146
28,007,599
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.
,
Class
A
.............
446,907
12,736,850
Project
Investor
Holdings
LLC
,
(Acquired
02/12/19
,
cost
$
0
)
(e)
(f)
(h)
..............
24,388
—
12,736,850
Entertainment
—
0.0%
NetEase,
Inc.
......................
103,600
2,013,788
Financial
Services
—
0.2%
Equitable
Holdings,
Inc.
...............
166,955
5,457,759
Fidelity
National
Information
Services,
Inc.
...
231,351
14,403,913
New
TOPCO
(e)
(f)
(i)
....................
12,872
—
Travelport
Finance
(e)
(f)
.................
246
751,385
Visa,
Inc.
,
Class
A
...................
23,526
6,428,715
27,041,772
Food
Products
—
0.7%
Almarai
Co.
JSC
....................
22,606
344,205
China
Mengniu
Dairy
Co.
Ltd.
...........
2,228,000
4,936,625
Hebei
Yangyuan
Zhihui
Beverage
Co.
Ltd.
,
Class
A
........................
176,400
566,369
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.
,
Class
A
..................
576,400
2,284,294
Indofood
Sukses
Makmur
Tbk.
PT
........
569,300
230,030
IOI
Corp.
Bhd.
......................
161,200
135,916
Kraft
Heinz
Co.
(The)
.................
372,862
13,844,366
Kuala
Lumpur
Kepong
Bhd.
.............
64,200
301,071
Marico
Ltd.
........................
55,624
353,802
Meihua
Holdings
Group
Co.
Ltd.
,
Class
A
....
987,106
1,369,351
Mondelez
International,
Inc.
,
Class
A
.......
249,601
18,787,467
Nestle
India
Ltd.
....................
50,848
1,533,808
Nestle
Malaysia
Bhd.
.................
4,500
113,689
Nestle
SA
(Registered)
................
259,424
29,561,522
PPB
Group
Bhd.
....................
35,400
108,221
QL
Resources
Bhd.
..................
118,600
146,181
Sime
Darby
Plantation
Bhd.
.............
166,100
154,894
Tata
Consumer
Products
Ltd.
............
22,491
302,878
Tingyi
Cayman
Islands
Holding
Corp.
......
380,000
378,381
Uni-President
Enterprises
Corp.
..........
539,000
1,245,567
76,698,637
Gas
Utilities
—
0.1%
ENN
Energy
Holdings
Ltd.
..............
407,400
3,032,626
GAIL
India
Ltd.
.....................
2,390,186
4,973,471
Petronas
Gas
Bhd.
...................
44,200
165,773
Tokyo
Gas
Co.
Ltd.
..................
130,900
3,007,020
11,178,890
Ground
Transportation
—
0.4%
Canadian
Pacific
Kansas
City
Ltd.
........
108,217
8,708,366
CSX
Corp.
........................
168,372
6,010,880
Daqin
Railway
Co.
Ltd.
,
Class
A
..........
2,582,300
2,683,049
Norfolk
Southern
Corp.
................
20,199
4,751,613
Union
Pacific
Corp.
..................
101,129
24,668,397
West
Japan
Railway
Co.
...............
42,100
1,753,444
48,575,749
Health
Care
Equipment
&
Supplies
—
0.6%
Baxter
International,
Inc.
...............
349,872
13,536,548
EssilorLuxottica
SA
..................
92,742
18,174,934
Koninklijke
Philips
NV
(e)
................
225,831
4,777,580
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Medtronic
plc
......................
309,758
$
27,116,215
63,605,277
Health
Care
Providers
&
Services
—
0.7%
Bangkok
Chain
Hospital
PCL
,
NVDR
.......
1,527,600
973,117
Bangkok
Dusit
Medical
Services
PCL
,
NVDR
.
3,431,600
2,659,963
Cardinal
Health,
Inc.
..................
105,981
11,572,065
Cigna
Group
(The)
...................
29,031
8,736,880
Dr
Lal
PathLabs
Ltd.
(b)
(c)
...............
17,245
523,365
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
...........................
6,534
505,093
Elevance
Health,
Inc.
.................
14,425
7,117,872
Envision
Healthcare
Corp.
(e)
(f)
............
37,379
373,790
Hapvida
Participacoes
e
Investimentos
SA
(b)
(c)
(e)
7,210,225
5,675,738
Humana,
Inc.
......................
18,471
6,983,146
IHH
Healthcare
Bhd.
.................
272,300
351,321
Laboratory
Corp.
of
America
Holdings
......
43,971
9,774,753
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
,
Class
A
........................
882,500
2,083,314
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
,
Class
H
........................
185,900
262,771
UnitedHealth
Group,
Inc.
...............
34,681
17,747,655
75,340,843
Health
Care
REITs
—
0.5%
Assura
plc
........................
21,725,102
12,262,852
CareTrust
REIT,
Inc.
..................
486,858
10,185,069
Community
Healthcare
Trust,
Inc.
.........
46,843
1,198,712
Healthpeak
Properties,
Inc.
.............
443,299
8,201,032
Physicians
Realty
Trust
................
654,478
8,010,811
Target
Healthcare
REIT
plc
.............
6,108,349
6,428,009
Welltower,
Inc.
......................
77,165
6,675,544
52,962,029
Hotels,
Restaurants
&
Leisure
—
0.1%
Genting
Bhd.
.......................
288,600
287,507
OPAP
SA
,
Class
R
...................
250,792
4,341,915
Sands
China
Ltd.
(e)
...................
1,654,000
4,341,372
Seera
Group
Holding
(e)
................
44,255
349,310
9,320,104
Household
Durables
—
0.2%
Hisense
Home
Appliances
Group
Co.
Ltd.
...
112,000
268,878
Newell
Brands,
Inc.
..................
343,545
2,858,294
Sony
Group
Corp.
,
ADR
...............
67,438
6,592,065
Taylor
Wimpey
plc
...................
9,951,215
18,578,839
28,298,076
Household
Products
—
0.0%
Reckitt
Benckiser
Group
plc
.............
57,941
4,189,185
Unilever
Indonesia
Tbk.
PT
.............
1,003,800
197,198
4,386,383
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Boralex,
Inc.
,
Class
A
.................
66,680
1,608,414
CGN
Power
Co.
Ltd.
,
Class
H
(b)
(c)
.........
1,504,000
421,458
China
Longyuan
Power
Group
Corp.
Ltd.
,
Class
H
............................
329,000
198,457
EDP
Renovaveis
SA
..................
101,430
1,642,480
Huadian
Power
International
Corp.
Ltd.
,
Class
H
............................
1,108,000
531,360
RWE
AG
.........................
60,859
2,247,258
6,649,427
Industrial
Conglomerates
—
0.1%
Astra
International
Tbk.
PT
.............
12,913,300
4,184,432
GS
Holdings
Corp.
(e)
..................
10,143
351,753
Industries
Qatar
QSC
.................
113,062
371,333
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Industrial
Conglomerates
(continued)
Siemens
AG
(Registered)
..............
38,436
$
6,880,962
Sime
Darby
Bhd.
....................
381,100
195,537
11,984,017
Industrial
REITs
—
0.5%
ESR
Kendall
Square
REIT
Co.
Ltd.
........
1,972,859
5,558,303
Goodman
Group
....................
380,040
6,308,351
LondonMetric
Property
plc
..............
1,987,490
4,856,225
Prologis,
Inc.
.......................
100,466
12,728,038
Rexford
Industrial
Realty,
Inc.
...........
213,724
11,239,745
Segro
plc
.........................
390,763
4,339,842
Warehouses
De
Pauw
CVA
.............
307,247
8,989,176
54,019,680
Insurance
—
0.9%
AIA
Group
Ltd.
.....................
517,600
4,059,237
American
International
Group,
Inc.
........
170,215
11,831,645
ASR
Nederland
NV
..................
89,360
4,211,224
Assurant,
Inc.
......................
63,858
10,724,951
Fidelity
National
Financial,
Inc.
,
Class
A
.....
188,632
9,437,259
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
..
50,300
89,767
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
H
....................
1,087,000
337,924
Phoenix
Group
Holdings
plc
............
445,876
2,846,753
Powszechny
Zaklad
Ubezpieczen
SA
......
473,875
5,705,533
Prudential
plc
......................
1,356,703
13,936,822
Sampo
OYJ
,
Class
A
.................
129,876
5,436,019
Samsung
Life
Insurance
Co.
Ltd.
.........
8,603
447,060
Tryg
A/S
..........................
329,914
7,051,622
Willis
Towers
Watson
plc
...............
27,454
6,761,920
Zurich
Insurance
Group
AG
.............
33,564
17,053,516
99,931,252
Interactive
Media
&
Services
—
0.0%
Tencent
Holdings
Ltd.
.................
49,000
1,700,855
IT
Services
—
0.5%
Accenture
plc
,
Class
A
................
50,483
18,369,754
Arabian
Internet
&
Communications
Services
Co.
...........................
6,603
576,117
Cognizant
Technology
Solutions
Corp.
,
Class
A
116,453
8,980,855
HCL
Technologies
Ltd.
................
142,926
2,710,692
Infosys
Ltd.
,
ADR
....................
287,760
5,714,914
NEXTDC
Ltd.
(e)
.....................
836,255
7,570,748
SUNeVision
Holdings
Ltd.
..............
12,013,000
4,121,938
Tata
Consultancy
Services
Ltd.
..........
209,818
9,637,179
57,682,197
Leisure
Products
—
0.0%
Hasbro,
Inc.
.......................
98,280
4,810,806
Life
Sciences
Tools
&
Services
—
0.0%
Fortrea
Holdings,
Inc.
(e)
................
98,934
3,062,996
Joinn
Laboratories
China
Co.
Ltd.
,
Class
A
...
1,017,340
2,341,669
5,404,665
Machinery
—
0.4%
CNH
Industrial
NV
...................
404,590
4,855,080
Epiroc
AB
,
Class
A
...................
161,972
2,861,843
Komatsu
Ltd.
......................
261,200
7,431,129
Otis
Worldwide
Corp.
.................
218,035
19,283,016
Volvo
AB
,
Class
B
...................
263,029
6,303,576
Westinghouse
Air
Brake
Technologies
Corp.
..
31,590
4,156,296
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.
,
Class
H
..........
437,200
232,478
45,123,418
Security
Shares
Shares
Value
Marine
Transportation
—
0.0%
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
A
242,120
$
335,085
Danaos
Corp.
......................
1,151
87,798
MISC
Bhd.
........................
137,700
213,742
636,625
Media
—
0.1%
Cheil
Worldwide,
Inc.
.................
13,293
182,957
Comcast
Corp.
,
Class
A
...............
201,121
9,360,171
Fox
Corp.
,
Class
A
...................
144,675
4,673,002
Learfield
Communications
LLC
,
(Acquired
09/13/23
,
cost
$
160,629
)
(e)
(h)
..........
12,784
543,320
SES
SA
,
ADR
......................
314,526
1,929,785
16,689,235
Metals
&
Mining
—
0.1%
Alrosa
PJSC
(f)
......................
607,124
67
Baoshan
Iron
&
Steel
Co.
Ltd.
,
Class
A
.....
195,100
167,102
Barrick
Gold
Corp.
...................
202,851
3,164,475
Gold
Fields
Ltd.
.....................
314,957
4,647,276
Gold
Fields
Ltd.
,
ADR
.................
126,242
1,868,382
Hochschild
Mining
plc
(e)
................
107,064
140,761
Novolipetsk
Steel
PJSC
(e)
(f)
.............
14
—
Vale
SA
..........................
20,756
284,838
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
.......
3,374,000
5,006,558
15,279,459
Multi-Utilities
—
0.5%
CenterPoint
Energy,
Inc.
...............
186,807
5,219,387
Dominion
Energy,
Inc.
.................
198,912
9,094,257
DTE
Energy
Co.
....................
49,095
5,175,595
Engie
SA
.........................
302,960
4,839,021
National
Grid
plc
....................
869,492
11,580,855
NiSource,
Inc.
......................
314,567
8,169,305
Qatar
Electricity
&
Water
Co.
QSC
........
41,488
197,061
Sempra
..........................
153,424
10,979,021
55,254,502
Office
REITs
—
0.2%
Alexandria
Real
Estate
Equities,
Inc.
.......
48,816
5,901,854
Boston
Properties,
Inc.
................
111,785
7,433,703
SL
Green
Realty
Corp.
................
118,187
5,312,506
18,648,063
Oil,
Gas
&
Consumable
Fuels
—
1.5%
Bharat
Petroleum
Corp.
Ltd.
............
63,302
383,677
BP
plc
...........................
2,428,332
14,182,469
Cheniere
Energy,
Inc.
.................
47,284
7,754,103
Chevron
Corp.
......................
31,900
4,703,017
China
Petroleum
&
Chemical
Corp.
,
Class
H
.
22,547,100
11,729,081
DT
Midstream,
Inc.
...................
72,589
3,897,303
Ecopetrol
SA
,
ADR
...................
258,465
3,109,334
Empresas
Copec
SA
.................
48,218
306,541
Enbridge,
Inc.
......................
173,901
6,175,041
Energy
Transfer
LP
..................
235,780
3,371,654
Enterprise
Products
Partners
LP
..........
120,204
3,216,659
Equitrans
Midstream
Corp.
.............
39,040
397,818
Gibson
Energy,
Inc.
..................
30,689
489,855
Kinder
Morgan,
Inc.
..................
39,501
668,357
Koninklijke
Vopak
NV
.................
43,716
1,365,629
Kosmos
Energy
Ltd.
(e)
.................
869,642
5,270,031
LUKOIL
PJSC
(f)
.....................
417,114
46
MOL
Hungarian
Oil
&
Gas
plc
...........
534,642
4,381,684
MPLX
LP
.........................
92,721
3,574,395
Novatek
PJSC
(f)
.....................
690
—
NuStar
Energy
LP
...................
41,633
915,926
Oil
&
Natural
Gas
Corp.
Ltd.
............
1,690,003
5,133,749
ONEOK,
Inc.
.......................
6,266
427,655
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Pembina
Pipeline
Corp.
...............
199,662
$
6,877,420
PetroChina
Co.
Ltd.
,
Class
H
............
140,000
101,271
Petronas
Dagangan
Bhd.
..............
21,400
96,549
Petronet
LNG
Ltd.
...................
199,004
645,122
Plains
All
American
Pipeline
LP
..........
214,182
3,306,970
PTT
Exploration
&
Production
PCL
,
NVDR
...
566,300
2,389,964
Rabigh
Refining
&
Petrochemical
Co.
(e)
.....
174,939
425,519
Saudi
Arabian
Oil
Co.
(b)
(c)
...............
321,258
2,616,997
Shell
plc
..........................
882,071
27,481,338
S-Oil
Corp.
........................
81,867
4,162,141
Suncor
Energy,
Inc.
..................
240,070
7,951,118
Targa
Resources
Corp.
................
101,520
8,625,139
TC
Energy
Corp.
....................
210,076
8,287,524
Ultrapar
Participacoes
SA
..............
118,236
672,511
Western
Midstream
Partners
LP
..........
69,780
2,004,779
Williams
Cos.,
Inc.
(The)
...............
302,899
10,498,479
167,596,865
Paper
&
Forest
Products
—
0.0%
Empresas
CMPC
SA
.................
143,577
233,942
UPM-Kymmene
OYJ
.................
81,516
2,964,918
3,198,860
Personal
Care
Products
—
0.1%
By-health
Co.
Ltd.
,
Class
A
.............
83,600
174,966
Colgate-Palmolive
India
Ltd.
............
29,289
907,080
Dabur
India
Ltd.
.....................
140,343
911,603
Godrej
Consumer
Products
Ltd.
..........
355,253
4,981,746
Haleon
plc
........................
674,826
2,740,985
Unilever
plc
,
ADR
...................
71,403
3,476,612
13,192,992
Pharmaceuticals
—
1.3%
Alkem
Laboratories
Ltd.
...............
12,968
779,682
AstraZeneca
plc
....................
247,008
32,747,541
Asymchem
Laboratories
Tianjin
Co.
Ltd.
,
Class
A
............................
201,000
2,397,127
Aurobindo
Pharma
Ltd.
................
70,959
982,890
Bayer
AG
(Registered)
................
182,022
5,663,908
Bristol-Myers
Squibb
Co.
...............
84,510
4,130,004
China
Resources
Pharmaceutical
Group
Ltd.
(b)
(c)
614,000
374,370
Cipla
Ltd.
.........................
133,451
2,170,473
Dr
Reddy's
Laboratories
Ltd.
,
ADR
........
8,688
625,102
Dr.
Reddy's
Laboratories
Ltd.
............
29,318
2,154,197
Eli
Lilly
&
Co.
......................
9,272
5,986,096
HK
inno
N
Corp.
(e)
...................
2,342
73,304
Jamjoom
Pharmaceuticals
Factory
Co.
.....
30,752
1,144,101
Lupin
Ltd.
.........................
79,704
1,443,374
Merck
KGaA
.......................
29,031
4,763,279
Novartis
AG
(Registered)
..............
36,382
3,762,401
Novo
Nordisk
A/S
,
Class
B
.............
265,877
30,390,928
Novo
Nordisk
A/S
,
ADR
...............
6,167
707,601
Pfizer,
Inc.
........................
122,770
3,324,612
Sanofi
SA
.........................
363,868
36,439,749
Sun
Pharmaceutical
Industries
Ltd.
........
29,657
506,657
Torrent
Pharmaceuticals
Ltd.
............
22,187
676,139
Yunnan
Baiyao
Group
Co.
Ltd.
,
Class
A
.....
84,200
545,130
Zydus
Lifesciences
Ltd.
...............
78,603
719,340
142,508,005
Professional
Services
—
0.7%
Dun
&
Bradstreet
Holdings,
Inc.
..........
609,375
7,062,656
Experian
plc
.......................
117,020
4,870,653
Leidos
Holdings,
Inc.
.................
100,423
11,093,729
NMG,
Inc.
(e)
........................
3,714
371,400
Paychex,
Inc.
......................
144,709
17,615,426
RELX
plc
.........................
577,196
23,812,198
Security
Shares
Shares
Value
Professional
Services
(continued)
SS&C
Technologies
Holdings,
Inc.
........
206,545
$
12,603,376
77,429,438
Real
Estate
Management
&
Development
—
0.3%
ADLER
Group
SA
(b)
(c)
(e)
................
73,272
27,018
ADLER
Group
SA
(e)
..................
34,591
12,447
Barwa
Real
Estate
Co.
................
234,595
185,241
CK
Asset
Holdings
Ltd.
................
2,642,000
11,921,613
Corp.
Inmobiliaria
Vesta
SAB
de
CV
,
ADR
...
104,731
3,971,399
Emaar
Properties
PJSC
...............
152,332
307,996
Mabanee
Co.
KPSC
..................
36,212
90,677
VGP
NV
..........................
25,910
3,038,955
Vonovia
SE
........................
178,430
5,558,516
Wharf
Real
Estate
Investment
Co.
Ltd.
.....
1,462,000
4,283,417
29,397,279
Residential
REITs
—
0.2%
Sun
Communities,
Inc.
................
95,877
12,018,182
UDR,
Inc.
.........................
404,115
14,556,222
26,574,404
Retail
REITs
—
0.1%
Link
REIT
.........................
2,865,500
14,372,449
Semiconductors
&
Semiconductor
Equipment
—
1.1%
Applied
Materials,
Inc.
................
80,916
13,294,499
ASML
Holding
NV
...................
9,452
8,200,443
ChipMOS
Technologies,
Inc.
............
192,000
262,104
Elan
Microelectronics
Corp.
.............
183,000
875,334
MediaTek,
Inc.
......................
340,000
10,491,593
Radiant
Opto-Electronics
Corp.
..........
179,000
791,599
STMicroelectronics
NV
................
131,764
5,785,430
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
3,152,000
63,098,312
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
,
ADR
..........................
36,239
4,093,557
Texas
Instruments,
Inc.
................
103,195
16,523,583
123,416,454
Software
—
0.5%
Birlasoft
Ltd.
.......................
181,040
1,849,597
Microsoft
Corp.
.....................
107,416
42,706,453
Oracle
Corp.
.......................
142,637
15,932,553
SAP
SE
..........................
7,355
1,274,228
Tata
Elxsi
Ltd.
......................
6,485
593,596
62,356,427
Specialized
REITs
—
0.8%
American
Tower
Corp.
................
122,241
23,916,452
Crown
Castle,
Inc.
...................
97,726
10,578,839
Digital
Realty
Trust,
Inc.
...............
38,532
5,412,205
EPR
Properties
.....................
186,403
8,252,061
Equinix,
Inc.
.......................
7,137
5,922,068
Extra
Space
Storage,
Inc.
..............
51,308
7,410,928
SBA
Communications
Corp.
............
74,654
16,712,044
VICI
Properties,
Inc.
..................
460,524
13,870,983
92,075,580
Specialty
Retail
—
0.2%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
.........................
571,375
552,249
Chow
Tai
Fook
Jewellery
Group
Ltd.
.......
470,800
637,787
Foschini
Group
Ltd.
(The)
..............
765,516
4,635,053
HLA
Group
Corp.
Ltd.
,
Class
A
...........
961,132
1,027,620
Industria
de
Diseno
Textil
SA
............
61,957
2,649,119
Jarir
Marketing
Co.
...................
129,100
524,648
Lojas
Renner
SA
....................
2,119,457
6,891,743
Topsports
International
Holdings
Ltd.
(b)
(c)
....
492,000
318,905
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Trent
Ltd.
.........................
4,764
$
177,138
17,414,262
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Apple,
Inc.
........................
113,464
20,922,762
Compal
Electronics,
Inc.
...............
697,000
799,359
HP,
Inc.
..........................
115,603
3,318,962
Pegatron
Corp.
.....................
285,000
751,309
Samsung
Electronics
Co.
Ltd.
...........
22,692
1,233,011
Samsung
Electronics
Co.
Ltd.
,
GDR
(b)
(c)
.....
11,275
15,408,062
42,433,465
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Bosideng
International
Holdings
Ltd.
.......
1,248,000
564,167
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
26,551
22,091,998
Pou
Chen
Corp.
.....................
280,000
281,872
Tapestry,
Inc.
.......................
133,410
5,174,974
28,113,011
Tobacco
—
0.3%
British
American
Tobacco
plc
............
398,150
11,738,899
Eastern
Co.
SAE
....................
100,915
49,888
ITC
Ltd.
..........................
478,785
2,545,261
Philip
Morris
International,
Inc.
...........
195,956
17,802,603
32,136,651
Trading
Companies
&
Distributors
—
0.1%
Azelis
Group
NV
....................
147,119
3,029,304
BOC
Aviation
Ltd.
(b)
(c)
.................
663,500
4,974,504
8,003,808
Transportation
Infrastructure
—
0.7%
Aena
SME
SA
(b)
(c)
....................
77,896
13,780,360
Aeroports
de
Paris
SA
................
58,789
7,866,545
Atlas
Arteria
Ltd.
(i)
...................
974,082
3,434,030
Auckland
International
Airport
Ltd.
........
1,081,099
5,574,032
Flughafen
Zurich
AG
(Registered)
.........
39,362
8,121,408
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(e)
.....................
86,418
5,072,046
Getlink
SE
........................
159,305
2,744,997
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
........................
475,588
7,405,373
International
Container
Terminal
Services,
Inc.
80,860
349,639
Japan
Airport
Terminal
Co.
Ltd.
..........
85,900
3,411,342
Jiangsu
Expressway
Co.
Ltd.
,
Class
H
.....
192,000
183,209
Liaoning
Port
Co.
Ltd.
,
Class
A
...........
3,386,200
645,260
Malaysia
Airports
Holdings
Bhd.
..........
181,100
294,485
Salik
Co.
PJSC
.....................
1,762,933
1,665,522
Sustained
Infrastructure
Holding
Co.
.......
41,683
342,903
Taiwan
High
Speed
Rail
Corp.
...........
276,000
260,419
Transurban
Group
(i)
..................
2,373,960
20,855,798
Zhejiang
Expressway
Co.
Ltd.
,
Class
H
.....
376,000
279,315
82,286,683
Water
Utilities
—
0.0%
United
Utilities
Group
plc
...............
224,645
3,025,692
Wireless
Telecommunication
Services
—
0.3%
Advanced
Info
Service
PCL
,
NVDR
........
1,048,600
6,467,118
CELCOMDIGI
Bhd.
..................
235,000
210,529
Etihad
Etisalat
Co.
...................
65,412
908,766
Far
EasTone
Telecommunications
Co.
Ltd.
...
381,000
977,959
Intouch
Holdings
PCL
,
NVDR
...........
545,700
1,133,211
Maxis
Bhd.
........................
127,400
102,351
Mobile
Telecommunications
Co.
KSCP
.....
278,483
475,951
Mobile
Telecommunications
Co.
Saudi
Arabia
.
150,398
535,002
Mobile
TeleSystems
PJSC
(f)
.............
26,804
3
Rogers
Communications,
Inc.
,
Class
B
.....
83,474
3,899,116
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
(continued)
SK
Telecom
Co.
Ltd.
..................
46,200
$
1,737,058
SK
Telecom
Co.
Ltd.
,
ADR
(g)
............
29,336
614,589
Taiwan
Mobile
Co.
Ltd.
................
254,000
793,964
Tele2
AB
,
Class
B
...................
526,992
4,493,153
TIM
SA
..........................
29,967
105,366
Vodafone
Group
plc
..................
9,045,136
7,689,652
30,143,788
Total
Common
Stocks
—
24
.0
%
(Cost:
$
2,447,467,302
)
............................
2,723,503,814
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.5%
Boeing
Co.
(The)
2.85%
,
10/30/24
..................
USD
1,345
1,316,647
2.20%
,
02/04/26
..................
2,751
2,590,978
5.15%
,
05/01/30
..................
5,287
5,298,682
Bombardier,
Inc.
(b)
7.13%
,
06/15/26
..................
1,730
1,744,416
7.88%
,
04/15/27
..................
2,430
2,426,891
6.00%
,
02/15/28
..................
523
509,535
8.75%
,
11/15/30
..................
2,358
2,474,622
7.45%
,
05/01/34
..................
946
1,059,520
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
..
2,252
2,114,223
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
.....................
169
160,422
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(b)
.....................
3,902
4,086,369
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
.
3,097
3,062,159
General
Dynamics
Corp.
3.50%
,
04/01/27
..................
138
134,286
3.75%
,
05/15/28
..................
126
123,103
2.25%
,
06/01/31
..................
181
155,384
L3Harris
Technologies,
Inc.
4.40%
,
06/15/28
..................
1,136
1,121,299
1.80%
,
01/15/31
..................
72
59,128
5.40%
,
07/31/33
..................
691
711,754
4.85%
,
04/27/35
..................
229
225,121
Lockheed
Martin
Corp.,
4.50%,
05/15/36
...
326
318,516
RTX
Corp.
4.13%
,
11/16/28
..................
1,512
1,473,806
5.75%
,
01/15/29
..................
1,314
1,371,679
2.25%
,
07/01/30
..................
55
47,580
5.15%
,
02/27/33
..................
2,214
2,243,626
Spirit
AeroSystems,
Inc.
(b)
9.38%
,
11/30/29
..................
2,333
2,527,750
9.75%
,
11/15/30
..................
1,685
1,768,509
TransDigm,
Inc.
(b)
6.75%
,
08/15/28
..................
9,334
9,486,732
7.13%
,
12/01/31
..................
4,831
5,035,236
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
....
4,000
4,220,596
57,868,569
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.,
2.40%,
05/15/31
..........
371
315,996
Automobile
Components
—
0.4%
Aptiv
plc,
3.25%,
03/01/32
............
856
754,892
Clarios
Global
LP
(b)
8.50%
,
05/15/27
..................
10,598
10,568,952
6.75%
,
05/15/28
..................
3,020
3,060,075
Dana
Financing
Luxembourg
SARL
(c)
3.00%
,
07/15/29
..................
EUR
375
357,336
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
8.50%
,
07/15/31
..................
EUR
1,157
$
1,363,854
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
.......
USD
1,248
1,236,344
Forvia
SE
(c)
7.25%
,
06/15/26
..................
EUR
661
744,231
2.75%
,
02/15/27
..................
1,342
1,372,839
3.75%
,
06/15/28
..................
748
781,081
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%
,
07/15/29
..................
USD
912
855,957
5.63%
,
04/30/33
..................
2,063
1,866,649
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(c)
..
EUR
478
413,771
Icahn
Enterprises
LP
6.25%
,
05/15/26
..................
USD
1,930
1,849,144
5.25%
,
05/15/27
..................
2,435
2,190,282
9.75%
,
01/15/29
(b)
.................
1,460
1,498,325
4.38%
,
02/01/29
..................
1,058
884,181
IHO
Verwaltungs
GmbH
(c)(j)
3.75%
,
(
3.75
%
Cash
or
4.50
%
PIK),
09/15/26
.....................
EUR
160
169,581
3.88%
,
(
3.88
%
Cash
or
4.63
%
PIK),
05/15/27
(a)
....................
906
948,272
8.75%
,
(
8.75
%
Cash
or
9.50
%
PIK),
05/15/28
(a)
....................
1,164
1,358,633
Schaeffler
AG
(c)
4.50%
,
08/14/26
..................
300
327,031
4.75%
,
08/14/29
..................
500
547,168
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
........
USD
948
825,831
ZF
Europe
Finance
BV
(c)
2.00%
,
02/23/26
..................
EUR
1,700
1,743,034
2.50%
,
10/23/27
..................
500
501,175
4.75%
,
01/31/29
..................
500
537,518
6.13%
,
03/13/29
..................
900
1,022,909
ZF
Finance
GmbH
(c)
5.75%
,
08/03/26
..................
1,200
1,330,039
2.00%
,
05/06/27
..................
700
697,862
2.75%
,
05/25/27
..................
400
408,029
40,214,995
Automobiles
—
0.1%
Ford
Motor
Co.
3.25%
,
02/12/32
..................
USD
292
241,724
6.10%
,
08/19/32
..................
2,109
2,113,362
General
Motors
Co.,
5.00%,
10/01/28
.....
72
72,389
Hyundai
Capital
America
(b)
5.80%
,
06/26/25
..................
46
46,323
6.25%
,
11/03/25
..................
1,316
1,337,450
6.50%
,
01/16/29
..................
453
481,538
5.40%
,
01/08/31
..................
280
285,380
Mercedes-Benz
Finance
North
America
LLC
(b)
2.45%
,
03/02/31
..................
181
157,005
5.00%
,
01/11/34
..................
510
509,724
Nissan
Motor
Acceptance
Co.
LLC,
7.05%,
09/15/28
(b)
.....................
787
825,879
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)
(c)
..........
EUR
5,800
6,111,358
Volkswagen
Group
of
America
Finance
LLC
(b)
5.80%
,
09/12/25
..................
USD
560
565,400
4.63%
,
11/13/25
..................
204
202,074
1.25%
,
11/24/25
..................
505
470,884
ZF
Finance
GmbH,
2.25%,
05/03/28
(c)
.....
EUR
400
390,833
13,811,323
Security
Par
(000)
Par
(000)
Value
Banks
—
4.1%
ABN
AMRO
Bank
NV,
(5-Year
EUR
Swap
Annual
+
4.67%),
4.38%
(a)
(c)
(k)
.........
EUR
3,900
$
4,046,141
Abu
Dhabi
Commercial
Bank
PJSC,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
8.00%
(a)
(c)
(k)
........
USD
395
419,317
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)(k)
(5-Year
EUR
Swap
Annual
+
6.04%),
6.00%
(c)
......................
EUR
4,000
4,317,613
Series
9
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.19%),
6.50%
.......................
USD
1,200
1,172,966
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.54%),
8.38%
(c)
................
EUR
1,400
1,620,568
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.10%),
9.38%
USD
1,000
1,060,319
Banco
BPM
SpA
(a)(c)
(3-mo.
EURIBOR
+
2.80%),
6.00%
,
06/14/28
.....................
EUR
1,675
1,901,170
(3-mo.
EURIBOR
+
2.35%),
4.88%
,
01/17/30
.....................
1,000
1,098,797
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%
,
06/29/31
................
2,220
2,267,968
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%
,
01/19/32
................
2,784
2,831,976
Banco
Bradesco
SA,
3.20%,
01/27/25
(c)
....
USD
1,208
1,174,913
Banco
de
Credito
Social
Cooperativo
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%,
09/14/29
(a)
(c)
...............
EUR
1,200
1,394,321
Banco
de
Sabadell
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(k)
......................
1,600
1,639,524
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%
,
02/07/29
................
700
785,450
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%
,
04/15/31
................
2,600
2,658,792
(5-Year
EUR
Swap
Annual
+
3.15%),
6.00%
,
08/16/33
................
1,700
1,864,568
Banco
do
Brasil
SA
4.75%
,
03/20/24
(c)
.................
USD
1,814
1,805,329
6.25%
,
04/18/30
(b)
.................
1,363
1,384,740
Banco
Espirito
Santo
SA
(c)(e)(l)
2.63%
,
05/08/17
..................
EUR
800
242,077
4.75%
,
01/15/18
..................
1,500
453,894
4.00%
,
01/21/23
..................
5,400
1,634,018
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)
(b)
(k)
........
USD
1,525
1,422,062
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
1,598
1,210,085
Banco
Santander
SA
(5-Year
EUR
Swap
Annual
+
4.10%),
4.75%
(a)
(c)
(k)
....................
EUR
2,000
2,016,158
(5-Year
EUR
Swap
Annual
+
4.53%),
4.38%
(a)
(c)
(k)
....................
5,000
4,964,466
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.76%),
3.63%
(a)
(c)
(k)
..............
400
329,613
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.30%),
9.63%
(a)
(k)
.....................
USD
1,400
1,501,500
6.92%
,
08/08/33
..................
1,000
1,056,254
Bangkok
Bank
PCL
(b)
5.30%
,
09/21/28
..................
2,424
2,449,089
5.50%
,
09/21/33
..................
2,424
2,459,366
Bank
Leumi
Le-Israel
BM,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.63%),
3.28%,
01/29/31
(a)
(b)
(c)
.........
2,027
1,832,535
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Bank
of
America
Corp.
(a)
(3-mo.
CME
Term
SOFR
+
1.32%),
3.56%
,
04/23/27
.....................
USD
3,525
$
3,406,476
(1-day
SOFR
+
1.05%),
2.55%
,
02/04/28
.
927
863,251
(3-mo.
CME
Term
SOFR
+
1.63%),
3.59%
,
07/21/28
.....................
3,660
3,491,951
(1-day
SOFR
+
2.04%),
4.95%
,
07/22/28
.
2,867
2,872,545
(3-mo.
CME
Term
SOFR
+
1.30%),
3.42%
,
12/20/28
.....................
1,775
1,676,752
(1-day
SOFR
+
1.06%),
2.09%
,
06/14/29
.
2,279
2,019,894
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%
,
02/07/30
.....................
1,314
1,253,730
(3-mo.
CME
Term
SOFR
+
1.44%),
3.19%
,
07/23/30
.....................
400
364,942
(1-day
SOFR
+
1.37%),
1.92%
,
10/24/31
.
265
216,855
(1-day
SOFR
+
1.65%),
5.47%
,
01/23/35
.
950
967,432
Bank
of
America
NA,
5.65%,
08/18/25
.....
486
491,880
Bank
of
Cyprus
PCL,
(1-Year
EUR
Swap
Annual
+
2.79%),
2.50%,
06/24/27
(a)
(c)
....
EUR
525
527,822
Bank
of
Ireland
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(c)
(k)
.....................
2,339
2,546,685
(5-Year
EUR
Swap
Annual
+
6.43%),
6.00%
(c)
(k)
.....................
2,700
2,866,827
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
6.25%
,
09/16/26
(b)
....................
USD
503
508,230
Bankinter
SA
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
6.71%),
6.25%
EUR
1,400
1,500,876
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.71%),
7.38%
.................
2,600
2,862,504
Barclays
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
(a)
(k)
.....................
USD
1,264
1,258,493
(5-year
SONIA
Mid-Swaps
Rate
+
5.19%),
5.88%
(a)
(c)
(k)
....................
GBP
284
350,484
3.65%
,
03/16/25
..................
USD
1,710
1,677,647
(3-mo.
LIBOR
USD
+
1.61%),
3.93%
,
05/07/25
(a)
....................
455
452,814
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.58%),
7.13%
(a)
(k)
..
GBP
3,252
4,007,925
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)
(k)
.....................
USD
15,800
14,975,081
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.02%),
6.38%
(a)
(c)
(k)
GBP
4,026
4,847,042
4.38%
,
01/12/26
..................
USD
200
197,407
5.20%
,
05/12/26
..................
1,009
1,003,854
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.05%),
7.33%
,
11/02/26
(a)
....................
1,151
1,188,381
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(a)
(c)
(k)
GBP
2,400
3,041,398
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.05%),
2.28%
,
11/24/27
(a)
....................
USD
1,373
1,263,254
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)
(k)
.....................
4,595
3,585,793
(BPSWS5
+
5.64%),
9.25%
(a)
(k)
........
GBP
1,834
2,324,228
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(a)
(k)
.....................
USD
5,700
5,513,674
(USISSO05
+
5.78%),
9.63%
(a)
(k)
.......
7,891
8,127,280
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(3-mo.
LIBOR
USD
+
3.05%),
5.09%
,
06/20/30
(a)
....................
USD
825
$
793,874
BBVA
Bancomer
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
5.13%,
01/18/33
(a)
(c)
..........
1,118
1,019,113
BNP
Paribas
SA
(a)
(6-mo.
LIBOR
USD
+
0.08%),
5.97%
(k)
...
450
447,975
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(b)
(k)
.....................
1,000
1,000,608
(1-day
SOFR
+
1.00%),
1.32%
,
01/13/27
(b)
491
454,710
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(b)
(k)
.....................
7,036
7,285,483
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(b)
(k)
.....................
9,700
9,797,417
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(c)
(k)
.....................
EUR
6,200
6,867,044
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.63%),
7.38%
(c)
(k)
...............
600
681,652
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(b)
(k)
.....................
USD
10,875
8,831,606
CaixaBank
SA
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
EUR
2,600
2,660,209
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
1,200
1,274,145
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.30%),
7.50%
.................
4,800
5,315,166
Citigroup,
Inc.
(a)
(3-mo.
CME
Term
SOFR
+
1.16%),
3.35%
,
04/24/25
.....................
USD
1,025
1,019,454
(3-mo.
CME
Term
SOFR
+
1.82%),
3.89%
,
01/10/28
.....................
3,400
3,301,746
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(k)
......................
1,395
1,426,180
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%
,
03/20/30
.....................
188
179,169
(1-day
SOFR
+
1.42%),
2.98%
,
11/05/30
.
425
381,404
(1-day
SOFR
+
1.15%),
2.67%
,
01/29/31
.
828
722,501
(1-day
SOFR
+
2.11%),
2.57%
,
06/03/31
.
405
348,848
(1-day
SOFR
+
1.17%),
2.56%
,
05/01/32
.
665
556,860
(1-day
SOFR
+
2.66%),
6.17%
,
05/25/34
.
2,519
2,612,838
Commerzbank
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(k)
......................
EUR
13,400
14,065,040
(5-Year
EUR
Swap
Annual
+
6.74%),
6.50%
(k)
......................
1,200
1,233,464
(3-mo.
EURIBOR
+
2.10%),
4.63%
,
01/17/31
.....................
300
331,428
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%
,
02/28/33
.....................
GBP
600
808,483
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.70%),
6.75%
,
10/05/33
..........
EUR
600
691,949
Cooperatieve
Rabobank
UA
(5-Year
EUR
Swap
Annual
+
4.10%),
4.63%
(a)
(c)
(k)
....................
2,200
2,297,298
3.75%
,
07/21/26
..................
USD
250
240,678
(5-Year
EUR
Swap
Annual
+
4.68%),
4.38%
(a)
(c)
(k)
....................
EUR
1,200
1,214,309
(5-Year
EUR
Swap
Annual
+
3.72%),
4.88%
(a)
(c)
(k)
....................
1,200
1,186,609
Credit
Agricole
SA
(a)(k)
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.44%),
7.25%
(c)
................
1,000
1,129,292
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(b)
......................
USD
23,399
$
20,000,651
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.21%),
6.50%
(c)
................
EUR
3,200
3,479,854
Fifth
Third
Bancorp
(a)
(SOFR
Index
+
2.19%),
6.36%
,
10/27/28
.
USD
957
988,199
(1-day
SOFR
+
2.34%),
6.34%
,
07/27/29
.
960
999,464
(1-day
SOFR
+
1.84%),
5.63%
,
01/29/32
.
510
514,796
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
.......
1,891
1,559,886
HSBC
Holdings
plc
(a)
(5-Year
USD
Swap
Rate
+
4.37%),
6.38%
(k)
2,900
2,874,006
(BPSWS5
+
4.28%),
5.88%
(k)
.........
GBP
600
725,114
(5-Year
USD
Swap
Rate
+
3.75%),
6.00%
(k)
USD
2,600
2,456,561
(1-day
SOFR
+
1.57%),
5.89%
,
08/14/27
.
2,966
3,008,201
(5-Year
USD
Swap
Rate
+
3.61%),
6.50%
(k)
800
772,167
(1-day
SOFR
+
3.35%),
7.39%
,
11/03/28
.
347
372,596
(1-day
SOFR
+
1.97%),
6.16%
,
03/09/29
.
1,500
1,550,553
(5-Year
EUR
Swap
Annual
+
3.84%),
4.75%
(c)
(k)
.....................
EUR
1,736
1,728,334
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(k)
......................
USD
11,230
9,312,970
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.25%),
4.70%
(k)
......................
2,257
1,835,525
(1-day
SOFR
+
1.19%),
2.80%
,
05/24/32
.
291
244,462
Huntington
Bancshares,
Inc.,
(1-day
SOFR
+
1.87%),
5.71%,
02/02/35
(a)
...........
2,045
2,059,632
ING
Groep
NV
(a)(k)
(5-Year
USD
Swap
Rate
+
4.20%),
6.75%
(c)
5,877
5,862,307
(5-Year
USD
Swap
Semi
+
4.45%),
6.50%
2,710
2,649,479
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.34%),
5.75%
679
638,480
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
19,655
16,115,361
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.71%),
7.50%
(c)
......................
932
923,239
Intesa
Sanpaolo
SpA
5.71%
,
01/15/26
(b)
.................
1,289
1,284,639
(5-Year
EUR
Swap
Annual
+
7.19%),
7.75%
(a)
(c)
(k)
....................
EUR
6,127
6,820,092
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)
(c)
(k)
....................
2,020
2,041,249
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.26%),
9.13%
(a)
(c)
(k)
..............
1,350
1,609,202
5.15%
,
06/10/30
(c)
.................
GBP
1,941
2,242,867
(5-Year
EUR
Swap
Annual
+
6.09%),
5.88%
(a)
(c)
(k)
....................
EUR
930
921,523
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%
,
06/01/32
(a)
(b)
...................
USD
2,695
2,231,804
8.51%
,
09/20/32
(c)
.................
GBP
283
389,844
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%
,
06/01/42
(a)
(b)
...................
USD
940
682,256
Itau
Unibanco
Holding
SA,
3.25%,
01/24/25
(b)
.
1,412
1,373,876
JPMorgan
Chase
&
Co.
(a)
(1-day
SOFR
+
1.16%),
2.30%
,
10/15/25
.
350
342,295
(3-mo.
CME
Term
SOFR
+
0.70%),
1.04%
,
02/04/27
.....................
602
555,787
(1-day
SOFR
+
0.77%),
1.47%
,
09/22/27
.
3,147
2,872,554
(1-day
SOFR
+
1.89%),
2.18%
,
06/01/28
.
1,351
1,239,936
(1-day
SOFR
+
1.02%),
2.07%
,
06/01/29
.
1,609
1,433,531
(1-day
SOFR
+
1.45%),
5.30%
,
07/24/29
.
4,400
4,471,981
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
1.62%),
5.34%
,
01/23/35
.
USD
1,150
$
1,168,697
Series
W
,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.64%
,
05/15/47
..........
19,006
16,630,216
KBC
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(a)
(c)
(k)
..........
EUR
2,000
2,299,068
Lloyds
Banking
Group
plc
(a)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(c)
(k)
...............
7,249
7,591,422
(5-Year
USD
Swap
Rate
+
4.50%),
7.50%
(k)
USD
3,975
3,879,596
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
(k)
......................
7,290
7,098,912
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.88%),
8.50%
(k)
...
GBP
2,371
3,027,004
(3-mo.
LIBOR
USD
+
1.21%),
3.57%
,
11/07/28
.....................
USD
790
743,331
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(k)
......................
2,112
2,070,621
Mitsubishi
UFJ
Financial
Group,
Inc.
1.41%
,
07/17/25
..................
595
564,200
3.85%
,
03/01/26
..................
411
402,681
3.74%
,
03/07/29
..................
294
281,499
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.95%),
2.31%
,
07/20/32
(a)
....................
305
253,378
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.97%),
2.49%
,
10/13/32
(a)
....................
200
167,441
NatWest
Group
plc
(a)(k)
(5-Year
USD
Swap
Semi
+
5.72%),
8.00%
1,200
1,204,536
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.63%),
6.00%
2,000
1,948,370
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.99%),
5.13%
....
GBP
1,500
1,713,136
Nordea
Bank
Abp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.11%),
6.63%
(a)
(c)
(k)
...............
USD
1,100
1,087,350
PNC
Financial
Services
Group,
Inc.
(The)
(a)
(1-day
SOFR
+
2.28%),
6.88%
,
10/20/34
.
1,192
1,324,764
(1-day
SOFR
+
1.90%),
5.68%
,
01/22/35
.
830
851,747
Santander
Holdings
USA,
Inc.
(a)
(1-day
SOFR
+
2.36%),
6.50%
,
03/09/29
.
1,792
1,854,580
(1-day
SOFR
+
2.50%),
6.17%
,
01/09/30
.
685
688,923
Santander
UK
Group
Holdings
plc,
(BPSWS5
+
6.07%),
6.75%
(a)
(c)
(k)
...............
GBP
5,973
7,541,197
Skandinaviska
Enskilda
Banken
AB,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
6.88%
(a)
(c)
(k)
........
USD
600
593,250
Societe
Generale
SA
(a)
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(b)
(k)
.....................
500
501,766
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(c)
(k)
.....................
1,893
1,899,684
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(b)
(k)
.....................
270
280,187
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.45%),
10.00%
(b)
(k)
....................
1,641
1,750,778
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(c)
(k)
.....................
EUR
3,300
3,664,384
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
(b)
(k)
.....................
USD
14,160
11,569,310
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.95%),
7.13%
,
01/19/55
(b)
....................
USD
330
$
328,586
Standard
Chartered
plc
(a)(k)
(3-mo.
LIBOR
USD
+
1.51%),
7.09%
(c)
...
300
287,899
(3-mo.
LIBOR
USD
+
1.51%),
7.09%
(b)
...
2,000
1,919,330
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
4.30%
(b)
......................
11,150
8,952,813
Sumitomo
Mitsui
Financial
Group,
Inc.
5.46%
,
01/13/26
..................
1,575
1,591,319
5.52%
,
01/13/28
..................
544
556,689
5.72%
,
09/14/28
..................
1,190
1,229,591
1.90%
,
09/17/28
..................
580
509,763
3.04%
,
07/16/29
..................
130
118,346
Toronto-Dominion
Bank
(The)
0.75%
,
01/06/26
..................
1,397
1,296,861
5.10%
,
01/09/26
..................
490
494,165
Truist
Financial
Corp.
1.13%
,
08/03/27
..................
38
33,440
(1-day
SOFR
+
0.86%),
1.89%
,
06/07/29
(a)
603
525,693
(1-day
SOFR
+
2.45%),
7.16%
,
10/30/29
(a)
2,242
2,421,283
(1-day
SOFR
+
1.92%),
5.71%
,
01/24/35
(a)
1,525
1,550,709
UniCredit
SpA
(a)
(5-Year
EUR
Swap
Annual
+
4.93%),
5.38%
(c)
(k)
.....................
EUR
1,000
1,053,683
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(c)
(k)
...............
4,968
5,496,429
(5-Year
EUR
Swap
Annual
+
2.40%),
2.00%
,
09/23/29
(c)
...............
909
964,674
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%
,
01/15/32
(c)
...............
973
986,794
(5-Year
USD
Swap
Rate
+
4.91%),
7.30%
,
04/02/34
(b)
....................
USD
1,779
1,840,040
US
Bancorp
(a)
(1-day
SOFR
+
1.66%),
4.55%
,
07/22/28
.
1,376
1,357,775
(1-day
SOFR
+
2.26%),
5.84%
,
06/12/34
.
1,385
1,429,317
(1-day
SOFR
+
1.86%),
5.68%
,
01/23/35
.
850
869,718
Wells
Fargo
&
Co.
(a)
(3-mo.
CME
Term
SOFR
+
1.57%),
3.58%
,
05/22/28
.....................
1,019
975,238
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(k)
......................
2,253
2,360,081
(1-day
SOFR
+
1.74%),
5.57%
,
07/25/29
.
2,067
2,112,508
(1-day
SOFR
+
2.06%),
6.49%
,
10/23/34
.
4,239
4,624,519
(1-day
SOFR
+
1.78%),
5.50%
,
01/23/35
.
1,860
1,896,971
Wells
Fargo
Bank
NA,
5.55%,
08/01/25
....
521
526,457
Westpac
Banking
Corp.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%
,
11/15/35
.....................
293
243,284
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.53%),
3.02%
,
11/18/36
.....................
50
41,369
Woori
Bank,
4.88%,
01/26/28
(b)
.........
265
267,210
462,145,403
Beverages
—
0.0%
Anheuser-Busch
InBev
Worldwide,
Inc.
4.75%
,
01/23/29
..................
2,043
2,062,992
4.90%
,
01/23/31
..................
518
531,726
Davide
Campari-Milano
NV,
2.38%,
01/17/29
(c)
(m)
...................
EUR
800
882,483
3,477,201
Security
Par
(000)
Par
(000)
Value
Biotechnology
—
0.2%
AbbVie,
Inc.
2.95%
,
11/21/26
..................
USD
1,836
$
1,759,650
3.20%
,
11/21/29
..................
1,824
1,700,144
Amgen,
Inc.
5.15%
,
03/02/28
..................
1,920
1,954,756
4.20%
,
03/01/33
..................
691
654,830
5.25%
,
03/02/33
..................
696
710,034
Cidron
Aida
Finco
SARL
(c)
5.00%
,
04/01/28
..................
EUR
366
381,186
6.25%
,
04/01/28
..................
GBP
1,005
1,219,507
Gilead
Sciences,
Inc.
3.65%
,
03/01/26
..................
USD
8,195
8,012,739
4.60%
,
09/01/35
..................
879
859,186
Grifols
SA,
1.63%,
02/15/25
(c)
..........
EUR
215
225,380
17,477,412
Broadline
Retail
—
0.1%
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
......
USD
1,675
1,440,354
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(b)
.....................
1,346
1,321,503
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
(b)
.....................
1,574
1,615,459
Marks
&
Spencer
plc,
3.75%,
05/19/26
(c)
....
GBP
150
183,236
Match
Group
Holdings
II
LLC
(b)
4.63%
,
06/01/28
..................
USD
723
680,574
5.63%
,
02/15/29
..................
1,357
1,319,615
3.63%
,
10/01/31
..................
421
359,955
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
...
867
845,338
Rakuten
Group,
Inc.,
11.25%,
02/15/27
(b)
...
916
936,334
8,702,368
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.
(b)
5.00%
,
09/30/27
..................
2,862
2,756,219
6.38%
,
06/15/30
..................
427
430,535
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
.....................
1,719
1,762,261
Carrier
Global
Corp.,
5.90%,
03/15/34
(b)
....
245
261,806
HT
Troplast
GmbH,
9.38%,
07/15/28
(c)
.....
EUR
1,362
1,511,043
Masonite
International
Corp.
(b)
5.38%
,
02/01/28
..................
USD
402
391,978
3.50%
,
02/15/30
..................
654
562,629
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%
,
07/15/28
..................
1,044
1,003,075
9.75%
,
07/15/28
..................
773
777,132
PCF
GmbH,
4.75%,
04/15/26
(c)
.........
EUR
589
516,909
Smyrna
Ready
Mix
Concrete
LLC
(b)
6.00%
,
11/01/28
..................
USD
3,315
3,240,246
8.88%
,
11/15/31
..................
2,276
2,391,077
Standard
Industries,
Inc.
(b)
5.00%
,
02/15/27
..................
400
388,522
4.75%
,
01/15/28
..................
503
481,081
4.38%
,
07/15/30
..................
1,122
1,019,620
3.38%
,
01/15/31
..................
1,027
873,294
Summit
Materials
LLC
(b)
5.25%
,
01/15/29
..................
146
141,394
7.25%
,
01/15/31
..................
2,282
2,370,831
20,879,652
Capital
Markets
—
1.3%
AerCap
Ireland
Capital
DAC
1.75%
,
01/30/26
..................
465
433,122
6.10%
,
01/15/27
..................
275
281,224
6.45%
,
04/15/27
(b)
.................
1,294
1,338,865
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
.....................
1,200
1,245,765
Ares
Capital
Corp.,
5.88%,
03/01/29
......
2,926
2,899,979
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Aretec
Group,
Inc.,
10.00%,
08/15/30
(b)
....
USD
500
$
540,011
Blackstone
Private
Credit
Fund
3.25%
,
03/15/27
..................
408
375,037
6.25%
,
01/25/31
(b)
.................
779
775,273
Blue
Owl
Capital
Corp.
3.75%
,
07/22/25
..................
747
721,687
3.40%
,
07/15/26
..................
986
923,215
Blue
Owl
Capital
Corp.
II,
8.45%,
11/15/26
(b)
.
761
787,981
Blue
Owl
Credit
Income
Corp.
5.50%
,
03/21/25
..................
1,605
1,589,212
7.75%
,
09/16/27
..................
1,445
1,497,627
6.65%
,
03/15/31
(b)
.................
1,345
1,333,651
Charles
Schwab
Corp.
(The)
5.88%
,
08/24/26
..................
95
97,268
(1-day
SOFR
+
2.01%),
6.14%
,
08/24/34
(a)
847
895,160
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
................
1,887
1,796,858
Credit
Suisse
AG
4.75%
,
08/09/24
..................
702
698,205
3.63%
,
09/09/24
..................
1,695
1,674,236
7.95%
,
01/09/25
..................
420
429,757
7.50%
,
02/15/28
..................
401
438,364
Deutsche
Bank
AG
(a)
(5-Year
USD
Swap
Rate
+
5.00%),
7.50%
(k)
2,400
2,316,159
Series
2020
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.52%),
6.00%
(k)
................
19,000
17,203,170
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.94%),
10.00%
(c)
(k)
..............
EUR
5,400
6,295,581
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.69%),
6.75%
(c)
(k)
...............
3,800
3,881,615
(1-day
SOFR
+
2.51%),
6.82%
,
11/20/29
.
USD
2,381
2,502,057
(1-day
SOFR
+
5.44%),
5.88%
,
07/08/31
.
574
561,024
(1-day
SOFR
+
3.65%),
7.08%
,
02/10/34
.
871
888,835
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(b)
................
250
230,598
Gaci
First
Investment
Co.,
5.13%,
02/14/53
(c)
.
1,437
1,221,809
Goldman
Sachs
Group,
Inc.
(The)
4.25%
,
10/21/25
..................
179
176,451
(1-day
SOFR
+
0.79%),
1.09%
,
12/09/26
(a)
2,080
1,930,692
(1-day
SOFR
+
1.28%),
2.62%
,
04/22/32
(a)
402
339,202
(1-day
SOFR
+
1.25%),
2.38%
,
07/21/32
(a)
431
355,381
(1-day
SOFR
+
1.26%),
2.65%
,
10/21/32
(a)
575
481,012
HPS
Corporate
Lending
Fund,
6.75%,
01/30/29
(b)
.....................
1,020
1,024,016
Intercontinental
Exchange,
Inc.,
1.85%,
09/15/32
......................
818
646,810
JPMorgan
Chase
Financial
Co.
LLC,
0.50%,
06/15/27
(m)
....................
1,453
1,700,736
Julius
Baer
Group
Ltd.
(a)(c)(k)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.62%),
4.88%
787
692,560
(5-Year
EUR
Swap
Annual
+
3.85%),
6.63%
EUR
703
677,803
Macquarie
Bank
Ltd.,
6.80%,
01/18/33
(b)
....
USD
820
878,201
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
..
1,333
1,269,682
Morgan
Stanley
(a)
(1-day
SOFR
+
0.88%),
1.59%
,
05/04/27
.
1,075
995,548
3.59%
,
07/22/28
..................
1,430
1,366,904
(3-mo.
CME
Term
SOFR
+
1.40%),
3.77%
,
01/24/29
.....................
3,133
2,995,900
(1-day
SOFR
+
1.59%),
5.16%
,
04/20/29
.
2,376
2,391,561
(1-day
SOFR
+
1.63%),
5.45%
,
07/20/29
.
745
758,249
(1-day
SOFR
+
1.83%),
6.41%
,
11/01/29
.
953
1,009,968
(3-mo.
CME
Term
SOFR
+
1.89%),
4.43%
,
01/23/30
.....................
1,042
1,015,529
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-day
SOFR
+
3.12%),
3.62%
,
04/01/31
.
USD
285
$
262,957
(1-day
SOFR
+
2.05%),
6.63%
,
11/01/34
.
215
237,992
(1-day
SOFR
+
1.73%),
5.47%
,
01/18/35
.
1,135
1,158,270
(1-day
SOFR
+
1.36%),
2.48%
,
09/16/36
.
301
240,541
Nasdaq,
Inc.,
5.55%,
02/15/34
..........
137
142,060
Northern
Trust
Corp.,
6.13%,
11/02/32
.....
779
839,686
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/28
(b)
.....................
851
909,966
S&P
Global,
Inc.,
5.25%,
09/15/33
(b)
......
405
418,782
Sherwood
Financing
plc,
6.00%,
11/15/26
(c)
..
GBP
236
273,529
State
Street
Corp.
(1-day
SOFR
+
2.60%),
2.90%
,
03/30/26
(a)
USD
40
38,925
Series
I
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.61%),
6.70%
(a)
(k)
.....................
1,284
1,280,788
(1-day
SOFR
+
1.48%),
5.68%
,
11/21/29
(a)
46
47,569
2.40%
,
01/24/30
..................
64
57,118
(1-day
SOFR
+
1.00%),
2.62%
,
02/07/33
(a)
109
91,687
(3-mo.
CME
Term
SOFR
+
1.26%),
6.65%
,
06/15/47
(a)
....................
30,005
24,971,815
SURA
Asset
Management
SA,
4.88%,
04/17/24
(b)
.....................
2,406
2,388,364
UBS
AG
1.38%
,
01/13/25
(b)
.................
524
505,067
1.25%
,
06/01/26
..................
200
184,140
UBS
Group
AG
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(a)
(c)
(k)
....................
11,156
11,114,165
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(a)
(c)
(k)
....................
3,239
3,200,009
4.13%
,
09/24/25
(b)
.................
313
307,038
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(a)
(c)
(k)
....................
2,050
1,936,020
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.08%),
1.36%
,
01/30/27
(a)
(b)
...................
930
856,821
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(a)
(b)
(k)
....................
846
763,385
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
9.25%
(a)
(b)
(k)
....................
3,306
3,536,392
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(a)
(b)
(k)
....................
6,288
4,985,715
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(a)
(b)
(k)
....................
3,667
3,994,870
(1-day
SOFR
+
5.02%),
9.02%
,
11/15/33
(a)
(b)
973
1,196,090
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
6.30%
,
09/22/34
(a)
(b)
...................
1,059
1,121,723
Vivion
Investments
SARL,
3.00%,
08/08/24
(c)
.
EUR
900
924,135
144,565,169
Chemicals
—
0.5%
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)
......
USD
365
304,205
Ashland,
Inc.,
3.38%,
09/01/31
(b)
.........
369
311,398
Avient
Corp.,
7.13%,
08/01/30
(b)
.........
935
959,056
Axalta
Coating
Systems
Dutch
Holding
B
BV,
7.25%,
02/15/31
(b)
................
1,100
1,145,760
Axalta
Coating
Systems
LLC
(b)
4.75%
,
06/15/27
..................
881
848,059
3.38%
,
02/15/29
..................
1,270
1,128,572
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Braskem
Netherlands
Finance
BV,
7.25%,
02/13/33
(b)
.....................
USD
2,140
$
1,893,900
Chemours
Co.
(The)
(b)
5.75%
,
11/15/28
..................
1,234
1,163,903
4.63%
,
11/15/29
..................
464
403,026
DuPont
de
Nemours,
Inc.
4.49%
,
11/15/25
..................
217
215,295
4.73%
,
11/15/28
..................
260
262,268
Eastman
Chemical
Co.,
5.75%,
03/08/33
...
1,253
1,290,503
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
..
6,311
5,765,415
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(c)
.....................
EUR
1,645
1,702,467
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
...
USD
2,977
2,507,670
Herens
Midco
SARL,
5.25%,
05/15/29
(c)
....
EUR
1,308
979,594
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
....
USD
2,801
2,737,714
INEOS
Finance
plc,
6.38%,
04/15/29
(c)
.....
EUR
1,421
1,535,675
INEOS
Quattro
Finance
2
plc
(c)
2.50%
,
01/15/26
..................
100
104,071
8.50%
,
03/15/29
..................
1,049
1,200,268
INEOS
Styrolution
Ludwigshafen
GmbH,
2.25%,
01/16/27
(c)
................
280
279,965
Ingevity
Corp.,
3.88%,
11/01/28
(b)
........
USD
528
465,192
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(b)
..
1,961
1,577,837
Kronos
International,
Inc.,
3.75%,
09/15/25
(c)
.
EUR
2,313
2,520,231
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
...
USD
1,016
860,183
MEGlobal
BV
(b)
4.25%
,
11/03/26
..................
816
785,400
2.63%
,
04/28/28
..................
803
717,179
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
1,293
1,236,509
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(c)
.
EUR
678
759,898
Nobian
Finance
BV,
3.63%,
07/15/26
(c)
.....
1,544
1,594,515
Nutrien
Ltd.
5.95%
,
11/07/25
..................
USD
155
157,583
4.90%
,
03/27/28
..................
264
265,316
Olympus
Water
US
Holding
Corp.
9.63%
,
11/15/28
(c)
.................
EUR
1,970
2,296,483
9.75%
,
11/15/28
(b)
.................
USD
3,813
4,034,056
Sasol
Financing
USA
LLC
6.50%
,
09/27/28
..................
435
410,618
8.75%
,
05/03/29
(b)
.................
2,424
2,464,148
SCIL
IV
LLC
(c)
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
8.34%
,
11/01/26
(a)
...............
EUR
584
631,066
9.50%
,
07/15/28
..................
1,013
1,181,234
Scotts
Miracle-Gro
Co.
(The)
4.50%
,
10/15/29
..................
USD
165
146,009
4.00%
,
04/01/31
..................
920
769,444
4.38%
,
02/01/32
..................
204
169,845
Sherwin-Williams
Co.
(The)
3.95%
,
01/15/26
..................
24
23,612
3.45%
,
06/01/27
..................
220
212,180
2.95%
,
08/15/29
..................
249
227,725
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
.....................
3,650
3,092,463
Synthomer
plc,
3.88%,
07/01/25
(c)
........
EUR
1,001
1,060,145
WR
Grace
Holdings
LLC
(b)
5.63%
,
08/15/29
..................
USD
5,253
4,631,727
7.38%
,
03/01/31
..................
1,257
1,280,657
60,310,039
Commercial
Services
&
Supplies
—
0.6%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
.
968
886,930
Allied
Universal
Holdco
LLC
6.63%
,
07/15/26
(b)
.................
3,873
3,816,315
9.75%
,
07/15/27
(b)
.................
3,540
3,461,379
3.63%
,
06/01/28
(c)
.................
EUR
808
796,643
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
4.63%
,
06/01/28
(b)
.................
USD
8,877
$
7,994,582
4.88%
,
06/01/28
(c)
.................
GBP
2,027
2,258,494
6.00%
,
06/01/29
(b)
.................
USD
5,222
4,335,774
APi
Group
DE,
Inc.
(b)
4.13%
,
07/15/29
..................
608
556,357
4.75%
,
10/15/29
..................
1,044
977,518
APX
Group,
Inc.
(b)
6.75%
,
02/15/27
..................
569
568,984
5.75%
,
07/15/29
..................
2,047
1,944,024
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
...
2,677
2,586,864
Clean
Harbors,
Inc.
(b)
4.88%
,
07/15/27
..................
1,539
1,489,194
6.38%
,
02/01/31
..................
807
817,541
Covanta
Holding
Corp.
4.88%
,
12/01/29
(b)
.................
1,506
1,300,718
5.00%
,
09/01/30
..................
398
338,346
Garda
World
Security
Corp.
(b)
4.63%
,
02/15/27
..................
682
644,490
9.50%
,
11/01/27
..................
418
420,523
7.75%
,
02/15/28
..................
2,140
2,177,756
6.00%
,
06/01/29
..................
189
165,970
GFL
Environmental,
Inc.
(b)
3.75%
,
08/01/25
..................
1,327
1,290,646
4.00%
,
08/01/28
..................
1,492
1,368,556
3.50%
,
09/01/28
..................
839
759,466
4.75%
,
06/15/29
..................
125
117,343
4.38%
,
08/15/29
..................
1,178
1,080,372
6.75%
,
01/15/31
..................
2,657
2,717,522
Intrum
AB
(c)
4.88%
,
08/15/25
..................
EUR
793
746,717
3.50%
,
07/15/26
..................
140
113,474
9.25%
,
03/15/28
..................
158
136,586
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
.....................
USD
1,404
1,404,000
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
......
3,035
2,696,870
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
..
2,695
2,574,292
Paprec
Holding
SA
(c)
6.50%
,
11/17/27
..................
EUR
515
588,563
7.25%
,
11/17/29
..................
500
577,396
Prime
Security
Services
Borrower
LLC,
6.25%,
01/15/28
(b)
.....................
USD
2,389
2,367,474
Q-Park
Holding
I
BV
(c)
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.97%
,
03/01/26
(a)
...............
EUR
360
388,781
5.13%
,
03/01/29
..................
681
737,709
Republic
Services,
Inc.,
4.88%,
04/01/29
...
USD
1,056
1,069,271
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(c)
................
EUR
1,823
1,962,924
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(c)
................
870
916,768
Verisure
Holding
AB
(c)
9.25%
,
10/15/27
..................
1,631
1,890,412
7.13%
,
02/01/28
..................
1,173
1,327,895
Waste
Management,
Inc.,
2.00%,
06/01/29
..
USD
45
39,691
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
....
5,249
5,084,759
Williams
Scotsman,
Inc.,
7.38%,
10/01/31
(b)
..
1,203
1,260,086
70,755,975
Communications
Equipment
—
0.1%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
.....................
1,144
909,480
CommScope,
Inc.
(b)
6.00%
,
03/01/26
..................
2,274
1,969,694
4.75%
,
09/01/29
..................
433
286,265
Motorola
Solutions,
Inc.
4.60%
,
05/23/29
..................
244
242,033
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
2.75%
,
05/24/31
..................
USD
157
$
133,776
Viasat,
Inc.
(b)
5.63%
,
09/15/25
..................
2,556
2,469,735
5.63%
,
04/15/27
..................
1,663
1,561,258
7.50%
,
05/30/31
..................
226
167,522
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
....
823
717,088
8,456,851
Construction
&
Engineering
—
0.2%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
.....................
926
925,711
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
.........
2,674
2,491,396
Azzurra
Aeroporti
SpA
(c)
2.13%
,
05/30/24
..................
EUR
1,056
1,130,948
2.63%
,
05/30/27
..................
444
449,993
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
.....................
USD
5,478
5,786,138
Cellnex
Finance
Co.
SA
(c)
1.00%
,
09/15/27
..................
EUR
200
198,355
1.50%
,
06/08/28
..................
1,600
1,592,744
2.00%
,
09/15/32
..................
1,300
1,218,785
2.00%
,
02/15/33
..................
1,800
1,671,998
China
City
Construction
International
Co.
Ltd.,
5.35%,
07/03/17
(c)
(e)
(f)
(l)
.............
CNY
6,794
—
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
...
USD
1,502
1,400,720
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(c)
GBP
1,008
1,228,257
Heathrow
Finance
plc
(c)(d)
5.75%
,
03/03/25
..................
221
279,380
3.88%
,
03/01/27
..................
607
724,247
4.13%
,
09/01/29
..................
840
970,825
Pike
Corp.,
8.63%,
01/31/31
(b)
..........
USD
437
462,308
20,531,805
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)
(k)
...............
1,130
1,072,370
Consumer
Finance
—
0.4%
AerCap
Ireland
Capital
DAC,
5.75%,
06/06/28
1,820
1,857,359
Ally
Financial,
Inc.
5.80%
,
05/01/25
..................
794
796,774
5.75%
,
11/20/25
..................
1,164
1,167,153
(1-day
SOFR
+
2.82%),
6.85%
,
01/03/30
(a)
991
1,023,071
Avolon
Holdings
Funding
Ltd.,
5.75%,
03/01/29
(b)
.....................
484
480,583
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(b)
.....................
682
681,175
Capital
One
Financial
Corp.
(a)
(1-day
SOFR
+
2.64%),
6.31%
,
06/08/29
.
3,997
4,120,524
(1-day
SOFR
+
3.07%),
7.62%
,
10/30/31
.
984
1,086,937
(1-day
SOFR
+
1.27%),
2.62%
,
11/02/32
.
54
43,434
(1-day
SOFR
+
2.86%),
6.38%
,
06/08/34
.
520
540,296
Encore
Capital
Group,
Inc.
(c)
4.88%
,
10/15/25
..................
EUR
318
342,291
5.38%
,
02/15/26
..................
GBP
1,003
1,225,406
4.25%
,
06/01/28
..................
155
169,913
Ford
Motor
Credit
Co.
LLC
3.38%
,
11/13/25
..................
USD
1,688
1,620,034
6.86%
,
06/05/26
..................
GBP
151
196,350
5.80%
,
03/05/27
..................
USD
1,580
1,590,092
4.13%
,
08/17/27
..................
279
265,002
7.35%
,
11/04/27
..................
364
382,884
6.80%
,
05/12/28
..................
1,259
1,308,239
6.80%
,
11/07/28
..................
408
426,205
7.35%
,
03/06/30
..................
2,302
2,464,881
7.20%
,
06/10/30
..................
1,736
1,845,971
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
6.05%
,
03/05/31
..................
USD
400
$
402,063
7.12%
,
11/07/33
..................
449
481,180
General
Motors
Financial
Co.,
Inc.,
5.40%,
04/06/26
......................
1,972
1,984,554
GGAM
Finance
Ltd.
(b)
7.75%
,
05/15/26
..................
263
267,564
8.00%
,
06/15/28
..................
620
645,233
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)
(j)
.......
2,320
2,235,960
LeasePlan
Corp.
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.56%),
7.38%
(a)
(c)
(k)
.......
EUR
1,400
1,512,980
Macquarie
Airfinance
Holdings
Ltd.
(b)
8.38%
,
05/01/28
..................
USD
636
668,086
8.13%
,
03/30/29
..................
915
949,377
Navient
Corp.
5.50%
,
03/15/29
..................
1,399
1,263,027
9.38%
,
07/25/30
..................
973
1,014,464
OneMain
Finance
Corp.
3.50%
,
01/15/27
..................
820
750,242
6.63%
,
01/15/28
..................
899
895,852
9.00%
,
01/15/29
..................
1,447
1,524,066
5.38%
,
11/15/29
..................
328
303,484
7.88%
,
03/15/30
..................
1,381
1,402,958
4.00%
,
09/15/30
..................
385
326,049
SLM
Corp.,
3.13%,
11/02/26
...........
1,322
1,237,815
Toyota
Motor
Credit
Corp.
3.38%
,
04/01/30
..................
100
93,556
4.80%
,
01/05/34
..................
510
509,520
Volkswagen
International
Finance
NV
(a)(c)(k)
Series
PNC5
,
(5-Year
EUR
Swap
Annual
+
4.29%),
7.50%
.................
EUR
400
468,989
(9-Year
EUR
Swap
Annual
+
3.96%),
3.88%
1,000
988,732
43,560,325
Consumer
Staples
Distribution
&
Retail
—
0.2%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
........
USD
1,049
970,831
Albertsons
Cos.,
Inc.
(b)
3.25%
,
03/15/26
..................
1,180
1,120,869
4.63%
,
01/15/27
..................
830
805,151
5.88%
,
02/15/28
..................
1,081
1,079,677
6.50%
,
02/15/28
..................
1,136
1,148,332
3.50%
,
03/15/29
..................
1,201
1,085,109
4.88%
,
02/15/30
..................
698
667,104
Bellis
Acquisition
Co.
plc
(c)
3.25%
,
02/16/26
..................
GBP
2,612
3,128,127
4.50%
,
02/16/26
..................
3,164
3,828,112
Cencosud
SA,
4.38%,
07/17/27
(c)
........
USD
2,528
2,426,248
Market
Bidco
Finco
plc,
5.50%,
11/04/27
(c)
...
GBP
1,438
1,672,031
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
.....................
USD
1,720
1,576,096
Picard
Groupe
SAS,
3.88%,
07/01/26
(c)
....
EUR
1,112
1,162,682
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
630
529,200
US
Foods,
Inc.
(b)
4.75%
,
02/15/29
..................
350
332,069
4.63%
,
06/01/30
..................
1,174
1,094,265
7.25%
,
01/15/32
..................
1,193
1,249,667
Walgreens
Boots
Alliance,
Inc.
3.20%
,
04/15/30
..................
150
132,205
4.80%
,
11/18/44
..................
480
404,973
4.10%
,
04/15/50
..................
718
523,475
24,936,223
Containers
&
Packaging
—
0.5%
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%
,
06/15/27
(b)
.................
2,312
2,285,828
2.00%
,
09/01/28
(c)
.................
EUR
1,032
964,385
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
4.00%
,
09/01/29
(b)
.................
USD
4,881
$
3,955,911
Ardagh
Packaging
Finance
plc
5.25%
,
04/30/25
(b)
.................
1,538
1,503,463
2.13%
,
08/15/26
(c)
.................
EUR
1,570
1,522,705
4.13%
,
08/15/26
(b)
.................
USD
2,843
2,553,554
4.75%
,
07/15/27
(c)
.................
GBP
444
416,554
5.25%
,
08/15/27
(b)
.................
USD
813
607,703
Ball
Corp.,
6.00%,
06/15/29
...........
1,153
1,163,103
Berry
Global,
Inc.,
1.57%,
01/15/26
.......
2,795
2,609,103
Canpack
SA,
3.13%,
11/01/25
(b)
.........
810
768,487
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%
,
04/15/29
..................
1,348
1,341,306
8.75%
,
04/15/30
..................
2,932
2,785,256
Crown
Americas
LLC
4.25%
,
09/30/26
..................
620
597,568
5.25%
,
04/01/30
..................
179
172,959
Crown
European
Holdings
SA
(c)
3.38%
,
05/15/25
..................
EUR
662
707,096
5.00%
,
05/15/28
..................
660
733,376
Fiber
Bidco
SpA
(c)
11.00%
,
10/25/27
.................
1,535
1,804,026
(3-mo.
EURIBOR
+
4.00%),
7.97%
,
01/15/30
(a)
....................
579
630,431
Graphic
Packaging
International
LLC,
3.50%,
03/15/28
(b)
.....................
USD
993
916,726
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
....
2,638
2,176,350
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(c)
...
EUR
2,029
1,924,130
Kleopatra
Holdings
2
SCA,
6.50%,
09/01/26
(c)
383
268,225
LABL,
Inc.
(b)
5.88%
,
11/01/28
..................
USD
1,515
1,356,399
9.50%
,
11/01/28
..................
1,754
1,749,453
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%
,
08/15/26
..................
12,225
12,352,781
9.25%
,
04/15/27
..................
304
293,438
OI
European
Group
BV,
6.25%,
05/15/28
(c)
..
EUR
1,244
1,398,946
Owens-Brockway
Glass
Container,
Inc.,
7.25%,
05/15/31
(b)
.....................
USD
767
770,889
SAN
Miguel
Industrias
Pet
SA,
3.50%,
08/02/28
(b)
.....................
2,654
2,271,658
Sealed
Air
Corp.
(b)
6.13%
,
02/01/28
..................
1,179
1,183,179
5.00%
,
04/15/29
..................
308
295,400
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
621
662,352
Trivium
Packaging
Finance
BV
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.75%
,
08/15/26
(a)
(c)
..............
EUR
977
1,056,708
8.50%
,
08/15/27
(b)
(d)
................
USD
400
390,319
WRKCo,
Inc.
3.75%
,
03/15/25
..................
224
220,148
4.65%
,
03/15/26
..................
231
229,345
4.00%
,
03/15/28
..................
42
40,527
4.90%
,
03/15/29
..................
323
324,387
57,004,174
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
..............
1,019
907,976
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
2,258
2,157,022
Resideo
Funding,
Inc.,
4.00%,
09/01/29
....
493
427,193
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
.
448
456,992
3,949,183
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
—
0.2%
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
+
5.50%),
9.50%,
05/15/28
(a)
(c)
..........
EUR
724
$
782,427
Johns
Hopkins
University,
Series
A,
4.71%,
07/01/32
......................
USD
32
32,537
Mavis
Tire
Express
Services
Topco
Corp.,
6.50%,
05/15/29
(b)
................
969
890,390
Rekeep
SpA,
7.25%,
02/01/26
(c)
.........
EUR
2,286
2,293,223
Service
Corp.
International
3.38%
,
08/15/30
..................
USD
1,285
1,120,520
4.00%
,
05/15/31
..................
1,901
1,692,099
Sotheby's
(b)
7.38%
,
10/15/27
..................
3,284
3,155,996
5.88%
,
06/01/29
..................
3,286
2,836,586
TUI
Cruises
GmbH,
6.50%,
05/15/26
(c)
.....
EUR
1,213
1,297,780
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(b)
....
USD
2,901
2,996,153
17,097,711
Diversified
REITs
—
0.2%
ERP
Operating
LP
4.15%
,
12/01/28
..................
603
590,893
1.85%
,
08/01/31
..................
618
508,767
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
...
761
645,573
GLP
Capital
LP
4.00%
,
01/15/30
..................
196
178,595
3.25%
,
01/15/32
..................
1,621
1,363,278
HAT
Holdings
I
LLC
(b)
3.38%
,
06/15/26
..................
1,302
1,209,960
8.00%
,
06/15/27
..................
988
1,023,187
Highwoods
Realty
LP,
7.65%,
02/01/34
....
320
352,225
Invitation
Homes
Operating
Partnership
LP,
2.70%,
01/15/34
.................
1,182
946,752
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
.......
1,051
947,857
Prologis
LP,
4.63%,
01/15/33
...........
363
357,494
Simon
Property
Group
LP
3.30%
,
01/15/26
..................
433
420,576
5.50%
,
03/08/33
..................
482
498,320
Uniti
Group
LP,
10.50%,
02/15/28
(b)
.......
4,288
4,364,974
VICI
Properties
LP
4.63%
,
12/01/29
(b)
.................
1,637
1,549,126
4.95%
,
02/15/30
..................
833
807,543
4.13%
,
08/15/30
(b)
.................
2,010
1,829,221
5.13%
,
05/15/32
..................
1,811
1,730,643
5.63%
,
05/15/52
..................
1,161
1,094,057
20,419,041
Diversified
Telecommunication
Services
—
1.1%
Altice
France
SA
2.50%
,
01/15/25
(c)
.................
EUR
100
102,240
2.13%
,
02/15/25
(c)
.................
864
882,265
5.88%
,
02/01/27
(c)
.................
650
599,441
8.13%
,
02/01/27
(b)
.................
USD
2,706
2,418,647
11.50%
,
02/01/27
(c)
................
EUR
1,369
1,451,738
3.38%
,
01/15/28
(c)
.................
544
453,754
5.50%
,
01/15/28
(b)
.................
USD
2,425
1,893,349
5.13%
,
01/15/29
(b)
.................
679
502,510
4.00%
,
07/15/29
(c)
.................
EUR
1,105
884,285
5.13%
,
07/15/29
(b)
.................
USD
400
292,438
4.25%
,
10/15/29
(c)
.................
EUR
250
203,883
5.50%
,
10/15/29
(b)
.................
USD
2,298
1,693,084
AT&T,
Inc.,
5.40%,
02/15/34
...........
1,480
1,518,186
Bakrie
Telecom
Pte.
Ltd.,
11.50%,
05/07/15
(c)
(e)
(l)
1,000
2,558
British
Telecommunications
plc
(a)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%
,
08/18/80
(c)
...............
EUR
236
243,568
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%
,
11/23/81
(b)
....................
USD
700
$
615,722
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%
,
12/20/83
(c)
....................
GBP
1,726
2,337,741
CCO
Holdings
LLC
(b)
5.00%
,
02/01/28
..................
USD
1,327
1,247,161
5.38%
,
06/01/29
..................
3,058
2,843,280
6.38%
,
09/01/29
..................
2,617
2,548,074
4.50%
,
08/15/30
..................
788
685,292
4.25%
,
02/01/31
..................
2,355
1,991,262
7.38%
,
03/01/31
..................
8,378
8,467,016
4.75%
,
02/01/32
..................
1,448
1,242,036
4.25%
,
01/15/34
..................
959
762,503
Cellnex
Telecom
SA
(c)
1.00%
,
04/20/27
..................
EUR
600
599,858
2.13%
,
08/11/30
(m)
.................
2,500
2,804,294
1.75%
,
10/23/30
..................
1,800
1,721,030
0.75%
,
11/20/31
(m)
.................
1,600
1,460,431
Frontier
Communications
Holdings
LLC
(b)
5.88%
,
10/15/27
..................
USD
1,948
1,873,646
5.00%
,
05/01/28
..................
2,737
2,525,911
8.75%
,
05/15/30
..................
4,080
4,179,520
8.63%
,
03/15/31
..................
562
570,275
Iliad
Holding
SASU
5.13%
,
10/15/26
(c)
.................
EUR
200
215,775
6.50%
,
10/15/26
(b)
.................
USD
4,035
3,955,339
7.00%
,
10/15/28
(b)
.................
1,458
1,446,384
Iliad
SA
(c)
5.38%
,
06/14/27
..................
EUR
1,600
1,771,975
5.38%
,
02/15/29
..................
2,100
2,324,391
5.63%
,
02/15/30
..................
1,800
2,015,651
Infrastrutture
Wireless
Italiane
SpA,
1.63%,
10/21/28
(c)
.....................
2,423
2,419,281
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(c)
266
277,079
Level
3
Financing,
Inc.
(b)
3.40%
,
03/01/27
..................
USD
5,028
4,940,010
4.63%
,
09/15/27
..................
5,410
3,327,150
3.63%
,
01/15/29
..................
510
267,750
11.00%
,
11/15/29
(n)
................
3,717
3,754,661
10.50%
,
05/15/30
.................
5,125
5,099,375
Lorca
Telecom
Bondco
SA
4.00%
,
09/18/27
(c)
.................
EUR
3,427
3,597,859
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
.
USD
2,433
1,268,225
RCS
&
RDS
SA
(c)
2.50%
,
02/05/25
..................
EUR
1,600
1,693,051
3.25%
,
02/05/28
..................
200
195,535
Sprint
Capital
Corp.,
6.88%,
11/15/28
......
USD
2,136
2,307,790
Telecom
Italia
Capital
SA
6.38%
,
11/15/33
..................
1,576
1,527,528
6.00%
,
09/30/34
..................
2,809
2,633,071
7.20%
,
07/18/36
..................
1,363
1,368,493
7.72%
,
06/04/38
..................
795
820,505
Telecom
Italia
SpA
5.30%
,
05/30/24
(b)
.................
1,646
1,636,624
2.75%
,
04/15/25
(c)
.................
EUR
651
687,982
3.63%
,
05/25/26
(c)
.................
170
180,758
2.38%
,
10/12/27
(c)
.................
400
403,317
6.88%
,
02/15/28
(c)
.................
2,471
2,839,313
7.88%
,
07/31/28
(c)
.................
1,225
1,457,236
1.63%
,
01/18/29
(c)
.................
2,232
2,062,027
5.25%
,
03/17/55
(c)
.................
300
300,773
Telefonica
Emisiones
SA,
4.10%,
03/08/27
..
USD
184
180,196
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Verizon
Communications,
Inc.
3.88%
,
02/08/29
..................
USD
1,566
$
1,514,587
1.50%
,
09/18/30
..................
56
45,976
1.68%
,
10/30/30
..................
711
583,770
1.75%
,
01/20/31
..................
1,038
848,236
5.85%
,
09/15/35
..................
33
35,274
Virgin
Media
Finance
plc,
5.00%,
07/15/30
(b)
.
1,150
1,027,076
Virgin
Media
Secured
Finance
plc
5.25%
,
05/15/29
(c)
.................
GBP
361
428,330
5.50%
,
05/15/29
(b)
.................
USD
400
384,723
4.25%
,
01/15/30
(c)
.................
GBP
108
119,853
4.13%
,
08/15/30
(c)
.................
600
646,985
4.50%
,
08/15/30
(b)
.................
USD
1,043
931,920
Zayo
Group
Holdings,
Inc.
(b)
4.00%
,
03/01/27
..................
16,665
12,672,611
6.13%
,
03/01/28
..................
2,566
1,708,674
129,540,117
Electric
Utilities
—
0.8%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
.....................
1,602
1,369,536
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(b)
766
808,838
American
Electric
Power
Co.,
Inc.,
5.70%,
08/15/25
......................
81
81,623
CenterPoint
Energy
Houston
Electric
LLC
Series
AG
,
3.00%
,
03/01/32
..........
636
562,166
4.95%
,
04/01/33
..................
37
37,400
Duke
Energy
Carolinas
LLC
2.85%
,
03/15/32
..................
191
165,300
6.45%
,
10/15/32
..................
44
48,456
4.95%
,
01/15/33
..................
497
500,807
Duke
Energy
Corp.
2.65%
,
09/01/26
..................
1,483
1,410,087
2.45%
,
06/01/30
..................
425
370,263
2.55%
,
06/15/31
..................
86
73,189
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%
,
01/15/82
(a)
....................
15,000
12,248,022
Duke
Energy
Florida
LLC,
2.50%,
12/01/29
..
961
854,889
Duke
Energy
Progress
LLC
3.45%
,
03/15/29
..................
306
291,084
5.70%
,
04/01/35
..................
30
31,285
Edison
International
5.25%
,
11/15/28
..................
965
974,204
6.95%
,
11/15/29
..................
271
294,341
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%
,
06/15/53
(a)
....................
2,111
2,168,265
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.66%),
7.88%
,
06/15/54
(a)
....................
520
528,552
EDP
-
Energias
de
Portugal
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%
,
07/20/80
................
EUR
500
516,028
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%
,
08/02/81
................
1,800
1,816,387
(5-Year
EUR
Swap
Annual
+
3.18%),
5.94%
,
04/23/83
................
300
337,178
EnBW
Energie
Baden-Wuerttemberg
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.66%),
5.25%,
01/23/84
(a)
(c)
...............
700
768,321
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(c)
..
USD
1,076
925,024
Eversource
Energy,
5.95%,
02/01/29
......
728
757,141
FirstEnergy
Corp.
4.00%
,
05/01/26
(b)
(m)
...............
2,113
2,089,757
Series
B
,
4.15%
,
07/15/27
(d)
..........
1,054
1,012,120
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
2.65%
,
03/01/30
..................
USD
260
$
225,909
Florida
Power
&
Light
Co.,
4.80%,
05/15/33
..
72
72,328
Georgia
Power
Co.,
4.70%,
05/15/32
......
648
639,885
Kallpa
Generacion
SA,
4.88%,
05/24/26
(c)
...
2,369
2,309,775
MidAmerican
Energy
Co.,
5.75%,
11/01/35
..
80
85,543
Naturgy
Finance
BV
(a)(c)(k)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
EUR
500
537,065
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
1,400
1,402,487
NextEra
Energy
Capital
Holdings,
Inc.
5.75%
,
09/01/25
..................
USD
985
994,947
2.25%
,
06/01/30
..................
29
24,782
5.05%
,
02/28/33
..................
407
405,908
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%
,
03/15/82
(a)
....................
20,000
17,495,004
NextEra
Energy
Operating
Partners
LP
(b)
3.88%
,
10/15/26
..................
330
312,010
7.25%
,
01/15/29
..................
819
843,573
Northern
States
Power
Co.,
2.25%,
04/01/31
.
35
29,895
NRG
Energy,
Inc.
(b)
2.45%
,
12/02/27
..................
664
598,528
7.00%
,
03/15/33
..................
1,010
1,066,105
Ohio
Power
Co.
Series
Q
,
1.63%
,
01/15/31
...........
797
647,160
5.00%
,
06/01/33
..................
150
150,336
Oncor
Electric
Delivery
Co.
LLC
3.70%
,
11/15/28
..................
1,711
1,662,290
5.75%
,
03/15/29
..................
37
38,962
5.65%
,
11/15/33
..................
316
334,782
Pacific
Gas
&
Electric
Co.
3.00%
,
06/15/28
..................
898
823,918
6.10%
,
01/15/29
..................
750
777,036
4.55%
,
07/01/30
..................
1,583
1,512,810
3.25%
,
06/01/31
..................
1,000
868,482
6.95%
,
03/15/34
..................
2,091
2,303,169
Palomino
Funding
Trust
I,
7.23%,
05/17/28
(b)
.
432
455,606
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
.....................
2,277
2,122,087
PECO
Energy
Co.,
4.90%,
06/15/33
......
372
375,328
PG&E
Corp.,
4.25%,
12/01/27
(b)
(m)
........
1,807
1,838,622
Public
Service
Electric
&
Gas
Co.
4.90%
,
12/15/32
..................
1,552
1,567,156
5.20%
,
08/01/33
..................
375
388,586
Southern
California
Edison
Co.
Series
20C
,
1.20%
,
02/01/26
.........
495
461,928
Series
G
,
2.50%
,
06/01/31
...........
830
707,437
6.00%
,
01/15/34
..................
1,080
1,158,143
5.20%
,
06/01/34
..................
123
123,930
Southern
Co.
(The),
5.20%,
06/15/33
......
968
979,567
Tampa
Electric
Co.,
2.40%,
03/15/31
......
32
26,935
Virginia
Electric
&
Power
Co.
Series
B
,
3.75%
,
05/15/27
...........
372
362,645
2.30%
,
11/15/31
..................
270
226,018
Vistra
Operations
Co.
LLC
(b)
3.55%
,
07/15/24
..................
2,884
2,848,970
5.13%
,
05/13/25
..................
2,162
2,144,507
7.75%
,
10/15/31
..................
1,581
1,642,335
6.95%
,
10/15/33
..................
984
1,039,902
85,672,654
Electrical
Equipment
—
0.1%
(b)
Regal
Rexnord
Corp.
6.05%
,
04/15/28
..................
1,278
1,296,720
6.30%
,
02/15/30
..................
1,195
1,228,328
6.40%
,
04/15/33
..................
1,149
1,194,073
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
(continued)
Sensata
Technologies
BV
4.00%
,
04/15/29
..................
USD
1,157
$
1,059,305
5.88%
,
09/01/30
..................
735
726,381
Vertiv
Group
Corp.,
4.13%,
11/15/28
......
3,455
3,206,049
8,710,856
Electronic
Equipment,
Instruments
&
Components
—
0.0%
(b)
Coherent
Corp.,
5.00%,
12/15/29
........
2,295
2,148,854
Sensata
Technologies,
Inc.
4.38%
,
02/15/30
..................
1,016
936,188
3.75%
,
02/15/31
..................
545
473,102
3,558,144
Energy
Equipment
&
Services
—
0.6%
Archrock
Partners
LP
(b)
6.88%
,
04/01/27
..................
2,121
2,126,302
6.25%
,
04/01/28
..................
3,241
3,204,766
Borr
IHC
Ltd.
(b)
10.00%
,
11/15/28
.................
1,488
1,540,080
10.38%
,
11/15/30
.................
997
1,031,895
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
.........
1,969
1,979,318
Halliburton
Co.,
2.92%,
03/01/30
........
99
89,698
Kodiak
Gas
Services
LLC,
7.25%,
02/15/29
(b)
.
2,253
2,279,948
Nabors
Industries
Ltd.
(b)
7.25%
,
01/15/26
..................
1,570
1,530,860
7.50%
,
01/15/28
..................
1,579
1,444,785
Nabors
Industries,
Inc.
(b)
7.38%
,
05/15/27
..................
88
86,472
9.13%
,
01/31/30
..................
839
853,724
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
...
1,765
1,832,854
Oceaneering
International,
Inc.,
6.00%,
02/01/28
......................
360
351,688
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
.
525
560,999
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
..
461
453,541
Seadrill
Finance
Ltd.,
8.38%,
08/01/30
(b)
....
1,237
1,287,086
Tervita
Corp.,
11.00%,
12/01/25
(b)
........
993
1,036,395
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(b)
..
657
672,505
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
.....................
649
670,793
Transocean,
Inc.
(b)
7.50%
,
01/15/26
..................
2,108
2,086,963
11.50%
,
01/30/27
.................
2,593
2,709,685
8.00%
,
02/01/27
..................
1,532
1,519,867
8.75%
,
02/15/30
..................
3,486
3,612,145
USA
Compression
Partners
LP
6.88%
,
04/01/26
..................
2,650
2,634,435
6.88%
,
09/01/27
..................
1,684
1,682,825
Valaris
Ltd.,
8.38%,
04/30/30
(b)
..........
3,641
3,732,972
Vallourec
SACA,
8.50%,
06/30/26
(c)
.......
EUR
1,531
1,666,147
Venture
Global
LNG,
Inc.
(b)
8.13%
,
06/01/28
..................
USD
3,527
3,564,699
9.50%
,
02/01/29
..................
9,438
10,023,524
8.38%
,
06/01/31
..................
7,222
7,293,038
9.88%
,
02/01/32
..................
5,226
5,495,803
Weatherford
International
Ltd.
(b)
6.50%
,
09/15/28
..................
1,047
1,068,914
8.63%
,
04/30/30
..................
2,733
2,792,483
72,917,209
Entertainment
—
0.1%
CPUK
Finance
Ltd.,
3.59%,
08/28/25
(c)
.....
GBP
660
808,815
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
.....................
USD
1,681
1,278,189
Live
Nation
Entertainment,
Inc.,
4.75%,
10/15/27
(b)
.....................
2,302
2,192,816
Motion
Finco
SARL,
7.38%,
06/15/30
(c)
.....
EUR
828
923,776
Netflix,
Inc.,
5.38%,
11/15/29
(b)
..........
USD
479
492,951
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
Odeon
Finco
plc,
12.75%,
11/01/27
(b)
......
USD
488
$
491,020
Pinewood
Finance
Co.
Ltd.,
3.25%,
09/30/25
(c)
GBP
543
671,106
Pinnacle
Bidco
plc
(c)
8.25%
,
10/11/28
..................
EUR
376
424,121
10.00%
,
10/11/28
.................
GBP
471
626,295
Playtika
Holding
Corp.,
4.25%,
03/15/29
(b)
...
USD
399
342,665
Warnermedia
Holdings,
Inc.
5.14%
,
03/15/52
..................
2,083
1,790,479
5.39%
,
03/15/62
..................
1,379
1,186,613
11,228,846
Financial
Services
—
0.7%
Banco
Votorantim
SA,
4.50%,
09/24/24
(c)
...
1,178
1,160,330
Block,
Inc.
2.75%
,
06/01/26
..................
747
699,194
3.50%
,
06/01/31
..................
4,844
4,172,977
Cerved
Group
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
9.18%,
02/15/29
(a)
(c)
.....
EUR
566
594,402
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
....
USD
1,096
1,093,556
Fidelity
National
Information
Services,
Inc.
1.15%
,
03/01/26
..................
255
237,178
4.70%
,
07/15/27
..................
584
585,729
Fiserv,
Inc.
3.85%
,
06/01/25
..................
742
730,020
2.25%
,
06/01/27
..................
350
324,585
2.65%
,
06/01/30
..................
214
188,197
Freedom
Mortgage
Corp.
(b)
12.00%
,
10/01/28
.................
523
574,089
12.25%
,
10/01/30
.................
519
578,585
Freedom
Mortgage
Holdings
LLC,
9.25%,
02/01/29
(b)
.....................
285
288,591
Garfunkelux
Holdco
3
SA
(c)
6.75%
,
11/01/25
..................
EUR
1,624
1,425,492
7.75%
,
11/01/25
..................
GBP
381
384,438
GGAM
Finance
Ltd.,
8.00%,
02/15/27
(b)
....
USD
1,935
1,993,495
Global
Payments,
Inc.
1.20%
,
03/01/26
..................
502
463,763
4.80%
,
04/01/26
..................
157
156,261
2.15%
,
01/15/27
..................
130
120,276
2.90%
,
11/15/31
..................
72
61,367
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
...
2,783
2,512,502
JPMorgan
Chase
Bank
NA,
5.11%,
12/08/26
.
1,655
1,676,158
Mastercard,
Inc.,
2.00%,
11/18/31
........
275
231,512
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
1,182
1,151,247
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%
,
02/01/26
..................
5,150
5,019,192
6.00%
,
01/15/27
..................
1,020
1,000,131
5.13%
,
12/15/30
..................
967
869,154
5.75%
,
11/15/31
..................
1,240
1,142,936
7.13%
,
02/01/32
..................
3,225
3,198,686
Nationwide
Building
Society
(a)(c)(k)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.39%),
5.88%
....
GBP
2,934
3,643,893
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
....
3,644
4,262,646
NCR
Atleos
Corp.,
9.50%,
04/01/29
(b)
......
USD
1,271
1,363,275
Nexi
SpA,
0.00%,
02/24/28
(c)
(m)
(o)
.........
EUR
3,200
3,025,822
Nykredit
Realkredit
A/S,
(5-Year
EUR
Swap
Annual
+
4.57%),
4.13%
(a)
(c)
(k)
.........
600
620,888
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(b)
.....................
USD
1,371
1,412,064
Permian
Resources
Operating
LLC,
7.00%,
01/15/32
(b)
.....................
1,643
1,696,238
Rocket
Mortgage
LLC
(b)
2.88%
,
10/15/26
..................
5,357
4,915,423
3.88%
,
03/01/31
..................
489
427,293
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
4.00%
,
10/15/33
..................
USD
295
$
250,399
Sabre
GLBL,
Inc.
(b)
8.63%
,
06/01/27
..................
2,246
2,100,011
11.25%
,
12/15/27
.................
122
122,152
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
....
2,514
2,452,407
Taurus
Law
130
Securities
SRL,
(Acquired
07/14/23,
cost
$7,156,200),
(3-mo.
EURIBOR
+
3.25%),
7.24%,
08/15/27
(a)
(f)
(h)
........
EUR
6,599
6,901,910
Thames
Water
Utilities
Finance
plc,
4.00%,
04/18/27
(c)
.....................
726
758,121
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
..
USD
10,763
10,805,891
Visa,
Inc.
1.90%
,
04/15/27
..................
30
27,940
1.10%
,
02/15/31
..................
95
76,399
Worldline
SA,
0.00%,
07/30/26
(c)
(m)
(o)
......
EUR
1,907
1,847,228
79,344,043
Food
Products
—
0.2%
B&G
Foods,
Inc.,
8.00%,
09/15/28
(b)
......
USD
573
597,290
Bimbo
Bakeries
USA,
Inc.,
5.38%,
01/09/36
(b)
.
478
479,912
Chobani
LLC
(b)
4.63%
,
11/15/28
..................
3,810
3,565,624
7.63%
,
07/01/29
..................
4,720
4,778,822
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
..
1,483
1,473,853
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
(b)
...
809
809,000
Kraft
Heinz
Foods
Co.,
3.88%,
05/15/27
....
2,943
2,877,255
Lamb
Weston
Holdings,
Inc.,
4.13%,
01/31/30
(b)
2,179
1,988,391
Minerva
Luxembourg
SA,
8.88%,
09/13/33
(b)
.
1,139
1,192,533
Post
Holdings,
Inc.
(b)
5.63%
,
01/15/28
..................
413
406,434
5.50%
,
12/15/29
..................
124
119,860
4.63%
,
04/15/30
..................
129
118,635
4.50%
,
09/15/31
..................
278
249,712
Premier
Foods
Finance
plc
3.50%
,
10/15/26
(c)
.................
GBP
977
1,173,877
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
...
USD
1,319
1,134,040
Tereos
Finance
Groupe
I
SA
(c)
4.75%
,
04/30/27
..................
EUR
240
259,017
7.25%
,
04/15/28
..................
850
970,367
22,194,622
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
...
USD
1,296
1,332,431
Atmos
Energy
Corp.
2.63%
,
09/15/29
..................
152
138,596
5.90%
,
11/15/33
..................
82
88,773
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
................
1,403
1,473,529
NGL
Energy
Operating
LLC
(b)
8.13%
,
02/15/29
..................
2,080
2,090,459
8.38%
,
02/15/32
..................
4,221
4,252,103
ONE
Gas,
Inc.
2.00%
,
05/15/30
..................
36
30,676
4.25%
,
09/01/32
..................
34
32,887
Promigas
SA
ESP
3.75%
,
10/16/29
(c)
.................
1,144
991,705
3.75%
,
10/16/29
(b)
.................
1,468
1,272,573
Southern
California
Gas
Co.,
2.95%,
04/15/27
364
346,076
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
.....................
619
556,363
UGI
International
LLC,
2.50%,
12/01/29
(c)
...
EUR
1,376
1,312,449
13,918,620
Ground
Transportation
—
0.2%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
.
USD
1,639
1,610,036
Ashtead
Capital,
Inc.,
5.95%,
10/15/33
(b)
....
1,483
1,510,399
Avis
Budget
Car
Rental
LLC,
8.00%,
02/15/31
(b)
1,208
1,205,463
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
BCP
V
Modular
Services
Finance
II
plc,
4.75%,
11/30/28
(c)
.....................
EUR
756
$
756,755
Burlington
Northern
Santa
Fe
LLC,
3.25%,
06/15/27
......................
USD
53
51,111
Canadian
National
Railway
Co.
3.85%
,
08/05/32
..................
456
430,055
6.20%
,
06/01/36
..................
39
43,492
CSX
Corp.
3.25%
,
06/01/27
..................
477
458,494
4.25%
,
03/15/29
..................
292
289,928
DAE
Funding
LLC
(c)
1.55%
,
08/01/24
..................
1,648
1,605,255
2.63%
,
03/20/25
..................
829
794,804
EC
Finance
plc,
3.00%,
10/15/26
(c)
.......
EUR
797
835,065
GN
Bondco
LLC,
9.50%,
10/15/31
(b)
......
USD
1,862
1,836,398
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)
(c)
(k)
....................
GBP
1,742
2,009,461
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
..
USD
1,421
1,332,031
Norfolk
Southern
Corp.
3.15%
,
06/01/27
..................
1,203
1,153,002
5.05%
,
08/01/30
..................
334
340,853
2.30%
,
05/15/31
..................
467
397,867
Penske
Truck
Leasing
Co.
LP
(b)
1.20%
,
11/15/25
..................
2,946
2,741,545
4.45%
,
01/29/26
..................
163
159,770
5.88%
,
11/15/27
..................
415
425,574
RXO,
Inc.,
7.50%,
11/15/27
(b)
...........
647
666,413
Ryder
System,
Inc.,
6.60%,
12/01/33
......
431
470,371
Uber
Technologies,
Inc.
(b)
6.25%
,
01/15/28
..................
628
631,517
4.50%
,
08/15/29
..................
3,833
3,628,088
Union
Pacific
Corp.,
3.38%,
02/01/35
......
230
201,793
25,585,540
Health
Care
Equipment
&
Supplies
—
0.2%
Avantor
Funding,
Inc.
(b)
4.63%
,
07/15/28
..................
1,671
1,590,861
3.88%
,
11/01/29
..................
1,065
966,692
Bausch
&
Lomb
Escrow
Corp.,
8.38%,
10/01/28
(b)
.....................
6,193
6,425,671
Baxter
International,
Inc.,
2.54%,
02/01/32
..
388
323,915
Becton
Dickinson
&
Co.,
3.70%,
06/06/27
...
587
567,882
Garden
Spinco
Corp.,
8.63%,
07/20/30
(b)
...
1,738
1,859,660
Medline
Borrower
LP
(b)
3.88%
,
04/01/29
..................
2,862
2,591,265
5.25%
,
10/01/29
..................
6,120
5,706,344
Medtronic
Global
Holdings
SCA
4.25%
,
03/30/28
..................
212
210,560
4.50%
,
03/30/33
..................
616
610,537
Teleflex,
Inc.,
4.63%,
11/15/27
..........
172
166,862
21,020,249
Health
Care
Providers
&
Services
—
0.4%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(b)
705
689,202
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
.
2,676
2,398,526
Centene
Corp.
3.00%
,
10/15/30
..................
327
282,875
2.63%
,
08/01/31
..................
1,890
1,568,794
Clariane
SE
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)
(c)
(k)
GBP
1,100
669,134
Community
Health
Systems,
Inc.
(b)
5.63%
,
03/15/27
..................
USD
2,031
1,876,205
6.00%
,
01/15/29
..................
2,577
2,328,397
5.25%
,
05/15/30
..................
2,115
1,751,057
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.75%
,
02/15/31
..................
USD
2,554
$
2,027,493
Elevance
Health,
Inc.
5.35%
,
10/15/25
..................
331
333,074
4.10%
,
05/15/32
..................
688
651,146
Encompass
Health
Corp.
4.50%
,
02/01/28
..................
100
95,520
4.75%
,
02/01/30
..................
1,162
1,089,800
4.63%
,
04/01/31
..................
1,701
1,562,756
Ephios
Subco
3
SARL,
7.88%,
01/31/31
(c)
...
EUR
1,372
1,563,585
HCA,
Inc.
3.50%
,
09/01/30
..................
USD
1,236
1,121,499
3.63%
,
03/15/32
..................
840
748,783
5.50%
,
06/01/33
..................
418
424,411
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
......
2,884
2,692,646
Humana,
Inc.,
5.95%,
03/15/34
.........
315
332,250
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
1,965
1,830,044
LifePoint
Health,
Inc.
(b)
9.88%
,
08/15/30
..................
1,819
1,860,055
11.00%
,
10/15/30
.................
1,266
1,347,117
Molina
Healthcare,
Inc.
(b)
4.38%
,
06/15/28
..................
1,030
965,499
3.88%
,
11/15/30
..................
829
726,646
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
..
1,735
1,583,292
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
.....................
247
245,765
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
................
389
388,324
Surgery
Center
Holdings,
Inc.
(b)
6.75%
,
07/01/25
..................
1,950
1,952,925
10.00%
,
04/15/27
.................
1,794
1,805,275
Sutter
Health
Series
2018
,
3.70%
,
08/15/28
.........
87
83,655
Series
20A
,
2.29%
,
08/15/30
.........
291
250,002
5.16%
,
08/15/33
..................
152
154,756
Tenet
Healthcare
Corp.
5.13%
,
11/01/27
..................
1,149
1,115,698
4.63%
,
06/15/28
..................
234
221,908
6.13%
,
10/01/28
..................
1,415
1,409,793
6.13%
,
06/15/30
..................
515
514,808
6.75%
,
05/15/31
(b)
.................
3,979
4,069,870
UnitedHealth
Group,
Inc.
4.00%
,
05/15/29
..................
292
284,891
2.30%
,
05/15/31
..................
354
304,032
4.63%
,
07/15/35
..................
324
324,035
5.80%
,
03/15/36
..................
190
207,747
45,853,290
Health
Care
REITs
—
0.1%
Healthpeak
OP
LLC
1.35%
,
02/01/27
..................
157
141,842
3.00%
,
01/15/30
..................
74
66,076
5.25%
,
12/15/32
..................
552
553,309
MPT
Operating
Partnership
LP
2.50%
,
03/24/26
..................
GBP
1,453
1,463,902
5.25%
,
08/01/26
..................
USD
1,055
892,502
4.63%
,
08/01/29
..................
1,645
1,112,288
3.50%
,
03/15/31
..................
2,348
1,439,415
Welltower
OP
LLC
4.00%
,
06/01/25
..................
420
413,127
2.75%
,
01/15/32
..................
639
541,820
3.85%
,
06/15/32
..................
545
499,621
7,123,902
Health
Care
Technology
—
0.0%
IQVIA,
Inc.
(b)
5.00%
,
05/15/27
..................
247
241,402
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
(continued)
6.25%
,
02/01/29
..................
USD
2,067
$
2,151,160
6.50%
,
05/15/30
..................
589
600,821
2,993,383
Hotel
&
Resort
REITs
—
0.1%
RHP
Hotel
Properties
LP
4.75%
,
10/15/27
..................
1,931
1,853,655
7.25%
,
07/15/28
(b)
.................
1,998
2,059,548
4.50%
,
02/15/29
(b)
.................
200
185,922
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
...
847
800,416
Service
Properties
Trust
7.50%
,
09/15/25
..................
880
893,267
8.63%
,
11/15/31
(b)
.................
4,118
4,366,298
10,159,106
Hotels,
Restaurants
&
Leisure
—
1.2%
1011778
BC
ULC
(b)
3.88%
,
01/15/28
..................
315
296,442
4.38%
,
01/15/28
..................
1,015
965,396
4.00%
,
10/15/30
..................
1,374
1,228,067
Accor
SA,
(5-Year
EUR
Swap
Annual
+
3.25%),
2.63%
(a)
(c)
(k)
....................
EUR
700
738,743
Allwyn
Entertainment
Financing
UK
plc
7.88%
,
04/30/29
(b)
.................
USD
1,000
1,020,930
7.25%
,
04/30/30
(c)
.................
EUR
1,529
1,728,813
Booking
Holdings,
Inc.
3.55%
,
03/15/28
..................
USD
48
46,362
4.63%
,
04/13/30
..................
419
420,147
Boyd
Gaming
Corp.
4.75%
,
12/01/27
..................
774
747,684
4.75%
,
06/15/31
(b)
.................
482
442,779
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
......
1,813
1,660,697
Burger
King
France
SAS
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.72%
,
11/01/26
(a)
(c)
..............
EUR
409
444,778
Caesars
Entertainment,
Inc.
(b)
8.13%
,
07/01/27
..................
USD
3,585
3,679,092
4.63%
,
10/15/29
..................
1,712
1,564,970
7.00%
,
02/15/30
..................
5,143
5,285,199
6.50%
,
02/15/32
..................
2,758
2,788,506
Carnival
Corp.
7.63%
,
03/01/26
(c)
.................
EUR
2,558
2,810,044
5.75%
,
03/01/27
(b)
.................
USD
3,708
3,653,129
4.00%
,
08/01/28
(b)
.................
2,172
2,009,126
6.00%
,
05/01/29
(b)
.................
5,598
5,422,095
7.00%
,
08/15/29
(b)
.................
856
890,174
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
.....................
13,128
14,361,509
Carnival
plc,
1.00%,
10/28/29
..........
EUR
686
559,860
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
......
USD
666
657,729
Cedar
Fair
LP
5.50%
,
05/01/25
(b)
.................
3,134
3,127,878
6.50%
,
10/01/28
..................
435
432,837
Churchill
Downs,
Inc.
(b)
4.75%
,
01/15/28
..................
1,577
1,501,992
5.75%
,
04/01/30
..................
2,819
2,727,184
6.75%
,
05/01/31
..................
2,137
2,161,309
Cirsa
Finance
International
SARL
(c)
4.75%
,
05/22/25
..................
EUR
1,455
1,570,824
7.88%
,
07/31/28
..................
410
462,490
(3-mo.
EURIBOR
+
4.50%),
8.41%
,
07/31/28
(a)
....................
635
694,822
Series
FEB
,
(3-mo.
EURIBOR
+
4.50%),
8.41%
,
07/31/28
(a)
...............
230
251,668
6.50%
,
03/15/29
..................
447
483,073
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Codere
Finance
2
Luxembourg
SA,
11.00%,
(11.00%
Cash
or
11.00%
PIK),
09/30/26
(c)
(d)
(j)
EUR
1,144
$
704,339
Codere
New
Holdco
SA
7.50%
,
11/30/27
(c)
.................
214
1,156
7.50%
,
11/30/27
(b)
.................
156
1,400
CPUK
Finance
Ltd.
(c)
4.88%
,
08/28/25
..................
GBP
619
762,428
4.50%
,
08/28/27
..................
200
226,162
Elior
Group
SA,
3.75%,
07/15/26
(c)
.......
EUR
1,228
1,239,458
Fertitta
Entertainment
LLC
(b)
4.63%
,
01/15/29
..................
USD
930
851,006
6.75%
,
01/15/30
..................
525
471,999
Food
Service
Project
SA,
5.50%,
01/21/27
(c)
.
EUR
1,061
1,150,544
GLP
Capital
LP
5.30%
,
01/15/29
..................
USD
277
272,901
6.75%
,
12/01/33
..................
915
973,831
Hilton
Domestic
Operating
Co.,
Inc.
5.75%
,
05/01/28
(b)
.................
1,387
1,388,691
3.75%
,
05/01/29
(b)
.................
172
157,843
4.88%
,
01/15/30
..................
280
269,869
4.00%
,
05/01/31
(b)
.................
1,134
1,019,247
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
6.63%,
01/15/32
(b)
................
1,105
1,107,328
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(c)
.....................
EUR
1,465
1,529,792
International
Game
Technology
plc,
5.25%,
01/15/29
(b)
.....................
USD
671
654,834
Life
Time,
Inc.,
8.00%,
04/15/26
(b)
........
809
810,068
Light
&
Wonder
International,
Inc.
(b)
7.25%
,
11/15/29
..................
475
487,773
7.50%
,
09/01/31
..................
1,067
1,110,269
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
.....................
1,443
1,499,734
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
.
1,314
1,302,594
Lottomatica
SpA
(c)
9.75%
,
09/30/27
..................
EUR
669
778,116
(3-mo.
EURIBOR
+
4.13%),
8.10%
,
06/01/28
(a)
....................
209
227,763
(3-mo.
EURIBOR
+
4.13%),
8.10%
,
06/01/28
(a)
....................
959
1,045,097
(3-mo.
EURIBOR
+
4.00%),
7.93%
,
12/15/30
(a)
....................
1,016
1,112,540
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
1,336
1,130,083
Melco
Resorts
Finance
Ltd.
(b)
4.88%
,
06/06/25
..................
880
858,000
5.75%
,
07/21/28
..................
400
372,000
5.38%
,
12/04/29
..................
2,615
2,317,544
Merlin
Entertainments
Group
US
Holdings,
Inc.,
7.38%,
02/15/31
(b)
................
1,554
1,556,111
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(b)
1,676
1,655,050
MGM
China
Holdings
Ltd.
(b)
5.38%
,
05/15/24
..................
200
199,026
5.25%
,
06/18/25
..................
400
388,875
5.88%
,
05/15/26
..................
400
388,736
4.75%
,
02/01/27
..................
440
411,400
Midco
GB
SASU,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
11/01/27
(c)
(j)
............
EUR
150
162,100
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
.....................
USD
1,053
971,447
Motion
Bondco
DAC,
6.63%,
11/15/27
(b)
....
848
810,434
NCL
Corp.
Ltd.
(b)
5.88%
,
03/15/26
..................
1,883
1,836,057
8.38%
,
02/01/28
..................
706
741,229
8.13%
,
01/15/29
..................
621
651,852
7.75%
,
02/15/29
..................
342
345,316
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
......
USD
1,086
$
1,038,627
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
..
831
866,317
Premier
Entertainment
Sub
LLC
(b)
5.63%
,
09/01/29
..................
700
524,944
5.88%
,
09/01/31
..................
888
645,061
Raising
Cane's
Restaurants
LLC,
9.38%,
05/01/29
(b)
.....................
719
770,414
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
..
1,501
1,440,729
Royal
Caribbean
Cruises
Ltd.
(b)
4.25%
,
07/01/26
..................
700
673,561
5.38%
,
07/15/27
..................
668
657,320
5.50%
,
04/01/28
..................
1,067
1,053,422
8.25%
,
01/15/29
..................
1,250
1,324,556
7.25%
,
01/15/30
..................
1,270
1,323,606
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
.....................
614
577,160
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
.....................
3,451
3,520,020
Station
Casinos
LLC
(b)
4.50%
,
02/15/28
..................
933
877,044
4.63%
,
12/01/31
..................
709
636,328
Stonegate
Pub
Co.
Financing
2019
plc,
(3-mo.
EURIBOR
at
5.75%
Floor
+
5.75%),
9.75%,
07/31/25
(a)
(c)
....................
EUR
260
271,429
Stonegate
Pub
Co.
Financing
plc,
8.00%,
07/13/25
(c)
.....................
GBP
939
1,148,345
Viking
Cruises
Ltd.
(b)
5.88%
,
09/15/27
..................
USD
1,156
1,114,176
7.00%
,
02/15/29
..................
225
224,649
9.13%
,
07/15/31
..................
2,488
2,662,160
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
.....................
890
866,638
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
.....................
1,844
1,721,657
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
...
2,243
2,191,945
Wynn
Macau
Ltd.
(b)
5.50%
,
01/15/26
..................
410
396,163
5.63%
,
08/26/28
..................
4,247
3,930,598
5.13%
,
12/15/29
..................
200
177,250
Wynn
Resorts
Finance
LLC
(b)
5.13%
,
10/01/29
..................
1,500
1,417,060
7.13%
,
02/15/31
..................
1,976
2,037,708
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(b)
......
827
794,061
137,671,338
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
4.63%
,
08/01/29
..................
764
687,646
4.63%
,
04/01/30
..................
327
295,954
Brookfield
Residential
Properties,
Inc.
(b)
5.00%
,
06/15/29
..................
1,588
1,446,986
4.88%
,
02/15/30
..................
1,689
1,497,807
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
594
624,583
KB
Home,
7.25%,
07/15/30
............
516
530,303
LGI
Homes,
Inc.,
8.75%,
12/15/28
(b)
.......
431
455,008
Mattamy
Group
Corp.,
4.63%,
03/01/30
(b)
...
1,303
1,187,942
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(b)
...
511
511,000
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
.
840
582,078
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(b)
.....................
61
58,099
Tempur
Sealy
International,
Inc.
(b)
4.00%
,
04/15/29
..................
1,507
1,359,639
3.88%
,
10/15/31
..................
108
91,136
TRI
Pointe
Homes,
Inc.
5.25%
,
06/01/27
..................
1,900
1,868,099
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
5.70%
,
06/15/28
..................
USD
343
$
337,347
11,533,627
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
5.13%
,
02/01/28
..................
1,436
1,389,885
4.13%
,
10/15/30
..................
1,140
1,022,196
Kimberly-Clark
de
Mexico
SAB
de
CV,
2.43%,
07/01/31
(b)
.....................
1,021
872,955
Spectrum
Brands,
Inc.
(b)
5.00%
,
10/01/29
..................
159
152,640
5.50%
,
07/15/30
..................
446
438,195
3,875,871
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
1.38%
,
01/15/26
..................
1,378
1,278,059
3.95%
,
07/15/30
(b)
.................
129
118,863
2.45%
,
01/15/31
..................
449
374,729
Calpine
Corp.
(b)
5.13%
,
03/15/28
..................
2,016
1,923,700
4.63%
,
02/01/29
..................
200
184,907
5.00%
,
02/01/31
..................
360
326,597
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
.....................
2,183
2,078,440
Colbun
SA,
3.15%,
01/19/32
(b)
..........
2,123
1,802,427
Constellation
Energy
Generation
LLC
3.25%
,
06/01/25
..................
47
45,742
5.60%
,
03/01/28
..................
29
29,833
6.13%
,
01/15/34
..................
78
83,238
NextEra
Energy
Partners
LP
(b)(m)
0.00%
,
11/15/25
(o)
.................
1,003
886,151
2.50%
,
06/15/26
..................
675
605,812
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
.
786
834,197
TransAlta
Corp.,
7.75%,
11/15/29
........
824
866,288
11,438,983
Industrial
Conglomerates
—
0.1%
Emerald
Debt
Merger
Sub
LLC
6.38%
,
12/15/30
(c)
.................
EUR
690
782,963
6.63%
,
12/15/30
(b)
.................
USD
12,060
12,181,444
GEMS
MENASA
Cayman
Ltd.
7.13%
,
07/31/26
(b)
.................
1,161
1,141,771
7.13%
,
07/31/26
(c)
.................
684
672,671
14,778,849
Industrial
REITs
—
0.0%
Prologis
LP,
2.25%,
01/15/32
...........
332
276,388
Insurance
—
1.1%
Acrisure
LLC
(b)
8.25%
,
02/01/29
..................
1,717
1,721,401
6.00%
,
08/01/29
..................
924
847,618
Alliant
Holdings
Intermediate
LLC
(b)
4.25%
,
10/15/27
..................
4,462
4,150,708
6.75%
,
10/15/27
..................
9,567
9,340,453
6.75%
,
04/15/28
..................
1,653
1,668,259
5.88%
,
11/01/29
..................
8,177
7,743,864
7.00%
,
01/15/31
..................
4,521
4,568,923
Allianz
SE
(a)(b)(k)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
3.50%
10,000
9,053,006
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
3,800
3,031,554
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
....
2,933
2,737,508
Aon
Corp.
2.85%
,
05/28/27
..................
55
51,989
2.05%
,
08/23/31
..................
143
116,963
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
2.60%
,
12/02/31
..................
USD
207
$
175,634
5.00%
,
09/12/32
..................
45
45,034
5.35%
,
02/28/33
..................
404
412,925
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(b)
(j)
..........
406
408,597
Aviva
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.65%),
6.88%
(a)
(c)
(k)
...
GBP
3,375
3,966,806
AXA
SA,
(5-Year
EUR
Swap
Annual
+
3.84%),
6.38%
(a)
(c)
(k)
....................
EUR
3,025
3,330,413
BUPA
Finance
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)
(c)
(k)
....................
GBP
1,100
963,623
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(c)
......
1,988
2,462,424
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
..
USD
1,990
1,993,759
HUB
International
Ltd.
(b)
7.25%
,
06/15/30
..................
15,106
15,539,044
7.38%
,
01/31/32
..................
16,541
16,939,569
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%
,
03/15/30
..................
1,968
2,041,800
10.50%
,
12/15/30
.................
1,672
1,761,987
Just
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.27%),
5.00%
(a)
(c)
(k)
....................
GBP
550
509,170
Legal
&
General
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(a)
(c)
(k)
...............
2,175
2,404,939
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
4,316,337
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%
,
05/23/59
(c)
...............
EUR
4,434
4,701,977
Marsh
&
McLennan
Cos.,
Inc.,
5.40%,
09/15/33
USD
355
371,610
NFP
Corp.
(b)
4.88%
,
08/15/28
..................
1,114
1,104,977
6.88%
,
08/15/28
..................
8,380
8,426,970
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
....
1,261
1,168,376
Sumitomo
Life
Insurance
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.84%),
5.88%
(a)
(b)
(k)
........
640
639,926
USI,
Inc.,
7.50%,
01/15/32
(b)
...........
2,280
2,311,350
121,029,493
Interactive
Media
&
Services
—
0.0%
Meta
Platforms,
Inc.
4.60%
,
05/15/28
..................
667
673,850
4.95%
,
05/15/33
..................
424
433,818
1,107,668
IT
Services
—
0.3%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
..
3,600
3,146,724
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
.
994
873,477
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
.....
1,306
1,168,037
Atos
SE
(c)
0.00%
,
11/06/24
(m)
(o)
...............
EUR
400
190,187
1.75%
,
05/07/25
..................
1,100
440,142
2.50%
,
11/07/28
..................
200
56,197
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(c)
...
1,068
1,145,370
Booz
Allen
Hamilton,
Inc.,
4.00%,
07/01/29
(b)
.
USD
1,172
1,097,754
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
...
3,769
3,519,304
Cablevision
Lightpath
LLC
(b)
3.88%
,
09/15/27
..................
2,045
1,832,106
5.63%
,
09/15/28
..................
1,158
978,510
Central
Parent
LLC,
8.00%,
06/15/29
(b)
.....
2,334
2,395,431
Engineering
-
Ingegneria
Informatica
-
SpA
11.13%
,
05/15/28
(c)
................
EUR
2,057
2,389,725
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Gartner,
Inc.
(b)
4.50%
,
07/01/28
..................
USD
530
$
505,788
3.75%
,
10/01/30
..................
570
509,943
Global
Switch
Finance
BV,
1.38%,
10/07/30
(c)
.
EUR
1,583
1,543,129
GTCR
W-2
Merger
Sub
LLC
7.50%
,
01/15/31
(b)
.................
USD
5,295
5,500,552
8.50%
,
01/15/31
(c)
.................
GBP
282
383,542
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
.....................
USD
1,842
1,687,733
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(b)
.....................
609
658,481
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
....
3,094
2,976,853
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
...
281
272,162
Twilio,
Inc.
3.63%
,
03/15/29
..................
1,616
1,460,060
3.88%
,
03/15/31
..................
1,525
1,344,331
United
Group
BV
(c)
(3-mo.
EURIBOR
+
3.25%),
7.25%
,
02/15/26
(a)
....................
EUR
501
541,160
4.00%
,
11/15/27
..................
643
651,737
4.63%
,
08/15/28
..................
142
143,795
37,412,230
Leisure
Products
—
0.0%
Acushnet
Co.,
7.38%,
10/15/28
(b)
........
USD
441
458,671
Mattel,
Inc.
6.20%
,
10/01/40
..................
875
864,524
5.45%
,
11/01/41
..................
1,181
1,061,131
2,384,326
Life
Sciences
Tools
&
Services
—
0.1%
Charles
River
Laboratories
International,
Inc.
(b)
4.25%
,
05/01/28
..................
157
148,317
4.00%
,
03/15/31
..................
521
463,028
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
(b)
...
1,037
1,053,924
Star
Parent,
Inc.,
9.00%,
10/01/30
(b)
.......
3,751
3,944,189
Thermo
Fisher
Scientific,
Inc.,
2.00%,
10/15/31
659
550,888
6,160,346
Machinery
—
0.3%
ATS
Corp.,
4.13%,
12/15/28
(b)
..........
814
738,994
Boels
Topholding
BV,
6.25%,
02/15/29
(c)
....
EUR
1,209
1,362,095
Chart
Industries,
Inc.
(b)
7.50%
,
01/01/30
..................
USD
2,669
2,739,779
9.50%
,
01/01/31
..................
602
642,049
Daimler
Truck
Finance
North
America
LLC
(b)
5.15%
,
01/16/26
..................
616
618,402
3.65%
,
04/07/27
..................
336
324,777
5.38%
,
01/18/34
..................
530
539,261
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
.....................
707
528,348
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)
(j)
..........
2,542
2,543,222
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
(b)
.....................
3,105
3,136,050
IMA
Industria
Macchine
Automatiche
SpA
(c)
3.75%
,
01/15/28
..................
EUR
118
122,526
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.94%
,
01/15/28
(a)
...............
790
855,546
Loxam
SAS
(c)
6.38%
,
05/15/28
..................
996
1,112,018
6.38%
,
05/31/29
..................
1,413
1,568,412
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
USD
533
482,211
Novafives
SAS,
5.00%,
06/15/25
(c)
.......
EUR
742
789,851
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
......
USD
877
529,922
Otis
Worldwide
Corp.
2.29%
,
04/05/27
..................
168
156,991
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
2.57%
,
02/15/30
..................
USD
174
$
154,037
Renk
AG,
5.75%,
07/15/25
(c)
...........
EUR
2,227
2,400,952
Terex
Corp.,
5.00%,
05/15/29
(b)
.........
USD
625
590,626
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
....
3,871
3,881,065
Titan
International,
Inc.,
7.00%,
04/30/28
...
371
369,876
TK
Elevator
Holdco
GmbH
6.63%
,
07/15/28
(c)
.................
EUR
810
839,104
7.63%
,
07/15/28
(b)
.................
USD
2,334
2,314,411
TK
Elevator
Midco
GmbH
4.38%
,
07/15/27
(c)
.................
EUR
1,648
1,732,907
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
6,150
5,929,913
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
..
2,282
2,076,620
39,079,965
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(b)
........
1,991
2,031,059
Media
—
1.0%
Altice
Financing
SA
2.25%
,
01/15/25
(c)
.................
EUR
285
296,835
3.00%
,
01/15/28
(c)
.................
100
94,561
5.00%
,
01/15/28
(b)
.................
USD
2,250
2,021,924
4.25%
,
08/15/29
(c)
.................
EUR
1,812
1,715,388
5.75%
,
08/15/29
(b)
.................
USD
4,698
4,094,196
AMC
Networks,
Inc.,
4.75%,
08/01/25
.....
1,332
1,283,417
Banijay
Entertainment
SASU
7.00%
,
05/01/29
(c)
.................
EUR
1,263
1,435,586
8.13%
,
05/01/29
(b)
.................
USD
465
480,809
Cable
One,
Inc.
0.00%
,
03/15/26
(m)
(o)
...............
569
486,210
4.00%
,
11/15/30
(b)
.................
3,047
2,452,835
Charter
Communications
Operating
LLC
6.15%
,
11/10/26
..................
1,406
1,436,209
2.25%
,
01/15/29
..................
1,403
1,211,557
2.80%
,
04/01/31
..................
1,466
1,211,330
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
.....................
2,119
2,120,088
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%
,
08/15/27
..................
1,139
1,072,701
7.75%
,
04/15/28
..................
1,563
1,355,039
9.00%
,
09/15/28
..................
6,871
7,142,868
7.50%
,
06/01/29
..................
2,003
1,654,959
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
.....
1,674
1,305,996
Comcast
Corp.
4.15%
,
10/15/28
..................
827
814,630
2.65%
,
02/01/30
..................
562
505,432
1.50%
,
02/15/31
..................
673
547,875
CSC
Holdings
LLC
(b)
5.50%
,
04/15/27
..................
1,664
1,495,078
5.38%
,
02/01/28
..................
400
343,634
11.25%
,
05/15/28
.................
8,142
8,250,093
11.75%
,
01/31/29
.................
3,428
3,481,923
4.13%
,
12/01/30
..................
821
593,172
4.50%
,
11/15/31
..................
941
675,216
DirecTV
Financing
LLC
(b)
5.88%
,
08/15/27
..................
1,898
1,804,411
8.88%
,
02/01/30
..................
1,285
1,310,771
DISH
DBS
Corp.
(b)
5.25%
,
12/01/26
..................
2,993
2,357,002
5.75%
,
12/01/28
..................
131
88,127
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
...
6,016
6,278,935
Eutelsat
SA,
1.50%,
10/13/28
(c)
.........
EUR
2,300
1,728,901
GCI
LLC,
4.75%,
10/15/28
(b)
...........
USD
829
759,969
Gray
Television,
Inc.
(b)
5.88%
,
07/15/26
..................
822
805,560
7.00%
,
05/15/27
..................
526
514,165
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Grupo
Televisa
SAB,
8.50%,
03/11/32
.....
USD
30
$
34,800
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
585
495,249
Interpublic
Group
of
Cos.,
Inc.
(The),
2.40%,
03/01/31
......................
661
558,031
Lamar
Media
Corp.,
4.00%,
02/15/30
......
306
280,021
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
.....................
3,009
2,898,454
Midcontinent
Communications,
5.38%,
08/15/27
(b)
.....................
554
536,715
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
.....
401
390,536
Outfront
Media
Capital
LLC
(b)
5.00%
,
08/15/27
..................
833
797,352
4.25%
,
01/15/29
..................
1,553
1,384,205
4.63%
,
03/15/30
..................
422
373,495
7.38%
,
02/15/31
..................
1,270
1,330,414
Paramount
Global
4.20%
,
05/19/32
..................
447
397,760
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
03/30/62
(a)
....................
5,523
4,932,398
Radiate
Holdco
LLC
(b)
4.50%
,
09/15/26
..................
2,242
1,733,503
6.50%
,
09/15/28
..................
2,397
1,031,789
SES
SA,
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
(a)
(c)
(k)
....................
EUR
560
564,342
Sirius
XM
Radio,
Inc.
(b)
3.13%
,
09/01/26
..................
USD
1,919
1,791,175
5.00%
,
08/01/27
..................
1,301
1,250,560
4.00%
,
07/15/28
..................
495
449,514
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
....
1,577
1,443,050
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(c)
EUR
1,519
1,601,893
Summer
BidCo
BV
(c)
9.00%
,
(
9.00
%
Cash
or
9.75
%
PIK),
11/15/25
(a)
(j)
....................
1,245
1,318,404
9.00%
,
(
9.00
%
Cash
or
9.75
%
PIK),
11/15/25
(j)
.....................
1,620
1,716,080
10.00%
,
02/15/29
.................
370
403,914
Sunrise
FinCo.
I
BV,
4.88%,
07/15/31
(b)
....
USD
3,401
2,984,302
Tele
Columbus
AG,
3.88%,
05/02/25
(c)
.....
EUR
2,968
2,000,048
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
................
USD
1,000
945,894
United
Group
BV
(c)
3.13%
,
02/15/26
..................
EUR
381
396,260
6.75%
,
02/15/31
..................
172
184,718
(3-mo.
EURIBOR
+
4.25%),
8.15%
,
02/15/31
(a)
....................
404
434,420
Univision
Communications,
Inc.
(b)
8.00%
,
08/15/28
..................
USD
3,788
3,854,555
7.38%
,
06/30/30
..................
786
770,596
Videotron
Ltd.,
3.63%,
06/15/29
(b)
........
435
396,916
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(c)
................
GBP
1,052
1,216,545
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
................
USD
379
356,773
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(c)
.
EUR
1,508
1,471,152
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(c)
596
560,365
Ziggo
Bond
Co.
BV
(b)
6.00%
,
01/15/27
..................
USD
1,403
1,376,488
5.13%
,
02/28/30
..................
982
828,479
Ziggo
BV
2.88%
,
01/15/30
(c)
.................
EUR
1,933
1,895,030
4.88%
,
01/15/30
(b)
.................
USD
924
826,157
113,439,754
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
—
0.4%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
......................
USD
1,678
$
1,458,014
Antofagasta
plc,
2.38%,
10/14/30
(b)
.......
1,340
1,101,312
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
..
944
984,654
ATI,
Inc.
4.88%
,
10/01/29
..................
769
710,510
7.25%
,
08/15/30
..................
1,630
1,677,386
5.13%
,
10/01/31
..................
1,605
1,464,683
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
....
5,151
5,222,187
Carpenter
Technology
Corp.
6.38%
,
07/15/28
..................
226
225,731
7.63%
,
03/15/30
..................
1,339
1,384,928
Constellium
SE
(b)
5.88%
,
02/15/26
..................
503
499,889
5.63%
,
06/15/28
..................
750
733,704
3.75%
,
04/15/29
..................
3,031
2,723,825
CSN
Resources
SA,
8.88%,
12/05/30
(b)
....
2,461
2,522,525
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
.....
1,690
1,529,450
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(b)
1,961
1,800,443
Freeport
Indonesia
PT,
4.76%,
04/14/27
(c)
...
1,166
1,142,680
Freeport-McMoRan,
Inc.,
5.40%,
11/14/34
...
97
96,855
Fresnillo
plc,
4.25%,
10/02/50
(b)
.........
1,217
909,707
Glencore
Funding
LLC
(b)
5.70%
,
05/08/33
..................
86
88,848
6.50%
,
10/06/33
..................
1,623
1,769,679
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(b)
..
4,182
3,570,545
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(b)
..
160
169,000
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
.......
2,878
2,863,671
Newmont
Corp.,
2.25%,
10/01/30
........
288
246,716
Novelis
Corp.
(b)
3.25%
,
11/15/26
..................
1,782
1,668,529
4.75%
,
01/30/30
..................
3,016
2,797,327
3.88%
,
08/15/31
..................
3,301
2,863,079
POSCO
(b)
5.63%
,
01/17/26
..................
832
837,716
5.75%
,
01/17/28
..................
615
627,085
5.88%
,
01/17/33
..................
299
309,387
Rio
Tinto
Finance
USA
plc,
5.00%,
03/09/33
.
457
468,622
Steel
Dynamics,
Inc.
1.65%
,
10/15/27
..................
601
535,753
3.25%
,
01/15/31
..................
139
125,370
Teck
Resources
Ltd.
3.90%
,
07/15/30
..................
800
744,930
5.20%
,
03/01/42
..................
145
134,334
Vale
Overseas
Ltd.
3.75%
,
07/08/30
..................
1,017
919,114
6.13%
,
06/12/33
..................
676
689,351
47,617,539
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%
,
10/01/25
..................
258
253,569
4.25%
,
02/01/27
..................
1,275
1,180,109
4.75%
,
06/15/29
..................
1,068
955,986
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
403
373,085
2,762,749
Multi-Utilities
—
0.1%
Abu
Dhabi
National
Energy
Co.
PJSC,
4.70%,
04/24/33
(b)
.....................
728
716,170
Berkshire
Hathaway
Energy
Co.,
1.65%,
05/15/31
......................
668
538,644
Consumers
Energy
Co.
4.90%
,
02/15/29
..................
847
860,821
4.60%
,
05/30/29
..................
70
70,144
Security
Par
(000)
Par
(000)
Value
Multi-Utilities
(continued)
Dominion
Energy,
Inc.,
Series
C,
2.25%,
08/15/31
......................
USD
190
$
156,680
NiSource,
Inc.
5.25%
,
03/30/28
..................
257
262,146
5.40%
,
06/30/33
..................
547
560,758
San
Diego
Gas
&
Electric
Co.,
4.95%,
08/15/28
1,427
1,448,266
Sempra
5.40%
,
08/01/26
..................
1,355
1,371,305
3.25%
,
06/15/27
..................
475
451,134
3.70%
,
04/01/29
..................
919
869,379
WEC
Energy
Group,
Inc.,
5.60%,
09/12/26
..
493
503,700
7,809,147
Office
REITs
—
0.0%
Alexandria
Real
Estate
Equities,
Inc.
4.50%
,
07/30/29
..................
364
354,088
4.90%
,
12/15/30
..................
775
769,314
3.38%
,
08/15/31
..................
120
107,385
1.88%
,
02/01/33
..................
948
729,152
Kilroy
Realty
LP
3.05%
,
02/15/30
..................
286
245,356
6.25%
,
01/15/36
..................
560
560,498
2,765,793
Oil,
Gas
&
Consumable
Fuels
—
1.7%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
....
2,926
2,900,602
Antero
Midstream
Partners
LP
(b)
5.75%
,
03/01/27
..................
1,243
1,233,762
5.75%
,
01/15/28
..................
732
718,556
6.63%
,
02/01/32
..................
1,186
1,178,742
Apache
Corp.,
5.35%,
07/01/49
.........
1,016
830,763
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%
,
11/01/27
..................
1,805
2,287,838
8.25%
,
12/31/28
..................
2,157
2,206,352
5.88%
,
06/30/29
..................
2,983
2,809,808
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
....
911
945,885
BP
Capital
Markets
America,
Inc.
3.54%
,
04/06/27
..................
529
513,438
3.59%
,
04/14/27
..................
834
810,240
4.23%
,
11/06/28
..................
838
829,364
1.75%
,
08/10/30
..................
95
79,848
Buckeye
Partners
LP
5.85%
,
11/15/43
..................
645
526,687
5.60%
,
10/15/44
..................
503
387,661
Cenovus
Energy,
Inc.,
2.65%,
01/15/32
....
102
84,943
Cheniere
Corpus
Christi
Holdings
LLC
5.88%
,
03/31/25
..................
92
92,253
5.13%
,
06/30/27
..................
556
558,718
3.70%
,
11/15/29
..................
326
306,970
Cheniere
Energy
Partners
LP
4.00%
,
03/01/31
..................
1,065
966,217
3.25%
,
01/31/32
..................
807
685,062
5.95%
,
06/30/33
(b)
.................
112
114,377
Chesapeake
Energy
Corp.
(b)
5.88%
,
02/01/29
..................
71
70,514
6.75%
,
04/15/29
..................
716
724,287
CITGO
Petroleum
Corp.
(b)
7.00%
,
06/15/25
..................
1,719
1,718,756
8.38%
,
01/15/29
..................
2,169
2,253,519
Civitas
Resources,
Inc.
(b)
8.38%
,
07/01/28
..................
3,423
3,600,010
8.63%
,
11/01/30
..................
2,094
2,233,376
8.75%
,
07/01/31
..................
2,251
2,393,047
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
1,102
960,288
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
...
520
528,090
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Comstock
Resources,
Inc.
(b)
6.75%
,
03/01/29
..................
USD
1,862
$
1,709,780
5.88%
,
01/15/30
..................
2,522
2,185,450
ConocoPhillips
Co.,
6.95%,
04/15/29
......
610
678,048
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(b)
.....................
693
659,607
Cosan
Luxembourg
SA,
7.25%,
06/27/31
(b)
..
1,585
1,592,449
Coterra
Energy,
Inc.
3.90%
,
05/15/27
..................
24
23,358
4.38%
,
03/15/29
..................
49
47,850
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
.......
3,715
3,465,905
Crescent
Energy
Finance
LLC
(b)
7.25%
,
05/01/26
..................
3,369
3,356,366
9.25%
,
02/15/28
..................
2,820
2,927,563
Cullinan
Holdco
Scsp,
4.63%,
10/15/26
(c)
...
EUR
1,012
935,145
DCP
Midstream
Operating
LP,
3.25%,
02/15/32
USD
1,961
1,702,284
Devon
Energy
Corp.
4.50%
,
01/15/30
..................
226
218,380
7.88%
,
09/30/31
..................
20
23,052
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
1,126
1,157,386
Diamondback
Energy,
Inc.
3.50%
,
12/01/29
..................
400
371,607
3.13%
,
03/24/31
..................
1,292
1,146,740
6.25%
,
03/15/33
..................
689
734,339
DT
Midstream,
Inc.
(b)
4.13%
,
06/15/29
..................
1,516
1,392,822
4.38%
,
06/15/31
..................
1,138
1,019,388
EIG
Pearl
Holdings
SARL
(b)
3.55%
,
08/31/36
..................
2,174
1,820,725
4.39%
,
11/30/46
..................
2,323
1,779,000
Enbridge
Energy
Partners
LP,
5.88%,
10/15/25
328
331,391
Enbridge,
Inc.
5.90%
,
11/15/26
..................
748
768,714
5.70%
,
03/08/33
..................
1,269
1,309,152
Series
16-A
,
(3-mo.
CME
Term
SOFR
+
4.15%),
6.00%
,
01/15/77
(a)
.........
12,370
11,905,020
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%
,
01/15/84
(a)
....................
1,071
1,145,001
Energian
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(c)
....................
1,070
1,003,212
Energy
Transfer
LP
6.10%
,
12/01/28
..................
4,591
4,797,742
6.00%
,
02/01/29
(b)
.................
390
391,899
6.40%
,
12/01/30
..................
1,173
1,249,320
7.38%
,
02/01/31
(b)
.................
573
602,303
6.55%
,
12/01/33
..................
34
36,661
5.95%
,
05/15/54
..................
886
888,519
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%
,
05/15/54
(a)
....................
2,855
2,954,411
EnLink
Midstream
LLC
(b)
5.63%
,
01/15/28
..................
2,300
2,273,357
6.50%
,
09/01/30
..................
732
746,983
EnLink
Midstream
Partners
LP,
5.60%,
04/01/44
1,065
945,241
EnQuest
plc,
11.63%,
11/01/27
(b)
........
305
289,199
Enterprise
Products
Operating
LLC,
4.15%,
10/16/28
......................
1,900
1,868,372
EOG
Resources,
Inc.,
4.38%,
04/15/30
....
91
90,198
EQM
Midstream
Partners
LP
4.13%
,
12/01/26
..................
178
171,405
4.50%
,
01/15/29
(b)
.................
138
129,829
7.50%
,
06/01/30
(b)
.................
681
730,391
4.75%
,
01/15/31
(b)
.................
875
815,688
EQT
Corp.,
3.90%,
10/01/27
...........
309
295,376
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
.....................
USD
544
$
569,862
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.94%,
09/30/40
(c)
.....................
1,285
1,028,728
Genesis
Energy
LP
7.75%
,
02/01/28
..................
344
344,919
8.25%
,
01/15/29
..................
887
911,849
8.88%
,
04/15/30
..................
641
670,628
GNL
Quintero
SA,
4.63%,
07/31/29
(c)
......
1,126
1,103,549
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
...
333
334,162
Harbour
Energy
plc,
5.50%,
10/15/26
(b)
.....
524
511,228
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
..
569
574,750
Hess
Corp.,
4.30%,
04/01/27
...........
2,973
2,937,354
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
.....................
1,086
998,959
Hilcorp
Energy
I
LP
(b)
6.25%
,
11/01/28
..................
520
518,093
5.75%
,
02/01/29
..................
1,517
1,464,415
8.38%
,
11/01/33
..................
2,400
2,579,376
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
......
2,707
2,367,840
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)
.....................
941
768,797
Kinder
Morgan,
Inc.
4.30%
,
06/01/25
..................
3,575
3,533,432
4.30%
,
03/01/28
..................
243
238,150
Kinetik
Holdings
LP
(b)
6.63%
,
12/15/28
..................
451
457,177
5.88%
,
06/15/30
..................
1,162
1,141,380
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)
(c)
...
421
377,003
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
.....................
268
264,867
Marathon
Oil
Corp.,
4.40%,
07/15/27
......
175
171,262
Marathon
Petroleum
Corp.,
4.70%,
05/01/25
.
346
343,602
Matador
Resources
Co.,
6.88%,
04/15/28
(b)
..
1,710
1,751,074
Medco
Maple
Tree
Pte.
Ltd.,
8.96%,
04/27/29
(b)
778
795,505
MPLX
LP
4.88%
,
06/01/25
..................
203
202,059
1.75%
,
03/01/26
..................
431
403,822
4.95%
,
09/01/32
..................
185
180,488
5.00%
,
03/01/33
..................
919
899,113
Murphy
Oil
Corp.,
5.88%,
12/01/42
(d)
......
150
132,936
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(b)
1,284
1,274,460
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(b)
.
2,648
2,616,360
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
1,629
1,658,005
Northern
Oil
&
Gas,
Inc.
(b)
8.13%
,
03/01/28
..................
3,307
3,358,476
8.75%
,
06/15/31
..................
1,811
1,892,779
NuStar
Logistics
LP,
6.38%,
10/01/30
......
47
47,235
Occidental
Petroleum
Corp.,
7.50%,
05/01/31
1,264
1,407,382
ONEOK,
Inc.,
6.05%,
09/01/33
..........
219
229,950
Ovintiv,
Inc.
5.38%
,
01/01/26
..................
706
706,441
5.65%
,
05/15/28
..................
1,377
1,401,023
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
...
952
986,101
Permian
Resources
Operating
LLC
(b)
5.38%
,
01/15/26
..................
1,058
1,044,165
6.88%
,
04/01/27
..................
1,826
1,814,983
8.00%
,
04/15/27
..................
1,656
1,714,006
5.88%
,
07/01/29
..................
2,173
2,125,367
9.88%
,
07/15/31
..................
1,645
1,822,183
Pioneer
Natural
Resources
Co.
1.13%
,
01/15/26
..................
337
314,440
5.10%
,
03/29/26
..................
233
234,610
1.90%
,
08/15/30
..................
570
485,642
2.15%
,
01/15/31
..................
347
295,593
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Puma
International
Financing
SA,
5.00%,
01/24/26
(c)
.....................
USD
3,894
$
3,679,830
Repsol
International
Finance
BV
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
4.00%),
3.75%
EUR
100
105,525
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
1,416
1,483,460
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
..
USD
2,818
2,623,657
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
.....................
420
401,536
Sabine
Pass
Liquefaction
LLC
5.88%
,
06/30/26
..................
1,196
1,216,706
4.50%
,
05/15/30
..................
462
450,990
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(b)
................
1,984
2,034,542
SM
Energy
Co.
6.75%
,
09/15/26
..................
234
233,684
6.63%
,
01/15/27
..................
245
243,853
6.50%
,
07/15/28
..................
1,741
1,741,000
Southwestern
Energy
Co.,
5.38%,
02/01/29
..
1,240
1,210,737
Spectra
Energy
Partners
LP,
3.50%,
03/15/25
203
199,340
Sunoco
LP
5.88%
,
03/15/28
..................
911
905,319
7.00%
,
09/15/28
(b)
.................
977
998,625
Tallgrass
Energy
Partners
LP
(b)
6.00%
,
03/01/27
..................
482
474,167
5.50%
,
01/15/28
..................
260
250,294
7.38%
,
02/15/29
..................
1,854
1,849,390
6.00%
,
12/31/30
..................
505
469,403
6.00%
,
09/01/31
..................
353
325,146
Talos
Production,
Inc.
(b)
9.00%
,
02/01/29
..................
874
885,661
9.38%
,
02/01/31
..................
730
746,446
Targa
Resources
Corp.,
6.50%,
03/30/34
...
421
453,931
Var
Energi
ASA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%,
11/15/83
(a)
(c)
.....
EUR
529
609,565
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%
,
08/15/29
..................
USD
2,612
2,334,509
4.13%
,
08/15/31
..................
1,692
1,496,271
3.88%
,
11/01/33
..................
1,176
995,979
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
...
551
530,320
Viper
Energy,
Inc.,
7.38%,
11/01/31
(b)
......
1,215
1,255,538
Vital
Energy,
Inc.
10.13%
,
01/15/28
.................
1,376
1,441,101
9.75%
,
10/15/30
..................
1,639
1,741,249
Western
Midstream
Operating
LP
3.95%
,
06/01/25
..................
1,324
1,294,165
6.35%
,
01/15/29
..................
22
22,998
5.45%
,
04/01/44
..................
1,263
1,145,579
5.30%
,
03/01/48
..................
389
341,037
5.50%
,
08/15/48
..................
856
757,855
5.25%
,
02/01/50
(d)
.................
1,159
1,035,828
Williams
Cos.,
Inc.
(The)
4.00%
,
09/15/25
..................
185
181,888
5.40%
,
03/02/26
..................
74
74,760
3.75%
,
06/15/27
..................
724
698,565
5.30%
,
08/15/28
..................
1,321
1,345,994
194,528,624
Paper
&
Forest
Products
—
0.0%
Ahlstrom
Holding
3
Oy,
3.63%,
02/04/28
(c)
...
EUR
1,100
1,099,374
Suzano
Austria
GmbH
2.50%
,
09/15/28
..................
USD
103
89,546
Series
DM3N
,
3.13%
,
01/15/32
........
2,210
1,806,675
WEPA
Hygieneprodukte
GmbH,
5.63%,
01/15/31
(c)
.....................
EUR
645
699,686
3,695,281
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
—
0.2%
Air
Canada,
3.88%,
08/15/26
(b)
..........
USD
1,462
$
1,390,477
Air
France-KLM
(c)
1.88%
,
01/16/25
..................
EUR
500
527,517
8.13%
,
05/31/28
..................
400
488,464
American
Airlines,
Inc.
(b)
5.75%
,
04/20/29
..................
USD
2,332
2,290,494
8.50%
,
05/15/29
..................
2,013
2,133,806
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
....
2,192
1,956,720
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(b)
1,128
1,142,805
Deutsche
Lufthansa
AG
(c)
2.88%
,
05/16/27
..................
EUR
200
208,342
3.50%
,
07/14/29
..................
800
835,251
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(c)
................
600
626,982
United
Airlines
Pass-Through
Trust
Series
2020-1
,
Class
B
,
4.88%
,
01/15/26
.
USD
217
211,798
Series
2020-1
,
Class
A
,
5.88%
,
10/15/27
.
—
(p)
1
United
Airlines,
Inc.,
4.63%,
04/15/29
(b)
.....
2,908
2,689,995
VistaJet
Malta
Finance
plc
(b)
7.88%
,
05/01/27
..................
273
228,018
6.38%
,
02/01/30
..................
2,393
1,732,053
16,462,723
Personal
Care
Products
—
0.0%
Coty,
Inc.
3.88%
,
04/15/26
(c)
.................
EUR
454
486,320
4.75%
,
01/15/29
(b)
.................
USD
141
134,401
6.63%
,
07/15/30
(b)
.................
1,331
1,355,717
1,976,438
Pharmaceuticals
—
0.4%
1375209
BC
Ltd.,
9.00%,
01/30/28
(b)
......
1,163
1,128,110
Bayer
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%
,
03/25/82
................
EUR
2,000
2,042,350
Series
NC5
,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%
,
09/25/83
..........
700
764,055
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%
,
09/25/83
................
900
992,083
Bayer
US
Finance
II
LLC,
4.25%,
12/15/25
(b)
.
USD
2,616
2,555,807
Bayer
US
Finance
LLC
(b)
6.13%
,
11/21/26
..................
4,932
5,006,294
6.50%
,
11/21/33
..................
2,001
2,038,917
Bristol-Myers
Squibb
Co.,
5.90%,
11/15/33
..
370
399,583
Catalent
Pharma
Solutions,
Inc.
5.00%
,
07/15/27
(b)
.................
2,185
2,102,217
2.38%
,
03/01/28
(c)
.................
EUR
1,715
1,644,893
3.13%
,
02/15/29
(b)
.................
USD
1,062
933,769
3.50%
,
04/01/30
(b)
.................
1,434
1,260,213
Cheplapharm
Arzneimittel
GmbH
4.38%
,
01/15/28
(c)
.................
EUR
692
722,650
5.50%
,
01/15/28
(b)
.................
USD
1,550
1,484,357
7.50%
,
05/15/30
(c)
.................
EUR
1,248
1,418,199
Gruenenthal
GmbH
(c)
4.13%
,
05/15/28
..................
120
127,634
6.75%
,
05/15/30
..................
1,612
1,853,147
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
....
USD
1,600
1,475,813
Organon
&
Co.
2.88%
,
04/30/28
(c)
.................
EUR
982
986,642
4.13%
,
04/30/28
(b)
.................
USD
1,919
1,755,788
5.13%
,
04/30/31
(b)
.................
1,000
859,127
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%
,
05/19/30
..................
1,557
1,561,788
4.75%
,
05/19/33
..................
1,386
1,384,282
Rossini
SARL,
6.75%,
10/30/25
(c)
........
EUR
1,312
1,416,852
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Takeda
Pharmaceutical
Co.
Ltd.,
5.00%,
11/26/28
......................
USD
437
$
443,197
Teva
Pharmaceutical
Finance
Netherlands
II
BV
3.75%
,
05/09/27
..................
EUR
440
458,533
7.38%
,
09/15/29
..................
2,901
3,392,848
4.38%
,
05/09/30
..................
377
381,874
7.88%
,
09/15/31
..................
524
637,996
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%
,
10/01/26
..................
USD
3,381
3,144,330
4.75%
,
05/09/27
..................
736
706,582
6.75%
,
03/01/28
..................
200
204,250
7.88%
,
09/15/29
..................
1,386
1,489,950
8.13%
,
09/15/31
..................
814
891,330
47,665,460
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
...
696
631,662
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
.......
4,447
3,940,798
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
.....................
3,052
2,837,258
KBR,
Inc.,
4.75%,
09/30/28
(b)
...........
127
117,123
Korn
Ferry,
4.63%,
12/15/27
(b)
..........
1,665
1,592,273
La
Financiere
Atalian
SASU
(c)
5.13%
,
05/15/25
..................
EUR
1,632
1,322,777
6.63%
,
05/15/25
..................
GBP
150
141,811
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
................
USD
1,231
1,161,842
11,745,544
Real
Estate
Management
&
Development
—
0.2%
ADLER
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(c)
(j)
......
EUR
925
1,018,501
ADLER
Group
SA,
21.00%,
(21.00%
Cash
or
21.00%
PIK),
07/31/25
(c)
(j)
...........
900
872,854
Agps
Bondco
plc
(c)(e)(l)
6.00%
,
08/05/25
..................
600
258,558
5.50%
,
11/13/26
..................
1,000
424,577
5.00%
,
01/14/29
..................
2,400
1,013,610
Anywhere
Real
Estate
Group
LLC
Series
AI
,
7.00%
,
04/15/30
...........
USD
2,332
2,107,545
7.00%
,
04/15/30
(b)
.................
484
437,431
Aroundtown
SA
(c)
(5-Year
GBP
Swap
+
4.38%),
4.75%
(a)
(k)
..
GBP
329
216,810
(5-Year
EUR
Swap
Annual
+
3.98%),
3.38%
(a)
(k)
.....................
EUR
1,100
600,566
0.00%
,
07/16/26
..................
400
369,016
0.38%
,
04/15/27
..................
700
616,636
ATF
Netherlands
BV,
(5-Year
EUR
Swap
Annual
+
4.38%),
7.08%
(a)
(c)
(k)
..............
2,000
1,210,384
BRANICKS
Group
AG,
2.25%,
09/22/26
(c)
...
900
286,926
Cushman
&
Wakefield
US
Borrower
LLC
(b)
6.75%
,
05/15/28
..................
USD
2,109
2,080,149
8.88%
,
09/01/31
..................
767
800,610
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(c)
................
EUR
1,600
1,167,452
Fantasia
Holdings
Group
Co.
Ltd.
(c)(e)(l)
15.00%
,
12/18/21
.................
USD
1,735
39,037
11.75%
,
04/17/22
.................
2,039
45,878
7.95%
,
07/05/22
..................
1,650
37,125
12.25%
,
10/18/22
.................
3,269
73,552
10.88%
,
01/09/23
.................
1,345
30,263
11.88%
,
06/01/23
.................
1,500
33,750
9.25%
,
07/28/23
..................
3,540
79,650
9.88%
,
10/19/23
..................
2,640
59,400
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Fastighets
AB
Balder
(c)
1.88%
,
03/14/25
..................
EUR
373
$
388,985
1.13%
,
01/29/27
..................
444
418,673
(5-Year
EUR
Swap
Annual
+
3.19%),
2.87%
,
06/02/81
(a)
...............
397
360,220
Heimstaden
Bostad
AB
(c)
(5-Year
EUR
Swap
Annual
+
3.91%),
3.38%
(a)
(k)
.....................
400
245,753
1.13%
,
01/21/26
..................
220
211,606
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)
(k)
.....................
1,725
931,947
Heimstaden
Bostad
Treasury
BV
(c)
0.63%
,
07/24/25
..................
216
212,399
1.38%
,
03/03/27
..................
203
184,747
1.00%
,
04/13/28
..................
422
352,866
Howard
Hughes
Corp.
(The)
(b)
5.38%
,
08/01/28
..................
USD
523
501,041
4.13%
,
02/01/29
..................
1,028
927,099
4.38%
,
02/01/31
..................
270
233,713
JGC
Ventures
Pte.
Ltd.
(c)(j)
3.00%
,
(
3.00
%
Cash
or
3.00
%
PIK),
06/30/25
.....................
142
47,042
3.00%
,
(
3.00
%
Cash
or
3.00
%
PIK),
06/30/25
(e)
(l)
...................
1,502
521,300
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)
(c)
(k)
........
2,169
2,135,109
Modernland
Overseas
Pte.
Ltd.
(c)
5.00%
,
(
5.00
%
Cash
or
3.00
%
PIK),
04/30/27
(e)
(j)
(l)
...................
1,450
421,770
Series
2
,
5.00%
,
04/30/27
...........
83
11,810
SBB
Treasury
OYJ
(c)
0.75%
,
12/14/28
..................
EUR
2,263
1,537,686
1.13%
,
11/26/29
..................
560
379,758
Sunac
China
Holdings
Ltd.
(c)(j)
5.00%
,
(
5.00
%
Cash
or
6.00
%
PIK),
09/30/25
.....................
USD
128
13,316
5.25%
,
(
5.25
%
Cash
or
6.25
%
PIK),
09/30/26
.....................
128
11,930
5.50%
,
(
5.50
%
Cash
or
6.50
%
PIK),
09/30/27
.....................
255
20,129
5.75%
,
(
5.75
%
Cash
or
6.75
%
PIK),
09/30/28
.....................
383
24,983
6.00%
,
(
6.00
%
Cash
or
7.00
%
PIK),
09/30/29
.....................
383
20,633
6.25%
,
(
6.25
%
Cash
or
7.25
%
PIK),
09/30/30
.....................
180
8,098
1.00%
,
(
1.00
%
Cash
or
2.00
%
PIK),
09/30/32
(m)
....................
158
7,345
24,010,238
Residential
REITs
—
0.0%
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
928
938,243
Camden
Property
Trust
3.15%
,
07/01/29
..................
25
23,155
2.80%
,
05/15/30
..................
620
554,188
Invitation
Homes
Operating
Partnership
LP,
5.50%,
08/15/33
.................
38
38,273
Mid-America
Apartments
LP,
3.60%,
06/01/27
345
333,656
UDR,
Inc.
3.00%
,
08/15/31
..................
98
85,393
2.10%
,
08/01/32
..................
190
149,237
2,122,145
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
.....................
USD
1,671
$
1,479,453
Kimco
Realty
OP
LLC
4.60%
,
02/01/33
..................
244
234,827
6.40%
,
03/01/34
..................
1,151
1,245,283
Realty
Income
Corp.
4.70%
,
12/15/28
..................
221
220,469
4.85%
,
03/15/30
..................
231
230,942
3.25%
,
01/15/31
..................
520
468,682
5.63%
,
10/13/32
..................
40
41,514
5.13%
,
02/15/34
..................
790
784,385
Regency
Centers
LP
3.70%
,
06/15/30
..................
1,930
1,794,595
5.25%
,
01/15/34
..................
570
570,449
7,070,599
Semiconductors
&
Semiconductor
Equipment
—
0.2%
ams-OSRAM
AG
(c)
0.00%
,
03/05/25
(m)
(o)
...............
EUR
1,000
1,009,220
2.13%
,
11/03/27
(m)
.................
900
761,083
10.50%
,
03/30/29
.................
962
1,122,804
Analog
Devices,
Inc.,
1.70%,
10/01/28
.....
USD
72
63,858
Broadcom,
Inc.
4.00%
,
04/15/29
(b)
.................
1,448
1,393,812
4.15%
,
11/15/30
..................
262
249,900
Entegris,
Inc.,
4.75%,
04/15/29
(b)
........
9,837
9,403,328
Intel
Corp.,
4.88%,
02/10/28
...........
167
169,254
KLA
Corp.,
4.10%,
03/15/29
...........
2,256
2,232,467
Lam
Research
Corp.,
4.00%,
03/15/29
.....
90
88,193
NVIDIA
Corp.
1.55%
,
06/15/28
..................
289
259,010
2.00%
,
06/15/31
..................
119
101,529
NXP
BV,
2.50%,
05/11/31
.............
633
530,505
QUALCOMM,
Inc.,
3.25%,
05/20/27
......
1,168
1,127,873
SK
Hynix,
Inc.,
6.50%,
01/17/33
(b)
........
1,146
1,220,444
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
........
1,764
1,564,205
TSMC
Global
Ltd.,
1.25%,
04/23/26
(b)
......
1,161
1,075,782
22,373,267
Software
—
0.9%
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
.........
1,018
1,090,095
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
.
10,630
9,495,387
Autodesk,
Inc.
3.50%
,
06/15/27
..................
995
963,288
2.40%
,
12/15/31
..................
1,155
977,730
Boxer
Parent
Co.,
Inc.
6.50%
,
10/02/25
(c)
.................
EUR
2,080
2,247,856
9.13%
,
03/01/26
(b)
.................
USD
4,497
4,497,000
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
....
3,293
3,175,022
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
..
1,840
1,909,391
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
8.63%,
05/15/28
(a)
(c)
.
EUR
865
921,765
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
.....
USD
2,457
2,503,386
Clarivate
Science
Holdings
Corp.
(b)
3.88%
,
07/01/28
..................
3,987
3,674,065
4.88%
,
07/01/29
..................
4,446
4,150,524
Cloud
Software
Group,
Inc.
(b)
6.50%
,
03/31/29
..................
17,692
16,519,610
9.00%
,
09/30/29
..................
7,805
7,387,094
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%
,
10/15/26
..................
937
887,625
6.50%
,
10/15/28
..................
623
559,545
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
.
300
268,120
Elastic
NV,
4.13%,
07/15/29
(b)
..........
2,711
2,459,666
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
.......
2,076
1,933,287
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
.....................
USD
648
$
589,832
McAfee
Corp.,
7.38%,
02/15/30
(b)
........
4,024
3,646,599
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
.....
2,668
2,545,405
Oracle
Corp.
6.15%
,
11/09/29
..................
2,702
2,883,525
2.88%
,
03/25/31
..................
27
23,758
3.90%
,
05/15/35
..................
883
782,566
Roper
Technologies,
Inc.
3.80%
,
12/15/26
..................
517
505,574
4.20%
,
09/15/28
..................
76
74,378
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
.
3,556
3,490,705
UKG,
Inc.,
6.88%,
02/01/31
(b)
...........
12,593
12,734,671
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
.......
800
683,634
VMware
LLC
4.50%
,
05/15/25
..................
207
205,409
4.65%
,
05/15/27
..................
644
638,310
2.20%
,
08/15/31
..................
1,438
1,187,525
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
3,525
3,132,001
98,744,348
Specialized
REITs
—
0.1%
American
Tower
Corp.
1.30%
,
09/15/25
..................
212
199,689
4.40%
,
02/15/26
..................
2,150
2,127,365
5.80%
,
11/15/28
..................
565
585,840
2.30%
,
09/15/31
..................
83
68,661
Crown
Castle,
Inc.
4.80%
,
09/01/28
..................
41
40,498
2.50%
,
07/15/31
..................
79
65,835
5.10%
,
05/01/33
..................
26
25,681
Equinix,
Inc.
1.25%
,
07/15/25
..................
1,338
1,265,692
1.00%
,
09/15/25
..................
1,245
1,166,528
2.15%
,
07/15/30
..................
159
134,300
2.50%
,
05/15/31
..................
95
80,692
Extra
Space
Storage
LP,
5.40%,
02/01/34
...
1,595
1,594,662
Iron
Mountain,
Inc.
(b)
7.00%
,
02/15/29
..................
1,311
1,344,352
5.63%
,
07/15/32
..................
635
596,338
SBA
Communications
Corp.
3.88%
,
02/15/27
..................
1,160
1,107,012
3.13%
,
02/01/29
..................
2,085
1,858,221
12,261,366
Specialty
Retail
—
0.3%
Arko
Corp.,
5.13%,
11/15/29
(b)
..........
805
709,455
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
..................
320
300,849
4.75%
,
03/01/30
..................
231
213,748
5.00%
,
02/15/32
(b)
.................
517
467,266
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(c)
.....................
GBP
714
756,351
eG
Global
Finance
plc,
12.00%,
11/30/28
(b)
..
USD
1,782
1,883,538
Goldstory
SAS
(c)
5.38%
,
03/01/26
..................
EUR
761
830,636
6.75%
,
02/01/30
..................
755
815,929
(3-mo.
EURIBOR
+
4.00%),
7.88%
,
02/01/30
(a)
....................
496
536,027
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
...
USD
989
916,121
Home
Depot,
Inc.
(The),
1.88%,
09/15/31
...
648
536,514
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
711
664,835
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
.....................
1,973
1,778,065
Lowe's
Cos.,
Inc.
3.65%
,
04/05/29
..................
2,182
2,095,815
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
5.00%
,
04/15/33
..................
USD
1,343
$
1,361,019
5.15%
,
07/01/33
..................
30
30,649
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
.....
1,353
1,281,562
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
......................
987
960,322
PetSmart,
Inc.,
7.75%,
02/15/29
(b)
........
3,682
3,559,324
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
................
873
858,176
SRS
Distribution,
Inc.
(b)
4.63%
,
07/01/28
..................
2,994
2,792,833
6.13%
,
07/01/29
..................
2,677
2,533,299
6.00%
,
12/01/29
..................
2,225
2,080,375
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
...
6,687
6,545,369
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)
(j)
............
1,766
1,763,916
36,271,993
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Dell
International
LLC
6.02%
,
06/15/26
..................
446
455,665
6.10%
,
07/15/27
..................
514
534,366
3.45%
,
12/15/51
..................
69
49,500
Seagate
HDD
Cayman
(b)
8.25%
,
12/15/29
..................
2,535
2,729,386
8.50%
,
07/15/31
..................
1,825
1,982,614
5,751,531
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Crocs,
Inc.
(b)
4.25%
,
03/15/29
..................
1,677
1,517,685
4.13%
,
08/15/31
..................
40
34,095
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(c)
(e)
(l)
(m)
.............
EUR
1,300
632,210
Hanesbrands,
Inc.,
4.88%,
05/15/26
(b)
.....
USD
750
723,317
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
....
747
678,059
3,585,366
Tobacco
—
0.1%
Altria
Group,
Inc.
4.40%
,
02/14/26
..................
466
461,535
6.20%
,
11/01/28
..................
586
618,151
BAT
Capital
Corp.
4.70%
,
04/02/27
..................
2,045
2,029,559
3.46%
,
09/06/29
..................
124
113,833
6.42%
,
08/02/33
..................
634
664,986
BAT
International
Finance
plc,
5.93%,
02/02/29
1,212
1,258,196
Philip
Morris
International,
Inc.,
5.50%,
09/07/30
......................
825
854,953
6,001,213
Trading
Companies
&
Distributors
—
0.3%
Air
Lease
Corp.
2.88%
,
01/15/26
..................
1,449
1,383,187
1.88%
,
08/15/26
..................
98
90,193
3.63%
,
04/01/27
..................
441
418,672
Aircastle
Ltd.,
6.50%,
07/18/28
(b)
.........
697
713,972
Aviation
Capital
Group
LLC
(b)
1.95%
,
09/20/26
..................
1,471
1,343,186
3.50%
,
11/01/27
..................
26
24,219
6.75%
,
10/25/28
..................
2,173
2,281,578
Beacon
Roofing
Supply,
Inc.
(b)
4.13%
,
05/15/29
..................
1,313
1,188,340
6.50%
,
08/01/30
..................
1,568
1,590,970
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
5.50%
,
05/01/28
..................
2,560
2,480,592
7.88%
,
12/01/30
..................
3,161
3,334,182
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
.....................
USD
548
$
481,555
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
.....................
326
296,006
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
.....
2,574
2,527,487
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
.....
2,102
1,957,276
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
(b)
.....................
6,819
6,912,560
WESCO
Distribution,
Inc.,
7.25%,
06/15/28
(b)
.
2,478
2,545,404
29,569,379
Transportation
Infrastructure
—
0.0%
Abertis
Infraestructuras
Finance
BV
(a)(c)(k)
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
EUR
1,600
1,668,601
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
600
625,725
(5-Year
EUR
Swap
Annual
+
3.27%),
2.63%
500
500,554
Stena
International
SA,
7.25%,
01/15/31
(b)
...
USD
1,625
1,625,991
4,420,871
Wireless
Telecommunication
Services
—
0.4%
America
Movil
SAB
de
CV
3.63%
,
04/22/29
..................
739
696,508
2.88%
,
05/07/30
..................
452
403,012
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
....
4,597
4,492,798
Kenbourne
Invest
SA,
4.70%,
01/22/28
(c)
...
787
444,655
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
...............
882
902,121
Millicom
International
Cellular
SA
(b)
5.13%
,
01/15/28
..................
940
872,654
4.50%
,
04/27/31
..................
1,527
1,273,136
Rogers
Communications,
Inc.,
3.80%,
03/15/32
3,753
3,413,686
SoftBank
Group
Corp.
(c)
2.13%
,
07/06/24
..................
EUR
1,170
1,245,453
4.50%
,
04/20/25
..................
553
595,368
4.75%
,
07/30/25
..................
1,083
1,173,324
3.13%
,
09/19/25
..................
1,130
1,187,979
5.00%
,
04/15/28
..................
247
267,145
3.38%
,
07/06/29
..................
100
98,773
4.00%
,
09/19/29
..................
1,549
1,565,194
3.88%
,
07/06/32
..................
1,645
1,557,932
Telefonica
Europe
BV
(a)(c)(k)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
1,600
1,688,762
(6-Year
EUR
Swap
Annual
+
4.32%),
7.13%
900
1,054,098
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
3,300
3,673,642
(8-Year
EUR
Swap
Annual
+
3.62%),
6.75%
300
349,380
T-Mobile
USA,
Inc.
2.25%
,
02/15/26
..................
USD
1,751
1,660,105
4.80%
,
07/15/28
..................
2,192
2,198,166
2.40%
,
03/15/29
..................
58
51,864
3.88%
,
04/15/30
..................
70
66,199
2.55%
,
02/15/31
..................
199
170,619
2.25%
,
11/15/31
..................
867
718,252
Vmed
O2
UK
Financing
I
plc
4.00%
,
01/31/29
(c)
.................
GBP
1,259
1,416,097
4.25%
,
01/31/31
(b)
.................
USD
493
431,201
4.50%
,
07/15/31
(c)
.................
GBP
2,770
3,015,030
4.75%
,
07/15/31
(b)
.................
USD
788
706,214
Vodafone
Group
plc
4.13%
,
05/30/25
..................
49
48,453
4.38%
,
05/30/28
..................
55
54,926
7.88%
,
02/15/30
..................
99
113,972
6.25%
,
11/30/32
..................
67
72,999
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%
,
10/03/78
(a)
(c)
..............
EUR
439
463,160
(5-Year
GBP
Swap
+
3.27%),
4.88%
,
10/03/78
(a)
(c)
...................
GBP
2,384
2,943,325
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%
,
08/27/80
(a)
(c)
..............
EUR
785
$
808,053
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%
,
08/30/84
(a)
(c)
..............
1,614
1,863,068
WP/AP
Telecom
Holdings
III
BV,
5.50%,
01/15/30
(c)
.....................
759
747,454
44,504,777
Total
Corporate
Bonds
—
24
.4
%
(Cost:
$
2,833,665,856
)
............................
2,773,308,654
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
(b)(c)
Barclays
Bank
plc
(
L3Harris
Technologies,
Inc.
)
,
13.52
%
,
03/18/24
.................
USD
36
7,488,902
SGA
Societe
Generale
Acceptance
NV
(
RTX
Corp.
)
,
14.04
%
,
02/20/24
............
78
6,956,392
14,445,294
Automobile
Components
—
0.0%
(b)(c)
Citigroup,
Inc.
(
Aptiv
plc
)
,
22.81
%
,
03/25/24
..
19
1,549,145
Mizuho
Markets
Cayman
LP
(
Lear
Corp.
)
,
26.22
%
,
02/08/24
.................
19
2,456,204
4,005,349
Automobiles
—
0.1%
(b)(c)
Nomura
Holdings,
Inc.
(
General
Motors
Co.
)
,
23.14
%
,
03/20/24
.................
103
3,744,413
Royal
Bank
of
Canada
(
General
Motors
Co.
)
,
17.95
%
,
03/21/24
.................
180
6,952,306
10,696,719
Banks
—
0.8%
Barclays
Bank
plc
(
Banco
Bilbao
Vizcaya
Argentaria
SA
)
,
12.05
%
,
03/22/24
......
EUR
725
6,828,981
Barclays
Bank
plc
(
Citizens
Financial
Group,
Inc.
)
,
20.33
%
,
02/23/24
(b)
(c)
...........
USD
48
1,594,209
Barclays
Bank
plc
(
Swedbank
AB
)
,
10.28
%
,
03/22/24
(b)
(c)
...............
SEK
222
3,903,213
BMO
Capital
Markets
Corp.
(
Citigroup,
Inc.
)
,
17.08
%
,
02/05/24
(b)
(c)
...............
USD
147
7,364,284
Citigroup,
Inc.
(
M&T
Bank
Corp.
)
,
22.49
%
,
03/11/24
(b)
(c)
...............
13
1,753,031
Citigroup,
Inc.
(
Wells
Fargo
&
Co.
)
,
19.97
%
,
02/23/24
(b)
(c)
...............
158
7,896,233
HSBC
Bank
plc
(Banco
Santander
SA)
18.60
%
,
02/01/24
(b)
(c)
...............
EUR
65
6,037,371
12.05
%
,
04/11/24
(b)
(c)
...............
63
6,304,366
Mizuho
Markets
Cayman
LP
(
Comerica,
Inc.
)
,
21.57
%
,
03/13/24
(b)
(c)
...............
USD
22
1,145,207
Nomura
Holdings,
Inc.
(
Citigroup,
Inc.
)
,
17.35
%
,
03/12/24
(b)
(c)
...............
76
4,158,513
Nomura
Holdings,
Inc.
(
JPMorgan
Chase
&
Co.
)
,
7.45
%
,
03/12/24
(b)
(c)
............
67
11,579,859
Royal
Bank
of
Canada
(
Bank
of
America
Corp.
)
,
16.59
%
,
03/12/24
(b)
(c)
...............
243
8,144,433
Royal
Bank
of
Canada
(
First
Citizens
BancShares,
Inc.
)
,
22.17
%
,
02/05/24
(b)
(c)
..
4
5,193,779
Royal
Bank
of
Canada
(
First
Horizon
Corp.
)
,
17.96
%
,
03/11/24
(b)
(c)
...............
124
1,747,122
Royal
Bank
of
Canada
(
Huntington
Bancshares,
Inc.
)
,
14.99
%
,
03/13/24
(b)
(c)
...........
91
1,151,223
Royal
Bank
of
Canada
(
Wells
Fargo
&
Co.
)
,
14.19
%
,
03/12/24
(b)
(c)
...............
168
8,237,164
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Toronto-Dominion
Bank
(The)
(
PNC
Financial
Services
Group,
Inc.
(The)
)
,
16.70
%
,
03/07/24
(b)
(c)
...............
USD
11
$
1,731,428
84,770,416
Beverages
—
0.4%
Barclays
Bank
plc
(
Anheuser-Busch
InBev
SA
)
,
6.53
%
,
02/29/24
(b)
(c)
................
EUR
193
12,027,573
Barclays
Bank
plc
(
Molson
Coors
Beverage
Co.
)
,
11.56
%
,
02/21/24
(b)
(c)
............
USD
116
6,915,814
BNP
Paribas
SA
(
Monster
Beverage
Corp.
)
,
10.11
%
,
02/28/24
(b)
(c)
...............
79
4,344,447
HSBC
Bank
plc
(
Diageo
plc
)
,
14.10
%
,
03/22/24
GBP
252
9,323,708
SGA
Societe
Generale
Acceptance
NV
(
Coca-
Cola
Co.
(The)
)
,
5.54
%
,
02/14/24
(b)
(c)
.....
USD
251
14,850,183
SGA
Societe
Generale
Acceptance
NV
(
Keurig
Dr
Pepper,
Inc.
)
,
13.85
%
,
02/20/24
(b)
(c)
....
41
1,287,601
48,749,326
Broadline
Retail
—
0.4%
(b)(c)
BNP
Paribas
SA
(
Etsy,
Inc.
)
,
23.16
%
,
02/22/24
44
2,842,482
BNP
Paribas
SA
(
Macy's,
Inc.
)
,
31.69
%
,
03/01/24
.................
119
2,190,620
BNP
Paribas
SA
(
MercadoLibre,
Inc.
)
,
22.13
%
,
02/22/24
.................
3
4,634,791
Citigroup,
Inc.
(
Amazon.com,
Inc.
)
,
18.18
%
,
02/02/24
.................
216
29,294,760
HSBC
Bank
plc
(
Alibaba
Group
Holding
Ltd.
)
,
27.53
%
,
03/18/24
.................
23
1,669,900
40,632,553
Building
Products
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Cie
de
Saint-Gobain
SA
)
,
14.48
%
,
02/29/24
.................
EUR
57
3,990,685
Royal
Bank
of
Canada
(
Johnson
Controls
International
plc
)
,
13.87
%
,
03/21/24
.....
USD
52
2,781,762
SGA
Societe
Generale
Acceptance
NV
(
Allegion
plc
)
,
20.09
%
,
03/20/24
........
17
2,053,280
8,825,727
Capital
Markets
—
0.4%
(b)(c)
Barclays
Bank
plc
(
Ameriprise
Financial,
Inc.
)
,
10.47
%
,
03/25/24
.................
9
3,402,433
Barclays
Bank
plc
(
Intercontinental
Exchange,
Inc.
)
,
9.54
%
,
02/02/24
..............
42
4,643,228
Barclays
Bank
plc
(
LPL
Financial
Holdings,
Inc.
)
,
18.38
%
,
02/02/24
..............
10
2,323,266
BMO
Capital
Markets
Corp.
(
Raymond
James
Financial,
Inc.
)
,
20.20
%
,
02/23/24
.......
30
3,355,813
JPMorgan
Structured
Products
BV
(
Carlyle
Group,
Inc.
(The)
)
,
24.55
%
,
03/25/24
....
79
3,190,944
Mizuho
Markets
Cayman
LP
(
Charles
Schwab
Corp.
(The)
)
,
22.75
%
,
02/08/24
........
95
5,887,419
Nomura
Holdings,
Inc.
(
Goldman
Sachs
Group,
Inc.
(The)
)
,
16.09
%
,
03/14/24
.........
5
1,840,958
Royal
Bank
of
Canada
(
State
Street
Corp.
)
,
12.27
%
,
03/13/24
.................
22
1,665,731
SGA
Societe
Generale
Acceptance
NV
(
Cboe
Global
Markets,
Inc.
)
,
7.61
%
,
02/02/24
...
39
7,076,573
Societe
Generale
(
Nasdaq,
Inc.
)
,
10.96
%
,
03/25/24
.................
20
1,143,311
Toronto-Dominion
Bank
(The)
(
Goldman
Sachs
Group,
Inc.
(The)
)
,
14.90
%
,
03/07/24
....
9
3,443,992
Toronto-Dominion
Bank
(The)
(
Morgan
Stanley
)
,
17.91
%
,
03/07/24
...........
40
3,482,891
UBS
AG
(
CME
Group,
Inc.
)
,
19.90
%
,
02/08/24
16
3,287,000
44,743,559
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
—
0.1%
(b)(c)
Citigroup,
Inc.
(
LyondellBasell
Industries
NV
)
,
17.16
%
,
02/02/24
.................
USD
24
$
2,297,160
JPMorgan
Structured
Products
BV
(
International
Flavors
&
Fragrances,
Inc.
)
,
14.64
%
,
03/14/24
.................
43
3,454,557
Nomura
Holdings,
Inc.
(
Dow,
Inc.
)
,
11.89
%
,
04/26/24
.................
63
3,384,426
Royal
Bank
of
Canada
(
Ecolab,
Inc.
)
,
12.38
%
,
02/14/24
.................
27
4,694,224
Royal
Bank
of
Canada
(
PPG
Industries,
Inc.
)
,
11.11
%
,
03/13/24
..................
16
2,247,225
16,077,592
Commercial
Services
&
Supplies
—
0.0%
Barclays
Bank
plc
(
Republic
Services,
Inc.
)
,
9.61
%
,
02/15/24
(b)
(c)
................
26
4,024,812
Communications
Equipment
—
0.1%
(b)(c)
Citigroup,
Inc.
(
Arista
Networks,
Inc.
)
,
19.45
%
,
02/13/24
.................
28
5,941,043
Mizuho
Markets
Cayman
LP
(
Cisco
Systems,
Inc.
)
,
18.12
%
,
02/08/24
..............
90
4,378,380
Royal
Bank
of
Canada
(
Ciena
Corp.
)
,
16.50
%
,
02/09/24
.................
97
4,747,787
15,067,210
Construction
&
Engineering
—
0.1%
(b)(c)
Citigroup,
Inc.
(
Vinci
SA
)
,
19.25
%
,
02/09/24
..
34
4,495,926
Nomura
Holdings,
Inc.
(
Vinci
SA
)
,
28.73
%
,
02/15/24
.................
46
5,989,297
10,485,223
Construction
Materials
—
0.1%
(b)(c)
JPMorgan
Structured
Products
BV
(
Martin
Marietta
Materials,
Inc.
)
,
14.12
%
,
02/15/24
11
5,229,093
Nomura
Holdings,
Inc.
(
Vulcan
Materials
Co.
)
,
9.92
%
,
02/16/24
..................
20
4,601,459
9,830,552
Consumer
Finance
—
0.0%
JPMorgan
Structured
Products
BV
(
Synchrony
Financial
)
,
21.87
%
,
03/14/24
(b)
(c)
........
45
1,737,108
Consumer
Staples
Distribution
&
Retail
—
0.2%
(b)(c)
Barclays
Bank
plc
(
Tesco
plc
)
,
8.02
%
,
03/13/24
GBP
1,041
3,807,929
Royal
Bank
of
Canada
(
Kroger
Co.
(The)
)
,
10.23
%
,
02/29/24
.................
USD
76
3,489,023
Royal
Bank
of
Canada
(
Sysco
Corp.
)
,
6.51
%
,
03/21/24
..................
72
5,771,985
SGA
Societe
Generale
Acceptance
NV
(
Target
Corp.
)
,
16.37
%
,
02/28/24
............
95
13,273,806
26,342,743
Containers
&
Packaging
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Sealed
Air
Corp.
)
,
19.86
%
,
02/23/24
.................
136
4,728,095
JPMorgan
Structured
Products
BV
(
Sealed
Air
Corp.
)
,
22.81
%
,
04/25/24
............
37
1,294,967
6,023,062
Distributors
—
0.0%
BNP
Paribas
SA
(
Genuine
Parts
Co.
)
,
12.26
%
,
02/23/24
(b)
(c)
...............
29
3,983,615
Diversified
Telecommunication
Services
—
0.3%
(b)(c)
Barclays
Bank
plc
(
Verizon
Communications,
Inc.
)
,
19.53
%
,
02/23/24
..............
178
6,952,015
Citigroup,
Inc.
(
TELUS
Corp.
)
,
12.08
%
,
03/15/24
.................
512
8,751,333
Mizuho
Markets
Cayman
LP
(
TELUS
Corp.
)
,
17.01
%
,
03/07/24
.................
171
2,967,641
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Nomura
Holdings,
Inc.
(
Verizon
Communications,
Inc.
)
,
8.65
%
,
03/14/24
..
USD
272
$
11,487,211
30,158,200
Electric
Utilities
—
0.2%
BMO
Capital
Markets
Corp.
(
Exelon
Corp.
)
,
20.14
%
,
03/07/24
(b)
(c)
...............
78
2,740,942
JPMorgan
Structured
Products
BV
(
NextEra
Energy,
Inc.
)
,
23.49
%
,
03/18/24
(b)
(c)
......
16
922,771
JPMorgan
Structured
Products
BV
(
PG&E
Corp.
)
,
10.14
%
,
03/18/24
(b)
(c)
..........
141
2,365,995
Mizuho
Markets
Cayman
LP
(American
Electric
Power
Co.,
Inc.)
18.32
%
,
02/08/24
(b)
(c)
...............
44
3,447,547
15.12
%
,
02/23/24
(b)
(c)
...............
56
4,355,503
Nomura
Holdings,
Inc.
(
NextEra
Energy,
Inc.
)
,
11.41
%
,
04/26/24
(b)
(c)
...............
178
10,418,268
24,251,026
Electrical
Equipment
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Eaton
Corp.
plc
)
,
13.16
%
,
02/08/24
.................
27
5,811,856
SGA
Societe
Generale
Acceptance
NV
(
Schneider
Electric
SE
)
,
19.21
%
,
02/05/24
.
98
3,025,894
8,837,750
Electronic
Equipment,
Instruments
&
Components
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Amphenol
Corp.
)
,
9.28
%
,
03/15/24
..................
83
8,419,017
BMO
Capital
Markets
Corp.
(
Zebra
Technologies
Corp.
)
,
23.51
%
,
03/14/24
...
9
2,216,656
10,635,673
Energy
Equipment
&
Services
—
0.1%
(b)(c)
Citigroup,
Inc.
(
Schlumberger
NV
)
,
19.16
%
,
03/13/24
.................
91
4,475,434
Nomura
Holdings,
Inc.
(
Halliburton
Co.
)
,
19.28
%
,
03/14/24
.................
130
4,615,730
9,091,164
Entertainment
—
0.2%
(b)(c)
Barclays
Bank
plc
(
Walt
Disney
Co.
(The)
)
,
15.08
%
,
02/07/24
.................
69
6,448,743
HSBC
Bank
plc
(
Netflix,
Inc.
)
,
17.25
%
,
03/15/24
15
8,600,881
Mizuho
Markets
Cayman
LP
(
Live
Nation
Entertainment,
Inc.
)
,
16.53
%
,
02/23/24
...
39
3,406,767
18,456,391
Financial
Services
—
0.5%
(b)(c)
Barclays
Bank
plc
(
Fidelity
National
Information
Services,
Inc.
)
,
18.76
%
,
02/13/24
.......
65
4,017,266
Barclays
Bank
plc
(
Mastercard,
Inc.
)
,
6.61
%
,
03/25/24
..................
38
17,029,775
Barclays
Bank
plc
(
Visa,
Inc.
)
,
10.73
%
,
03/18/24
.................
13
3,498,796
BNP
Paribas
SA
(
Block,
Inc.
)
,
22.98
%
,
02/23/24
68
3,682,693
BNP
Paribas
SA
(
Fiserv,
Inc.
)
,
5.67
%
,
02/07/24
122
16,532,520
Citigroup,
Inc.
(
Equitable
Holdings,
Inc.
)
,
19.60
%
,
03/25/24
.................
109
3,568,799
JPMorgan
Structured
Products
BV
(
Rocket
Cos.,
Inc.
)
,
17.14
%
,
02/29/24
..........
GBP
12
854,684
SGA
Societe
Generale
Acceptance
NV
(
Fidelity
National
Information
Services,
Inc.
)
,
21.60
%
,
02/20/24
.................
USD
88
5,386,792
54,571,325
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Food
Products
—
0.3%
(b)(c)
Barclays
Bank
plc
(
Bunge
Global
SA
)
,
15.12
%
,
02/08/24
.................
USD
29
$
2,543,774
Barclays
Bank
plc
(
Kraft
Heinz
Co.
(The)
)
,
17.29
%
,
03/18/24
.................
205
7,601,751
JPMorgan
Structured
Products
BV
(
Kraft
Heinz
Co.
(The)
)
,
12.17
%
,
02/15/24
..........
153
5,250,033
Royal
Bank
of
Canada
(
PPB
Group
Bhd
)
,
5.31
%
,
02/09/24
..................
44
7,382,835
Societe
Generale
(
Mondelez
International,
Inc.
)
,
6.98
%
,
03/25/24
..................
91
6,868,348
29,646,741
Ground
Transportation
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Avis
Budget
Group,
Inc.
)
,
37.79
%
,
02/14/24
.................
10
1,663,128
Goldman
Sachs
International
(
Uber
Technologies,
Inc.
)
,
24.75
%
,
02/08/24
....
49
2,956,411
Mizuho
Markets
Cayman
LP
(
Avis
Budget
Group,
Inc.
)
,
20.20
%
,
02/14/24
........
15
2,399,548
Mizuho
Markets
Cayman
LP
(
Ryder
System,
Inc.
)
,
13.13
%
,
02/14/24
..............
32
3,498,159
Nomura
Holdings,
Inc.
(
Union
Pacific
Corp.
)
,
18.26
%
,
03/14/24
.................
7
1,777,687
Royal
Bank
of
Canada
(
JB
Hunt
Transport
Services,
Inc.
)
,
11.41
%
,
03/13/24
.......
9
1,714,970
Societe
Generale
(
Old
Dominion
Freight
Line,
Inc.
)
,
17.38
%
,
03/25/24
..............
4
1,675,508
15,685,411
Health
Care
Equipment
&
Supplies
—
0.5%
Barclays
Bank
plc
(
EssilorLuxottica
SA
)
,
9.44
%
,
02/23/24
(b)
(c)
................
EUR
23
4,485,775
Barclays
Bank
plc
(
Stryker
Corp.
)
,
11.14
%
,
03/25/24
(b)
(c)
...............
USD
17
5,652,189
Barclays
Bank
plc
(
Zimmer
Biomet
Holdings,
Inc.
)
,
16.61
%
,
03/18/24
(b)
(c)
...........
14
1,759,962
Citigroup,
Inc.
(
Boston
Scientific
Corp.
)
,
12.41
%
,
02/01/24
(b)
(c)
...............
143
7,491,367
Citigroup,
Inc.
(
Dexcom,
Inc.
)
,
25.45
%
,
02/09/24
(b)
(c)
...............
49
4,762,374
HSBC
Bank
plc
(Koninklijke
Philips
NV)
22.90
%
,
02/01/24
(b)
(c)
...............
EUR
125
2,671,076
14.50
%
,
04/11/24
(b)
(c)
...............
124
2,673,989
Nomura
Holdings,
Inc.
(
Boston
Scientific
Corp.
)
,
8.30
%
,
02/02/24
(b)
(c)
................
USD
186
10,794,279
Nomura
Holdings,
Inc.
(
Medtronic
plc
)
,
15.73
%
,
03/20/24
(b)
(c)
...............
74
6,433,039
Royal
Bank
of
Canada
(
Baxter
International,
Inc.
)
,
23.68
%
,
03/25/24
(b)
(c)
...........
150
5,813,308
Societe
Generale
(
Boston
Scientific
Corp.
)
,
6.98
%
,
03/25/24
(b)
(c)
................
90
5,673,781
58,211,139
Health
Care
Providers
&
Services
—
0.8%
(b)(c)
Barclays
Bank
plc
(
Cigna
Group
(The)
)
,
11.38
%
,
02/02/24
.................
21
6,341,568
Barclays
Bank
plc
(
CVS
Health
Corp.
)
,
16.33
%
,
02/08/24
.................
106
7,588,864
BMO
Capital
Markets
Corp.
(
Humana,
Inc.
)
,
17.96
%
,
03/07/24
.................
5
2,047,566
BMO
Capital
Markets
Corp.
(
Laboratory
Corp.
of
America
Holdings
)
,
18.36
%
,
03/07/24
..
24
5,407,748
Citigroup,
Inc.
(
Cardinal
Health,
Inc.
)
,
13.56
%
,
03/25/24
.................
58
6,260,142
Citigroup,
Inc.
(
Elevance
Health,
Inc.
)
,
9.70
%
,
03/15/24
..................
30
14,349,287
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Citigroup,
Inc.
(
Laboratory
Corp.
of
America
Holdings
)
,
11.64
%
,
02/16/24
..........
USD
19
$
4,025,012
Mizuho
Markets
Cayman
LP
(
Cigna
Group
(The)
)
,
20.00
%
,
03/07/24
............
16
4,843,250
Mizuho
Markets
Cayman
LP
(
McKesson
Corp.
)
,
10.00
%
,
02/01/24
.................
12
5,782,545
Royal
Bank
of
Canada
(
HCA
Healthcare,
Inc.
)
,
10.53
%
,
03/21/24
.................
19
5,745,734
Royal
Bank
of
Canada
(
Humana,
Inc.
)
,
12.49
%
,
02/02/24
.................
10
3,753,276
SGA
Societe
Generale
Acceptance
NV
(
Elevance
Health,
Inc.
)
,
17.31
%
,
03/20/24
.
11
5,376,506
SGA
Societe
Generale
Acceptance
NV
(
UnitedHealth
Group,
Inc.
)
,
9.27
%
,
03/12/24
38
19,672,269
91,193,767
Hotels,
Restaurants
&
Leisure
—
0.6%
(b)(c)
Barclays
Bank
plc
(
Compass
Group
plc
)
,
12.79
%
,
03/13/24
.................
GBP
124
3,420,323
BNP
Paribas
SA
(
Booking
Holdings,
Inc.
)
,
13.22
%
,
02/22/24
.................
USD
1
3,516,880
BNP
Paribas
SA
(
Expedia
Group,
Inc.
)
,
13.49
%
,
02/09/24
.................
40
4,826,314
Citigroup,
Inc.
(
Chipotle
Mexican
Grill,
Inc.
)
,
11.88
%
,
02/07/24
.................
2
3,971,094
JPMorgan
Structured
Products
BV
(
Flight
Centre
Travel
Group
Ltd.
)
,
11.08
%
,
02/08/24
10
2,341,046
Mizuho
Markets
Cayman
LP
(
Airbnb,
Inc.
)
,
18.72
%
,
02/14/24
.................
33
4,185,495
Mizuho
Markets
Cayman
LP
(
Hilton
Worldwide
Holdings,
Inc.
)
,
10.82
%
,
02/09/24
.......
40
7,062,966
Mizuho
Markets
Cayman
LP
(
Starbucks
Corp.
)
,
9.57
%
,
02/02/24
..................
82
7,619,370
Nomura
Holdings,
Inc.
(
Darden
Restaurants,
Inc.
)
,
11.49
%
,
03/22/24
..............
21
3,431,632
Nomura
Holdings,
Inc.
(
Las
Vegas
Sands
Corp.
)
,
10.38
%
,
04/22/24
............
68
3,349,356
SGA
Societe
Generale
Acceptance
NV
(
MGM
Resorts
International
)
,
24.48
%
,
02/08/24
..
141
6,135,063
Starbucks
Corp.
(
Starbucks
Corp.
)
,
12.28
%
,
03/25/24
.................
91
8,506,616
UBS
AG
(
Wyndham
Hotels
&
Resorts,
Inc.
)
,
11.60
%
,
02/15/24
.................
38
2,864,053
UBS
AG
(
Yum!
Brands,
Inc.
)
,
9.30
%
,
02/08/24
41
5,201,575
66,431,783
Household
Durables
—
0.1%
(b)(c)
BMO
Capital
Markets
Corp.
(
Sony
Group
Corp.
)
,
19.27
%
,
02/23/24
............
37
3,477,299
Citigroup,
Inc.
(
Mohawk
Industries,
Inc.
)
,
20.51
%
,
02/09/24
.................
22
1,772,005
Citigroup,
Inc.
(
Newell
Brands,
Inc.
)
,
30.32
%
,
03/25/24
.................
147
1,232,428
Royal
Bank
of
Canada
(
PulteGroup,
Inc.
)
,
17.27
%
,
03/21/24
.................
27
2,832,669
9,314,401
Household
Products
—
0.1%
Barclays
Bank
plc
(
Church
&
Dwight
Co.,
Inc.
)
,
6.37
%
,
02/02/24
(b)
(c)
................
36
3,548,455
JPMorgan
Structured
Products
BV
(Henkel
AG
&
Co.
KGaA)
7.35
%
,
03/05/24
(b)
(c)
................
EUR
42
3,274,069
15.09
%
,
04/11/24
(b)
(c)
...............
16
1,268,647
8,091,171
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
—
0.2%
(b)(c)
JPMorgan
Structured
Products
BV
(
Siemens
AG
)
,
16.45
%
,
02/08/24
..............
EUR
43
$
7,539,605
Nomura
Holdings,
Inc.
(
General
Electric
Co.
)
,
12.21
%
,
03/14/24
.................
USD
52
6,903,904
Royal
Bank
of
Canada
(
Siemens
AG
)
,
21.52
%
,
02/29/24
(a)
................
EUR
9
1,560,317
UBS
AG
(
Honeywell
International,
Inc.
)
,
11.69
%
,
02/02/24
.................
USD
44
8,141,677
24,145,503
Industrial
REITs
—
0.0%
BNP
Paribas
SA
(
Prologis,
Inc.
)
,
15.16
%
,
03/08/24
(b)
(c)
...............
27
3,427,741
Insurance
—
0.4%
(b)(c)
Barclays
Bank
plc
(
Progressive
Corp.
(The)
)
,
9.68
%
,
03/15/24
..................
32
5,642,761
Barclays
Bank
plc
(
Willis
Towers
Watson
plc
)
,
15.56
%
,
03/18/24
.................
15
3,713,699
BNP
Paribas
SA
(
MetLife,
Inc.
)
,
15.30
%
,
02/01/24
.................
74
4,671,347
BNP
Paribas
SA
(
Prudential
plc
)
,
25.31
%
,
03/28/24
.................
GBP
354
3,598,413
Nomura
Holdings,
Inc.
(
American
International
Group,
Inc.
)
,
11.14
%
,
02/15/24
.........
USD
106
7,237,307
Nomura
Holdings,
Inc.
(
Everest
Group
Ltd.
)
,
16.15
%
,
02/08/24
.................
9
3,564,306
Nomura
Holdings,
Inc.
(
Marsh
&
McLennan
Cos,
Inc.
)
,
6.35
%
,
04/22/24
...........
30
5,730,332
Royal
Bank
of
Canada
(
Fidelity
National
Financial,
Inc.
)
,
13.66
%
,
02/15/24
.......
138
6,854,173
Royal
Bank
of
Canada
(
Travelers
Cos.,
Inc.
(The)
)
,
9.36
%
,
03/13/24
.............
16
3,432,618
44,444,956
Interactive
Media
&
Services
—
0.7%
(b)(c)
BMO
Capital
Markets
Corp.
(
Meta
Platforms,
Inc.
)
,
15.57
%
,
02/01/24
..............
25
8,846,929
Citigroup
Global
Markets
Holdings
(
Match
Group,
Inc.
)
,
22.22
%
,
03/25/24
........
88
3,389,735
Citigroup,
Inc.
(
Meta
Platforms,
Inc.
)
,
18.76
%
,
02/02/24
.................
29
8,974,882
JPMorgan
Structured
Products
BV
(
Alphabet,
Inc.
)
,
17.88
%
,
03/21/24
..............
150
22,876,940
Mizuho
Markets
Cayman
LP
(
Alphabet,
Inc.
)
,
13.71
%
,
02/01/24
.................
168
23,563,112
Royal
Bank
of
Canada
(
Meta
Platforms,
Inc.
)
,
26.25
%
,
03/21/24
.................
28
11,264,377
78,915,975
IT
Services
—
0.3%
(b)(c)
BNP
Paribas
SA
(
Akamai
Technologies,
Inc.
)
,
10.08
%
,
02/14/24
.................
39
4,681,689
Citigroup,
Inc.
(
Gartner,
Inc.
)
,
10.00
%
,
02/07/24
11
4,685,059
Mizuho
Markets
Cayman
LP
(
Akamai
Technologies,
Inc.
)
,
8.47
%
,
02/15/24
.....
20
2,323,225
Mizuho
Markets
Cayman
LP
(
Cognizant
Technology
Solutions
Corp.
)
,
19.00
%
,
02/08/24
.................
80
5,696,147
Mizuho
Markets
Cayman
LP
(
VeriSign,
Inc.
)
,
7.37
%
,
02/09/24
..................
22
4,290,920
Nomura
Holdings,
Inc.
(
International
Business
Machines
Corp.
)
,
9.68
%
,
04/25/24
......
59
10,960,857
Nomura
Holdings,
Inc.
(
Snowflake,
Inc.
)
,
19.25
%
,
03/01/24
.................
24
4,630,896
37,268,793
Security
Par
(000)
Par
(000)
Value
Leisure
Products
—
0.0%
(b)(c)
Barclays
Bank
plc
(
Polaris,
Inc.
)
,
22.76
%
,
03/25/24
.................
USD
19
$
1,701,549
SGA
Societe
Generale
Acceptance
NV
(
Hasbro,
Inc.
)
,
33.89
%
,
02/20/24
..............
31
1,494,764
3,196,313
Life
Sciences
Tools
&
Services
—
0.2%
(b)(c)
BMO
Capital
Markets
Corp.
(
Fortrea
Holdings,
Inc.
)
,
23.56
%
,
03/14/24
..............
54
1,685,808
Citigroup
Global
Markets
Holdings
(
Thermo
Fisher
Scientific,
Inc.
)
,
12.10
%
,
03/25/24
..
16
8,482,655
Nomura
Holdings,
Inc.
(
Bruker
Corp.
)
,
18.91
%
,
02/09/24
.................
54
3,880,817
Royal
Bank
of
Canada
(
Danaher
Corp.
)
,
9.89
%
,
03/21/24
..................
24
5,654,377
19,703,657
Machinery
—
0.3%
Barclays
Bank
plc
(
Stanley
Black
&
Decker,
Inc.
)
,
20.26
%
,
02/02/24
(b)
(c)
...........
33
2,951,087
Barclays
Bank
plc
(
Volvo
AB
)
,
8.92
%
,
03/22/24
SEK
189
4,552,578
Citigroup
Global
Markets
Holdings
(
Otis
Worldwide
Corp.
)
,
9.25
%
,
03/25/24
(b)
(c)
...
USD
52
4,552,774
Citigroup,
Inc.
(
Ingersoll
Rand,
Inc.
)
,
21.69
%
,
02/16/24
(b)
(c)
...............
22
1,716,609
Mizuho
Markets
Cayman
LP
(
Parker-Hannifin
Corp.
)
,
14.12
%
,
02/01/24
(b)
(c)
..........
11
4,734,972
Nomura
Holdings,
Inc.
(
Flowserve
Corp.
)
,
17.96
%
,
02/22/24
(b)
(c)
...............
114
4,560,327
Nomura
Holdings,
Inc.
(
Otis
Worldwide
Corp.
)
,
6.83
%
,
02/02/24
(b)
(c)
................
59
5,222,060
28,290,407
Media
—
0.2%
(b)(c)
Nomura
Holdings,
Inc.
(
Comcast
Corp.
)
,
8.40
%
,
04/29/24
..................
249
11,612,323
Royal
Bank
of
Canada
(
Comcast
Corp.
)
,
19.17
%
,
02/05/24
.................
111
4,915,619
SGA
Societe
Generale
Acceptance
NV
(
Fox
Corp.
)
,
17.10
%
,
02/20/24
............
80
2,468,761
18,996,703
Metals
&
Mining
—
0.0%
Barclays
Bank
plc
(
Freeport-McMoRan,
Inc.
)
,
19.82
%
,
03/15/24
(b)
(c)
...............
113
4,508,710
Multi-Utilities
—
0.0%
Nomura
Holdings,
Inc.
(
Sempra
)
,
13.27
%
,
02/15/24
(b)
(c)
...............
38
2,726,338
Oil,
Gas
&
Consumable
Fuels
—
0.5%
(b)(c)
Barclays
Bank
plc
(
Devon
Energy
Corp.
)
,
20.46
%
,
02/14/24
.................
86
3,633,468
Barclays
Bank
plc
(
Phillips
66
)
,
16.80
%
,
03/25/24
.................
27
3,940,885
BNP
Paribas
SA
(
APA
Corp.
)
,
20.15
%
,
02/22/24
70
2,230,172
BNP
Paribas
SA
(
BP
plc
)
,
25.44
%
,
03/28/24
..
GBP
1,336
7,670,360
BNP
Paribas
SA
(
Marathon
Oil
Corp.
)
,
19.19
%
,
02/15/24
.................
USD
139
3,200,999
BNP
Paribas
SA
(
Shell
plc
)
,
22.54
%
,
02/29/24
GBP
234
7,310,179
Goldman
Sachs
International
(
Chevron
Corp.
)
,
20.04
%
,
02/20/24
.................
USD
6
868,883
Mizuho
Markets
Cayman
LP
(
Williams
Cos.,
Inc.
(The)
)
,
17.02
%
,
03/07/24
.........
45
1,566,313
Nomura
America
Finance
LLC
(
Marathon
Petroleum
Corp.
)
,
18.38
%
,
03/21/24
.....
34
5,723,061
Nomura
Holdings,
Inc.
(
Kosmos
Energy
Ltd.
)
,
31.34
%
,
02/15/24
.................
392
2,401,095
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Nomura
Holdings,
Inc.
(
Occidental
Petroleum
Corp.
)
,
13.37
%
,
02/27/24
............
USD
66
$
3,825,836
SGA
Societe
Generale
Acceptance
NV
(
ConocoPhillips
)
,
16.47
%
,
02/05/24
.....
12
1,343,766
UBS
AG
(
BP
plc
)
,
14.80
%
,
02/07/24
.......
322
11,310,629
55,025,646
Personal
Care
Products
—
0.2%
(b)(c)
JPMorgan
Structured
Products
BV
(
Beiersdorf
AG
)
,
8.78
%
,
02/29/24
...............
EUR
23
3,373,513
JPMorgan
Structured
Products
BV
(
L'Oreal
SA
)
,
10.54
%
,
02/08/24
..............
26
12,594,275
Royal
Bank
of
Canada
(
Unilever
plc
)
,
11.47
%
,
02/15/24
.................
USD
39
1,891,004
17,858,792
Pharmaceuticals
—
0.2%
(b)(c)
Barclays
Bank
plc
(
Elanco
Animal
Health,
Inc.
)
,
36.45
%
,
02/22/24
.................
219
3,276,327
BMO
Capital
Markets
Corp.
(
Eli
Lilly
&
Co.
)
,
17.55
%
,
02/05/24
.................
3
1,826,406
BNP
Paribas
SA
(
AstraZeneca
plc
)
,
22.78
%
,
02/29/24
.................
GBP
15
1,983,544
HSBC
Bank
plc
(
Bayer
AG
)
,
20.40
%
,
04/11/24
EUR
100
3,253,996
Royal
Bank
of
Canada
(
Bayer
AG
)
,
28.51
%
,
02/01/24
.................
81
2,626,487
Royal
Bank
of
Canada
(
Johnson
&
Johnson
)
,
9.37
%
,
03/14/24
..................
USD
71
11,297,082
SGA
Societe
Generale
Acceptance
NV
(
Pfizer,
Inc.
)
,
27.11
%
,
02/20/24
..............
29
805,694
25,069,536
Professional
Services
—
0.2%
(b)(c)
Barclays
Bank
plc
(
Dun
&
Bradstreet
Holdings,
Inc.
)
,
23.78
%
,
03/18/24
..............
335
3,908,683
BNP
Paribas
SA
(
Verisk
Analytics,
Inc.
)
,
9.48
%
,
02/28/24
..................
19
4,608,999
Mizuho
Markets
Cayman
LP
(
Leidos
Holdings,
Inc.
)
,
13.10
%
,
02/20/24
..............
63
6,868,815
SGA
Societe
Generale
Acceptance
NV
(
SS&C
Technologies
Holdings,
Inc.
)
,
15.88
%
,
02/20/24
.................
114
6,842,490
Societe
Generale
(
Automatic
Data
Processing,
Inc.
)
,
10.06
%
,
03/25/24
..............
23
5,657,245
27,886,232
Semiconductors
&
Semiconductor
Equipment
—
0.0%
BMO
Capital
Markets
Corp.
(
Intel
Corp.
)
,
25.07
%
,
02/08/24
(b)
(c)
...............
31
1,339,882
Software
—
1.2%
(b)(c)
Barclays
Bank
plc
(
C3.ai,
Inc.
)
,
9.16
%
,
02/20/24
EUR
30
5,696,989
Barclays
Bank
plc
(
SAP
SE
)
,
9.82
%
,
03/22/24
130
22,750,352
BNP
Paribas
SA
(
Crowdstrike
Holdings,
Inc.
)
,
18.39
%
,
03/07/24
.................
USD
19
4,820,569
BNP
Paribas
SA
(
Intuit,
Inc.
)
,
13.25
%
,
02/23/24
10
5,793,914
BNP
Paribas
SA
(
Palo
Alto
Networks,
Inc.
)
,
21.92
%
,
02/22/24
.................
19
5,999,446
Citigroup,
Inc.
(
Microsoft
Corp.
)
,
13.72
%
,
03/13/24
.................
100
39,599,234
Mizuho
Markets
Cayman
LP
(
BILL
Holdings,
Inc.
)
,
30.52
%
,
02/01/24
..............
62
4,307,563
Nomura
Holdings,
Inc.
(
Salesforce,
Inc.
)
,
9.97
%
,
03/01/24
..................
35
9,123,303
Nomura
Holdings,
Inc.
(
Workday,
Inc.
)
,
11.44
%
,
02/27/24
.................
17
4,683,102
Royal
Bank
of
Canada
(
Microsoft
Corp.
)
,
14.53
%
,
02/05/24
.................
10
3,836,127
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Royal
Bank
of
Canada
(
Synopsys,
Inc.
)
,
9.97
%
,
02/15/24
..................
USD
16
$
8,447,344
Societe
Generale
(
Microsoft
Corp.
)
,
11.68
%
,
03/25/24
.................
57
22,616,824
137,674,767
Specialized
REITs
—
0.0%
(b)(c)
BMO
Capital
Markets
Corp.
(
American
Tower
Corp.
)
,
17.67
%
,
03/14/24
............
4
795,332
SGA
Societe
Generale
Acceptance
NV
(
Crown
Castle,
Inc.
)
,
24.16
%
,
03/20/24
........
11
1,149,101
1,944,433
Specialty
Retail
—
0.3%
(b)(c)
BNP
Paribas
SA
(
TJX
Cos.,
Inc.
(The)
)
,
8.53
%
,
02/28/24
..................
74
6,932,698
BNP
Paribas
SA
(
Ulta
Beauty,
Inc.
)
,
13.08
%
,
03/14/24
.................
10
4,613,187
BNP
Paribas
SA
(
Williams-Sonoma,
Inc.
)
,
20.87
%
,
03/15/24
.................
23
4,447,827
Citigroup,
Inc.
(
AutoNation,
Inc.
)
,
20.32
%
,
02/16/24
.................
34
4,572,471
JPMorgan
Structured
Products
BV
(
O'Reilly
Automotive,
Inc.
)
,
10.67
%
,
02/08/24
.....
8
8,066,367
JPMorgan
Structured
Products
BV
(
Ross
Stores,
Inc.
)
,
9.33
%
,
02/28/24
.........
35
4,677,660
SGA
Societe
Generale
Acceptance
NV
(
O'Reilly
Automotive,
Inc.
)
,
7.94
%
,
02/07/24
......
4
3,527,329
36,837,539
Technology
Hardware,
Storage
&
Peripherals
—
0.8%
(b)(c)
BNP
Paribas
SA
(
Apple,
Inc.
)
,
9.51
%
,
02/02/24
191
35,206,940
BNP
Paribas
SA
(
Hewlett
Packard
Enterprise
Co.
)
,
13.45
%
,
02/29/24
..............
204
3,143,166
Mizuho
Markets
Cayman
LP
(
Apple,
Inc.
)
,
8.56
%
,
02/01/24
..................
59
11,182,138
Nomura
America
Finance
LLC
(
Apple,
Inc.
)
,
10.85
%
,
03/21/24
.................
182
34,193,909
Royal
Bank
of
Canada
(
HP,
Inc.
)
,
16.61
%
,
03/07/24
.................
62
1,793,623
85,519,776
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
(b)(c)
Barclays
Bank
plc
(
Tapestry,
Inc.
)
,
18.60
%
,
02/08/24
.................
124
4,682,055
Goldman
Sachs
International
(
Skechers
USA,
Inc.
)
,
16.91
%
,
02/02/24
..............
47
2,307,958
JPMorgan
Structured
Products
BV
(
Ralph
Lauren
Corp.
)
,
17.48
%
,
03/25/24
.......
8
1,183,717
JPMorgan
Structured
Products
BV
(
Skechers
USA,
Inc.
)
,
14.33
%
,
02/01/24
..........
43
2,366,526
Royal
Bank
of
Canada
(
adidas
AG
)
,
22.01
%
,
03/13/24
.................
EUR
18
3,356,319
SGA
Societe
Generale
Acceptance
NV
(
Tapestry,
Inc.
)
,
24.22
%
,
02/20/24
......
USD
43
1,632,407
15,528,982
Tobacco
—
0.2%
(b)(c)
JPMorgan
Structured
Products
BV
(
British
American
Tobacco
plc
)
,
23.09
%
,
02/01/24
.
GBP
192
5,707,605
Royal
Bank
of
Canada
(
British
American
Tobacco
plc
)
,
19.33
%
,
04/11/24
........
219
6,511,360
Royal
Bank
of
Canada
(
Philip
Morris
International,
Inc.
)
,
12.35
%
,
02/09/24
....
USD
122
11,097,952
23,316,917
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
101
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
—
0.1%
(b)(c)
Citigroup,
Inc.
(
Fastenal
Co.
)
,
10.94
%
,
03/11/24
USD
42
$
2,855,222
Nomura
Holdings,
Inc.
(
Ferguson
plc
)
,
11.52
%
,
03/05/24
.................
18
3,445,245
Nomura
Holdings,
Inc.
(
United
Rentals,
Inc.
)
,
10.71
%
,
04/29/24
.................
7
4,386,786
10,687,253
Wireless
Telecommunication
Services
—
0.1%
(b)(c)
JPMorgan
Structured
Products
BV
(
Vodafone
Group
plc
)
,
23.08
%
,
03/28/24
.........
GBP
4,978
4,171,245
Royal
Bank
of
Canada
(
Rogers
Communications,
Inc.
)
,
20.00
%
,
03/25/24
.
CAD
46
2,155,029
UBS
AG
(
T-Mobile
US,
Inc.
)
,
8.40
%
,
02/02/24
.
USD
47
7,654,537
13,980,811
Total
Equity-Linked
Notes
—
13
.2
%
(Cost:
$
1,490,069,697
)
............................
1,503,312,464
Fixed
Rate
Loan
Interests
Financial
Services
—
0.1%
CML
ST
Regis
Aspen,
Term
Loan
,
8.26
%
,
02/09/27
(f)
.................
13,200
13,200,039
Total
Fixed
Rate
Loan
Interests
—
0
.1
%
(Cost:
$
13,187,428
)
...............................
13,200,039
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%),
9.90
%
,
05/25/28
............
3,695
3,448,119
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.90
%
,
05/25/28
............
690
644,074
Bleriot
US
Bidco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.61
%
,
10/30/28
...
541
542,024
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.01
%
,
08/03/29
.......
1,001
988,218
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
08/24/28
..................
3,437
3,437,354
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
08/24/28
..................
1,473
1,473,152
Peraton
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/01/28
..................
2,365
2,359,722
Peraton
Corp.,
2nd
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.22
%
,
02/01/29
.................
963
959,963
TransDigm,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
08/24/28
......
2,125
2,126,234
TransDigm,
Inc.,
Term
Loan
H
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
02/22/27
...
930
930,225
TransDigm,
Inc.,
Term
Loan
J
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
02/28/31
...
778
778,638
17,687,723
Automobile
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.75%),
0.00
%
,
01/31/31
...
327
327,559
Clarios
Global
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
05/06/30
..................
2,518
2,518,047
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
Tenneco,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.45
%
-
10.47
%
,
11/17/28
...........
USD
1,285
$
1,161,319
4,006,925
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
12/14/27
(a)
...........
1,716
1,714,021
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
01/24/29
..................
4,059
3,833,819
Naked
Juice
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.45
%
,
01/24/30
.................
1,951
1,563,757
5,397,576
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
11/24/28
...
603
599,005
New
SK
Holdco
Sub
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.19
%
,
06/30/27
.................
1,681
1,668,957
Pug
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.95
%
,
02/12/27
......
3,319
3,265,733
Pug
LLC,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
,
02/12/27
(f)
.................
427
421,828
Sally
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
02/28/30
...
625
626,838
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.36
%
,
12/21/27
..................
477
387,052
6,969,413
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
05/13/29
.
600
600,421
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.09
%
,
11/03/28
(f)
.................
634
630,038
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
04/12/28
............
339
335,258
CP
Atlas
Buyer,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25
%
-
9.18
%
,
11/23/27
.................
1,082
1,047,861
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
10/02/28
............
307
306,526
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.84
%
,
04/02/29
(f)
.................
528
526,957
Wilsonart
LLC,
Term
Loan
E
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.25%),
8.70
%
,
12/31/26
..................
2,731
2,724,570
6,171,631
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.1%
(a)
Aretec
Group,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.93
%
,
08/09/30
...
USD
572
$
571,010
Ascensus
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
08/02/28
.......
2,584
2,570,904
Ascensus
Group
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
12.09
%
,
08/02/29
......
556
535,835
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B5
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.85
%
,
12/20/29
..................
1,433
1,432,833
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.95
%
,
07/24/26
................
933
923,699
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.20
%
,
07/24/26
..........
774
767,766
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.40
%
,
10/22/26
..........
1,888
1,885,153
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.13
%
,
10/22/27
..........
696
695,316
Focus
Financial
Partners
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
06/30/28
............
1,968
1,960,638
Focus
Financial
Partners
LLC,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
06/30/28
............
616
612,758
ION
Trading
Finance
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.20
%
,
04/01/28
.................
710
696,640
Learning
Care
Group
US
No.
2,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.07
%
-
10.14
%
,
08/11/28
239
239,280
Osaic
Holdings,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
08/17/28
..................
2,449
2,444,825
15,336,657
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
09/30/28
..................
619
613,582
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43
%
,
11/24/27
.......
624
615,221
Ascend
Performance
Materials
Operations
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.32
%
,
08/27/26
..
573
551,446
Chemours
Co.,
(The),
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
08/18/28
..................
864
860,335
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.36
%
,
12/29/27
............
641
517,625
Derby
Buyer
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.58
%
,
11/01/30
..................
2,153
2,158,382
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.91
%
,
06/09/28
............
1,106
1,104,396
Element
Solutions,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
12/18/30
..................
1,541
1,536,868
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
H.B.
Fuller
Co.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.58
%
,
02/15/30
..................
USD
321
$
320,276
Herens
Holdco
SARL,
Facility
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.37
%
,
07/03/28
............
807
750,190
Ineos
US
Finance
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93
%
,
02/18/30
...
635
626,278
LSF11
A5
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
10/15/28
..........
1,056
1,049,860
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.68
%
,
10/15/28
..........
305
304,894
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.95
%
,
06/30/27
..................
322
321,469
Momentive
Performance
Materials,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
03/29/28
..................
2,194
2,152,185
Nouryon
Finance
BV,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.47
%
,
04/03/28
...
972
969,889
Olympus
Water
US
Holding
Corp.
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.57
%
,
11/09/28
...........
979
978,547
Oxea
Holding
Vier
GmbH,
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.93
%
,
10/14/24
..................
1,546
1,503,235
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
03/16/27
...........
615
613,001
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
08/02/28
............
1,238
1,233,141
WR
Grace
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.36
%
,
09/22/28
..................
1,525
1,523,508
20,304,328
Commercial
Services
&
Supplies
—
0.2%
(a)
Action
Environmental
Group,
Inc.,
(The),
Delayed
Draw
Term
Loan
,
10/24/30
(f)
(q)
...
87
86,990
Action
Environmental
Group,
Inc.,
(The),
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.88
%
,
10/24/30
(f)
......
586
585,976
Allied
Universal
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
05/12/28
..........
3,023
2,983,657
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.08
%
,
05/12/28
..........
364
362,951
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.34
%
,
02/15/29
..................
1,252
1,250,062
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
06/22/30
..................
2,579
2,570,507
Asplundh
Tree
Expert
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
09/07/27
..................
2,013
2,011,570
Covanta
Holding
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
11/30/28
..................
1,709
1,702,266
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
103
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Covanta
Holding
Corp.,
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
11/30/28
..................
USD
130
$
129,782
Garda
World
Security
Corp.,
Term
Loan
,
02/01/29
(q)
......................
444
443,527
GFL
Environmental,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82
%
,
05/31/27
..................
718
717,368
LABL,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.43
%
,
10/29/28
.................
972
921,001
NEP
Group,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.75%),
0.00
%
,
08/19/26
..................
1,352
1,293,585
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
-
9.82
%
,
12/15/28
.
1,164
862,769
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
10/13/30
............
840
840,109
Tempo
Acquisition
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
08/31/28
..................
4,316
4,312,758
TruGreen
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43
%
,
11/02/27
..................
1,913
1,844,526
Viad
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.45
%
,
07/30/28
.................
1,041
1,035,648
23,955,052
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.34
%
,
10/24/30
......
1,576
1,579,469
ViaSat,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.83
%
,
03/02/29
..........
1,219
1,197,253
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.94
%
,
05/30/30
..........
746
732,274
3,508,996
Construction
&
Engineering
—
0.2%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.50%),
10.81
%
,
08/01/30
............
3,584
3,571,080
Hilton
Washington
Dupont
Hotel,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
7.97
%
,
04/01/24
(f)
............
14,250
14,064,908
Legence
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93
%
,
12/16/27
..................
248
246,229
Pike
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
01/21/28
......
1,191
1,191,315
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.11
%
,
05/12/28
..................
1,244
1,232,500
20,306,032
Construction
Materials
—
0.0%
(a)
New
AMI
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.33
%
,
03/08/29
.................
740
670,751
Oscar
AcquisitionCo
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.95
%
,
04/29/29
..................
1,538
1,524,863
Security
Par
(000)
Par
(000)
Value
Construction
Materials
(continued)
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
03/19/29
..................
USD
642
$
641,400
Standard
Building
Solutions,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
09/22/28
............
1,115
1,113,683
Summit
Materials
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
01/12/29
..................
699
700,748
4,651,445
Consumer
Staples
Distribution
&
Retail
—
0.1%
(a)
CML
Project
Horizons,
Term
Loan
,
(3-mo.
LIBOR
GBP
+
3.75%),
8.99
%
,
04/12/26
(f)
..
GBP
10,046
12,678,065
US
Foods,
Inc.,
Term
Loan
B
(1-mo.
CME
Term
SOFR
+
2.00%),
7.45
%
,
09/13/26
................
USD
1,288
1,287,826
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
11/22/28
................
613
614,878
14,580,769
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.22
%
,
12/01/27
.......
3,913
3,891,188
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
08/14/26
..................
1,223
1,224,002
Pactiv
Evergreen,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70
%
,
02/05/26
..................
561
561,346
Pregis
TopCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
07/31/26
..................
327
327,305
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.61
%
,
09/15/28
............
1,187
1,182,086
7,185,927
Distributors
—
0.0%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
0.00
%
,
01/31/24
(f)
............
1,775
1,770,154
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
9.32
%
,
10/28/27
..................
1,638
1,552,388
3,322,542
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
11.18
%
,
12/10/29
............
854
786,830
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
11/24/28
.......
1,546
1,541,652
Kuehg
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.35
%
,
06/12/30
.................
1,364
1,363,078
Sotheby's,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
10.08
%
,
01/15/27
3,092
3,058,688
Spring
Education
Group,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.50%),
9.85
%
,
09/29/30
..................
1,542
1,542,909
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
104
(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%),
10.45
%
,
09/01/25
.................
USD
1,440
$
1,236,588
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.09
%
,
01/30/31
..................
1,967
1,967,000
11,496,745
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
05/18/30
(a)
.................
909
907,766
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.33
%
,
07/15/25
................
840
827,065
(3-mo.
LIBOR
USD
+
2.75%),
8.33
%
,
01/31/26
(f)
...............
456
450,767
Altice
France
SA,
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.81
%
,
08/15/28
..
1,578
1,431,433
Connect
Finco
SARL,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.83
%
,
12/11/26
..................
5,455
5,446,759
Consolidated
Communications,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.95
%
,
10/02/27
...........
1,218
1,147,000
Iridium
Satellite
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.83
%
,
09/20/30
..................
3,012
3,003,315
Level
3
Financing,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
03/01/27
..................
1,385
1,329,600
Lumen
Technologies,
Inc.,
Term
Loan
,
01/01/28
(q)
......................
434
434,106
Lumen
Technologies,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.70
%
,
03/15/27
..................
1,871
1,281,310
Orbcomm,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.70
%
-
9.90
%
,
09/01/28
............
655
618,172
Radiate
Holdco
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.70
%
,
09/25/26
..................
2,869
2,320,388
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70
%
,
01/31/29
..................
795
787,917
Zayo
Group
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
03/09/27
..................
4,624
3,906,748
22,984,580
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.36
%
,
06/23/28
(a)
...........
1,492
1,484,911
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
07/02/29
(a)
.................
1,028
1,021,798
Energy
Equipment
&
Services
—
0.0%
(a)
Lealand
Finance
Co.
BV,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
06/28/24
(f)
...............
41
24,643
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
(1-mo.
CME
Term
SOFR
+
1.00%),
6.45
%
,
06/30/25
................
USD
415
$
162,820
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.71
%
,
10/05/28
..
2,660
2,654,325
2,841,788
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
04/22/26
..................
1,558
1,225,616
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.60
%
,
03/08/30
............
1,035
1,030,002
City
Football
Group
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
07/21/28
..................
1,840
1,823,497
Creative
Artists
Agency
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
11/27/28
..................
2,575
2,574,532
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.60
%
,
01/15/30
.
1,928
1,925,108
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
10/19/26
..................
3,086
3,080,650
NASCAR
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
10/19/26
..................
248
248,245
Playtika
Holding
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
03/13/28
..................
1,237
1,232,676
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.07
%
,
01/23/25
..................
1,484
1,482,810
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.34
%
,
04/29/26
............
1,414
1,412,569
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
05/18/25
......
3,192
3,188,929
WMG
Acquisition
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.34
%
,
01/24/31
..................
3,276
3,265,382
22,490,016
Financial
Services
—
1.1%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
12/21/28
..
1,184
1,185,652
Belron
Finance
US
LLC,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.58
%
,
04/13/28
..........
2,023
2,022,759
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.66
%
,
04/18/29
(f)
..........
471
471,223
CML
Hyatt
Lost
Pines,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.55%),
8.32
%
,
09/09/26
(f)
.................
10,600
10,426,943
CML
La
Quinta
Resort,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.11%),
8.37
%
,
12/09/26
(f)
..
9,220
8,983,576
CML
Terranea
Resort,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.35%),
9.70
%
,
01/01/28
(f)
..
5,600
5,599,490
Cogeco
Communications
Finance
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.95
%
,
09/01/28
.......
953
924,382
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
105
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Colorado
Plaza,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.86%),
6.94
%
,
05/15/24
(e)
(f)
(l)
....
USD
7,906
$
1,572,025
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
9.10
%
,
04/09/27
.......
4,076
3,999,995
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.36
%
,
04/07/28
......
1,890
1,854,563
GIP
Pilot
Acquisition
Partners
LP,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
10/04/30
..................
280
279,882
GTCR
W
Merger
Sub
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.33
%
,
01/31/31
............
1,558
1,556,380
Houston
Center,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.21%),
7.55
%
,
01/09/25
(f)
......
42,968
26,514,608
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
03/24/25
..................
2,183
2,178,598
Park
Avenue
Tower,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.17%),
7.50
%
,
03/09/24
(f)
..
31,844
29,916,081
Sheraton
Austin,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
3.59%),
8.94
%
,
06/01/24
(f)
.................
10,741
10,511,727
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
12/11/26
.......
1,977
1,970,417
Vinoy
St.
Petersburg
(The),
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.39%
Floor
+
2.67%),
7.98
%
,
06/09/26
(f)
.................
11,528
11,133,175
White
Cap
Supply
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
10/19/27
............
1,953
1,950,407
123,051,883
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.20
%
,
10/01/25
............
2,208
2,138,503
B&G
Foods,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
10/10/26
...
172
171,112
Chobani
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.95
%
,
10/25/27
..........
4,600
4,600,763
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
10/25/27
................
714
714,000
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
01/29/27
..................
4,210
4,201,351
H-Food
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.34
%
,
05/23/25
...
604
465,787
Nomad
Foods
Ltd.,
Term
Loan
B4
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.47
%
,
11/13/29
..................
790
789,344
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.07
%
,
06/08/28
.......
2,693
2,696,246
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.86
%
,
03/31/28
............
1,201
1,180,618
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
01/20/28
..................
USD
3,015
$
3,011,363
19,969,087
Ground
Transportation
—
0.0%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.19
%
,
04/06/28
..
499
494,910
Avis
Budget
Car
Rental
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
08/06/27
..................
1,008
1,001,808
Uber
Technologies,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.13
%
,
03/03/30
..................
1,883
1,881,783
3,378,501
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
05/10/27
..........
2,454
2,394,980
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
09/29/28
(f)
...............
944
924,762
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
11/03/28
..................
2,379
2,350,562
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.11
%
,
03/05/26
.................
840
735,266
Insulet
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
0.00
%
,
05/04/28
......
880
880,865
Medline
Borrower
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
10/23/28
..................
4,322
4,312,309
11,598,744
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%),
8.70
%
,
09/29/28
..........
1,422
1,415,614
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
09/29/28
..........
315
314,134
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.82
%
,
11/08/27
.............
3,344
3,335,586
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
11/01/28
..................
1,850
1,846,728
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.32
%
,
02/18/27
................
1,323
679,295
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.32
%
,
11/15/28
...........
412
216,989
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
12.32
%
,
11/15/29
............
611
185,611
MED
ParentCo.
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.70
%
,
08/31/26
..................
311
305,958
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
11/01/28
.......
913
820,302
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.43
%
,
11/01/29
......
USD
404
$
327,745
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
10/27/28
............
1,228
1,228,882
Surgery
Center
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
12/19/30
..................
1,271
1,272,164
Vizient,
Inc.,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
05/16/29
..................
346
345,680
12,294,688
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
02/15/29
..................
3,179
3,130,884
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
10/01/27
............
2,218
2,154,157
IQVIA,
Inc.,
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.35
%
,
01/02/31
......
1,227
1,228,227
Polaris
Newco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.57
%
,
06/02/28
..................
4,102
3,993,970
Verscend
Holding
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.45
%
,
08/27/25
..................
3,028
3,026,826
13,534,064
Hotels,
Restaurants
&
Leisure
—
0.5%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
09/20/30
..................
1,549
1,539,686
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.20
%
,
02/02/26
..................
2,030
1,934,545
Alterra
Mountain
Co.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18
%
,
05/31/30
..................
167
167,160
Bally's
Corp.,
Facility
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.83
%
,
10/02/28
..................
1,165
1,086,979
Caesars
Entertainment,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.66
%
,
02/06/30
............
1,123
1,121,251
Caesars
Entertainment,
Inc.,
Term
Loan
B1
,
02/06/31
(q)
......................
2,691
2,684,273
Carnival
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.34
%
,
08/09/27
..................
1,224
1,223,312
Churchill
Downs,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43
%
,
03/17/28
..................
1,475
1,471,094
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.90%),
8.37
%
,
10/25/26
(f)
.................
7,475
7,196,452
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.00%),
8.61
%
,
03/08/24
..................
3,124
3,078,716
Fertitta
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
01/27/29
............
4,428
4,413,357
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Flutter
Entertainment
plc,
Term
Loan
B
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.86
%
,
07/22/28
..........
USD
812
$
811,213
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
11/25/30
...........
2,438
2,425,810
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93
%
,
11/30/29
.......
3,302
3,300,305
Hilton
Domestic
Operating
Co.,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44
%
,
11/08/30
..................
2,953
2,951,842
IRB
Holding
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.18
%
,
12/15/27
..................
2,660
2,652,249
Light
and
Wonder
International,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
04/14/29
...........
926
925,478
Merlin
Buyer,
Inc.,
Term
Loan
,
11/12/29
(q)
....
1,213
1,204,658
Packers
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
03/09/28
..................
1,111
734,387
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18
%
,
05/03/29
............
1,780
1,773,730
Playa
Resorts
Holding
BV,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
01/05/29
..................
650
648,888
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
-
7.84
%
,
08/25/28
.
806
805,672
Station
Casinos
LLC,
Facility
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
2.25%),
7.68
%
,
02/08/27
............
2,130
2,123,604
Whatabrands
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
08/03/28
..................
3,344
3,333,881
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
05/24/30
..................
909
908,471
50,517,013
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.86
%
,
05/17/28
..................
1,465
1,263,568
Hunter
Douglas
Holding
BV,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.88
%
,
02/26/29
............
2,195
2,155,487
Serta
Simmons
Bedding
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
12.96
%
,
06/29/28
............
658
616,912
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
10/06/28
............
2,537
2,257,199
Weber-Stephen
Products
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.70
%
,
10/30/27
............
3,418
3,083,886
9,377,052
Household
Products
—
0.0%
Energizer
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
12/22/27
(a)
.................
527
524,604
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
107
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.47
%
,
01/31/31
......
USD
933
$
924,137
Constellation
Renewables
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
8.15
%
,
12/15/27
............
1,253
1,247,886
2,172,023
Industrial
Conglomerates
—
0.0%
(a)
EMRLD
Borrower
LP,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.31
%
,
05/31/30
..................
1,228
1,227,455
JFL-Tiger
Acquisition
Co.,
Inc.
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.32
%
,
10/17/30
............
539
537,879
Minimax
Viking
GmbH,
Facility
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.20
%
,
07/31/28
............
197
196,764
1,962,098
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
11/06/30
...........
4,921
4,928,567
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.70
%
,
02/19/28
..........
2,074
2,062,995
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.20
%
,
02/19/28
..........
477
475,133
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.95
%
,
02/12/27
................
3,368
3,355,729
Baldwin
Risk
Partners
LLC,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
10/14/27
............
737
733,870
Hub
International
Ltd.,
Term
Loan
,
06/20/30
(q)
.
3,853
3,852,631
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan
,
(6-mo.
CME
Term
SOFR
+
4.25%),
9.62
%
,
03/15/30
......
1,136
1,135,296
Ryan
Specialty
Group
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.08
%
,
09/01/27
..................
2,366
2,364,097
USI,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
09/27/30
...........
1,105
1,102,699
USI,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.35
%
,
11/22/29
.......
3,210
3,204,614
23,215,631
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.39
%
,
06/26/28
..................
601
600,625
Camelot
US
Acquisition
LLC,
Term
Loan
,
01/31/31
(f)
(q)
......................
4,164
4,158,396
Grab
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.95
%
,
01/29/26
..................
929
927,035
5,686,056
IT
Services
—
0.1%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.70
%
,
01/31/28
.................
1,054
1,008,077
Asurion
LLC,
2nd
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.70
%
,
01/20/29
.................
618
584,974
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Asurion
LLC,
Term
Loan
B11
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.68
%
,
08/19/28
......
USD
664
$
655,928
Asurion
LLC,
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.70
%
,
12/23/26
......
2,164
2,153,808
Central
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.35
%
,
07/06/29
..................
2,995
2,998,290
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.45
%
,
08/10/27
..................
1,246
1,245,075
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
-
7.34
%
,
11/09/29
..................
1,450
1,448,569
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
02/24/28
............
3,725
3,724,251
Venga
Finance
SARL,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.40
%
,
06/28/29
.................
1,016
1,012,260
14,831,232
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.44
%
,
12/01/28
............
661
640,946
Topgolf
Callaway
Brands
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93
%
,
03/15/30
..................
1,006
1,003,134
1,644,080
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
11/08/27
..................
1,052
1,050,419
Fortrea
Holdings,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
07/01/30
..................
455
454,487
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.86
%
,
07/03/28
..........
1,850
1,850,852
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.31
%
,
10/19/27
............
934
923,528
Parexel
International,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
11/15/28
.............
2,470
2,462,298
Star
Parent,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.35
%
,
09/27/30
......
1,052
1,026,447
7,768,031
Machinery
—
0.3%
(a)
Albion
Financing
3
SARL,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.83
%
,
08/17/26
.................
1,778
1,783,300
Barnes
Group,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43
%
,
09/03/30
...
924
923,418
Columbus
McKinnon
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.39
%
,
05/14/28
..................
335
334,908
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
10/21/28
..........
1,614
1,612,239
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
,
10/21/28
..........
1,589
1,589,404
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Gardner
Denver,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
03/01/27
..................
USD
1,298
$
1,299,170
Gates
Global
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.93
%
,
03/31/27
..................
1,850
1,846,850
Generac
Power
Systems,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
12/13/26
..................
325
324,493
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.45
%
,
03/28/25
..................
2,904
2,899,403
Indicor
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.35
%
,
11/22/29
..................
2,759
2,758,922
Ingersoll-Rand
Services
Co.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
03/01/27
..................
547
546,945
Madison
IAQ
LLC,
Term
Loan
,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.70
%
,
06/21/28
..................
3,199
3,171,461
Osmosis
Buyer
Ltd.,
Delayed
Draw
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
2.13
%
-
9.59
%
,
07/31/28
.......
1,167
1,165,802
SPX
Flow,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
04/05/29
..................
1,958
1,955,526
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
07/30/27
...........
3,663
3,661,627
Vertiv
Group
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
,
03/02/27
...
2,679
2,680,283
WEC
US
Holdings
Ltd.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.09
%
,
01/27/31
..................
1,210
1,202,813
29,756,564
Media
—
0.1%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.25%),
8.93
%
,
03/03/25
............
1,232
1,210,768
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3
,
(3-mo.
LIBOR
USD
+
15.00%),
15.00
%
,
10/15/26
.................
1,094
1,116,801
Charter
Communications
Operating
LLC,
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
12/07/30
..................
1,213
1,192,889
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.50%),
9.07
%
,
08/21/26
..................
932
921,220
CSC
Holdings
LLC,
Term
Loan
,
(1-mo.
LIBOR
USD
+
2.50%),
7.95
%
,
04/15/27
.......
1,294
1,229,331
DirecTV
Financing
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.65
%
,
08/02/27
.................
1,164
1,162,459
ECL
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.08
%
,
09/03/30
.................
532
531,933
Learfield
Communications
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
5.50%),
10.83
%
,
06/30/28
......
903
900,386
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.37
%
,
05/11/29
(f)
.................
1,246
1,245,720
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Ziggo
Financing
Partnership,
Facility
Term
Loan
I
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.95
%
,
04/30/28
..................
USD
1,087
$
1,061,184
10,572,691
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Ecopetrol
SA,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
0.00%),
10.14
%
,
09/06/30
(f)
.....
3,000
2,977,500
Freeport
LNG
investments
LLLP,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
12/21/28
............
3,806
3,759,028
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.94
%
,
09/19/29
............
317
316,930
Medallion
Midland
Acquisition
LP,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.86
%
,
10/18/28
..................
2,361
2,365,403
Murphy
Oil
USA,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
7.19
%
,
01/31/28
..................
761
762,107
New
Fortress
Energy
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.32
%
,
10/30/28
.................
1,792
1,791,104
11,972,072
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.33
%
,
04/20/28
.................
1,687
1,725,802
Air
Canada,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.14
%
,
08/11/28
..................
2,067
2,066,671
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
7.32
%
,
01/29/27
................
1,846
1,836,587
(6-mo.
CME
Term
SOFR
+
2.75%),
8.60
%
,
02/15/28
................
2,210
2,200,657
(3-mo.
CME
Term
SOFR
+
3.50%),
8.87
%
,
06/04/29
................
618
616,844
Mileage
Plus
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.77
%
,
06/21/27
.................
2,053
2,113,193
United
AirLines,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.20
%
,
04/21/28
..................
1,773
1,773,163
WestJet
Airlines
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.44
%
,
12/11/26
..................
1,123
1,120,158
13,453,075
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.95
%
,
10/01/26
(a)
......
5,238
5,237,205
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
5.50%),
10.83
%
,
05/04/28
.................
1,219
1,207,989
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58
%
,
02/28/28
..................
1,400
1,399,519
Bausch
Health
Cos.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.69
%
,
02/01/27
.................
987
774,925
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
109
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.45
%
,
02/22/28
............
USD
2,611
$
2,568,230
Elanco
Animal
Health,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
08/01/27
..................
1,250
1,225,002
Jazz
Pharmaceuticals
PLC,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
05/05/28
............
1,849
1,847,100
Organon
&
Co.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
06/02/28
..................
1,234
1,232,134
Perrigo
Co.
plc,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
04/20/29
..................
947
942,268
Precision
Medicine
Group
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.45
%
,
11/18/27
.............
624
612,744
11,809,911
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
02/04/28
..................
1,234
1,233,118
ASGN,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
08/30/30
......
439
440,107
CoreLogic,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
06/02/28
..................
4,147
3,995,362
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.09
%
,
01/18/29
..................
8,293
8,284,714
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%),
9.70
%
,
07/06/29
.......
431
427,602
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.70
%
,
07/06/29
..................
935
927,298
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
04/28/28
..................
946
943,422
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06
%
,
04/29/29
(f)
...........
1,077
926,238
Maximus,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00
%
-
7.43
%
,
05/28/28
..................
637
638,861
Trans
Union
LLC,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
11/16/26
...
1,123
1,120,659
Trans
Union
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
12/01/28
..................
1,603
1,600,965
VS
Buyer
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.68
%
,
02/28/27
......
2,019
2,018,078
22,556,424
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
08/21/25
................
139
137,557
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
01/31/30
..........
1,113
1,101,132
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
01/31/30
(f)
..........
USD
963
$
955,778
2,194,467
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82
%
,
08/17/29
..................
2,137
2,121,943
Synaptics,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.87
%
,
12/02/28
..................
717
712,543
2,834,486
Software
—
0.4%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.85
%
,
09/18/26
............
1,061
1,063,339
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.10
%
,
09/17/27
............
715
716,430
Barracuda
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.81
%
,
08/15/29
............
585
567,560
CCC
Intelligent
Solutions,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.70
%
,
09/21/28
............
2,029
2,023,031
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.95
%
,
03/30/29
............
5,974
5,858,335
Cloudera,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
10/08/28
(f)
.................
540
532,057
Cloudera,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.43
%
,
10/08/29
.................
1,397
1,348,692
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.62
%
,
12/01/28
.................
394
393,114
Epicor
Software
Corp.,
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.70
%
,
07/30/27
..................
886
886,256
Gen
Digital,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.43
%
,
09/12/29
..................
1,564
1,558,749
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.45
%
,
12/01/27
.......
1,845
1,845,469
Informatica
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.20
%
,
10/27/28
......
2,839
2,831,428
Magenta
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.57
%
,
07/27/28
............
1,187
770,999
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.82
%
,
07/27/29
............
2,926
1,021,000
McAfee
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
03/01/29
..................
2,910
2,879,104
MH
Sub
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.58
%
,
05/03/28
..................
2,201
2,153,229
MH
Sub
I
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.58
%
,
02/23/29
.................
2,119
2,025,775
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Proofpoint,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.70
%
,
08/31/28
..................
USD
4,027
$
3,996,329
RealPage,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.45
%
,
04/24/28
..................
4,217
4,123,709
Sophia
LP,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
10/07/27
..................
1,851
1,846,525
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
04/16/25
..................
793
792,532
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.20
%
,
04/16/25
..................
749
748,299
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
05/04/26
..........
660
660,279
(3-mo.
CME
Term
SOFR
+
3.75%),
9.16
%
,
05/04/26
................
1,124
1,123,716
(3-mo.
CME
Term
SOFR
+
0.04%),
0.00
%
,
02/10/31
(f)
...............
1,272
1,273,558
UKG,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.68
%
,
05/03/27
.................
1,433
1,432,313
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
07/20/28
............
288
287,348
44,759,175
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
10.01
%
,
03/31/26
.................
609
607,964
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.08
%
,
05/04/28
..
2,618
2,615,063
PetSmart
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/11/28
..................
1,858
1,847,561
Pilot
Travel
Centers
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43
%
,
08/04/28
..................
1,484
1,481,227
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.95
%
,
10/20/28
..........
545
521,794
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
10/20/28
..........
588
566,263
RVR
Dealership
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
02/08/28
............
200
182,017
7,821,889
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.50
%
,
02/20/29
..................
643
642,861
Hanesbrands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
03/08/30
..................
429
426,670
1,069,531
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
—
0.1%
(a)
Core
&
Main
LP,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
-
8.06
%
,
07/27/28
..................
USD
3,496
$
3,490,297
Foundation
Building
Materials,
Inc.,
Term
Loan
,
01/29/31
(q)
......................
1,655
1,645,434
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
06/02/28
..........
673
668,930
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.95
%
,
06/02/28
..........
3,331
3,310,425
TMK
Hawk
Parent
Corp.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.58
%
,
06/30/29
(f)
................
1,281
1,033,073
10,148,159
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.20
%
,
09/22/28
..........
1,205
1,197,149
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
09/22/28
..........
931
929,280
OLA
Netherlands
BV,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
11.69
%
,
12/15/26
(f)
.................
1,262
1,252,151
Rand
Parent
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.60
%
,
03/17/30
..................
494
491,528
3,870,108
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.
1st
LienTerm
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Cap
+
6.75%),
12.06
%
,
05/25/27
(f)
......
939
889,770
Gogo
Intermediate
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.20
%
,
04/30/28
............
706
703,889
SBA
Senior
Finance
II
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.34
%
,
01/25/31
..................
1,521
1,518,418
3,112,077
Total
Floating
Rate
Loan
Interests
—
6
.2
%
(Cost:
$
729,781,890
)
..............................
701,019,262
Foreign
Agency
Obligations
Brazil
—
0.0%
Centrais
Eletricas
Brasileiras
SA
,
3.63%
,
02/04/25
(c)
......................
1,217
1,179,151
Chile
—
0.1%
Banco
del
Estado
de
Chile
,
2.70%
,
01/09/25
(c)
2,475
2,397,037
Corp.
Nacional
del
Cobre
de
Chile
3.63%
,
08/01/27
(c)
.................
1,001
944,944
3.75%
,
01/15/31
(b)
.................
975
868,725
Empresa
Nacional
del
Petroleo
,
6.15%
,
05/10/33
(b)
......................
1,315
1,309,964
5,520,670
Colombia
—
0.1%
Ecopetrol
SA
5.38%
,
06/26/26
..................
2,445
2,406,980
8.88%
,
01/13/33
..................
1,983
2,091,768
4,498,748
Finland
—
0.0%
Finnair
OYJ
,
4.25%
,
05/19/25
(c)
..........
EUR
500
530,770
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
111
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
—
0.1%
Electricite
de
France
SA
(a)(k)
(6-Year
EUR
Swap
Annual
+
3.44%),
4.00%
(c)
......................
EUR
900
$
962,904
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
(c)
......................
1,200
1,292,949
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
(c)
......................
GBP
200
247,179
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(c)
................
EUR
600
606,208
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(c)
......................
1,000
994,773
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(c)
......................
3,800
3,644,661
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.41%),
9.13%
(b)
......................
USD
500
558,411
8,307,085
Hungary
—
0.0%
Magyar
Export-Import
Bank
Zrt.
,
6.13%
,
12/04/27
(b)
......................
2,390
2,416,888
Indonesia
—
0.0%
Pertamina
Persero
PT
,
3.10%
,
08/27/30
(c)
...
2,556
2,271,645
Ireland
—
0.1%
AIB
Group
plc
(a)(c)
(5-Year
EUR
Swap
Annual
+
5.70%),
5.25%
(k)
......................
EUR
6,679
7,112,974
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
(k)
......................
5,653
6,038,367
(5-Year
EUR
Swap
Annual
+
2.15%),
1.88%
,
11/19/29
................
726
766,875
13,918,216
Italy
—
0.1%
(c)
Banca
Monte
dei
Paschi
di
Siena
SpA
3.63%
,
09/24/24
..................
694
743,850
(3-mo.
EURIBOR
+
3.21%),
6.75%
,
03/02/26
(a)
....................
2,106
2,311,486
Poste
Italiane
SpA
,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(a)
(k)
........
1,275
1,156,396
4,211,732
Mexico
—
0.1%
Comision
Federal
de
Electricidad
,
4.69%
,
05/15/29
(b)
......................
USD
1,447
1,359,276
Petroleos
Mexicanos
3.75%
,
02/21/24
(c)
.................
EUR
1,272
1,371,214
6.88%
,
08/04/26
..................
USD
1,121
1,088,939
8.75%
,
06/02/29
..................
1,405
1,352,486
5.95%
,
01/28/31
..................
4,027
3,149,114
6.70%
,
02/16/32
..................
4,397
3,567,946
6.75%
,
09/21/47
..................
605
387,018
12,275,993
Morocco
—
0.0%
OCP
SA
,
3.75%
,
06/23/31
(c)
.............
2,969
2,500,937
Panama
—
0.0%
(b)
Aeropuerto
Internacional
de
Tocumen
SA
4.00%
,
08/11/41
..................
2,455
1,821,303
5.13%
,
08/11/61
..................
1,525
1,119,762
Banco
Latinoamericano
de
Comercio
Exterior
SA
,
2.38%
,
09/14/25
...............
1,212
1,141,498
4,082,563
Security
Par
(000)
Par
(000)
Value
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego
(b)
6.25%
,
10/31/28
..................
USD
934
$
980,700
5.38%
,
05/22/33
..................
1,496
1,499,590
2,480,290
Total
Foreign
Agency
Obligations
—
0
.6
%
(Cost:
$
67,728,897
)
...............................
64,194,688
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
7.38%
,
05/14/30
..................
1,245
1,283,906
5.45%
,
09/16/32
..................
950
856,188
7.50%
,
09/20/47
..................
1,274
1,170,360
3,310,454
Brazil
—
0.0%
Federative
Republic
of
Brazil
,
7.13%
,
05/13/54
2,492
2,489,508
Chile
—
0.0%
Republic
of
Chile
,
3.10%
,
05/07/41
........
3,825
2,859,188
Colombia
—
0.1%
Republic
of
Colombia
4.50%
,
01/28/26
..................
1,834
1,796,747
3.88%
,
03/22/26
..................
EUR
436
461,762
3.88%
,
04/25/27
..................
USD
2,327
2,202,505
3.25%
,
04/22/32
..................
1,797
1,398,964
8.00%
,
04/20/33
..................
2,267
2,403,728
8.00%
,
11/14/35
..................
870
914,370
8.75%
,
11/14/53
..................
495
538,313
9,716,389
Costa
Rica
—
0.0%
Republic
of
Costa
Rica
,
6.55%
,
04/03/34
(c)
...
1,108
1,133,484
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%
,
01/25/27
(c)
.................
1,660
1,660,830
5.50%
,
02/22/29
(b)
.................
1,110
1,073,592
5.50%
,
02/22/29
(c)
.................
1,425
1,378,260
7.05%
,
02/03/31
(b)
.................
1,360
1,413,040
4.88%
,
09/23/32
(b)
.................
1,118
997,815
5.30%
,
01/21/41
(c)
.................
862
724,942
7,248,479
Egypt
—
0.0%
Arab
Republic
of
Egypt
,
6.38%
,
04/11/31
(b)
...
EUR
952
655,877
Guatemala
—
0.1%
Republic
of
Guatemala
5.25%
,
08/10/29
(c)
.................
USD
1,020
987,870
5.25%
,
08/10/29
(b)
.................
1,535
1,486,648
7.05%
,
10/04/32
(b)
.................
2,242
2,356,342
3.70%
,
10/07/33
(c)
.................
958
787,955
6.60%
,
06/13/36
(b)
.................
1,070
1,084,445
4.65%
,
10/07/41
(b)
.................
2,010
1,611,015
8,314,275
Hungary
—
0.1%
Hungary
Government
Bond
5.38%
,
03/25/24
..................
526
524,922
5.25%
,
06/16/29
(b)
.................
3,370
3,336,300
5.38%
,
09/12/33
(c)
.................
EUR
2,184
2,452,062
5.50%
,
03/26/36
(b)
.................
USD
954
935,993
7,249,277
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indonesia
—
0.0%
Perusahaan
Penerbit
SBSN
Indonesia
III
,
4.40%
,
06/06/27
(b)
.................
USD
903
$
892,559
Republic
of
Indonesia
,
4.75%
,
02/11/29
.....
1,327
1,326,585
2,219,144
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
6.38%
,
03/03/28
(c)
.................
3,750
3,651,562
5.88%
,
10/17/31
(c)
.................
EUR
782
761,970
8.25%
,
01/30/37
(b)
.................
USD
792
792,792
5,206,324
Mexico
—
0.1%
United
Mexican
States
3.75%
,
01/11/28
..................
1,200
1,150,800
4.50%
,
04/22/29
..................
2,349
2,297,322
6.35%
,
02/09/35
..................
770
800,877
4.75%
,
03/08/44
..................
2,180
1,823,570
6.34%
,
05/04/53
..................
1,925
1,913,450
6.40%
,
05/07/54
..................
1,207
1,210,138
9,196,157
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%
,
12/15/27
(c)
.................
1,125
1,006,875
5.95%
,
03/08/28
(b)
.................
812
828,240
1,835,115
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%
,
03/24/29
(b)
.................
1,416
1,325,730
7.63%
,
11/28/47
(c)
.................
3,060
2,321,775
3,647,505
North
Macedonia
—
0.0%
Republic
of
North
Macedonia
,
6.96%
,
03/13/27
(c)
......................
EUR
1,074
1,212,902
Oman
—
0.0%
(c)
Oman
Government
Bond
,
6.50%
,
03/08/47
..
USD
1,889
1,860,429
Oman
Sovereign
Sukuk
SAOC
,
4.40%
,
06/01/24
.......................
1,165
1,155,097
3,015,526
Panama
—
0.1%
Republic
of
Panama
2.25%
,
09/29/32
..................
2,472
1,748,940
3.30%
,
01/19/33
..................
1,160
890,300
4.50%
,
05/15/47
..................
2,304
1,552,896
6.85%
,
03/28/54
..................
2,424
2,157,360
6,349,496
Paraguay
—
0.0%
Republic
of
Paraguay
(c)
5.00%
,
04/15/26
..................
888
883,835
2.74%
,
01/29/33
..................
1,046
843,076
5.60%
,
03/13/48
..................
831
740,006
2,466,917
Peru
—
0.1%
Republic
of
Peru
7.35%
,
07/21/25
..................
1,902
1,959,655
2.78%
,
01/23/31
..................
1,546
1,334,971
3.00%
,
01/15/34
..................
3,027
2,521,188
5,815,814
Philippines
—
0.0%
Republic
of
Philippines
3.70%
,
03/01/41
..................
1,249
1,032,123
Security
Par
(000)
Par
(000)
Value
Philippines
(continued)
2.95%
,
05/05/45
..................
USD
1,419
$
1,002,325
2,034,448
Poland
—
0.0%
Republic
of
Poland
5.75%
,
11/16/32
..................
1,735
1,839,829
5.50%
,
04/04/53
..................
1,127
1,139,228
2,979,057
Romania
—
0.1%
Romania
Government
Bond
5.25%
,
11/25/27
(b)
.................
1,390
1,373,515
2.88%
,
03/11/29
(c)
.................
EUR
2,815
2,772,178
2.50%
,
02/08/30
(c)
.................
2,450
2,320,060
2.12%
,
07/16/31
(c)
.................
2,455
2,136,689
7.63%
,
01/17/53
(b)
.................
USD
502
559,730
9,162,172
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
3.25%
,
11/17/51
(c)
.................
3,609
2,390,962
5.00%
,
01/18/53
(b)
.................
3,017
2,681,359
5,072,321
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%
,
09/30/29
..................
933
848,050
5.88%
,
04/20/32
..................
1,849
1,696,273
5.00%
,
10/12/46
..................
4,685
3,244,362
5,788,685
Ukraine
—
0.0%
Ukraine
Government
Bond
(e)(l)
8.99%
,
02/01/26
(c)
.................
1,489
429,577
7.25%
,
03/15/35
(b)
.................
1,348
304,985
734,562
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay
,
5.75%
,
10/28/34
2,457
2,632,654
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
International
Bond
,
7.85%
,
10/12/28
(b)
.................
1,101
1,141,187
Total
Foreign
Government
Obligations
—
1
.0
%
(Cost:
$
118,264,251
)
..............................
113,486,917
Shares
Shares
Investment
Companies
(r)
iShares
Core
Dividend
Growth
ETF
.......
5,755,819
313,692,136
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(g)
.........................
2,987,634
231,481,882
Total
Investment
Companies
—
4
.8
%
(Cost:
$
515,522,374
)
..............................
545,174,018
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
2.0%
Adjustable
Rate
Mortgage
Trust
(a)
Series
2005-8,
Class
2A1,
4.49%,
11/25/35
1,213
1,011,980
Series
2005-8,
Class
7A2,
(1-mo.
CME
Term
SOFR
at
0.56%
Floor
and
11.00%
Cap
+
0.67%),
6.01%,
11/25/35
...........
433
416,161
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
113
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2005-9,
Class
5A1,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
and
11.00%
Cap
+
0.65%),
5.99%,
11/25/35
...........
USD
213
$
210,474
Alternative
Loan
Trust
Series
2005-16,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.65%
Floor
+
1.65%),
6.70%,
06/25/35
(a)
....................
372
320,891
Series
2005-36,
Class
2A1A,
(1-mo.
CME
Term
SOFR
at
0.62%
Floor
and
11.00%
Cap
+
0.73%),
6.07%,
08/25/35
(a)
.....
904
791,298
Series
2005-61,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.52%
Floor
+
0.63%),
5.97%,
12/25/35
(a)
...............
163
141,745
Series
2005-63,
Class
3A3,
4.68%,
11/25/35
(a)
....................
1,534
1,342,263
Series
2005-63,
Class
5A1,
4.55%,
12/25/35
(a)
....................
27
24,219
Series
2005-64CB,
Class
1A1,
5.50%,
12/25/35
.....................
42
36,918
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.00%
Floor
+
1.00%),
6.06%,
02/25/36
(a)
.........
3,395
3,035,682
Series
2006-11CB,
Class
1A5,
6.00%,
05/25/36
.....................
605
339,887
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
.....................
967
450,535
Series
2006-20CB,
Class
A9,
6.00%,
07/25/36
.....................
440
188,936
Series
2006-2CB,
Class
A6,
5.50%,
03/25/36
.....................
677
277,183
Series
2006-45T1,
Class
1A10,
6.00%,
02/25/37
.....................
2,644
1,095,330
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
.....................
1,708
920,101
Series
2006-7CB,
Class
1A6,
6.00%,
05/25/36
.....................
770
425,749
Series
2006-9T1,
Class
A7,
6.00%,
05/25/36
309
125,828
Series
2006-J7,
Class
2A1,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.97%,
11/20/46
(a)
....................
2,929
2,182,471
Series
2006-J8,
Class
A5,
6.00%,
02/25/37
1,193
512,825
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%),
6.79%,
11/25/46
(a)
4,620
3,578,373
Series
2006-OA14,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.83%,
11/25/46
(a)
...............
1,972
1,810,981
Series
2006-OA14,
Class
3A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
5.91%,
11/25/46
(a)
.........
6,322
5,532,371
Series
2006-OA16,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.83%,
10/25/46
(a)
...............
266
237,930
Series
2006-OA2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.87%,
05/20/46
(a)
...............
1,157
967,357
Series
2006-OA3,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.87%,
05/25/36
(a)
...............
5,804
5,088,023
Series
2006-OA8,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.49%),
5.83%,
07/25/46
(a)
...............
7,848
6,606,059
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-12T1,
Class
A22,
5.75%,
06/25/37
.....................
USD
1,729
$
776,034
Series
2007-12T1,
Class
A5,
6.00%,
06/25/37
.....................
384
179,193
Series
2007-15CB,
Class
A7,
6.00%,
07/25/37
.....................
231
137,866
Series
2007-18CB,
Class
2A25,
6.00%,
08/25/37
.....................
210
130,084
Series
2007-19,
Class
1A4,
6.00%,
08/25/37
1,143
580,126
Series
2007-19,
Class
1A8,
6.00%,
08/25/37
556
282,254
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
3,035
1,409,674
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
.....................
442
216,064
Series
2007-9T1,
Class
2A1,
6.00%,
05/25/37
.....................
3,145
1,426,256
Series
2007-9T1,
Class
2A2,
6.00%,
05/25/37
.....................
540
244,821
Series
2007-AL1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.36%),
5.70%,
06/25/37
(a)
...............
5,091
4,030,478
Series
2007-J1,
Class
2A5,
6.00%,
03/25/37
1,521
568,115
Series
2007-OA11,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.38%
Floor
+
1.38%),
6.44%,
11/25/47
(a)
.........
1,270
1,022,221
Series
2007-OA3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.28%
Floor
+
0.39%),
5.73%,
04/25/47
(a)
...............
7,687
6,713,896
Series
2007-OA4,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
+
0.45%),
5.79%,
05/25/47
(a)
...............
2,953
2,483,973
Series
2007-OA8,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.81%,
06/25/47
(a)
...............
6,152
4,553,512
Alternative
Loan
Trust
Resecuritization,
Series
2006-22R,
Class
1A6,
6.00%,
05/25/36
...
945
531,412
American
Home
Mortgage
Assets
Trust
Series
2006-3,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.97%
Floor
+
0.97%),
6.03%,
10/25/46
(a)
....................
7,934
6,479,949
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
6.00%,
10/25/46
(a)
.........
4,308
2,885,298
Series
2007-3,
Class
22A1,
6.75%,
06/25/37
(d)
....................
492
416,339
Banc
of
America
Funding
Trust
(a)
Series
2006-7,
Class
T2A3,
5.69%,
10/25/36
264
224,303
Series
2006-D,
Class
6A1,
3.45%,
05/20/36
250
201,727
Series
2007-D,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.87%,
06/20/47
.....................
956
738,750
Bayview
Commercial
Asset
Trust,
Series
2007-
4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.68%
Floor
+
0.79%),
6.13%,
09/25/37
(a)
(b)
667
610,862
Bear
Stearns
ALT-A
Trust,
Series
2006-2,
Class
11A1,
(1-mo.
CME
Term
SOFR
at
0.44%
Floor
and
11.50%
Cap
+
0.55%),
5.89%,
04/25/36
(a)
......................
3,424
3,004,734
Bear
Stearns
Asset-Backed
Securities
I
Trust
(d)
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
.....................
604
516,175
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
.....................
631
462,358
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
114
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2007-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.34%
Floor
and
10.50%
Cap
+
0.45%),
5.79%,
03/25/37
......
USD
941
$
861,487
Series
2007-AR3,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
and
10.50%
Cap
+
0.25%),
5.59%,
03/25/37
......
1,437
1,207,113
Series
2007-AR4,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.40%
Floor
and
10.50%
Cap
+
0.51%),
5.85%,
09/25/47
......
1,622
1,442,482
CHL
Mortgage
Pass-Through
Trust
Series
2005-11,
Class
4A1,
(1-mo.
CME
Term
SOFR
at
0.27%
Floor
and
10.50%
Cap
+
0.38%),
5.72%,
04/25/35
(a)
.....
730
658,429
Series
2005-9,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.60%
Floor
+
0.71%),
6.05%,
05/25/35
(a)
....................
2,228
1,793,607
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
6.02%,
04/25/46
(a)
.........
2,560
769,306
Series
2007-21,
Class
1A1,
6.25%,
02/25/38
137
66,104
Series
2007-J2,
Class
2A6,
6.00%,
07/25/37
616
222,880
Series
2007-J2,
Class
2A8,
6.00%,
07/25/37
941
340,341
CHNGE
Mortgage
Trust
(a)(b)
Series
2022-2,
Class
A1,
3.76%,
03/25/67
.
7,880
7,415,462
Series
2022-3,
Class
A1,
5.00%,
05/25/67
.
8,238
8,097,928
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A5,
6.00%,
01/25/37
....
57
50,457
COLT
Mortgage
Loan
Trust,
Series
2022-5,
Class
A1,
4.55%,
04/25/67
(a)
(b)
.........
3,916
3,854,179
CSMC
Trust
(b)
Series
2008-2R,
Class
1A1,
6.00%,
07/25/37
.....................
285
237,939
Series
2011-4R,
Class
1A2,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.96%,
09/27/37
(a)
...............
4,196
3,397,726
Series
2022-ATH2,
Class
A1,
4.55%,
05/25/67
(a)
....................
1,441
1,414,982
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
+
0.49%),
5.83%,
08/25/47
(a)
.................
10,085
8,014,013
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)
(b)
...
1,993
1,619,418
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA8,
Class
1A1,
5.34%,
02/25/37
(a)
......................
863
505,659
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)
(b)
................
14,131
13,622,363
GMACM
Mortgage
Loan
Trust,
Series
2005-
AR2,
Class
4A,
3.53%,
05/25/35
(a)
......
19
15,220
GreenPoint
Mortgage
Funding
Trust
(a)
Series
2006-AR1,
Class
GA1B,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
+
0.28%),
5.62%,
02/25/36
................
1,926
1,653,750
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%),
7.06%,
03/25/36
945
828,207
Impac
CMB
Trust,
Series
2005-6,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
and
11.00%
Cap
+
0.61%),
5.95%,
10/25/35
(a)
.
1,121
971,863
IndyMac
IMSC
Mortgage
Loan
Trust
Series
2007-F2,
Class
1A4,
6.00%,
07/25/37
563
402,361
Series
2007-F2,
Class
2A1,
6.50%,
07/25/37
2,223
691,113
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR15,
Class
1A1,
3.86%,
08/25/37
.....................
USD
92
$
64,320
Series
2007-AR15,
Class
2A1,
3.32%,
08/25/37
.....................
469
330,429
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2005-A9,
Class
2A1E,
5.63%,
12/25/35
.....................
291
263,765
Series
2006-1,
Class
2A1,
5.21%,
02/25/36
248
241,009
MFA
Trust,
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(b)
(d)
................
12,582
12,215,246
MFRA
Trust,
Series
2022-CHM1,
Class
M1,
4.57%,
09/25/56
(a)
(b)
................
4,000
3,516,498
Mill
City
Mortgage
Loan
Trust,
Series
2023-
NQM1,
Class
A1,
6.05%,
10/25/67
(b)
(d)
....
4,820
4,853,210
Prime
Mortgage
Trust,
Series
2006-DR1,
Class
2A1,
5.50%,
05/25/35
(b)
..............
276
237,566
RALI
Trust,
Series
2007-QS4,
Class
3A2,
6.00%,
03/25/37
..................
137
112,515
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.55%),
7.89%,
10/25/39
(a)
(b)
.....................
4,968
4,992,623
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A12,
6.25%,
01/25/37
...
308
110,544
RFMSI
Trust,
Series
2007-S7,
Class
A20,
6.00%,
07/25/37
..................
32
24,186
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(b)
(d)
....
14,849
14,207,960
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-3,
Class
3A1,
4.24%,
04/25/47
(a)
......................
184
84,832
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR2,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.46%
Floor
and
10.50%
Cap
+
0.57%),
5.91%,
02/25/36
......
440
369,508
Series
2006-AR4,
Class
3A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
5.83%,
06/25/36
......
6,933
5,814,621
Series
2006-AR6,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.38%
Floor
and
10.50%
Cap
+
0.49%),
5.83%,
07/25/46
......
8,678
5,994,224
Series
2007-AR4,
Class
GA4B,
(1-mo.
CME
Term
SOFR
at
0.36%
Floor
+
0.47%),
5.81%,
09/25/47
................
1,602
1,422,884
Verus
Securitization
Trust,
Series
2022-3,
Class
A1,
4.13%,
02/25/67
(b)
(d)
.............
10,046
9,430,553
Vista
Point
Securitization
Trust,
Series
2020-1,
Class
B1,
5.38%,
03/25/65
(a)
(b)
.........
2,800
2,732,039
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%),
5.81%,
06/25/47
..........
4,896
3,895,851
Series
2007-OA6,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.81%
Floor
+
0.81%),
5.87%,
07/25/47
..........
2,662
2,100,056
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-8,
Class
A5,
4.15%,
10/25/36
(d)
1,022
349,246
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
115
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2006-AR5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.98%
Floor
+
0.98%),
6.04%,
06/25/46
(a)
.........
USD
3,051
$
2,115,061
Series
2006-AR8,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
5.91%,
10/25/46
(a)
.........
4,335
3,394,014
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
5.78%,
12/25/46
(a)
.........
3,721
2,817,434
Series
2007-OA5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.84%
Floor
+
0.84%),
5.90%,
05/25/47
(a)
.........
2,200
1,794,104
222,136,731
Commercial
Mortgage-Backed
Securities
—
3.4%
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
CME
Term
SOFR
at
1.48%
Floor
+
2.42%),
7.76%,
09/15/34
(a)
(b)
10,568
9,659,154
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.27%),
7.61%,
04/15/35
(a)
(b)
.....
3,467
3,343,253
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
7.58%,
12/15/36
(a)
(b)
.....
3,624
3,262,579
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
Series
2017-SCH,
Class
CL,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
6.88%,
11/15/32
................
3,225
2,726,854
Series
2017-SCH,
Class
DL,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.05%),
7.38%,
11/15/32
................
3,965
3,256,299
Series
2018-DSNY,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.00%),
7.33%,
09/15/34
................
11,982
11,842,083
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-2A,
Class
A1,
(1-mo.
CME
Term
SOFR
+
0.58%),
5.92%,
08/25/35
....
2,154
1,984,529
Series
2005-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
+
0.59%),
5.93%,
11/25/35
.....
534
491,097
Series
2007-1,
Class
A1,
(1-mo.
CME
Term
SOFR
+
0.44%),
5.78%,
03/25/37
....
1,709
1,564,934
Series
2007-3,
Class
A2,
(1-mo.
CME
Term
SOFR
+
0.55%),
5.89%,
07/25/37
....
2,838
2,542,381
Series
2007-6A,
Class
A4A,
(1-mo.
CME
Term
SOFR
+
1.61%),
6.95%,
12/25/37
.
1,599
1,362,900
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.41%,
08/05/38
(a)
(b)
..........
1,750
1,235,496
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.16%,
11/05/36
(a)
(b)
................
2,672
2,310,839
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
7.47%,
08/19/38
(a)
(b)
................
2,860
2,867,123
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.81%),
9.15%,
10/15/35
(a)
(b)
................
2,433
255,714
BPR
Trust,
Series
2021-TY,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
09/15/38
(a)
(b)
................
4,495
4,420,552
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
D,
3.63%,
03/10/33
3,600
3,150,079
Series
2013-1515,
Class
E,
3.72%,
03/10/33
2,000
1,693,702
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
2.41%),
7.75%,
10/15/36
.....................
USD
6,375
$
6,311,251
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.76%
Floor
+
2.76%),
8.10%,
10/15/36
.....................
5,100
4,957,026
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.36%,
02/15/33
................
12,383
12,102,923
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.60%,
02/15/33
................
7,261
7,142,419
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.70%,
02/15/33
................
4,795
4,706,519
Series
2021-SOAR,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.91%),
8.25%,
06/15/38
................
4,576
4,448,511
Series
2021-VINO,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.92%
Floor
+
2.92%),
8.25%,
05/15/38
................
7,804
7,589,320
Series
2021-XL2,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.36%),
7.69%,
10/15/38
.....................
7,037
6,835,047
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.22%,
06/15/27
................
3,670
3,676,881
BX
Trust
(a)(b)
Series
2021-ARIA,
Class
G,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.26%),
8.59%,
10/15/36
................
1,121
1,067,176
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
................
1,765
1,687,173
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
02/15/36
................
5,638
5,354,807
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
01/15/34
................
3,586
3,505,418
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.45%,
01/15/34
................
5,548
5,439,743
Series
2021-VIEW,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.71%),
9.05%,
06/15/36
................
7,366
6,798,240
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.50%,
08/15/39
................
14,637
14,664,004
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.39%,
08/15/43
................
4,962
4,970,849
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.18%,
01/15/39
................
2,180
2,150,706
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
05/15/38
................
8,500
8,574,375
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.67%,
08/13/37
.....
6,800
5,078,422
Series
2017-CC,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.67%,
08/13/37
.....
10,985
7,732,639
Series
2021-601L,
Class
D,
2.87%,
01/15/44
3,863
2,470,827
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Citigroup
Commercial
Mortgage
Trust
(a)
Series
2014-GC19,
Class
C,
5.23%,
03/11/47
.....................
USD
2,278
$
2,202,894
Series
2016-C1,
Class
C,
5.10%,
05/10/49
2,870
2,720,010
Series
2016-GC37,
Class
C,
5.08%,
04/10/49
.....................
2,640
2,424,612
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.77%,
08/15/36
(a)
(b)
.....................
8,900
8,974,474
Commercial
Mortgage
Trust
(a)
Series
2013-300P,
Class
D,
4.54%,
08/10/30
(b)
....................
2,245
1,782,403
Series
2015-CR23,
Class
B,
4.18%,
05/10/48
.....................
9,520
9,203,697
Series
2016-667M,
Class
D,
3.28%,
10/10/36
(b)
....................
3,200
2,571,365
CSMC
Trust
(a)(b)
Series
2020-FACT,
Class
E,
(1-mo.
CME
Term
SOFR
at
4.86%
Floor
+
5.23%),
10.56%,
10/15/37
...............
2,654
2,447,750
Series
2021-980M,
Class
E,
3.65%,
07/15/31
.....................
1,450
1,280,822
Series
2021-BHAR,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.95%,
11/15/38
................
1,338
1,308,354
Series
2022-LION,  (1-day
SOFR
+
3.50%),
8.80%,
02/15/27
(f)
...............
8,800
8,384,765
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.48%,
09/09/24
................
9,400
9,452,875
DBUBS
Mortgage
Trust
(a)(b)
Series
2017-BRBK,
Class
E,
(1-mo.
LIBOR
USD
+
0.00%),
3.65%,
10/10/34
.....
9,073
6,847,957
Series
2017-BRBK,
Class
F,
3.65%,
10/10/34
.....................
1,910
1,362,402
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.70%,
07/15/38
................
2,749
2,718,199
Series
2021-ESH,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.85%
Floor
+
2.96%),
8.30%,
07/15/38
................
6,019
5,973,443
GS
Mortgage
Securities
Corp.
II
(b)
Series
2005-ROCK,
Class
J,
5.86%,
05/03/32
.....................
1,500
1,385,660
Series
2023-SHIP,
Class
E,
7.68%,
09/10/38
(a)
....................
8,600
8,449,767
GS
Mortgage
Securities
Corp.
Trust
(a)
Series
2015-GC32,
Class
C,
4.55%,
07/10/48
.....................
1,075
1,002,885
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
8.03%,
11/15/27
(b)
...............
4,989
5,002,604
Harvest
Commercial
Capital
Loan
Trust
(a)(b)
Series
2019-1,
Class
M4,
4.64%,
09/25/46
.
3,150
2,878,351
Series
2019-1,
Class
M5,
5.73%,
09/25/46
.
2,000
1,778,040
HONO
Mortgage
Trust
(a)(b)
Series
2021-LULU,
Class
E,
(1-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.46%),
8.80%,
10/15/36
................
3,330
3,105,682
Series
2021-LULU,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.40%
Floor
+
4.51%),
9.85%,
10/15/36
................
1,177
1,079,787
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.58%,
10/15/39
(a)
(b)
USD
6,200
$
6,184,500
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2016-NINE,
Class
B,
(1-mo.
LIBOR
USD
+
0.00%),
2.95%,
09/06/38
.....
4,787
4,343,962
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.87%,
04/15/37
.....................
10,358
7,455,367
Series
2022-OPO,
Class
D,
3.56%,
01/05/39
2,909
1,869,032
LUXE
Trust,
Series
2021-TRIP,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.86%),
8.20%,
10/15/38
(a)
(b)
................
920
920,000
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
4.11%,
08/15/34
(a)
(b)
..............
3,305
2,519,810
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(1-mo.
CME
Term
SOFR
at
4.00%
Floor
+
4.11%),
9.45%,
11/15/38
................
8,758
8,604,704
Series
2021-MDLN,
Class
G,
(1-mo.
CME
Term
SOFR
at
5.25%
Floor
+
5.36%),
10.70%,
11/15/38
...............
9,868
9,621,054
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.22%),
9.55%,
12/15/34
(a)
(b)
................
3,940
3,677,206
MHP
Commercial
Mortgage
Trust,
Series
2021-
STOR,
Class
J,
(1-mo.
CME
Term
SOFR
at
3.95%
Floor
+
4.06%),
9.40%,
07/15/38
(a)
(b)
1,277
1,236,288
Morgan
Stanley
Capital
I
Trust
(a)
Series
2018-H3,
Class
C,
5.01%,
07/15/51
1,440
1,280,207
Series
2018-MP,
Class
E,
4.42%,
07/11/40
(b)
2,112
1,295,664
Series
2018-SUN,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.80%
Floor
+
2.85%),
8.19%,
07/15/35
(b)
...............
3,060
2,951,864
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.63%,
03/15/39
(a)
(b)
6,622
6,176,339
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
4.08%,
05/10/39
(a)
(b)
.......
8,300
5,220,179
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.61%,
08/19/35
(a)
(b)
................
8,590
8,611,475
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.35%
Floor
+
4.46%),
9.80%,
07/15/38
(a)
(b)
.....................
1,400
293,179
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.52%,
05/15/37
(a)
(b)
................
4,250
4,239,332
Velocity
Commercial
Capital
Loan
Trust
(a)(b)
Series
2022-1,
Class
M4,
5.20%,
02/25/52
.
5,704
4,325,635
Series
2023-3,
Class
M2,
8.27%,
08/25/53
.
1,240
1,257,060
Series
2023-3,
Class
M3,
9.32%,
08/25/53
.
1,240
1,254,092
Wells
Fargo
Commercial
Mortgage
Trust
(a)
Series
2015-NXS3,
Class
B,
4.65%,
09/15/57
.....................
1,600
1,545,723
Series
2016-C37,
Class
C,
4.62%,
12/15/49
2,803
2,573,382
Series
2016-LC25,
Class
C,
4.48%,
12/15/59
.....................
8,320
7,522,090
Series
2016-NXS5,
Class
B,
5.11%,
01/15/59
.....................
1,875
1,756,888
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
117
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.12%,
11/15/27
(a)
(b)
.....................
USD
8,005
$
8,030,016
384,337,690
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)
BBCMS
Trust
(b)
Series
2015-SRCH,
Class
XA,
1.05%,
08/10/35
.....................
70,289
1,679,056
Series
2015-SRCH,
Class
XB,
0.30%,
08/10/35
.....................
35,000
232,833
BX
Trust,
Series
2022-GPA,
Class
XCP,
0.00%,
08/15/39
(b)
......................
375,000
10,987
Commercial
Mortgage
Trust
Series
2014-UBS5,
Class
XB2,
0.83%,
09/10/47
(b)
....................
12,675
56,994
Series
2015-CR25,
Class
XA,
0.94%,
08/10/48
.....................
11,423
104,544
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.93%,
09/15/47
.......................
5,107
7,050
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
......................
40,477
685,555
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.98%,
03/10/50
(b)
.....
32,029
515,547
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C26,
Class
XD,
1.45%,
10/15/48
(b)
......................
12,675
254,043
Morgan
Stanley
Capital
I
Trust,
Series
2016-
UBS9,
Class
XD,
1.75%,
03/15/49
(b)
.....
13,600
394,305
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2017-75B,
Class
XA,
0.34%,
04/10/37
.....................
40,610
274,832
Series
2017-75B,
Class
XB,
0.11%,
04/10/37
27,000
47,148
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.39%,
08/15/49
(b)
....................
11,784
304,135
Series
2016-LC25,
Class
XA,
0.97%,
12/15/59
.....................
18,374
343,622
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C20,
Class
XB,
0.73%,
05/15/47
...
57,079
49,550
4,960,201
Total
Non-Agency
Mortgage-Backed
Securities
—
5
.4
%
(Cost:
$
654,067,073
)
..............................
611,434,622
Preferred
Securities
Capital
Trusts
—
1.4%
Banks
—
0.2%
(a)(k)
Banco
Bilbao
Vizcaya
Argentaria
SA
,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00
%
(c)
....
EUR
4,800
5,135,486
Citigroup,
Inc.
,
Series
Y
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15
%
...................
USD
13
11,586
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
10,544,888
Series
V
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20
%
.......................
1,540
1,508,404
Series
W
,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25
%
.......................
1,381
1,311,800
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
US
Bancorp
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70
%
.........................
USD
15,530
$
13,390,020
31,902,184
Capital
Markets
—
0.3%
(a)(k)
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
19,815,489
Charles
Schwab
Corp.
(The)
Series
I
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00
%
.......................
1,698
1,543,094
Series
H
,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
4.00
%
.......................
12,456
10,340,378
31,698,961
Consumer
Finance
—
0.4%
(a)(k)
Ally
Financial,
Inc.
,
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70
%
............
13,375
10,839,931
Capital
One
Financial
Corp.
,
Series
M
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95
%
......
6,300
5,457,060
Discover
Financial
Services
,
Series
C
,
(3-mo.
CME
Term
SOFR
+
3.34%),
5.50
%
......
20,150
16,576,354
General
Motors
Financial
Co.,
Inc.
,
Series
C
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70
%
..
1,220
1,122,247
33,995,592
Electric
Utilities
—
0.1%
(a)(k)
Edison
International
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38
%
.......................
12,378
11,909,297
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00
%
.......................
2,271
2,158,007
NRG
Energy,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25
%
(b)
.................
2,350
2,476,710
16,544,014
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)
(k)
......................
1,671
1,620,870
Insurance
—
0.1%
MetLife,
Inc.
,
Series
G
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.58%),
3.85
%
(a)
(k)
.................
9,275
8,872,260
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)
(k)
..........
10,005
9,034,224
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Energy
Transfer
LP
(a)(k)
Series
H
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50
%
.......................
2,233
2,157,700
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
118
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Series
G
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13
%
.......................
USD
20,000
$
19,333,016
21,490,716
Total
Capital
Trusts
—
1
.4
%
(Cost:
$
167,885,611
)
..............................
155,158,821
Shares
Shares
Preferred
Stocks
—
0.2%
Banks
—
0.0%
Banco
Bradesco
SA
(Preference)
.........
2,293,742
7,111,230
Household
Products
—
0.0%
Henkel
AG
&
Co.
KGaA
(Preference)
.......
29,870
2,289,790
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Samsung
Electronics
Co.
Ltd.
(Preference)
..
457,249
20,007,321
Total
Preferred
Stocks
—
0
.2
%
(Cost:
$
23,024,458
)
...............................
29,408,341
Trust
Preferreds
—
0.2%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
1.81%),
7.19
%
,
12/21/65
(a)
(b)
................
16,872,000
13,029,066
Consumer
Finance
—
0.1%
ILFC
E-Capital
Trust
II
,
(3-mo.
CME
Term
SOFR
at
14.50%
Cap
+
2.06%),
7.44
%
,
12/21/65
(a)
(b)
................
11,944,000
9,458,246
Total
Trust
Preferreds
—
0
.2
%
(Cost:
$
27,894,930
)
...............................
22,487,312
Total
Preferred
Securities
—
1
.8
%
(Cost:
$
218,804,999
)
..............................
207,054,474
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
,
Series
2018-W5FX
,
Class
CFX
,
(1-mo.
LIBOR
USD
+
0.00%),
3.79
%
,
04/25/28
(a)
(b)
................
4,627
3,989,004
Total
U.S.
Government
Sponsored
Agency
Securities
—
0
.0
%
(Cost:
$
4,519,832
)
...............................
3,989,004
Security
Shares
Shares
Value
Warrants
Diversified
Consumer
Services
—
0.0
%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22
,
1
Share
for
1
Warrant,
Expires
06/30/27
,
Strike
Price
USD
10.00
)
(e)
(f)
.......................
1,841
$
—
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
)
(e)
.....
1,489
20,295
Total
Warrants
—
0
.0
%
(Cost:
$
—
)
.....................................
20,295
Total
Long-Term
Investments
—
95.7%
(Cost:
$
10,744,624,710
)
............................
10,878,159,891
Short-Term
Securities
Money
Market
Funds
—
6.2%
(r)(s)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.21
%
....................
487,186,223
487,186,223
SL
Liquidity
Series,
LLC,
Money
Market
Series
,
5.49
%
(t)
........................
215,916,850
216,003,216
Total
Money
Market
Funds
—
6
.2
%
(Cost:
$
703,188,714
)
..............................
703,189,439
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
0.0%
U.S.
Treasury
Bills
,
5.34
%
,
05/09/24
(u)
......
USD
2,090
2,060,571
Total
U.S.
Treasury
Obligations
—
0
.0
%
(Cost:
$
2,060,378
)
...............................
2,060,571
Total
Short-Term
Securities
—
6.2%
(Cost:
$
705,249,092
)
..............................
705,250,010
Total
Options
Purchased
—
0
.1
%
(
Cost:
$
7,450,057
)
...............................
8,952,233
Total
Investments
Before
Options
Written
—
102
.0
%
(Cost:
$
11,457,323,859
)
............................
11,592,362,134
Total
Options
Written
—
(
0
.1
)
%
(Premium
Received
—
$
(
4,516,855
)
)
...................
(
5,393,813
)
Total
Investments
Net
of
Options
Written
—
101
.9
%
(Cost:
$
11,452,807,004
)
............................
11,586,968,321
Liabilities
in
Excess
of
Other
Assets
—
(
1.9
)
%
.............
(
219,417,923
)
Net
Assets
—
100.0%
...............................
$
11,367,550,398
(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)
Non-income
producing
security.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
All
or
a
portion
of
this
security
is
on
loan.
(h)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$7,445,230,
representing
0.07%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$7,316,829.
(i)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
119
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(j)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(k)
Perpetual
security
with
no
stated
maturity
date.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
Convertible
security.
(n)
When-issued
security.
(o)
Zero-coupon
bond.
(p)
Rounds
to
less
than
1,000.
(q)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(r)
Affiliate
of
the
Fund.
(s)
Annualized
7-day
yield
as
of
period
end.
(t)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(u)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
518,724,542
$
—
$
(
31,538,319
)
(a)
$
—
$
—
$
487,186,223
487,186,223
$
7,586,210
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
.........
39,735,483
173,858,381
(a)
—
2,438,026
(
28,674
)
216,003,216
215,916,850
231,432
(b)
—
iShares
Core
Dividend
Growth
ETF
................
98,838,363
618,165,280
(
441,139,067
)
26,654,797
11,172,763
313,692,136
5,755,819
2,405,135
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
....
38,971,137
230,225,881
(
38,862,610
)
(
2,543,887
)
3,691,361
231,481,882
2,987,634
184,701
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(c)
..............
165,612,087
—
(
161,330,001
)
(
4,158,933
)
(
123,153
)
—
—
1,429,961
—
iShares
MBS
ETF
(c)
.......
368,351,420
—
(
366,656,109
)
(
5,402,685
)
3,707,374
—
—
6,047,271
—
$
16,987,318
$
18,419,671
$
1,248,363,457
$
17,884,710
$
—
—
—
(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.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
120
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
............................................
197
03/15/24
$
9,661
$
(
68,099
)
S&P
500
E-Mini
Index
.......................................................
745
03/15/24
181,426
(
1,396,462
)
U.S.
Treasury
10-Year
Note
...................................................
13,550
03/19/24
1,522,470
42,377,327
U.S.
Treasury
10-Year
Ultra
Note
...............................................
2,395
03/19/24
280,327
10,230,942
U.S.
Treasury
5-Year
Note
....................................................
15,620
03/28/24
1,693,916
31,168,505
82,312,213
Short
Contracts
EURO
STOXX
50
Index
.....................................................
1,165
03/15/24
58,572
(
1,117,816
)
EUR
Currency
............................................................
3,017
03/18/24
409,577
98,854
GBP
Currency
............................................................
3,864
03/18/24
307,067
(
3,012,511
)
JPY
Currency
............................................................
347
03/18/24
29,857
489,125
U.S.
Treasury
10-Year
Note
...................................................
50
03/19/24
5,618
(
156,110
)
U.S.
Treasury
Long
Bond
.....................................................
59
03/19/24
7,235
(
398,797
)
U.S.
Treasury
Ultra
Bond
.....................................................
17
03/19/24
2,198
(
131,231
)
U.S.
Treasury
2-Year
Note
....................................................
4
03/28/24
823
(
6,944
)
(
4,235,430
)
$
78,076,783
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
5,043,309
EUR
4,650,000
Bank
of
New
York
Mellon
02/15/24
$
15,285
USD
454,561,385
EUR
413,590,000
Deutsche
Bank
AG
02/15/24
7,348,371
USD
1,339,689
EUR
1,230,000
Morgan
Stanley
&
Co.
International
plc
02/15/24
9,696
USD
5,036,525
EUR
4,640,000
UBS
AG
02/15/24
19,313
USD
91,989,001
GBP
72,080,000
Bank
of
New
York
Mellon
02/15/24
632,565
USD
685,932
GBP
540,000
Deutsche
Bank
AG
02/15/24
1,519
USD
1,500,885
GBP
1,180,000
Goldman
Sachs
International
02/15/24
5,316
USD
2,512,679
EUR
2,311,577
Bank
of
New
York
Mellon
03/14/24
10,176
USD
933,761
EUR
851,000
Barclays
Bank
plc
03/20/24
12,240
USD
6,897,005
EUR
6,286,000
Nomura
International
plc
03/20/24
90,098
USD
217,853
EUR
198,820
Toronto
Dominion
Bank
03/20/24
2,557
USD
592,422
GBP
465,980
Toronto
Dominion
Bank
03/20/24
1,667
AED
43,000
USD
11,709
UBS
AG
04/15/24
—
USD
1,902,342
AED
6,984,000
Bank
of
America
NA
04/15/24
508
USD
1,889,445
CHF
1,590,000
Westpac
Banking
Corp.
04/15/24
32,365
USD
5,134,118
EUR
4,659,000
Bank
of
New
York
Mellon
04/15/24
83,465
USD
409,725
EUR
375,000
Westpac
Banking
Corp.
04/15/24
3,201
USD
5,611,676
GBP
4,390,000
Barclays
Bank
plc
04/15/24
45,226
8,313,568
EUR
980,000
USD
1,067,566
Barclays
Bank
plc
02/15/24
(
7,896
)
EUR
6,500,000
USD
7,089,059
Nomura
International
plc
02/15/24
(
60,638
)
GBP
590,000
USD
751,097
Nomura
International
plc
02/15/24
(
3,313
)
EUR
1,187,523
USD
1,303,930
Bank
of
New
York
Mellon
03/14/24
(
18,324
)
EUR
922,185
USD
1,011,078
Morgan
Stanley
&
Co.
International
plc
03/14/24
(
12,725
)
USD
13,447,210
EUR
12,447,895
Westpac
Banking
Corp.
03/14/24
(
28,824
)
USD
1,519,888
GBP
1,199,000
Barclays
Bank
plc
03/20/24
(
171
)
USD
12,115,946
GBP
9,559,000
BNP
Paribas
SA
03/20/24
(
2,687
)
AED
41,000
USD
11,166
Bank
of
America
NA
04/15/24
(
1
)
AED
889,000
USD
242,100
Citibank
NA
04/15/24
(
13
)
AUD
1,058,000
USD
713,085
Bank
of
New
York
Mellon
04/15/24
(
17,355
)
CAD
3,842,000
USD
2,879,288
Deutsche
Bank
AG
04/15/24
(
18,903
)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
121
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
GBP
204,000
USD
259,954
Bank
of
America
NA
04/15/24
$
(
1,285
)
JPY
700,781,000
USD
4,917,946
Bank
of
New
York
Mellon
04/15/24
(
101,651
)
KRW
1,042,586,000
USD
793,535
Citibank
NA
04/15/24
(
9,076
)
NZD
8,715,000
USD
5,467,789
Deutsche
Bank
AG
04/15/24
(
140,505
)
SGD
435,000
USD
328,548
Bank
of
America
NA
04/15/24
(
3,239
)
USD
614,623
HKD
4,797,000
Deutsche
Bank
AG
04/15/24
(
149
)
USD
983,431
JPY
143,609,000
Bank
of
America
NA
04/15/24
(
3,558
)
(
430,313
)
$
7,883,255
OTC
Options
Purchased
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
S&P
500
Index
..........
Bank
of
America
NA
137,709
04/19/24
USD
4,750.00
USD
667,290
$
8,952,233
OTC
Options
Written
Description
Counterparty
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
S&P
500
Index
.............
Bank
of
America
NA
137,709
04/19/24
USD
4,600.00
USD
667,290
$
(
5,393,813
)
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
.....................
5
.00
%
Quarterly
12/20/28
USD
2,792
$
(
171,637
)
$
(
102,238
)
$
(
69,399
)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
Investment
Grade
Index
Series
41.V1
.......
1
.00
%
Quarterly
12/20/28
BBB+
USD
9,970
$
203,030
$
183,805
$
19,225
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
AutoZone,
Inc.
............
1
.00
%
Quarterly
Bank
of
America
NA
12/20/28
USD
1,520
$
(
45,617
)
$
(
39,596
)
$
(
6,021
)
Conagra
Brands,
Inc.
.......
1
.00
Quarterly
Bank
of
America
NA
12/20/28
USD
850
(
15,895
)
(
13,003
)
(
2,892
)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
122
OTC
Credit
Default
Swaps
—
Buy
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CVS
Health
Corp.
.........
1
.00
%
Quarterly
Bank
of
America
NA
12/20/28
USD
1,520
$
(
35,357
)
$
(
33,521
)
$
(
1,836
)
Dow
Chemical
Co.
(The)
.....
1
.00
Quarterly
Bank
of
America
NA
12/20/28
USD
1,520
(
24,973
)
(
23,254
)
(
1,719
)
DR
Horton,
Inc.
...........
1
.00
Quarterly
Bank
of
America
NA
12/20/28
USD
1,520
(
33,074
)
(
33,424
)
350
Lowe's
Cos.,
Inc.
..........
1
.00
Quarterly
Bank
of
America
NA
12/20/28
USD
1,520
(
42,566
)
(
37,537
)
(
5,029
)
Picard
Bondco
SA
.........
5
.00
Quarterly
Deutsche
Bank
AG
12/20/28
EUR
374
(
18,173
)
(
4,548
)
(
13,625
)
Tyson
Foods,
Inc.
.........
1
.00
Quarterly
Bank
of
America
NA
12/20/28
USD
353
(
5,511
)
(
4,007
)
(
1,504
)
Tyson
Foods,
Inc.
.........
1
.00
Quarterly
Bank
of
America
NA
12/20/28
USD
834
(
13,022
)
(
10,542
)
(
2,480
)
Tyson
Foods,
Inc.
.........
1
.00
Quarterly
Bank
of
America
NA
12/20/28
USD
333
(
5,209
)
(
3,948
)
(
1,261
)
$
–
$
–
$
–
$
(
239,397
)
$
(
203,380
)
$
(
36,017
)
$
–
$
–
$
–
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)
Virgin
Media
Finance
plc
.
5
.00
%
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
360
$
29,932
$
21,055
$
8,877
TK
Elevator
Holdco
GmbH
5
.00
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
476
30,695
11,223
19,472
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
NR
EUR
1,090
146,849
188,320
(
41,471
)
Ladbrokes
Group
Finance
plc
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
75
(
568
)
(
5,631
)
5,063
Ladbrokes
Group
Finance
plc
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
227
(
1,718
)
(
17,017
)
15,299
Ladbrokes
Group
Finance
plc
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
529
(
4,013
)
(
63,514
)
59,501
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Bank
of
America
NA
12/20/27
CCC+
EUR
304
(
31,171
)
(
54,353
)
23,182
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
513
(
52,664
)
(
89,635
)
36,971
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
183
(
18,736
)
(
31,889
)
13,153
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Citibank
NA
12/20/27
CCC+
EUR
149
(
15,281
)
(
26,774
)
11,493
ADLER
Real
Estate
AG
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
312
(
31,980
)
(
55,277
)
23,297
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC+
EUR
226
(
23,187
)
(
40,032
)
16,845
Ladbrokes
Group
Finance
plc
.............
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
EUR
54
(
1,165
)
(
3,300
)
2,135
Bank
of
America
Corp.
..
1
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/28
A-
USD
3,670
61,724
20,437
41,287
$
88,717
$
(
146,387
)
$
235,104
(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.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
123
(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
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
BNP
Paribas
SA
03/20/24
USD
6,172
$
(
54,906
)
$
(
27,191
)
$
(
27,715
)
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
BNP
Paribas
SA
03/20/24
USD
6,031
72,355
(
31,391
)
103,746
$
17,449
$
(
58,582
)
$
76,031
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
$
1,131,204
$
(
30,500
)
(c)
$
1,105,373
0
.0
%
(b)
Range:
90
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(b)
HSBC
(c)
Amount
includes
$(4,669)
of
net
dividends
and
financing
fees.
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
Vietnam
Vietnam
Dairy
Products
JSC
..
403,800
$
1,105,373
100
.0
%
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
1,105,373
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.33
%
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
124
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Balances
Reported
in
the
Statements
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)
............................................
$
183,805
$
(
102,238
)
$
19,225
$
(
69,399
)
$
—
OTC
Swaps
.....................................................
241,035
(
649,384
)
380,671
(
136,053
)
—
Options
Written
...................................................
N/A
N/A
—
(
876,958
)
(
5,393,813
)
(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
Statements
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
Statements
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)
......
$
—
$
—
$
—
$
587,979
$
83,776,774
$
—
$
84,364,753
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
8,313,568
—
—
8,313,568
Options
purchased
Investments
at
value
—
unaffiliated
(b)
............
—
—
8,952,233
—
—
—
8,952,233
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
19,225
—
—
—
—
19,225
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
517,960
—
—
103,746
—
621,706
$
—
$
537,185
$
8,952,233
$
8,901,547
$
83,880,520
$
—
$
102,271,485
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
2,582,377
$
3,012,511
$
693,082
$
—
$
6,287,970
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
430,313
—
—
430,313
Options
written
Options
written
at
value
.....................
—
—
5,393,813
—
—
—
5,393,813
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
69,399
—
—
—
—
69,399
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
668,640
30,500
—
86,297
—
785,437
$
—
$
738,039
$
8,006,690
$
3,442,824
$
779,379
$
—
$
12,966,932
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
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.
For
the
period
ended
January
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
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
c
ontracts
.......................
$
—
$
—
$
10,902,345
$
5,254,096
$
(
149,727,816
)
$
—
$
(
133,571,375
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
5,690,331
—
—
5,690,331
Options
purchased
(a)
.....................
—
(
187
)
30,072,374
—
—
—
30,072,187
Options
written
........................
—
46,678
(
5,998,604
)
—
—
—
(
5,951,926
)
Swaps
..............................
—
519,428
2,417,468
—
(
118,918
)
—
2,817,978
$
—
$
565,919
$
37,393,583
$
10,944,427
$
(149,846,734)
$
—
$
(100,942,805)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
125
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
2,029,710
)
$
1,911,772
$
148,947,144
$
—
$
148,829,206
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
1,058,989
)
—
—
(
1,058,989
)
Options
purchased
(b)
.....................
—
—
1,502,176
—
—
—
1,502,176
Options
written
........................
—
—
(
876,958
)
—
—
—
(
876,958
)
Swaps
..............................
—
45,019
(
220,705
)
—
76,031
—
(
99,655
)
$
—
$
45,019
$
(1,625,197)
$
852,783
$
149,023,175
$
—
$
148,295,780
(a)
Options
purchased
are
included
in
net
realized
gain
(loss)
from
investments
—
unaffiliated.
(b)
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
..................................................................................
$
3,712,811,286
Average
notional
value
of
contracts
—
short
.................................................................................
$
596,643,357
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
585,649,444
Average
amounts
sold
—
in
USD
........................................................................................
$
22,931,438
Options
Average
value
of
option
contracts
purchased
................................................................................
$
4,578,372
Average
value
of
option
contracts
written
...................................................................................
$
2,707,815
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
—
(a)
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
—
(a)
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
16,445,267
Average
notional
value
—
sell
protection
...................................................................................
$
15,717,141
Total
return
swaps
Average
notional
value
...............................................................................................
$
9,241,086
(a)
Derivative
financial
instrument
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
19,920,649
$
4,151,787
Forward
f
oreign
currency
exchange
contracts
.................................................................
8,313,568
430,313
Options
(a)
.........................................................................................
8,952,233
5,393,813
Swaps
—
centrally
cleared
..............................................................................
5,780
—
Swaps
—
OTC
(b)
.....................................................................................
621,706
785,437
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
37,813,936
$
10,761,350
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
19,926,429
)
(
4,151,787
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
17,887,507
$
6,609,563
(a)
Includes
options
purchased
at
value
which
is
included
in
Investments
at
value
–
unaffiliated
in
the
Statements
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
Statements
of
Assets
and
Liabilities.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
126
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
The
following
tables
present
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
received
and
pledged
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Received
Cash
Collateral
Received
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
8,976,273
$
(
5,677,823
)
$
—
$
(
2,120,000
)
$
1,178,450
Bank
of
New
York
Mellon
...........................
741,491
(
137,330
)
—
—
604,161
Barclays
Bank
plc
................................
107,590
(
107,590
)
—
—
—
BNP
Paribas
SA
.................................
103,746
(
88,984
)
—
—
14,762
Citibank
NA
....................................
11,493
(
11,493
)
—
—
—
Deutsche
Bank
AG
...............................
7,349,890
(
177,730
)
—
—
7,172,160
Goldman
Sachs
International
........................
36,011
—
—
—
36,011
JPMorgan
Chase
Bank
NA
..........................
196,951
(
144,739
)
—
—
52,212
Morgan
Stanley
&
Co.
International
plc
..................
214,861
(
94,228
)
—
—
120,633
Nomura
International
plc
...........................
90,098
(
63,951
)
—
—
26,147
Toronto
Dominion
Bank
............................
4,224
—
—
—
4,224
UBS
AG
......................................
19,313
—
—
—
19,313
Westpac
Banking
Corp.
............................
35,566
(
28,824
)
—
—
6,742
$
17,887,507
$
(
6,532,692
)
$
—
$
(
2,120,000
)
$
9,234,815
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
5,677,823
$
(
5,677,823
)
$
—
$
—
$
—
Bank
of
New
York
Mellon
...........................
137,330
(
137,330
)
—
—
—
Barclays
Bank
plc
................................
129,591
(
107,590
)
—
—
22,001
BNP
Paribas
SA
.................................
88,984
(
88,984
)
—
—
—
Citibank
NA
....................................
35,863
(
11,493
)
—
—
24,370
Deutsche
Bank
AG
...............................
177,730
(
177,730
)
—
—
—
HSBC
Bank
plc
..................................
30,500
—
—
—
30,500
JPMorgan
Chase
Bank
NA
..........................
144,739
(
144,739
)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
94,228
(
94,228
)
—
—
—
Nomura
International
plc
...........................
63,951
(
63,951
)
—
—
—
Westpac
Banking
Corp.
............................
28,824
(
28,824
)
—
—
—
$
6,609,563
$
(
6,532,692
)
$
—
$
—
$
76,871
(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)
Excess
of
collateral
received/pledged,
if
any,
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(c)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(d)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
(e)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Net
amount
may
be
offset
further
by
the
options
receivable/payable
on
the
Statements
of
Assets
and
Liabilities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,618,461,640
$
—
$
1,618,461,640
Common
Stocks
Aerospace
&
Defense
....................................
27,714,566
20,367,082
—
48,081,648
Air
Freight
&
Logistics
....................................
16,085,190
1,326,144
—
17,411,334
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
127
Level
1
Level
2
Level
3
Total
Automobile
Components
..................................
$
5,179,219
$
1,973,526
$
—
$
7,152,745
Automobiles
..........................................
9,301,408
8,004,909
—
17,306,317
Banks
...............................................
107,105,024
112,042,138
98
219,147,260
Beverages
...........................................
9,734,127
18,683,965
—
28,418,092
Biotechnology
.........................................
18,642,631
2,043,406
—
20,686,037
Broadline
Retail
........................................
19,976,801
10,420,727
—
30,397,528
Building
Products
.......................................
34,439,782
10,449,151
—
44,888,933
Capital
Markets
........................................
46,769,558
5,805,886
—
52,575,444
Chemicals
............................................
8,045,586
31,291,287
—
39,336,873
Commercial
Services
&
Supplies
.............................
14,937,065
—
—
14,937,065
Communications
Equipment
................................
9,527,024
5,178,848
—
14,705,872
Construction
&
Engineering
................................
475,777
17,593,499
—
18,069,276
Construction
Materials
....................................
—
7,019,568
—
7,019,568
Consumer
Finance
......................................
21,410,597
3,214,377
—
24,624,974
Consumer
Staples
Distribution
&
Retail
........................
31,692,981
7,114,204
1,839
38,809,024
Containers
&
Packaging
..................................
10,923,777
—
—
10,923,777
Diversified
REITs
.......................................
4,939,485
9,853,361
—
14,792,846
Diversified
Telecommunication
Services
........................
34,239,551
38,019,562
—
72,259,113
Electric
Utilities
........................................
118,449,898
16,852,653
—
135,302,551
Electrical
Equipment
.....................................
7,139,521
9,861,705
—
17,001,226
Electronic
Equipment,
Instruments
&
Components
.................
14,046,370
13,961,229
—
28,007,599
Energy
Equipment
&
Services
..............................
12,736,850
—
—
12,736,850
Entertainment
.........................................
—
2,013,788
—
2,013,788
Financial
Services
......................................
26,290,387
—
751,385
27,041,772
Food
Products
.........................................
33,344,129
43,354,508
—
76,698,637
Gas
Utilities
...........................................
165,773
11,013,117
—
11,178,890
Ground
Transportation
...................................
46,822,305
1,753,444
—
48,575,749
Health
Care
Equipment
&
Supplies
...........................
40,652,763
22,952,514
—
63,605,277
Health
Care
Providers
&
Services
............................
68,581,226
6,385,827
373,790
75,340,843
Health
Care
REITs
......................................
46,534,020
6,428,009
—
52,962,029
Hotels,
Restaurants
&
Leisure
..............................
4,691,225
4,628,879
—
9,320,104
Household
Durables
.....................................
9,450,359
18,847,717
—
28,298,076
Household
Products
.....................................
197,198
4,189,185
—
4,386,383
Independent
Power
and
Renewable
Electricity
Producers
............
1,806,871
4,842,556
—
6,649,427
Industrial
Conglomerates
..................................
—
11,984,017
—
11,984,017
Industrial
REITs
........................................
23,967,783
30,051,897
—
54,019,680
Insurance
............................................
38,755,775
61,175,477
—
99,931,252
Interactive
Media
&
Services
...............................
—
1,700,855
—
1,700,855
IT
Services
...........................................
33,065,523
24,616,674
—
57,682,197
Leisure
Products
.......................................
4,810,806
—
—
4,810,806
Life
Sciences
Tools
&
Services
..............................
3,062,996
2,341,669
—
5,404,665
Machinery
............................................
28,294,392
16,829,026
—
45,123,418
Marine
Transportation
....................................
422,883
213,742
—
636,625
Media
...............................................
14,033,173
2,656,062
—
16,689,235
Metals
&
Mining
........................................
5,317,695
9,961,697
67
15,279,459
Multi-Utilities
..........................................
38,637,565
16,616,937
—
55,254,502
Office
REITs
..........................................
18,648,063
—
—
18,648,063
Oil,
Gas
&
Consumable
Fuels
...............................
97,405,381
70,191,438
46
167,596,865
Paper
&
Forest
Products
..................................
233,942
2,964,918
—
3,198,860
Personal
Care
Products
..................................
3,476,612
9,716,380
—
13,192,992
Pharmaceuticals
.......................................
14,846,719
127,661,286
—
142,508,005
Professional
Services
....................................
48,375,187
29,054,251
—
77,429,438
Real
Estate
Management
&
Development
.......................
4,089,094
25,308,185
—
29,397,279
Residential
REITs
.......................................
26,574,404
—
—
26,574,404
Retail
REITs
..........................................
—
14,372,449
—
14,372,449
Semiconductors
&
Semiconductor
Equipment
....................
33,911,639
89,504,815
—
123,416,454
Software
.............................................
58,639,006
3,717,421
—
62,356,427
Specialized
REITs
......................................
92,075,580
—
—
92,075,580
Specialty
Retail
........................................
7,968,640
9,445,622
—
17,414,262
Technology
Hardware,
Storage
&
Peripherals
....................
24,241,724
18,191,741
—
42,433,465
Textiles,
Apparel
&
Luxury
Goods
............................
5,174,974
22,938,037
—
28,113,011
Tobacco
.............................................
17,852,491
14,284,160
—
32,136,651
Trading
Companies
&
Distributors
............................
—
8,003,808
—
8,003,808
Transportation
Infrastructure
...............................
15,816,299
66,470,384
—
82,286,683
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
128
Level
1
Level
2
Level
3
Total
Water
Utilities
.........................................
$
—
$
3,025,692
$
—
$
3,025,692
Wireless
Telecommunication
Services
.........................
6,165,190
23,978,595
3
30,143,788
Corporate
Bonds
Aerospace
&
Defense
....................................
—
57,868,569
—
57,868,569
Air
Freight
&
Logistics
....................................
—
315,996
—
315,996
Automobile
Components
..................................
—
40,214,995
—
40,214,995
Automobiles
..........................................
—
13,811,323
—
13,811,323
Banks
...............................................
—
462,145,403
—
462,145,403
Beverages
...........................................
—
3,477,201
—
3,477,201
Biotechnology
.........................................
—
17,477,412
—
17,477,412
Broadline
Retail
........................................
—
8,702,368
—
8,702,368
Building
Products
.......................................
—
20,879,652
—
20,879,652
Capital
Markets
........................................
—
144,565,169
—
144,565,169
Chemicals
............................................
—
60,310,039
—
60,310,039
Commercial
Services
&
Supplies
.............................
—
70,755,975
—
70,755,975
Communications
Equipment
................................
—
8,456,851
—
8,456,851
Construction
&
Engineering
................................
—
20,531,805
—
20,531,805
Construction
Materials
....................................
—
1,072,370
—
1,072,370
Consumer
Finance
......................................
—
43,560,325
—
43,560,325
Consumer
Staples
Distribution
&
Retail
........................
—
24,936,223
—
24,936,223
Containers
&
Packaging
..................................
—
57,004,174
—
57,004,174
Distributors
...........................................
—
3,949,183
—
3,949,183
Diversified
Consumer
Services
..............................
—
17,097,711
—
17,097,711
Diversified
REITs
.......................................
—
20,419,041
—
20,419,041
Diversified
Telecommunication
Services
........................
—
129,540,117
—
129,540,117
Electric
Utilities
........................................
—
85,672,654
—
85,672,654
Electrical
Equipment
.....................................
—
8,710,856
—
8,710,856
Electronic
Equipment,
Instruments
&
Components
.................
—
3,558,144
—
3,558,144
Energy
Equipment
&
Services
..............................
—
72,917,209
—
72,917,209
Entertainment
.........................................
—
11,228,846
—
11,228,846
Financial
Services
......................................
—
72,442,133
6,901,910
79,344,043
Food
Products
.........................................
—
22,194,622
—
22,194,622
Gas
Utilities
...........................................
—
13,918,620
—
13,918,620
Ground
Transportation
...................................
—
25,585,540
—
25,585,540
Health
Care
Equipment
&
Supplies
...........................
—
21,020,249
—
21,020,249
Health
Care
Providers
&
Services
............................
—
45,853,290
—
45,853,290
Health
Care
REITs
......................................
—
7,123,902
—
7,123,902
Health
Care
Technology
..................................
—
2,993,383
—
2,993,383
Hotel
&
Resort
REITs
....................................
—
10,159,106
—
10,159,106
Hotels,
Restaurants
&
Leisure
..............................
—
137,671,338
—
137,671,338
Household
Durables
.....................................
—
11,533,627
—
11,533,627
Household
Products
.....................................
—
3,875,871
—
3,875,871
Independent
Power
and
Renewable
Electricity
Producers
............
—
11,438,983
—
11,438,983
Industrial
Conglomerates
..................................
—
14,778,849
—
14,778,849
Industrial
REITs
........................................
—
276,388
—
276,388
Insurance
............................................
—
121,029,493
—
121,029,493
Interactive
Media
&
Services
...............................
—
1,107,668
—
1,107,668
IT
Services
...........................................
—
37,412,230
—
37,412,230
Leisure
Products
.......................................
—
2,384,326
—
2,384,326
Life
Sciences
Tools
&
Services
..............................
—
6,160,346
—
6,160,346
Machinery
............................................
—
39,079,965
—
39,079,965
Marine
Transportation
....................................
—
2,031,059
—
2,031,059
Media
...............................................
—
113,439,754
—
113,439,754
Metals
&
Mining
........................................
—
47,617,539
—
47,617,539
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
2,762,749
—
2,762,749
Multi-Utilities
..........................................
—
7,809,147
—
7,809,147
Office
REITs
..........................................
—
2,765,793
—
2,765,793
Oil,
Gas
&
Consumable
Fuels
...............................
—
194,528,624
—
194,528,624
Paper
&
Forest
Products
..................................
—
3,695,281
—
3,695,281
Passenger
Airlines
......................................
—
16,462,723
—
16,462,723
Personal
Care
Products
..................................
—
1,976,438
—
1,976,438
Pharmaceuticals
.......................................
—
47,665,460
—
47,665,460
Professional
Services
....................................
—
11,745,544
—
11,745,544
Real
Estate
Management
&
Development
.......................
—
24,010,238
—
24,010,238
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
129
Level
1
Level
2
Level
3
Total
Residential
REITs
.......................................
$
—
$
2,122,145
$
—
$
2,122,145
Retail
REITs
..........................................
—
7,070,599
—
7,070,599
Semiconductors
&
Semiconductor
Equipment
....................
—
22,373,267
—
22,373,267
Software
.............................................
—
98,744,348
—
98,744,348
Specialized
REITs
......................................
—
12,261,366
—
12,261,366
Specialty
Retail
........................................
—
36,271,993
—
36,271,993
Technology
Hardware,
Storage
&
Peripherals
....................
—
5,751,531
—
5,751,531
Textiles,
Apparel
&
Luxury
Goods
............................
—
3,585,366
—
3,585,366
Tobacco
.............................................
—
6,001,213
—
6,001,213
Trading
Companies
&
Distributors
............................
—
29,569,379
—
29,569,379
Transportation
Infrastructure
...............................
—
4,420,871
—
4,420,871
Wireless
Telecommunication
Services
.........................
—
44,504,777
—
44,504,777
Equity-Linked
Notes
......................................
—
1,503,312,464
—
1,503,312,464
Fixed
Rate
Loan
Interests
..................................
—
—
13,200,039
13,200,039
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
17,687,723
—
17,687,723
Automobile
Components
..................................
—
4,006,925
—
4,006,925
Automobiles
..........................................
—
1,714,021
—
1,714,021
Beverages
...........................................
—
5,397,576
—
5,397,576
Broadline
Retail
........................................
—
6,547,585
421,828
6,969,413
Building
Products
.......................................
—
5,014,636
1,156,995
6,171,631
Capital
Markets
........................................
—
15,336,657
—
15,336,657
Chemicals
............................................
—
20,304,328
—
20,304,328
Commercial
Services
&
Supplies
.............................
—
23,282,086
672,966
23,955,052
Communications
Equipment
................................
—
3,508,996
—
3,508,996
Construction
&
Engineering
................................
—
6,241,124
14,064,908
20,306,032
Construction
Materials
....................................
—
4,651,445
—
4,651,445
Consumer
Staples
Distribution
&
Retail
........................
—
1,902,704
12,678,065
14,580,769
Containers
&
Packaging
..................................
—
7,185,927
—
7,185,927
Distributors
...........................................
—
1,552,388
1,770,154
3,322,542
Diversified
Consumer
Services
..............................
—
11,496,745
—
11,496,745
Diversified
REITs
.......................................
—
907,766
—
907,766
Diversified
Telecommunication
Services
........................
—
22,533,813
450,767
22,984,580
Electrical
Equipment
.....................................
—
1,484,911
—
1,484,911
Electronic
Equipment,
Instruments
&
Components
.................
—
1,021,798
—
1,021,798
Energy
Equipment
&
Services
..............................
—
2,817,145
24,643
2,841,788
Entertainment
.........................................
—
22,490,016
—
22,490,016
Financial
Services
......................................
—
17,923,035
105,128,848
123,051,883
Food
Products
.........................................
—
19,969,087
—
19,969,087
Ground
Transportation
...................................
—
3,378,501
—
3,378,501
Health
Care
Equipment
&
Supplies
...........................
—
10,673,982
924,762
11,598,744
Health
Care
Providers
&
Services
............................
—
12,294,688
—
12,294,688
Health
Care
Technology
..................................
—
13,534,064
—
13,534,064
Hotels,
Restaurants
&
Leisure
..............................
—
43,320,561
7,196,452
50,517,013
Household
Durables
.....................................
—
9,377,052
—
9,377,052
Household
Products
.....................................
—
524,604
—
524,604
Independent
Power
and
Renewable
Electricity
Producers
............
—
2,172,023
—
2,172,023
Industrial
Conglomerates
..................................
—
1,962,098
—
1,962,098
Insurance
............................................
—
23,215,631
—
23,215,631
Interactive
Media
&
Services
...............................
—
1,527,660
4,158,396
5,686,056
IT
Services
...........................................
—
14,831,232
—
14,831,232
Leisure
Products
.......................................
—
1,644,080
—
1,644,080
Life
Sciences
Tools
&
Services
..............................
—
7,768,031
—
7,768,031
Machinery
............................................
—
29,756,564
—
29,756,564
Media
...............................................
—
9,326,971
1,245,720
10,572,691
Oil,
Gas
&
Consumable
Fuels
...............................
—
8,994,572
2,977,500
11,972,072
Passenger
Airlines
......................................
—
13,453,075
—
13,453,075
Personal
Care
Products
..................................
—
5,237,205
—
5,237,205
Pharmaceuticals
.......................................
—
11,809,911
—
11,809,911
Professional
Services
....................................
—
21,630,186
926,238
22,556,424
Real
Estate
Management
&
Development
.......................
—
1,238,689
955,778
2,194,467
Semiconductors
&
Semiconductor
Equipment
....................
—
2,834,486
—
2,834,486
Software
.............................................
—
42,953,560
1,805,615
44,759,175
Specialty
Retail
........................................
—
7,821,889
—
7,821,889
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
130
Level
1
Level
2
Level
3
Total
Textiles,
Apparel
&
Luxury
Goods
............................
$
—
$
1,069,531
$
—
$
1,069,531
Trading
Companies
&
Distributors
............................
—
9,115,086
1,033,073
10,148,159
Transportation
Infrastructure
...............................
—
2,617,957
1,252,151
3,870,108
Wireless
Telecommunication
Services
.........................
—
2,222,307
889,770
3,112,077
Foreign
Agency
Obligations
.................................
—
64,194,688
—
64,194,688
Foreign
Government
Obligations
..............................
—
113,486,917
—
113,486,917
Investment
Companies
....................................
545,174,018
—
—
545,174,018
Non-Agency
Mortgage-Backed
Securities
........................
—
603,049,857
8,384,765
611,434,622
Preferred
Securities
Banks
...............................................
7,111,230
31,902,184
—
39,013,414
Capital
Markets
........................................
—
31,698,961
—
31,698,961
Commercial
Services
&
Supplies
.............................
—
13,029,066
—
13,029,066
Consumer
Finance
......................................
—
43,453,838
—
43,453,838
Electric
Utilities
........................................
—
16,544,014
—
16,544,014
Household
Products
.....................................
—
2,289,790
—
2,289,790
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,620,870
—
1,620,870
Insurance
............................................
—
8,872,260
—
8,872,260
Multi-Utilities
..........................................
—
9,034,224
—
9,034,224
Oil,
Gas
&
Consumable
Fuels
...............................
—
21,490,716
—
21,490,716
Technology
Hardware,
Storage
&
Peripherals
....................
—
20,007,321
—
20,007,321
U.S.
Government
Sponsored
Agency
Securities
....................
—
3,989,004
—
3,989,004
Warrants
..............................................
20,295
—
—
20,295
Short-Term
Securities
Money
Market
Funds
......................................
487,186,223
—
—
487,186,223
U.S.
Treasury
Obligations
...................................
—
2,060,571
—
2,060,571
Options
Purchased
Equity
contracts
..........................................
—
8,952,233
—
8,952,233
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
(
307
)
(
93,931
)
(
94,238
)
$
2,567,404,346
$
8,619,605,694
$
189,254,640
$
11,376,264,680
Investments
valued
at
NAV
(b)
......................................
216,003,216
$
11,592,267,896
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
296,150
$
—
$
296,150
Foreign
currency
exchange
contracts
............................
587,979
8,313,568
—
8,901,547
Interest
rate
contracts
.......................................
83,776,774
103,746
—
83,880,520
Liabilities
Credit
contracts
...........................................
—
(
147,237
)
—
(
147,237
)
Equity
contracts
...........................................
(
1,464,561
)
(
6,542,129
)
—
(
8,006,690
)
Foreign
currency
exchange
contracts
............................
(
3,012,511
)
(
430,313
)
—
(
3,442,824
)
Interest
rate
contracts
.......................................
(
693,082
)
(
27,715
)
—
(
720,797
)
$
79,194,599
$
1,566,070
$
—
$
80,760,669
(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.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
131
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
Fixed
Rate
Loan
Interests
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Unfunded
Floating
Rate
Loan
Interests
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2023
............................
$
2,509,652
$
2,686,089
$
1
$
—
$
184,131,906
$
7,891,292
$
(
268,124
)
$
196,950,816
Transfers
into
Level
3
......................................
—
—
—
—
4,232,720
—
—
4,232,720
Transfers
out
of
Level
3
.....................................
(
2,509,652
)
—
—
—
(
7,905,818
)
—
—
(
10,415,470
)
Other
(a)
................................................
—
—
—
12,226,360
(
12,226,360
)
—
—
—
Accrued
discounts/premiums
..................................
—
—
30,503
8,446
69,488
(
44,050
)
—
64,387
Net
realized
loss
..........................................
—
(
13,811,117
)
(
8,557,252
)
—
(
77,051
)
—
—
(
22,445,420
)
Net
change
in
unrealized
appreciation
(depreciation)
(b)
(c)
................
—
17,090,649
9,582,680
466,875
(
10,153,497
)
537,523
174,193
17,698,423
Purchases
..............................................
—
1,053,614
7,143,908
498,358
19,939,996
8,668,000
—
37,303,876
Sales
.................................................
—
(
5,892,007
)
(
1,297,930
)
—
(
18,276,755
)
(
8,668,000
)
—
(
34,134,692
)
Closing
balance,
as
of
January
31,
2024
..........................
$
—
$
1,127,228
$
6,901,910
$
13,200,039
$
159,734,629
$
8,384,765
$
(
93,931
)
$
189,254,640
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
31,
2024
(c)
......................................
$
—
$
8,340,109
$
(
274,718
)
$
466,875
$
(
10,461,567
)
$
(
330,992
)
$
174,193
$
(
2,086,100
)
(a)
Certain
Level
3
investments
were
re-classified
between
Fixed
Rate
Loan
Interests
and
Floating
Rate
Loan
Interests.
(b)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(c)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
31,
2024
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Multi-Asset
Income
Portfolio
132
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
See
notes
to
financial
statements.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
The
table
does
not
include
Level
3
investments
with
values
based
upon
unadjusted
third-party
pricing
information
in
the
amount
of
$22,170,876.
A
significant
change
in
the
third-party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Corporate
Bonds
.............................
$
6,901,910
Income
Credit
Spread
422
—
Fixed
Rate
Loan
Interests
.......................
13,200,039
Income
Discount
Rate
7%
—
Floating
Rate
Loan
Interests
......................
138,597,050
Income
Credit
Spread
386-632
474
Estimated
Recovery
Value
20%
-
88%
69%
Non-Agency
Mortgage-Backed
Securities
..............
8,384,765
Income
Credit
Spread
517
—
$
167,083,764
Statements
of
Assets
and
Liabilities
(unaudited)

January
31,
2024
133
Financial
Statements
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
1,033,933,556‌
$
10,343,998,677‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
216,436,013‌
1,248,363,457‌
Cash
..............................................................................................
18,903‌
2,550,867‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
...................................................................
—‌
310,000‌
Collateral
—
OTC
derivatives
.............................................................................
—‌
30,000‌
Futures
contracts
.....................................................................................
12,848,740‌
92,331,000‌
Centrally
cleared
swaps
.................................................................................
—‌
151,000‌
Foreign
currency,
at
value
(d)
................................................................................
3,526,039‌
24,081,654‌
Receivables:
–‌
–‌
Investment
s
sold
.....................................................................................
35,011,781‌
234,933,221‌
Options
written
.......................................................................................
451,361‌
4,516,855‌
Securities
lending
income
—
affiliated
.......................................................................
5,237‌
35,229‌
Capital
shares
sold
....................................................................................
1,473,987‌
14,053,984‌
Tax
reclaims
........................................................................................
—‌
473,331‌
Dividends
—
unaffiliated
................................................................................
1,954,407‌
5,461,661‌
Dividends
—
affiliated
..................................................................................
283,389‌
1,565,677‌
Interest
—
unaffiliated
..................................................................................
16,878,100‌
119,300,815‌
From
the
Manager
....................................................................................
27,541‌
113,137‌
Variation
margin
on
futures
contracts
........................................................................
999,632‌
19,920,649‌
Variation
margin
on
centrally
cleared
swaps
...................................................................
—‌
5,780‌
Swap
premiums
paid
....................................................................................
—‌
241,035‌
Unrealized
appreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
589,437‌
8,313,568‌
OTC
swaps
.........................................................................................
10,510‌
380,671‌
Prepaid
e
xpenses
......................................................................................
56,931‌
62,569‌
Total
a
ssets
..........................................................................................
1,324,505,564‌
12,121,194,837‌
LIABILITIES
Cash
received:
Collateral
—
OTC
derivatives
.............................................................................
—‌
2,120,000‌
Collateral
on
securities
loaned
..............................................................................
39,719,604‌
216,298,155‌
Options
written,
at
value
(e)
.................................................................................
538,994‌
5,393,813‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
142,977,382‌
470,170,530‌
Swaps  
...........................................................................................
34,891‌
344,893‌
Accounting
services
fees
................................................................................
206,798‌
399,464‌
Administration
fees
....................................................................................
39,101‌
328,193‌
Capital
shares
redeemed
................................................................................
3,967,751‌
34,546,487‌
Custodian
fees
.......................................................................................
72,588‌
429,313‌
Deferred
foreign
capital
gain
tax
...........................................................................
—‌
2,162,867‌
Income
dividend
distributions
.............................................................................
712,569‌
6,675,488‌
Investment
advisory
fees
................................................................................
447,383‌
4,258,287‌
Trustees'
and
Officer's
fees
..............................................................................
4,160‌
53,451‌
Other
affiliate
fees
....................................................................................
1,071‌
16,173‌
Professional
fees
.....................................................................................
158,719‌
449,071‌
Registration
fees
.....................................................................................
10,140‌
757,432‌
Service
and
distribution
fees
..............................................................................
47,866‌
1,265,104‌
Transfer
agent
fees
...................................................................................
252,942‌
2,407,395‌
Other
accrued
expenses
................................................................................
50,761‌
106,548‌
Variation
margin
on
futures
contracts
........................................................................
2,855,159‌
4,151,787‌
Swap
premiums
received
.................................................................................
5,920‌
649,384‌
Unrealized
depreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
34,993‌
430,313‌
OTC
swaps
.........................................................................................
2,793‌
136,053‌
Unfunded
floating
rate
loan
interests
........................................................................
31‌
94,238‌
Total
li
abilities
.........................................................................................
192,141,616‌
753,644,439‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
1,132,363,948‌
$
11,367,550,398‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
134
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
1,357,161,832‌
$
13,453,031,616‌
Accumulated
loss
......................................................................................
(
224,797,884‌
)
(
2,085,481,218‌
)
NET
ASSETS
.........................................................................................
$
1,132,363,948‌
$
11,367,550,398‌
(a)
  Investments,
at
cost
—
unaffiliated
...................................................................
$
1,025,677,537‌
$
10,238,612,771‌
(b)
  Securities
loaned,
at
value
........................................................................
$
38,623,625‌
$
210,802,951‌
(c)
  Investments,
at
cost
—
affiliated
.....................................................................
$
213,498,860‌
$
1,218,711,088‌
(d)
  Foreign
currency,
at
cost
.........................................................................
$
3,640,516‌
$
24,864,835‌
(e)
  Premiums
received
.............................................................................
$
451,361‌
$
4,516,855‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2024
135
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-
Asset
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
798,431,445‌
$
6,284,869,325‌
Shares
outstanding
..................................................................................
95,196,053‌
631,723,746‌
Net
asset
value
.....................................................................................
$
8.39‌
$
9.95‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
0.001‌
$
0.001‌
Investor
A
Net
assets
.........................................................................................
$
124,041,035‌
$
3,876,880,455‌
Shares
outstanding
..................................................................................
14,783,130‌
390,141,771‌
Net
asset
value
.....................................................................................
$
8.39‌
$
9.94‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
0.001‌
$
0.001‌
Investor
C
Net
assets
.........................................................................................
$
25,199,770‌
$
541,142,406‌
Shares
outstanding
..................................................................................
3,007,335‌
54,522,967‌
Net
asset
value
.....................................................................................
$
8.38‌
$
9.93‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
0.001‌
$
0.001‌
Class
K
Net
assets
.........................................................................................
$
184,691,698‌
$
664,658,212‌
Shares
outstanding
..................................................................................
22,008,492‌
66,844,150‌
Net
asset
value
.....................................................................................
$
8.39‌
$
9.94‌
Shares
authorized
...................................................................................
Unlimited
Unlimited
Par
value
.........................................................................................
$
0.001‌
$
0.001‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
January
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
136
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
3,892,061‌
$
39,989,290‌
Dividends
—
affiliated
..................................................................................
3,624,434‌
17,653,278‌
Interest
—
unaffiliated
..................................................................................
35,054,135‌
324,686,305‌
Securities
lending
income
—
affiliated
—
net
..................................................................
228,960‌
231,432‌
Foreign
taxes
withheld
.................................................................................
(
135,919‌
)
(
1,752,942‌
)
Foreign
withholding
tax
claims
............................................................................
—‌
2,780,519‌
Total
investment
income
..................................................................................
42,663,671‌
383,587,882‌
EXPENSES
Investment
advisory
...................................................................................
3,368,321‌
29,659,971‌
Transfer
agent
—
class
specific
...........................................................................
406,027‌
3,528,924‌
Service
and
distribution
—
class
specific
.....................................................................
283,771‌
7,809,031‌
Accounting
services
...................................................................................
252,588‌
472,821‌
Administration
......................................................................................
230,944‌
1,964,974‌
Administration
—
class
specific
...........................................................................
113,115‌
1,151,207‌
Custodian
..........................................................................................
91,920‌
532,577‌
Professional
........................................................................................
73,597‌
438,905‌
Registration
........................................................................................
56,371‌
124,433‌
Printing
and
postage
..................................................................................
28,040‌
20,452‌
Trustees
and
Officer
...................................................................................
8,225‌
40,728‌
Miscellaneous
.......................................................................................
48,776‌
153,441‌
Total
expenses
excluding
interest
expense
......................................................................
4,961,695‌
45,897,464‌
Interest
expense
.....................................................................................
9,144‌
64,113‌
Total
e
xpenses
........................................................................................
4,970,839‌
45,961,577‌
Less:
–‌
–‌
Administration
fees
waived
by
the
Manager
—
class
specific
........................................................
(
112,937‌
)
(
1,150,976‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(
758,956‌
)
(
4,323,237‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(
170,287‌
)
(
808,987‌
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
...............................................................
3,928,659‌
39,678,377‌
Net
investment
income
...................................................................................
38,735,012‌
343,909,505‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
12,934,191‌
$
113,115,948‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(a)
...........................................................................
(
8,416,106‌
)
(
164,608,833‌
)
Investments
—
affiliated
..............................................................................
(
2,260,560‌
)
16,987,318‌
Forward
foreign
currency
exchange
contracts
................................................................
510,113‌
5,690,331‌
Foreign
currency
transactions
..........................................................................
283,352‌
7,294,574‌
Futures
contracts
...................................................................................
396,321‌
(
133,571,375‌
)
Options
written
....................................................................................
(
818,654‌
)
(
5,951,926‌
)
Swaps  
.........................................................................................
233,171‌
2,817,978‌
(10,072,363‌)
(271,341,933‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(b)
...........................................................................
10,983,066‌
220,169,406‌
Investments
—
affiliated
..............................................................................
6,677,759‌
18,419,671‌
Forward
foreign
currency
exchange
contracts
................................................................
27,154‌
(
1,058,989‌
)
Foreign
currency
translations
...........................................................................
(
253,839‌
)
(
1,098,686‌
)
Futures
contracts
...................................................................................
5,637,470‌
148,829,206‌
Options
written
....................................................................................
(
87,633‌
)
(
876,958‌
)
Swaps  
.........................................................................................
22,608‌
(
99,655‌
)
Unfunded
floating
rate
loan
interests
......................................................................
(
31‌
)
173,886‌
23,006,554‌
384,457,881‌
Net
realized
and
unrealized
gain
............................................................................
12,934,191‌
113,115,948‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
51,669,203‌
$
457,025,453‌
(a)
  Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
................................................
$
(
69,595‌
)
$
(
562,362‌
)
(b)
  Net
of
reduction
in/increase
in
deferred
foreign
capital
gain
tax
of
.....................................................
$
70,323‌
$
(
2,162,867‌
)
Statements
of
Changes
in
Net
Assets

137
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
38,735,012‌
$
75,493,483‌
$
343,909,505‌
$
734,589,314‌
Net
realized
loss
................................................
(
10,072,363‌
)
(
73,125,401‌
)
(
271,341,933‌
)
(
818,161,772‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
23,006,554‌
40,987,277‌
384,457,881‌
464,373,570‌
Net
increase
in
net
assets
resulting
from
operations
...........................
51,669,203‌
43,355,359‌
457,025,453‌
380,801,112‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
28,588,046‌
)
(
53,096,022‌
)
(
202,591,544‌
)
(
415,615,155‌
)
Investor
A
....................................................
(
4,236,703‌
)
(
7,818,570‌
)
(
119,394,551‌
)
(
235,670,287‌
)
Investor
C
....................................................
(
803,043‌
)
(
1,675,257‌
)
(
15,765,820‌
)
(
37,891,832‌
)
Class
K
......................................................
(
6,568,603‌
)
(
12,420,021‌
)
(
21,324,332‌
)
(
51,439,897‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(40,196,395‌)
(75,009,870‌)
(359,076,247‌)
(740,617,171‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.................
(75,602,877‌)
(84,896,882‌)
(969,283,695‌)
(2,695,749,717‌)
NET
ASSETS
Total
decrease
in
net
assets
..........................................
(
64,130,069‌
)
(
116,551,393‌
)
(
871,334,489‌
)
(
3,055,565,776‌
)
Beginning
of
period
................................................
1,196,494,017‌
1,313,045,410‌
12,238,884,887‌
15,294,450,663‌
End
of
period
....................................................
$
1,132,363,948‌
$
1,196,494,017‌
$
11,367,550,398‌
$
12,238,884,887‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
138
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
Institutional
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.........
$
8.28
‌
$
8.47
‌
$
10.23
‌
$
9.03
‌
$
9.65
‌
$
9.77
‌
Net
investment
income
(a)
.................
0
.28
‌
0
.51
‌
0
.47
‌
0
.50
‌
0
.53
‌
0
.59
‌
Net
realized
and
unrealized
gain
(loss)
........
0
.12
‌
(
0
.19
)
(
1
.54
)
1
.20
‌
(
0
.63
)
(
0
.11
)
Net
increase
(decrease)
from
investment
operations
0.40
‌
0.32
‌
(1.07
)
1.70
‌
(0.10
)
0.48
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
..............
(
0
.29
)
(
0
.51
)
(
0
.58
)
(
0
.50
)
(
0
.46
)
(
0
.55
)
From
net
realized
gain
...................
—
‌
—
‌
(
0
.11
)
—
‌
—
‌
—
‌
Return
of
capital
.......................
—
‌
—
‌
—
‌
—
‌
(
0
.06
)
(
0
.05
)
Total
distributions
.......................
(0.29
)
(0.51
)
(0.69
)
(0.50
)
(0.52
)
(0.60
)
Net
asset
value,
end
of
period
..............
$
8.39
‌
$
8.28
‌
$
8.47
‌
$
10.23
‌
$
9.03
‌
$
9.65
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..................
5.02
%
(d)
4.18
%
(11.04
)%
19.22
%
(e)
(0.93
)%
5.23
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................
0.85
%
(g)
0.84
%
0.81
%
0.81
%
0.80
%
0.80
%
Total
expenses
after
fees
waived
and/or
reimbursed
0.65
%
(g)
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
Net
investment
income
...................
6.89
%
(g)
6.39
%
5.00
%
5.12
%
5.79
%
6.21
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..............
$
798,431
‌
$
844,522
‌
$
924,072
‌
$
1,026,159
‌
$
828,901
‌
$
898,605
‌
Portfolio
turnover
rate
(h)
....................
38
%
66
%
(i)
59
%
77
%
94
%
69
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
114%
189%
196%
180%
215%
180%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
139
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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
Investor
A
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.........
$
8.29
‌
$
8.47
‌
$
10.24
‌
$
9.03
‌
$
9.66
‌
$
9.77
‌
Net
investment
income
(a)
.................
0
.27
‌
0
.49
‌
0
.45
‌
0
.47
‌
0
.51
‌
0
.56
‌
Net
realized
and
unrealized
gain
(loss)
........
0
.11
‌
(
0
.18
)
(
1
.56
)
1
.21
‌
(
0
.64
)
(
0
.10
)
Net
increase
(decrease)
from
investment
operations
0.38
‌
0.31
‌
(1.11
)
1.68
‌
(0.13
)
0.46
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
..............
(
0
.28
)
(
0
.49
)
(
0
.55
)
(
0
.47
)
(
0
.44
)
(
0
.52
)
From
net
realized
gain
...................
—
‌
—
‌
(
0
.11
)
—
‌
—
‌
—
‌
Return
of
capital
.......................
—
‌
—
‌
—
‌
—
‌
(
0
.06
)
(
0
.05
)
Total
distributions
.......................
(0.28
)
(0.49
)
(0.66
)
(0.47
)
(0.50
)
(0.57
)
Net
asset
value,
end
of
period
..............
$
8.39
‌
$
8.29
‌
$
8.47
‌
$
10.24
‌
$
9.03
‌
$
9.66
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..................
4.76
%
(d)
4.04
%
(11.35
)%
19.04
%
(e)
(1.28
)%
5.08
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................
1.06
%
(g)
1.05
%
1.03
%
1.04
%
1.04
%
1.05
%
Total
expenses
after
fees
waived
and/or
reimbursed
0.90
%
(g)
0.90
%
0.90
%
0.90
%
0.90
%
0.90
%
Net
investment
income
...................
6.64
%
(g)
6.15
%
4.74
%
4.87
%
5.56
%
5.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..............
$
124,041
‌
$
130,935
‌
$
136,426
‌
$
175,444
‌
$
147,034
‌
$
91,064
‌
Portfolio
turnover
rate
(h)
....................
38
%
66
%
(i)
59
%
77
%
94
%
69
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
114%
189%
196%
180%
215%
180%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
140
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
Investor
C
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.........
$
8.28
‌
$
8.46
‌
$
10.22
‌
$
9.02
‌
$
9.64
‌
$
9.76
‌
Net
investment
income
(a)
.................
0
.24
‌
0
.43
‌
0
.38
‌
0
.40
‌
0
.44
‌
0
.49
‌
Net
realized
and
unrealized
gain
(loss)
........
0
.11
‌
(
0
.18
)
(
1
.55
)
1
.20
‌
(
0
.63
)
(
0
.11
)
Net
increase
(decrease)
from
investment
operations
0.35
‌
0.25
‌
(1.17
)
1.60
‌
(0.19
)
0.38
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
..............
(
0
.25
)
(
0
.43
)
(
0
.48
)
(
0
.40
)
(
0
.37
)
(
0
.45
)
From
net
realized
gain
...................
—
‌
—
‌
(
0
.11
)
—
‌
—
‌
—
‌
Return
of
capital
.......................
—
‌
—
‌
—
‌
—
‌
(
0
.06
)
(
0
.05
)
Total
distributions
.......................
(0.25
)
(0.43
)
(0.59
)
(0.40
)
(0.43
)
(0.50
)
Net
asset
value,
end
of
period
..............
$
8.38
‌
$
8.28
‌
$
8.46
‌
$
10.22
‌
$
9.02
‌
$
9.64
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..................
4.38
%
(d)
3.27
%
(11.94
)%
18.06
%
(e)
(1.91
)%
4.19
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................
1.84
%
(g)
1.84
%
1.80
%
1.80
%
1.80
%
1.80
%
Total
expenses
after
fees
waived
and/or
reimbursed
1.65
%
(g)
1.65
%
1.65
%
1.65
%
1.65
%
1.65
%
Net
investment
income
...................
5.90
%
(g)
5.39
%
4.00
%
4.13
%
4.79
%
5.25
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..............
$
25,200
‌
$
28,629
‌
$
35,475
‌
$
46,242
‌
$
41,749
‌
$
36,992
‌
Portfolio
turnover
rate
(h)
....................
38
%
66
%
(i)
59
%
77
%
94
%
69
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
114%
189%
196%
180%
215%
180%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
141
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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
Class
K
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
.........
$
8.29
‌
$
8.47
‌
$
10.24
‌
$
9.04
‌
$
9.66
‌
$
9.78
‌
Net
investment
income
(a)
.................
0
.28
‌
0
.52
‌
0
.48
‌
0
.50
‌
0
.46
‌
0
.59
‌
Net
realized
and
unrealized
gain
(loss)
........
0
.11
‌
(
0
.19
)
(
1
.56
)
1
.20
‌
(
0
.55
)
(
0
.11
)
Net
increase
(decrease)
from
investment
operations
0.39
‌
0.33
‌
(1.08
)
1.70
‌
(0.09
)
0.48
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
..............
(
0
.29
)
(
0
.51
)
(
0
.58
)
(
0
.50
)
(
0
.47
)
(
0
.55
)
From
net
realized
gain
...................
—
‌
—
‌
(
0
.11
)
—
‌
—
‌
—
‌
Return
of
capital
.......................
—
‌
—
‌
—
‌
—
‌
(
0
.06
)
(
0
.05
)
Total
distributions
.......................
(0.29
)
(0.51
)
(0.69
)
(0.50
)
(0.53
)
(0.60
)
Net
asset
value,
end
of
period
..............
$
8.39
‌
$
8.29
‌
$
8.47
‌
$
10.24
‌
$
9.04
‌
$
9.66
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
..................
4.92
%
(d)
4.35
%
(11.09
)%
19.27
%
(e)
(0.87
)%
5.28
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.........................
0.76
%
(g)
0.76
%
0.72
%
0.72
%
0.82
%
0.75
%
Total
expenses
after
fees
waived
and/or
reimbursed
0.60
%
(g)
0.60
%
0.60
%
0.60
%
0.60
%
0.59
%
Net
investment
income
...................
6.94
%
(g)
6.44
%
5.05
%
5.14
%
5.05
%
6.29
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..............
$
184,692
‌
$
192,408
‌
$
217,072
‌
$
263,934
‌
$
166,657
‌
$
2,619
‌
Portfolio
turnover
rate
(h)
....................
38
%
66
%
(i)
59
%
77
%
94
%
69
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
114%
189%
196%
180%
215%
180%
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
142
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
See
notes
to
financial
statements.
BlackRock
Multi-Asset
Income
Portfolio
Institutional
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
..........
$
9.84
‌
$
10.04
‌
$
11.54
‌
$
10.62
‌
$
10.85
‌
$
10.79
‌
Net
investment
income
(a)
..................
0
.30
‌
0
.55
‌
0
.47
‌
0
.49
‌
0
.52
‌
0
.56
‌
Net
realized
and
unrealized
gain
(loss)
.........
0
.12
‌
(
0
.20
)
(
1
.36
)
0
.91
‌
(
0
.24
)
0
.05
‌
Net
increase
(decrease)
from
investment
operations
.
0.42
‌
0.35
‌
(0.89
)
1.40
‌
0.28
‌
0.61
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.31
)
(
0
.55
)
(
0
.61
)
(
0
.48
)
(
0
.50
)
(
0
.54
)
Return
of
capital
........................
—
‌
—
‌
—
‌
—
‌
(
0
.01
)
(
0
.01
)
Total
distributions
........................
(0.31
)
(0.55
)
(0.61
)
(0.48
)
(0.51
)
(0.55
)
Net
asset
value,
end
of
period
...............
$
9.95
‌
$
9.84
‌
$
10.04
‌
$
11.54
‌
$
10.62
‌
$
10.85
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
...................
4.39
%
(d)
3.77
%
(8.03
)%
13.40
%
(e)
2.66
%
5.92
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
..........................
0.67
%
(g)
0.66
%
0.65
%
0.65
%
0.68
%
0.66
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.56
%
(g)
0.55
%
0.55
%
0.55
%
0.55
%
0.55
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
taxes
............
0.55
%
(g)
0.55
%
0.55
%
0.55
%
0.55
%
0.55
%
Net
investment
income
....................
6.11
%
(g)
5.65
%
4.27
%
4.36
%
4.88
%
5.24
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
6,284,869
‌
$
6,755,645
‌
$
8,470,092
‌
$
10,280,019
‌
$
9,311,984
‌
$
9,432,829
‌
Portfolio
turnover
rate
(h)
.....................
32
%
(i)
56
%
(i)
57
%
74
%
86
%
67
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
69%
120%
130%
135%
148%
127%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
143
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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
See
notes
to
financial
statements.
BlackRock
Multi-Asset
Income
Portfolio
Investor
A
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
..........
$
9.83
‌
$
10.03
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
$
10.78
‌
Net
investment
income
(a)
..................
0
.28
‌
0
.52
‌
0
.44
‌
0
.46
‌
0
.49
‌
0
.53
‌
Net
realized
and
unrealized
gain
(loss)
.........
0
.13
‌
(
0
.19
)
(
1
.36
)
0
.91
‌
(
0
.24
)
0
.06
‌
Net
increase
(decrease)
from
investment
operations
.
0.41
‌
0.33
‌
(0.92
)
1.37
‌
0.25
‌
0.59
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.30
)
(
0
.53
)
(
0
.58
)
(
0
.45
)
(
0
.47
)
(
0
.52
)
Return
of
capital
........................
—
‌
—
‌
—
‌
—
‌
(
0
.01
)
(
0
.01
)
Total
distributions
........................
(0.30
)
(0.53
)
(0.58
)
(0.45
)
(0.48
)
(0.53
)
Net
asset
value,
end
of
period
...............
$
9.94
‌
$
9.83
‌
$
10.03
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
...................
4.26
%
(d)
3.51
%
(8.27
)%
13.13
%
(e)
2.41
%
5.65
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
..........................
0.91
%
(g)
0.89
%
0.89
%
0.88
%
0.90
%
0.90
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.81
%
(g)
0.80
%
0.80
%
0.80
%
0.80
%
0.80
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
taxes
............
0.80
%
(g)
0.80
%
0.80
%
0.80
%
0.80
%
0.80
%
Net
investment
income
....................
5.86
%
(g)
5.41
%
4.03
%
4.10
%
4.64
%
4.95
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
3,876,880
‌
$
4,118,370
‌
$
4,786,022
‌
$
5,383,460
‌
$
4,521,699
‌
$
4,109,096
‌
Portfolio
turnover
rate
(h)
.....................
32
%
(i)
56
%
(i)
57
%
74
%
86
%
67
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
69%
120%
130%
135%
148%
127%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
144
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
See
notes
to
financial
statements.
BlackRock
Multi-Asset
Income
Portfolio
Investor
C
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
..........
$
9.81
‌
$
10.02
‌
$
11.51
‌
$
10.59
‌
$
10.82
‌
$
10.77
‌
Net
investment
income
(a)
..................
0
.25
‌
0
.45
‌
0
.36
‌
0
.37
‌
0
.41
‌
0
.45
‌
Net
realized
and
unrealized
gain
(loss)
.........
0
.13
‌
(
0
.20
)
(
1
.35
)
0
.91
‌
(
0
.24
)
0
.05
‌
Net
increase
(decrease)
from
investment
operations
.
0.38
‌
0.25
‌
(0.99
)
1.28
‌
0.17
‌
0.50
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.26
)
(
0
.46
)
(
0
.50
)
(
0
.36
)
(
0
.39
)
(
0
.44
)
Return
of
capital
........................
—
‌
—
‌
—
‌
—
‌
(
0
.01
)
(
0
.01
)
Total
distributions
........................
(0.26
)
(0.46
)
(0.50
)
(0.36
)
(0.40
)
(0.45
)
Net
asset
value,
end
of
period
...............
$
9.93
‌
$
9.81
‌
$
10.02
‌
$
11.51
‌
$
10.59
‌
$
10.82
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
...................
3.98
%
(d)
2.63
%
(8.89
)%
12.30
%
(e)
1.64
%
4.77
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
..........................
1.68
%
(g)
1.67
%
1.66
%
1.65
%
1.68
%
1.67
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
1.56
%
(g)
1.55
%
1.55
%
1.55
%
1.55
%
1.55
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
taxes
............
1.55
%
(g)
1.55
%
1.55
%
1.55
%
1.55
%
1.55
%
Net
investment
income
....................
5.12
%
(g)
4.64
%
3.26
%
3.36
%
3.88
%
4.24
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
541,142
‌
$
666,495
‌
$
1,010,613
‌
$
1,498,142
‌
$
1,757,991
‌
$
2,323,407
‌
Portfolio
turnover
rate
(h)
.....................
32
%
(i)
56
%
(i)
57
%
74
%
86
%
67
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
69%
120%
130%
135%
148%
127%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
145
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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(i)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Multi-Asset
Income
Portfolio
Class
K
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
period
..........
$
9.83
‌
$
10.04
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
$
10.79
‌
Net
investment
income
(a)
..................
0
.30
‌
0
.55
‌
0
.47
‌
0
.49
‌
0
.52
‌
0
.56
‌
Net
realized
and
unrealized
gain
(loss)
.........
0
.12
‌
(
0
.20
)
(
1
.35
)
0
.91
‌
(
0
.24
)
0
.05
‌
Net
increase
(decrease)
from
investment
operations
.
0.42
‌
0.35
‌
(0.88
)
1.40
‌
0.28
‌
0.61
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
...............
(
0
.31
)
(
0
.56
)
(
0
.61
)
(
0
.48
)
(
0
.50
)
(
0
.55
)
Return
of
capital
........................
—
‌
—
‌
—
‌
—
‌
(
0
.01
)
(
0
.01
)
Total
distributions
........................
(0.31
)
(0.56
)
(0.61
)
(0.48
)
(0.51
)
(0.56
)
Net
asset
value,
end
of
period
...............
$
9.94
‌
$
9.83
‌
$
10.04
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
...................
4.42
%
(d)
3.71
%
(7.90
)%
13.47
%
(e)
2.71
%
5.87
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
..........................
0.61
%
(g)
0.60
%
0.59
%
0.58
%
0.60
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.51
%
(g)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
taxes
............
0.50
%
(g)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
....................
6.16
%
(g)
5.70
%
4.34
%
4.41
%
4.93
%
5.28
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
664,658
‌
$
698,375
‌
$
1,027,724
‌
$
1,109,227
‌
$
916,969
‌
$
760,635
‌
Portfolio
turnover
rate
(h)
.....................
32
%
(i)
56
%
(i)
57
%
74
%
86
%
67
%
Six
Months
Ended
01/31/24
(unaudited)
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
.......................
69%
120%
130%
135%
148%
127%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
146
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
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
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.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
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
and
payment-in-kind
interest,
are
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:
Each
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. 
Each
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
 Statements
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.
Each
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.
Multi-Asset
Income
has
elected
to
treat
realized
gains
(losses)
from
certain
forward
foreign
exchange
contracts
as
capital
gain
(loss)
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
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
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
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
January
31,
2024
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Dynamic
High
Income
Portfolio
........................................
Dynamic
High
Income
Diversified
BlackRock
Multi-Asset
Income
Portfolio
..........................................
Multi-Asset
Income
Diversified
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)
147
Notes
to
Financial
Statements
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
Bank
Overdraft:
The
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
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
paid
by
the
Funds
are
recorded
on
the
ex-dividend
dates.
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
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,
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
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:
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”).
Exchange-traded
funds
(“ETFs”)
and
closed-end
funds traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
ETFs
and
closed-end
funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
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.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
148
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
Funds
use
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
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.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
(“Private
Company”
or
collectively,
the
“Private
Companies”)
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs.  
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
market
approach
in
determining
the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
(“OPM”),
a
probability
weighted
expected
return
model
(“PWERM”),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involves
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund.
Typically,
the
most
recently
available
information
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
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
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
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.
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)
149
Notes
to
Financial
Statements
As
of
January
31,
2024,
certain
investments
of
the
Funds
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. 
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. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
Stripped
mortgage-backed
securities
may
be
privately
issued.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
150
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
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.
In
connection
with
floating
rate
loan
interests,
the
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statements
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
the
Funds
had
the
following
unfunded
floating
rate
loan
interests:
Securities
Lending:
 The
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
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
each
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
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Dynamic
High
Income
Osmosis
Buyer
Ltd.,
Delayed
Draw
Term
Loan
.............
$
25,043‌
$
25,043‌
$
25,012‌
$
(31‌)
Multi-Asset
Income
CML
La
Quinta
Resort,
Term
Loan
.....................
1,379,975‌
1,379,977‌
1,344,586‌
(35,391‌)
Multi-Asset
Income
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan
................
57,079‌
57,079‌
54,953‌
(2,126‌)
Multi-Asset
Income
Osmosis
Buyer
Ltd.,
Delayed
Draw
Term
Loan
.............
245,739‌
245,739‌
245,432‌
(307‌)
Multi-Asset
Income
Park
Avenue
Tower,
Term
Loan
.......................
488,961‌
488,961‌
459,353‌
(29,608‌)
Multi-Asset
Income
Sheraton
Austin,
Term
Loan
..........................
659,023‌
659,023‌
644,957‌
(14,066‌)
Multi-Asset
Income
Vinoy
St.
Petersburg
(The),
Term
Loan
..................
371,875‌
371,875‌
359,135‌
(12,740‌)
$
(94,238‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
151
Notes
to
Financial
Statements
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
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
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
Schedules
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
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,  are
shown
separately
in
the
Statements
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
Funds
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
Funds,
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
Funds
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
Funds
benefit
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.
Each
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
Funds.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
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
Schedules
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
Funds
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
Funds
are
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
 Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
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
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
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.
As
of
period
end,
the
following
tables
are
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Dynamic
High
Income
Barclays
Capital,
Inc.
..........................
$
9,847,553‌
$
(9,847,553‌)
$
—‌
$
—‌
J.P.
Morgan
Securities
LLC
......................
28,776,072‌
(28,776,072‌)
—‌
—‌
$
38,623,625‌
$
(38,623,625‌)
$
—‌
$
—‌
Multi-Asset
Income
Barclays
Capital,
Inc.
..........................
15,796,173‌
(15,796,173‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
104,598,000‌
(104,598,000‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
......................
80,088,442‌
(80,088,442‌)
—‌
—‌
Toronto-Dominion
Bank
........................
10,320,336‌
(10,320,336‌)
—‌
—‌
$
210,802,951‌
$
(210,802,951‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
these
tables.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds'
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
152
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the
Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities. A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
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
Statements
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
Statements
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
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
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
Statements
of
Assets
and
Liabilities.
Swaptions
–
The
Funds
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
Foreign
currency
options
– The
Funds
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
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
Funds
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
Statements
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
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
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 Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
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
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
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
Statements
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
Statements
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
Funds
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
Notes
to
Financial
Statements
(unaudited)
(continued)
153
Notes
to
Financial
Statements
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
Funds
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Funds
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.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
each
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Funds
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Funds
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
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, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between 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
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
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
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
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
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
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
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
154
For
such
services,
Dynamic
High
Income
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
Dynamic
High
Income’s
net
assets:
For
such
services,
Multi-Asset
Income
pays
the
Manager
a
monthly
fee,
based
on
the
average
daily
net
assets
that
are
attributable
to
Multi-Asset
Income's direct
investments
in
fixed-income
and
equity
securities
and
instruments,
including
exchange-traded
funds
(“ETFs”)
advised
by
the
Manager
or
other
investment
advisers,
other
investments,
and
cash
and
cash
equivalents
(including
money
market
funds,
whether
advised
by
the
Manager
or
other
investment
advisers)
and
excludes
investments
in
other
BlackRock
equity
and/or
fixed-income
mutual
funds,
at
the
following
annual
rates:
With
respect
to
each
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
BlackRock
(Singapore)
Limited
(“BSL”)
and
BlackRock
Asset
Management
North
Asia
Limited
(“BAMNA”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL,
BSL
and
BAMNA
for
services
they
provide
for
that
portion
of
each
Fund
for
which
BIL,
BSL
and
BAMNA
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of the
Funds,
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
January
31,
2024,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Administration:
The
Trust,
on
behalf
of the
Funds, 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
January
31,
2024, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.60%
$1
billion
-
$3
billion
.....................................................................................................
0.56
$3
billion
-
$5
billion
.....................................................................................................
0.54
$5
billion
-
$10
billion
....................................................................................................
0.52
Greater
than
$10
billion
...................................................................................................
0.51
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.600%
$1
billion
-
$2
billion
.....................................................................................................
0.550
$2
billion
-
$3
billion
.....................................................................................................
0.525
Greater
than
$3
billion
...................................................................................................
0.500
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌
%
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
%
Fund
Name
Investor
A
Investor
C
Total
Dynamic
High
Income
..............................................................................
$
153,459‌
$
130,312‌
$
283,771‌
Multi-Asset
Income
...............................................................................
4,874,378‌
2,934,653‌
7,809,031‌
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
Investor
C
Class
K
Total
Dynamic
High
Income
.............................................................
$
79,978‌
$
12,277‌
$
2,606‌
$
18,254‌
$
113,115‌
Multi-Asset
Income
..............................................................
636,168‌
389,950‌
58,693‌
66,396‌
1,151,207‌
Notes
to
Financial
Statements
(unaudited)
(continued)
155
Notes
to
Financial
Statements
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 January
31,
2024,
the
Funds
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
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
January
31,
2024,
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
January
31,
2024,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the six
months
ended January
31,
2024,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
each
Fund’s Investor
A
Shares
as
follows:
For
the six
months
ended
January
31,
2024,
affiliates
received
CDSCs
as
follows:
Expense
Limitations,
Waivers
and
Reimbursements:
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,
2025.
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
January
31,
2024
,
the
amounts
waived
were
as
follows:
With
respect
to
Dynamic
High
Income,
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
ETFs
that
have
a
contractual
management
fee
through
June
30,
2025.
With
respect
to
Multi-Asset
Income,
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
ETFs
that
have
a
contractual
management
fee
through
June
30,
2025.
The
contractual
agreements
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 a
Fund.
 These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months
ended
January
31,
2024,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
these
arrangements
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:
Fund
Name
Institutional
Multi-Asset
Income
........................................................................................................
$
11,678‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Total
Dynamic
High
Income
.............................................................
$
858‌
$
712‌
$
125‌
$
155‌
$
1,850‌
Multi-Asset
Income
..............................................................
6,779‌
19,649‌
6,374‌
935‌
33,737‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Total
Dynamic
High
Income
.............................................................
$
362,005‌
$
30,714‌
$
10,096‌
$
3,212‌
$
406,027‌
Multi-Asset
Income
..............................................................
2,245,386‌
1,046,248‌
218,771‌
18,519‌
3,528,924‌
Fund
Name
Other
Fees
Dynamic
High
Income
......................................................................................................
$
1,113‌
Multi-Asset
Income
.......................................................................................................
16,160‌
Fund
Name
Investor
A
Investor
C
Dynamic
High
Income
...........................................................................................
$
15,031‌
$
1,021‌
Multi-Asset
Income
............................................................................................
38,879‌
8,751‌
Fund
Name
Amounts
Waived
Dynamic
High
Income
..................................................................................................
$
17,380‌
Multi-Asset
Income
...................................................................................................
105,234‌
Fund
Name
Amount
Waived
Dynamic
High
Income
......................................................................................................
$
269,329‌
Multi-Asset
Income
.......................................................................................................
1,420,191‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Dynamic
High
Income
...................................................................
0.65‌%
0.90‌%
1.65‌%
0.60‌%
Multi-Asset
Income
....................................................................
0.55‌
0.80‌
1.55‌
0.50‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
156
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2025, 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 January
31,
2024,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
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
January
31,
2024,
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
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
withdrawn,
if
such
fee
is
determined
to
be
in
the
best
interests
of
the
Money
Market
Series.
The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
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,
each
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, each
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 each
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the Statements
of
Operations.
For
the six
months
ended
January
31,
2024, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services: 
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.
Dynamic
High
Income
is
currently
permitted
to
borrow
and
lend,
and
Multi-Asset
Income
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
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Dynamic
High
Income
........................................................................................................
$
472,247‌
Multi-Asset
Income
.........................................................................................................
2,797,812‌
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Dynamic
High
Income
Institutional
....................................................................................
$
79,978‌
$
162,990‌
Investor
A
.....................................................................................
12,099‌
370‌
Investor
C
.....................................................................................
2,606‌
3,715‌
Class
K
......................................................................................
18,254‌
3,212‌
$
112,937‌
$
170,287‌
Multi-Asset
Income
Institutional
....................................................................................
636,168‌
647,903‌
Investor
A
.....................................................................................
389,719‌
70,514‌
Investor
C
.....................................................................................
58,693‌
72,051‌
Class
K
......................................................................................
66,396‌
18,519‌
$
1,150,976‌
$
808,987‌
Fund
Name
Amounts
Dynamic
High
Income
......................................................................................................
$
41,
900‌
Multi-Asset
Income
.......................................................................................................
43,
709‌
Notes
to
Financial
Statements
(unaudited)
(continued)
157
Notes
to
Financial
Statements
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
January
31,
2024,
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 Funds’
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
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
January
31,
2024,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the six
months ended
January
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
equity
linked
notes,
were
as
follows:
For
the
six
months ended
January
31,
2024,
purchases
and
sales
related
to
equity-linked
notes
were
as
follows:
8.
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
January
31,
2024,
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
July
31,
2023, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows: 
As
of
January
31,
2024, 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
Funds,
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)
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Dynamic
High
Income
...................................................................
$
—‌
$
746,823‌
$
160,493‌
Multi-Asset
Income
....................................................................
4,368,235‌
3,641,149‌
(162,458‌)
Other
Securities
Fund
Name
Purchases
Sales
Dynamic
High
Income
...................................................................................
$
320,855,140‌
$
500,197,283‌
Multi-Asset
Income
....................................................................................
3,205,174,051‌
4,755,561,224‌
Fund
Name
Purchases
Sales
Dynamic
High
Income
...................................................................................
$
933,425,568‌
$
781,006,585‌
Multi-Asset
Income
....................................................................................
4,488,093,081‌
3,984,962,145‌
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
Dynamic
High
Income
...................................................................................................
$
(224,633,246)
Multi-Asset
Income
....................................................................................................
(1,886,083,686)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Dynamic
High
Income
..............................................
$
1,244,004,790‌
$
47,280,979‌
$
(35,554,929‌)
$
11,726,049‌
Multi-Asset
Income
................................................
11,517,457,868‌
620,072,184‌
(459,890,394‌)
160,181,790‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
158
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
January
31,
2024,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
 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. 
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.  
Market
Risk
:
Each
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
each
Fund
to
reinvest
in
lower
yielding
securities. Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
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. A
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
each
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 a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests. 
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
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 a
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 a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
A
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
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. 
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,
each
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
Funds
should
the
counterparty
fail
to
perform
under
the
contracts.
Options
written
by
the
Funds
do
not
typically
give
rise
to
counterparty
credit
risk,
as
options
written
generally
obligate
the
Funds,
and
not
the
counterparty,
to
perform.
The
Funds
may
be
exposed
to
counterparty
credit
risk
with
respect
to
options
written
to
the
extent
each
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
Funds
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, a
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
Funds. 
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
159
Notes
to
Financial
Statements
Certain
Funds
invest
a
significant
portion
of their
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.
Certain Funds
invest
a
significant
portion
of
their
assets
in fixed-income securities and/or use
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
Funds
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
raised
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 certain
Funds’
performance.
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
recently
transitioned
from,
or
continue
to
be
tied
to,
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
has
ceased
publishing
all
LIBOR
settings,
but
some
USD
LIBOR
settings
will
continue
to
be
published
under
a
synthetic
methodology
until
September
30,
2024
for
certain
legacy
contracts.
SOFR
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions. Under
U.S.
regulations
that
implement
a
statutory
fallback
mechanism
to
replace
LIBOR,
benchmark
rates
based
on
SOFR
have
replaced
LIBOR
in
certain
financial
contracts.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Six
Months
Ended
01/31/24
Year
Ended
07/31/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Dynamic
High
Income
Institutional
Shares
sold
..........................................
10,554,681‌
$
85,636,528‌
32,346,905‌
$
260,199,354‌
Shares
issued
in
reinvestment
of
distributions
.....................
3,068,129‌
24,847,512‌
5,727,254‌
45,846,456‌
Shares
redeemed
......................................
(20,375,800‌)
(164,745,131‌)
(45,226,477‌)
(363,418,911‌)
(6,752,990‌)
$
(54,261,091‌)
(7,152,318‌)
$
(57,373,101‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
1,121,000‌
$
9,111,367‌
4,632,856‌
$
37,169,057‌
Shares
issued
in
reinvestment
of
distributions
.....................
468,560‌
3,796,454‌
874,133‌
7,004,369‌
Shares
redeemed
......................................
(2,606,206‌)
(20,957,714‌)
(5,807,876‌)
(46,630,803‌)
(1,016,646‌)
$
(8,049,893‌)
(300,887‌)
$
(2,457,377‌)
Investor
C
Shares
sold
..........................................
22,648‌
$
182,232‌
295,625‌
$
2,352,129‌
Shares
issued
in
reinvestment
of
distributions
.....................
93,159‌
753,587‌
194,141‌
1,551,885‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(567,941‌)
(4,585,942‌)
(1,222,508‌)
(9,795,650‌)
(452,134‌)
$
(3,650,123‌)
(732,742‌)
$
(5,891,636‌)
Class
K
Shares
sold
..........................................
672,653‌
$
5,470,786‌
1,832,564‌
$
14,793,866‌
Shares
issued
in
reinvestment
of
distributions
.....................
809,756‌
6,561,530‌
1,549,371‌
12,406,510‌
Shares
redeemed
......................................
(2,688,610‌)
(21,674,086‌)
(5,782,161‌)
(46,375,144‌)
(1,206,201‌)
$
(9,641,770‌)
(2,400,226‌)
$
(19,174,768‌)
(9,427,971‌)
$
(75,602,877‌)
(10,586,173‌)
$
(84,896,882‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
160
As
of
January
31,
2024,
BlackRock
HoldCo
2,
Inc.,
an
affiliate
of
the
Funds,
owned 22,548
Class
K
Shares
of
Dynamic
High
Income.
12.
Foreign
Withholdings
Tax
Claims
The
Internal
Revenue
Service
(“IRS”)
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which
Multi-Asset
Income
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
Multi-Asset
Income
will
be
able
to
offset
the
prior
years'
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
Multi-Asset
Income.
13.
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
01/31/24
Year
Ended
07/31/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Multi-Asset
Income
Institutional
Shares
sold
..........................................
56,936,789‌
$
549,849,294‌
142,795,998‌
$
1,385,885,232‌
Shares
issued
in
reinvestment
of
distributions
.....................
18,967,503‌
182,967,065‌
38,787,272‌
374,683,322‌
Shares
redeemed
......................................
(130,853,958‌)
(1,256,651,560‌)
(338,517,261‌)
(3,270,617,502‌)
(54,949,666‌)
$
(523,835,201‌)
(156,933,991‌)
$
(1,510,048,948‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
21,747,786‌
$
209,122,012‌
56,685,011‌
$
549,117,775‌
Shares
issued
in
reinvestment
of
distributions
.....................
11,679,480‌
112,572,377‌
22,995,367‌
221,912,948‌
Shares
redeemed
......................................
(62,386,032‌)
(599,306,949‌)
(137,812,224‌)
(1,332,209,327‌)
(28,958,766‌)
$
(277,612,560‌)
(58,131,846‌)
$
(561,178,604‌)
Investor
C
Shares
sold
..........................................
1,065,584‌
$
10,278,978‌
3,007,887‌
$
29,070,713‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,598,862‌
15,378,576‌
3,839,485‌
36,981,660‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(16,047,774‌)
(153,709,219‌)
(39,836,953‌)
(384,805,017‌)
(13,383,328‌)
$
(128,051,665‌)
(32,989,581‌)
$
(318,752,644‌)
Class
K
Shares
sold
..........................................
5,563,423‌
$
53,437,878‌
15,891,255‌
$
153,320,514‌
Shares
issued
in
reinvestment
of
distributions
.....................
2,125,574‌
20,497,687‌
5,158,042‌
49,793,424‌
Shares
redeemed
......................................
(11,865,996‌)
(113,719,834‌)
(52,439,011‌)
(508,883,459‌)
(4,176,999‌)
$
(39,784,269‌)
(31,389,714‌)
$
(305,769,521‌)
(101,468,759‌)
$
(969,283,695‌)
(279,445,132‌)
$
(2,695,749,717‌)
Statement
Regarding
Liquidity
Risk
Management
Program
161
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
II
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
Dynamic
High
Income
Portfolio
and
BlackRock
Multi-Asset
Income
Portfolio
(the
“Funds”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
November
16-17,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
Each
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
each
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2024
BlackRock
Semi-Annual
Report
to
Shareholders
162
Tailored
Shareholder
Reports
for
Open-End Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
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)
163
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
Sub-Advisers
BlackRock
(Singapore)
Limited
079912
Singapore
BlackRock
Asset
Management
North
Asia
Limited
Hong
Kong
BlackRock
International
Limited
Edinburgh,
EH3
8JB
United
Kingdom
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,
PA
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,
DE
19809
Glossary
of
Terms
Used
in
this
Report
2024
BlackRock
Semi-Annual
Report
to
Shareholders
164
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
SEK
Swedish
Krona
SGD
Singapore
Dollar
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
JSC
Joint
Stock
Company
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
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
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.
DHIMAIP-1/24-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 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 14 – 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: March 22, 2024
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds II
 
 
Date: March 22, 2024
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds II
 
Date: March 22, 2024