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: 811-23339
 
Name of Fund: BlackRock Funds V
BlackRock Core Bond Portfolio
BlackRock GNMA Portfolio
BlackRock High Yield Bond Portfolio
BlackRock Impact Mortgage Fund
BlackRock Income Fund
BlackRock Low Duration Bond Portfolio
BlackRock Sustainable High Yield Bond Fund
BlackRock Sustainable Low Duration Bond Fund
         
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds V, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 09/30/2024
 
Date of reporting period: 03/31/2024
 
Item 1 – Report to Stockholders
(a)  The Report to Shareholders is attached herewith.
             (b)  Not Applicable

 
March
31,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
V
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
BlackRock
Low
Duration
Bond
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
March
31,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
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
has
had
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’
advance
was
slower
but
still
robust.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-
year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
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
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
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
rapid
interest
rate
cuts,
as
reflected
in
the
ongoing
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
March
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
23.48
%
29.88
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.94
19.71
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
16.81
15.32
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
10.42
8.15
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.68
5.24
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.88
(2.44
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
5.99
1.70
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.48
3.13
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.73
11.15
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
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
10
About
Fund
Performance
..................................................................................................
11
Disclosure
of
Expenses
...................................................................................................
12
Derivative
Financial
Instruments
.............................................................................................
12
Financial
Statements:
Schedules
of
Investments
...............................................................................................
13
Statements
of
Assets
and
Liabilities
.........................................................................................
106
Statements
of
Operations
................................................................................................
109
Statements
of
Changes
in
Net
Assets
........................................................................................
110
Financial
Highlights
.....................................................................................................
112
Notes
to
Financial
Statements
...............................................................................................
129
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
146
Additional
Information
....................................................................................................
147
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
149
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Core
Bond
Portfolio
Investment
Objective
BlackRock
Core
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
realize
a
total
return
that
exceeds
that
of
the
reference
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
the
Fund’s
Class
K
and
Institutional
shares
outperformed
its
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
while
its
Class
R,
Investor
A,
and
Investor
C
shares
underperformed
its
benchmark.
What
factors
influenced
performance?
Holdings
of
structured
products,
agency
mortgage-backed
securities
(“MBS”)
and
investment
grade
corporate
bonds
contributed
positively
to
the
Fund’s
performance
relative
to
the
benchmark
for
the
reporting
period.
The
Fund’s
active
positioning
with
respect
to
duration
(and
corresponding
sensitivity
to
interest
rate
changes)
and
positioning
along
the
yield
curve
detracted
from
relative
performance
over
the
period.
The
Fund’s
currency
exposures
also
weighed
on
relative
return.
Describe
recent
portfolio
activity.
As
the
market
narrative
shifted
to
a
dovish
Fed
in
late
2023,
the
Fund
reduced
duration
to
an
underweight
primarily
in
the
front-end
of
the
curve
as
rates
declined.
This
shift
was
based
on
the
view
that
the
market
was
pricing
in
rate
cuts
too
early
based
on
the
strength
of
the
U.S.
economy.
This
was
coupled
with
an
overweight
in
the
middle
and
back-end
of
the
curve
on
the
view
the
curve
could
flatten
from
there.
The
Fund
selectively
increased
exposure
to
U.S.
investment
grade
corporate
bonds
while
maintaining
an
overweight
in
agency
MBS.
The
Fund
remained
patient
around
top-of-the-capital-structure
segments
of
the
structured
product
market
including
industrials,
multi-family,
hotels,
and
select
office
properties
within
commercial
mortgage-backed
securities
as
well
as
higher
quality
collateralized
loan
obligations
with
structural
protections,
while
being
cautious
in
non-agency
residential
MBS
given
declining
fundamentals
and
technical
headwinds.
As
the
first
quarter
of
2024
progressed,
the
Fund
reduced
exposure
to
the
middle
and
back-end
of
the
curve
as
economic
data
remained
resilient
and
rates
moved
higher.
By
the
end
of
the
quarter,
the
Fund
was
overweight
in
the
front
end
of
the
curve
and
underweight
the
belly
and
back-end
on
the
view
that
the
curve
would
steepen
on
stickier
inflation
and
increased
Treasury
issuance.
The
Fund
reduced
exposure
to
U.S.
investment
grade
corporate
bonds
as
spreads
tightened,
while
slightly
trimming
agency
MBS
exposure
as
well.
The
Fund
added
a
modest
allocation
to
emerging
market
bonds,
generally
favoring
local
rate
exposure
in
select
Latin
American
countries,
while
maintaining
its
securitized
asset
exposure.
Describe
portfolio
positioning
at
period
end.
At
the
end
of
the
reporting
period,
the
Fund
was
overweight
the
front
end
of
the
yield
curve
on
the
view
that
the
market
was
overly
optimistic
regarding
the
pace
of
interest
rate
declines.
The
Fund
was
underweight
U.S.
investment
grade
corporate
bonds
given
tight
spread
levels.
The
Fund
held
a
meaningful
allocation
to
securitized
assets
with
a
focus
on
the
most
protected
structures,
as
well
as
a
modest
allocation
to
emerging
markets.
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.
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.
(b)
The
Fund
normally
invests
at
least
80%
of
its
assets
in
bonds
and
maintains
an
average
portfolio
duration
that
is
within
±20%
of
the
duration
of
the
Bloomberg
U.S.
Aggregate
Bond
Index
(the
“benchmark”).
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
Core
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
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.
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
..............
4.41‌%
4.30‌%
6.05‌%
1.51‌%
N/A‌
0.55‌%
N/A‌
1.62‌%
N/A‌
Investor
A
...............
4.00‌
3.90‌
5.91‌
1.26‌
(2.79‌)%
0.28‌
(0.54‌)%
1.34‌
0.93‌%
Investor
C
...............
3.41‌
3.34‌
5.54‌
0.49‌
(0.48‌)
(0.48‌)
(0.48‌)
0.73‌
0.73‌
Class
K
................
4.46‌
4.42‌
6.20‌
1.57‌
N/A‌
0.60‌
N/A‌
1.67‌
N/A‌
Class
R
................
3.91‌
3.70‌
5.78‌
0.89‌
N/A‌
0.03‌
N/A‌
1.08‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(c)
............
—‌
—‌
5.99‌
1.70‌
N/A‌
0.36‌
N/A‌
1.54‌
N/A‌
Fund
Summary
as
of
March
31,
2024
(continued)
5
Fund
Summary
BlackRock
Core
Bond
Portfolio
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,060.50‌
$
2.27‌
$
1,000.00‌
$
1,022.80‌
$
2.23‌
0.44‌%
Investor
A
................................
1,000.00‌
1,059.10‌
3.55‌
1,000.00‌
1,021.55‌
3.49‌
0.69‌
Investor
C
................................
1,000.00‌
1,055.40‌
7.40‌
1,000.00‌
1,017.80‌
7.26‌
1.44‌
Class
K
..................................
1,000.00‌
1,062.00‌
2.01‌
1,000.00‌
1,023.05‌
1.97‌
0.39‌
Class
R
..................................
1,000.00‌
1,057.80‌
4.84‌
1,000.00‌
1,020.30‌
4.75‌
0.94‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
............
33.8‌
%
U.S.
Treasury
Obligations
...........................
30.2‌
Corporate
Bonds
.................................
21.3‌
Asset-Backed
Securities
............................
6.4‌
Non-Agency
Mortgage-Backed
Securities
................
5.0‌
Foreign
Government
Obligations
......................
2.3‌
Municipal
Bonds
.................................
0.6‌
Foreign
Agency
Obligations
..........................
0.4‌
Floating
Rate
Loan
Interests
.........................
0.0‌
(b)
Other
Interests
..................................
0.0‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/Aaa
(d)
......................................
71.1‌
%
AA/Aa
.........................................
2.7‌
A
.............................................
9.5‌
BBB/Baa
.......................................
14.8‌
BB/Ba
.........................................
0.3‌
B
............................................
0.0‌
(b)
CCC/Caa
.......................................
0.0‌
(b)
NR
...........................................
1.6‌
(a)
Excludes
short-term
securities,
options
purchased,
options
written
and
TBA
sale
commitments.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
(c)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(d)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
High
Yield
Bond
Portfolio
Investment
Objective
BlackRock
High
Yield
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
On
May
3,
2024,
the
Board
approved
a
proposal
to
change
the
name
of
BlackRock
High
Yield
Bond
Portfolio
to
BlackRock
High
Yield
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy.
These
changes
will
become
effective
on
August
5,
2024.
Portfolio
Management
Commentary
How
did
the
Fund
perform? 
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index,
with
the
exception
of
its
Class
R
and
Investor
C
shares
which
underperformed.
What
factors
influenced
performance?
The
Fund’s
out-of-benchmark
position
in
investment-grade
corporate
bonds
contributed
to
performance,
as
did
an
underweight
in
the
cable
and
satellite
sector.
The
combination
of
positive
security
selection
and
an
overweight
position
in
the
banking
sector
helped
results,
as
well.
The
Fund
used
derivatives,
including
credit
default
swaps,
index
credit
default
swaps,
and
index
futures,
to
add
or
reduce
the
portfolio’s
risk
exposure
or
express
credit
views.
The
use
of
derivatives
linked
to
high-yield
indexes
contributed
to
performance
during
the
reporting
period.
On
the
other
hand,
an
underweight
in
retailers
detracted.
The
Fund
was
also
hurt
by
the
combination
of
an
underweight
position
and
security
selection
in
healthcare.
An
underweight
in
CC
rated
issues
was
a
further
detractor,
as
was
an
overweight
in
bank
loans.
Describe
recent
portfolio
activity.
The
Fund
maintained
a
steady
weighting
of
approximately
84%
in
high
yield
bonds.
It
slightly
increased
the
allocation
to
bank
loans
to
9%
as
of
reporting
period
end.
In
addition,
the
fund
increased
the
Fund’s
position
in
derivatives
linked
to
the
high
yield
market.
Describe
portfolio
positioning
at
period
end.
The
Fund
was
underweight
in
BB
rated
issues,
overweight
in
those
rated
B,
and
market-weight
in
CCCs.
It
had
a
weighting
of
5%
in
investment-grade,
BBB
rated
issues.
Information
technology,
insurance,
and
aerospace
and
defense
were
the
leading
sector
overweights.
The
largest
underweights
included
the
retail,
cable
and
satellite,
and
electric
utilities
sectors.
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.
Performance
N/A
–
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
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
..............
7.03‌%
7.02‌%
9.00‌%
11.53‌%
N/A‌
4.56‌%
N/A‌
4.45‌%
N/A‌
Service
................
6.75‌
6.74‌
9.00‌
11.22‌
N/A‌
4.30‌
N/A‌
4.16‌
N/A‌
Investor
A
...............
6.41‌
6.39‌
8.81‌
11.14‌
6.70‌%
4.24‌
3.39‌%
4.11‌
3.68‌%
Investor
C
...............
6.03‌
6.02‌
8.45‌
10.42‌
9.42‌
3.54‌
3.54‌
3.51‌
3.51‌
Class
K
................
7.14‌
7.12‌
9.21‌
11.80‌
N/A‌
4.70‌
N/A‌
4.55‌
N/A‌
Class
R
................
6.44‌
6.43‌
8.68‌
10.88‌
N/A‌
3.98‌
N/A‌
3.81‌
N/A‌
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(c)
................
—‌
—‌
8.73‌
11
.
15‌
N/A‌
4.19‌
N/A‌
4.44‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
invests
primarily
in
non-investment
grade
bonds
with
maturities
of
ten
years
or
less.
The
Fund
normally
invests
at
least
80%
of
its
assets
in
high
yield
bonds.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
High
Yield
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
An
unmanaged
index
comprised
of
issuers
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding;
maximum
credit
rating
of
Ba1;
at
least
one
year
to
maturity;
and
no
issuer
represents
more
than
2%
of
the
index.
Fund
Summary
as
of
March
31,
2024
(continued)
7
Fund
Summary
BlackRock
High
Yield
Bond
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,090.00‌
$
2.98‌
$
1,000.00‌
$
1,022.15‌
$
2.88‌
0.57‌%
Service
..................................
1,000.00‌
1,090.00‌
4.44‌
1,000.00‌
1,020.75‌
4.29‌
0.85‌
Investor
A
................................
1,000.00‌
1,088.10‌
4.85‌
1,000.00‌
1,020.35‌
4.70‌
0.93‌
Investor
C
................................
1,000.00‌
1,084.50‌
8.23‌
1,000.00‌
1,017.10‌
7.97‌
1.58‌
Class
K
..................................
1,000.00‌
1,092.10‌
2.46‌
1,000.00‌
1,022.65‌
2.38‌
0.47‌
Class
R
..................................
1,000.00‌
1,086.80‌
6.05‌
1,000.00‌
1,019.20‌
5.86‌
1.16‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
87.4‌
%
Floating
Rate
Loan
Interests
...........................
7.7‌
Investment
Companies
...............................
2.1‌
Fixed
Rate
Loan
Interests
.............................
1.0‌
Preferred
Securities
.................................
0.9‌
Common
Stocks
...................................
0.7‌
Foreign
Agency
Obligations
............................
0.1‌
Asset-Backed
Securities
..............................
0.1‌
Other
Interests
....................................
0.0‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AA/Aa
.........................................
0.2‌
%
A
.............................................
0.8‌
BBB/Baa
.......................................
6.2‌
BB/Ba
.........................................
35.8‌
B
............................................
43.3‌
CCC/Caa
.......................................
9.3‌
D
............................................
0.0‌
(b)
NR
...........................................
4.4‌
(a)
Excludes
short-term
securities,
options
purchased
and
options
written
and
investments
sold
short.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
(c)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Low
Duration
Bond
Portfolio
Investment
Objective
BlackRock
Low
Duration
Bond
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
total
return
in
excess
of
the
reference
benchmark
in
a
manner
that
is
consistent
with
preservation
of
capital.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index.
What
factors
influenced
performance?
Positive
contributions
to
the
Fund's
performance
relative
to
the
benchmark
were
led
by
allocations
to
sectors
that
trade
at
a
yield
spread
relative
to
U.S.
Treasuries,
including
both
investment
grade
and
high
yield
corporate
bonds.
Within
securitized
assets,
exposure
to
asset-backed
securities
(“ABS”),
commercial
mortgage-backed
securities
(“CMBS”),
agency
residential
mortgage-backed
securities
(“MBS”)
and
non-agency
MBS
proved
additive.
The
Fund’s
stance
with
respect
to
overall
duration
(and
corresponding
interest
rate
sensitivity)
and
positioning
along
the
yield
curve
also
contributed.
The
main
detractors
from
the
Fund’s
relative
performance
were
allocations
to
emerging
market
bonds
and
non-U.S.
developed
market
sovereign
issues.
Describe
recent
portfolio
activity.
Within
investment
grade
corporate
bonds,
early
in
the
period
the
Fund
favored
industrial
issues,
particularly
consumer
cyclicals.
The
Fund
also
took
advantage
of
select
opportunities
in
financials,
with
a
focus
on
larger
well-capitalized
institutions.
As
spreads
tightened,
the
Fund
reduced
its
corporate
exposure
and
realized
gains.
Within
securitized
assets,
the
Fund
favored
high
quality
consumer-oriented
ABS
collateralized
by
autos,
credit
cards,
and
private
student
loans,
trading
tactically
by
reducing
risk
in
high
performing
sectors
while
remaining
constructive
on
private
student
loans.
The
Fund
slightly
decreased
its
already
modest
allocation
to
CMBS
as
the
sector
faces
fundamental
challenges
posed
by
the
high
interest
rate
environment
and
the
lingering
impact
of
the
pandemic.
The
Fund
added
to
its
agency
MBS
allocation
on
attractive
valuations
as
regional
banks
liquidated
their
MBS
holdings
and
as
the
sector
underperformed
other
spread
sectors
with
the
rise
in
interest
rates,
before
trimming
the
position
as
spreads
drifted
tighter,
taking
profits
on
the
trade.
Describe
portfolio
positioning
at
period
end.
At
period
end,
the
Fund
was
positioned
with
a
slightly
above-benchmark
duration
bias
given
the
move
higher
in
interest
rates
seen
following
more
hawkish
Fed
rhetoric.
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.
Performance
N/A
–
Not
applicable
as
share
class
and
Index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
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
..............
4.67‌%
4.62‌%
4.07‌%
4.66‌%
N/A‌
1.52‌%
N/A‌
1.60‌%
N/A‌
Investor
A
...............
4.32‌
4.27‌
3.94‌
4.51‌
2.16‌%
1.29‌
0.83‌%
1.33‌
1.10‌%
Investor
A1
..............
4.57‌
4.45‌
4.02‌
4.67‌
N/A‌
1.44‌
N/A‌
1.50‌
N/A‌
Investor
C
...............
3.67‌
3.62‌
3.55‌
3.73‌
2.73‌
0.53‌
0.53‌
0.73‌
0.73‌
Class
K
................
4.72‌
4.69‌
4.21‌
4.83‌
N/A‌
1.59‌
N/A‌
1.66‌
N/A‌
Class
R
................
4.16‌
3.98‌
3.81‌
4.25‌
N/A‌
1.03‌
N/A‌
1.08‌
N/A‌
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index
(c)
................
—‌
—‌
3.11‌
3.56‌
N/A‌
1.37‌
N/A‌
1.30‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
invests
primarily
in
investment
grade
bonds
and
maintains
an
average
portfolio
duration
that
is
between
0-3
years.
The
Fund
normally
invests
at
least
80%
of
its
assets
in
debt
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
Low
Duration
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
An
unmanaged
index
comprised
of
investment
grade
corporate
bonds
and
U.S.
Government
Agency
and
U.S.
Treasury
securities
with
a
maturity
ranging
from
one
to
three
years.
On
December
1,
2023,
the
Fund
began
to
compare
its
performance
to
the
standard
pricing
time
of
the
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index
(the
"Index").
Index
data
prior
to
March
1,
2021
is
for
the
Index's
standard
pricing
time
of
3pm.
Index
data
from
March
1,
2021
through
November
30,
2023
is
for
a
custom
4pm
pricing
variant
of
the
Index.
Index
returns
beginning
on
December
1,
2023
reflect
the
Index's
new
standard
pricing
time
of
4pm.
The
change
of
the
Index's
standard
pricing
time
from
3pm
to
4pm
resulted
in
the
discontinuation
of
the
custom
4pm
pricing
variant
used
from
March
1,
2021
through
November
30,
2023.
Fund
Summary
as
of
March
31,
2024
(continued)
9
Fund
Summary
BlackRock
Low
Duration
Bond
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,040.70‌
$
2.09‌
$
1,000.00‌
$
1,022.95‌
$
2.07‌
0.41‌%
Investor
A
................................
1,000.00‌
1,039.40‌
3.37‌
1,000.00‌
1,021.70‌
3.34‌
0.66‌
Investor
A1
...............................
1,000.00‌
1,040.20‌
2.60‌
1,000.00‌
1,022.45‌
2.58‌
0.51‌
Investor
C
................................
1,000.00‌
1,035.50‌
7.18‌
1,000.00‌
1,017.95‌
7.11‌
1.41‌
Class
K
..................................
1,000.00‌
1,042.10‌
1.84‌
1,000.00‌
1,023.20‌
1.82‌
0.36‌
Class
R
..................................
1,000.00‌
1,038.10‌
4.64‌
1,000.00‌
1,020.45‌
4.60‌
0.91‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
35.9‌
%
U.S.
Treasury
Obligations
.............................
22.8‌
Asset-Backed
Securities
..............................
18.9‌
Non-Agency
Mortgage-Backed
Securities
..................
10.8‌
U.S.
Government
Sponsored
Agency
Securities
..............
10.3‌
Foreign
Agency
Obligations
............................
1.2‌
Floating
Rate
Loan
Interests
...........................
0.1‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(c)
......................................
55.0‌
%
AA/Aa
.........................................
4.1‌
A
.............................................
13.3‌
BBB/Baa
.......................................
19.5‌
BB/Ba
.........................................
1.6‌
B
............................................
1.3‌
CCC/
Caa
.......................................
0.0‌
(d)
D
............................................
0.0‌
(d)
NR
...........................................
5.2‌
(a)
Excludes
short-term
securities
and
TBA
sale
commitments.
(b)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(d)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
The
Benefits
and
Risks
of
Leveraging
2024
BlackRock
Semi-Annual
Report
to
Shareholders
10
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.  
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
About
Fund
Performance
11
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.
Service
Shares
(available
only
in
BlackRock
High
Yield
Bond
Portfolio)
are
not
subject
to
any
sales
charge.
These
shares
are
subject
to
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee)
and
are
only
available
to
certain
eligible
investors.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of
4.00%
for
all
funds
included
in
this
report,
except
for
BlackRock
Low
Duration
Bond
Portfolio
which
is
subject
to
an
initial
sales
charge
of
2.25%.
These
shares
are
subject
to
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
A1
Shares
 (available
only
in
BlackRock
Low
Duration
Bond
Portfolio)
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of
1.00%
and
a
service
fee
of
0.10%
per
year
(but
no
distribution
fee).
The
maximum
initial
sales
charge
does
not
apply
to
current
eligible
shareholders
of
Investor
A1
Shares
of
the
Fund.
These
shares
are
only
available
for
dividend
and
capital
gain
reinvestment
by
existing
shareholders
and
for
purchase
by
certain
eligible
employer-sponsored
retirement
plans.
Certain
redemption
of
these
shares
may
be
subject
to
a
CDSC
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
However,
the
CDSC
does
not
apply
to
redemptions
by
certain
employer-sponsored
retirement
plans
or
to
redemptions
of
shares
acquired
through
the
reinvestment
of
dividends
and
capital
gains
by
existing
shareholders.
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.
Class
R
Shares
are
not
subject
to
any
sales
charge.
These
shares
are
subject
to
a
distribution
fee
of 
0.25
%
per
year
and
a
service
fee
of 
0.25
%
per
year.
These
shares
are
available
only
to
certain
employer-sponsored
retirement
plans.
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
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
12
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)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
522
Funding
CLO
Ltd.
(a)(b)
Series
2019-4A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.65%
Floor
+
3.91%),
9.23%,
04/20/30
................
USD
470
$
463,332
Series
2019-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
6.64%,
04/15/35
................
250
250,127
ACREC
LLC,
Series
2023-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.23%
Floor
+
2.23%),
7.56%,
02/19/38
(a)
(b)
................
1,060
1,059,432
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
07/20/34
(a)
(b)
..........
1,730
1,730,969
AGL
CLO
14
Ltd.,
Series
2021-14A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
12/02/34
(a)
(b)
..........
1,530
1,530,853
AGL
CLO
7
Ltd.
(a)(b)
Series
2020-7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
07/15/34
................
540
540,340
Series
2020-7A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
07/15/34
................
250
249,589
AGL
Core
CLO
15
Ltd.,
Series
2021-15A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/20/35
(a)
(b)
.........
250
250,090
AGL
Core
CLO
2
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.65%),
6.97%,
04/20/32
(a)
(b)
.........
1,320
1,320,902
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/20/33
(a)
(b)
.....
920
920,204
AIMCO
CLO,
Series
2017-AA,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
04/20/34
(a)
(b)
..........
250
250,022
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class
A,
2.12%,
01/25/61
(b)
(c)
..........
5,728
5,555,208
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
10/21/28
(a)
(b)
.........
312
312,284
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
+
2.11%),
7.43%,
10/15/29
(a)
(b)
.....................
1,660
1,664,314
AMMC
CLO
22
Ltd.,
Series
2018-22A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.04%,
04/25/31
(a)
(b)
..........
250
249,828
AMSR
Trust,
Series
2020-SFR2,
Class
D,
3.28%,
07/17/37
(b)
.................
557
536,430
Anchorage
Capital
CLO
16
Ltd.,
Series
2020-
16A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.77%,
01/19/35
(a)
(b)
250
249,205
Anchorage
Capital
CLO
17
Ltd.,
Series
2021-
17A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/15/34
(a)
(b)
2,495
2,494,945
Anchorage
Capital
CLO
3-R
Ltd.,
Series
2014-
3RA,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
01/28/31
(a)
(b)
1,040
1,038,868
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-
4RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
01/28/31
(a)
(b)
613
610,859
Anchorage
Capital
CLO
6
Ltd.
(a)(b)
Series
2015-6A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.48%,
04/22/34
................
1,220
1,220,000
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-6A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
07/15/30
................
USD
573
$
572,730
Anchorage
Capital
CLO
7
Ltd.
(a)(b)
Series
2015-7A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
01/28/31
................
778
772,732
Series
2015-7A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
01/28/31
................
1,640
1,644,906
Series
2015-7A,
Class
D1R2,
(3-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.76%),
9.08%,
01/28/31
................
250
249,492
Anchorage
Capital
CLO
8
Ltd.,
Series
2016-8A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
10/27/34
(a)
(b)
650
647,406
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.83%,
10/13/30
.
336
335,109
Series
2018-1RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.25%),
6.57%,
04/13/31
................
1,835
1,830,467
Anchorage
Capital
Europe
CLO
2
DAC,
Series
2A,
Class
B1R,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.54%,
04/15/34
(a)
(b)
.....
EUR
272
288,609
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/15/31
(a)
(b)
..........
USD
4,554
4,557,424
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.27%),
6.59%,
04/20/31
(a)
(b)
..........
450
450,370
Apidos
CLO
XVIII,
Series
2018-18A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.47%,
10/22/30
(a)
(b)
..........
350
352,655
Apidos
CLO
XX,
Series
2015-20A,
Class
A1RA,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/16/31
(a)
(b)
..........
238
238,331
Apidos
CLO
XXII
(a)(b)
Series
2015-22A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
04/20/31
................
250
249,881
Series
2015-22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
04/20/31
................
250
250,801
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(b)
.................
68
61,207
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
(a)(b)
Series
2021-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.08%),
6.41%,
12/15/35
.....................
98
97,398
Series
2022-FL1,
Class
A,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.77%,
01/15/37
.....................
10,208
10,147,385
Series
2022-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.85%),
7.18%,
05/15/37
.....................
1,450
1,446,382
AREIT
LLC,
Series
2023-CRE8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.11%),
7.44%,
08/17/41
(a)
(b)
..........
593
588,780
Ares
European
CLO
XII
DAC,
Series
12A,
Class
B1R,
(3-mo.
EURIBOR
at
1.70%
Floor
+
1.70%),
5.67%,
04/20/32
(a)
(b)
.........
EUR
297
316,745
Ares
LII
CLO
Ltd.,
Series
2019-52A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
04/22/31
(a)
(b)
..........
USD
1,770
1,771,208
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Ares
LIX
CLO
Ltd.,
Series
2021-59A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.62%,
04/25/34
(a)
(b)
..........
USD
250
$
249,698
Ares
LVI
CLO
Ltd.,
Series
2020-56A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.75%,
10/25/34
(a)
(b)
..........
410
410,306
Ares
XLVIII
CLO
Ltd.,
Series
2018-48A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.84%),
7.16%,
07/20/30
(a)
(b)
..........
250
249,870
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
10/15/30
(a)
(b)
.....
238
238,094
Armada
Euro
CLO
III
DAC,
Series
3A,
Class
DR,
(3-mo.
EURIBOR
at
3.30%
Floor
+
3.30%),
7.24%,
07/15/31
(a)
(b)
..........
EUR
287
309,017
Assurant
CLO
Ltd.,
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.62%,
04/20/31
(a)
(b)
..........
USD
193
193,536
Atrium
IX,
Series
9A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.59%,
05/28/30
(a)
(b)
................
955
955,505
Avoca
CLO
XVIII
DAC,
Series
18X,
Class
C,
(3-mo.
EURIBOR
at
1.75%
Floor
+
1.75%),
5.69%,
04/15/31
(a)
(d)
................
EUR
100
107,432
Avoca
CLO
XXII
DAC,
Series
22X,
Class
B1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
5.24%,
04/15/35
(a)
(d)
................
200
210,556
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
07/20/30
................
USD
250
249,729
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.65%,
07/19/31
.....................
304
303,057
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.17%,
07/19/31
.....................
250
249,131
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
07/24/34
.....................
250
240,334
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.26%),
8.58%,
10/22/32
(a)
(b)
..........
250
249,679
Barings
CLO
Ltd.
(a)(b)
Series
2015-IA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.98%,
01/20/31
.....................
250
249,920
Series
2018-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.53%,
07/20/29
.....................
60
59,593
Series
2019-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/20/31
................
250
250,164
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
10/15/36
(a)
(b)
.........
375
373,134
Battalion
CLO
VIII
Ltd.
(a)(b)
Series
2015-8A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.63%,
07/18/30
................
1,015
1,015,742
Series
2015-8A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.11%,
07/18/30
................
666
666,007
Battalion
CLO
XI
Ltd.,
Series
2017-11A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.72%
Floor
+
1.98%),
7.30%,
04/24/34
(a)
(b)
.........
250
248,345
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
07/15/34
(a)
(b)
..........
USD
1,000
$
999,925
BDS
LLC,
Series
2022-FL11,
Class
ATS,
(1-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.13%,
03/19/39
(a)
(b)
................
1,697
1,687,513
BDS
Ltd.,
Series
2021-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.18%),
6.51%,
06/16/36
(a)
(b)
................
5,637
5,612,947
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
04/20/31
(a)
(b)
.....................
870
870,251
Benefit
Street
Partners
CLO
XII
Ltd.,
Series
2017-12A,
Class
B,
(3-mo.
CME
Term
SOFR
+
2.26%),
7.58%,
10/15/30
(a)
(b)
.........
310
310,249
BHG
Securitization
Trust,
Series
2022-C,
Class
B,
5.93%,
10/17/35
(b)
...............
302
299,162
Birch
Grove
CLO
2
Ltd.,
Series
2021-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
6.83%,
10/19/34
(a)
(b)
.........
250
249,643
Birch
Grove
CLO
Ltd.
(a)(b)
Series
19A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.79%,
06/15/31
.....................
250
250,007
Series
19A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.94%,
06/15/31
.....................
250
249,532
BlueMountain
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
10/22/30
................
1,013
1,013,597
Series
2015-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
04/20/31
................
215
215,648
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
07/15/31
(a)
(b)
.....
870
870,271
BlueMountain
CLO
XXIII
Ltd.,
Series
2018-23A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/20/31
(a)
(b)
.....
250
249,906
BlueMountain
CLO
XXIX
Ltd.,
Series
2020-29A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.34%,
07/25/34
(a)
(b)
.....
250
250,027
BlueMountain
CLO
XXVIII
Ltd.,
Series
2021-
28A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
6.84%,
04/15/34
(a)
(b)
130
130,055
BlueMountain
Euro
CLO
DAC,
Series
2021-2A,
Class
B1,
(3-mo.
EURIBOR
at
1.75%
Floor
+
1.75%),
5.69%,
10/15/35
(a)
(b)
.........
EUR
660
700,333
BPCRE
Ltd.,
Series
2022-FL2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
7.73%,
01/16/37
(a)
(b)
................
USD
516
515,308
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.49%),
6.81%,
07/20/34
(a)
(b)
250
250,188
Bristol
Park
CLO
Ltd.,
Series
2016-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
04/15/29
(a)
(b)
.........
250
250,324
Buttermilk
Park
CLO
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
10/15/31
(a)
(b)
.....
247
247,302
Canyon
Capital
CLO
Ltd.,
Series
2019-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
04/15/32
(a)
(b)
610
609,472
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Canyon
CLO
Ltd.,
Series
2020-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
01/15/34
(a)
(b)
..........
USD
350
$
348,726
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.61%,
04/30/31
(a)
(b)
.....
1,690
1,679,633
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
04/17/31
(a)
(b)
................
673
672,626
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2018-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.07%
Floor
+
2.33%),
7.65%,
01/20/31
.....................
250
250,021
Series
2019-1A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/20/31
................
250
250,125
Series
2021-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
07/15/34
.....................
800
800,684
CBAM
Ltd.,
Series
2017-1A,
Class
A1,
(3-
mo.
CME
Term
SOFR
+
1.51%),
6.83%,
07/20/30
(a)
(b)
.....................
999
1,000,931
Cedar
Funding
II
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/20/34
................
710
709,267
Series
2013-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.93%,
04/20/34
................
680
675,189
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
04/20/34
(a)
(b)
3,930
3,930,000
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.95%,
05/29/32
(a)
(b)
280
279,625
CIFC
Funding
2017-I
Ltd.,
Series
2017-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.33%,
04/21/37
(a)
(b)
340
339,574
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
04/27/31
................
250
249,716
Series
2014-2RA,
Class
B1,
(3-mo.
CME
Term
SOFR
at
2.80%
Floor
+
3.06%),
8.38%,
04/24/30
................
250
250,096
Series
2015-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.72%,
04/19/29
................
330
329,479
Series
2017-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
6.83%,
04/21/37
................
1,190
1,190,567
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.56%,
04/18/31
....
2,187
2,187,937
Series
2019-5A,
Class
A1R1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
01/15/35
................
250
250,011
Series
2020-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.73%,
07/15/36
................
300
300,120
Series
2020-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.91%
Floor
+
1.91%),
7.23%,
07/15/36
................
740
740,659
Series
2020-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.71%,
10/20/34
................
1,350
1,350,721
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
07/15/33
.....................
USD
1,450
$
1,451,106
Series
2021-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
07/15/34
.....................
330
330,631
Clontarf
Park
CLO
DAC,
Series
1X,
Class
CE,
(3-mo.
EURIBOR
at
3.05%
Floor
+
3.05%),
6.93%,
08/05/30
(a)
(d)
................
EUR
390
420,838
Clover
CLO
LLC,
Series
2018-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
04/20/32
(a)
(b)
..........
USD
280
280,421
College
Avenue
Student
Loans
LLC
(b)
Series
2021-B,
Class
B,
2.42%,
06/25/52
..
186
162,466
Series
2021-B,
Class
C,
2.72%,
06/25/52
.
79
69,346
Series
2021-C,
Class
D,
4.11%,
07/26/55
.
100
88,331
CVC
Cordatus
Loan
Fund
IV
DAC,
Series
4X,
Class
BR1,
(3-mo.
EURIBOR
at
1.30%
Floor
+
1.30%),
5.24%,
02/22/34
(a)
(d)
.........
EUR
260
273,494
CWHEQ
Revolving
Home
Equity
Loan
Trust,
Series
2006-I,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
01/15/37
(a)
......................
USD
102
93,714
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.76%,
10/20/30
(a)
(b)
.....................
716
716,874
Diameter
Capital
CLO
1
Ltd.,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.82%,
07/15/36
(a)
(b)
500
500,300
Diameter
Capital
CLO
3
Ltd.,
Series
2022-3A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.70%,
04/15/37
(a)
(b)
250
249,899
Dryden
43
Senior
Loan
Fund,
Series
2016-43A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.62%,
04/20/34
(a)
(b)
1,180
1,179,169
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/15/30
(a)
(b)
.....
630
631,163
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/30
(a)
(b)
.....
250
249,655
Dryden
53
CLO
Ltd.,
Series
2017-53A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.38%),
6.70%,
01/15/31
(a)
(b)
..........
4,456
4,458,008
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
07/18/30
(a)
(b)
..........
250
250,630
Dryden
76
CLO
Ltd.,
Series
2019-76A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/20/34
(a)
(b)
.....
250
250,179
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.38%),
6.70%,
05/20/34
(a)
(b)
.........
810
810,283
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
05/20/34
(a)
(b)
.........
520
520,394
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.48%,
04/15/29
(a)
(b)
225
225,309
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-28A,
Class
A1LR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.77%,
08/15/30
(a)
(b)
.....................
1,411
1,411,092
EDvestinU
Private
Education
Loan
Issue
No.
4
LLC,
Series
2022-A,
Class
A,
5.25%,
11/25/40
(b)
......................
517
508,736
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Elmwood
CLO
II
Ltd.
(a)(b)
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
04/20/34
................
USD
1,000
$
1,000,900
Series
2019-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
04/20/34
................
250
250,255
Elmwood
CLO
V
Ltd.
(a)(b)
Series
2020-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/20/34
................
620
620,707
Series
2020-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
10/20/34
................
541
543,724
Elmwood
CLO
X
Ltd.
(a)(b)
Series
2021-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.62%,
10/20/34
.....................
1,620
1,621,296
Series
2021-3A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/20/34
.....................
250
250,435
Elmwood
CLO
XII
Ltd.,
Series
2021-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/20/35
(a)
(b)
..........
250
250,087
Fidelity
Grand
Harbour
CLO
DAC,
Series
2021-
1A,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.53%,
10/15/34
(a)
(b)
.....
EUR
250
265,022
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
6.68%,
07/19/34
(a)
(b)
..........
USD
3,150
3,152,398
FS
Rialto,
Series
2021-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.69%,
11/16/36
(a)
(b)
................
2,941
2,925,843
FS
Rialto
Issuer
LLC
(a)(b)
Series
2022-FL4,
Class
A,
(SOFR
30
day
Average
at
1.90%
Floor
+
1.90%),
7.22%,
01/19/39
.....................
2,907
2,894,317
Series
2022-FL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.63%,
06/19/37
.....................
786
785,994
Series
2022-FL6,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.58%),
7.91%,
08/17/37
.....................
1,469
1,476,605
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.22%,
10/19/39
.....................
955
959,558
Galaxy
XV
CLO
Ltd.,
Series
2013-15A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
10/15/30
(a)
(b)
.....
307
306,559
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/15/31
(a)
(b)
.........
248
248,609
Galaxy
XXII
CLO
Ltd.,
Series
2016-22A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
04/16/34
(a)
(b)
.....
910
912,442
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)
..........
1,077
1,077,568
Generate
CLO
4
Ltd.,
Series
4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
04/20/32
(a)
(b)
..........
976
976,165
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
10/15/30
(a)
(b)
..........
640
640,792
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
B1,
(3-mo.
CME
Term
SOFR
+
1.81%),
7.13%,
04/20/30
(a)
(b)
....
USD
250
$
250,680
GoldenTree
Loan
Opportunities
X
Ltd.,
Series
2015-10A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
07/20/31
(a)
(b)
.....................
250
250,812
GoldentTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-11A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
10/20/34
(a)
(b)
.....................
1,050
1,050,910
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
07/20/34
(a)
(b)
.....................
250
250,174
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2023-1GS,
Class
A,
5.52%,
02/22/55
(b)
......................
536
520,863
Grippen
Park
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.26%
Floor
+
1.52%),
6.84%,
01/20/30
.....................
83
82,818
Series
2017-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.56%),
8.88%,
01/20/30
.....................
250
249,980
GSAA
Home
Equity
Trust,
Series
2006-5,
Class
2A1,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
03/25/36
(a)
......
429
141,395
Henley
CLO
IV
DAC,
Series
4X,
Class
B1,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
5.30%,
04/25/34
(a)
(d)
................
EUR
130
136,894
Highbridge
Loan
Management
Ltd.
(a)(b)
Series
12A-18,
Class
A1B,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.81%,
07/18/31
....
USD
250
251,507
Series
3A-2014,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.44%),
6.74%,
07/18/29
.
257
257,445
HPS
Loan
Management
Ltd.
(a)(b)
Series
10A-16,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
04/20/34
................
1,540
1,540,870
Series
6A-2015,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.53%,
02/05/31
.
1,642
1,636,801
KKR
CLO
10
Ltd.,
Series
10,
Class
BR,
(3-mo.
CME
Term
SOFR
+
1.96%),
7.29%,
09/15/29
(a)
(b)
.....................
250
249,945
KREF
Ltd.,
Series
2022-FL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.45%),
6.78%,
02/17/39
(a)
(b)
................
10,000
9,912,500
LCM
29
Ltd.,
Series
29A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/15/31
(a)
(b)
................
250
249,682
LCM
XIV
LP,
Series
14A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.62%,
07/20/31
(a)
(b)
.....................
211
211,846
Lendmark
Funding
Trust
(b)
Series
2022-1A,
Class
A,
5.12%,
07/20/32
.
1,696
1,676,255
Series
2023-1A,
Class
D,
8.69%,
05/20/33
.
936
966,951
Series
2024-1A,
Class
B,
5.88%,
06/21/32
.
437
436,803
Series
2024-1A,
Class
C,
6.40%,
06/21/32
.
168
168,292
Series
2024-1A,
Class
D,
7.21%,
06/21/32
.
195
197,669
LoanCore
Issuer
Ltd.,
Series
2022-CRE7,
Class
A,
(SOFR
30
day
Average
at
1.55%
Floor
+
1.55%),
6.87%,
01/17/37
(a)
(b)
..........
4,098
4,052,648
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Logan
CLO
I
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
07/20/34
(a)
(b)
..........
USD
1,010
$
1,010,709
Long
Point
Park
CLO
Ltd.,
Series
2017-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.64%),
6.95%,
01/17/30
(a)
(b)
.....
250
250,073
Madison
Park
Funding
XI
Ltd.,
Series
2013-
11A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.48%,
07/23/29
(a)
(b)
1,987
1,987,466
Madison
Park
Funding
XIII
Ltd.
(a)(b)
Series
2014-13A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.21%),
6.52%,
04/19/30
................
638
638,243
Series
2014-13A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
1.76%),
7.07%,
04/19/30
.
960
961,075
Madison
Park
Funding
XIX
Ltd.,
Series
2015-
19A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
6.92%,
01/22/37
(a)
(b)
1,229
1,232,906
Madison
Park
Funding
XLII
Ltd.,
Series
13A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
11/21/30
(a)
(b)
.....
250
249,407
Madison
Park
Funding
XLV
Ltd.,
Series
2020-
45A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
07/15/34
(a)
(b)
1,050
1,050,062
Madison
Park
Funding
XXIII
Ltd.
(a)(b)
Series
2017-23A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
07/27/31
................
250
250,240
Series
2017-23A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
07/27/31
................
250
250,154
Madison
Park
Funding
XXIV
Ltd.,
Series
2016-
24A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.01%),
7.33%,
10/20/29
(a)
(b)
..........
250
250,555
Madison
Park
Funding
XXV
Ltd.,
Series
2017-
25A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.24%,
04/25/29
(a)
(b)
320
320,026
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.46%),
6.78%,
07/29/30
(a)
(b)
..........
1,569
1,569,915
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
1.29%),
6.61%,
04/20/30
(a)
(b)
245
244,800
Madison
Park
Funding
XXXIII
Ltd.,
Series
2019-
33A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.29%
Floor
+
1.29%),
6.60%,
10/15/32
(a)
(b)
290
290,087
Madison
Park
Funding
XXXVII
Ltd.,
Series
2019-37A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
07/15/33
(a)
(b)
.....................
410
410,066
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
07/17/34
(a)
(b)
.....................
1,130
1,130,678
Man
GLG
Euro
CLO
VI
DAC,
Series
6A,
Class
DR,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
7.44%,
10/15/32
(a)
(b)
..........
EUR
320
334,480
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.74%,
12/18/30
(a)
(b)
.....
USD
311
311,065
Mariner
Finance
Issuance
Trust
(b)
Series
2020-AA,
Class
B,
3.21%,
08/21/34
260
250,622
Series
2020-AA,
Class
C,
4.10%,
08/21/34
330
313,790
Series
2022-AA,
Class
A,
6.45%,
10/20/37
.
1,538
1,541,796
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
MF1
LLC,
Series
2023-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.07%
Floor
+
2.07%),
7.39%,
10/19/38
(a)
(b)
................
USD
460
$
458,682
MF1
Multifamily
Housing
Mortgage
Loan
Trust
(a)
(b)
Series
2022-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.15%),
7.48%,
06/19/37
.....................
857
857,744
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.64%
Floor
+
2.64%),
7.96%,
09/17/37
................
448
449,081
Series
2024-FL14,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.74%
Floor
+
1.74%),
7.06%,
03/19/39
................
447
447,420
MidOcean
Credit
CLO
III,
Series
2014-3A,
Class
A3A2,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
04/21/31
(a)
(b)
288
288,472
Mosaic
Solar
Loan
Trust
(b)
Series
2022-3A,
Class
A,
6.10%,
06/20/53
.
278
285,718
Series
2023-1A,
Class
A,
5.32%,
06/20/53
.
979
967,478
MP
CLO
III
Ltd.,
Series
2013-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.51%),
6.83%,
10/20/30
(a)
(b)
.....................
523
522,781
Navient
Private
Education
Loan
Trust
(b)
Series
2014-AA,
Class
A3,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.71%),
7.04%,
10/15/31
(a)
....................
296
296,365
Series
2015-AA,
Class
A3,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.81%),
7.14%,
11/15/30
(a)
....................
359
360,660
Series
2018-BA,
Class
A2A,
3.61%,
12/15/59
.....................
116
113,768
Series
2020-A,
Class
A2B,
(1-mo.
CME
Term
SOFR
+
1.01%),
6.34%,
11/15/68
(a)
...
270
268,032
Navient
Private
Education
Refi
Loan
Trust
(b)
Series
2018-DA,
Class
A2A,
4.00%,
12/15/59
.....................
434
421,228
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
279
268,254
Series
2021-DA,
Class
B,
2.61%,
04/15/60
370
339,007
Series
2021-DA,
Class
C,
3.48%,
04/15/60
950
839,368
Series
2021-DA,
Class
D,
4.00%,
04/15/60
300
271,955
Navient
Student
Loan
Trust,
Series
2019-BA,
Class
A2A,
3.39%,
12/15/59
(b)
.........
200
192,165
Neuberger
Berman
CLO
XVI-S
Ltd.,
Series
2017-16SA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.04%
Floor
+
1.30%),
6.62%,
04/15/34
(a)
(b)
.....................
570
570,471
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/34
(a)
(b)
250
249,116
Neuberger
Berman
CLO
XXII
Ltd.,
Series
2016-
22A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/17/30
(a)
(b)
400
400,151
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.
(a)(b)
Series
2017-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.48%,
10/18/30
................
1,344
1,343,679
Series
2017-26A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.96%,
10/18/30
................
250
249,438
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)
................
250
249,506
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
07/20/31
(a)
(b)
................
USD
250
$
250,448
Neuberger
Berman
Loan
Advisers
CLO
42
Ltd.,
Series
2021-42A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/16/35
(a)
(b)
.....................
880
880,685
OAK
Hill
European
Credit
Partners
V
DAC,
Series
2016-5A,
Class
BR,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.87%,
01/21/35
(a)
(b)
.....................
EUR
250
267,575
OCP
CLO
Ltd.
(a)(b)
Series
2014-5A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.67%,
04/26/31
................
USD
130
129,842
Series
2017-14A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
11/20/30
.....................
250
249,995
Series
2019-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.59%,
04/10/33
................
280
280,888
Series
2020-18A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
07/20/32
................
320
320,171
Series
2020-19A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/20/34
................
250
249,622
Series
2021-22A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
12/02/34
.....................
390
390,104
OCP
Euro
CLO
DAC,
Series
2017-2X,
Class
B,
(3-mo.
EURIBOR
at
1.35%
Floor
+
1.35%),
5.29%,
01/15/32
(a)
(d)
................
EUR
170
182,611
Octagon
Investment
Partners
18-R
Ltd.,
Series
2018-18A,
Class
A1A,
(3-mo.
CME
Term
SOFR
+
1.22%),
6.54%,
04/16/31
(a)
(b)
....
USD
1,532
1,532,700
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
01/20/31
(a)
(b)
.....................
210
210,083
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/36
(a)
(b)
.....................
710
704,081
Octagon
Investment
Partners
51
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
07/20/34
(a)
(b)
.....................
1,910
1,908,351
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
+
1.61%),
6.92%,
07/19/30
(a)
(b)
....
320
319,883
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.60%,
07/17/30
(a)
(b)
.....................
2,614
2,613,839
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.59%,
01/25/31
(a)
(b)
....
2,141
2,140,592
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
04/21/34
(a)
(b)
.....
3,220
3,221,438
OHA
Credit
Funding
3
Ltd.
(a)(b)
Series
2019-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
07/02/35
................
1,450
1,450,846
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/02/35
................
USD
668
$
668,785
OHA
Credit
Funding
4
Ltd.,
Series
2019-4A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/22/36
(a)
(b)
.....
250
250,206
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.62%,
05/23/31
(a)
(b)
................
4,419
4,425,012
OneMain
Financial
Issuance
Trust
(b)
Series
2020-2A,
Class
C,
2.76%,
09/14/35
.
550
489,749
Series
2020-2A,
Class
D,
3.45%,
09/14/35
.
1,410
1,250,394
Series
2021-1A,
Class
A2,
(SOFR
30
day
Average
+
0.76%),
6.08%,
06/16/36
(a)
..
660
657,645
Series
2021-1A,
Class
C,
2.22%,
06/16/36
.
100
85,900
Series
2022-3A,
Class
A,
5.94%,
05/15/34
.
3,369
3,387,285
OZLM
Funding
IV
Ltd.,
Series
2013-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
10/22/30
(a)
(b)
.....
3,835
3,836,252
OZLM
VIII
Ltd.,
Series
2014-8A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
10/17/29
(a)
(b)
..........
340
340,681
OZLM
XXII
Ltd.,
Series
2018-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
01/17/31
(a)
(b)
..........
170
169,968
OZLM
XXIV
Ltd.,
Series
2019-24A,
Class
A2AR,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.28%,
07/20/32
(a)
(b)
.....
250
250,077
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A1A3,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
10/17/31
................
583
583,064
Series
2015-1A,
Class
A1A4,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.71%,
05/21/34
................
5,525
5,528,767
Series
2015-1A,
Class
A2R4,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.28%,
05/21/34
................
250
249,875
Series
2015-2A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
07/20/30
................
500
501,224
Series
2020-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
6.96%,
11/15/36
................
250
250,880
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.73%,
01/15/35
.....................
250
250,575
Palmer
Square
Loan
Funding
Ltd.
(a)(b)
Series
2021-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
05/20/29
.....................
260
260,618
Series
2022-2A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.21%,
10/15/30
.....................
340
340,168
Series
2022-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.51%,
10/15/30
.....................
250
250,006
Penta
CLO
DAC,
Series
2022-11A,
Class
B,
(3-mo.
EURIBOR
at
2.45%
Floor
+
2.45%),
6.35%,
11/15/34
(a)
(b)
................
EUR
530
572,791
Pikes
Peak
CLO
1,
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
07/24/31
(a)
(b)
..........
USD
266
266,731
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/20/34
(a)
(b)
..........
USD
1,570
$
1,571,980
Post
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
04/16/31
(a)
(b)
................
500
500,782
Prima
Capital
CRE
Securitization
Ltd.,
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(b)
....
253
246,891
Prodigy
Finance
DAC
(a)(b)
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.36%),
6.69%,
07/25/51
....
445
441,325
Series
2021-1A,
Class
B,
(1-mo.
CME
Term
SOFR
+
2.61%),
7.94%,
07/25/51
....
86
86,830
Series
2021-1A,
Class
C,
(1-mo.
CME
Term
SOFR
+
3.86%),
9.19%,
07/25/51
....
77
77,913
Progress
Residential
Trust,
Series
2020-SFR2,
Class
D,
3.87%,
06/17/37
(b)
...........
400
388,178
Race
Point
IX
CLO
Ltd.,
Series
2015-9A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.52%,
10/15/30
(a)
(b)
.....
834
830,127
Rad
CLO
2
Ltd.,
Series
2018-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
10/15/31
(a)
(b)
..........
656
656,721
Rad
CLO
5
Ltd.,
Series
2019-5A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
07/24/32
(a)
(b)
..........
800
800,000
Rad
CLO
15
Ltd.
(a)(b)
Series
2021-15A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
01/20/34
.....................
250
250,200
Series
2021-15A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
01/20/34
.....................
250
250,078
Ready
Capital
Mortgage
Financing
LLC,
Series
2023-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.37%),
7.70%,
10/25/39
(a)
(b)
.....................
1,017
1,018,021
Recette
CLO
Ltd.,
Series
2015-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.98%,
04/20/34
(a)
(b)
..........
250
247,706
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
04/20/34
(a)
(b)
.....
1,040
1,041,052
Regatta
VII
Funding
Ltd.
(a)(b)
Series
2016-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.74%,
06/20/34
................
720
720,259
Series
2016-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.19%,
06/20/34
................
250
250,317
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/17/30
(a)
(b)
.....
250
250,973
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)
.....
250
250,252
Regatta
XVIII
Funding
Ltd.,
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
01/15/34
(a)
(b)
.....
250
249,775
Regional
Management
Issuance
Trust
(b)
Series
2020-1,
Class
A,
2.34%,
10/15/30
..
250
245,391
Series
2021-1,
Class
A,
1.68%,
03/17/31
..
761
737,779
Series
2021-2,
Class
B,
2.35%,
08/15/33
..
130
111,984
Series
2021-2,
Class
C,
3.23%,
08/15/33
..
323
271,982
Series
2022-1,
Class
A,
3.07%,
03/15/32
..
2,058
1,971,829
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2022-1,
Class
B,
3.71%,
03/15/32
..
USD
151
$
141,841
Series
2022-1,
Class
C,
4.46%,
03/15/32
..
100
91,486
Riserva
CLO
Ltd.,
Series
2016-3A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.62%,
01/18/34
(a)
(b)
..........
1,220
1,217,987
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
04/20/34
................
917
917,346
Series
2017-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
10/15/29
................
1,945
1,943,468
Series
2017-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
2.85%
Floor
+
3.11%),
8.43%,
10/15/29
................
1,039
1,038,576
Series
2017-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
10/20/30
.....................
2,632
2,633,810
Series
2018-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
05/20/31
.....................
243
243,121
Series
2018-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
10/20/31
.....................
235
234,852
Series
2019-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
08/20/32
................
250
249,923
Rockford
Tower
Europe
CLO
DAC
(a)(d)
Series
2018-1X,
Class
B,
(3-mo.
EURIBOR
at
1.85%
Floor
+
1.85%),
5.78%,
12/20/31
.....................
EUR
576
619,631
Series
2018-1X,
Class
C,
(3-mo.
EURIBOR
at
2.47%
Floor
+
2.47%),
6.40%,
12/20/31
.....................
280
300,776
Romark
WM-R
Ltd.,
Series
2018-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.03%
Floor
+
1.29%),
6.61%,
04/20/31
(a)
(b)
..........
USD
825
826,421
RR
28
Ltd.,
Series
2024-28RA,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
6.84%,
04/15/37
(a)
(b)
..........
1,180
1,184,938
RR
3
Ltd.,
Series
2018-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
01/15/30
(a)
(b)
................
795
795,796
RR
5
Ltd.,
Series
2018-5A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/15/31
(a)
(b)
................
250
250,953
RR
LLC,
Series
2017-1A,
Class
A1AB,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
07/15/35
(a)
(b)
................
2,140
2,142,376
RRX
3
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.32%
Floor
+
1.58%),
6.90%,
04/15/34
(a)
(b)
................
250
250,415
RRX
4
Ltd.,
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
07/15/34
(a)
(b)
................
2,580
2,581,722
RRX
5
Ltd.,
Series
2021-5A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
07/15/34
(a)
(b)
................
280
281,329
RRX
7
Ltd.,
Series
2022-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.68%,
07/15/35
(a)
(b)
................
360
360,167
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
04/17/34
(a)
(b)
.....
2,680
2,690,493
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Signal
Peak
CLO
2
LLC
(a)(b)
Series
2015-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
04/20/29
................
USD
77
$
77,262
Series
2015-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
04/20/29
................
1,466
1,460,117
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.53%),
6.85%,
04/20/33
(a)
(b)
..........
640
640,582
Sixth
Street
CLO
XIX
Ltd.,
Series
2021-19A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/20/34
(a)
(b)
.....
3,815
3,811,446
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
CME
Term
SOFR
at
4.75%
Floor
+
4.86%),
10.19%,
10/15/41
(a)
(b)
.....................
2,507
2,692,036
SMB
Private
Education
Loan
Trust
(b)
Series
2015-B,
Class
B,
3.50%,
12/17/40
..
718
700,004
Series
2016-B,
Class
A2A,
2.43%,
02/17/32
230
225,497
Series
2020-PTA,
Class
A2A,
1.60%,
09/15/54
.....................
2,234
2,035,527
Series
2020-PTA,
Class
B,
2.50%,
09/15/54
1,540
1,254,583
Series
2021-A,
Class
C,
2.99%,
01/15/53
.
1,793
1,524,263
Series
2021-A,
Class
D1,
3.86%,
01/15/53
.
482
416,978
Series
2021-A,
Class
D2,
3.86%,
01/15/53
.
331
286,085
Series
2021-C,
Class
B,
2.30%,
01/15/53
.
185
172,412
Series
2021-C,
Class
C,
3.00%,
01/15/53
.
112
94,216
Series
2021-C,
Class
D,
3.93%,
01/15/53
.
70
63,774
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.77%,
03/15/56
(a)
....................
2,333
2,342,559
SoFi
Personal
Loan
Trust,  
6.06%,
02/12/31
(b)
3,040
3,039,867
Sound
Point
CLO
XII
Ltd.,
Series
2016-2A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
10/20/28
(a)
(b)
900
899,970
Sound
Point
CLO
XV
Ltd.,
Series
2017-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.16%),
6.48%,
01/23/29
(a)
(b)
9
9,393
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)
.....
460
460,303
St.
Paul's
CLO
XII
DAC,
Series
12X,
Class
B1,
(3-mo.
EURIBOR
at
1.60%
Floor
+
1.60%),
5.54%,
04/15/33
(a)
(d)
................
EUR
310
329,776
Steele
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
10/15/30
(a)
(b)
..........
USD
851
852,048
Sutton
Park
CLO
DAC,
Series
1X,
Class
BE,
(3-mo.
EURIBOR
at
2.35%
Floor
+
2.35%),
6.25%,
11/15/31
(a)
(d)
................
EUR
202
215,990
Symphony
CLO
XVI
Ltd.,
Series
2015-16A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/15/31
(a)
(b)
.....
USD
248
247,396
Symphony
CLO
XXIII
Ltd.,
Series
2020-23A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
01/15/34
(a)
(b)
.....
250
249,688
Symphony
CLO
XXVI
Ltd.,
Series
2021-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/20/33
(a)
(b)
.....
514
513,447
TCI-Flatiron
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.22%),
6.54%,
11/18/30
(a)
(b)
.........
546
545,849
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
TCW
CLO
AMR
Ltd.,
Series
2019-1A,
Class
ASNR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.81%,
08/16/34
(a)
(b)
.....
USD
250
$
249,397
TIAA
CLO
III
Ltd.,
Series
2017-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/16/31
(a)
(b)
..........
695
694,470
TICP
CLO
IX
Ltd.,
Series
2017-9A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
01/20/31
(a)
(b)
..........
407
407,113
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
01/15/34
(a)
(b)
..........
1,060
1,061,187
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/21/34
(a)
(b)
..........
1,550
1,550,000
Tricon
American
Homes,
Series
2020-SFR1,
Class
D,
2.55%,
07/17/38
(b)
...........
2,225
2,060,269
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.96%,
10/18/31
(a)
(b)
.....
220
219,807
Trinitas
CLO
XIV
Ltd.,
Series
2020-14A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.59%,
01/25/34
(a)
(b)
..........
730
730,880
Venture
32
CLO
Ltd.,
Series
2018-32A,
Class
A2A,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
6.63%,
07/18/31
(a)
(b)
.....
346
345,724
Venture
XVIII
CLO
Ltd.,
Series
2014-18A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.80%,
10/15/29
(a)
(b)
.........
669
668,945
Voya
CLO
Ltd.
(a)(b)
Series
2017-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.30%),
6.62%,
04/20/34
.
465
465,297
Series
2017-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
10/15/30
.....................
1,162
1,163,405
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/15/31
................
1,611
1,611,582
Voya
Euro
CLO
II
DAC,
Series
2A,
Class
CR,
(3-mo.
EURIBOR
at
2.15%
Floor
+
2.15%),
6.08%,
07/15/35
(a)
(b)
................
EUR
250
265,719
Voya
Euro
CLO
V
DAC
(a)(b)
Series
5A,
Class
B1,
(3-mo.
EURIBOR
at
1.75%
Floor
+
1.75%),
5.69%,
04/15/35
440
468,605
Series
5A,
Class
D,
(3-mo.
EURIBOR
at
3.10%
Floor
+
3.10%),
7.04%,
04/15/35
250
263,077
Whitebox
CLO
I
Ltd.,
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
07/24/32
(a)
(b)
.........
USD
900
885,714
Whitebox
CLO
II
Ltd.
(a)(b)
Series
2020-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
10/24/34
................
280
280,867
Series
2020-2A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.93%,
10/24/34
................
280
278,001
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.93%,
10/15/34
(a)
(b)
..........
250
248,119
Total
Asset-Backed
Securities
—
7
.4
%
(Cost:
$
294,913,668
)
..............................
292,373,268
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
—
1.2%
BAE
Systems
plc
(b)
3.40%
,
04/15/30
..................
USD
3,516
$
3,206,671
1.90%
,
02/15/31
..................
827
672,823
5.25%
,
03/26/31
..................
845
848,463
Boeing
Co.
(The)
3.95%
,
08/01/59
..................
1,365
934,064
5.93%
,
05/01/60
..................
2,209
2,071,015
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/01/27
......................
743
697,897
L3Harris
Technologies,
Inc.
4.40%
,
06/15/28
..................
3,202
3,114,412
2.90%
,
12/15/29
..................
872
776,138
1.80%
,
01/15/31
..................
2,512
2,039,696
5.25%
,
06/01/31
..................
2,610
2,605,160
5.40%
,
07/31/33
..................
5,420
5,454,060
5.35%
,
06/01/34
..................
810
810,007
Lockheed
Martin
Corp.
1.85%
,
06/15/30
..................
1,015
855,432
3.60%
,
03/01/35
..................
729
645,702
Northrop
Grumman
Corp.
4.70%
,
03/15/33
..................
962
939,130
4.90%
,
06/01/34
..................
734
721,264
4.95%
,
03/15/53
..................
404
379,525
RTX
Corp.
6.70%
,
08/01/28
..................
615
657,179
7.00%
,
11/01/28
..................
2,010
2,141,860
4.13%
,
11/16/28
..................
4,579
4,429,190
5.75%
,
01/15/29
..................
2,957
3,059,667
5.15%
,
02/27/33
..................
611
612,162
6.10%
,
03/15/34
..................
5,521
5,900,760
4.20%
,
12/15/44
..................
515
415,001
2.82%
,
09/01/51
..................
1,964
1,249,233
Textron,
Inc.,
3.90%,
09/17/29
..........
764
716,616
45,953,127
Automobile
Components
—
0.0%
Metalsa
SA
de
CV,
3.75%,
05/04/31
(d)
.....
561
453,358
Automobiles
—
0.0%
Motability
Operations
Group
plc,
3.88%,
01/24/34
(d)
.....................
EUR
730
806,864
Banks
—
3.4%
Banco
de
Sabadell
SA,
(1-Year
EUR
Swap
Annual
+
1.60%),
4.00%,
01/15/30
(a)
(d)
....
2,400
2,623,780
Bangkok
Bank
PCL
(b)
5.30%
,
09/21/28
..................
USD
200
200,746
5.50%
,
09/21/33
..................
200
201,640
Bank
of
America
Corp.
(a)
(3-mo.
CME
Term
SOFR
+
1.30%),
3.42%
,
12/20/28
.....................
202
189,504
(1-day
SOFR
+
1.06%),
2.09%
,
06/14/29
.
1,539
1,359,981
(1-day
SOFR
+
1.57%),
5.82%
,
09/15/29
.
11,467
11,757,560
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%
,
02/07/30
.....................
4,770
4,520,258
(3-mo.
CME
Term
SOFR
+
1.45%),
2.88%
,
10/22/30
.....................
5,245
4,660,530
(1-day
SOFR
+
1.21%),
2.57%
,
10/20/32
.
1,021
847,045
(1-day
SOFR
+
1.33%),
2.97%
,
02/04/33
.
4,871
4,142,495
(1-day
SOFR
+
1.84%),
5.87%
,
09/15/34
.
14,513
15,052,450
(1-day
SOFR
+
1.65%),
5.47%
,
01/23/35
.
5,470
5,505,655
Banque
Federative
du
Credit
Mutuel
SA
(d)
4.75%
,
11/10/31
..................
EUR
1,100
1,261,243
3.75%
,
02/03/34
..................
1,200
1,310,997
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Barclays
plc
(a)
(1-day
SOFR
+
2.22%),
6.49%
,
09/13/29
.
USD
1,700
$
1,767,301
(USISSO05
+
5.78%),
9.63%
(e)
........
2,901
3,076,226
(1-day
SOFR
+
1.74%),
5.69%
,
03/12/30
.
3,761
3,780,580
BPCE
SA,
3.88%,
01/25/36
(d)
...........
EUR
800
876,888
Citigroup,
Inc.
(a)
(3-mo.
CME
Term
SOFR
+
1.65%),
3.67%
,
07/24/28
.....................
USD
980
931,476
(3-mo.
CME
Term
SOFR
+
1.41%),
3.52%
,
10/27/28
.....................
820
773,193
(1-day
SOFR
+
1.36%),
5.17%
,
02/13/30
.
2,499
2,487,339
(1-day
SOFR
+
1.15%),
2.67%
,
01/29/31
.
388
336,267
(1-day
SOFR
+
1.35%),
3.06%
,
01/25/33
.
4,604
3,914,121
(1-day
SOFR
+
1.94%),
3.79%
,
03/17/33
.
1,514
1,352,373
(1-day
SOFR
+
2.34%),
6.27%
,
11/17/33
.
4,924
5,200,569
Credit
Agricole
SA,
3.75%,
01/22/34
(d)
.....
EUR
1,800
1,981,930
HSBC
Holdings
plc,
(3-mo.
EURIBOR
+
1.94%),
4.86%,
05/23/33
(a)
(d)
..........
1,264
1,452,738
ING
Groep
NV,
(3-mo.
EURIBOR
+
1.90%),
4.75%,
05/23/34
(a)
(d)
...............
800
927,987
Intercorp
Peru
Ltd.,
3.88%,
08/15/29
(b)
.....
USD
200
176,000
JPMorgan
Chase
&
Co.
(a)
(1-day
SOFR
+
1.31%),
5.01%
,
01/23/30
.
2,257
2,247,755
(1-day
SOFR
+
1.75%),
4.57%
,
06/14/30
.
5,553
5,414,749
(3-mo.
CME
Term
SOFR
+
1.51%),
2.74%
,
10/15/30
.....................
2,706
2,396,366
(3-mo.
EURIBOR
+
1.28%),
4.46%
,
11/13/31
(d)
....................
EUR
2,350
2,679,835
(3-mo.
CME
Term
SOFR
+
1.11%),
1.76%
,
11/19/31
.....................
USD
3,097
2,508,729
(1-day
SOFR
+
1.07%),
1.95%
,
02/04/32
.
549
447,292
(1-day
SOFR
+
1.85%),
5.35%
,
06/01/34
.
5,094
5,113,652
(1-day
SOFR
+
1.62%),
5.34%
,
01/23/35
.
1,708
1,714,674
KeyCorp,
(SOFR
Index
+
2.42%),
6.40%,
03/06/35
(a)
.....................
598
610,681
Santander
Holdings
USA,
Inc.,
(1-day
SOFR
+
2.50%),
6.17%,
01/09/30
(a)
...........
997
1,005,987
Sumitomo
Mitsui
Financial
Group,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.28%),
6.60%
(a)
(e)
...
2,141
2,143,717
Wells
Fargo
&
Co.
(1-day
SOFR
+
1.74%),
5.57%
,
07/25/29
(a)
924
934,951
(1-day
SOFR
+
1.79%),
6.30%
,
10/23/29
(a)
2,321
2,417,415
(1-day
SOFR
+
1.50%),
5.20%
,
01/23/30
(a)
5,261
5,249,910
0.63%
,
03/25/30
(d)
.................
EUR
763
692,677
(1-day
SOFR
+
1.99%),
5.56%
,
07/25/34
(a)
USD
2,181
2,189,423
(1-day
SOFR
+
2.06%),
6.49%
,
10/23/34
(a)
6,283
6,738,982
(1-day
SOFR
+
1.78%),
5.50%
,
01/23/35
(a)
6,947
6,963,355
Wells
Fargo
Bank
NA,
5.45%,
08/07/26
....
1,174
1,181,889
135,320,911
Biotechnology
—
0.8%
AbbVie,
Inc.
5.05%
,
03/15/34
..................
4,228
4,280,405
4.55%
,
03/15/35
..................
7,277
7,033,553
4.30%
,
05/14/36
..................
410
384,940
Amgen,
Inc.
4.05%
,
08/18/29
..................
2,466
2,370,279
5.25%
,
03/02/30
..................
4,735
4,806,962
5.75%
,
03/02/63
..................
7,074
7,215,123
Gilead
Sciences,
Inc.
2.60%
,
10/01/40
..................
1,781
1,256,891
4.80%
,
04/01/44
..................
1,227
1,142,263
4.50%
,
02/01/45
..................
3,459
3,078,302
4.15%
,
03/01/47
..................
522
438,468
32,007,186
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
3.2%
Credit
Suisse
AG
4.75%
,
08/09/24
..................
USD
1,752
$
1,745,603
3.63%
,
09/09/24
..................
3,829
3,793,112
7.95%
,
01/09/25
..................
2,182
2,218,176
3.70%
,
02/21/25
..................
3,697
3,633,717
5.00%
,
07/09/27
..................
3,708
3,674,207
7.50%
,
02/15/28
..................
1,663
1,793,193
Deutsche
Bank
AG
5.37%
,
09/09/27
..................
2,878
2,892,899
(1-day
SOFR
+
5.44%),
5.88%
,
07/08/31
(a)
452
440,655
(1-day
SOFR
+
2.26%),
3.74%
,
01/07/33
(a)
480
396,484
FactSet
Research
Systems,
Inc.,
3.45%,
03/01/32
......................
3,147
2,778,569
Goldman
Sachs
Group,
Inc.
(The)
(1-day
SOFR
+
0.51%),
5.85%
,
09/10/24
(a)
2,895
2,896,724
(1-day
SOFR
+
0.80%),
1.43%
,
03/09/27
(a)
1,318
1,220,586
(1-day
SOFR
+
1.11%),
2.64%
,
02/24/28
(a)
671
624,958
(1-day
SOFR
+
1.73%),
4.48%
,
08/23/28
(a)
1,101
1,076,376
(3-mo.
CME
Term
SOFR
+
1.42%),
3.81%
,
04/23/29
(a)
....................
1,511
1,432,385
0.88%
,
05/09/29
(d)
.................
EUR
1,181
1,115,838
(1-day
SOFR
+
1.77%),
6.48%
,
10/24/29
(a)
USD
12,139
12,771,682
(1-day
SOFR
+
1.09%),
1.99%
,
01/27/32
(a)
1,338
1,082,705
(1-day
SOFR
+
1.28%),
2.62%
,
04/22/32
(a)
3,691
3,097,678
(1-day
SOFR
+
1.26%),
2.65%
,
10/21/32
(a)
9,475
7,883,399
(1-day
SOFR
+
1.95%),
6.56%
,
10/24/34
(a)
6,972
7,606,421
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
..
200
190,250
Moody's
Corp.,
2.00%,
08/19/31
.........
913
743,688
Morgan
Stanley
(a)
(1-day
SOFR
+
1.59%),
5.16%
,
04/20/29
.
4,083
4,079,705
(1-day
SOFR
+
1.63%),
5.45%
,
07/20/29
.
1,826
1,842,013
(1-day
SOFR
+
1.83%),
6.41%
,
11/01/29
.
8,355
8,760,743
(1-day
SOFR
+
1.45%),
5.17%
,
01/16/30
.
4,063
4,066,441
(1-day
SOFR
+
1.14%),
2.70%
,
01/22/31
.
1,158
1,011,727
(1-day
SOFR
+
1.03%),
1.79%
,
02/13/32
.
3,939
3,148,765
(1-day
SOFR
+
1.18%),
2.24%
,
07/21/32
.
5,308
4,336,036
(1-day
SOFR
+
1.20%),
2.51%
,
10/20/32
.
2,607
2,156,427
(1-day
SOFR
+
2.08%),
4.89%
,
07/20/33
.
1,278
1,239,508
(1-day
SOFR
+
2.05%),
6.63%
,
11/01/34
.
4,658
5,096,347
(1-day
SOFR
+
1.73%),
5.47%
,
01/18/35
.
5,447
5,495,688
Nasdaq,
Inc.
5.55%
,
02/15/34
..................
3,754
3,817,323
6.10%
,
06/28/63
..................
1,101
1,173,988
UBS
Group
AG
3.75%
,
03/26/25
..................
390
382,643
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%
,
03/01/29
(a)
(d)
........
EUR
1,181
1,452,703
(1-day
SOFR
+
1.73%),
3.09%
,
05/14/32
(a)
(b)
USD
2,055
1,747,918
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.10%),
2.75%
,
02/11/33
(a)
(b)
...................
2,082
1,700,846
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(a)
(b)
(e)
....................
390
440,129
(1-day
SOFR
+
5.02%),
9.02%
,
11/15/33
(a)
(b)
464
562,993
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.00%),
6.30%
,
09/22/34
(a)
(b)
...................
2,557
2,676,572
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.77%),
5.70%
,
02/08/35
(a)
(b)
...................
6,506
6,538,924
126,836,744
Chemicals
—
0.1%
Braskem
Netherlands
Finance
BV
8.50%
,
01/12/31
(d)
.................
200
205,800
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
8.50%
,
01/12/31
(b)
.................
USD
200
$
205,800
Eastman
Chemical
Co.,
5.75%,
03/08/33
...
601
611,191
Linde
plc,
3.20%,
02/14/31
(d)
...........
EUR
1,700
1,839,217
MEGlobal
BV
(d)
4.25%
,
11/03/26
..................
USD
200
192,125
2.63%
,
04/28/28
..................
200
178,375
RPM
International,
Inc.,
4.55%,
03/01/29
...
393
381,253
3,613,761
Commercial
Services
&
Supplies
—
0.1%
Republic
Services,
Inc.,
2.38%,
03/15/33
...
1,624
1,313,977
Waste
Management,
Inc.
4.63%
,
02/15/33
..................
821
803,649
4.88%
,
02/15/34
..................
517
513,463
2,631,089
Communications
Equipment
—
0.2%
Cisco
Systems,
Inc.,
4.95%,
02/26/31
.....
3,087
3,114,246
Motorola
Solutions,
Inc.,
5.60%,
06/01/32
...
4,982
5,049,941
8,164,187
Consumer
Finance
—
0.1%
DAE
Funding
LLC,
2.63%,
03/20/25
(d)
.....
200
193,750
Ford
Motor
Credit
Co.
LLC,
7.12%,
11/07/33
.
2,213
2,380,991
2,574,741
Consumer
Staples
Distribution
&
Retail
—
0.0%
REWE
International
Finance
BV,
4.88%,
09/13/30
(d)
.....................
EUR
800
912,828
Containers
&
Packaging
—
0.1%
Amcor
Finance
USA,
Inc.,
5.63%,
05/26/33
..
USD
380
390,223
Berry
Global,
Inc.,
5.50%,
04/15/28
.......
861
866,612
Smurfit
Kappa
Treasury
ULC,
5.44%,
04/03/34
(b)
.....................
1,020
1,020,388
2,277,223
Diversified
REITs
—
0.7%
Extra
Space
Storage
LP,
5.50%,
07/01/30
...
830
838,475
Invitation
Homes
Operating
Partnership
LP,
2.70%,
01/15/34
.................
1,320
1,050,720
Prologis
LP
5.13%
,
01/15/34
..................
387
388,677
3.05%
,
03/01/50
..................
563
384,779
VICI
Properties
LP
4.50%
,
09/01/26
(b)
.................
403
390,893
4.25%
,
12/01/26
(b)
.................
6,991
6,721,618
5.75%
,
02/01/27
(b)
.................
707
706,107
3.75%
,
02/15/27
(b)
.................
3,304
3,131,369
4.50%
,
01/15/28
(b)
.................
970
929,326
4.75%
,
02/15/28
..................
1,123
1,095,148
3.88%
,
02/15/29
(b)
.................
4,443
4,089,197
4.63%
,
12/01/29
(b)
.................
5,824
5,507,901
4.13%
,
08/15/30
(b)
.................
1,290
1,173,005
26,407,215
Diversified
Telecommunication
Services
—
0.8%
AT&T,
Inc.
2.55%
,
12/01/33
..................
485
388,473
4.75%
,
05/15/46
..................
475
425,385
3.65%
,
06/01/51
..................
2,239
1,643,732
3.50%
,
09/15/53
..................
3,525
2,486,967
3.55%
,
09/15/55
..................
3,243
2,267,588
3.80%
,
12/01/57
..................
588
425,725
3.65%
,
09/15/59
..................
8,231
5,730,520
Telefonica
Emisiones
SA,
4.06%,
01/24/36
(d)
.
EUR
900
988,025
Verizon
Communications,
Inc.
4.02%
,
12/03/29
..................
USD
1,309
1,248,941
1.75%
,
01/20/31
..................
541
439,145
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
2.55%
,
03/21/31
..................
USD
2,940
$
2,511,704
2.36%
,
03/15/32
..................
10,905
8,961,686
4.50%
,
08/10/33
..................
598
571,875
4.40%
,
11/01/34
..................
908
855,954
4.27%
,
01/15/36
..................
477
438,270
2.85%
,
09/03/41
..................
1,644
1,183,483
3.00%
,
11/20/60
..................
926
577,440
31,144,913
Electric
Utilities
—
2.6%
AEP
Texas,
Inc.
3.95%
,
06/01/28
..................
1,774
1,692,666
4.70%
,
05/15/32
..................
403
384,629
5.40%
,
06/01/33
..................
448
447,018
3.45%
,
05/15/51
..................
1,602
1,097,005
AEP
Transmission
Co.
LLC
5.15%
,
04/01/34
..................
2,039
2,031,829
3.75%
,
12/01/47
..................
1,002
774,245
4.25%
,
09/15/48
..................
459
385,026
3.80%
,
06/15/49
..................
1,119
870,639
3.15%
,
09/15/49
..................
1,212
833,126
Series
M
,
3.65%
,
04/01/50
...........
1,092
828,257
Series
N
,
2.75%
,
08/15/51
...........
580
364,758
5.40%
,
03/15/53
..................
275
273,744
Alabama
Power
Co.
3.85%
,
12/01/42
..................
671
550,037
4.15%
,
08/15/44
..................
604
509,611
3.75%
,
03/01/45
..................
511
404,836
Series
A
,
4.30%
,
07/15/48
...........
777
660,529
3.13%
,
07/15/51
..................
1,200
828,445
Baltimore
Gas
&
Electric
Co.
3.50%
,
08/15/46
..................
458
341,995
3.75%
,
08/15/47
..................
981
761,691
4.25%
,
09/15/48
..................
831
695,615
3.20%
,
09/15/49
..................
491
338,513
2.90%
,
06/15/50
..................
592
388,335
4.55%
,
06/01/52
..................
506
441,638
5.40%
,
06/01/53
..................
872
867,264
CenterPoint
Energy
Houston
Electric
LLC,
Series
AD,
2.90%,
07/01/50
..........
1,175
787,316
Coentreprise
de
Transport
d'Electricite
SA,
3.75%,
01/17/36
(d)
................
EUR
1,600
1,744,523
Dominion
Energy
South
Carolina,
Inc.,
6.25%,
10/15/53
......................
USD
585
654,866
DTE
Electric
Co.,
Series
B,
3.25%,
04/01/51
.
1,364
954,610
Duke
Energy
Carolinas
LLC
3.88%
,
03/15/46
..................
506
399,873
3.70%
,
12/01/47
..................
1,003
760,563
3.20%
,
08/15/49
..................
663
462,722
3.45%
,
04/15/51
..................
1,050
760,631
5.35%
,
01/15/53
..................
1,221
1,203,729
5.40%
,
01/15/54
..................
568
565,263
Duke
Energy
Corp.,
3.85%,
06/15/34
......
EUR
387
413,277
Duke
Energy
Florida
LLC
1.75%
,
06/15/30
..................
USD
1,294
1,074,933
4.20%
,
07/15/48
..................
487
403,454
3.00%
,
12/15/51
..................
1,471
965,172
5.95%
,
11/15/52
..................
2,234
2,372,702
Duke
Energy
Ohio,
Inc.,
4.30%,
02/01/49
...
462
384,977
Duke
Energy
Progress
LLC
3.45%
,
03/15/29
..................
1,322
1,243,716
3.70%
,
10/15/46
..................
1,761
1,352,538
2.50%
,
08/15/50
..................
648
389,506
2.90%
,
08/15/51
..................
582
377,009
5.35%
,
03/15/53
..................
1,900
1,853,389
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Edison
International
5.75%
,
06/15/27
..................
USD
2,126
$
2,154,019
5.25%
,
11/15/28
..................
1,303
1,298,413
6.95%
,
11/15/29
..................
2,527
2,707,257
EDP
Servicios
Financieros
Espana
SA,
3.50%,
07/16/30
(d)
.....................
EUR
2,400
2,585,848
Elia
Transmission
Belgium
SA,
3.75%,
01/16/36
(d)
.....................
1,600
1,743,729
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(d)
..
USD
200
173,750
Entergy
Arkansas
LLC,
5.30%,
09/15/33
....
432
435,926
Eversource
Energy,
5.45%,
03/01/28
......
1,769
1,790,840
FirstEnergy
Corp.
Series
B
,
4.15%
,
07/15/27
(c)
..........
1,839
1,763,767
Series
B
,
2.25%
,
09/01/30
...........
1,970
1,638,770
Series
C
,
3.40%
,
03/01/50
...........
411
283,413
FirstEnergy
Transmission
LLC,
4.55%,
04/01/49
(b)
.....................
1,963
1,661,001
Florida
Power
&
Light
Co.
3.99%
,
03/01/49
..................
1,293
1,063,638
3.15%
,
10/01/49
..................
878
618,036
Georgia
Power
Co.
4.95%
,
05/17/33
..................
392
386,502
5.25%
,
03/15/34
..................
1,226
1,238,379
MidAmerican
Energy
Co.
3.15%
,
04/15/50
..................
1,302
907,526
2.70%
,
08/01/52
..................
250
155,658
5.30%
,
02/01/55
..................
1,441
1,425,436
Northern
States
Power
Co.,
2.90%,
03/01/50
.
617
410,727
Ohio
Power
Co.
Series
Q
,
1.63%
,
01/15/31
...........
1,152
918,961
5.00%
,
06/01/33
..................
1,377
1,351,158
4.00%
,
06/01/49
..................
983
779,386
Series
R
,
2.90%
,
10/01/51
...........
3,694
2,371,737
Pacific
Gas
&
Electric
Co.
5.90%
,
06/15/32
..................
3,505
3,564,849
4.95%
,
07/01/50
..................
900
774,173
3.50%
,
08/01/50
..................
3,411
2,330,587
PECO
Energy
Co.
3.90%
,
03/01/48
..................
996
807,267
2.80%
,
06/15/50
..................
629
411,341
3.05%
,
03/15/51
..................
2,060
1,403,545
2.85%
,
09/15/51
..................
1,110
716,568
4.38%
,
08/15/52
..................
454
394,149
Public
Service
Co.
of
New
Hampshire
3.60%
,
07/01/49
..................
461
353,985
5.15%
,
01/15/53
..................
1,129
1,104,035
Public
Service
Electric
&
Gas
Co.
3.15%
,
01/01/50
..................
1,278
910,201
5.45%
,
08/01/53
..................
644
661,510
5.45%
,
03/01/54
..................
2,537
2,616,027
Southern
California
Edison
Co.
5.85%
,
11/01/27
..................
370
379,831
5.30%
,
03/01/28
..................
880
889,795
5.65%
,
10/01/28
..................
1,071
1,101,735
Series
A
,
4.20%
,
03/01/29
...........
1,346
1,297,574
5.15%
,
06/01/29
..................
387
388,589
2.85%
,
08/01/29
..................
1,477
1,330,068
2.25%
,
06/01/30
..................
2,067
1,756,441
Series
G
,
2.50%
,
06/01/31
...........
1,382
1,166,292
5.95%
,
11/01/32
..................
2,768
2,902,655
5.20%
,
06/01/34
..................
1,984
1,964,115
Series
05-E
,
5.35%
,
07/15/35
.........
388
387,460
Series
05-B
,
5.55%
,
01/15/36
.........
412
412,286
5.63%
,
02/01/36
..................
433
437,983
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Terna
-
Rete
Elettrica
Nazionale,
3.50%,
01/17/31
(d)
.....................
EUR
1,600
$
1,722,846
Union
Electric
Co.,
5.45%,
03/15/53
......
USD
648
641,718
Virginia
Electric
&
Power
Co.
4.00%
,
01/15/43
..................
475
393,516
4.45%
,
02/15/44
..................
734
640,759
Series
B
,
4.20%
,
05/15/45
...........
563
472,650
2.45%
,
12/15/50
..................
674
395,773
100,490,420
Financial
Services
—
0.0%
CRSO
Trust,
7.12%,
07/10/28
(b)
.........
458
480,078
Global
Payments,
Inc.
5.30%
,
08/15/29
..................
671
667,799
2.90%
,
05/15/30
..................
442
383,836
1,531,713
Food
Products
—
0.1%
(d)
Gruma
SAB
de
CV,
4.88%,
12/01/24
......
211
209,352
JDE
Peet's
NV,
4.50%,
01/23/34
.........
EUR
1,255
1,405,775
Nestle
Finance
International
Ltd.,
3.25%,
01/23/37
......................
750
803,949
2,419,076
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.,
3.38%,
09/15/49
.....
USD
1,048
762,763
CenterPoint
Energy
Resources
Corp.,
5.25%,
03/01/28
......................
1,127
1,138,392
ONE
Gas,
Inc.,
5.10%,
04/01/29
.........
448
450,921
Piedmont
Natural
Gas
Co.,
Inc.,
4.10%,
09/18/34
......................
440
396,345
Promigas
SA
ESP,
3.75%,
10/16/29
(d)
......
209
183,789
2,932,210
Ground
Transportation
—
0.2%
Burlington
Northern
Santa
Fe
LLC
3.05%
,
02/15/51
..................
1,284
881,356
2.88%
,
06/15/52
..................
1,898
1,242,733
Norfolk
Southern
Corp.
3.05%
,
05/15/50
..................
994
672,281
2.90%
,
08/25/51
..................
574
373,531
4.05%
,
08/15/52
..................
453
362,453
Union
Pacific
Corp.
3.84%
,
03/20/60
..................
811
622,689
2.97%
,
09/16/62
..................
2,914
1,824,150
Union
Pacific
Railroad
Co.
Pass-Through
Trust,
Series
2014-1,
3.23%,
05/14/26
.......
1,161
1,116,044
7,095,237
Health
Care
Equipment
&
Supplies
—
0.1%
Becton
Dickinson
&
Co.,
4.67%,
06/06/47
...
855
766,165
Solventum
Corp.
(b)
5.45%
,
02/25/27
..................
1,707
1,712,895
6.00%
,
05/15/64
..................
1,446
1,433,359
3,912,419
Health
Care
Providers
&
Services
—
0.9%
CVS
Health
Corp.
4.78%
,
03/25/38
..................
741
684,297
5.13%
,
07/20/45
..................
1,586
1,461,561
4.25%
,
04/01/50
..................
1,379
1,117,412
Elevance
Health,
Inc.
3.60%
,
03/15/51
..................
1,987
1,488,840
4.55%
,
05/15/52
..................
683
597,725
HCA,
Inc.
5.25%
,
04/15/25
..................
6,464
6,437,011
5.88%
,
02/15/26
..................
5,532
5,555,634
4.13%
,
06/15/29
..................
4,512
4,273,024
3.50%
,
09/01/30
..................
4,538
4,103,973
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
5.45%
,
04/01/31
..................
USD
2,194
$
2,205,444
Humana,
Inc.,
5.95%,
03/15/34
.........
1,277
1,325,978
Sartorius
Finance
BV,
4.88%,
09/14/35
(d)
....
EUR
1,400
1,626,569
UnitedHealth
Group,
Inc.
4.25%
,
06/15/48
..................
USD
1,185
1,023,238
3.70%
,
08/15/49
..................
1,282
1,005,156
2.90%
,
05/15/50
..................
924
623,660
5.88%
,
02/15/53
..................
489
529,051
3.13%
,
05/15/60
..................
594
390,610
6.05%
,
02/15/63
..................
424
466,230
5.20%
,
04/15/63
..................
1,665
1,619,593
36,535,006
Hotels,
Restaurants
&
Leisure
—
0.5%
GLP
Capital
LP
5.75%
,
06/01/28
..................
3,009
3,011,224
5.30%
,
01/15/29
..................
3,632
3,571,287
4.00%
,
01/15/30
..................
3,294
3,007,282
4.00%
,
01/15/31
..................
2,697
2,406,577
3.25%
,
01/15/32
..................
4,305
3,624,069
Marriott
International,
Inc.
5.30%
,
05/15/34
..................
652
644,873
4.50%
,
10/01/34
..................
411
373,366
McDonald's
Corp.,
3.88%,
02/20/31
(d)
......
EUR
1,700
1,882,233
Sands
China
Ltd.,
5.40%,
08/08/28
(c)
......
USD
200
196,198
18,717,109
Insurance
—
0.1%
American
International
Group,
Inc.
4.75%
,
04/01/48
..................
416
384,433
4.38%
,
06/30/50
..................
453
392,994
Aon
Corp.
2.60%
,
12/02/31
..................
925
778,271
5.35%
,
02/28/33
..................
387
389,095
2.90%
,
08/23/51
..................
650
413,912
Aon
North
America,
Inc.,
5.75%,
03/01/54
...
845
866,298
Hartford
Financial
Services
Group,
Inc.
(The),
3.60%,
08/19/49
.................
513
387,618
Marsh
&
McLennan
Cos.,
Inc.
2.90%
,
12/15/51
..................
1,204
774,415
5.70%
,
09/15/53
..................
381
395,554
4,782,590
Interactive
Media
&
Services
—
0.1%
Meta
Platforms,
Inc.,
4.65%,
08/15/62
.....
3,500
3,142,619
Life
Sciences
Tools
&
Services
—
0.1%
Agilent
Technologies,
Inc.,
2.10%,
06/04/30
..
471
397,880
Thermo
Fisher
Scientific,
Inc.
4.95%
,
11/21/32
..................
739
742,183
5.09%
,
08/10/33
..................
3,149
3,183,596
5.20%
,
01/31/34
..................
629
641,475
4,965,134
Machinery
—
0.0%
CNH
Industrial
Capital
LLC,
5.45%,
10/14/25
.
380
380,676
Otis
Worldwide
Corp.,
5.25%,
08/16/28
....
1,299
1,315,879
1,696,555
Media
—
0.4%
Charter
Communications
Operating
LLC
3.90%
,
06/01/52
..................
10,057
6,395,910
3.95%
,
06/30/62
..................
2,279
1,374,954
Comcast
Corp.
4.25%
,
10/15/30
..................
508
490,752
6.50%
,
11/15/35
..................
571
633,277
3.20%
,
07/15/36
..................
1,295
1,063,811
2.45%
,
08/15/52
..................
669
392,493
2.94%
,
11/01/56
..................
2,264
1,425,428
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
2.65%
,
08/15/62
..................
USD
3,124
$
1,782,573
2.99%
,
11/01/63
..................
1,324
813,119
5.50%
,
05/15/64
..................
394
394,503
Cox
Communications,
Inc.,
3.15%,
08/15/24
(b)
247
244,472
Paramount
Global
5.85%
,
09/01/43
..................
893
723,549
5.25%
,
04/01/44
..................
276
205,243
4.90%
,
08/15/44
..................
214
152,992
4.60%
,
01/15/45
..................
311
214,242
4.95%
,
05/19/50
..................
283
201,182
16,508,500
Metals
&
Mining
—
0.4%
Anglo
American
Capital
plc
(b)
3.88%
,
03/16/29
..................
1,143
1,067,505
5.63%
,
04/01/30
..................
1,847
1,869,510
5.50%
,
05/02/33
..................
886
878,797
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
......................
200
173,770
Freeport
Indonesia
PT,
4.76%,
04/14/27
(d)
...
200
195,100
Glencore
Funding
LLC
(b)
5.40%
,
05/08/28
..................
928
933,416
5.37%
,
04/04/29
..................
3,900
3,907,732
6.38%
,
10/06/30
..................
3,367
3,553,185
Newmont
Corp.,
2.25%,
10/01/30
........
1,661
1,413,437
POSCO
(b)
5.63%
,
01/17/26
..................
200
200,375
5.75%
,
01/17/28
..................
200
202,688
14,395,515
Multi-Utilities
—
0.4%
Algonquin
Power
&
Utilities
Corp.,
5.37%,
06/15/26
(c)
.....................
2,590
2,575,979
Ameren
Illinois
Co.,
3.25%,
03/15/50
......
640
454,992
Consolidated
Edison
Co.
of
New
York,
Inc.
3.95%
,
03/01/43
..................
552
457,537
4.45%
,
03/15/44
..................
561
493,424
Consumers
Energy
Co.
4.63%
,
05/15/33
..................
4,040
3,932,471
3.25%
,
08/15/46
..................
495
370,804
4.35%
,
04/15/49
..................
500
436,673
3.75%
,
02/15/50
..................
492
390,609
3.10%
,
08/15/50
..................
513
361,557
EnBW
International
Finance
BV,
3.85%,
05/23/30
(d)
.....................
EUR
256
283,221
National
Grid
North
America,
Inc.,
4.67%,
09/12/33
(d)
.....................
1,700
1,947,924
NiSource,
Inc.
3.49%
,
05/15/27
..................
USD
1,125
1,073,057
5.25%
,
03/30/28
..................
1,083
1,090,445
5.40%
,
06/30/33
..................
586
590,714
San
Diego
Gas
&
Electric
Co.
3.32%
,
04/15/50
..................
516
365,362
2.95%
,
08/15/51
..................
583
392,572
3.70%
,
03/15/52
..................
1,040
788,202
5.35%
,
04/01/53
..................
543
534,817
16,540,360
Oil,
Gas
&
Consumable
Fuels
—
4.8%
Antero
Resources
Corp.
(b)
7.63%
,
02/01/29
..................
2,155
2,213,310
5.38%
,
03/01/30
..................
3,150
3,025,198
Apache
Corp.
5.25%
,
02/01/42
..................
1,400
1,181,205
4.75%
,
04/15/43
..................
1,323
1,042,995
BP
Capital
Markets
America,
Inc.
1.75%
,
08/10/30
..................
496
413,829
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.81%
,
02/13/33
..................
USD
1,264
$
1,247,446
4.89%
,
09/11/33
..................
386
383,311
4.99%
,
04/10/34
..................
1,266
1,264,357
3.38%
,
02/08/61
..................
571
394,441
BP
Capital
Markets
plc
2.82%
,
04/07/32
(d)
.................
EUR
755
778,831
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.15%),
6.45%
(a)
(e)
.....................
USD
1,185
1,227,173
Cameron
LNG
LLC
(b)
3.30%
,
01/15/35
..................
4,079
3,394,176
3.40%
,
01/15/38
..................
2,165
1,788,645
Cheniere
Corpus
Christi
Holdings
LLC
5.88%
,
03/31/25
..................
4,583
4,584,319
5.13%
,
06/30/27
..................
6,944
6,927,447
3.70%
,
11/15/29
..................
2,347
2,183,106
2.74%
,
12/31/39
..................
2,115
1,708,343
Cheniere
Energy
Partners
LP
4.50%
,
10/01/29
..................
7,971
7,586,374
3.25%
,
01/31/32
..................
1,603
1,365,491
5.95%
,
06/30/33
..................
3,449
3,526,164
Cheniere
Energy,
Inc.,
5.65%,
04/15/34
(b)
...
2,810
2,830,066
Devon
Energy
Corp.,
4.50%,
01/15/30
.....
1,130
1,089,159
Diamondback
Energy,
Inc.
3.25%
,
12/01/26
..................
11,729
11,243,749
3.50%
,
12/01/29
..................
12,055
11,151,335
3.13%
,
03/24/31
..................
9,640
8,540,138
6.25%
,
03/15/53
..................
110
118,674
EIG
Pearl
Holdings
SARL
(b)
3.55%
,
08/31/36
..................
200
170,812
4.39%
,
11/30/46
..................
200
156,296
El
Paso
Natural
Gas
Co.
LLC,
3.50%,
02/15/32
(b)
.....................
1,001
852,709
Energy
Transfer
LP
5.55%
,
02/15/28
..................
1,953
1,980,678
4.95%
,
05/15/28
..................
1,173
1,163,195
4.95%
,
06/15/28
..................
1,472
1,460,174
7.38%
,
02/01/31
(b)
.................
3,170
3,315,883
6.10%
,
02/15/42
..................
541
547,157
5.15%
,
03/15/45
..................
1,049
953,157
5.35%
,
05/15/45
..................
928
856,940
5.30%
,
04/15/47
..................
1,144
1,040,093
5.00%
,
05/15/50
..................
828
726,461
5.95%
,
05/15/54
..................
1,206
1,203,523
Eni
SpA,
3.88%,
01/15/34
(d)
............
EUR
763
832,463
EQT
Corp.
3.13%
,
05/15/26
(b)
.................
USD
2,323
2,201,566
3.90%
,
10/01/27
..................
4,354
4,138,626
5.70%
,
04/01/28
..................
2,018
2,036,838
5.00%
,
01/15/29
..................
2,296
2,249,174
7.00%
,
02/01/30
(c)
.................
1,382
1,468,300
3.63%
,
05/15/31
(b)
.................
1,828
1,608,841
5.75%
,
02/01/34
..................
1,877
1,870,805
Hess
Corp.
6.00%
,
01/15/40
..................
490
517,131
5.60%
,
02/15/41
..................
428
436,180
Kinder
Morgan
Energy
Partners
LP
6.50%
,
02/01/37
..................
706
738,037
5.50%
,
03/01/44
..................
424
403,421
Kinder
Morgan,
Inc.
5.00%
,
02/01/29
..................
1,300
1,294,654
5.30%
,
12/01/34
..................
1,069
1,051,023
NGPL
PipeCo
LLC
(b)
4.88%
,
08/15/27
..................
3,166
3,088,259
3.25%
,
07/15/31
..................
4,051
3,460,381
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
7.77%
,
12/15/37
..................
USD
567
$
631,738
Northwest
Pipeline
LLC,
4.00%,
04/01/27
...
4,707
4,569,954
Oleoducto
Central
SA,
4.00%,
07/14/27
(b)
...
249
232,270
Ovintiv,
Inc.,
5.38%,
01/01/26
..........
1,960
1,952,016
Pioneer
Natural
Resources
Co.,
2.15%,
01/15/31
......................
681
572,953
Sabine
Pass
Liquefaction
LLC
5.75%
,
05/15/24
..................
146
145,956
5.63%
,
03/01/25
..................
10,145
10,136,128
5.88%
,
06/30/26
..................
8,167
8,231,453
5.00%
,
03/15/27
..................
5,624
5,607,554
5.90%
,
09/15/37
..................
2,711
2,815,318
Targa
Resources
Corp.
5.20%
,
07/01/27
..................
1,399
1,396,973
4.20%
,
02/01/33
..................
4,480
4,084,406
Targa
Resources
Partners
LP
5.00%
,
01/15/28
..................
2,489
2,453,469
5.50%
,
03/01/30
..................
1,652
1,643,866
4.88%
,
02/01/31
..................
3,312
3,170,532
4.00%
,
01/15/32
..................
3,757
3,381,618
Texas
Eastern
Transmission
LP,
3.50%,
01/15/28
(b)
.....................
420
395,274
Transcontinental
Gas
Pipe
Line
Co.
LLC
7.85%
,
02/01/26
..................
3,876
4,020,674
4.00%
,
03/15/28
..................
1,669
1,607,857
4.60%
,
03/15/48
..................
1,710
1,513,860
3.95%
,
05/15/50
..................
1,833
1,449,003
Viper
Energy,
Inc.
(b)
5.38%
,
11/01/27
..................
5,208
5,097,481
7.38%
,
11/01/31
..................
2,265
2,354,640
190,497,052
Paper
&
Forest
Products
—
0.0%
Suzano
Austria
GmbH,
5.00%,
01/15/30
....
341
327,040
Passenger
Airlines
—
0.1%
Air
Canada
Pass-Through
Trust,
Series
2017-1,
Class
B,
3.70%,
01/15/26
(b)
..........
5
4,390
American
Airlines
Pass-Through
Trust,
Series
2016-2,
Class
B,
4.38%,
06/15/24
(b)
.....
400
397,492
Delta
Air
Lines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
3.20%,
04/25/24
.....
2,311
2,309,228
United
Airlines
Pass-Through
Trust,
Series
2019-1,
Class
AA,
4.15%,
08/25/31
.....
541
505,622
3,216,732
Pharmaceuticals
—
0.4%
Bayer
US
Finance
LLC,
6.38%,
11/21/30
(b)
..
3,590
3,670,809
Bristol-Myers
Squibb
Co.
3.70%
,
03/15/52
..................
501
384,688
5.55%
,
02/22/54
..................
1,036
1,065,406
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.75%
,
05/19/33
..................
3,093
3,045,318
5.30%
,
05/19/53
..................
3,479
3,458,940
Pfizer,
Inc.,
4.13%,
12/15/46
...........
454
388,029
Takeda
Pharmaceutical
Co.
Ltd.,
2.05%,
03/31/30
......................
2,258
1,914,666
13,927,856
Retail
REITs
—
0.1%
NNN
REIT,
Inc.,
3.50%,
04/15/51
........
2,281
1,650,973
Realty
Income
Corp.
3.10%
,
12/15/29
..................
976
885,993
3.20%
,
02/15/31
..................
886
785,295
3,322,261
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
—
0.3%
Broadcom,
Inc.
(b)
4.15%
,
04/15/32
..................
USD
500
$
463,869
3.47%
,
04/15/34
..................
1,122
961,452
3.14%
,
11/15/35
..................
4,175
3,372,988
3.19%
,
11/15/36
..................
643
511,733
Intel
Corp.
5.15%
,
02/21/34
..................
781
782,779
3.05%
,
08/12/51
..................
586
394,995
5.05%
,
08/05/62
..................
482
453,261
KLA
Corp.
5.00%
,
03/15/49
..................
472
458,555
3.30%
,
03/01/50
..................
1,566
1,149,485
4.95%
,
07/15/52
..................
407
392,287
NXP
BV,
2.50%,
05/11/31
.............
1,025
858,663
Texas
Instruments,
Inc.
2.70%
,
09/15/51
..................
701
456,662
4.10%
,
08/16/52
..................
492
417,496
10,674,225
Software
—
0.3%
Oracle
Corp.
3.80%
,
11/15/37
..................
2,369
1,986,478
3.65%
,
03/25/41
..................
1,226
962,652
4.50%
,
07/08/44
..................
766
654,781
4.13%
,
05/15/45
..................
2,986
2,410,305
3.60%
,
04/01/50
..................
1,828
1,320,686
3.95%
,
03/25/51
..................
701
534,117
4.38%
,
05/15/55
..................
2,514
2,023,279
9,892,298
Specialized
REITs
—
0.5%
American
Tower
Corp.
5.25%
,
07/15/28
..................
1,576
1,576,108
3.80%
,
08/15/29
..................
5,155
4,810,962
2.90%
,
01/15/30
..................
1,182
1,039,259
1.88%
,
10/15/30
..................
1,989
1,612,685
2.70%
,
04/15/31
..................
2,789
2,361,049
Crown
Castle,
Inc.
2.25%
,
01/15/31
..................
2,879
2,368,716
2.10%
,
04/01/31
..................
778
629,754
2.50%
,
07/15/31
..................
2,549
2,109,287
Equinix,
Inc.
3.20%
,
11/18/29
..................
1,793
1,605,146
2.15%
,
07/15/30
..................
1,025
849,450
2.50%
,
05/15/31
..................
2,176
1,815,119
20,777,535
Specialty
Retail
—
0.1%
Lowe's
Cos.,
Inc.
1.70%
,
10/15/30
..................
572
467,379
2.63%
,
04/01/31
..................
2,019
1,737,311
2.80%
,
09/15/41
..................
1,862
1,323,474
4.25%
,
09/15/44
..................
462
369,873
3,898,037
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Dell
International
LLC,
4.90%,
10/01/26
....
4,197
4,171,103
Hewlett
Packard
Enterprise
Co.,
5.25%,
07/01/28
......................
1,124
1,133,460
5,304,563
Tobacco
—
0.4%
Altria
Group,
Inc.
6.88%
,
11/01/33
..................
1,556
1,692,713
3.40%
,
02/04/41
..................
1,052
771,737
4.25%
,
08/09/42
..................
2,446
2,004,430
4.50%
,
05/02/43
..................
2,497
2,103,897
3.70%
,
02/04/51
..................
569
397,626
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
BAT
Capital
Corp.
6.00%
,
02/20/34
..................
USD
584
$
591,327
4.54%
,
08/15/47
..................
1,164
898,713
3.98%
,
09/25/50
..................
1,704
1,198,420
5.65%
,
03/16/52
..................
1,577
1,422,877
7.08%
,
08/02/53
..................
2,471
2,663,859
Philip
Morris
International,
Inc.,
5.13%,
11/17/27
1,232
1,238,371
Reynolds
American,
Inc.,
5.85%,
08/15/45
...
2,598
2,409,766
17,393,736
Transportation
Infrastructure
—
0.0%
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(a)
(d)
(e)
...............
200
199,625
Wireless
Telecommunication
Services
—
0.9%
Rogers
Communications,
Inc.,
5.30%,
02/15/34
2,731
2,706,638
Sprint
LLC
7.13%
,
06/15/24
..................
8,642
8,656,804
7.63%
,
02/15/25
..................
5,724
5,791,652
7.63%
,
03/01/26
..................
8,984
9,281,721
T-Mobile
USA,
Inc.
3.88%
,
04/15/30
..................
4,146
3,883,900
2.88%
,
02/15/31
..................
470
408,171
2.25%
,
11/15/31
..................
1,159
951,687
5.05%
,
07/15/33
..................
4,553
4,503,574
5.15%
,
04/15/34
..................
391
389,691
36,573,838
Total
Corporate
Bonds
—
24
.7
%
(Cost:
$
965,589,645
)
..............................
970,773,408
Floating
Rate
Loan
Interests
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Ecopetrol
SA,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
0.00%),
10.11
%
,
09/06/30
(a)
(f)
....
850
875,500
Total
Floating
Rate
Loan
Interests
—
0
.0
%
(Cost:
$
843,989
)
.................................
875,500
Foreign
Agency
Obligations
Chile
—
0.0%
(d)
Banco
del
Estado
de
Chile
,
2.70%
,
01/09/25
.
200
195,125
Empresa
Nacional
del
Petroleo
,
3.75%
,
08/05/26
.......................
308
293,466
488,591
Colombia
—
0.1%
Ecopetrol
SA
8.88%
,
01/13/33
..................
172
180,684
8.38%
,
01/19/36
..................
790
795,925
976,609
France
—
0.0%
Electricite
de
France
SA
,
4.25%
,
01/25/32
(d)
..
EUR
800
894,924
Hungary
—
0.0%
MFB
Magyar
Fejlesztesi
Bank
Zrt.
,
6.50%
,
06/29/28
(d)
......................
USD
255
259,144
Indonesia
—
0.0%
Pertamina
Persero
PT
,
3.65%
,
07/30/29
(d)
...
200
185,875
Mexico
—
0.1%
Petroleos
Mexicanos
Series
13-2
,
7.19%
,
09/12/24
.........
MXN
72
418,398
6.88%
,
08/04/26
..................
USD
859
833,445
6.50%
,
03/13/27
..................
2,626
2,468,466
Security
Par
(000)
Par
(000)
Value
Mexico
(continued)
8.75%
,
06/02/29
..................
USD
126
$
123,325
5.95%
,
01/28/31
..................
122
97,771
6.70%
,
02/16/32
..................
72
59,940
4,001,345
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA
,
5.13%
,
08/11/61
(b)
.................
203
147,809
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA
,
4.75%
,
07/15/25
(d)
......................
200
197,786
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego
,
6.25%
,
10/31/28
(b)
......................
200
208,760
Supranational
—
0.3%
European
Union
(d)
2.50%
,
10/04/52
..................
EUR
2,860
2,658,378
Series
NGEU
,
3.00%
,
03/04/53
........
8,165
8,388,260
11,046,638
Total
Foreign
Agency
Obligations
—
0
.5
%
(Cost:
$
17,361,924
)
...............................
18,407,481
Foreign
Government
Obligations
Belgium
—
0.4%
Kingdom
of
Belgium
,
3.30%
,
06/22/54
(b)
(d)
...
13,010
13,913,272
Chile
—
0.0%
Republic
of
Chile
,
4.34%
,
03/07/42
........
USD
200
174,562
Colombia
—
0.2%
Republic
of
Colombia
4.50%
,
01/28/26
..................
286
278,993
7.50%
,
08/26/26
..................
COP
13,323,800
3,324,814
3.88%
,
04/25/27
..................
USD
200
188,100
5.75%
,
11/03/27
..................
COP
8,309,400
1,915,983
6.00%
,
04/28/28
..................
8,732,700
2,004,183
13.25%
,
02/09/33
.................
3,420,100
1,040,537
8.00%
,
04/20/33
..................
USD
257
271,392
9,024,002
Czech
Republic
—
0.1%
Czech
Republic
5.50%
,
12/12/28
..................
CZK
27,300
1,249,679
2.75%
,
07/23/29
..................
34,230
1,387,357
5.00%
,
09/30/30
..................
29,020
1,320,049
3,957,085
France
—
0.3%
French
Republic
,
3.00%
,
05/25/54
(b)
(d)
......
EUR
13,205
13,484,252
Hungary
—
0.1%
Hungary
Government
Bond
5.25%
,
06/16/29
(b)
.................
USD
286
283,140
4.00%
,
07/25/29
(d)
.................
EUR
1,725
1,858,541
5.38%
,
09/12/33
(d)
.................
96
109,227
2,250,908
Indonesia
—
0.2%
Perusahaan
Penerbit
SBSN
Indonesia
III
,
4.40%
,
06/06/27
(b)
.................
USD
200
196,707
Republic
of
Indonesia
5.50%
,
04/15/26
..................
IDR
7,183,000
445,115
8.38%
,
09/15/26
..................
11,934,000
784,608
7.00%
,
05/15/27
..................
32,495,000
2,076,923
6.88%
,
04/15/29
..................
15,905,000
1,015,067
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Indonesia
(continued)
2.85%
,
02/14/30
..................
USD
1,918
$
1,713,014
6.75%
,
01/15/44
(d)
.................
200
234,562
3.05%
,
03/12/51
..................
2,624
1,858,940
8,324,936
Israel
—
0.1%
State
of
Israel
Government
Bond
,
5.75%
,
03/12/54
.......................
2,018
1,932,235
Mexico
—
0.7%
United
Mexican
States
3.75%
,
01/11/28
..................
200
190,188
8.50%
,
03/01/29
..................
MXN
1,208
7,034,806
8.50%
,
05/31/29
..................
1,961
11,431,914
2.66%
,
05/24/31
..................
USD
4,949
4,127,466
6.35%
,
02/09/35
..................
220
227,288
8.50%
,
11/18/38
..................
MXN
266
1,490,351
4.50%
,
01/31/50
..................
USD
5,805
4,577,242
6.34%
,
05/04/53
..................
200
197,812
29,277,067
Panama
—
0.1%
Republic
of
Panama
3.88%
,
03/17/28
..................
1,275
1,161,844
3.16%
,
01/23/30
..................
832
690,820
7.50%
,
03/01/31
..................
319
330,364
6.40%
,
02/14/35
..................
200
188,600
8.00%
,
03/01/38
..................
214
223,844
6.85%
,
03/28/54
..................
300
271,050
4.50%
,
04/01/56
..................
3,059
1,980,703
4,847,225
Peru
—
0.2%
Republic
of
Peru
6.35%
,
08/12/28
(d)
.................
PEN
4,225
1,163,127
5.94%
,
02/12/29
(d)
.................
3,921
1,048,252
2.78%
,
01/23/31
..................
USD
203
174,390
6.95%
,
08/12/31
(d)
.................
PEN
8,781
2,365,443
1.86%
,
12/01/32
..................
USD
230
175,591
3.55%
,
03/10/51
..................
2,479
1,786,119
6,712,922
Philippines
—
0.1%
Republic
of
Philippines
3.00%
,
02/01/28
..................
3,147
2,933,594
3.20%
,
07/06/46
..................
2,747
1,975,265
4,908,859
Poland
—
0.1%
Republic
of
Poland
2.75%
,
10/25/29
..................
PLN
11,925
2,626,109
4.88%
,
10/04/33
..................
USD
147
144,656
5.50%
,
04/04/53
..................
100
99,971
2,870,736
Romania
—
0.0%
Romania
Government
Bond
5.25%
,
11/25/27
(b)
.................
140
138,031
2.13%
,
03/07/28
(d)
.................
EUR
367
364,016
2.12%
,
07/16/31
(d)
.................
369
325,443
827,490
Russia
—
0.0%
Russian
Federation
,
6.10%
,
07/18/35
(g)
(h)
....
RUB
102,831
500,964
Saudi
Arabia
—
0.0%
Kingdom
of
Saudi
Arabia
4.50%
,
04/17/30
(d)
.................
USD
200
196,062
Security
Par
(000)
Par
(000)
Value
Saudi
Arabia
(continued)
5.00%
,
01/18/53
(b)
.................
USD
332
$
297,140
493,202
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
4.38%
,
10/27/27
..................
1,813
1,797,441
5.75%
,
10/28/34
..................
176
185,293
5.10%
,
06/18/50
..................
1,669
1,613,869
3,596,603
Total
Foreign
Government
Obligations
—
2
.7
%
(Cost:
$
112,764,404
)
..............................
107,096,320
Municipal
Bonds
California
—
0
.4
%
Bay
Area
Toll
Authority
,
Series
2010S-1
,
RB
,
7.04
%
,
04/01/50
..................
1,925
2,310,201
Los
Angeles
Community
College
District
,
Series
2010E
,
GO
,
6.60
%
,
08/01/42
..........
980
1,106,310
Los
Angeles
Unified
School
District
,
Series
2010RY
,
GO
,
6.76
%
,
07/01/34
.........
2,505
2,758,712
State
of
California
Series
2018
,
GO
,
4.60
%
,
04/01/38
......
4,110
3,970,081
Series
2009
,
GO
,
7.55
%
,
04/01/39
......
1,300
1,592,242
University
of
California
,
Series
2012AD
,
RB
,
4.86
%
,
05/15/2112
.................
425
394,165
12,131,711
Georgia
—
0
.0
%
Municipal
Electric
Authority
of
Georgia
,
Series
2010-A
,
RB
,
6.64
%
,
04/01/57
.........
666
755,391
Illinois
—
0
.1
%
State
of
Illinois
,
Series
2003
,
GO
,
5.10
%
,
06/01/33
..................
4,725
4,685,277
New
Jersey
—
0
.0
%
New
Jersey
Turnpike
Authority
,
Series
2009F
,
RB
,
7.41
%
,
01/01/40
...............
665
799,641
New
York
—
0
.1
%
Metropolitan
Transportation
Authority
Series
2010A
,
RB
,
6.67
%
,
11/15/39
.....
270
297,184
Series
2010E
,
RB
,
6.81
%
,
11/15/40
.....
730
812,459
New
York
City
Municipal
Water
Finance
Authority
,
Series
2011CC
,
RB
,
5.88
%
,
06/15/44
..................
440
464,830
New
York
State
Dormitory
Authority
,
Series
2010H
,
RB
,
5.39
%
,
03/15/40
..........
320
319,974
Port
Authority
of
New
York
&
New
Jersey
,
Series
2014-181
,
RB
,
4.96
%
,
08/01/46
...
1,665
1,634,376
3,528,823
Ohio
—
0
.0
%
American
Municipal
Power,
Inc.
,
Series
2010A
,
RB
,
8.08
%
,
02/15/50
...............
765
1,023,559
Texas
—
0
.1
%
City
of
San
Antonio
Electric
&
Gas
Systems
,
Series
2010A
,
RB
,
5.81
%
,
02/01/41
.....
1,095
1,153,624
State
of
Texas
,
Series
2009A
,
GO
,
5.52
%
,
04/01/39
..................
1,235
1,277,170
2,430,794
Total
Municipal
Bonds
—
0
.7
%
(Cost:
$
28,718,983
)
...............................
25,355,196
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.6%
A&D
Mortgage
Trust,
Series
2023-NQM5,
Class
A1,
7.05%,
11/25/68
(b)
(c)
.............
USD
2,085
$
2,111,331
Angel
Oak
Mortgage
Trust
(b)
Series
2020-3,
Class
A3,
2.87%,
04/25/65
(a)
453
420,454
Series
2020-4,
Class
A3,
2.81%,
06/25/65
(a)
163
154,215
Series
2022-2,
Class
A1,
3.35%,
01/25/67
(a)
84
77,055
Series
2023-7,
Class
A1,
4.80%,
11/25/67
(c)
2,481
2,403,577
Series
2024-1,
Class
A1,
5.21%,
08/25/68
(c)
813
795,412
Barclays
Mortgage
Loan
Trust,
Series
2022-
NQM1,
Class
A1,
4.55%,
07/25/52
(b)
(c)
....
2,122
2,069,277
CHL
Mortgage
Pass-Through
Trust,
Series
2004-29,
Class
1A1,
(1-mo.
CME
Term
SOFR
at
0.54%
Floor
and
11.50%
Cap
+
0.65%),
5.98%,
02/25/35
(a)
...........
97
88,585
COLT
Mortgage
Loan
Trust
(a)(b)
Series
2020-2,
Class
M1,
5.25%,
03/25/65
.
1,283
1,246,925
Series
2020-3,
Class
A3,
2.38%,
04/27/65
.
107
101,587
Cross
Mortgage
Trust,
Series
2023-H2,
Class
A1A,
7.13%,
11/25/68
(b)
(c)
............
1,349
1,366,979
CSMC
Trust
(a)(b)
Series
2021-NQM8,
Class
M1,
3.26%,
10/25/66
.....................
175
122,698
Series
2022-NQM3,
Class
A1B,
4.26%,
03/25/67
.....................
1,589
1,483,039
Deephaven
Residential
Mortgage
Trust
(a)(b)
Series
2022-2,
Class
M1,
4.34%,
03/25/67
.
312
264,536
Series
2022-3,
Class
M1,
5.26%,
07/25/67
.
634
575,194
GCAT
Trust
(b)
Series
2022-NQM4,
Class
A1,
5.27%,
08/25/67
(c)
....................
2,119
2,092,838
Series
2023-NQM4,
Class
A1,
4.25%,
05/25/67
(a)
....................
1,331
1,231,085
GS
Mortgage-Backed
Securities
Trust,
Series
2022-NQM1,
Class
A4,
4.00%,
05/25/62
(a)
(b)
138
124,966
HIG
RCP
LLC,
Series
2023-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.60%,
09/19/38
(a)
(b)
..........
1,280
1,283,668
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class
A3,
3.20%,
05/25/65
(a)
(b)
...
1,237
1,173,685
Homeward
Opportunities
Fund
Trust
(b)
Series
2022-1,
Class
A1,
5.08%,
07/25/67
(c)
3,058
3,018,165
Series
2022-1,
Class
M1,
5.05%,
07/25/67
(a)
671
631,261
J.P.
Morgan
Mortgage
Trust
(a)(b)
Series
2021-INV5,
Class
A2A,
2.50%,
12/25/51
.....................
17,960
14,389,265
Series
2021-INV7,
Class
A3A,
2.50%,
02/25/52
.....................
9,415
8,206,781
Series
2021-INV7,
Class
A4A,
2.50%,
02/25/52
.....................
4,034
2,527,373
Series
2021-INV7,
Class
A5A,
2.50%,
02/25/52
.....................
2,044
1,618,327
MFA
Trust
(a)(b)
Series
2020-NQM1,
Class
A3,
2.30%,
08/25/49
.....................
269
244,641
Series
2022-NQM1,
Class
M1,
4.27%,
12/25/66
.....................
597
514,430
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2014-1A,
Class
B3,
6.87%,
06/25/44
(a)
(b)
.....................
121
120,358
Mortgage
Loan
Resecuritization
Trust,
Series
2009-RS1,
Class
A85,
(1-mo.
LIBOR
USD
at
0.34%
Floor
and
9.00%
Cap
+
0.34%),
5.78%,
04/16/36
(a)
(b)
................
1,469
1,407,477
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
MortgageIT
Trust,
Series
2004-1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.78%
Floor
and
11.50%
Cap
+
0.89%),
6.22%,
11/25/34
(a)
.
USD
201
$
189,071
New
Residential
Mortgage
Loan
Trust,
Series
2019-2A,
Class
A1,
4.25%,
12/25/57
(a)
(b)
..
162
155,167
PRKCM
Trust
(a)(b)
Series
2021-AFC2,
Class
A1,
2.07%,
11/25/56
.....................
266
224,929
Series
2022-AFC1,
Class
A1A,
4.10%,
04/25/57
.....................
284
272,325
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
.....................
2,142
2,109,099
Residential
Mortgage
Loan
Trust,
Series
2020-
2,
Class
M1,
3.57%,
05/25/60
(a)
(b)
.......
1,680
1,477,340
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(b)
(c)
.........
445
441,601
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A3,
4.10%,
07/25/57
(b)
(c)
.....
196
174,483
Structured
Asset
Securities
Corp.
Assistance
Loan
Trust,
Series
2003-AL1,
Class
A,
3.36%,
04/25/31
(b)
.................
54
53,321
Verus
Securitization
Trust
(b)
Series
2019-INV2,
Class
M1,
3.50%,
07/25/59
(a)
....................
3,000
2,815,102
Series
2020-4,
Class
A3,
2.32%,
05/25/65
(c)
381
362,645
Series
2020-4,
Class
M1,
3.29%,
05/25/65
(a)
670
595,540
Series
2020-INV1,
Class
A2,
3.04%,
03/25/60
(a)
....................
902
880,348
Series
2020-INV1,
Class
A3,
3.89%,
03/25/60
(a)
....................
1,000
971,068
Series
2021-6,
Class
M1,
2.94%,
10/25/66
(a)
165
119,365
Visio
Trust,
Series
2020-1,
Class
M1,
4.45%,
08/25/55
(a)
(b)
.....................
2,000
1,832,746
Vista
Point
Securitization
Trust,
Series
2020-2,
Class
A3,
2.50%,
04/25/65
(a)
(b)
.........
405
373,449
64,912,783
Commercial
Mortgage-Backed
Securities
—
3.9%
1211
Avenue
of
the
Americas
Trust
(a)(b)
Series
2015-1211,
Class
C,
4.14%,
08/10/35
100
94,280
Series
2015-1211,
Class
D,
4.14%,
08/10/35
1,131
1,037,625
280
Park
Avenue
Mortgage
Trust
(a)(b)
Series
2017-280P,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.38%),
6.71%,
09/15/34
................
204
196,674
Series
2017-280P,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.79%
Floor
+
1.84%),
7.15%,
09/15/34
................
640
591,214
Alen
Mortgage
Trust
(a)(b)
Series
2021-ACEN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
04/15/34
................
231
211,067
Series
2021-ACEN,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.21%),
8.54%,
04/15/34
................
587
373,633
Arbor
Multifamily
Mortgage
Securities
Trust
(b)
Series
2020-MF1,
Class
D,
1.75%,
05/15/53
1,080
743,611
Series
2020-MF1,
Class
E,
1.75%,
05/15/53
600
389,870
Series
2021-MF3,
Class
A5,
2.57%,
10/15/54
.....................
297
251,378
AREIT
LLC,
Series
2022-CRE7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.24%
Floor
+
2.24%),
7.57%,
06/17/39
(a)
(b)
..........
918
917,994
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.27%),
7.60%,
04/15/35
(a)
(b)
.....
174
168,926
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.25%),
7.57%,
12/15/36
(a)
(b)
.....
USD
2,736
$
2,511,863
BAMLL
Commercial
Mortgage
Securities
Trust
(a)
(b)
Series
2017-SCH,
Class
AF,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.05%),
6.37%,
11/15/33
................
1,480
1,473,095
Series
2017-SCH,
Class
CL,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.55%),
6.87%,
11/15/32
................
1,450
1,436,489
Series
2017-SCH,
Class
DL,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.05%),
7.37%,
11/15/32
................
1,490
1,476,768
Series
2018-DSNY,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.45%),
6.77%,
09/15/34
................
100
99,750
Series
2018-DSNY,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.65%),
6.97%,
09/15/34
................
1,000
995,000
Series
2018-DSNY,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.00%),
7.32%,
09/15/34
................
996
988,530
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-3A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.48%
Floor
and
10.80%
Cap
+
0.59%),
5.92%,
11/25/35
...........
174
163,714
Series
2005-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.56%),
5.89%,
01/25/36
.....................
1,219
1,130,556
Series
2006-4A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.23%
Floor
+
0.46%),
5.79%,
12/25/36
.....................
269
251,571
BBCMS
Mortgage
Trust
Series
2017-C1,
Class
B,
4.09%,
02/15/50
.
2,000
1,836,145
Series
2018-TALL,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.72%
Floor
+
0.92%),
6.25%,
03/15/37
(a)
(b)
..............
132
126,731
Series
2018-TALL,
Class
B,
(1-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.17%),
6.49%,
03/15/37
(a)
(b)
..............
280
260,444
Series
2023-5C23,
Class
D,
7.45%,
12/15/56
(a)
(b)
...................
115
110,437
BBCMS
Trust,
Series
2015-SRCH,
Class
A1,
3.31%,
08/10/35
(b)
.................
596
563,722
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.03%,
11/05/36
(a)
(b)
................
260
229,991
Beast
Mortgage
Trust,
Series
2021-SSCP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
0.86%),
6.19%,
04/15/36
(a)
(b)
.....
948
940,672
BLP
Commercial
Mortgage
Trust,
Series
2023-
IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
7.02%,
03/15/40
(a)
(b)
709
710,329
BOCA
Commercial
Mortgage
Trust,
Series
2022-BOCA,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.77%
Floor
+
1.77%),
7.09%,
05/15/39
(a)
(b)
.....................
472
472,393
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
A2,
3.45%,
03/10/33
.....................
273
259,338
Series
2013-1515,
Class
C,
3.45%,
03/10/33
2,810
2,478,563
Series
2013-1515,
Class
E,
3.72%,
03/10/33
100
85,973
BX
Commercial
Mortgage
Trust
(b)
Series
2020-VIV2,
Class
C,
3.54%,
03/09/44
(a)
....................
1,450
1,258,631
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2020-VIV3,
Class
B,
3.54%,
03/09/44
(a)
....................
USD
902
$
793,328
Series
2020-VIV4,
Class
A,
2.84%,
03/09/44
2,452
2,119,791
Series
2020-VKNG,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.04%),
6.37%,
10/15/37
(a)
...............
64
64,213
Series
2021-VINO,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.47%
Floor
+
1.47%),
6.79%,
05/15/38
(a)
...............
2,721
2,691,221
Series
2021-VIV5,
Class
A,
2.84%,
03/09/44
(a)
....................
914
775,724
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.21%,
06/15/27
(a)
...............
322
323,006
Series
2023-VLT3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.94%
Floor
+
1.94%),
7.27%,
11/15/28
(a)
...............
360
360,000
Series
2023-XL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.09%,
12/09/40
(a)
....................
1,198
1,205,446
Series
2024-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.77%,
02/15/39
(a)
....................
480
481,200
Series
2024-XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.69%,
03/15/41
(a)
....................
938
938,472
BX
Trust
(b)
Series
2019-OC11,
Class
A,
3.20%,
12/09/41
.....................
41
36,487
Series
2019-OC11,
Class
D,
3.94%,
12/09/41
(a)
....................
1,832
1,614,401
Series
2021-ARIA,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.01%),
6.34%,
10/15/36
(a)
...............
437
432,630
Series
2021-ARIA,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.01%),
7.33%,
10/15/36
(a)
...............
1,604
1,571,920
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
02/15/36
(a)
...............
295
293,869
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
02/15/36
(a)
...............
192
191,326
Series
2021-VIEW,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.01%),
8.34%,
06/15/36
(a)
...............
2,110
1,994,050
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.49%,
08/15/39
(a)
...............
3,582
3,591,192
Series
2022-GPA,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.66%
Floor
+
2.66%),
7.99%,
08/15/41
(a)
...............
92
92,516
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.39%,
08/15/43
(a)
...............
357
358,124
Series
2022-LBA6,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.00%),
6.33%,
01/15/39
(a)
...............
252
250,661
Series
2022-LBA6,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.00%),
7.33%,
01/15/39
(a)
...............
530
524,203
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.18%,
01/15/39
(a)
...............
300
297,375
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2022-VAMF,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.28%),
6.61%,
01/15/39
(a)
...............
USD
133
$
131,462
Series
2023-DELC,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.39%
Floor
+
4.39%),
9.71%,
05/15/38
(a)
...............
100
100,500
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.74%,
04/15/29
(a)
...............
1,407
1,407,000
Series
2024-CNYN,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.99%,
04/15/29
(a)
...............
450
450,389
Series
2024-PAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.34%,
03/15/26
(a)
....................
750
749,617
Series
2024-PAT,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.69%,
03/15/26
(a)
....................
1,603
1,602,918
Series
2024-PAT,
Class
D,
(1-mo.
CME
Term
SOFR
at
5.39%
Floor
+
5.39%),
10.64%,
03/15/26
(a)
....................
769
768,959
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.55%,
08/13/37
.....
210
170,778
Series
2017-GM,
Class
D,
3.42%,
06/13/39
140
124,426
Series
2021-601L,
Class
D,
2.78%,
01/15/44
758
487,422
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.05%),
7.37%,
12/15/37
(a)
(b)
.....................
815
813,991
Cassia
SRL,
Series
2022-1A,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.44%,
05/22/34
(a)
(b)
.....................
EUR
1,468
1,572,182
CD
Mortgage
Trust
Series
2017-CD3,
Class
A4,
3.63%,
02/10/50
.....................
USD
280
258,566
Series
2017-CD5,
Class
B,
3.96%,
08/15/50
(a)
....................
446
405,014
Series
2017-CD6,
Class
B,
3.91%,
11/13/50
(a)
....................
121
103,833
CENT
Trust,
Series
2023-CITY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.62%
Floor
+
2.62%),
7.95%,
09/15/38
(a)
(b)
................
1,922
1,941,442
CFCRE
Commercial
Mortgage
Trust
Series
2016-C3,
Class
A3,
3.87%,
01/10/48
110
106,003
Series
2017-C8,
Class
B,
4.20%,
06/15/50
(a)
667
605,380
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P,
Class
C,
3.52%,
05/10/35
(a)
(b)
...................
245
226,617
Series
2015-GC27,
Class
B,
3.77%,
02/10/48
.....................
240
233,236
COAST
Commercial
Mortgage
Trust
(a)(b)
Series
2023-2HTL,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
7.92%,
08/15/36
................
1,081
1,084,193
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
9.76%,
08/15/36
................
935
934,998
Cold
Storage
Trust,
Series
2020-ICE5,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.01%),
6.33%,
11/15/37
(a)
(b)
..........
2,065
2,060,745
Commercial
Mortgage
Trust
(a)
Series
2015-CR24,
Class
B,
4.35%,
08/10/48
.....................
1,232
1,172,222
Series
2015-LC19,
Class
B,
3.83%,
02/10/48
.....................
104
97,887
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(b)
....................
USD
440
$
350,635
Credit
Suisse
Mortgage
Capital
Certificates
(a)(b)
Series
2019-ICE4,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.03%),
6.35%,
05/15/36
................
439
438,909
Series
2019-ICE4,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.28%),
6.60%,
05/15/36
................
2,651
2,649,557
Series
2020-NET,
Class
D,
3.70%,
08/15/37
600
551,445
Series
2021-980M,
Class
D,
3.54%,
07/15/31
.....................
5,810
5,222,410
CSAIL
Commercial
Mortgage
Trust
Series
2015-C4,
Class
D,
3.56%,
11/15/48
(a)
1,270
1,140,467
Series
2016-C5,
Class
B,
4.46%,
11/15/48
(a)
510
487,955
Series
2016-C5,
Class
C,
4.64%,
11/15/48
(a)
710
661,628
Series
2018-CX12,
Class
C,
4.72%,
08/15/51
(a)
....................
268
235,696
Series
2019-C16,
Class
C,
4.24%,
06/15/52
(a)
....................
319
269,393
Series
2019-C18,
Class
D,
2.50%,
12/15/52
(b)
....................
2,849
2,060,963
CSMC
Trust
(b)
Series
2017-CALI,
Class
C,
3.78%,
11/10/32
(a)
....................
370
174,054
Series
2017-PFHP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.00%),
6.32%,
12/15/30
(a)
...............
530
507,046
Series
2017-TIME,
Class
A,
3.65%,
11/13/39
230
149,590
Series
2021-BHAR,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
11/15/38
(a)
...............
558
555,908
Series
2021-BHAR,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.94%,
11/15/38
(a)
...............
465
461,788
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.47%,
09/09/24
(a)
...............
1,017
1,019,839
DBGS
Mortgage
Trust,
Series
2018-5BP,
Class
B,
(1-mo.
CME
Term
SOFR
at
0.83%
Floor
+
1.08%),
6.40%,
06/15/33
(a)
(b)
..........
610
522,831
DBJPM
Mortgage
Trust,
Series
2016-C1,
Class
A4,
3.28%,
05/10/49
...............
240
229,282
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.53%,
10/10/34
(a)
(b)
................
360
306,432
DC
Trust,
Series
2024-HLTN,
Class
A,
1.00%,
04/13/28
(a)
(b)
.....................
170
169,987
DK
Trust,
Series
2024-SPBX,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.85%,
03/15/34
(a)
(b)
................
970
971,692
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.49%),
6.82%,
07/15/38
................
5,111
5,111,653
Series
2021-ESH,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.69%,
07/15/38
................
1,472
1,470,112
GCT
Commercial
Mortgage
Trust,
Series
2021-
GCT,
Class
C,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.81%),
7.14%,
02/15/38
(a)
(b)
2,060
619,641
Great
Wolf
Trust,
Series
2024-WOLF,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.54%
Floor
+
1.54%),
6.84%,
03/15/39
(a)
(b)
..........
1,005
1,006,570
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
A,
5.37%,
05/03/32
(b)
......
800
785,370
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
GS
Mortgage
Securities
Corp.
Trust
Series
2015-GC32,
Class
C,
4.40%,
07/10/48
(a)
....................
USD
316
$
296,565
Series
2017-GPTX,
Class
A,
2.86%,
05/10/34
(b)
....................
552
386,809
Series
2021-DM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.89%
Floor
+
1.00%),
6.33%,
11/15/36
(a)
(b)
...................
609
605,765
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
8.02%,
11/15/27
(a)
(b)
..............
1,624
1,628,736
Series
2022-ECI,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.19%),
7.52%,
08/15/39
(a)
(b)
...................
980
986,167
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.42%,
03/15/28
(a)
(b)
..............
1,350
1,354,219
GS
Mortgage
Securities
Trust
(a)
Series
2014-GC20,
Class
B,
4.53%,
04/10/47
.....................
400
389,041
Series
2019-GSA1,
Class
C,
3.81%,
11/10/52
.....................
60
50,434
HMH
Trust,
Series
2017-NSS,
Class
A,
3.06%,
07/05/31
(b)
......................
1,890
1,612,976
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.57%,
10/15/39
(a)
(b)
1,607
1,605,489
IMT
Trust
(b)
Series
2017-APTS,
Class
AFX,
3.48%,
06/15/34
.....................
440
436,164
Series
2017-APTS,
Class
DFX,
3.50%,
06/15/34
(a)
....................
730
721,402
INTOWN
Mortgage
Trust,
Series
2022-STAY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.49%
Floor
+
2.49%),
7.81%,
08/15/39
(a)
(b)
.....
1,079
1,084,395
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(b)
Series
2016-NINE,
Class
B,
(1-mo.
LIBOR
USD
+
0.00%),
2.85%,
09/06/38
(a)
....
644
590,196
Series
2018-AON,
Class
A,
4.13%,
07/05/31
413
382,094
Series
2018-PHH,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.41%
Floor
+
1.26%),
6.58%,
06/15/35
(a)
...............
1,625
1,514,938
Series
2020-609M,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.77%
Floor
+
3.13%),
8.46%,
10/15/33
(a)
...............
1,300
1,004,534
Series
2021-MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
04/15/38
(a)
...............
87
86,822
Series
2021-MHC,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.81%),
7.14%,
04/15/38
(a)
...............
1,550
1,539,344
Series
2022-CGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.97%
Floor
+
2.87%),
8.20%,
12/15/36
(a)
...............
1,030
1,031,693
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.50%,
09/15/39
(a)
...............
1,580
1,584,438
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
(a)
....................
684
492,783
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.14%,
12/15/48
(a)
(b)
.....................
453
401,912
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2019-COR5,
Class
A3,
3.12%,
06/13/52
.......................
390
351,161
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2018-C8,
Class
AS,
4.42%,
06/15/51
USD
40
$
36,879
KSL
Commercial
Mortgage
Trust
(a)(b)
Series
2023-HT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.29%
Floor
+
2.29%),
7.62%,
12/15/36
.....................
1,040
1,046,175
Series
2023-HT,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.29%
Floor
+
4.29%),
9.61%,
12/15/36
.....................
3,891
3,910,450
LUX
Trust,
Series
2023-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
08/15/40
(a)
(b)
................
462
466,571
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
3.84%,
08/15/34
(a)
(b)
..............
300
228,046
MHC
Commercial
Mortgage
Trust,
Series
2021-
MHC,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.92%),
6.24%,
04/15/38
(a)
(b)
96
95,184
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(b)
......................
694
720,583
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C25,
Class
B,
4.52%,
10/15/48
(a)
......................
620
580,562
Morgan
Stanley
Capital
I
Trust
Series
2017-H1,
Class
B,
4.08%,
06/15/50
.
3,302
2,983,219
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
(b)
....................
1,360
1,081,925
Series
2018-MP,
Class
A,
4.28%,
07/11/40
(a)
(b)
...................
3,761
3,331,247
Series
2018-SUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.90%
Floor
+
1.20%),
6.52%,
07/15/35
(a)
(b)
..............
300
299,250
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
A5,
6.01%,
12/15/56
(a)
.....
149
159,036
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2018-FL1,
Class
A,
(US
Prime
Rate
+
1.00%),
8.50%,
06/15/35
(a)
.........
28
25,452
Series
2018-SOX,
Class
A,
4.40%,
06/17/38
886
842,236
Series
2019-LVL,
Class
D,
4.44%,
08/15/38
310
260,672
NJ
Trust,
Series
2023-GSP,
Class
A,
6.48%,
01/06/29
(a)
(b)
.....................
490
512,020
One
Bryant
Park
Trust,
Series
2019-OBP,
Class
A,
2.52%,
09/15/54
(b)
...............
324
276,681
One
New
York
Plaza
Trust,
Series
2020-1NYP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.95%
Floor
+
1.06%),
6.39%,
01/15/36
(a)
(b)
.....
370
360,774
OPEN
Trust,
Series
2023-AIR,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.09%
Floor
+
3.09%),
8.41%,
10/15/28
(a)
(b)
................
632
637,844
RIAL
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.58%,
01/19/37
(a)
(b)
..........
1,902
1,894,868
SG
Commercial
Mortgage
Securities
Trust,
Series
2019-PREZ,
Class
D,
3.48%,
09/15/39
(a)
(b)
.....................
460
371,255
SLG
Office
Trust,
Series
2021-OVA,
Class
A,
2.59%,
07/15/41
(b)
.................
3,398
2,808,668
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.51%,
05/15/37
(a)
(b)
................
1,831
1,844,733
Taurus
UK
DAC,
Series
2021-UK4A,
Class
D,
(Sterling
Overnight
Index
Average
at
2.10%
Floor
+
2.10%),
7.32%,
08/17/31
(a)
(b)
.....
GBP
499
624,197
THPT
Mortgage
Trust,
Series
2023-THL,
Class
A,
6.99%,
12/10/34
(a)
(b)
..............
USD
337
344,873
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
TPGI
Trust,
Series
2021-DGWD,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.61%),
6.94%,
06/15/26
(a)
(b)
..........
USD
2,720
$
2,707,250
TYSN
Mortgage
Trust,
Series
2023-CRNR,
Class
A,
6.58%,
12/10/33
(a)
(b)
..........
460
480,718
UBS
Commercial
Mortgage
Trust,
Series
2018-
C12,
Class
B,
4.79%,
08/15/51
(a)
.......
1,160
1,046,058
VNDO
Trust,
Series
2016-350P,
Class
D,
3.90%,
01/10/35
(a)
(b)
................
710
642,348
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-C32,
Class
A3FL,
(1-mo.
CME
Term
SOFR
at
1.42%
Floor
+
1.53%),
6.86%,
01/15/59
(a)
...............
633
625,266
Series
2016-C34,
Class
A3FL,
(1-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.15%),
6.48%,
06/15/49
(a)
(b)
..............
390
381,002
Series
2018-1745,
Class
A,
3.75%,
06/15/36
(a)
(b)
...................
110
96,150
Series
2018-C46,
Class
B,
4.63%,
08/15/51
429
387,059
Series
2019-C49,
Class
B,
4.55%,
03/15/52
1,688
1,586,272
Series
2019-C50,
Class
B,
4.19%,
05/15/52
2,639
2,438,549
Series
2020-SDAL,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.20%),
7.53%,
02/15/37
(a)
(b)
..............
935
930,352
Series
2021-FCMT,
Class
D,
(1-mo.
CME
Term
SOFR
at
3.50%
Floor
+
3.61%),
8.94%,
05/15/31
(a)
(b)
..............
1,890
1,774,711
WMRK
Commercial
Mortgage
Trust
(a)(b)
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.11%,
11/15/27
................
1,218
1,222,572
Series
2022-WMRK,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.44%
Floor
+
3.44%),
8.76%,
11/15/27
................
1,015
1,018,491
152,797,040
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.3%
(a)
245
Park
Avenue
Trust,
Series
2017-245P,
Class
XA,
0.15%,
06/05/37
(b)
..........
11,000
57,255
BANK
Series
2019-BN20,
Class
XB,
0.37%,
09/15/62
.....................
8,371
148,180
Series
2021-BN33,
Class
XA,
1.05%,
05/15/64
.....................
12,226
622,216
Series
2021-BN33,
Class
XB,
0.48%,
05/15/64
.....................
81,230
2,347,892
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Series
2017-BNK3,
Class
XB,
0.58%,
02/15/50
.....................
4,185
63,936
Series
2017-BNK3,
Class
XD,
1.24%,
02/15/50
(b)
....................
2,000
60,701
BBCMS
Trust,
Series
2015-SRCH,
Class
XA,
0.88%,
08/10/35
(b)
.................
6,520
147,195
BB-UBS
Trust,
Series
2012-SHOW,
Class
XA,
0.60%,
11/05/36
(b)
.................
65,905
147,673
Benchmark
Mortgage
Trust
Series
2019-B9,
Class
XA,
(1-mo.
LIBOR
USD
+
0.00%),
1.02%,
03/15/52
.....
2,914
109,377
Series
2020-B17,
Class
XB,
(1-mo.
LIBOR
USD
+
0.00%),
0.53%,
03/15/53
.....
1,560
35,840
Series
2021-B23,
Class
XA,
1.27%,
02/15/54
.....................
5,741
338,708
Series
2021-B24,
Class
XA,
1.15%,
03/15/54
.....................
19,345
1,009,561
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.73%,
06/15/56
...............
USD
5,819
$
297,975
BX
Trust,
Series
2022-GPA,
Class
XCP,
0.00%,
08/15/39
(b)
......................
19,914
583
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
XB,
0.69%,
05/10/58
....
2,030
26,000
Citigroup
Commercial
Mortgage
Trust,
Series
2020-420K,
Class
X,
0.80%,
11/10/42
(b)
...
10,100
445,482
Commercial
Mortgage
Trust
(b)
Series
2015-3BP,
Class
XA,
0.06%,
02/10/35
.....................
40,878
22,785
Series
2018-COR3,
Class
XD,
1.75%,
05/10/51
.....................
770
45,630
CSAIL
Commercial
Mortgage
Trust
Series
2017-CX10,
Class
XB,
0.17%,
11/15/50
.....................
3,170
28,602
Series
2019-C16,
Class
XA,
1.54%,
06/15/52
.....................
6,641
408,263
Series
2019-C17,
Class
XA,
1.32%,
09/15/52
.....................
1,982
102,012
Series
2019-C17,
Class
XB,
0.54%,
09/15/52
.....................
4,040
100,260
DBGS
Mortgage
Trust,
Series
2019-1735,
Class
X,
0.29%,
04/10/37
(b)
...........
5,975
81,226
DBJPM
Mortgage
Trust,
Series
2017-C6,
Class
XD,
(1-mo.
LIBOR
USD
+
0.00%),
1.00%,
06/10/50
(b)
......................
3,040
79,201
GS
Mortgage
Securities
Trust
Series
2019-GSA1,
Class
XA,
0.81%,
11/10/52
.....................
5,175
186,013
Series
2020-GSA2,
Class
XA,
1.71%,
12/12/53
(b)
....................
4,043
327,936
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2013-LC11,
Class
XB,
0.46%,
04/15/46
.....................
4,040
207
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
....................
4,330
64,865
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.77%,
09/15/47
.......................
688
168
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
......................
1,800
28,952
Ladder
Capital
Commercial
Mortgage
Mortgage
Trust,
Series
2013-GCP,
Class
XA,
1.15%,
02/15/36
(b)
......................
2,737
98,091
Morgan
Stanley
Capital
I
Trust
Series
2017-H1,
Class
XD,
2.15%,
06/15/50
(b)
....................
3,030
170,065
Series
2019-H6,
Class
XB,
0.71%,
06/15/52
5,210
161,431
Series
2019-L2,
Class
XA,
1.00%,
03/15/52
1,990
76,793
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
XA,
0.91%,
12/15/56
.....
11,507
761,871
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
XA,
0.38%,
05/10/39
(b)
.......
10,700
112,195
One
Market
Plaza
Trust
(b)
Series
2017-1MKT,
Class
XCP,
0.00%,
02/10/32
(f)
....................
14,166
1
Series
2017-1MKT,
Class
XNCP,
0.12%,
02/10/32
.....................
2,833
7,352
UBS
Commercial
Mortgage
Trust
Series
2019-C17,
Class
XA,
1.44%,
10/15/52
.....................
6,442
394,875
Series
2019-C18,
Class
XA,
1.00%,
12/15/52
.....................
7,016
267,292
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.24%,
08/15/49
(b)
....................
USD
1,180
$
28,325
Series
2019-C50,
Class
XA,
1.41%,
05/15/52
.....................
11,588
592,532
10,005,517
Total
Non-Agency
Mortgage-Backed
Securities
—
5
.8
%
(Cost:
$
247,874,727
)
..............................
227,715,340
Beneficial
Interest
(000)
Other
Interests
(i)
Capital
Markets
—
0.0%
(f)(g)(h)
Lehman
Brothers
Holdings,
Inc.
..........
14,400
1
Lehman
Brothers
Holdings,
Inc.,
Capital
Trust
VII
............................
1,630
—
Total
Other
Interests
—
0
.0
%
(Cost:
$
—
)
.....................................
1
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
0.0%
Federal
National
Mortgage
Association
,
6.63
%
,
11/15/30
..................
1,500
1,692,976
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
,
Series
2996
,
Class
MK
,
5.50
%
,
06/15/35
.......
2
1,892
Federal
National
Mortgage
Association
,
Series
2005-29
,
Class
WB
,
4.75
%
,
04/25/35
....
11
10,409
12,301
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
,
Series
KJ48
,
Class
A2
,
5.03
%
,
10/25/31
.......
476
476,633
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
,
Series
2018-K80
,
Class
B
,
4.23
%
,
08/25/50
(a)
(b)
................
235
224,488
Federal
National
Mortgage
Association
ACES
Variable
Rate
Notes
,
Series
2006-M2
,
Class
A2A
,
5.27
%
,
10/25/32
(a)
.............
886
879,294
Government
National
Mortgage
Association
,
Series
2023-118
,
Class
BA
,
3.75
%
,
05/16/65
(a)
.................
286
266,121
1,846,536
Interest
Only
Collateralized
Mortgage
Obligations
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Series
389
,
Class
C45
,
3.00
%
,
10/15/52
..
6,325
1,040,212
Series
5081
,
Class
AI
,
3.50
%
,
03/25/51
...
475
88,644
Series
5196
,
Class
DI
,
3.00
%
,
02/25/52
...
693
106,488
Federal
National
Mortgage
Association
Series
428
,
Class
C16
,
3.00
%
,
03/25/50
..
2,637
448,809
Series
437
,
Class
C11
,
3.00
%
,
07/25/52
..
4,121
698,819
Government
National
Mortgage
Association
Series
2021-58
,
Class
IY
,
3.00
%
,
02/20/51
.
2,507
396,249
Series
2021-78
,
Class
IP
,
3.00
%
,
05/20/51
.
2,629
414,886
Series
2021-83
,
Class
PI
,
3.00
%
,
05/20/51
1,992
314,770
Series
2021-97
,
Class
LI
,
3.00
%
,
08/20/50
.
2,945
465,827
Series
2022-78
,
Class
D
,
3.00
%
,
08/20/51
.
1,699
266,648
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2022-85
,
Class
IK
,
3.00
%
,
05/20/51
USD
1,659
$
262,014
4,503,366
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K120
,
Class
X1
,
1.04
%
,
10/25/30
..
40,917
2,119,198
Series
K121
,
Class
X1
,
1.02
%
,
10/25/30
..
3,049
155,886
Series
KL05
,
Class
X1P
,
0.89
%
,
06/25/29
.
13,486
541,130
Series
KL06
,
Class
XFX
,
1.36
%
,
12/25/29
.
1,480
76,785
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2013-30
,
0.52
%
,
09/16/53
.......
635
9,072
Series
2016-96
,
0.77
%
,
12/16/57
.......
748
27,207
2,929,278
Mortgage-Backed
Securities
—
39.0%
Federal
Home
Loan
Mortgage
Corp.
2.50
%
,
01/01/29
-
04/01/31
...........
2,324
2,186,166
3.00
%
,
09/01/27
-
12/01/46
...........
3,056
2,834,833
3.50
%
,
04/01/42
-
01/01/48
...........
3,655
3,366,625
4.00
%
,
08/01/40
-
12/01/45
...........
1,417
1,352,631
4.50
%
,
02/01/39
-
04/01/49
...........
11,235
10,960,134
5.00
%
,
07/01/35
-
11/01/48
...........
1,655
1,660,498
5.50
%
,
05/01/36
-
06/01/41
...........
1,057
1,080,000
6.00
%
,
11/01/29
-
12/01/32
...........
2
2,026
Federal
National
Mortgage
Association
4.00
%
,
01/01/41
..................
70
66,554
7.00
%
,
06/01/32
..................
6
6,352
Government
National
Mortgage
Association
2.00
%
,
08/20/50
-
02/20/51
...........
26,408
21,656,092
2.00
%
,
04/15/54
(j)
.................
25,799
21,132,374
2.50
%
,
04/20/51
-
01/20/53
...........
30,717
26,166,993
2.50
%
,
04/15/54
(j)
.................
21,712
18,489,962
3.00
%
,
12/20/44
-
01/20/52
...........
21,738
19,177,137
3.00
%
,
04/15/54
(j)
.................
16,414
14,473,247
3.50
%
,
01/15/42
-
04/20/48
...........
7,689
7,138,790
3.50
%
,
04/15/54
(j)
.................
20,957
19,068,300
4.00
%
,
04/20/39
-
05/20/50
...........
7,793
7,408,330
4.00
%
,
04/15/54
(j)
.................
12,087
11,309,674
4.50
%
,
12/20/39
-
04/20/50
...........
5,618
5,483,355
4.50
%
,
04/15/54
(j)
.................
302
290,170
5.00
%
,
12/15/38
-
07/20/41
...........
1,914
1,929,515
5.00
%
,
04/15/54
(j)
.................
14,596
14,344,318
5.50
%
,
03/15/32
-
11/15/33
...........
2
1,629
5.50
%
,
04/15/54
(j)
.................
1,008
1,007,053
6.00
%
,
12/15/36
..................
37
38,012
6.00
%
,
04/15/54
(j)
.................
11,060
11,156,666
6.50
%
,
04/15/54
(j)
.................
9,072
9,223,256
7.50
%
,
11/15/29
..................
—
(k)
239
Uniform
Mortgage-Backed
Securities
1.50
%
,
12/01/35
-
03/01/51
...........
54,530
44,134,123
1.50
%
,
04/25/39
-
04/25/54
(j)
..........
3,809
3,050,493
2.00
%
,
10/01/31
-
03/01/52
...........
223,781
182,279,832
2.00
%
,
04/25/39
-
04/25/54
(j)
..........
43,539
35,302,832
2.50
%
,
09/01/27
-
04/01/52
(l)
..........
175,479
148,816,733
2.50
%
,
04/25/39
-
04/25/54
(j)
..........
6,335
5,489,019
3.00
%
,
04/01/28
-
08/01/52
...........
77,976
69,108,708
3.00
%
,
04/25/39
-
04/25/54
(j)
..........
23,066
19,873,075
3.50
%
,
08/01/27
-
01/01/51
...........
53,773
49,256,515
3.50
%
,
04/25/39
-
04/25/54
(j)
..........
64,550
57,766,168
4.00
%
,
08/01/33
-
06/01/52
...........
66,641
62,927,012
4.00
%
,
04/25/39
-
04/25/54
(j)
..........
5,150
4,770,565
4.50
%
,
02/01/25
-
08/01/52
...........
33,921
33,013,975
4.50
%
,
04/25/39
-
04/25/54
(j)
..........
67,533
64,408,911
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
5.00
%
,
03/01/30
-
04/01/53
...........
USD
23,210
$
22,849,733
5.00
%
,
04/25/54
(j)
.................
110,748
108,052,440
5.50
%
,
12/01/31
-
08/01/53
...........
21,874
21,880,764
5.50
%
,
04/25/54
(j)
.................
217,554
216,474,284
6.00
%
,
07/01/29
-
03/01/54
...........
30,989
31,434,706
6.00
%
,
04/25/54
(j)
.................
24
24,218
6.50
%
,
05/01/40
-
02/01/54
...........
16,853
17,321,902
6.50
%
,
04/25/54
(j)
.................
29,651
30,292,001
7.00
%
,
12/01/53
-
01/01/54
...........
7,094
7,325,204
7.00
%
,
04/25/54
-
05/25/54
(j)
..........
61,094
62,927,417
7.50
%
,
12/01/53
-
01/01/54
...........
931
969,590
1,532,761,151
Total
U.S.
Government
Sponsored
Agency
Securities
—
39
.2
%
(Cost:
$
1,624,661,611
)
............................
1,543,745,608
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.25
%
,
05/15/39
-
11/15/40
...........
4,474
4,433,371
4.50
%
,
08/15/39
..................
19,132
19,601,669
4.38
%
,
11/15/39
-
05/15/41
...........
13,253
13,309,751
4.63
%
,
02/15/40
..................
2,710
2,807,814
1.13
%
,
05/15/40
-
08/15/40
...........
27,332
16,998,155
3.88
%
,
08/15/40
-
02/15/43
...........
5,504
5,140,799
1.38
%
,
11/15/40
-
08/15/50
...........
25,986
15,293,898
4.75
%
,
02/15/41
-
11/15/53
...........
23,209
24,717,232
2.00
%
,
11/15/41
-
08/15/51
...........
9,712
6,403,614
3.00
%
,
05/15/42
-
08/15/52
(m)
..........
79,586
62,295,207
4.00
%
,
11/15/42
-
11/15/52
...........
17,297
16,277,415
3.13
%
,
02/15/43
-
08/15/44
...........
15,468
12,732,017
2.88
%
,
05/15/43
-
11/15/46
...........
13,320
10,426,915
3.63
%
,
08/15/43
-
05/15/53
...........
37,443
33,065,297
3.75
%
,
11/15/43
..................
15,844
14,332,012
2.50
%
,
02/15/45
(l)
.................
36,899
26,980,952
2.75
%
,
11/15/47
(l)
..................
35,670
26,652,178
2.25
%
,
08/15/49
-
02/15/52
...........
19,517
12,968,164
1.63
%
,
11/15/50
..................
8,630
4,874,264
1.88
%
,
02/15/51
-
11/15/51
...........
14,060
8,438,553
2.38
%
,
05/15/51
..................
13,354
9,065,457
U.S.
Treasury
Inflation
Linked
Notes
,
2.38
%
,
10/15/28
..................
88,246
90,290,719
U.S.
Treasury
Notes
1.75
%
,
12/31/24
..................
59,907
58,413,712
1.50
%
,
02/15/25
-
02/15/30
...........
66,299
62,349,443
2.00
%
,
02/15/25
-
11/15/26
...........
39,697
37,831,409
2.63
%
,
04/15/25
-
02/15/29
...........
25,518
24,520,902
0.38
%
,
04/30/25
-
09/30/27
...........
31,280
29,084,365
2.13
%
,
05/15/25
..................
14,360
13,916,298
2.88
%
,
06/15/25
-
05/15/32
...........
37,378
36,406,030
0.25
%
,
06/30/25
-
07/31/25
...........
26,118
24,598,920
4.00
%
,
12/15/25
-
02/15/34
(m)
..........
187,723
185,337,874
0.50
%
,
02/28/26
-
08/31/27
...........
72,619
64,866,281
0.75
%
,
03/31/26
-
05/31/26
...........
25,901
23,944,775
0.88
%
,
06/30/26
..................
18,120
16,707,206
0.63
%
,
07/31/26
..................
5,607
5,124,272
4.38
%
,
08/15/26
..................
40,000
39,846,875
1.63
%
,
11/30/26
-
05/15/31
...........
29,588
25,902,909
2.38
%
,
05/15/27
-
05/15/29
...........
20,263
18,768,647
2.25
%
,
08/15/27
(m)
.................
45,063
42,075,816
3.88
%
,
11/30/27
-
12/31/29
...........
67,673
66,516,287
3.63
%
,
03/31/28
..................
15,707
15,311,578
1.25
%
,
09/30/28
-
08/15/31
...........
50,227
41,899,756
3.13
%
,
11/15/28
..................
5,507
5,245,202
3.75
%
,
05/31/30
..................
36,400
35,445,922
4.88
%
,
10/31/30
..................
19,805
20,524,734
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
2.75
%
,
08/15/32
(m)
.................
USD
53,919
$
48,360,889
Total
U.S.
Treasury
Obligations
—
35
.1
%
(Cost:
$
1,480,476,976
)
............................
1,380,105,555
Total
Long-Term
Investments
—
116.1%
(Cost:
$
4,773,205,927
)
............................
4,566,447,677
Short-Term
Securities
Foreign
Government
Obligations
—
0.1%
Mexico
—
0.1%
United
Mexican
States
Treasury
Bills
,
13.54%
,
11/28/24
(n)
......................
MXN
8,526
4,770,087
Total
Foreign
Government
Obligations
—
0
.1
%
(Cost:
$
4,398,413
)
...............................
4,770,087
Shares
Shares
Money
Market
Funds
—
1.8%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(o)
(p)
..................
69,604,750
69,604,750
Total
Money
Market
Funds
—
1
.8
%
(Cost:
$
69,604,750
)
...............................
69,604,750
Total
Short-Term
Securities
—
1.9%
(Cost:
$
74,003,163
)
...............................
74,374,837
Total
Options
Purchased
—
0
.0
%
(
Cost:
$
912,453
)
.................................
999,784
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
118
.0
%
(Cost:
$
4,848,121,543
)
............................
4,641,822,298
Total
Options
Written
—
(0.0)
%
(Premium
Received
—
$
(
1,955,006
)
)
...................
(
1,608,125
)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(j)
Mortgage-Backed
Securities
—
(
7
.6
)
%
Government
National
Mortgage
Association
2.00
%
,
04/15/54
..................
USD
(
449
)
(
367,782
)
3.50
%
,
04/15/54
..................
(
148
)
(
134,662
)
4.00
%
,
04/15/54
..................
(
169
)
(
158,131
)
4.50
%
,
04/15/54
..................
(
2,591
)
(
2,489,508
)
5.50
%
,
04/15/54
..................
(
187
)
(
186,824
)
6.00
%
,
04/15/54
..................
(
91
)
(
91,795
)
Uniform
Mortgage-Backed
Securities
1.50
%
,
04/25/39
..................
(
10
)
(
8,659
)
2.00
%
,
04/25/39
..................
(
16
)
(
14,177
)
3.50
%
,
04/25/39
-
05/25/54
...........
(
16,839
)
(
15,141,592
)
4.00
%
,
04/25/39
-
05/25/54
...........
(
16,494
)
(
15,282,612
)
3.00
%
,
04/25/54
..................
(
6
)
(
5,161
)
4.50
%
,
04/25/54
..................
(
9,070
)
(
8,636,657
)
5.00
%
,
04/25/54
..................
(
33,596
)
(
32,778,380
)
5.50
%
,
04/25/54
..................
(
136,262
)
(
135,585,632
)
6.00
%
,
04/25/54
..................
(
4,013
)
(
4,049,333
)
6.50
%
,
04/25/54
-
05/25/54
...........
(
65,805
)
(
67,209,606
)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
7.00
%
,
04/25/54
..................
USD
(
15,500
)
$
(
15,976,022
)
Total
TBA
Sale
Commitments
—
(
7
.6
)
%
(Proceeds:
$
(
297,831,060
)
)
.........................
(298,116,533)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
110
.4
%
(Cost:
$
4,548,335,477
)
............................
4,342,097,640
Liabilities
in
Excess
of
Other
Assets
—
(
10.4
)
%
............
(
407,912,972
)
Net
Assets
—
100.0%
...............................
$
3,934,184,668
(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)
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.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Perpetual
security
with
no
stated
maturity
date.
(f)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(g)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(h)
Non-income
producing
security.
(i)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(j)
Represents
or
includes
a
TBA
transaction.
(k)
Rounds
to
less
than
1,000.
(l)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(m)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(n)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(o)
Affiliate
of
the
Fund.
(p)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
249,439,430
$
—
$
(
179,834,680
)
(a)
$
—
$
—
$
69,604,750
69,604,750
$
3,095,175
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
37
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
Long
Bond
.....................................................
394
06/18/24
$
47,452
$
555,213
U.S.
Treasury
2-Year
Note
....................................................
760
06/28/24
155,408
(
146,216
)
U.S.
Treasury
5-Year
Note
....................................................
893
06/28/24
95,565
2,809
3-mo.
SONIA
Index
.........................................................
24
03/18/25
7,240
(
49,696
)
362,110
Short
Contracts
Euro-Bobl
...............................................................
88
06/06/24
11,227
(
68,477
)
Euro-Bund
..............................................................
176
06/06/24
25,326
(
125,785
)
U.S.
Treasury
10-Year
Note
...................................................
437
06/18/24
48,418
4,936
U.S.
Treasury
10-Year
Ultra
Note
...............................................
1,256
06/18/24
143,949
(
718,464
)
U.S.
Treasury
Ultra
Bond
.....................................................
96
06/18/24
12,384
(
7,867
)
(
915,657
)
$
(
553,547
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
2,640,000
BRL
13,144,560
Goldman
Sachs
International
04/02/24
$
19,160
PEN
421,802
USD
113,373
Deutsche
Bank
AG
04/05/24
15
USD
3,398,295
IDR
52,965,822,600
Bank
of
America
NA
04/19/24
63,091
USD
1,061,120
IDR
16,558,775,025
Deutsche
Bank
AG
04/19/24
18,430
USD
3,711,815
EUR
3,404,540
Deutsche
Bank
AG
04/22/24
35,895
USD
2,675,971
PLN
10,583,980
Goldman
Sachs
International
04/22/24
26,648
COP
3,947,251,700
USD
1,010,000
Barclays
Bank
plc
04/24/24
7,278
JPY
54,362,106
USD
360,000
HSBC
Bank
plc
04/24/24
318
MXN
36,414,218
USD
2,160,000
Morgan
Stanley
&
Co.
International
plc
04/24/24
22,942
USD
720,000
CHF
634,277
Deutsche
Bank
AG
04/24/24
14,977
USD
460,000
CHF
411,864
HSBC
Bank
plc
04/24/24
2,198
USD
890,000
CNY
6,395,095
UBS
AG
04/24/24
8,791
USD
590,000
CZK
13,663,662
Morgan
Stanley
&
Co.
International
plc
04/24/24
7,527
USD
587,081
EUR
540,000
Wells
Fargo
Bank
NA
04/24/24
3,990
USD
1,745,403
GBP
1,370,000
Bank
of
America
NA
04/24/24
16,050
USD
730,000
JPY
108,286,309
Morgan
Stanley
&
Co.
International
plc
04/24/24
12,267
USD
1,190,000
TWD
37,609,950
Citibank
NA
04/24/24
14,577
USD
280,000
ZAR
5,290,702
Wells
Fargo
Bank
NA
04/24/24
1,147
ZAR
19,178,486
USD
1,010,000
Citibank
NA
04/24/24
825
USD
537,750
EUR
489,391
Deutsche
Bank
AG
05/16/24
8,835
USD
1,182,597
PEN
4,369,424
BNP
Paribas
SA
05/16/24
9,016
USD
1,071,721
PEN
3,966,440
Citibank
NA
05/16/24
6,378
USD
4,053,774
CZK
94,639,415
Citibank
NA
06/04/24
18,800
USD
21,499,385
EUR
19,682,300
Deutsche
Bank
AG
06/20/24
196,248
USD
7,555,096
EUR
6,932,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
52,246
USD
28,936,864
EUR
26,484,144
Toronto
Dominion
Bank
06/20/24
271,753
USD
28,331,536
EUR
25,907,856
UBS
AG
06/20/24
290,170
USD
142,915
JPY
21,220,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
1,006
1,130,578
BRL
3,090,545
USD
620,000
Barclays
Bank
plc
04/02/24
(
3,789
)
BRL
1,442,663
USD
290,000
Citibank
NA
04/02/24
(
2,353
)
BRL
8,626,593
USD
1,730,000
Deutsche
Bank
AG
04/02/24
(
9,979
)
USD
2,616,573
PEN
9,968,289
Citibank
NA
04/05/24
(
63,074
)
EUR
552,796
USD
599,036
Bank
of
America
NA
04/22/24
(
2,176
)
EUR
318,132
USD
344,733
Citibank
NA
04/22/24
(
1,242
)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
38
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
EUR
538,408
USD
588,814
JPMorgan
Chase
Bank
NA
04/22/24
$
(
7,489
)
EUR
314,628
USD
342,460
Nomura
International
plc
04/22/24
(
2,754
)
USD
9,620,947
MXN
165,719,847
Barclays
Bank
plc
04/22/24
(
316,632
)
AUD
980,000
USD
644,513
HSBC
Bank
plc
04/24/24
(
5,494
)
AUD
820,000
USD
539,130
Morgan
Stanley
&
Co.
International
plc
04/24/24
(
4,441
)
CLP
574,400,577
USD
590,000
Goldman
Sachs
International
04/24/24
(
4,147
)
CLP
274,195,290
USD
290,000
HSBC
Bank
plc
04/24/24
(
10,338
)
EUR
270,000
USD
292,901
Bank
of
America
NA
04/24/24
(
1,355
)
GBP
440,000
USD
556,244
Wells
Fargo
Bank
NA
04/24/24
(
831
)
HUF
483,988,264
USD
1,330,000
State
Street
Bank
and
Trust
Co.
04/24/24
(
6,120
)
IDR
25,019,047,500
USD
1,590,000
Citibank
NA
04/24/24
(
14,776
)
INR
73,859,320
USD
890,000
JPMorgan
Chase
Bank
NA
04/24/24
(
4,759
)
KRW
1,171,965,400
USD
880,000
JPMorgan
Chase
Bank
NA
04/24/24
(
10,681
)
MYR
5,603,115
USD
1,190,000
Barclays
Bank
plc
04/24/24
(
14,732
)
PLN
6,903,868
USD
1,740,000
HSBC
Bank
plc
04/24/24
(
11,895
)
THB
19,394,100
USD
540,000
Barclays
Bank
plc
04/24/24
(
7,525
)
BRL
13,185,480
USD
2,640,000
Goldman
Sachs
International
05/03/24
(
19,176
)
EUR
88,698
USD
97,472
HSBC
Bank
plc
05/16/24
(
1,611
)
USD
603,460
COP
2,371,217,888
JPMorgan
Chase
Bank
NA
05/16/24
(
5,376
)
USD
7,661,848
COP
30,171,592,909
Morgan
Stanley
&
Co.
International
plc
05/16/24
(
85,040
)
IDR
6,272,008,556
USD
400,716
Credit
Agricole
Corporate
&
Investment
Bank
SA
06/20/24
(
6,439
)
USD
7,753
JPY
1,160,000
Deutsche
Bank
AG
06/20/24
(
4
)
(
624,228
)
$
506,350
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
2-Year
Note
.....................
38
04/26/24
USD
102.00
USD
7,600
$
8,313
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Bank
of
America
NA
03/06/26
CNH
7.75
USD
108,205
$
966,439
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.33%
Annual
Bank
of
America
NA
04/05/24
3
.33
%
USD
11,589
$
2
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.28%
Annual
Bank
of
America
NA
04/12/24
3
.28
USD
11,544
71
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.51%
Annual
Deutsche
Bank
AG
04/19/24
3
.51
USD
11,491
5,644
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.43%
Annual
JPMorgan
Chase
Bank
NA
04/26/24
3
.43
USD
11,375
5,718
11,435
Put
10-Year
Interest
Rate
Swap
(a)
4.13%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/05/24
4
.13
USD
11,589
526
10-Year
Interest
Rate
Swap
(a)
4.08%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/12/24
4
.08
USD
11,544
5,830
10-Year
Interest
Rate
Swap
(a)
4.31%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
04/19/24
4
.31
USD
11,491
1,486
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
39
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
4.23%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/26/24
4
.23
%
USD
11,375
$
5,755
13,597
$
25,032
(a)
Forward
settling
swaption.
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
3-mo.
SOFR
Interest
Futures
.....................
31
04/12/24
USD
94.88
USD
7,750
$
(
3,100
)
3-mo.
SOFR
Interest
Futures
.....................
61
04/12/24
USD
95.00
USD
15,250
(
21,731
)
U.S.
Treasury
2-Year
Note
......................
57
04/26/24
USD
101.75
USD
11,400
(
5,344
)
$
(
30,175
)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
3.53%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/05/24
3
.53
%
USD
11,589
$
(
296
)
10-Year
Interest
Rate
Swap
(a)
3.48%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/12/24
3
.48
USD
11,544
(
1,430
)
10-Year
Interest
Rate
Swap
(a)
3.71%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
04/19/24
3
.71
USD
11,491
(
34,051
)
10-Year
Interest
Rate
Swap
(a)
3.63%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/26/24
3
.63
USD
11,375
(
27,554
)
10-Year
Interest
Rate
Swap
(a)
4.48%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/20/25
4
.48
USD
1,081
(
85,400
)
10-Year
Interest
Rate
Swap
(a)
4.00%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/17/25
4
.00
USD
1,391
(
73,934
)
10-Year
Interest
Rate
Swap
(a)
3.97%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/20/25
3
.97
USD
1,755
(
90,432
)
10-Year
Interest
Rate
Swap
(a)
3.84%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/28/25
3
.84
USD
1,646
(
75,359
)
10-Year
Interest
Rate
Swap
(a)
3.96%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/28/25
3
.96
USD
1,054
(
54,046
)
10-Year
Interest
Rate
Swap
(a)
3.40%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/15/25
3
.40
USD
425
(
12,576
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3
.55
USD
1,877
(
69,491
)
10-Year
Interest
Rate
Swap
(a)
3.59%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
03/06/26
3
.59
USD
1,328
(
51,098
)
10-Year
Interest
Rate
Swap
(a)
3.54%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3
.54
USD
2,144
(
78,208
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3
.55
USD
1,715
(
63,409
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
03/11/26
3
.55
USD
1,072
(
39,719
)
10-Year
Interest
Rate
Swap
(a)
3.64%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/13/26
3
.64
USD
1,791
(
72,791
)
(
829,794
)
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Annual
Bank
of
America
NA
04/05/24
3
.93
USD
11,589
(
15,448
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.88%
Annual
Bank
of
America
NA
04/12/24
3
.88
USD
11,544
(
42,377
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.11%
Annual
Deutsche
Bank
AG
04/19/24
4
.11
USD
11,491
(
9,390
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.03%
Annual
JPMorgan
Chase
Bank
NA
04/26/24
4
.03
USD
11,375
(
24,130
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.48%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/20/25
4
.48
USD
1,081
(
18,373
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Semi-Annual
Bank
of
America
NA
11/17/25
4
.00
USD
1,391
(
39,276
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.97%
Semi-Annual
Citibank
NA
11/20/25
3
.97
USD
1,755
(
51,412
)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
40
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.84%
Semi-Annual
Bank
of
America
NA
11/28/25
3
.84
%
USD
1,646
$
(
54,628
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.96%
Semi-Annual
Citibank
NA
11/28/25
3
.96
USD
1,054
(
31,341
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.40%
Annual
Morgan
Stanley
&
Co.
International
plc
12/15/25
3
.40
USD
425
(
20,910
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3
.55
USD
1,877
(
84,366
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.59%
Annual
Deutsche
Bank
AG
03/06/26
3
.59
USD
1,328
(
57,857
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.54%
Annual
Citibank
NA
03/09/26
3
.54
USD
2,144
(
97,827
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Citibank
NA
03/09/26
3
.55
USD
1,715
(
77,392
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Goldman
Sachs
International
03/11/26
3
.55
USD
1,072
(
48,376
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.64%
Annual
Bank
of
America
NA
03/13/26
3
.64
USD
1,791
(
75,053
)
(
748,156
)
$
(
1,577,950
)
(a)
Forward
settling
swaption.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
11.25%
Monthly
28-day
MXIBTIIE
Monthly
N/A
11/07/24
MXN
142,084
$
(
11,594
)
$
—
$
(
11,594
)
10.95%
Monthly
28-day
MXIBTIIE
Monthly
N/A
12/03/24
MXN
141,026
(
956
)
—
(
956
)
10.76%
Monthly
28-day
MXIBTIIE
Monthly
N/A
01/23/25
MXN
71,520
3,035
—
3,035
4.68%
At
Termination
3-mo.
PRIBOR
Quarterly
N/A
03/20/25
CZK
103,979
(
3,564
)
—
(
3,564
)
5.14%
Annual
6-mo.
WIBOR
Semi-Annual
N/A
12/20/25
PLN
7,971
16,258
—
16,258
4.10%
Annual
6-mo.
PRIBOR
Semi-Annual
N/A
03/20/26
CZK
43,800
(
1,789
)
—
(
1,789
)
4.17%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
N/A
03/22/26
CAD
55,586
11,717
—
11,717
1-day
SOFR
Annual
4.52%
Annual
N/A
03/26/26
USD
40,718
(
27,219
)
—
(
27,219
)
8.02%
Quarterly
3-mo.
JIBAR
Quarterly
03/26/25
(a)
03/26/26
ZAR
94,806
(
503
)
—
(
503
)
6-mo.
WIBOR
Semi-Annual
5.31%
Annual
06/19/24
(a)
06/19/26
PLN
7,971
1,721
—
1,721
3-mo.
CD_KSDA
Quarterly
3.19%
Quarterly
N/A
09/20/26
KRW
1,490,857
(
3,658
)
—
(
3,658
)
3-mo.
CD_KSDA
Quarterly
3.33%
Quarterly
N/A
09/20/26
KRW
1,510,279
145
—
145
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
N/A
09/20/26
KRW
1,510,506
1,496
—
1,496
3-mo.
CD_KSDA
Quarterly
3.38%
Quarterly
N/A
09/20/26
KRW
1,510,506
1,564
—
1,564
6-mo.
EURIBOR
Semi-Annual
3.15%
Annual
N/A
07/21/28
EUR
1,877
63,503
—
63,503
28-day
MXIBTIIE
Monthly
9.69%
Monthly
N/A
10/25/28
MXN
31,779
56,333
—
56,333
28-day
MXIBTIIE
Monthly
8.67%
Monthly
N/A
01/18/29
MXN
31,707
(
15,963
)
—
(
15,963
)
2.49%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/19/54
EUR
8,384
(
285,324
)
—
(
285,324
)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/20/54
EUR
8,384
(
316,620
)
—
(
316,620
)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
02/20/54
EUR
8,565
(
338,026
)
—
(
338,026
)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/01/54
EUR
4,155
(
163,515
)
—
(
163,515
)
2.46%
Annual
6-mo.
EURIBOR
Semi-Annual
N/A
03/22/54
EUR
1,745
(
50,002
)
—
(
50,002
)
$
(
1,062,961
)
$
—
$
(
1,062,961
)
(a)
Forward
swap.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
41
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)
Abbott
Laboratories
........
1
.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
1,439
$
(
38,496
)
$
(
34,180
)
$
(
4,316
)
American
Electric
Power
Co.,
Inc.
.................
1
.00
Quarterly
Bank
of
America
NA
06/20/29
USD
1,782
(
54,912
)
(
51,264
)
(
3,648
)
American
Electric
Power
Co.,
Inc.
.................
1
.00
Quarterly
Bank
of
America
NA
06/20/29
USD
2,233
(
68,814
)
(
64,243
)
(
4,571
)
American
Electric
Power
Co.,
Inc.
.................
1
.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
4,060
(
125,112
)
(
116,802
)
(
8,310
)
American
Express
Co.
......
1
.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
4,059
(
133,184
)
(
124,542
)
(
8,642
)
Dominion
Energy,
Inc.
.......
1
.00
Quarterly
Goldman
Sachs
International
06/20/29
USD
4,050
(
90,473
)
(
82,660
)
(
7,813
)
United
Mexican
States
......
1
.00
Quarterly
Bank
of
America
NA
06/20/29
USD
4,301
(
16,210
)
(
13,813
)
(
2,397
)
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
853
402
8,825
(
8,423
)
CMBX.NA.9.AAA
..........
0
.50
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
18
8
199
(
191
)
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Citigroup
Global
Markets,
Inc.
09/17/58
USD
440
64,543
13,389
51,154
CMBX.NA.9.BBB-
.........
3
.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
USD
288
42,246
14,327
27,919
CMBX.NA.6.AAA
..........
0
.50
Monthly
Deutsche
Bank
AG
05/11/63
USD
2
—
(
1,034
)
1,034
$
–
$
–
$
–
$
(
420,002
)
$
(
451,798
)
$
31,796
$
–
$
–
$
–
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)
CMBX.NA.9.BBB-
.....
3
.00
%
Monthly
Deutsche
Bank
AG
09/17/58
BBB-
USD
197
$
(
28,897
)
$
(
18,116
)
$
(
10,781
)
CMBX.NA.9.BBB-
.....
3
.00
Monthly
Deutsche
Bank
AG
09/17/58
BBB-
USD
531
(
77,891
)
(
55,068
)
(
22,823
)
CMBX.NA.10.BBB-
....
3
.00
Monthly
JPMorgan
Securities
LLC
11/17/59
BBB-
USD
35
(
6,600
)
—
(
6,600
)
$
(
113,388
)
$
(
73,184
)
$
(
40,204
)
(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
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
10.30%
At
Termination
1-day
IBR
At
Termination
Citibank
NA
N/A
01/29/25
COP
9,269,811
$
6,460
$
—
$
6,460
10.18%
At
Termination
1-day
IBR
At
Termination
Citibank
NA
N/A
06/20/25
COP
8,425,370
1,293
—
1,293
8.62%
At
Termination
1-day
IBR
At
Termination
JPMorgan
Chase
Bank
NA
11/05/24
(a)
11/05/25
COP
13,237,519
(
28,698
)
—
(
28,698
)
1-day
BZDIOVER
At
Termination
10.02%
At
Termination
HSBC
Bank
plc
N/A
01/02/26
BRL
12,528
(
21,978
)
—
(
21,978
)
1-day
BZDIOVER
At
Termination
10.14%
At
Termination
Goldman
Sachs
International
N/A
01/02/26
BRL
3,936
(
4,783
)
—
(
4,783
)
1-day
BZDIOVER
At
Termination
10.62%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
16,878
30,317
—
30,317
1-day
BZDIOVER
At
Termination
11.78%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
9,504
50,554
—
50,554
1-day
BZDIOVER
At
Termination
11.84%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
9,303
52,523
—
52,523
1-day
BZDIOVER
At
Termination
9.65%
At
Termination
Citibank
NA
N/A
01/02/26
BRL
20,072
(
24,262
)
—
(
24,262
)
1-day
CLICP
At
Termination
4.95%
At
Termination
Goldman
Sachs
International
04/01/25
(a)
04/01/26
CLP
3,779,824
—
—
—
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
42
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
CLICP
At
Termination
4.88%
At
Termination
JPMorgan
Chase
Bank
NA
04/01/25
(a)
04/01/26
CLP
3,795,187
$
—
$
—
$
—
1-day
BZDIOVER
At
Termination
9.79%
At
Termination
BNP
Paribas
SA
N/A
01/04/27
BRL
13,186
(
27,488
)
—
(
27,488
)
4.92%
Semi-Annual
1-day
CLICP
Semi-Annual
JPMorgan
Chase
Bank
NA
04/01/26
(a)
04/01/28
CLP
2,037,257
522
—
522
4.99%
Semi-Annual
1-day
CLICP
Semi-Annual
Goldman
Sachs
International
04/01/26
(a)
04/01/28
CLP
2,122,431
—
—
—
$
34,460
$
—
$
34,460
(a)
Forward
swap.
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.04
%
1-day
CLICP
.........................................
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
0
.02
1-day
IBR
...........................................
Colombian
Reference
Banking
Indicator
11
.39
1-day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
5
.05
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.32
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11
.25
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3
.64
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8
.35
3-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
5
.61
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3
.85
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
5
.23
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5
.76
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)
............................................
$
—
$
—
$
155,772
$
(
1,218,733
)
$
—
OTC
Swaps
.....................................................
36,740
(
561,722
)
221,776
(
195,724
)
—
Options
Written
...................................................
N/A
N/A
414,333
(
67,452
)
(
1,608,125
)
(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.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
43
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)
......
$
—
$
—
$
—
$
—
$
562,958
$
—
$
562,958
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,130,578
—
—
1,130,578
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
............
—
—
—
966,439
33,345
—
999,784
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
155,772
—
155,772
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
116,847
—
—
141,669
—
258,516
$
—
$
116,847
$
—
$
2,097,017
$
893,744
$
—
$
3,107,608
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
1,116,505
$
—
$
1,116,505
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
624,228
—
—
624,228
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
1,608,125
—
1,608,125
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
1,218,733
—
1,218,733
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
650,237
—
—
107,209
—
757,446
$
—
$
650,237
$
—
$
624,228
$
4,050,572
$
—
$
5,325,037
(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
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
March
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
.......................
$
—
$
—
$
—
$
—
$
(
7,231,354
)
$
—
$
(
7,231,354
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
1,495,020
)
—
—
(
1,495,020
)
Options
purchased
(a)
.....................
—
—
—
(
354,472
)
(
17,131,380
)
—
(
17,485,852
)
Options
written
........................
—
—
—
—
12,710,503
—
12,710,503
Swaps
..............................
—
(
694,680
)
—
—
(
3,803,568
)
609,904
(
3,888,344
)
$
—
$
(694,680)
$
—
$
(1,849,492)
$
(15,455,799)
$
609,904
$
(17,390,067)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
280,405
$
—
$
280,405
Forward
foreign
currency
exchange
contracts
....
—
—
—
548,997
—
—
548,997
Options
purchased
(b)
.....................
—
—
—
176,542
(
5,715,140
)
—
(
5,538,598
)
Options
written
........................
—
—
—
—
8,922,055
—
8,922,055
Swaps
..............................
—
326,698
—
—
(
448,685
)
(
231,109
)
(
353,096
)
$
—
$
326,698
$
—
$
725,539
$
3,038,635
$
(231,109)
$
3,859,763
(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)
March
31,
2024
BlackRock
Core
Bond
Portfolio
44
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
..................................................................................
$
353,614,353
Average
notional
value
of
contracts
—
short
.................................................................................
$
679,677,015
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
97,545,946
Average
amounts
sold
—
in
USD
........................................................................................
$
27,118,078
Options
Average
value
of
option
contracts
purchased
................................................................................
$
1,299,001
Average
value
of
option
contracts
written
...................................................................................
$
846,517
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
155,489,156
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
441,731,381
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
22,388,680
Average
notional
value
—
sell
protection
...................................................................................
$
875,500
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
112,952,724
Average
notional
value
—
receives
fixed
rate
................................................................................
$
139,901,012
Inflation
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
1,666,964
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
—
$
50,000
Forward
f
oreign
currency
exchange
contracts
.................................................................
1,130,578
624,228
Options
(a)
(b)
........................................................................................
999,784
1,608,125
Swaps
—
centrally
cleared
..............................................................................
—
370,966
Swaps
—
OTC
(c)
.....................................................................................
258,516
757,446
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
2,388,878
$
3,410,765
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
8,313
)
(
451,141
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
2,380,565
$
2,959,624
(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
forward
settling
swaptions.
(c)
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
(b)
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
1,052,009
$
(
594,059
)
$
(
457,950
)
$
—
$
—
Barclays
Bank
plc
................................
7,278
(
7,278
)
—
—
—
BNP
Paribas
SA
.................................
9,016
(
9,016
)
—
—
—
Citibank
NA
....................................
181,727
(
181,727
)
—
—
—
Citigroup
Global
Markets
...........................
64,543
—
—
—
64,543
Deutsche
Bank
AG
...............................
282,564
(
270,201
)
—
—
12,363
Goldman
Sachs
International
........................
45,808
(
45,808
)
—
—
—
HSBC
Bank
plc
..................................
2,516
(
2,516
)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
11,995
(
11,995
)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
147,258
(
147,258
)
—
—
—
Toronto
Dominion
Bank
............................
271,753
—
—
—
271,753
UBS
AG
......................................
298,961
—
—
—
298,961
Wells
Fargo
Bank
NA
..............................
5,137
(
831
)
—
—
4,306
$
2,380,565
$
(
1,270,689
)
$
(
457,950
)
$
—
$
651,926
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
Schedules
of
Investments
45
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
(b)
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
594,059
$
(
594,059
)
$
—
$
—
$
—
Barclays
Bank
plc
................................
342,678
(
7,278
)
—
—
335,400
BNP
Paribas
SA
.................................
27,488
(
9,016
)
—
—
18,472
Citibank
NA
....................................
649,774
(
181,727
)
(
468,047
)
—
—
Credit
Agricole
Corporate
&
Investment
Bank
SA
...........
6,439
—
—
—
6,439
Deutsche
Bank
AG
...............................
270,201
(
270,201
)
—
—
—
Goldman
Sachs
International
........................
464,970
(
45,808
)
(
419,162
)
—
—
HSBC
Bank
plc
..................................
51,316
(
2,516
)
—
—
48,800
JPMorgan
Chase
Bank
NA
..........................
250,956
(
11,995
)
(
238,961
)
—
—
JPMorgan
Securities
LLC
...........................
6,600
—
—
—
6,600
Morgan
Stanley
&
Co.
International
plc
..................
285,438
(
147,258
)
(
138,180
)
—
—
Nomura
International
plc
...........................
2,754
—
—
—
2,754
State
Street
Bank
and
Trust
Co.
......................
6,120
—
—
—
6,120
Wells
Fargo
Bank
NA
..............................
831
(
831
)
—
—
—
$
2,959,624
$
(
1,270,689
)
$
(
1,264,350
)
$
—
$
424,585
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
292,373,268
$
—
$
292,373,268
Corporate
Bonds
........................................
—
970,773,408
—
970,773,408
Floating
Rate
Loan
Interests
.................................
—
—
875,500
875,500
Foreign
Agency
Obligations
.................................
—
18,407,481
—
18,407,481
Foreign
Government
Obligations
..............................
—
107,096,320
—
107,096,320
Municipal
Bonds
.........................................
—
25,355,196
—
25,355,196
Non-Agency
Mortgage-Backed
Securities
........................
—
227,715,339
1
227,715,340
Other
Interests
..........................................
—
—
1
1
U.S.
Government
Sponsored
Agency
Securities
....................
—
1,543,745,608
—
1,543,745,608
U.S.
Treasury
Obligations
...................................
—
1,380,105,555
—
1,380,105,555
Short-Term
Securities
Foreign
Government
Obligations
..............................
—
4,770,087
—
4,770,087
Money
Market
Funds
......................................
69,604,750
—
—
69,604,750
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
966,439
—
966,439
Interest
rate
contracts
......................................
8,313
25,032
—
33,345
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
298,116,533
)
—
(
298,116,533
)
$
69,613,063
$
4,273,217,200
$
875,502
$
4,343,705,765
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
80,107
$
—
$
80,107
Foreign
currency
exchange
contracts
............................
—
1,130,578
—
1,130,578
Interest
rate
contracts
.......................................
562,958
297,441
—
860,399
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Core
Bond
Portfolio
46
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Liabilities
Credit
contracts
...........................................
$
—
$
(
88,515
)
$
—
$
(
88,515
)
Foreign
currency
exchange
contracts
............................
—
(
624,228
)
—
(
624,228
)
Interest
rate
contracts
.......................................
(
1,146,680
)
(
2,903,892
)
—
(
4,050,572
)
$
(
583,722
)
$
(
2,108,509
)
$
—
$
(
2,692,231
)
(a)
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)
Consolidated
Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
Aqueduct
European
CLO
DAC,
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
4.40%
Floor
+
4.40%),
8.34%,
10/15/30
(a)(b)
..........
EUR
884
$
947,777
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(a)(c)
.....................
USD
11,500
4,370
Aurium
CLO
VIII
DAC,
Series
8X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.93%,
06/23/34
(a)(b)
................
EUR
400
422,862
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
8.07%,
04/15/31
(a)(b)
................
620
657,219
BlueMou
ntain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(3-mo.
EURIBOR
at
6.21%
Floor
+
6.21%),
10.15%,
02/25/34
(a)(b)
........
1,000
1,059,701
Bridgepoint
CLO
1
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
4.25%
Floor
+
4.25%),
8.19%,
01/15/34
(a)(b)
................
200
216,515
Contego
CLO
VIII
DAC,
Series
8X,
Class
ER,
(3-mo.
EURIBOR
at
6.06%
Floor
+
6.06%),
10.01%,
01/25/34
(a)(b)
...............
1,400
1,491,22
3
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
7.09%,
12/15/34
(a)(b)
.....
300
315,753
Fair
Oaks
Loan
Funding
III
DAC,
Series
3X,
Class
ER,
(3-mo.
EURIBOR
at
6.11%
Floor
+
6.11%),
10.05%,
10/15/34
(a)(b)
........
587
624,605
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-
1X,
Class
D,
(3-mo.
EURIBOR
at
5.90%
Floor
+
5.90%),
9.80%,
08/15/36
(a)(b)
.....
596
647,753
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
07/15/31
(a)(c)
..........
USD
250
249,058
Greene
King
Finance
plc,
Series
B2,  (1D
GBOIS
at
0.83%
Floor
+
2.20%),
7.39%,
03/15/36
(a)(b)
.....................
GBP
100
100,988
H
arvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(3-mo.
EURIBOR
at
5.57%
Floor
+
5.57%),
9.51%,
10/15/31
(a)(b)
................
EUR
1,125
1,179,822
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(3-mo.
EURIBOR
at
8.07%
Floor
+
8.07%),
12.01%,
07/15/32
(a)(b)
...............
177
185,393
Jamestown
CLO
IV
Ltd.,
Series
2014-4A,
Class
SUB,
0.00%,
07/15/26
(a)(c)(d)
...........
USD
2,000
—
Neuberger
Berman
Loan
Advisers
E
uro
CLO
2
DAC,
Series
2021-2X,
Class
E,
(3-mo.
EURIBOR
at
6.06%
Floor
+
6.06%),
10.00%,
04/15/34
(a)(b)
.....................
EUR
1,223
1,299,281
OCP
Euro
CLO
DAC
(a)(b)
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.94%,
01/15/32
.....................
1,347
1,450,411
Series
2017-2X,
Class
F,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.34%,
01/15/32
.....................
900
967,411
Palmer
Square
European
CLO
DAC,
Series
2022-2X,
Class
DR,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.92%,
01/15/38
(a)(b)
447
482,719
Rockfield
Park
CLO
DAC
(a)(b)
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.93%,
07/16/34
980
1,039,297
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.95%
Floor
+
5.95%),
9.88%,
07/16/34
613
649,266
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Unique
Pub
Finance
Co.
plc
(The),
Series
N,  6.46%,
03/30/32
(b)(e)
..............
GBP
1,395
$
1,836,065
Total
Asset-Backed
Securities
—
0.1%
(Cost:
$27,033,400)
...............................
15,827,489
Shares
Shares
Common
Stocks
Capital
Markets
—
0.0%
Ardagh
MP
USA,
Inc.,
(Acquired
08/02/21,
cost
$21,863,306)
(f)(g)
..................
2,223,387
7,537,282
Commercial
Services
&
Supplies
—
0.0%
FreedomPay,
Inc.
(d)(f)
..................
314,534
3,412,694
Containers
&
Packaging
—
0.1%
Crown
Holdings,
Inc.
.................
202,251
16,030,414
Electrical
Equipment
—
0.1%
Sensata
Technologies
Holding
plc
.........
591,226
21,721,643
SunPower
Corp.
(f)
...................
1,369
4,107
21,725,750
Energy
Equipment
&
Services
—
0.0%
Nine
Energy
Service,
Inc.
(f)(h)
............
24,780
55,507
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
..........................
375,390
12,207,683
New
TOPCO
(d)(f)(i)
....................
33,509
—
12,207,683
Metals
&
Mining
—
0.2%
Constellium
SE
,
Class
A
(f)
..............
1,740,611
38,484,909
Oil,
Gas
&
Consumable
Fuels
—
0.0%
(f)
KCAD
Holdings
I
Ltd.
(d)
................
4,067,849,248
40,679
NGL
Energy
Partners
LP
(h)
..............
1,164,883
6,709,726
6,750,405
Real
Estate
Management
&
Development
—
0.0%
(f)
ADLER
Group
SA
...................
52,611
10,103
ADLER
Group
SA
(b)(c)
.................
44,527
8,623
18,726
Semiconductors
&
Semiconductor
Equipment
—
0.0%
Maxeon
Solar
Technologies
Ltd.
(f)
.........
171
569
Specialized
REITs
—
0.2%
VICI
Properties,
Inc.
..................
1,728,264
51,484,985
Total
Common
Stocks
—
0.7%
(Cost:
$177,395,446)
..............................
157,708,924
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
3.9%
(c)
AAR
Escrow
Issuer
LLC,
6.75%,
03/15/29
...
USD
16,753
16,881,897
Bombardier,
Inc.
7.13%,
06/15/26
..................
42,709
43,323,711
7.88%,
04/15/27
..................
9,269
9,275,479
6.00%,
02/15/28
..................
28,557
28,090,798
7.50%,
02/01/29
..................
1,018
1,048,269
8.75%,
11/15/30
..................
36,562
39,040,026
7.25%,
07/01/31
..................
18,049
18,085,748
7.45%,
05/01/34
..................
3,949
4,379,757
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
BWX
Technologies,
Inc.
4.13%,
06/30/28
..................
USD
11,804
$
11,005,041
4.13%,
04/15/29
..................
11,854
10,937,634
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
......................
1,964
1,891,626
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
......................
23,068
24,070,305
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
..
35,960
35,777,280
Rolls-Royce
plc
3.63%,
10/14/25
..................
7,950
7,690,339
5.75%,
10/15/27
..................
33,415
33,506,256
Spirit
AeroSystems,
Inc.
9.38%,
11/30/29
..................
25,464
27,775,800
9.75%,
11/15/30
..................
25,014
27,979,810
TransDigm,
Inc.
6.75%,
08/15/28
..................
121,524
123,127,874
6.38%,
03/01/29
..................
156,593
157,080,474
7.13%,
12/01/31
..................
46,843
48,274,428
6.63%,
03/01/32
..................
158,167
159,794,697
Triumph
Group,
Inc.,
9.00%,
03/15/28
.....
50,770
53,523,359
882,560,608
Automobile
Components
—
1.8%
Champions
Financing,
Inc.,
8.75%,
02/15/29
(c)
21,794
22,832,419
Clarios
Global
LP
6.75%,
05/15/25
(c)
.................
23,948
23,969,314
4.38%,
05/15/26
(b)
.................
EUR
19,380
20,747,706
6.25%,
05/15/26
(c)
.................
USD
8,662
8,657,605
8.50%,
05/15/27
(c)
.................
142,979
143,195,257
6.75%,
05/15/28
(c)
.................
48,237
48,894,374
Dana
Financing
Luxembourg
SARL
(b)
3.00%,
07/15/29
..................
EUR
557
540,828
8.50%,
07/15/31
..................
1,106
1,313,228
Dealer
Tire
LLC,
8.00%,
02/01/28
(c)
.......
USD
5,668
5,642,081
Forvia
SE
(b)
7.25%,
06/15/26
..................
EUR
473
535,173
2.75%,
02/15/27
..................
1,267
1,305,392
3.75%,
06/15/28
..................
1,579
1,652,399
5.50%,
06/15/31
..................
1,823
2,015,912
Goodyear
Europe
BV,
2.75%,
08/15/28
(b)
...
1,224
1,186,811
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
..................
USD
2,350
2,194,017
5.63%,
04/30/33
..................
2,655
2,424,775
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(b)
..
EUR
632
540,426
Icahn
Enterprises
LP
6.25%,
05/15/26
..................
USD
9,181
8,862,649
5.25%,
05/15/27
..................
40,942
37,000,956
9.75%,
01/15/29
(c)
.................
17,894
18,677,793
4.38%,
02/01/29
..................
10,369
8,840,533
IHO
Verwaltungs
GmbH
(b)(j)
3.75%,
(3.75%
Cash
or
4.50%
PIK),
09/15/26
.....................
EUR
253
268,730
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)
....................
1,911
2,020,416
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)
....................
1,305
1,524,051
Mahle
GmbH,
2.38%,
05/14/28
(b)
........
1,600
1,508,615
Phinia,
Inc.,
6.75%,
04/15/29
(c)
..........
USD
9,270
9,359,391
Schaeffler
AG
(b)
4.50%,
08/14/26
..................
EUR
400
434,850
4.75%,
08/14/29
..................
800
876,328
Tenneco,
Inc.,
8.00%,
11/17/28
(c)
........
USD
9,397
8,574,181
ZF
Europe
Finance
BV
(b)
2.50%,
10/23/27
..................
EUR
2,100
2,121,154
6.13%,
03/13/29
..................
1,200
1,372,297
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
ZF
Finance
GmbH
(b)
5.75%,
08/03/26
..................
EUR
2,900
$
3,217,312
2.00%,
05/06/27
..................
1,200
1,203,997
393,510,970
Automobiles
—
0.2%
Aston
Martin
Capital
Holdings
Ltd.
10.00%,
03/31/29
(c)
................
USD
9,594
9,768,323
10.38%,
03/31/29
(b)
................
GBP
2,369
3,040,625
Ford
Motor
Co.,
6.10%,
08/19/32
........
USD
16,489
16,708,553
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)(b)
..........
EUR
8,300
8,739,817
ZF
Europe
Finance
BV,
4.75%,
01/31/29
(b)
...
1,000
1,084,035
39,341,353
Banks
—
1.8%
ABN
AMRO
Bank
NV,
(5-Year
EUR
Swap
Annual
+
4.24%),
6.88%
(a)(b)(k)
.........
1,400
1,559,176
Banca
Monte
dei
Paschi
di
Siena
SpA,
(3-mo.
EURIBOR
+
2.05%),
4.75%,
03/15/29
(a)(b)
..
1,175
1,277,156
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.54%),
8.38%
(a)
(b)(k)
.........................
1,600
1,869,880
Banco
BPM
SpA
(a)(b)
(3-mo.
EURIBOR
+
2.80%),
6.00%,
06/14/28
.....................
2,375
2,699,822
(3-mo.
EURIBOR
+
2.35%),
4.88%,
01/17/30
.....................
1,425
1,581,256
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%,
06/29/31
................
1,950
2,014,348
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%,
01/19/32
................
1,249
1,293,193
Banco
de
Credito
Social
Cooperativo
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%,
09/14/29
(a)(b)
...............
2,900
3,450,930
Banco
de
Sabadell
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(k)
......................
600
624,732
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
................
2,200
2,259,306
(5-Year
EUR
Swap
Annual
+
3.15%),
6.00%,
08/16/33
................
1,400
1,556,257
Banco
Espirito
Santo
SA
(b)(f)(l)
4.75%,
01/15/18
..................
12,300
3,715,560
4.00%,
01/21/25
..................
12,000
3,624,936
2.63%,
10/25/28
..................
10,400
3,141,611
Banco
Santander
SA,
6.92%,
08/08/33
.....
USD
11,200
11,720,467
Bank
of
Cyprus
PCL,
(1-Year
EUR
Swap
Annual
+
2.79%),
2.50%,
06/24/27
(a)(b)
....
EUR
800
819,451
Bank
of
Ireland
Group
plc,
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(a)(b)(k)
.........
2,222
2,432,798
Bankinter
SA
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.71%),
7.38%
(a)(b)(k)
..............
2,200
2,438,740
Barclays
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
(a)(k)
.....................
USD
1,037
1,034,282
(5-year
SONIA
Mid-Swaps
Rate
+
5.19%),
5.88%
(a)(b)(k)
....................
GBP
449
558,205
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)(k)
.....................
USD
800
772,104
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.02%),
6.38%
(a)(b)(k)
GBP
600
728,892
5.20%,
05/12/26
..................
USD
7,800
7,719,672
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
49
(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
+
3.41%),
4.38%
(a)(k)
.....................
USD
7,990
$
6,550,111
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(a)(k)
.....................
12,345
12,319,558
(USISSO05
+
5.78%),
9.63%
(a)(k)
.......
60,665
64,329,287
BNP
Paribas
SA
(a)(k)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(c)
......................
25,100
26,235,825
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(b)
......................
EUR
1,200
1,350,936
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.63%),
7.38%
(b)
................
1,000
1,153,021
CaixaBank
SA
(a)(b)(k)
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
800
825,181
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
600
635,982
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.30%),
7.50%
.................
1,200
1,341,314
Citigroup,
Inc.
(a)
Series
AA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(k)
......................
USD
19,506
20,478,706
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
.
5,757
5,846,170
Commerzbank
AG
(a)(b)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(k)
......................
EUR
5,000
5,320,079
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.30%),
6.50%,
12/06/32
..........
700
795,196
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
.....................
GBP
600
806,032
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.70%),
6.75%,
10/05/33
..........
EUR
2,900
3,361,701
Cooperatieve
Rabobank
UA,
(5-Year
EUR
Swap
Annual
+
4.68%),
4.38%
(a)(b)(k)
.....
1,400
1,442,468
Credit
Agricole
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(a)(c)(k)
...............
USD
13,270
11,654,955
First-Citizens
Bank
&
Trust
Co.,
6.00%,
04/01/36
......................
23,131
22,632,497
HSBC
Holdings
plc
(a)
(5-Year
EUR
Swap
Annual
+
3.84%),
4.75%
(b)(k)
.....................
EUR
1,755
1,771,156
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(k)
......................
USD
6,310
5,338,132
(1-day
SOFR
+
3.02%),
7.40%,
11/13/34
.
42,335
46,300,789
ING
Groep
NV
(a)(k)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.34%),
5.75%
1,105
1,052,012
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
1,367
1,142,675
(USISSO05
+
4.36%),
8.00%
(b)
........
1,725
1,749,840
Intesa
Sanpaolo
SpA
5.71%,
01/15/26
(c)
.................
3,890
3,856,185
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.26%),
9.13%
(a)(b)(k)
..............
EUR
700
842,413
5.15%,
06/10/30
(b)
.................
GBP
2,225
2,625,689
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%,
06/01/32
(a)(c)
...................
USD
9,505
7,946,605
8.51%,
09/20/32
(b)
.................
GBP
200
280,976
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%,
06/01/42
(a)(c)
...................
USD
7,665
$
5,718,144
JPMorgan
Chase
&
Co.,
Series
NN,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.74%),
6.88%
(a)(k)
.........
15,349
15
,882,719
KBC
Group
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.93%),
8.00%
(a)(b)(k)
..........
EUR
1,000
1,153,021
Lloyds
Banking
Group
plc
(a)(k)
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(b)
................
1,829
1,938,113
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
USD
13,055
13,144,636
National
Bank
of
Greece
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%,
06/28/35
(a)
(b)
..........................
EUR
2,675
2,908,295
Santander
UK
Group
Holdings
plc,
(BPSWS5
+
6.07%),
6.75%
(a)(b)(k)
...............
GBP
1,248
1,569,713
Societe
Generale
SA
(a)(k)
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(c)
USD
763
766,535
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.45%),
10.00%
(c)
.....................
10,000
10,608,630
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(b)
......................
EUR
800
902,808
UniCredit
SpA
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(k)
................
600
669,588
(5-Year
EUR
Swap
Annual
+
2.40%),
2.00%,
09/23/29
................
1,658
1,762,882
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%,
01/15/32
................
2,200
2,251,811
Wells
Fargo
&
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(a)(k)
................
USD
25,985
27,770,377
405,925,537
Beverages
—
0.0%
Davide
Campari-Milano
NV,
2.38%,
01/17/29
(b)
(m)
..........................
EUR
1,000
1,107,926
Biotechnology
—
0.0%
(b)
Cidron
Aida
Finco
SARL
5.00%,
04/01/28
..................
404
422,235
6.25%,
04/01/28
..................
GBP
2,128
2,571,481
Grifols
SA,
1.63%,
02/15/25
...........
EUR
348
357,396
3,351,112
Broadline
Retail
—
0.4%
(c)
ANGI
Group
LLC,
3.88%,
08/15/28
.......
USD
6,076
5,274,079
Go
Daddy
Operating
Co.
LLC
5.25%,
12/01/27
..................
3,015
2,948,581
3.50%,
03/01/29
..................
8,073
7,281,034
LCM
Investments
Holdings
II
LLC
4.88%,
05/01/29
..................
11,838
10,880,697
8.25%,
08/01/31
..................
20,542
21,490,157
Match
Group
Holdings
II
LLC
4.63%,
06/01/28
..................
9,281
8,758,601
5.63%,
02/15/29
..................
72
69,787
4.13%,
08/01/30
..................
2,949
2,623,853
3.63%,
10/01/31
..................
7,705
6,547,345
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
....
4,684
4,586,897
Rakuten
Group,
Inc.,
11.25%,
02/15/27
....
13,502
14,305,210
84,766,241
Building
Products
—
0.8%
Advanced
Drainage
Systems,
Inc.
(c)
5.00%,
09/30/27
..................
15,701
15,231,584
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
6.38%,
06/15/30
..................
USD
20,207
$
20,311,571
Builders
FirstSource,
Inc.,
6.38%,
03/01/34
(c)
.
11,955
12,004,350
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(c)
.....................
10,699
10,990,591
HT
Troplast
GmbH,
9.38%,
07/15/28
(b)
.....
EUR
1,914
2,160,112
James
Hardie
International
Finance
DAC,
5.00%,
01/15/28
(c)
................
USD
2,204
2,147,240
JELD-WEN,
Inc.,
4.63%,
12/15/25
(c)
......
18,458
18,011,028
Masonite
International
Corp.,
3.50%,
02/15/30
(c)
5,572
4,929,667
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(c)
5.25%,
07/15/28
..................
9,760
9,349,996
9.75%,
07/15/28
..................
9,352
9,567,798
PCF
GmbH,
4.75%,
04/15/26
(b)
.........
EUR
1,203
981,322
Standard
Industries,
Inc.
2.25%,
11/21/26
(b)
.................
5,031
5,083,383
5.00%,
02/15/27
(c)
.................
USD
6,723
6,521,487
4.75%,
01/15/28
(c)
.................
3,332
3,179,999
4.38%,
07/15/30
(c)
.................
26,100
23,452,030
3.38%,
01/15/31
(c)
.................
10,712
8,981,622
Summit
Materials
LLC
(c)
5.25%,
01/15/29
..................
1,574
1,533,764
7.25%,
01/15/31
..................
27,788
28,882,486
183,320,030
Capital
Markets
—
1.2%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(c)
.....................
7,264
7,519,831
Apollo
Debt
Solutions
BDC,
6.90%,
04/13/29
(c)
12,335
12,452,075
Ares
Capital
Corp.,
5.88%,
03/01/29
......
6,375
6,355,933
Aretec
Group,
Inc.,
10.00%,
08/15/30
(c)
.....
4,995
5,455,904
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
..................
5,372
5,452,143
3.25%,
03/15/27
..................
5,766
5,321,581
6.25%,
01/25/31
(c)
.................
9,029
9,066,764
Blue
Owl
Capital
Corp.
3.75%,
07/22/25
..................
9,307
9,028,416
3.40%,
07/15/26
..................
843
794,199
Blue
Owl
Capital
Corp.
II,
8.45%,
11/15/26
(c)
.
8,916
9,183,328
Blue
Owl
Credit
Income
Corp.
5.50%,
03/21/25
..................
7,133
7,083,650
3.13%,
09/23/26
..................
766
702,801
7.75%,
09/16/27
..................
18,688
19,144,756
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(c)
................
9,295
8,831,482
Deutsche
Bank
AG
(a)(b)(k)
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.94%),
10.00%
................
EUR
200
233,841
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.69%),
6.75%
.................
2,000
2,053,871
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(c)
................
USD
1,189
1,111,618
JPMorgan
Chase
Financial
Co.
LLC,
0.50%,
06/15/27
(m)
....................
12,374
13,673,270
Julius
Baer
Group
Ltd.,
(5-Year
EUR
Swap
Annual
+
3.85%),
6.63%
(a)(b)(k)
.........
EUR
1,178
1,223,430
Lehman
Brothers
Holdings,
Inc.
(f)(l)
5.38%,
10/17/12
..................
4,550
19,635
4.75%,
01/16/14
..................
14,545
62,768
(3-mo.
EURIBOR
+
0.30%),
0.00%,
02/05/14
(a)
....................
22,800
98,391
0.00%,
12/30/16
..................
USD
1,000
1,000
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/28
(c)
.....................
9,943
10,546,850
Sherwood
Financing
plc,
6.00%,
11/15/26
(b)
..
GBP
156
174,768
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
State
Street
Corp.,
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.61%),
6.70%
(a)(k)
.........
USD
17,132
$
17,384,217
UBS
Group
AG
(a)(k)
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(b)
2,496
2,490,509
(5-Year
USD
Swap
Semi
+
4.59%),
6.88%
(b)
1,299
1,284,386
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.75%),
9.25%
(c)
......................
27,852
30,176,946
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(c)
......................
13,275
10,916,315
(USISSO05
+
4.16%),
7.75%
(c)
........
28,320
29,126,242
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(c)
......................
33,363
37,651,380
Vivion
Investments
SARL,
3.00%,
08/08/24
(b)
.
EUR
1,100
1,151,133
265,773,433
Chemicals
—
2.1%
Axalta
Coating
Systems
Dutch
Holding
B
BV,
7.25%,
02/15/31
(c)
................
USD
20,223
21,036,126
Axalta
Coating
Systems
LLC
(c)
4.75%,
06/15/27
..................
14,625
14,115,829
3.38%,
02/15/29
..................
13,666
12,229,242
Chemours
Co.
(The)
5.38%,
05/15/27
..................
13,484
12,926,611
5.75%,
11/15/28
(c)
.................
13,977
12,888,172
4.63%,
11/15/29
(c)
.................
8,970
7,732,750
Element
Solutions,
Inc.,
3.88%,
09/01/28
(c)
..
85,006
77,980,195
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(b)
.....................
EUR
2,166
2,250,234
HB
Fuller
Co.,
4.25%,
10/15/28
.........
USD
5,994
5,554,204
Herens
Holdco
SARL,
4.75%,
05/15/28
(c)
...
18,870
16,468,077
Herens
Midco
SARL,
5.25%,
05/15/29
(b)
....
EUR
1,743
1,223,975
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(c)
....
USD
27,220
26,852,476
INEOS
Finance
plc,
6.38%,
04/15/29
(b)
.....
EUR
1,979
2,135,130
INEOS
Quattro
Finance
2
plc
(b)
2.50%,
01/15/26
..................
100
104,334
Series
APR,
8.50%,
03/15/29
.........
2,497
2,808,379
8.50%,
03/15/29
..................
1,191
1,353,267
INEOS
Styrolution
Ludwigshafen
GmbH,
2.25%,
01/16/27
(b)
................
400
398,044
Ingevity
Corp.,
3.88%,
11/01/28
(c)
........
USD
4,329
3,909,830
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(c)
..
17,300
14,017,643
Kronos
International,
Inc.
(b)
3.75%,
09/15/25
..................
EUR
365
386,889
9.50%,
03/15/29
..................
2,103
2,416,295
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(c)
...
USD
10,193
9,178,173
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(c)
7,620
7,285,863
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(b)
.
EUR
314
343,396
Nobian
Finance
BV,
3.63%,
07/15/26
(b)
.....
1,723
1,797,914
Olympus
Water
US
Holding
Corp.
9.63%,
11/15/28
(b)
.................
2,525
2,917,643
9.75%,
11/15/28
(c)
.................
USD
63,218
67,340,866
5.38%,
10/01/29
(b)
.................
EUR
617
584,056
SCIL
IV
LLC
5.38%,
11/01/26
(c)
.................
USD
12,478
12,110,281
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
8.27%,
11/01/26
(a)(b)
..............
EUR
512
552,239
9.50%,
07/15/28
(b)
.................
1,316
1,547,148
Scotts
Miracle-Gro
Co.
(The)
4.50%,
10/15/29
..................
USD
5,027
4,549,402
4.00%,
04/01/31
..................
3,126
2,695,658
4.38%,
02/01/32
..................
3,362
2,898,506
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(c)
.....................
USD
26,320
$
23,460,716
Synthomer
plc,
3.88%,
07/01/25
(b)
........
EUR
1,493
1,591,878
WR
Grace
Holdings
LLC
(c)
4.88%,
06/15/27
..................
USD
8,077
7,676,229
5.63%,
08/15/29
..................
68,790
61,559,449
7.38%,
03/01/31
..................
18,015
18,241,322
465,118,441
Commercial
Services
&
Supplies
—
3.2%
ADT
Security
Corp.
(The)
(c)
4.13%,
08/01/29
..................
4,578
4,194,233
4.88%,
07/15/32
..................
10,320
9,341,154
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(c)
.................
28,260
28,241,428
9.75%,
07/15/27
(c)
.................
30,219
30,309,778
3.63%,
06/01/28
(b)
.................
EUR
820
818,396
4.63%,
06/01/28
(c)
.................
USD
79,375
72,304,842
4.88%,
06/01/28
(b)
.................
GBP
3,773
4,287,073
6.00%,
06/01/29
(c)
.................
USD
59,202
50,938,839
7.88%,
02/15/31
(c)
.................
62,207
63,003,063
APi
Group
DE,
Inc.
(c)
4.13%,
07/15/29
..................
11,298
10,179,296
4.75%,
10/15/29
..................
6,702
6,176,771
APX
Group,
Inc.
(c)
6.75%,
02/15/27
..................
6,383
6,409,030
5.75%,
07/15/29
..................
11,584
11,138,022
Aramark
Services,
Inc.,
5.00%,
02/01/28
(c)
...
39,203
37,837,701
Cedacri
Mergeco
SpA
(a)(b)
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
8.53%,
05/15/28
................
EUR
1,069
1,154,407
(3-mo.
EURIBOR
+
5.50%),
9.40%,
05/15/28
.....................
1,351
1,459,348
Clean
Harbors,
Inc.
(c)
4.88%,
07/15/27
..................
USD
7,403
7,180,923
5.13%,
07/15/29
..................
4,198
4,035,277
6.38%,
02/01/31
..................
3,821
3,849,061
Covanta
Holding
Corp.
4.88%,
12/01/29
(c)
.................
5,084
4,556,538
5.00%,
09/01/30
..................
4,765
4,199,312
Garda
World
Security
Corp.
(c)
4.63%,
02/15/27
..................
15,757
15,098,242
9.50%,
11/01/27
..................
5,833
5,847,034
7.75%,
02/15/28
..................
36,398
37,325,785
6.00%,
06/01/29
..................
6,656
5,957,413
GFL
Environmental,
Inc.
(c)
4.25%,
06/01/25
..................
1,418
1,394,847
3.75%,
08/01/25
..................
13,794
13,434,715
5.13%,
12/15/26
..................
21,593
21,215,403
4.00%,
08/01/28
..................
11,119
10,248,141
3.50%,
09/01/28
..................
3,331
3,051,172
4.75%,
06/15/29
..................
30,488
28,672,129
4.38%,
08/15/29
..................
9,793
9,022,022
6.75%,
01/15/31
..................
40,311
41,311,237
Intrum
AB
(b)
3.50%,
07/15/26
..................
EUR
400
278,343
3.00%,
09/15/27
..................
391
244,672
9.25%,
03/15/28
..................
398
275,148
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(c)
..
USD
21,275
20,117,081
Paprec
Holding
SA
(b)
6.50%,
11/17/27
..................
EUR
1,420
1,608,780
7.25%,
11/17/29
..................
668
767,587
Prime
Security
Services
Borrower
LLC
(c)
5.75%,
04/15/26
..................
USD
5,961
5,943,611
6.25%,
01/15/28
..................
26,609
26,065,609
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Q-Park
Holding
I
BV
(b)
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.94%,
03/01/26
(a)
...............
EUR
533
$
575,700
5.13%,
03/01/29
..................
995
1,084,070
Stericycle,
Inc.,
3.88%,
01/15/29
(c)
........
USD
4,208
3,814,181
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(b)
................
EUR
2,110
2,267,257
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(b)
................
2,251
2,380,602
Verisure
Holding
AB
(b)
3.88%,
07/15/26
..................
1,425
1,511,801
9.25%,
10/15/27
..................
1,307
1,506,999
7.13%,
02/01/28
..................
146
164,184
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(c)
....
USD
79,602
78,398,282
Williams
Scotsman,
Inc.
(c)
4.63%,
08/15/28
..................
2,604
2,462,787
7.38%,
10/01/31
..................
19,727
20,503,337
724,162,663
Communications
Equipment
—
0.4%
(c)
CommScope
Technologies
LLC,
6.00%,
06/15/25
......................
24,270
21,107,619
CommScope,
Inc.
6.00%,
03/01/26
..................
10,889
9,963,435
4.75%,
09/01/29
..................
16,107
11,597,040
Viasat,
Inc.
5.63%,
09/15/25
..................
20,351
19,838,311
5.63%,
04/15/27
..................
11,110
10,520,620
7.50%,
05/30/31
..................
2,102
1,523,084
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
.....
6,060
5,199,426
79,749,535
Construction
&
Engineering
—
0.6%
Arcosa,
Inc.,
4.38%,
04/15/29
(c)
.........
19,523
17,991,091
Azzurra
Aeroporti
SpA
(b)
2.13%,
05/30/24
..................
EUR
4,012
4,307,380
2.63%,
05/30/27
..................
574
585,200
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(c)
.....................
USD
85,704
92,788,550
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(c)
...
5,838
5,457,193
Heathrow
Finance
plc
(b)(e)
5.75%,
03/03/25
..................
GBP
772
969,508
3.88%,
03/01/27
..................
272
321,419
4.13%,
09/01/29
..................
817
942,357
Kier
Group
plc,
9.00%,
02/15/29
(b)
........
1,866
2,401,512
MasTec,
Inc.,
4.50%,
08/15/28
(c)
.........
USD
1,723
1,638,354
Pike
Corp.,
8.63%,
01/31/31
(c)
..........
5,328
5,661,890
133,064,454
Construction
Materials
—
0.4%
Smyrna
Ready
Mix
Concrete
LLC
(c)
6.00%,
11/01/28
..................
25,291
24,718,340
8.88%,
11/15/31
..................
52,307
55,910,481
80,628,821
Consumer
Finance
—
1.1%
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(c)
.....................
8,358
8,697,978
Encore
Capital
Group,
Inc.
(b)
4.88%,
10/15/25
..................
EUR
100
106,806
5.38%,
02/15/26
..................
GBP
1,000
1,230,420
4.25%,
06/01/28
..................
526
561,187
Ford
Motor
Credit
Co.
LLC
7.35%,
03/06/30
..................
USD
22,308
23,783,844
7.20%,
06/10/30
..................
17,556
18,633,392
Global
Aircraft
Leasing
Co.
Ltd.
(c)(j)
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
.....................
7,017
6,622,556
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Series
2021,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(a)
................
USD
12,929
$
12,296,875
Macquarie
Airfinance
Holdings
Ltd.
(c)
8.38%,
05/01/28
..................
6,216
6,588,749
6.40%,
03/26/29
..................
3,220
3,270,940
8.13%,
03/30/29
..................
17,876
18,906,051
6.50%,
03/26/31
..................
8,580
8,732,987
Navient
Corp.
5.50%,
03/15/29
..................
105
97,765
9.38%,
07/25/30
..................
19,289
20,634,987
OneMain
Finance
Corp.
6.88%,
03/15/25
..................
9,018
9,112,283
7.13%,
03/15/26
..................
13,770
14,019,871
6.63%,
01/15/28
..................
10,840
10,874,818
9.00%,
01/15/29
..................
19,777
20,985,612
5.38%,
11/15/29
..................
12,288
11,553,330
7.88%,
03/15/30
..................
24,182
24,945,450
4.00%,
09/15/30
..................
11,397
9,754,078
SLM
Corp.,
3.13%,
11/02/26
...........
8,715
8,094,130
Volkswagen
International
Finance
NV
(a)(b)(k)
Series
PNC5,
(5-Year
EUR
Swap
Annual
+
4.29%),
7.50%
.................
EUR
500
585,536
(9-Year
EUR
Swap
Annual
+
3.96%),
3.88%
1,200
1,197,709
241,287,354
Consumer
Staples
Distribution
&
Retail
—
0.6%
Albertsons
Cos.,
Inc.
(c)
4.63%,
01/15/27
..................
USD
11,596
11,222,543
5.88%,
02/15/28
..................
7,279
7,206,508
6.50%,
02/15/28
..................
8,976
9,071,262
3.50%,
03/15/29
..................
26,203
23,519,415
4.88%,
02/15/30
..................
10,656
10,138,409
Bellis
Acquisition
Co.
plc
(b)
3.25%,
02/16/26
..................
GBP
3,199
3,806,933
4.50%,
02/16/26
..................
4,678
5,682,925
Lion/Polaris
Lux
4
SA,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.94%,
07/01/26
(a)(b)
.
EUR
891
961,928
Market
Bidco
Finco
plc,
5.50%,
11/04/27
(b)
...
GBP
2,122
2,438,576
Performance
Food
Group,
Inc.
(c)
5.50%,
10/15/27
..................
USD
1,942
1,906,386
4.25%,
08/01/29
..................
17,141
15,708,222
Picard
Groupe
SAS,
3.88%,
07/01/26
(b)
....
EUR
1,480
1,561,251
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(c)
USD
4,464
3,707,774
US
Foods,
Inc.
(c)
6.88%,
09/15/28
..................
6,180
6,326,200
4.75%,
02/15/29
..................
3,219
3,055,650
4.63%,
06/01/30
..................
7,285
6,758,211
7.25%,
01/15/32
..................
13,066
13,598,172
Walgreens
Boots
Alliance,
Inc.
3.20%,
04/15/30
..................
1,836
1,595,741
4.80%,
11/18/44
..................
5,876
4,942,700
4.10%,
04/15/50
..................
8,812
6,461,619
139,670,425
Containers
&
Packaging
—
2.4%
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(c)
.................
20,128
19,539,632
3.25%,
09/01/28
(c)
.................
840
725,610
3.00%,
09/01/29
(b)
.................
EUR
4,204
3,472,603
4.00%,
09/01/29
(c)
.................
USD
69,274
55,838,405
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(c)
.................
32,148
31,055,932
2.13%,
08/15/26
(b)
.................
EUR
5,107
4,738,331
2.13%,
08/15/26
(b)
.................
8,883
8,241,745
4.13%,
08/15/26
(c)
.................
USD
25,305
22,893,788
4.75%,
07/15/27
(b)
.................
GBP
1,832
1,375,794
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
5.25%,
08/15/27
(c)
.................
USD
3,566
$
2,246,580
Ball
Corp.,
3.13%,
09/15/31
...........
5,116
4,347,817
Canpack
SA,
3.13%,
11/01/25
(c)
.........
7,284
6,947,989
Clydesdale
Acquisition
Holdings,
Inc.
(c)
6.63%,
04/15/29
..................
19,654
19,638,204
8.75%,
04/15/30
..................
41,455
40,731,163
Crown
Americas
LLC
4.25%,
09/30/26
..................
3,032
2,937,300
5.25%,
04/01/30
..................
2,952
2,846,071
Crown
European
Holdings
SA
(b)
3.38%,
05/15/25
..................
EUR
1,046
1,118,761
5.00%,
05/15/28
..................
672
744,823
Fiber
Bidco
SpA,
11.00%,
10/25/27
(b)
......
2,028
2,374,142
Graphic
Packaging
International
LLC
3.50%,
03/15/28
(c)
.................
USD
269
248,350
2.63%,
02/01/29
(b)
.................
EUR
4,253
4,255,841
Kleopatra
Finco
SARL
(b)
4.25%,
03/01/26
..................
2,070
1,884,837
4.25%,
03/01/26
..................
130
118,372
Kleopatra
Holdings
2
SCA,
6.50%,
09/01/26
(b)
301
170,810
LABL,
Inc.
(c)
6.75%,
07/15/26
..................
USD
5,631
5,563,032
5.88%,
11/01/28
..................
10,902
10,025,516
9.50%,
11/01/28
..................
23,408
23,678,479
Mauser
Packaging
Solutions
Holding
Co.
(c)
7.88%,
08/15/26
..................
158,815
161,792,940
9.25%,
04/15/27
..................
3,331
3,304,469
OI
European
Group
BV
6.25%,
05/15/28
(c)
.................
EUR
6,765
7,605,538
6.25%,
05/15/28
(b)
.................
1,289
1,449,155
Owens-Brockway
Glass
Container,
Inc.
(c)
6.63%,
05/13/27
..................
USD
1,272
1,272,719
7.25%,
05/15/31
..................
14,066
14,326,249
Sealed
Air
Corp.
(c)
4.00%,
12/01/27
..................
3,065
2,872,823
5.00%,
04/15/29
..................
3,569
3,425,781
7.25%,
02/15/31
..................
7,984
8,300,853
Titan
Holdings
II
BV,
5.13%,
07/15/29
(b)
....
EUR
1,597
1,533,209
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(c)
USD
7,398
7,893,222
Trivium
Packaging
Finance
BV
5.50%,
08/15/26
(c)
(e)
................
37,098
36,577,793
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.65%,
08/15/26
(a)(b)
..............
EUR
927
995,708
8.50%,
08/15/27
(c)(e)
................
USD
6,231
6,153,276
535,263,662
Distributors
—
0.1%
(c)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
..............
6,866
6,171,946
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
23,754
23,195,543
Resideo
Funding,
Inc.,
4.00%,
09/01/29
....
3,756
3,358,358
32,725,847
Diversified
Consumer
Services
—
0.5%
Mavis
Tire
Express
Services
Topco
Corp.,
6.50%,
05/15/29
(c)
................
5,670
5,392,689
Rekeep
SpA,
7.25%,
02/01/26
(b)
.........
EUR
1,638
1,587,189
Service
Corp.
International
5.13%,
06/01/29
..................
USD
1,427
1,388,526
3.38%,
08/15/30
..................
4,789
4,147,491
4.00%,
05/15/31
..................
18,917
16,759,635
Sotheby's
(c)
7.38%,
10/15/27
..................
39,331
36,620,343
5.88%,
06/01/29
..................
16,550
13,910,482
TUI
Cruises
GmbH,
6.50%,
05/15/26
(b)
.....
EUR
1,452
1,576,093
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(c)
....
USD
38,251
$
39,560,217
120,942,665
Diversified
REITs
—
0.8%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(c)
...
4,484
3,836,902
HAT
Holdings
I
LLC
(c)
3.38%,
06/15/26
..................
6,300
5,934,002
8.00%,
06/15/27
..................
12,322
12,848,149
Highwoods
Realty
LP,
7.65%,
02/01/34
....
3,270
3,566,342
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(c)
.......
11,182
10,212,193
Iron
Mountain
UK
plc,
3.88%,
11/15/25
(b)
....
GBP
1,232
1,506,373
MPT
Operating
Partnership
LP
2.50%,
03/24/26
..................
13,667
14,716,705
5.25%,
08/01/26
..................
USD
3,430
3,139,909
5.00%,
10/15/27
..................
4,145
3,471,438
4.63%,
08/01/29
..................
22,310
17,122,232
3.50%,
03/15/31
..................
32,834
22,544,478
RHP
Hotel
Properties
LP,
6.50%,
04/01/32
(c)
.
48,158
48,320,533
VICI
Properties
LP
4.63%,
12/01/29
(c)
.................
16,923
16,004,499
4.13%,
08/15/30
(c)
.................
9,464
8,605,674
5.63%,
05/15/52
..................
8,634
8,001,417
6.13%,
04/01/54
..................
6,410
6,322,375
186,153,221
Diversified
Telecommunication
Services
—
5.2%
Altice
Financing
SA,
9.63%,
07/15/27
(c)
.....
27,198
26,014,558
Altice
France
Holding
SA
(b)
8.00%,
05/15/27
..................
EUR
1,207
419,351
4.00%,
02/15/28
..................
914
229,202
Altice
France
SA
2.50%,
01/15/25
(b)
.................
625
601,796
2.13%,
02/15/25
(b)
.................
151
145,492
5.88%,
02/01/27
(b)
.................
985
820,910
8.13%,
02/01/27
(c)
.................
USD
23,134
18,082,882
11.50%,
02/01/27
(b)
................
EUR
1,736
1,600,379
3.38%,
01/15/28
(b)
.................
909
703,606
5.50%,
01/15/28
(c)
.................
USD
742
527,001
4.13%,
01/15/29
(b)
.................
EUR
619
465,740
5.13%,
01/15/29
(c)
.................
USD
16,788
11,496,503
4.00%,
07/15/29
(b)
.................
EUR
1,578
1,187,442
5.13%,
07/15/29
(c)
.................
USD
49,093
33,188,517
4.25%,
10/15/29
(b)
.................
EUR
1,004
755,417
5.50%,
10/15/29
(c)
.................
USD
50,591
34,337,781
British
Telecommunications
plc
(a)(b)
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.54%),
5.13%,
10/03/54
..........
EUR
1,375
1,480,968
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
................
376
390,436
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.82%),
8.38%,
12/20/83
.....................
GBP
1,835
2,469,182
CCO
Holdings
LLC
(c)
5.13%,
05/01/27
..................
USD
13,765
13,114,900
5.00%,
02/01/28
..................
19,853
18,481,257
5.38%,
06/01/29
..................
13,241
12,121,444
6.38%,
09/01/29
..................
39,039
37,035,624
4.75%,
03/01/30
..................
14,991
12,871,883
4.50%,
08/15/30
..................
7,671
6,428,660
4.25%,
02/01/31
..................
35,643
29,107,849
7.38%,
03/01/31
..................
94,314
92,492,127
4.75%,
02/01/32
..................
15,080
12,307,142
4.25%,
01/15/34
..................
21,486
16,218,793
Cellnex
Telecom
SA
(b)
2.13%,
08/11/30
(m)
.................
EUR
3,300
3,644,575
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
1.75%,
10/23/30
..................
EUR
1,000
$
959,928
0.75%,
11/20/31
(m)
.................
2,600
2,396,452
Frontier
Communications
Holdings
LLC
(c)
5.88%,
10/15/27
..................
USD
14,491
14,029,266
5.00%,
05/01/28
..................
28,027
26,015,017
8.75%,
05/15/30
..................
89,262
91,334,895
8.63%,
03/15/31
..................
28,421
29,027,192
Iliad
Holding
SASU
5.13%,
10/15/26
(b)
.................
EUR
400
426,318
6.50%,
10/15/26
(c)
.................
USD
50,044
49,575,263
7.00%,
10/15/28
(c)
.................
17,404
17,224,954
Iliad
SA
(b)
5.38%,
06/14/27
..................
EUR
3,000
3,297,041
1.88%,
02/11/28
..................
400
393,176
5.38%,
02/15/29
..................
2,800
3,069,215
5.63%,
02/15/30
..................
800
885,866
Infrastrutture
Wireless
Italiane
SpA,
1.63%,
10/21/28
(b)
.....................
2,808
2,800,902
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(b)
1,487
1,551,242
Level
3
Financing,
Inc.
(c)
10.50%,
04/15/29
.................
USD
49,426
50,414,520
4.88%,
06/15/29
..................
58,281
38,902,568
11.00%,
11/15/29
.................
36,346
37,800,102
10.50%,
05/15/30
.................
63,270
64,693,575
3.88%,
10/15/30
..................
5,169
3,049,710
Lorca
Telecom
Bondco
SA,
4.00%,
09/18/27
(b)
EUR
4,088
4,272,225
Lumen
Technologies,
Inc.
(c)
4.13%,
04/15/29
..................
USD
10,495
6,611,818
4.13%,
04/15/30
..................
10,495
6,506,869
RCS
&
RDS
SA
(b)
2.50%,
02/05/25
..................
EUR
1,400
1,474,156
3.25%,
02/05/28
..................
1,400
1,406,309
Sable
International
Finance
Ltd.,
5.75%,
09/07/27
(c)
.....................
USD
2,250
2,161,328
Telecom
Italia
Capital
SA
6.38%,
11/15/33
..................
6,584
6,228,887
6.00%,
09/30/34
..................
16,323
14,929,891
7.20%,
07/18/36
..................
17,948
17,518,956
7.72%,
06/04/38
..................
9,239
9,254,697
Telecom
Italia
SpA
4.00%,
04/11/24
(b)
.................
EUR
909
979,694
5.30%,
05/30/24
(c)
.................
USD
1,907
1,896,627
2.75%,
04/15/25
(b)
.................
EUR
1,013
1,065,597
3.00%,
09/30/25
(b)
.................
1,000
1,047,887
3.63%,
05/25/26
(b)
.................
200
210,376
2.38%,
10/12/27
(b)
.................
212
211,849
6.88%,
02/15/28
(b)
.................
1,732
1,973,899
7.88%,
07/31/28
(b)
.................
2,520
2,980,404
1.63%,
01/18/29
(b)
.................
100
92,670
5.25%,
03/17/55
(b)
.................
400
386,004
Uniti
Group
LP,
10.50%,
02/15/28
(c)
.......
USD
83,763
86,839,474
Virgin
Media
Secured
Finance
plc
5.25%,
05/15/29
(b)
.................
GBP
777
899,701
4.13%,
08/15/30
(b)
.................
835
888,054
4.50%,
08/15/30
(c)
.................
USD
4,260
3,673,607
Vmed
O2
UK
Financing
I
plc,
7.75%,
04/15/32
(c)
11,740
11,773,984
Windstream
Escrow
LLC,
7.75%,
08/15/28
(c)
.
7,530
6,969,547
Zayo
Group
Holdings,
Inc.
(c)
4.00%,
03/01/27
..................
146,710
120,763,310
6.13%,
03/01/28
..................
35,945
25,153,200
1,164,759,639
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
—
0.7%
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(c)
USD
10,540
$
11,143,947
EDP
-
Energias
de
Portugal
SA
(a)(b)
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%,
07/20/80
................
EUR
800
828,626
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
................
2,700
2,730,839
(5-Year
EUR
Swap
Annual
+
3.18%),
5.94%,
04/23/83
................
400
450,674
EnBW
Energie
Baden-Wuerttemberg
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.66%),
5.25%,
01/23/84
(a)(b)
...............
1,000
1,102,865
FirstEnergy
Corp.,
4.00%,
05/01/26
(c)(m)
....
USD
25,715
25,560,710
Naturgy
Finance
BV,
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
(a)(b)(k)
..............
EUR
2,100
2,112,613
NextEra
Energy
Operating
Partners
LP
(c)
4.25%,
09/15/24
..................
USD
106
102,290
3.88%,
10/15/26
..................
3,849
3,589,632
7.25%,
01/15/29
..................
10,046
10,278,695
NRG
Energy,
Inc.
6.63%,
01/15/27
..................
2,000
2,000,998
7.00%,
03/15/33
(c)
.................
10,345
11,038,694
Pacific
Gas
&
Electric
Co.,
6.95%,
03/15/34
..
7,420
8,123,145
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(c)
.....................
8,196
7,639,862
PG&E
Corp.,
4.25%,
12/01/27
(c)(m)
........
25,715
25,830,718
Vistra
Operations
Co.
LLC
(c)
7.75%,
10/15/31
..................
21,024
22,018,015
6.95%,
10/15/33
..................
13,530
14,441,408
148,993,731
Electrical
Equipment
—
0.2%
Nexans
SA,
4.25%,
03/11/30
(b)
..........
EUR
1,300
1,409,518
Sensata
Technologies
BV
(c)
4.00%,
04/15/29
..................
USD
4,683
4,275,987
5.88%,
09/01/30
..................
3,178
3,109,199
Vertiv
Group
Corp.,
4.13%,
11/15/28
(c)
.....
37,083
34,503,573
43,298,277
Electronic
Equipment,
Instruments
&
Components
—
0.3%
(c)
Coherent
Corp.,
5.00%,
12/15/29
........
24,935
23,484,892
Sensata
Technologies,
Inc.
4.38%,
02/15/30
..................
35,122
31,966,127
3.75%,
02/15/31
..................
7,654
6,620,726
62,071,745
Energy
Equipment
&
Services
—
3.8%
Archrock
Partners
LP
(c)
6.88%,
04/01/27
..................
6,263
6,282,008
6.25%,
04/01/28
..................
46,172
45,684,299
Borr
IHC
Ltd.
(c)
10.00%,
11/15/28
.................
15,790
16,421,600
10.38%,
11/15/30
.................
11,242
11,691,680
Enerflex
Ltd.,
9.00%,
10/15/27
(c)
.........
13,913
14,295,165
Kodiak
Gas
Services
LLC,
7.25%,
02/15/29
(c)
.
32,653
33,259,954
Nabors
Industries
Ltd.
(c)
7.25%,
01/15/26
..................
2,584
2,568,002
7.50%,
01/15/28
..................
12,079
11,329,097
Nabors
Industries,
Inc.
(c)
7.38%,
05/15/27
..................
8,337
8,321,649
9.13%,
01/31/30
..................
11,100
11,540,193
Nine
Energy
Service,
Inc.,
13.00%,
02/01/28
.
1,982
1,630,845
Noble
Finance
II
LLC,
8.00%,
04/15/30
(c)
....
15,377
16,017,452
Oceaneering
International,
Inc.,
6.00%,
02/01/28
......................
4,248
4,185,213
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
.
5,895
6,337,375
Precision
Drilling
Corp.,
6.88%,
01/15/29
(c)
..
703
701,694
Seadrill
Finance
Ltd.,
8.38%,
08/01/30
(c)
....
11,001
11,542,128
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(c)
..
USD
7,719
$
7,922,828
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(c)
.....................
6,125
6,374,355
Transocean,
Inc.
(c)
7.50%,
01/15/26
..................
39,195
38,949,600
11.50%,
01/30/27
.................
29,818
31,076,886
8.00%,
02/01/27
..................
20,022
19,873,237
8.75%,
02/15/30
..................
49,624
51,741,961
USA
Compression
Partners
LP
6.88%,
04/01/26
..................
24,709
24,680,587
6.88%,
09/01/27
..................
13,595
13,627,343
7.13%,
03/15/29
(c)
.................
25,678
25,997,840
Valaris
Ltd.,
8.38%,
04/30/30
(c)
..........
47,398
48,892,601
Vallourec
SACA,
8.50%,
06/30/26
(b)
.......
EUR
1,994
2,170,072
Vantage
Drilling
International,
9.50%,
02/15/28
(c)
.....................
USD
15,723
15,880,230
Venture
Global
LNG,
Inc.
(c)
8.13%,
06/01/28
..................
41,278
42,111,237
9.50%,
02/01/29
..................
122,357
131,884,083
8.38%,
06/01/31
..................
75,869
78,241,348
9.88%,
02/01/32
..................
79,462
85,639,694
Weatherford
International
Ltd.
(c)
6.50%,
09/15/28
..................
6,069
6,259,488
8.63%,
04/30/30
..................
23,348
24,374,588
857,506,332
Entertainment
—
0.4%
CPUK
Finance
Ltd.,
3.59%,
08/28/25
(b)
.....
GBP
292
358,186
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(c)
.....................
USD
12,501
9,563,721
Live
Nation
Entertainment,
Inc.
(c)
4.88%,
11/01/24
..................
420
417,184
6.50%,
05/15/27
..................
43,684
44,161,423
4.75%,
10/15/27
..................
16,840
16,079,288
3.75%,
01/15/28
..................
6,495
6,008,827
Motion
Finco
SARL,
7.38%,
06/15/30
(b)
.....
EUR
1,157
1,301,254
Odeon
Finco
plc,
12.75%,
11/01/27
(c)
......
USD
7,155
7,258,977
Pinewood
Finance
Co.
Ltd.,
3.63%,
11/15/27
(b)
GBP
560
660,353
Pinnacle
Bidco
plc
(b)
8.25%,
10/11/28
..................
EUR
498
560,461
10.00%,
10/11/28
.................
GBP
659
867,113
Playtika
Holding
Corp.,
4.25%,
03/15/29
(c)
...
USD
4,614
3,994,400
91,231,187
Financial
Services
—
3.2%
Agps
Bondco
plc
(b)(f)(l)
6.00%,
08/05/25
..................
EUR
700
300,190
5.00%,
07/15/38
..................
1,900
771,755
5.50%,
07/15/38
..................
2,100
868,725
Alpha
Bank
SA,
(1-Year
EUR
Swap
Annual
+
2.43%),
5.00%,
05/12/30
(a)(b)
..........
2,150
2,327,715
Block,
Inc.
2.75%,
06/01/26
..................
USD
38,888
36,573,530
3.50%,
06/01/31
..................
59,294
51,606,225
Blue
Owl
Credit
Income
Corp.,
6.65%,
03/15/31
(c)
.....................
15,805
15,423,200
Blue
Owl
Technology
Finance
Corp.
II,
6.75%,
04/04/29
(c)
.....................
6,423
6,343,325
Citycon
Treasury
BV,
Series
EURO,
2.38%,
01/15/27
(b)
.....................
EUR
855
842,229
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(c)
....
USD
13,214
13,211,357
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-
2X,
Class
D,
(3-mo.
EURIBOR
at
4.10%
Floor
+
4.10%),
8.02%,
04/15/38
(a)(b)(d)
....
EUR
469
505,981
Freedom
Mortgage
Corp.
(c)
12.00%,
10/01/28
.................
USD
4,136
4,508,260
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
12.25%,
10/01/30
.................
USD
6,131
$
6,742,776
Freedom
Mortgage
Holdings
LLC,
9.25%,
02/01/29
(c)
.....................
3,776
3,864,536
Garfunkelux
Holdco
3
SA
(b)
6.75%,
11/01/25
..................
EUR
1,064
807,339
7.75%,
11/01/25
..................
GBP
777
686,483
GGAM
Finance
Ltd.
(c)
7.75%,
05/15/26
..................
USD
1,761
1,797,296
8.00%,
02/15/27
..................
22,374
23,101,602
8.00%,
06/15/28
..................
8,717
9,103,416
6.88%,
04/15/29
..................
16,024
16,084,090
Global
Payments,
Inc.,
1.50%,
03/01/31
(c)(m)
..
34,023
35,962,311
HPS
Corporate
Lending
Fund,
6.75%,
01/30/29
(c)
.....................
10,470
10,450,829
Jefferies
Finance
LLC,
5.00%,
08/15/28
(c)
...
18,235
16,768,676
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
7,434
7,221,332
Nationstar
Mortgage
Holdings,
Inc.
(c)
5.00%,
02/01/26
..................
89,125
87,218,117
6.00%,
01/15/27
..................
2,851
2,810,552
5.13%,
12/15/30
..................
4,403
3,994,758
5.75%,
11/15/31
..................
6,639
6,123,489
7.13%,
02/01/32
..................
47,528
47,202,519
Nationwide
Building
Society,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
(a)(b)(k)
...............
GBP
1,516
1,810,573
NCR
Atleos
Corp.,
9.50%,
04/01/29
(c)
......
USD
14,894
15,930,756
Nexi
SpA,
0.00%,
02/24/28
(b)(m)(n)
.........
EUR
4,200
3,885,208
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(c)
.....................
USD
16,790
17,252,481
Permian
Resources
Operating
LLC
(c)
7.75%,
02/15/26
..................
12,047
12,203,093
8.00%,
04/15/27
..................
16,732
17,232,923
5.88%,
07/01/29
..................
23,758
23,362,249
9.88%,
07/15/31
..................
14,236
15,863,175
7.00%,
01/15/32
..................
19,711
20,448,467
Rocket
Mortgage
LLC
(c)
2.88%,
10/15/26
..................
45,918
42,424,692
3.88%,
03/01/31
..................
8,937
7,785,908
4.00%,
10/15/33
..................
6,904
5,848,315
Shift4
Payments
LLC,
4.63%,
11/01/26
(c)
....
36,125
34,927,413
Thames
Water
Utilities
Finance
plc,
4.00%,
04/18/27
(b)
.....................
EUR
961
977,874
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(c)
..
USD
87,159
87,403,830
Worldline
SA,
0.00%,
07/30/26
(b)(m)(n)
......
EUR
2,697
2,631,122
723,210,692
Food
Products
—
1.0%
Boparan
Finance
plc,
7.63%,
11/30/25
(b)
....
GBP
1,030
1,227,466
Chobani
LLC
(c)
4.63%,
11/15/28
..................
USD
41,987
39,154,444
7.63%,
07/01/29
..................
70,043
71,006,108
Darling
Global
Finance
BV,
3.63%,
05/15/26
(b)
EUR
4,402
4,677,861
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(c)
..
USD
21,297
21,105,395
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
(c)
...
9,117
9,415,126
Lamb
Weston
Holdings,
Inc.
(c)
4.88%,
05/15/28
..................
13,545
13,164,866
4.13%,
01/31/30
..................
10,925
9,961,445
4.38%,
01/31/32
..................
22,774
20,421,820
Post
Holdings,
Inc.
(c)
5.50%,
12/15/29
..................
2,000
1,932,704
4.63%,
04/15/30
..................
1,289
1,183,312
4.50%,
09/15/31
..................
3,107
2,794,722
6.25%,
02/15/32
..................
16,609
16,730,046
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(b)
GBP
469
565,150
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(c)
....
USD
4,175
3,689,494
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Tereos
Finance
Groupe
I
SA
(b)
4.75%,
04/30/27
..................
EUR
252
$
272,437
7.25%,
04/15/28
..................
1,225
1,395,930
218,698,326
Gas
Utilities
—
0.6%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(c)
...
USD
15,191
15,730,432
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(c)
................
14,758
15,572,819
NGL
Energy
Operating
LLC
(c)
8.13%,
02/15/29
..................
32,040
32,814,791
8.38%,
02/15/32
..................
64,848
66,476,139
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(c)
.....................
4,099
3,736,990
UGI
International
LLC,
2.50%,
12/01/29
(b)
...
EUR
1,813
1,750,142
136,081,313
Ground
Transportation
—
0.8%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(c)
.
USD
10,529
10,432,798
Avis
Budget
Car
Rental
LLC,
8.00%,
02/15/31
(c)
14,130
14,107,026
BCP
V
Modular
Services
Finance
II
plc
(b)
4.75%,
11/30/28
..................
EUR
2,400
2,420,939
6.13%,
11/30/28
..................
GBP
1,900
2,200,243
EC
Finance
plc,
3.00%,
10/15/26
(b)
.......
EUR
1,041
1,090,668
GN
Bondco
LLC,
9.50%,
10/15/31
(c)
......
USD
17,277
17,246,111
Lyft,
Inc.,
0.63%,
03/01/29
(c)(m)
..........
10,061
11,752,423
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(b)(k)
....................
GBP
2,268
2,617,006
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(c)
..
USD
9,396
8,889,577
RXO,
Inc.,
7.50%,
11/15/27
(c)
...........
2,673
2,743,166
Uber
Technologies,
Inc.
0.00%,
12/15/25
(m)(n)
...............
6,105
6,852,863
7.50%,
09/15/27
(c)
.................
25,241
25,846,986
Series
2028,
0.88%,
12/01/28
(c)(m)
......
19,517
24,142,529
4.50%,
08/15/29
(c)
.................
50,794
48,194,251
178,536,586
Health
Care
Equipment
&
Supplies
—
1.3%
Avantor
Funding,
Inc.
2.63%,
11/01/25
(b)
.................
EUR
5,701
5,996,761
3.88%,
07/15/28
(b)
.................
1,235
1,292,408
4.63%,
07/15/28
(c)
.................
USD
27,513
26,071,707
3.88%,
11/01/29
(c)
.................
13,639
12,294,733
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(c)
...
90,836
93,984,376
Medline
Borrower
LP
(c)
3.88%,
04/01/29
..................
31,017
28,231,875
6.25%,
04/01/29
..................
26,419
26,537,296
5.25%,
10/01/29
..................
85,982
81,267,478
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
(c)
10,428
11,233,594
Teleflex,
Inc.
4.63%,
11/15/27
..................
2,408
2,315,991
4.25%,
06/01/28
(c)
.................
3,023
2,836,663
292,062,882
Health
Care
Providers
&
Services
—
2.1%
Acadia
Healthcare
Co.,
Inc.
(c)
5.50%,
07/01/28
..................
2,633
2,563,191
5.00%,
04/15/29
..................
3,136
2,979,820
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(c)
.
24,977
22,729,090
Clariane
SE,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(b)(k)
GBP
2,500
1,957,595
Community
Health
Systems,
Inc.
(c)
5.63%,
03/15/27
..................
USD
36,441
33,540,300
6.00%,
01/15/29
..................
28,988
25,323,862
5.25%,
05/15/30
..................
41,866
34,138,047
4.75%,
02/15/31
..................
30,315
23,395,507
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Encompass
Health
Corp.
4.50%,
02/01/28
..................
USD
1,364
$
1,299,101
4.75%,
02/01/30
..................
16,363
15,331,435
4.63%,
04/01/31
..................
5,903
5,367,012
Ephios
Subco
3
SARL,
7.88%,
01/31/31
(b)
...
EUR
1,828
2,068,694
HealthEquity,
Inc.,
4.50%,
10/01/29
(c)
......
USD
35,863
33,088,549
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(c)
11,914
11,353,033
LifePoint
Health,
Inc.
(c)
9.88%,
08/15/30
..................
10,589
11,076,539
11.00%,
10/15/30
.................
40,388
43,166,334
ModivCare,
Inc.,
5.88%,
11/15/25
(c)
.......
20,713
20,171,396
Molina
Healthcare,
Inc.
(c)
4.38%,
06/15/28
..................
7,312
6,873,488
3.88%,
11/15/30
..................
4,310
3,831,912
3.88%,
05/15/32
..................
8,274
7,204,378
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(c)
..
11,313
10,372,418
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(c)
.....................
2,884
2,868,727
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(c)
................
5,299
5,306,132
Surgery
Center
Holdings,
Inc.
(c)
6.75%,
07/01/25
..................
18,239
18,241,241
10.00%,
04/15/27
.................
12,272
12,294,605
7.25%,
04/15/32
..................
38,699
38,999,524
Tenet
Healthcare
Corp.
4.63%,
06/15/28
..................
923
878,872
6.13%,
06/15/30
..................
9,991
9,968,081
6.75%,
05/15/31
(c)
.................
59,876
60,967,540
467,356,423
Health
Care
Technology
—
0.7%
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(c)
.
140,266
128,289,906
IQVIA,
Inc.
1.75%,
03/15/26
(b)
.................
EUR
2,964
3,055,541
5.00%,
10/15/26
(c)
.................
USD
5,783
5,658,597
5.00%,
05/15/27
(c)
.................
2,990
2,919,513
6.25%,
02/01/29
..................
7,077
7,348,226
2.25%,
03/15/29
(b)
.................
EUR
600
582,579
6.50%,
05/15/30
(c)
.................
USD
5,791
5,909,803
153,764,165
Hotel
&
Resort
REITs
—
0.7%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
..................
28,813
27,741,468
7.25%,
07/15/28
(c)
.................
19,469
20,049,449
4.50%,
02/15/29
(c)
.................
11,328
10,577,531
RLJ
Lodging
Trust
LP
(c)
3.75%,
07/01/26
..................
3,645
3,471,156
4.00%,
09/15/29
..................
2,470
2,177,353
Service
Properties
Trust
7.50%,
09/15/25
..................
9,677
9,807,446
8.63%,
11/15/31
(c)
.................
83,667
89,225,584
163,049,987
Hotels,
Restaurants
&
Leisure
—
6.4%
1011778
BC
ULC
(c)
3.88%,
01/15/28
..................
4,368
4,105,110
4.38%,
01/15/28
..................
11,148
10,545,240
4.00%,
10/15/30
..................
19,901
17,731,825
Accor
SA,
(5-Year
EUR
Swap
Annual
+
3.25%),
2.63%
(a)(b)(k)
....................
EUR
900
952,517
Allwyn
Entertainment
Financing
UK
plc
7.88%,
04/30/29
(c)
.................
USD
8,600
8,809,625
7.25%,
04/30/30
(b)
.................
EUR
2,572
2,913,542
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(b)
.....................
7,876
8,389,620
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Boyd
Gaming
Corp.
4.75%,
12/01/27
..................
USD
6,842
$
6,591,146
4.75%,
06/15/31
(c)
.................
9,717
8,929,409
Boyne
USA,
Inc.,
4.75%,
05/15/29
(c)
......
19,493
18,069,469
Caesars
Entertainment,
Inc.
(c)
8.13%,
07/01/27
..................
53,025
54,306,137
4.63%,
10/15/29
..................
15,536
14,166,826
7.00%,
02/15/30
..................
79,779
81,891,947
6.50%,
02/15/32
..................
42,619
42,994,303
Carnival
Corp.
7.63%,
03/01/26
(c)
.................
8,566
8,666,728
7.63%,
03/01/26
(b)
.................
EUR
3,181
3,497,781
4.00%,
08/01/28
(c)
.................
USD
13,488
12,497,171
6.00%,
05/01/29
(c)
.................
43,611
43,031,397
7.00%,
08/15/29
(c)
.................
10,835
11,277,339
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(c)
.....................
156,508
170,728,160
Carnival
plc,
1.00%,
10/28/29
..........
EUR
468
394,677
CCM
Merger,
Inc.,
6.38%,
05/01/26
(c)
......
USD
7,077
7,070,437
Cedar
Fair
LP
5.50%,
05/01/25
(c)
.................
7,995
7,961,871
5.38%,
04/15/27
..................
31
30,537
6.50%,
10/01/28
..................
2,917
2,926,938
5.25%,
07/15/29
..................
1,701
1,612,428
Churchill
Downs,
Inc.
(c)
5.50%,
04/01/27
..................
20,818
20,433,660
4.75%,
01/15/28
..................
25,101
23,895,250
5.75%,
04/01/30
..................
41,105
39,678,727
6.75%,
05/01/31
..................
28,888
29,049,368
Cirsa
Finance
International
SARL
(b)
10.38%,
11/30/27
.................
EUR
366
425,809
7.88%,
07/31/28
..................
494
563,600
(3-mo.
EURIBOR
+
4.50%),
8.41%,
07/31/28
(a)
....................
1,116
1,225,067
6.50%,
03/15/29
..................
587
647,905
Codere
New
Holdco
SA
7.50%,
11/30/27
(b)
.................
558
8,421
7.50%,
11/30/27
(c)
.................
407
3,869
CPUK
Finance
Ltd.
(b)
4.88%,
08/28/25
..................
GBP
1,750
2,158,659
4.50%,
08/28/27
..................
620
711,474
Elior
Group
SA,
3.75%,
07/15/26
(b)
.......
EUR
1,622
1,634,034
Fertitta
Entertainment
LLC
(c)
4.63%,
01/15/29
..................
USD
17,414
15,968,220
6.75%,
01/15/30
..................
7,122
6,394,931
GLP
Capital
LP,
3.25%,
01/15/32
........
9,512
8,007,466
Hilton
Domestic
Operating
Co.,
Inc.
3.75%,
05/01/29
(c)
.................
6,595
6,050,140
4.88%,
01/15/30
..................
8,024
7,693,418
4.00%,
05/01/31
(c)
.................
2,177
1,945,729
3.63%,
02/15/32
(c)
.................
882
759,404
6.13%,
04/01/32
(c)
.................
12,403
12,455,764
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
6.63%,
01/15/32
(c)
................
14,019
14,075,595
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
2,120
2,084,245
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(b)
.....................
EUR
2,069
2,181,855
International
Game
Technology
plc,
5.25%,
01/15/29
(c)
.....................
USD
969
936,241
IRB
Holding
Corp.,
7.00%,
06/15/25
(c)
.....
2,718
2,718,062
Light
&
Wonder
International,
Inc.
(c)
7.00%,
05/15/28
..................
5,053
5,090,230
7.25%,
11/15/29
..................
3,781
3,881,450
7.50%,
09/01/31
..................
12,136
12,620,263
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(c)
.....................
USD
19,234
$
20,339,186
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(c)
.
16,875
17,005,528
Lottomatica
SpA
(b)
9.75%,
09/30/27
..................
EUR
1,035
1,194,679
(3-mo.
EURIBOR
+
4.13%),
8.07%,
06/01/28
(a)
....................
1,327
1,444,161
(3-mo.
EURIBOR
+
4.00%),
7.94%,
12/15/30
(a)
....................
1,356
1,481,207
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(c)
USD
15,615
14,644,985
Melco
Resorts
Finance
Ltd.
(c)
4.88%,
06/06/25
..................
10,056
9,804,600
5.63%,
07/17/27
..................
800
764,750
5.75%,
07/21/28
..................
3,400
3,215,725
5.38%,
12/04/29
..................
39,320
35,788,671
Merlin
Entertainments
Group
US
Holdings,
Inc.,
7.38%,
02/15/31
(c)
................
23,960
24,140,395
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(c)
13,847
13,718,465
MGM
China
Holdings
Ltd.
(c)
5.38%,
05/15/24
..................
2,700
2,693,250
5.25%,
06/18/25
..................
1,800
1,774,688
5.88%,
05/15/26
..................
2,200
2,169,750
4.75%,
02/01/27
..................
4,121
3,917,237
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(c)
.....................
4,792
4,437,183
Motion
Bondco
DAC,
6.63%,
11/15/27
(c)
....
7,580
7,325,286
NCL
Corp.
Ltd.
(c)
3.63%,
12/15/24
..................
1,448
1,426,620
5.88%,
03/15/26
..................
21,038
20,767,679
8.38%,
02/01/28
..................
9,856
10,411,129
8.13%,
01/15/29
..................
7,109
7,522,637
7.75%,
02/15/29
..................
3,713
3,855,119
NCL
Finance
Ltd.,
6.13%,
03/15/28
(c)
......
7,852
7,753,980
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(c)
..
10,653
10,972,295
Premier
Entertainment
Sub
LLC
(c)
5.63%,
09/01/29
..................
5,317
4,059,155
5.88%,
09/01/31
..................
4,871
3,560,998
Raising
Cane's
Restaurants
LLC,
9.38%,
05/01/29
(c)
.....................
8,084
8,736,702
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(c)
..
8,076
7,768,426
Royal
Caribbean
Cruises
Ltd.
(c)
4.25%,
07/01/26
..................
4,604
4,443,061
5.38%,
07/15/27
..................
7,648
7,540,146
5.50%,
04/01/28
..................
4,489
4,436,945
8.25%,
01/15/29
..................
9,137
9,664,205
9.25%,
01/15/29
..................
10,326
11,075,306
7.25%,
01/15/30
..................
12,187
12,662,074
6.25%,
03/15/32
..................
20,498
20,661,164
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(c)
.....................
10,609
10,256,202
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(c)
.....................
59,225
60,001,381
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(c)
3,637
3,642,248
Station
Casinos
LLC
(c)
4.50%,
02/15/28
..................
9,401
8,856,071
4.63%,
12/01/31
..................
19,586
17,603,801
6.63%,
03/15/32
..................
12,803
12,933,187
Stonegate
Pub
Co.
Financing
plc,
8.00%,
07/13/25
(b)
.....................
GBP
1,500
1,838,109
TUI
AG,
5.88%,
03/15/29
(b)
............
EUR
1,795
1,964,507
TVL
Finance
plc,
10.25%,
04/28/28
(b)
......
GBP
678
889,283
Viking
Cruises
Ltd.
(c)
5.88%,
09/15/27
..................
USD
12,325
12,092,242
7.00%,
02/15/29
..................
1,021
1,025,418
9.13%,
07/15/31
..................
42,185
46,133,989
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(c)
.....................
USD
9,471
$
9,216,993
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(c)
.....................
3,416
3,175,589
Wynn
Macau
Ltd.
(c)
5.50%,
01/15/26
..................
10,758
10,445,265
5.50%,
10/01/27
..................
2,600
2,486,250
5.63%,
08/26/28
..................
47,085
44,583,609
5.13%,
12/15/29
..................
14,173
12,906,288
Wynn
Resorts
Finance
LLC
(c)
5.13%,
10/01/29
..................
39,731
37,639,191
7.13%,
02/15/31
..................
34,623
35,831,204
1,430,089,250
Household
Durables
—
0.6%
Ashton
Woods
USA
LLC
(c)
6.63%,
01/15/28
..................
1,575
1,581,202
4.63%,
08/01/29
..................
4,879
4,500,455
4.63%,
04/01/30
..................
3,541
3,235,301
Beazer
Homes
USA,
Inc.,
7.50%,
03/15/31
(c)
.
5,393
5,446,434
Brookfield
Residential
Properties,
Inc.
(c)
5.00%,
06/15/29
..................
11,781
10,686,895
4.88%,
02/15/30
..................
11,025
9,888,650
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(c)
13,315
13,192,405
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(c)
6,941
7,245,710
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(c)
.....................
4,717
4,590,970
LGI
Homes,
Inc.,
8.75%,
12/15/28
(c)
.......
5,264
5,554,220
Mattamy
Group
Corp.
(c)
5.25%,
12/15/27
..................
6,726
6,521,219
4.63%,
03/01/30
..................
6,067
5,504,237
New
Home
Co.,
Inc.
(The)
(c)
8.25%,
10/15/27
(e)
.................
1,109
1,129,437
9.25%,
10/01/29
..................
13,753
13,821,765
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(c)
....
7,436
7,631,493
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(c)
.
10,304
7,620,342
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(c)
.....................
4,190
4,001,324
Tempur
Sealy
International,
Inc.
(c)
4.00%,
04/15/29
..................
6,690
6,071,243
3.88%,
10/15/31
..................
653
554,531
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
..................
3,958
3,865,841
5.70%,
06/15/28
..................
3,737
3,679,558
126,323,232
Household
Products
—
0.1%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
..................
3,050
2,956,958
4.13%,
10/15/30
..................
3,371
3,024,117
4.13%,
04/30/31
(c)
.................
9,077
8,000,652
Spectrum
Brands,
Inc.
(c)
5.00%,
10/01/29
..................
3,830
3,753,574
3.88%,
03/15/31
..................
9,805
9,444,824
27,180,125
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Calpine
Corp.
(c)
5.25%,
06/01/26
..................
197
194,961
5.13%,
03/15/28
..................
23,391
22,449,360
4.63%,
02/01/29
..................
629
582,150
5.00%,
02/01/31
..................
8,356
7,664,937
Clearway
Energy
Operating
LLC
(c)
4.75%,
03/15/28
..................
6,023
5,725,120
3.75%,
01/15/32
..................
21,669
18,216,760
NextEra
Energy
Partners
LP
(c)(m)
0.00%,
11/15/25
(n)
.................
11,855
10,521,313
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
2.50%,
06/15/26
..................
USD
11,855
$
10,668,981
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(c)
.
6,946
7,427,731
TransAlta
Corp.,
7.75%,
11/15/29
........
4,685
4,870,006
88,321,319
Industrial
Conglomerates
—
1.1%
EMRLD
Borrower
LP
6.38%,
12/15/30
(b)
.................
EUR
2,158
2,444,100
6.38%,
12/15/30
(c)
.................
9,160
10,374,403
6.63%,
12/15/30
(c)
.................
USD
174,989
176,667,670
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
(c)
.....................
47,892
49,525,979
239,012,152
Insurance
—
6.8%
Alliant
Holdings
Intermediate
LLC
(c)
4.25%,
10/15/27
..................
63,496
59,778,913
6.75%,
10/15/27
..................
121,101
119,311,575
6.75%,
04/15/28
..................
29,975
30,186,564
5.88%,
11/01/29
..................
67,999
63,170,282
7.00%,
01/15/31
..................
62,858
63,487,774
AmWINS
Group,
Inc.
(c)
6.38%,
02/15/29
..................
8,428
8,473,494
4.88%,
06/30/29
..................
8,311
7,757,344
Ardonagh
Finco
Ltd.
6.88%,
02/15/31
(b)
.................
EUR
2,763
2,936,149
7.75%,
02/15/31
(c)
.................
USD
42,477
42,285,259
Ardonagh
Group
Finance
Ltd.,
8.88%,
02/15/32
(c)
.....................
37,992
37,510,356
AssuredPartners,
Inc.,
7.50%,
02/15/32
(c)
...
23,348
22,943,036
AXA
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.38%
(a)(b)(k)
...............
EUR
1,575
1,764,896
BUPA
Finance
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(b)(k)
....................
GBP
700
644,959
FWD
Group
Holdings
Ltd.,
8.40%,
04/05/29
(c)
.
USD
38,370
39,712,950
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(b)
......
GBP
2,333
2,899,308
Howden
UK
Refinance
plc
(c)
7.25%,
02/15/31
..................
USD
104,045
104,437,960
8.13%,
02/15/32
..................
51,830
52,269,881
HUB
International
Ltd.
(c)
7.25%,
06/15/30
..................
203,949
209,597,776
7.38%,
01/31/32
..................
252,270
253,968,787
Intesa
Sanpaolo
Vita
SpA,
2.38%,
12/22/30
(b)
.
EUR
1,652
1,515,064
Jones
Deslauriers
Insurance
Management,
Inc.
(c)
8.50%,
03/15/30
..................
USD
28,791
30,011,162
10.50%,
12/15/30
.................
14,765
15,580,471
Liberty
Mutual
Group,
Inc.,
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%,
05/23/59
(a)(b)
....
EUR
1,938
2,081,403
NFP
Corp.
(c)
4.88%,
08/15/28
..................
USD
29,657
29,724,143
6.88%,
08/15/28
..................
93,245
94,435,086
7.50%,
10/01/30
..................
6,621
6,975,263
8.50%,
10/01/31
..................
11,078
12,191,982
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
(c)
174,782
177,702,607
Ryan
Specialty
LLC,
4.38%,
02/01/30
(c)
....
7,803
7,292,899
USI,
Inc.,
7.50%,
01/15/32
(c)
...........
27,945
27,996,475
1,528,643,818
IT
Services
—
1.0%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(c)
..
28,072
25,507,370
Atos
SE
(b)
0.00%,
11/06/24
(m)(n)
...............
EUR
800
129,494
1.75%,
05/07/25
..................
800
131,534
2.50%,
11/07/28
..................
400
63,436
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(b)
...
EUR
1,355
$
1,452,176
Boost
Newco
Borrower
LLC,
7.50%,
01/15/31
(c)
USD
69,797
73,064,407
CA
Magnum
Holdings,
5.38%,
10/31/26
(c)
...
29,633
28,447,680
Cablevision
Lightpath
LLC
(c)
3.88%,
09/15/27
..................
14,342
12,877,497
5.63%,
09/15/28
..................
6,738
5,622,981
Central
Parent
LLC,
8.00%,
06/15/29
(c)
.....
22,366
23,185,401
Engineering
-
Ingegneria
Informatica
-
SpA
11.13%,
05/15/28
(b)
................
EUR
2,676
3,103,528
Global
Switch
Finance
BV,
1.38%,
10/07/30
(b)
.
2,080
2,069,056
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(c)
.....................
USD
7,730
8,367,068
Northwest
Fiber
LLC,
4.75%,
04/30/27
(c)
....
10,004
10,229,910
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(c)
...
2,724
2,642,092
Twilio,
Inc.
3.63%,
03/15/29
..................
6,443
5,794,984
3.88%,
03/15/31
..................
16,940
14,788,447
United
Group
BV,
4.00%,
11/15/27
(b)
......
EUR
597
613,029
218,090,090
Leisure
Products
—
0.1%
Acushnet
Co.,
7.38%,
10/15/28
(c)
........
USD
5,192
5,380,329
Amer
Sports
Co.,
6.75%,
02/16/31
(c)
......
18,034
17,895,409
Mattel,
Inc.,
6.20%,
10/01/40
...........
7,163
7,153,816
30,429,554
Life
Sciences
Tools
&
Services
—
0.4%
(c)
Charles
River
Laboratories
International,
Inc.
4.25%,
05/01/28
..................
3,493
3,294,380
4.00%,
03/15/31
..................
3,131
2,797,691
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
....
10,595
10,937,049
Star
Parent,
Inc.,
9.00%,
10/01/30
........
62,464
66,106,026
83,135,146
Machinery
—
1.5%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(c)
..
9,018
8,882,569
ATS
Corp.,
4.13%,
12/15/28
(c)
..........
4,992
4,575,660
Boels
Topholding
BV,
6.25%,
02/15/29
(b)
....
EUR
1,589
1,765,721
Chart
Industries,
Inc.
(c)
7.50%,
01/01/30
..................
USD
38,652
40,138,015
9.50%,
01/01/31
..................
5,319
5,792,268
Enpro,
Inc.,
5.75%,
10/15/26
...........
4,622
4,606,871
Esab
Corp.,
6.25%,
04/15/29
(c)
..........
16,265
16,341,169
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(c)
.....................
8,471
6,288,002
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(c)(j)
..........
17,785
17,814,932
IMA
Industria
Macchine
Automatiche
SpA
(b)
3.75%,
01/15/28
..................
EUR
303
308,684
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.94%,
01/15/28
(a)
...............
587
634,582
Loxam
SAS
(b)
6.38%,
05/15/28
..................
1,768
1,980,766
6.38%,
05/31/29
..................
1,403
1,573,097
Madison
IAQ
LLC
(c)
4.13%,
06/30/28
..................
USD
8,489
7,851,471
5.88%,
06/30/29
..................
20,582
18,830,056
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(c)
2,374
2,153,293
Novafives
SAS,
5.00%,
06/15/25
(b)
.......
EUR
952
1,016,795
OT
Merger
Corp.,
7.88%,
10/15/29
(c)
......
USD
7,687
5,488,975
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(c)
.....................
6,964
6,376,373
Terex
Corp.,
5.00%,
05/15/29
(c)
.........
18,945
17,885,741
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(c)
....
31,570
31,532,432
Titan
International,
Inc.,
7.00%,
04/30/28
...
1,736
1,713,030
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(b)
.................
EUR
8,231
8,591,831
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
7.63%,
07/15/28
(c)
.................
USD
19,733
$
19,346,847
TK
Elevator
Midco
GmbH
4.38%,
07/15/27
(b)
.................
EUR
13,573
14,076,099
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(c)
USD
78,245
75,591,689
Wabash
National
Corp.,
4.50%,
10/15/28
(c)
..
10,665
9,780,202
330,937,170
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(c)
........
2,342
2,390,013
Media
—
4.6%
Adelphia
Communications
Corp.,
Escrow,
Series
B,
10.50%,
07/15/04
(d)(f)(l)
........
800
—
Altice
Financing
SA
2.25%,
01/15/25
(b)
.................
EUR
354
363,199
3.00%,
01/15/28
(b)
.................
279
245,308
5.00%,
01/15/28
(c)
.................
USD
2,102
1,730,039
4.25%,
08/15/29
(b)
.................
EUR
2,742
2,399,171
5.75%,
08/15/29
(c)
.................
USD
50,052
40,103,735
Banijay
Entertainment
SASU
7.00%,
05/01/29
(b)
.................
EUR
1,661
1,879,418
8.13%,
05/01/29
(c)
.................
USD
4,483
4,623,721
Cable
One,
Inc.
0.00%,
03/15/26
(m)(n)
...............
5,319
4,632,849
1.13%,
03/15/28
(m)
................
16,595
12,456,207
4.00%,
11/15/30
(c)
.................
19,500
15,218,323
Century
Communications
Corp.
Escrow,
0.00%,
03/15/13
(d)(f)(l)
...................
625
—
Clear
Channel
Outdoor
Holdings,
Inc.
(c)
5.13%,
08/15/27
..................
16,134
15,208,478
7.75%,
04/15/28
..................
11,557
10,121,621
9.00%,
09/15/28
..................
67,114
69,906,949
7.50%,
06/01/29
..................
35,475
29,339,290
7.88%,
04/01/30
..................
48,631
48,346,788
CMG
Media
Corp.,
8.88%,
12/15/27
(c)
.....
13,409
8,886,282
CSC
Holdings
LLC
(c)
5.50%,
04/15/27
..................
23,162
20,723,354
5.38%,
02/01/28
..................
800
688,098
11.25%,
05/15/28
.................
103,513
102,575,482
11.75%,
01/31/29
.................
69,668
69,776,658
4.13%,
12/01/30
..................
16,771
11,992,105
4.50%,
11/15/31
..................
10,361
7,335,245
DirecTV
Financing
LLC
(c)
5.88%,
08/15/27
..................
39,807
37,658,863
8.88%,
02/01/30
..................
9,290
9,267,564
DISH
DBS
Corp.
(c)
5.25%,
12/01/26
..................
32,879
25,889,207
5.75%,
12/01/28
..................
2,447
1,681,713
DISH
Network
Corp.,
11.75%,
11/15/27
(c)
...
63,500
64,829,119
Eutelsat
SA
(b)
1.50%,
10/13/28
..................
EUR
2,100
1,686,502
9.75%,
04/13/29
..................
891
975,674
GCI
LLC,
4.75%,
10/15/28
(c)
...........
USD
4,436
4,067,393
Gray
Television,
Inc.
(c)
5.88%,
07/15/26
..................
15,088
14,693,985
7.00%,
05/15/27
..................
21,246
19,759,449
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
6,621
5,510,409
Lamar
Media
Corp.,
4.00%,
02/15/30
......
3,436
3,122,805
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(c)
.....................
27,864
26,150,879
Midcontinent
Communications,
5.38%,
08/15/27
(c)
.....................
5,978
5,674,061
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(c)
.....
4,686
4,495,373
Outfront
Media
Capital
LLC
(c)
5.00%,
08/15/27
..................
21,754
20,937,361
Security
Par
(000)
Par
(000)
Value
Media
(continued)
4.25%,
01/15/29
..................
USD
24,266
$
21,984,470
4.63%,
03/15/30
..................
6,275
5,627,608
7.38%,
02/15/31
..................
17,581
18,414,761
Pinewood
Finco
plc,
6.00%,
03/27/30
(b)
.....
GBP
2,874
3,627,419
Radiate
Holdco
LLC
(c)
4.50%,
09/15/26
..................
USD
7,933
6,307,948
6.50%,
09/15/28
..................
28,017
13,362,327
SES
SA,
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
(a)(b)(k)
....................
EUR
1,464
1,492,567
Sirius
XM
Radio,
Inc.
(c)
3.13%,
09/01/26
..................
USD
24,175
22,645,315
5.00%,
08/01/27
..................
44,964
43,259,082
4.00%,
07/15/28
..................
5,559
5,085,768
Stagwell
Global
LLC,
5.63%,
08/15/29
(c)
....
1,543
1,401,209
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(b)
EUR
1,957
2,069,083
Summer
BidCo
BV
10.00%,
02/15/29
(b)
................
866
945,957
Sunrise
FinCo.
I
BV,
4.88%,
07/15/31
(c)
.....
USD
16,905
15,087,337
TEGNA,
Inc.,
4.75%,
03/15/26
(c)
.........
2,499
2,450,023
Tele
Columbus
AG,
10.00%,
03/19/29
(b)
....
EUR
4,307
2,992,332
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(c)
................
USD
5,200
4,884,006
United
Group
BV
(b)
3.13%,
02/15/26
..................
EUR
805
831,912
6.75%,
02/15/31
..................
787
868,621
(3-mo.
EURIBOR
+
4.25%),
8.13%,
02/15/31
(a)
....................
1,278
1,378,770
Univision
Communications,
Inc.
(c)
6.63%,
06/01/27
..................
USD
26,526
25,943,354
8.00%,
08/15/28
..................
60,381
61,513,808
7.38%,
06/30/30
..................
7,874
7,786,136
Videotron
Ltd.,
3.63%,
06/15/29
(c)
........
5,112
4,620,668
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(b)
................
GBP
1,638
1,850,449
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(c)
................
USD
20,420
18,734,960
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(b)
.
EUR
1,737
1,641,288
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(b)
857
797,453
Ziggo
Bond
Co.
BV
(c)
6.00%,
01/15/27
..................
USD
5,155
5,080,620
5.13%,
02/28/30
..................
3,386
2,899,777
Ziggo
BV
2.88%,
01/15/30
(b)
.................
EUR
1,250
1,189,378
4.88%,
01/15/30
(c)
.................
USD
2,105
1,889,734
1,033,616,817
Metals
&
Mining
—
2.4%
Arsenal
AIC
Parent
LLC
(c)
8.00%,
10/01/30
..................
11,910
12,504,130
11.50%,
10/01/31
.................
51,606
57,476,891
ATI,
Inc.
5.88%,
12/01/27
..................
9,526
9,379,747
4.88%,
10/01/29
..................
7,847
7,384,001
7.25%,
08/15/30
..................
28,255
29,205,018
5.13%,
10/01/31
..................
18,354
17,003,487
Big
River
Steel
LLC,
6.63%,
01/31/29
(c)
....
70,786
71,184,100
Carpenter
Technology
Corp.
6.38%,
07/15/28
..................
1,943
1,939,725
7.63%,
03/15/30
..................
23,590
24,336,624
Constellium
SE
4.25%,
02/15/26
(b)
.................
EUR
5,607
6,025,097
5.63%,
06/15/28
(c)
.................
USD
17,260
16,779,554
3.75%,
04/15/29
(c)
.................
43,740
39,352,777
ERO
Copper
Corp.,
6.50%,
02/15/30
(c)
.....
12,376
11,741,730
First
Quantum
Minerals
Ltd.,
9.38%,
03/01/29
(c)
39,241
40,707,829
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Kaiser
Aluminum
Corp.
(c)
4.63%,
03/01/28
..................
USD
10,805
$
10,138,249
4.50%,
06/01/31
..................
39,466
34,916,743
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(c)
..
1,710
1,800,971
New
Gold,
Inc.,
7.50%,
07/15/27
(c)
.......
30,930
30,999,902
Novelis
Corp.
(c)
3.25%,
11/15/26
..................
53,578
49,922,914
4.75%,
01/30/30
..................
35,783
33,014,208
3.88%,
08/15/31
..................
28,489
24,472,214
Novelis
Sheet
Ingot
GmbH,
3.38%,
04/15/29
(b)
EUR
13,100
13,286,372
543,572,283
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
(c)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
..................
USD
2,449
2,405,434
4.25%,
02/01/27
..................
2,906
2,718,806
4.75%,
06/15/29
..................
2,098
1,907,142
Starwood
Property
Trust,
Inc.
3.75%,
12/31/24
..................
5,000
4,902,994
4.38%,
01/15/27
..................
2,356
2,216,173
7.25%,
04/01/29
..................
10,509
10,592,641
24,743,190
Oil,
Gas
&
Consumable
Fuels
—
6.2%
Aethon
United
BR
LP,
8.25%,
02/15/26
(c)
....
34,293
34,688,707
Antero
Midstream
Partners
LP
(c)
5.75%,
03/01/27
..................
4,237
4,183,948
5.38%,
06/15/29
..................
10,538
10,133,973
6.63%,
02/01/32
..................
17,601
17,677,842
Apache
Corp.,
5.35%,
07/01/49
.........
5,323
4,499,537
Ascent
Resources
Utica
Holdings
LLC
9.00%,
11/01/27
(c)
.................
26,144
32,903,531
9.00%,
11/01/27
(b)
.................
215
270,588
8.25%,
12/31/28
(c)
.................
38,612
39,665,490
5.88%,
06/30/29
(c)
.................
5,165
4,924,469
Baytex
Energy
Corp.,
8.50%,
04/30/30
(c)
....
11,632
12,145,997
Buckeye
Partners
LP
4.13%,
03/01/25
(c)
.................
361
352,717
5.85%,
11/15/43
..................
4,622
3,937,848
5.60%,
10/15/44
..................
5,428
4,338,184
Callon
Petroleum
Co.
6.38%,
07/01/26
..................
4,543
4,591,292
8.00%,
08/01/28
(c)
.................
5,961
6,228,881
7.50%,
06/15/30
(c)
.................
24,457
25,863,278
Chesapeake
Energy
Corp.,
6.75%,
04/15/29
(c)
10,631
10,744,901
CITGO
Petroleum
Corp.
(c)
7.00%,
06/15/25
..................
12,750
12,734,102
6.38%,
06/15/26
..................
16,872
16,922,329
8.38%,
01/15/29
..................
30,613
32,163,273
Civitas
Resources,
Inc.
(c)
8.38%,
07/01/28
..................
33,060
34,802,659
8.63%,
11/01/30
..................
15,630
16,783,134
8.75%,
07/01/31
..................
43,819
46,888,959
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(c)
6,060
5,401,094
CNX
Resources
Corp.,
7.38%,
01/15/31
(c)
...
5,764
5,870,234
Comstock
Resources,
Inc.
(c)
6.75%,
03/01/29
..................
22,694
21,641,967
5.88%,
01/15/30
..................
37,421
33,888,768
CQP
Holdco
LP,
5.50%,
06/15/31
(c)
.......
57,763
54,592,747
Crescent
Energy
Finance
LLC
(c)
9.25%,
02/15/28
..................
42,027
44,375,721
7.63%,
04/01/32
..................
36,964
37,248,820
Cullinan
Holdco
Scsp,
4.63%,
10/15/26
(b)
...
EUR
1,342
1,291,812
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(c)
USD
12,295
12,976,241
DT
Midstream,
Inc.
(c)
4.13%,
06/15/29
..................
13,216
12,149,892
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.38%,
06/15/31
..................
USD
13,138
$
11,898,087
Enbridge,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%,
01/15/84
(a)
................
11,795
12,815,680
Energy
Transfer
LP
(a)
Series
B,
(3-mo.
LIBOR
USD
+
4.16%),
6.63%
(k)
......................
7,217
6,739,972
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%,
05/15/54
.....................
33,474
35,109,908
EnLink
Midstream
LLC
5.63%,
01/15/28
(c)
.................
17,856
17,685,954
5.38%,
06/01/29
..................
9,630
9,454,381
6.50%,
09/01/30
(c)
.................
7,373
7,585,534
EnLink
Midstream
Partners
LP,
5.60%,
04/01/44
8,830
7,861,783
EnQuest
plc,
11.63%,
11/01/27
(c)
........
718
717,904
EQM
Midstream
Partners
LP
4.13%,
12/01/26
..................
1,043
1,002,930
4.50%,
01/15/29
(c)
.................
1,431
1,341,766
6.38%,
04/01/29
(c)
.................
21,041
21,195,537
7.50%,
06/01/30
(c)
.................
4,802
5,133,074
4.75%,
01/15/31
(c)
.................
10,271
9,551,572
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(c)
.....................
8,178
8,520,822
Genesis
Energy
LP
8.00%,
01/15/27
..................
922
932,721
7.75%,
02/01/28
..................
7,932
7,972,826
8.25%,
01/15/29
..................
20,112
20,646,899
8.88%,
04/15/30
..................
7,132
7,465,435
Harbour
Energy
plc,
5.50%,
10/15/26
(c)
.....
5,192
5,068,610
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(c)
..
1,866
1,891,995
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(c)
.....................
9,054
8,319,788
Hilcorp
Energy
I
LP
(c)
6.25%,
11/01/28
..................
6,691
6,683,693
5.75%,
02/01/29
..................
14,963
14,574,519
6.00%,
04/15/30
..................
1,223
1,197,449
8.38%,
11/01/33
..................
40,526
43,938,087
ITT
Holdings
LLC,
6.50%,
08/01/29
(c)
......
19,902
18,162,553
Kinetik
Holdings
LP
(c)
6.63%,
12/15/28
..................
5,538
5,636,321
5.88%,
06/15/30
..................
7,574
7,408,328
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(c)
.....................
1,879
1,848,354
Matador
Resources
Co.
5.88%,
09/15/26
..................
8,626
8,626,923
6.88%,
04/15/28
(c)
.................
18,452
18,877,780
6.50%,
04/15/32
(c)
.................
18,594
18,616,551
Murphy
Oil
Corp.,
5.88%,
12/01/42
(e)
......
1,714
1,537,930
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(c)
4,626
4,625,949
New
Fortress
Energy,
Inc.
(c)
6.75%,
09/15/25
..................
6,841
6,794,370
8.75%,
03/15/29
..................
49,611
49,421,874
Northern
Oil
&
Gas,
Inc.
(c)
8.13%,
03/01/28
..................
61,680
62,604,522
8.75%,
06/15/31
..................
15,367
16,226,968
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(c)
...
9,325
9,672,524
Prairie
Acquiror
LP,
9.00%,
08/01/29
(c)
.....
11,743
12,088,726
Repsol
International
Finance
BV
(a)(b)(k)
(5-Year
EUR
Swap
Annual
+
4.00%),
3.75%
EUR
150
158,610
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
2,310
2,448,531
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(c)
..
USD
13,243
12,393,071
Rockies
Express
Pipeline
LLC
(c)
3.60%,
05/15/25
..................
2,000
1,952,290
4.95%,
07/15/29
..................
2,239
2,092,542
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(c)
................
USD
21,837
$
22,586,031
SM
Energy
Co.
6.75%,
09/15/26
..................
4,975
4,979,975
6.50%,
07/15/28
..................
4,816
4,836,637
Southwestern
Energy
Co.
5.38%,
02/01/29
..................
18,066
17,546,314
4.75%,
02/01/32
..................
40
36,822
Sunoco
LP,
7.00%,
09/15/28
(c)
..........
1,824
1,863,668
Tallgrass
Energy
Partners
LP
(c)
6.00%,
03/01/27
..................
2,844
2,799,682
5.50%,
01/15/28
..................
4,306
4,148,754
7.38%,
02/15/29
..................
28,515
28,685,444
6.00%,
12/31/30
..................
849
806,494
6.00%,
09/01/31
..................
6,147
5,736,692
Talos
Production,
Inc.
(c)
9.00%,
02/01/29
..................
11,492
12,204,136
9.38%,
02/01/31
..................
9,596
10,229,893
Var
Energi
ASA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%,
11/15/83
(a)(b)
.....
EUR
1,244
1,442,794
Venture
Global
Calcasieu
Pass
LLC
(c)
3.88%,
08/15/29
..................
USD
38,947
35,058,029
4.13%,
08/15/31
..................
1,360
1,209,311
3.88%,
11/01/33
..................
32,443
27,563,661
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(c)
...
7,400
7,225,348
Vital
Energy,
Inc.
9.75%,
10/15/30
..................
19,552
21,381,050
7.88%,
04/15/32
(c)
.................
30,577
31,062,191
Western
Midstream
Operating
LP,
5.25%,
02/01/50
(e)
.....................
8,981
8,033,727
1,392,821,231
Paper
&
Forest
Products
—
0.0%
Ahlstrom
Holding
3
Oy
3.63%,
02/04/28
(b)
.................
EUR
1,145
1,158,078
4.88%,
02/04/28
(c)
.................
USD
2,177
1,991,955
Fiber
Bidco
SpA,
(3-mo.
EURIBOR
+
4.00%),
7.89%,
01/15/30
(a)(b)
...............
EUR
829
897,785
ProGroup
AG
(b)
5.13%,
04/15/29
..................
984
1,061,941
5.38%,
04/15/31
..................
1,265
1,361,415
WEPA
Hygieneprodukte
GmbH,
5.63%,
01/15/31
(b)
.....................
922
1,002,914
7,474,088
Passenger
Airlines
—
0.6%
Air
Canada,
3.88%,
08/15/26
(c)
..........
USD
14,161
13,515,553
American
Airlines,
Inc.
(c)
5.50%,
04/20/26
..................
905
898,640
5.75%,
04/20/29
..................
31,380
30,845,443
8.50%,
05/15/29
..................
28,800
30,425,962
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(b)
................
EUR
800
849,740
United
Airlines,
Inc.
(c)
4.38%,
04/15/26
..................
USD
19,304
18,661,916
4.63%,
04/15/29
..................
34,506
32,090,584
VistaJet
Malta
Finance
plc
(c)
7.88%,
05/01/27
..................
7,389
6,246,839
6.38%,
02/01/30
..................
6,803
5,014,649
138,549,326
Personal
Care
Products
—
0.1%
(c)
Coty,
Inc.
4.75%,
01/15/29
..................
1,042
986,054
6.63%,
07/15/30
..................
13,336
13,542,588
Prestige
Brands,
Inc.,
3.75%,
04/01/31
.....
3,457
3,009,829
17,538,471
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
—
0.9%
1375209
BC
Ltd.,
9.00%,
01/30/28
(c)
......
USD
15,861
$
15,543,823
Bayer
AG
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
................
EUR
2,700
2,723,557
Series
NC5,
(5-Year
EUR
Swap
Annual
+
3.43%),
6.63%,
09/25/83
..........
800
856,719
(5-Year
EUR
Swap
Annual
+
3.90%),
7.00%,
09/25/83
................
1,200
1,302,798
Catalent
Pharma
Solutions,
Inc.
5.00%,
07/15/27
(c)
.................
USD
21,493
21,164,585
2.38%,
03/01/28
(b)
.................
EUR
1,284
1,314,094
3.13%,
02/15/29
(c)
.................
USD
22,632
21,626,664
3.50%,
04/01/30
(c)
.................
16,673
15,879,527
Cheplapharm
Arzneimittel
GmbH
5.50%,
01/15/28
(c)
.................
10,148
9,669,742
7.50%,
05/15/30
(b)
.................
EUR
1,947
2,216,050
Gruenenthal
GmbH,
6.75%,
05/15/30
(b)
.....
1,420
1,619,501
Jazz
Securities
DAC,
4.38%,
01/15/29
(c)
....
USD
10,381
9,670,293
Organon
&
Co.
2.88%,
04/30/28
(b)
.................
EUR
1,521
1,525,810
4.13%,
04/30/28
(c)
.................
USD
16,929
15,775,991
5.13%,
04/30/31
(c)
.................
3,761
3,343,933
Rossini
SARL,
6.75%,
10/30/25
(b)
........
EUR
300
323,655
Teva
Pharmaceutical
Finance
Netherlands
II
BV
3.75%,
05/09/27
..................
551
574,711
7.38%,
09/15/29
..................
2,834
3,383,233
4.38%,
05/09/30
..................
1,652
1,715,426
7.88%,
09/15/31
..................
748
934,079
Teva
Pharmaceutical
Finance
Netherlands
III
BV
7.13%,
01/31/25
..................
USD
1,245
1,250,447
3.15%,
10/01/26
..................
37,443
34,903,241
4.75%,
05/09/27
..................
7,159
6,885,383
7.88%,
09/15/29
..................
13,641
14,603,509
8.13%,
09/15/31
..................
10,330
11,275,092
200,081,863
Professional
Services
—
0.5%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(c)
...
5,115
4,593,676
CoreLogic,
Inc.,
4.50%,
05/01/28
(c)
.......
57,820
51,845,037
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(c)
.....................
28,275
26,099,572
KBR,
Inc.,
4.75%,
09/30/28
(c)
...........
19,277
17,726,268
La
Financiere
Atalian
SASU,
8.50%,
06/30/28
(d)
EUR
1,878
1,285,978
Science
Applications
International
Corp.,
4.88%,
04/01/28
(c)
................
USD
6,205
5,924,989
107,475,520
Real
Estate
Management
&
Development
—
0.4%
Adler
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(b)(j)
..........
EUR
1,224
1,378,835
ADLER
Group
SA,
21.00%,
(21.00%
Cash
or
21.00%
PIK),
07/31/25
(b)(j)
...........
1,100
1,067,583
Anywhere
Real
Estate
Group
LLC,
7.00%,
04/15/30
(c)
.....................
USD
29,080
25,893,733
Aroundtown
SA
(b)
(5-Year
GBP
Swap
+
4.38%),
4.75%
(a)(k)
..
GBP
2,736
2,058,478
0.00%,
07/16/26
..................
EUR
500
476,032
0.38%,
04/15/27
..................
1,000
902,595
ATF
Netherlands
BV,
(5-Year
EUR
Swap
Annual
+
4.38%),
7.08%
(a)(b)(k)
..............
1,500
1,016,193
BRANICKS
Group
AG,
2.25%,
09/22/26
(b)
...
1,100
377,500
Cushman
&
Wakefield
US
Borrower
LLC
(c)
6.75%,
05/15/28
..................
USD
14,203
14,025,225
8.88%,
09/01/31
..................
16,760
17,711,331
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(b)
................
EUR
2,000
1,391,716
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Fastighets
AB
Balder,
1.13%,
01/29/27
(b)
....
EUR
549
$
530,343
Heimstaden
Bostad
AB
(b)
1.13%,
01/21/26
..................
300
291,180
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
(a)(k)
.....................
5,725
3,699,599
Heimstaden
Bostad
Treasury
BV
(b)
0.63%,
07/24/25
..................
305
302,758
1.38%,
03/03/27
..................
250
228,927
1.00%,
04/13/28
..................
574
485,163
Howard
Hughes
Corp.
(The)
(c)
5.38%,
08/01/28
..................
USD
431
413,405
4.13%,
02/01/29
..................
6,258
5,624,424
4.38%,
02/01/31
..................
7,175
6,230,521
SBB
Treasury
OYJ
(b)
0.75%,
12/14/28
..................
EUR
2,330
1,471,857
1.13%,
11/26/29
..................
1,330
813,331
86,390,729
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(c)
.....................
USD
6,150
5,613,430
Semiconductors
&
Semiconductor
Equipment
—
0.4%
ams-OSRAM
AG
(b)
0.00%,
03/05/25
(m)(n)
...............
EUR
1,200
1,190,694
2.13%,
11/03/27
(m)
.................
900
701,037
10.50%,
03/30/29
.................
1,571
1,676,230
Entegris,
Inc.
(c)
4.38%,
04/15/28
..................
USD
2,158
2,028,238
4.75%,
04/15/29
..................
86,623
83,015,663
5.95%,
06/15/30
..................
404
399,216
Synaptics,
Inc.,
4.00%,
06/15/29
(c)
........
6,441
5,796,859
94,807,937
Software
—
4.1%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(c)
....
1,803
1,772,743
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(b)
.................
EUR
3,098
3,338,534
7.13%,
10/02/25
(c)
.................
USD
5,098
5,102,553
9.13%,
03/01/26
(c)
.................
46,832
46,814,625
Camelot
Finance
SA,
4.50%,
11/01/26
(c)
....
13,662
13,144,982
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(c)
..
17,166
17,812,248
Central
Parent,
Inc.,
7.25%,
06/15/29
(c)
.....
37,900
38,688,568
Clarivate
Science
Holdings
Corp.
(c)
3.88%,
07/01/28
..................
72,485
67,062,578
4.88%,
07/01/29
..................
48,494
44,863,303
Cloud
Software
Group,
Inc.
(c)
6.50%,
03/31/29
..................
186,982
177,438,719
9.00%,
09/30/29
..................
88,224
84,617,156
Elastic
NV,
4.13%,
07/15/29
(c)
..........
20,109
18,096,182
Fair
Isaac
Corp.,
4.00%,
06/15/28
(c)
.......
16,568
15,475,423
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(c)
.....................
208
186,633
McAfee
Corp.,
7.38%,
02/15/30
(c)
........
32,459
29,766,412
MicroStrategy,
Inc.,
6.13%,
06/15/28
(c)
.....
25,309
24,416,329
Open
Text
Corp.,
6.90%,
12/01/27
(c)
.......
18,441
19,067,810
PTC,
Inc.
(c)
3.63%,
02/15/25
..................
734
718,673
4.00%,
02/15/28
..................
725
677,562
Sabre
GLBL,
Inc.
(c)
8.63%,
06/01/27
..................
19,809
17,382,836
11.25%,
12/15/27
.................
1,580
1,482,843
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(c)
.
54,577
53,363,074
UKG,
Inc.,
6.88%,
02/01/31
(c)
...........
182,787
186,210,052
Veritas
US,
Inc.,
7.50%,
09/01/25
(c)
.......
7,753
7,108,437
Security
Par
(000)
Par
(000)
Value
Software
(continued)
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(c)
USD
40,942
$
36,854,920
911,463,195
Specialized
REITs
—
0.5%
Iron
Mountain,
Inc.
(c)
7.00%,
02/15/29
..................
43,395
44,221,958
5.63%,
07/15/32
..................
2,216
2,093,199
SBA
Communications
Corp.
3.88%,
02/15/27
..................
39,936
37,982,662
3.13%,
02/01/29
..................
40,017
35,315,227
119,613,046
Specialty
Retail
—
1.1%
Arko
Corp.,
5.13%,
11/15/29
(c)
..........
2,934
2,428,392
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
..................
2,114
2,012,709
4.75%,
03/01/30
..................
412
379,439
5.00%,
02/15/32
(c)
.................
3,764
3,410,341
Carvana
Co.
(c)(j)
12.00%,
(12.00
%
Cash
or
12.00%
PIK),
12/01/28
.....................
8,718
8,169,407
13.00%,
(13.00%
Cash
or
13.00%
PIK),
06/01/30
.....................
8,678
8,080,687
14.00%,
(14.00%
Cash
or
14.00%
PIK),
06/01/31
.....................
13,168
12,610,381
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(b)
.....................
GBP
943
972,995
eG
Global
Finance
plc,
12.00%,
11/30/28
(c)
..
USD
22,530
23,947,971
Goldstory
SAS
(b)
6.75%,
02/01/30
..................
EUR
1,096
1,206,274
(3-mo.
EURIBOR
+
4.00%),
7.91%,
02/01/30
(a)
....................
723
786,443
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(c)
...
USD
23,549
21,893,025
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(c)
5,880
5,438,360
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
......................
6,848
6,664,447
PetSmart,
Inc.
(c)
4.75%,
02/15/28
..................
2,438
2,282,567
7.75%,
02/15/29
..................
38,284
37,271,092
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(c)
................
4,541
4,510,561
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(c)
...
73,200
71,798,081
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(c)(j)
............
26,486
26,460,245
240,323,417
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Seagate
HDD
Cayman
(c)
8.25%,
12/15/29
..................
26,838
28,836,465
8.50%,
07/15/31
..................
25,928
28,019,430
56,855,895
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Crocs,
Inc.
(c)
4.25%,
03/15/29
..................
2,513
2,297,441
4.13%,
08/15/31
..................
3,874
3,356,553
European
TopSoho
SARL,
Series
SMCP,
4.00%,
10/14/24
(b)(f)(l)(m)
.............
EUR
2,700
1,165,158
Hanesbrands,
Inc.,
4.88%,
05/15/26
(c)
.....
USD
10,450
10,174,394
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(c)
....
5,546
4,977,816
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(c)
.....
17,527
15,376,355
William
Carter
Co.
(The),
5.63%,
03/15/27
(c)
..
1,686
1,674,549
39,022,266
Trading
Companies
&
Distributors
—
2.0%
(c)
Beacon
Roofing
Supply,
Inc.
4.13%,
05/15/29
..................
3,270
2,965,921
6.50%,
08/01/30
..................
16,000
16,235,712
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
..................
USD
35,890
$
35,836,237
9.75%,
08/01/27
..................
27,987
28,978,803
5.50%,
05/01/28
..................
39,130
37,913,805
7.88%,
12/01/30
..................
43,655
45,842,639
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
......................
4,138
3,805,234
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
1,225
1,121,467
Herc
Holdings,
Inc.,
5.50%,
07/15/27
......
28,900
28,385,259
Imola
Merger
Corp.,
4.75%,
05/15/29
......
12,837
12,036,622
SRS
Distribution,
Inc.
4.63%,
07/01/28
..................
40,205
40,498,939
6.13%,
07/01/29
..................
37,400
38,138,687
6.00%,
12/01/29
..................
45,583
46,563,354
United
Rentals
North
America,
Inc.
6.00%,
12/15/29
..................
61,129
61,534,041
6.13%,
03/15/34
..................
10,901
10,914,550
WESCO
Distribution,
Inc.
6.38%,
03/15/29
..................
13,670
13,810,541
6.63%,
03/15/32
..................
13,734
13,956,326
438,538,137
Transportation
Infrastructure
—
0.0%
Abertis
Infraestructuras
Finance
BV
(a)(b)(k)
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
EUR
1,800
1,878,794
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
1,100
1,148,152
(5-Year
EUR
Swap
Annual
+
3.27%),
2.63%
600
601,163
Heathrow
Finance
plc,
6.63%,
03/01/31
(b)
...
GBP
1,216
1,517,892
Rand
Parent
LLC,
8.50%,
02/15/30
(c)
......
USD
1,710
1,693,345
SGL
Group
ApS,
(3-mo.
EURIBOR
+
4.75%),
8.64%,
04/22/30
(a)(b)(c)
..............
EUR
1,661
1,774,050
Stena
International
SA,
7.25%,
01/15/31
(c)
...
USD
2,325
2,319,078
10,932,474
Wireless
Telecommunication
Services
—
0.5%
Cellnex
Finance
Co.
SA
(b)
1.00%,
09/15/27
..................
EUR
500
493,748
1.50%,
06/08/28
..................
1,700
1,684,361
1.25%,
01/15/29
..................
900
871,785
2.00%,
09/15/32
..................
800
754,632
2.00%,
02/15/33
..................
3,800
3,555,281
CK
Hutchison
Group
Telecom
Finance
SA,
2.63%,
10/17/34
(b)
................
GBP
1,835
1,689,778
Connect
Finco
SARL,
6.75%,
10/01/26
(c)
....
USD
55,401
54,308,221
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(c)
...............
7,063
7,429,393
SoftBank
Group
Corp.
(b)
2.13%,
07/06/24
..................
EUR
2,741
2,927,557
4.50%,
04/20/25
..................
1,755
1,890,769
4.75%,
07/30/25
..................
148
160,069
3.13%,
09/19/25
..................
289
303,744
2.88%,
01/06/27
..................
244
249,090
5.00%,
04/15/28
..................
389
418,474
3.38%,
07/06/29
..................
300
296,966
4.00%,
09/19/29
..................
1,814
1,841,060
3.88%,
07/06/32
..................
2,205
2,129,083
Telefonica
Europe
BV
(a)(b)(k)
(6-Year
EUR
Swap
Annual
+
4.32%),
7.13%
1,900
2,230,941
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
4,600
5,143,104
(8-Year
EUR
Swap
Annual
+
3.62%),
6.75%
400
467,142
(EUAMDB08
+
3.12%),
5.75%
........
3,400
3,710,640
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(b)
.................
GBP
1,463
1,615,710
4.25%,
01/31/31
(c)
.................
USD
235
198,992
4.50%,
07/15/31
(b)
.................
GBP
3,225
3,459,869
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
4.75%,
07/15/31
(c)
.................
USD
14,154
$
12,199,108
Vodafone
Group
plc
(a)(b)
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
................
EUR
1,200
1,269,983
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
.....................
GBP
2,583
3,195,192
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
................
EUR
1,400
1,448,087
Series
60NC10,
(5-Year
EUR
Swap
Annual
+
3.48%),
3.00%,
08/27/80
.........
1,300
1,266,170
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%,
08/30/84
................
600
696,122
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.84%),
8.00%,
08/30/86
.....................
GBP
2,219
3,010,764
WP/AP
Telecom
Holdings
III
BV,
5.50%,
01/15/30
(b)
.....................
EUR
1,782
1,775,919
122,691,754
Total
Corporate
Bonds
—
86.5%
(Cost:
$19,303,646,696)
............................
19,395,722,521
Fixed
Rate
Loan
Interests
Diversified
Telecommunication
Services
—
0.0%
Level
3
Financing,
Inc.,
Term
Loan
B1,
11.89%
,
 04/15/29
.................
USD
3,687
3,655,208
Level
3
Financing,
Inc.,
Term
Loan
B2,
11.89%
,
 04/15/30
(d)
................
3,715
3,686,668
7,341,876
Health
Care
Technology
—
0.7%
Cotiviti
Holdings,
Inc.,
Term
Loan,
02/21/31
(o)
.
164,462
164,667,577
Media
—
0.3%
Clear
Channel
International
BV,
Term
Loan,
08/12/27
(d)(o)
.....................
63,325
63,008,375
Total
Fixed
Rate
Loan
Interests
—
1.0%
(Cost:
$234,313,867)
..............................
235,017,828
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.3%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.85%
,
 05/25/28
............
4,113
3,838,245
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.85%
,
 05/25/28
............
836
780,660
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
08/24/28
(o)
......................
5,468
5,474,275
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
08/24/28
(o)
......................
2,108
2,110,545
Kaman
Corp.,
Term
Loan,
03/27/31
(o)
......
8,112
8,117,111
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18%
,
 02/01/28
..................
14,312
14,285,664
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.18%
,
 02/01/29
.................
34,094
34,144,706
68,751,206
Air
Freight
&
Logistics
—
0.0%
GN
Loanco
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
9.83%
,
 12/19/30
(a)
.................
11,397
11,219,891
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
—
0.1%
(a)
Champions
Holdco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.07%
,
 02/23/29
(d)
................
USD
14,992
$
15,029,480
Tenneco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.17%
-
10.40%
,
 11/17/28
...........
7,844
7,368,105
22,397,585
Beverages
—
0.0%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.66%
,
 01/24/29
..................
8,900
8,307,506
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.40%
,
 01/24/30
.................
1,936
1,559,080
9,866,586
Broadline
Retail
—
0.2%
StubHub
Holdco
Sub,
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
4.75%),
10.08%
,
 03/15/30
(a)
................
36,533
36,517,630
Building
Products
—
0.0%
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08%
,
 11/03/28
(a)
.................
9,990
10,002,487
Chemicals
—
0.3%
(a)
Aruba
Investments
Holdings
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.18%
,
 11/24/28
(d)
.
5,230
5,177,700
Chemours
Co.,
(The),
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83%
,
 08/18/28
..................
12,115
12,054,762
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.68%
,
 10/04/29
............
33,059
33,009,163
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.33%
,
 07/03/28
............
10,299
9,672,034
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83%
,
 03/29/28
..................
12,030
11,812,488
71,726,147
Commercial
Services
&
Supplies
—
0.1%
(a)
KDC/ONE
Development
Corp.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.33%
,
 08/15/28
.................
11,555
11,567,595
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.82%
,
 12/15/28
.......
9,278
7,035,972
TruGreen
LP,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.50%),
14.07%
,
 11/02/28
.................
4,828
3,741,956
22,345,523
Communications
Equipment
—
0.1%
ViaSat,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93%
,
 05/30/30
(a)
.................
13,017
12,600,426
Security
Par
(000)
Par
(000)
Value
Construction
&
Engineering
—
0.3%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.50%),
10.81%
,
 08/01/30
............
USD
51,984
$
52,160,222
Groundworks
LLC
DDTL,
Delayed
Draw
Term
Loan,
02/26/31
(o)
..................
1,475
1,473,504
Groundworks
LLC,
Term
Loan,
02/23/31
(o)
...
8,013
8,006,037
61,639,763
Consumer
Staples
Distribution
&
Retail
—
0.0%
BCPE
Empire
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33%
,
 12/11/28
(a)
......
7,968
7,971,506
Containers
&
Packaging
—
0.0%
Trident
TPI
Holdings,
Inc.,
Term
Loan
B5,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.81%
,
 09/15/28
(a)
...........
6,288
6,289,149
Diversified
Consumer
Services
—
0.4%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 12/11/28
.............
11,402
11,326,750
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
11.18%
,
 12/10/29
............
8,164
8,018,599
PG
Polaris
Bidco
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81%
,
 03/26/31
(d)
.................
16,524
16,544,655
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08%
,
 01/30/31
..................
49,100
49,214,894
85,104,898
Diversified
Telecommunication
Services
—
0.1%
(a)
Connect
Finco
SARL,
Term
Loan
B,
09/13/29
(o)
11,218
11,024,361
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19%
,
 10/08/27
.......
3,880
3,863,865
Lumen
Technologies,
Inc.
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
0.00%),
7.79%
,
 04/15/29
..................
2,914
2,159,949
Lumen
Technologies,
Inc.
Term
Loan
B2,
(1-mo.
CME
Term
S
OFR
+
0.00%),
7.79%
,
 04/15/30
(d)
.................
2,979
2,204,660
Lumen
Technologies,
Inc.,
Term
Loan,
01/01/28
(d)(o)
.....................
3,346
2,877,322
Radiate
Holdco
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69%
,
 09/25/26
..................
5,791
4,831,331
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
 03/09/27
..................
1,040
910,222
27,871,710
Energy
Equipment
&
Services
—
0.0%
Lealand
Finance
Co.
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
 06/28/24
(a)(d)
................
758
378,883
Entertainment
—
0.1%
Motion
Acquisition
Ltd.,
Facility
Term
Loan
B,
11/12/29
(a)(o)
.....................
11,360
11,334,357
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
—
0.1%
(a)
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
9.06%
,
 04/09/27
.......
USD
1,121
$
1,115,061
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.32%
,
 04/07/28
......
16,090
16,029,663
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08%
,
 10/19/27
............
4,134
4,145,111
21,289,835
Food
Products
—
0.1%
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08%
,
 10/25/27
(a)
.....
13,990
14,059,887
Gas
Utilities
—
0.0%
NGL
Energy
Operating
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83%
,
 02/03/31
(a)
.................
10,821
10,842,642
Health
Care
Equipment
&
Supplies
—
0.2%
Bausch
+
Lomb
Corp.,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%, 05/10/27
..........
29,481
29,097,256
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33%, 09/29/28
................
12,196
12,172,909
41,270,165
Health
Care
Providers
&
Services
—
0.2%
(a)
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.82%
,
 11/08/27
.............
13,170
13,186,455
LifePoint
Health,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.50%),
11.09%
,
 11/16/28
..
6,118
6,132,501
Quorum
Health
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
8.25%),
13.68%
,
 04/29/25
(d)
................
14,081
8,448,327
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83%
,
 12/19/30
..................
5,948
5,972,162
33,739,445
Health
Care
Technology
—
0.8%
(a)
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58%
,
 02/15/29
..................
94,963
93,938,877
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.41%
,
 10/01/27
............
25,040
23,900,805
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.57%
,
 06/02/28
..................
14,250
14,105,015
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.44%
,
 08/27/25
..................
53,629
53,628,769
185,573,466
Household
Durables
—
0.2%
(a)
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.82%
,
 02/26/29
............
11,038
10,891,019
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.44%
,
 10/06/28
............
24,881
22,786,968
33,677,987
Security
Par
(000)
Par
(000)
Value
Industrial
Conglomerates
—
0.1%
Chromalloy
Corp,
Term
Loan,
03/21/31
(a)(o)
...
USD
19,173
$
19,093,049
Insurance
—
0.5%
(a)(o)
Truist
Insurance
Holdings
LLC,
2nd
Lien
Term
Loan,
03/08/32
...................
79,598
79,995,990
Truist
Insurance
Holdings,
LLC,
Term
Loan
B,
03/24/31
.......................
32,942
32,886,987
112,882,977
IT
Services
—
0.0%
Project
Alpha
Intermediate
Holding,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06%
,
 10/28/30
(a)
.....
3,994
4,013,257
Leisure
Products
—
0.0%
Peloton
Interactive,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.48%
,
 05/25/27
(a)
................
5,792
5,809,966
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69%
,
 11/15/28
.............
5,829
5,840,322
Star
Parent,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31%
,
 09/27/30
......
22,578
22,425,473
28,265,795
Machinery
—
0.7%
(a)
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44%
,
 03/28/25
..................
47,747
47,687,101
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan
B,
02/01/29
(o)
.................
16,359
16,392,953
Indicor
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.30%
,
 11/22/29
..................
4,077
4,099,575
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93%
,
 04/05/29
..................
20,279
20,348,756
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
07/30/27
(o)
....................
53,382
53,537,449
WEC
US
Holdings
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08%
,
 01/27/31
...
8,645
8,632,465
150,698,299
Media
—
0.3%
(a)
AVSC
Holding
Corp.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.25%),
12.69%
,
 09/01/25
............
7,771
7,311,204
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
9.07%
,
 08/21/26
..................
29,585
29,542,486
DirecTV
Financing
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
10.69%
,
 08/02/29
.................
31,168
31,118,509
Promotora
de
Informaciones
SA,
Facility
Term
Loan
B,
(3-mo.
EURIBOR
+
5.22%),
9.12%
,
 12/31/26
..................
EUR
307
323,722
68,295,921
Metals
&
Mining
—
0.1%
CD&R
Hydra
Buyer,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.42%
,
 03/25/31
(a)
.................
USD
14,171
14,197,641
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.3%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08%
,
 12/21/28
............
USD
6,180
$
6,130,381
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93%
,
 09/19/29
............
3,149
3,150,998
New
Fortress
Energy
Inc.,
Term
Loan,
10/30/28
(o)
......................
60,096
60,245,824
69,527,203
Passenger
Airlines
—
0.1%
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.33%
,
 04/20/28
(a)
................
21,707
22,518,330
Pharmaceuticals
—
0.0%
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.50%),
10.83%
,
 05/04/28
(a)
................
3,982
3,970,525
Professional
Services
—
0.2%
(a)
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94%
,
 06/02/28
..................
12,284
11,982,683
CoreLogic,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
11.94%
,
 06/04/29
.................
15,642
14,680,176
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06%
,
 04/29/29
(d)
...........
9,426
8,506,541
35,169,400
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33%
,
 01/31/30
(a)(d)
.....
4,791
4,797,398
Software
—
1.5%
(a)
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.25%),
10.56%
,
 02/23/32
.................
11,878
12,278,883
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58%
,
 12/29/28
...
19,537
19,647,010
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan,
03/21/31
(o)
..................
23,500
23,338,555
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.91%
,
 03/30/29
............
23,274
23,151,324
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.43%
,
 10/08/29
.................
23,214
2
2,981,890
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 10/09/29
............
16,123
16,183,105
Ellucian
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
8.00%),
13.43%
,
 10/09/28
(d)
...........
38,849
38,849,407
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19%
,
 12/01/27
.......
12,143
12,181,008
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18%
,
 03/01/29
..................
14,027
13,982,209
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58%
,
 05/03/28
...
44,032
43,721,778
Security
Par
(000)
Par
(000)
Value
Software
(continued)
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.58%
,
 02/23/29
.................
USD
4,143
$
3,975,789
Planview
Parent,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.65%
,
 12/18/28
(d)
...........
12,161
11,735,365
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69%
,
 08/31/28
..................
9,378
9,378,109
RealPage,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.50%),
11.94%
,
 04/23/29
.................
51,502
50,944,024
Sab
re
GLBL,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94%
,
 12/17/27
..................
3,437
2,894,683
Sabre
GLBL,
Inc.,
Term
Loan
B2,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.94%
,
 12/17/27
..................
5,416
4,561,166
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.68%
,
 05/03/27
.................
17,662
17,786,926
327,591,231
Trading
Companies
&
Distributors
—
0.0%
Foundation
Building
Materials,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31%
,
 01/29/31
(a)
.................
5,417
5,435,959
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83%
,
 09/22/28
..................
5,904
5,916,624
Brown
Group
Holdings
LLC,
Facility
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.31%
-
8.34%
,
 07/02/29
.....
3,906
3,904,047
9,820,671
Wireless
Telecommunication
Services
—
0.1%
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
6.75%),
12.06%
,
 05/25/27
(a)(d)
...............
12,901
12,449,472
Total
Floating
Rate
Loan
Interests
—
7.6%
(Cost:
$1,690,235,622)
............................
1,701,008,268
Foreign
Agency
Obligations
Denmark
—
0.0%
Orsted
A/S
(a)(b)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
2.14%),
2.50%,
02/18/3021
....................
GBP
1,308
1,193,750
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.59%),
5.13%,
03/14/3024
.........
EUR
550
595,195
1,788,945
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(b)
..........
1,100
1,168,934
France
—
0.1%
Electricite
de
France
SA
(a)(b)(k)
(6-Year
EUR
Swap
Annual
+
3.44%),
4.00%
1,800
1,927,366
(13-Year
GBP
Swap
Semi
+
4.23%),
6.00%
GBP
3,700
4,543,866
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
.................
EUR
1,000
1,000,590
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
400
395,455
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
EUR
4,000
$
3,764,755
11,632,032
Ireland
—
0.0%
AIB
Group
plc,
(5-Year
EUR
Swap
Annual
+
5.70%),
5.25%
(a)(b)(k)
................
3,994
4,276,507
Italy
—
0.0%
Banca
Monte
dei
Paschi
di
Siena
SpA
,
(3-mo.
EURIBOR
+
3.21%),
6.75%
,
03/02/26
(a)(b)
..
1,804
1,973,006
Total
Foreign
Agency
Obligations
—
0.1%
(Cost:
$21,349,159)
...............................
20,839,424
Shares
Shares
Investment
Companies
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(p)
.........................
12,500,000
457,375,000
Total
Investment
Companies
—
2.0%
(Cost:
$442,009,600)
..............................
457,375,000
Beneficial
Interest
(000)
Other
Interests
(q)
Capital
Markets
—
0.0%
(f)
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(l)
........................
USD
2,520
2,520
Lehman
Brothers
Holdings
Capital
Trust
Escrow
Bonds
(a)
........................
14,530
14,530
Lehman
Brothers
Holdings,
Inc.
(l)
.........
5,675
5,675
22,725
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
GenOn
Energy
Holdings
LLC
(a)(d)(f)(l)
........
5,134
1
Media
—
0.0%
Adelphia
Communications
Corp.,
Escrow
(d)(f)(l)
.
325
—
Total
Other
Interests
—
0.0%
(Cost:
$—)
.....................................
22,726
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.9%
Banks
—
0.2%
(a)(k)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00%
(b)
....
EUR
200
215,287
PNC
Financial
Services
Group,
Inc.
(The)
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
.......................
USD
17,549
17,503,307
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
.......................
17,052
16,526,328
34,244,922
Capital
Markets
—
0.0%
Goldman
Sachs
Group,
Inc.
(The),
Series
R,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.22%),
4.95%
(a)(k)
...
9,899
9,735,425
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
—
0.1%
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Trea
sury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
(a)(k)
USD
10,625
$
10,187,801
Electric
Utilities
—
0.3%
(a)(k)
Edison
International
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
.......................
42,790
41,407,374
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
.......................
13,229
12,533,188
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(c)
.................
26,142
28,042,733
81,983,295
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(c)(k)
......................
33,332
33,003,536
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Energy
Transfer
LP,
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Mat
urity
+
5.69%),
6.50%
(a)(k)
..........
30,369
29,765,932
Total
Capi
tal
Trusts
—
0.9%
(Cost:
$199,906,707)
..............................
198,920,911
Shares
Shares
Preferred
Stocks
—
0.1%
Commercial
Services
&
Supplies
—
0.1%
Verscend
Intermediate
Holding
Corp.
(Preference),
12.25%
(d)(k)
.............
9,756
14,172,172
Wireless
Telecommunication
Services
—
0.0%
(f)
Ligado
Networks
LLC,
(Acquired
04/08/15,
cost
$3,682,822)
(g)
....................
3,761,083
28,697
Ligado
Networks
LLC
(k)(r)
...............
235,644
58,911
87,608
Total
Preferred
Stocks
—
0.1%
(Cost:
$48,811,944)
...............................
14,259,780
Total
Preferred
Securities
—
1.0%
(Cost:
$248,718,651)
..............................
213,180,691
Total
Long-Term
Investments
—
99.0%
(Cost:
$22,144,702,441)
............................
22,196,702,871
Short-Term
Securities
Money
Market
Funds
—
2.6%
(p)(s)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.50%
(t)
..................
27,536
27,550
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.19%
....................
575,020,026
575,020,026
Total
Short-Term
Securities
—
2.6%
(Cost:
$575,047,576)
..............................
575,047,576
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Total
Options
Purchased
—
0.0%
(
Cost:
$71,395
)
.................................
$
18,844
Total
Investments
Before
Options
Written
and
Investments
Sold
Short
—
101.6%
(Cost:
$22,719,821,412
)
............................
22,771,769,291
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(14,449))
.....................
(2,094)
Security
Shares
Shares
Value
Investments
Sold
Short
Common
Stocks
Diversified
Telecommunication
Services
—
(0.0)%
Telesat
Corp.
(f)
......................
(388)
$
(3,337)
Total
Common
Stocks
—
(0.0)%
(Proceeds:
$(5,919))
..............................
(3,337)
Total
Investments
Sold
Short
—
(0.0)%
(Proceeds:
$(5,919))
..............................
(3,337)
Total
Investments
Net
of
Options
Written
and
Investments
Sold
Short
—
101.6%
(Cost:
$22,719,801,044
)
............................
22,771,763,860
Liabilities
in
Excess
of
Other
Assets
—
(1.6)%
.............
(352,123,281)
Net
Assets
—
100.0%
...............................
$
22,419,640,579
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(c)
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.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
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.
(f)
Non-income
producing
security.
(g)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$7,565,979,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$25,546,128.
(h)
All
or
a
portion
of
this
security
is
on
loan.
(i)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(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)
Zero-coupon
bond.
(o)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(p)
Affiliate
of
the
Fund.
(q)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(r)
All
or
a
portion
of
the
security
is
held
by
a
wholly-owned
subsidiary.
See
Note
1
of
the
Notes
to
Financial
Statements
for
details
on
the
wholly-owned
subsidiary.
(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.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
69
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
—
$
27,550
(a)
$
—
$
—
$
—
$
27,550
27,536
$
155,341
(b)
$
—
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
321,060,673
253,959,353
(a)
—
—
—
575,020,026
575,020,026
10,598,520
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(c)
........
7,770,183
—
(7,775,498)
(a)
5,873
(558)
—
—
—
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
....
—
1,056,634,600
(617,138,760)
2,513,760
15,365,400
457,375,000
12,500,000
12,948,200
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
...
73,720,000
1,121,642,000
(1,217,484,008)
21,202,008
920,000
—
—
5,263,812
—
$
23,721,641
$
16,284,842
$
1,032,422,576
$
28,965,873
$
—
—
—
(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
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
70
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
5-Year
Note
....................................................
1,033
06/28/24
$
110,547
$
321,196
Short
Contracts
U.S.
Treasury
Ultra
Bond
.....................................................
41
06/18/24
5,289
52,467
$
373,663
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
1,676,673
EUR
1,534,000
Deutsche
Bank
AG
06/20/24
$
16,348
USD
1,507,376
EUR
1,381,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
12,652
USD
3,076,096
EUR
2,831,000
Nomura
International
plc
06/20/24
11,963
USD
68,042
EUR
62,000
State
Street
Bank
and
Trust
Co.
06/20/24
936
USD
286,345,264
EUR
262,074,327
Toronto
Dominion
Bank
06/20/24
2,689,134
USD
281,003,986
EUR
256,965,673
UBS
AG
06/20/24
2,877,205
USD
2,804,518
EUR
2,560,000
Westpac
Banking
Corp.
06/20/24
33,702
USD
369,228
GBP
290,000
Bank
of
New
York
Mellon
06/20/24
3,051
USD
99,970,281
GBP
78,477,000
HSBC
Bank
plc
06/20/24
878,733
USD
3,024,996
GBP
2,375,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
26,125
USD
4,596,549
GBP
3,623,000
Toronto
Dominion
Bank
06/20/24
21,850
USD
772,417
GBP
605,000
UBS
AG
06/20/24
8,494
$
6,580,193
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10-Year
Note
.....................
134
04/26/24
USD
109.00
USD
13,400
$
18,844
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
U.S.
Treasury
10-Year
Note
......................
134
04/26/24
USD
106.50
USD
13,400
$
(
2,094
)
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
High
Yield
Index
Series
42.V1
...........
5
.00
%
Quarterly
06/20/29
B+
USD
324,914
$
23,826,576
$
22,558,583
$
1,267,993
(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.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
71
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
1,050
$
70,281
$
58,194
$
12,087
CMA
CGM
SA
........
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/27
NR
EUR
1,725
202,447
283,366
(
80,919
)
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Bank
of
America
NA
12/20/27
NR
EUR
491
(
25,569
)
(
83,626
)
58,057
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
295
(
15,369
)
(
48,975
)
33,606
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Barclays
Bank
plc
12/20/27
NR
EUR
830
(
43,200
)
(
137,659
)
94,459
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Citibank
NA
12/20/27
NR
EUR
241
(
12,535
)
(
41,119
)
28,584
ADLER
Real
Estate
AG
.
5
.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
NR
EUR
504
(
26,233
)
(
85,056
)
58,823
ADLER
Real
Estate
AG
.
5
.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
NR
EUR
365
(
19,021
)
(
61,592
)
42,571
Forvia
SE
...........
5
.00
Quarterly
Barclays
Bank
plc
06/20/29
BB
EUR
1,109
154,684
152,862
1,822
Ziggo
Bond
Co.
BV
....
5
.00
Quarterly
Bank
of
America
NA
06/20/29
B-
EUR
700
45,485
58,410
(
12,925
)
$
330,970
$
94,805
$
236,165
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
06/20/24
USD
84,326
$
7,310,654
$
(
272,353
)
$
7,583,007
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/24
USD
100,000
9,479,369
(
227,859
)
9,707,228
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
06/20/24
USD
50,000
5,572,467
(
67,839
)
5,640,306
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
BNP
Paribas
SA
09/20/24
USD
100,000
4,226,747
(
766,777
)
4,993,524
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
BNP
Paribas
SA
09/20/24
USD
50,000
2,106,932
(
356,602
)
2,463,534
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
09/20/24
USD
41,802
1,727,853
(
298,134
)
2,025,987
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
JPMorgan
Chase
Bank
NA
09/20/24
USD
46,190
214,179
(
515,814
)
729,993
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/24
USD
48,258
678,613
(
416,971
)
1,095,584
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/24
USD
48,257
331,601
(
484,535
)
816,136
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
09/20/24
USD
48,258
205,000
(
507,540
)
712,540
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
45,883
57,161
(
508,765
)
565,926
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
72
OTC
Total
Return
Swaps
(continued)
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
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
41,577
$
188,424
$
(
480,035
)
$
668,459
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
24,129
80,458
(
282,993
)
363,451
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
15,323
51,094
(
179,713
)
230,807
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
45,884
207,944
(
529,762
)
737,706
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Morgan
Stanley
&
Co.
International
plc
12/20/24
USD
40,570
537,090
(
377,360
)
914,450
1-day
SOFR
.......
Quarterly
iBoxx
USD
Liquid
High
Yield
Total
Return
Index
At
Termination
Goldman
Sachs
International
03/20/25
USD
250,000
1,518,969
(
3,038,445
)
4,557,414
$
34,494,555
$
(
9,311,497
)
$
43,806,052
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
.32
%
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)
............................................
$
22,558,583
$
—
$
1,267,993
$
—
$
—
OTC
Swaps
.....................................................
552,832
(
9,769,524
)
44,136,061
(
93,844
)
—
Options
Written
...................................................
N/A
N/A
12,355
—
(
2,094
)
(a)
Includes
cumulative
appreciation
(depreciation)
on
centrally
cleared
swaps,
as
reported
in
the
Consolidated
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.
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
73
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)
......
$
—
$
—
$
—
$
—
$
373,663
$
—
$
373,663
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
6,580,193
—
—
6,580,193
Options
purchased
Investments
at
value
—
unaffiliated
(b)
............
—
—
—
—
18,844
—
18,844
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
1,267,993
—
—
—
—
1,267,993
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
882,841
—
—
43,806,052
—
44,688,893
$
—
$
2,150,834
$
—
$
6,580,193
$
44,198,559
$
—
$
52,929,586
Liabilities
—
Derivative
Financial
Instruments
Options
written
Options
written
at
value
.....................
$
—
$
—
$
—
$
—
$
2,094
$
—
$
2,094
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
551,871
—
—
9,311,497
—
9,863,368
$
—
$
551,871
$
—
$
—
$
9,313,591
$
—
$
9,865,462
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
and
centrally
cleared
swaps,
if
any,
are
reported
in
the
Consolidated
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
Consolidated
Schedule
of
Investments.
For
the
period
ended
March
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
.......................
$
—
$
—
$
(
214,289
)
$
—
$
(
769,011
)
$
—
$
(
983,300
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
10,533,556
)
—
—
(
10,533,556
)
Options
purchased
(a)
.....................
—
—
(
5,444,904
)
—
(
133,762
)
—
(
5,578,666
)
Options
written
........................
—
—
1,512,708
—
11,785
—
1,524,493
Swaps
..............................
—
37,641,861
—
—
28,797,508
—
66,439,369
$
—
$
37,641,861
$
(4,146,485)
$
(10,533,556)
$
27,906,520
$
—
$
50,868,340
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
(
1,366,671
)
$
—
$
(
1,366,671
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
372,790
—
—
372,790
Options
purchased
(b)
.....................
—
—
(
13,477
)
—
(
52,551
)
—
(
66,028
)
Options
written
........................
—
—
69,481
—
12,355
—
81,836
Swaps
..............................
—
1,426,757
—
—
27,330,151
—
28,756,908
$
—
$
1,426,757
$
56,004
$
372,790
$
25,923,284
$
—
$
27,778,835
(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
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
74
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
..................................................................................
$
113,793,680
Average
notional
value
of
contracts
—
short
.................................................................................
$
25,088,969
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
669,746,576
Average
amounts
sold
—
in
USD
........................................................................................
$
115,935
Options
Average
value
of
option
contracts
purchased
................................................................................
$
1,182,999
Average
value
of
option
contracts
written
...................................................................................
$
293,916
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
273,228
Average
notional
value
—
sell
protection
...................................................................................
$
406,676,849
Total
return
swaps
Average
notional
value
...............................................................................................
$
955,457,000
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Forward
f
oreign
currency
exchange
contracts
.................................................................
$
6,580,193
$
—
Options
(a)
.........................................................................................
18,844
2,094
Swaps
—
centrally
cleared
..............................................................................
1,352,619
—
Swaps
—
OTC
(b)
.....................................................................................
44,688,893
9,863,368
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
52,640,549
$
9,865,462
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
1,371,463
)
(
2,094
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
51,269,086
$
9,863,368
(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
Consolidated
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
(b)
Net
Amount
of
Derivative
Assets
(c)(d)
Bank
of
America
NA
..............................
$
116,467
$
(
96,551
)
$
—
$
—
$
19,916
Bank
of
New
York
Mellon
...........................
3,051
—
—
—
3,051
Barclays
Bank
plc
................................
282,749
(
186,634
)
—
—
96,115
BNP
Paribas
SA
.................................
7,457,058
(
1,123,379
)
—
(
6,144,885
)
188,794
Citibank
NA
....................................
28,584
(
28,584
)
—
—
—
Deutsche
Bank
AG
...............................
16,348
—
—
—
16,348
Goldman
Sachs
International
........................
4,557,414
(
3,038,445
)
—
(
870,000
)
648,969
HSBC
Bank
plc
..................................
878,733
—
—
—
878,733
JPMorgan
Chase
Bank
NA
..........................
10,468,091
(
1,171,357
)
—
(
8,910,000
)
386,734
Morgan
Stanley
&
Co.
International
plc
..................
21,817,307
(
4,205,883
)
—
(
16,060,000
)
1,551,424
Nomura
International
plc
...........................
11,963
—
—
—
11,963
State
Street
Bank
and
Trust
Co.
......................
936
—
—
—
936
Toronto
Dominion
Bank
............................
2,710,984
—
—
—
2,710,984
UBS
AG
......................................
2,885,699
—
—
—
2,885,699
Westpac
Banking
Corp.
............................
33,702
—
—
—
33,702
$
51,269,086
$
(
9,850,833
)
$
—
$
(
31,984,885
)
$
9,433,368
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
75
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 Consolidated
Schedule
of
Investments
above.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(c)(e)
Bank
of
America
NA
..............................
$
96,551
$
(
96,551
)
$
—
$
—
$
—
Barclays
Bank
plc
................................
186,634
(
186,634
)
—
—
—
BNP
Paribas
SA
.................................
1,123,379
(
1,123,379
)
—
—
—
Citibank
NA
....................................
41,119
(
28,584
)
—
—
12,535
Goldman
Sachs
International
........................
3,038,445
(
3,038,445
)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
1,171,357
(
1,171,357
)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
4,205,883
(
4,205,883
)
—
—
—
$
9,863,368
$
(
9,850,833
)
$
—
$
—
$
12,535
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
15,827,489
$
—
$
15,827,489
Common
Stocks
Capital
Markets
........................................
—
7,537,282
—
7,537,282
Commercial
Services
&
Supplies
.............................
—
—
3,412,694
3,412,694
Containers
&
Packaging
..................................
16,030,414
—
—
16,030,414
Electrical
Equipment
.....................................
21,725,750
—
—
21,725,750
Energy
Equipment
&
Services
..............................
55,507
—
—
55,507
Hotels,
Restaurants
&
Leisure
..............................
12,207,683
—
—
12,207,683
Metals
&
Mining
........................................
38,484,909
—
—
38,484,909
Oil,
Gas
&
Consumable
Fuels
...............................
6,709,726
—
40,679
6,750,405
Real
Estate
Management
&
Development
.......................
8,623
10,103
—
18,726
Semiconductors
&
Semiconductor
Equipment
....................
569
—
—
569
Specialized
REITs
......................................
51,484,985
—
—
51,484,985
Corporate
Bonds
Aerospace
&
Defense
....................................
—
882,560,608
—
882,560,608
Automobile
Components
..................................
—
393,510,970
—
393,510,970
Automobiles
..........................................
—
39,341,353
—
39,341,353
Banks
...............................................
—
405,925,537
—
405,925,537
Beverages
...........................................
—
1,107,926
—
1,107,926
Biotechnology
.........................................
—
3,351,112
—
3,351,112
Broadline
Retail
........................................
—
84,766,241
—
84,766,241
Building
Products
.......................................
—
183,320,030
—
183,320,030
Capital
Markets
........................................
—
265,773,433
—
265,773,433
Chemicals
............................................
—
465,118,441
—
465,118,441
Commercial
Services
&
Supplies
.............................
—
724,162,663
—
724,162,663
Communications
Equipment
................................
—
79,749,535
—
79,749,535
Construction
&
Engineering
................................
—
133,064,454
—
133,064,454
Construction
Materials
....................................
—
80,628,821
—
80,628,821
Consumer
Finance
......................................
—
241,287,354
—
241,287,354
Consumer
Staples
Distribution
&
Retail
........................
—
139,670,425
—
139,670,425
Containers
&
Packaging
..................................
—
535,263,662
—
535,263,662
Distributors
...........................................
—
32,725,847
—
32,725,847
Diversified
Consumer
Services
..............................
—
120,942,665
—
120,942,665
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
76
Level
1
Level
2
Level
3
Total
Diversified
REITs
.......................................
$
—
$
186,153,221
$
—
$
186,153,221
Diversified
Telecommunication
Services
........................
—
1,164,759,639
—
1,164,759,639
Electric
Utilities
........................................
—
148,993,731
—
148,993,731
Electrical
Equipment
.....................................
—
43,298,277
—
43,298,277
Electronic
Equipment,
Instruments
&
Components
.................
—
62,071,745
—
62,071,745
Energy
Equipment
&
Services
..............................
—
857,506,332
—
857,506,332
Entertainment
.........................................
—
91,231,187
—
91,231,187
Financial
Services
......................................
—
722,704,711
505,981
723,210,692
Food
Products
.........................................
—
218,698,326
—
218,698,326
Gas
Utilities
...........................................
—
136,081,313
—
136,081,313
Ground
Transportation
...................................
—
178,536,586
—
178,536,586
Health
Care
Equipment
&
Supplies
...........................
—
292,062,882
—
292,062,882
Health
Care
Providers
&
Services
............................
—
467,356,423
—
467,356,423
Health
Care
Technology
..................................
—
153,764,165
—
153,764,165
Hotel
&
Resort
REITs
....................................
—
163,049,987
—
163,049,987
Hotels,
Restaurants
&
Leisure
..............................
—
1,430,089,250
—
1,430,089,250
Household
Durables
.....................................
—
126,323,232
—
126,323,232
Household
Products
.....................................
—
27,180,125
—
27,180,125
Independent
Power
and
Renewable
Electricity
Producers
............
—
88,321,319
—
88,321,319
Industrial
Conglomerates
..................................
—
239,012,152
—
239,012,152
Insurance
............................................
—
1,528,643,818
—
1,528,643,818
IT
Services
...........................................
—
218,090,090
—
218,090,090
Leisure
Products
.......................................
—
30,429,554
—
30,429,554
Life
Sciences
Tools
&
Services
..............................
—
83,135,146
—
83,135,146
Machinery
............................................
—
330,937,170
—
330,937,170
Marine
Transportation
....................................
—
2,390,013
—
2,390,013
Media
...............................................
—
1,033,616,817
—
1,033,616,817
Metals
&
Mining
........................................
—
543,572,283
—
543,572,283
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
24,743,190
—
24,743,190
Oil,
Gas
&
Consumable
Fuels
...............................
—
1,392,821,231
—
1,392,821,231
Paper
&
Forest
Products
..................................
—
7,474,088
—
7,474,088
Passenger
Airlines
......................................
—
138,549,326
—
138,549,326
Personal
Care
Products
..................................
—
17,538,471
—
17,538,471
Pharmaceuticals
.......................................
—
200,081,863
—
200,081,863
Professional
Services
....................................
—
106,189,542
1,285,978
107,475,520
Real
Estate
Management
&
Development
.......................
—
86,390,729
—
86,390,729
Retail
REITs
..........................................
—
5,613,430
—
5,613,430
Semiconductors
&
Semiconductor
Equipment
....................
—
94,807,937
—
94,807,937
Software
.............................................
—
911,463,195
—
911,463,195
Specialized
REITs
......................................
—
119,613,046
—
119,613,046
Specialty
Retail
........................................
—
240,323,417
—
240,323,417
Technology
Hardware,
Storage
&
Peripherals
....................
—
56,855,895
—
56,855,895
Textiles,
Apparel
&
Luxury
Goods
............................
—
39,022,266
—
39,022,266
Trading
Companies
&
Distributors
............................
—
438,538,137
—
438,538,137
Transportation
Infrastructure
...............................
—
10,932,474
—
10,932,474
Wireless
Telecommunication
Services
.........................
—
122,691,754
—
122,691,754
Fixed
Rate
Loan
Interests
Diversified
Telecommunication
Services
........................
—
3,655,208
3,686,668
7,341,876
Health
Care
Technology
..................................
—
164,667,577
—
164,667,577
Media
...............................................
—
—
63,008,375
63,008,375
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
68,751,206
—
68,751,206
Air
Freight
&
Logistics
....................................
—
11,219,891
—
11,219,891
Automobile
Components
..................................
—
7,368,105
15,029,480
22,397,585
Beverages
...........................................
—
9,866,586
—
9,866,586
Broadline
Retail
........................................
—
36,517,630
—
36,517,630
Building
Products
.......................................
—
10,002,487
—
10,002,487
Chemicals
............................................
—
66,548,447
5,177,700
71,726,147
Commercial
Services
&
Supplies
.............................
—
22,345,523
—
22,345,523
Communications
Equipment
................................
—
12,600,426
—
12,600,426
Construction
&
Engineering
................................
—
61,639,763
—
61,639,763
Consumer
Staples
Distribution
&
Retail
........................
—
7,971,506
—
7,971,506
Containers
&
Packaging
..................................
—
6,289,149
—
6,289,149
Diversified
Consumer
Services
..............................
—
68,560,243
16,544,655
85,104,898
Fair
Value
Hierarchy
as
of Period
End
(continued)
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
Consolidated
Schedules
of
Investments
77
Level
1
Level
2
Level
3
Total
Diversified
Telecommunication
Services
........................
$
—
$
22,789,728
$
5,081,982
$
27,871,710
Energy
Equipment
&
Services
..............................
—
—
378,883
378,883
Entertainment
.........................................
—
11,334,357
—
11,334,357
Financial
Services
......................................
—
21,289,835
—
21,289,835
Food
Products
.........................................
—
14,059,887
—
14,059,887
Gas
Utilities
...........................................
—
10,842,642
—
10,842,642
Health
Care
Equipment
&
Supplies
...........................
—
41,270,165
—
41,270,165
Health
Care
Providers
&
Services
............................
—
25,291,118
8,448,327
33,739,445
Health
Care
Technology
..................................
—
185,573,466
—
185,573,466
Household
Durables
.....................................
—
33,677,987
—
33,677,987
Industrial
Conglomerates
..................................
—
19,093,049
—
19,093,049
Insurance
............................................
—
112,882,977
—
112,882,977
IT
Services
...........................................
—
4,013,257
—
4,013,257
Leisure
Products
.......................................
—
5,809,966
—
5,809,966
Life
Sciences
Tools
&
Services
..............................
—
28,265,795
—
28,265,795
Machinery
............................................
—
150,698,299
—
150,698,299
Media
...............................................
—
68,295,921
—
68,295,921
Metals
&
Mining
........................................
—
14,197,641
—
14,197,641
Oil,
Gas
&
Consumable
Fuels
...............................
—
69,527,203
—
69,527,203
Passenger
Airlines
......................................
—
22,518,330
—
22,518,330
Pharmaceuticals
.......................................
—
3,970,525
—
3,970,525
Professional
Services
....................................
—
26,662,859
8,506,541
35,169,400
Real
Estate
Management
&
Development
.......................
—
—
4,797,398
4,797,398
Software
.............................................
—
277,006,459
50,584,772
327,591,231
Trading
Companies
&
Distributors
............................
—
5,435,959
—
5,435,959
Transportation
Infrastructure
...............................
—
9,820,671
—
9,820,671
Wireless
Telecommunication
Services
.........................
—
—
12,449,472
12,449,472
Foreign
Agency
Obligations
.................................
—
20,839,424
—
20,839,424
Investment
Companies
....................................
457,375,000
—
—
457,375,000
Other
Interests
..........................................
—
22,725
1
22,726
Preferred
Securities
Banks
...............................................
—
34,244,922
—
34,244,922
Capital
Markets
........................................
—
9,735,425
—
9,735,425
Commercial
Services
&
Supplies
.............................
—
—
14,172,172
14,172,172
Consumer
Finance
......................................
—
10,187,801
—
10,187,801
Electric
Utilities
........................................
—
81,983,295
—
81,983,295
Independent
Power
and
Renewable
Electricity
Producers
............
—
33,003,536
—
33,003,536
Oil,
Gas
&
Consumable
Fuels
...............................
—
29,765,932
—
29,765,932
Wireless
Telecommunication
Services
.........................
—
58,911
—
58,911
Short-Term
Securities
Money
Market
Funds
......................................
575,047,576
—
—
575,047,576
Options
Purchased
Interest
rate
contracts
......................................
18,844
—
—
18,844
Liabilities
Investment
Sold
Short
Common
Stocks
.........................................
(
3,337
)
—
—
(
3,337
)
$
1,179,146,249
$
21,379,479,250
$
213,111,758
$
22,771,737,257
Investments
valued
at
NAV
(a)
......................................
28,697
$
22,771,765,954
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
1,598,002
$
—
$
1,598,002
Foreign
currency
exchange
contracts
............................
—
6,580,193
—
6,580,193
Interest
rate
contracts
.......................................
373,663
43,806,052
—
44,179,715
Liabilities
Credit
contracts
...........................................
—
(
93,844
)
—
(
93,844
)
Interest
rate
contracts
.......................................
(
2,094
)
—
—
(
2,094
)
$
371,569
$
51,890,403
$
—
$
52,261,972
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Consolidated
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
High
Yield
Bond
Portfolio
78
See
notes
to
financial
statements.
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts,
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)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
07/20/34
(a)
(b)
..........
USD
5,500
$
5,503,080
AGL
Core
CLO
2
Ltd.,
Series
2019-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
04/20/32
(a)
(b)
..........
1,000
1,000,209
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class
A,
2.12%,
01/25/61
(b)
(c)
..........
1,432
1,388,802
Alinea
CLO
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/20/31
(a)
(b)
..........
7,000
6,998,299
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
10/21/28
(a)
(b)
.........
1,547
1,547,603
Anchorage
Capital
CLO
16
Ltd.,
Series
2020-
16A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.77%,
01/19/35
(a)
(b)
1,750
1,744,434
Anchorage
Capital
CLO
7
Ltd.,
Series
2015-7A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
01/28/31
(a)
(b)
12,150
12,067,081
Anchorage
Capital
CLO
LLC,
Series
2019-13A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
04/15/34
(a)
(b)
.....
4,260
4,262,245
Annisa
CLO
Ltd.,
Series
2016-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/20/31
(a)
(b)
..........
5,000
5,011,591
Apidos
CLO
XXV,
Series
2016-25A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.15%),
6.46%,
10/20/31
(a)
(b)
.....
5,985
5,970,037
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
07/17/46
(b)
.................
1,556
1,391,049
ARI
Fleet
Lease
Trust
(b)
Series
2022-A,
Class
A2,
3.12%,
01/15/31
.
4,413
4,385,552
Series
2024-A,
Class
A2,
5.30%,
11/15/32
.
3,123
3,116,260
Arm
Master
Trust
LLC,
Series
2021-T1,
Class
A,
2.43%,
11/15/27
(b)
...............
730
701,963
AutoFlorence
2
SRL
(a)(d)
Series
2,
Class
C,
(1-mo.
EURIBOR
+
1.15%),
5.00%,
12/24/44
..........
EUR
213
228,441
Series
2,
Class
D,
(1-mo.
EURIBOR
+
2.35%),
6.20%,
12/24/44
..........
114
122,347
Autonoria
Spain
(a)(d)
Series
2021-SP,
Class
C,
(1-mo.
EURIBOR
+
1.05%),
4.90%,
01/31/39
.........
1,028
1,098,209
Series
2021-SP,
Class
D,
(1-mo.
EURIBOR
+
1.55%),
5.40%,
01/31/39
.........
392
415,741
Series
2021-SP,
Class
E,
(1-mo.
EURIBOR
+
2.65%),
6.50%,
01/31/39
.........
294
313,634
Series
2021-SP,
Class
F,
(1-mo.
EURIBOR
+
3.90%),
7.75%,
01/31/39
..........
49
51,714
Bain
Capital
CLO
Ltd.,
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
6.87%,
04/16/37
(a)
(b)
.........
USD
3,370
3,359,092
Bain
Capital
Credit
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
07/20/30
(a)
(b)
.....
1,350
1,348,534
Ballyrock
CLO
19
Ltd.,
Series
2022-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
6.65%,
04/20/35
(a)
(b)
.........
1,250
1,250,297
Ballyrock
CLO
Ltd.,
Series
2019-2A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.40%),
6.72%,
02/20/36
(a)
(b)
.....
3,275
3,266,394
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Barings
CLO
Ltd.
(a)(b)
Series
2019-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/20/31
................
USD
900
$
900,590
Series
2019-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
6.91%,
01/15/33
.....................
550
550,456
Series
2020-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.81%),
7.13%,
01/20/32
.....................
5,650
5,649,462
Battalion
CLO
XX
Ltd.,
Series
2021-20A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
07/15/34
(a)
(b)
..........
4,500
4,499,662
Bavarian
Sky
SA,
Series
GE13,
Class
A,
(1-mo.
EURIBOR
+
0.43%),
4.29%,
03/20/32
(a)
(d)
..
EUR
500
540,072
Benefit
Street
Partners
CLO
IV
Ltd.,  
(3-mo.
CME
Term
SOFR
+
1.90%),
7.22%,
04/20/34
(a)
(b)
.....................
USD
1,000
1,000,178
Benefit
Street
Partners
CLO
V-B
Ltd.,
Series
2018-5BA,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.09%
Floor
+
1.35%),
6.67%,
04/20/31
(a)
(b)
.....................
2,020
2,021,521
BHG
Securitization
Trust
(b)
Series
2021-A,
Class
A,
1.42%,
11/17/33
..
169
161,579
Series
2022-B,
Class
A,
3.75%,
06/18/35
..
149
148,855
BlueMountain
CLO
Ltd.
(a)(b)
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.27%,
08/15/31
.....................
500
500,374
Series
2018-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.19%),
6.51%,
10/25/30
................
2,000
1,999,987
BlueMountain
Fuji
US
CLO
III
Ltd.,
Series
2017-
3A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
01/15/30
(a)
(b)
250
250,416
Brex
Commercial
Charge
Card
Master
Trust,
Series
2024-1,
Class
A1,
6.05%,
07/15/27
(b)
413
413,242
Brignole
Co.
SRL,
Series
2021,
Class
D,
(1-mo.
EURIBOR
+
1.60%),
5.45%,
07/24/36
(a)
(d)
..
EUR
100
107,686
Bryant
Park
Funding
Ltd.,
Series
2024-22A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.62%
Floor
+
1.62%),
6.93%,
04/15/37
(a)
(b)
.....
USD
1,500
1,499,887
Capital
One
Multi-Asset
Execution
Trust
Series
2005-B3,
Class
B3,
(3-mo.
CME
Term
SOFR
at
0.55%
Floor
+
0.81%),
6.13%,
05/15/28
(a)
....................
2,240
2,237,369
Series
2022-A2,
Class
A,
3.49%,
05/15/27
.
4,595
4,502,828
Series
2023-A1,
Class
A,
4.42%,
05/15/28
.
100
98,747
Carlyle
Global
Market
Strategies
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.55%,
04/17/31
................
3,363
3,363,129
Series
2014-5A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
07/15/31
................
5,544
5,550,448
CarVal
CLO
IX-C
Ltd.,
Series
2024-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.68%
Floor
+
1.68%),
7.00%,
04/20/37
(a)
(b)
..........
1,000
1,001,445
Cascade
MH
Asset
Trust,
Series
2021-MH1,
Class
A1,
1.75%,
02/25/46
(b)
..........
1,971
1,694,825
CBAM
Ltd.,
Series
2019-9A,
Class
B2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
02/12/30
(a)
(b)
................
3,500
3,472,207
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Cedar
Funding
X
CLO
Ltd.,
Series
2019-10A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
10/20/32
(a)
(b)
.....
USD
570
$
568,283
Cedar
Funding
XI
CLO
Ltd.,
Series
2019-11A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.61%),
6.95%,
05/29/32
(a)
(b)
1,500
1,497,992
Chesapeake
Funding
II
LLC
(b)
Series
2020-1A,
Class
B,
1.24%,
08/15/32
.
1,170
1,164,183
Series
2020-1A,
Class
C,
2.14%,
08/15/32
.
720
714,724
Series
2023-2A,
Class
A1,
6.16%,
10/15/35
4,563
4,590,464
CIFC
Funding
Ltd.
(a)(b)
Series
2013-2A,
Class
A1L2,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.56%,
10/18/30
................
1,951
1,951,335
Series
2013-3RA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
04/24/31
................
3,526
3,530,527
Series
2015-3A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.72%,
04/19/29
................
8,500
8,486,574
Series
2017-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
6.83%,
04/21/37
................
2,405
2,406,146
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
07/15/33
.....................
5,000
5,003,813
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.84%),
7.16%,
07/15/33
.....................
500
499,827
CNH
Equipment
Trust,
Series
2024-A,
Class
A3,
4.77%,
06/15/29
...............
5,360
5,325,861
College
Ave
Student
Loans
Trust,
Series
2024-
A,
Class
A1B,
(SOFR
30
day
Average
at
1.75%
Floor
+
1.75%),
7.07%,
06/25/54
(a)
(b)
14,235
14,235,000
College
Avenue
Student
Loans
LLC
(a)(b)
Series
2021-A,
Class
A1,
(1-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.21%),
6.54%,
07/25/51
.....................
273
270,510
Series
2021-B,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.24%,
06/25/52
.....................
3,748
3,635,888
Series
2023-A,
Class
A1,
(SOFR
30
day
Average
at
1.90%
Floor
+
1.90%),
7.22%,
05/25/55
.....................
6,562
6,649,890
Compartment
BL
Consumer
Credit
(a)(d)
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
+
0.63%),
4.48%,
09/25/41
..........
EUR
679
733,340
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
+
0.90%),
4.75%,
09/25/41
..........
308
332,285
Compartment
Driver
UK
Eight,
Series
8,
Class
A,
(Sterling
Overnight
Index
Average
+
0.60%),
5.79%,
09/25/31
(a)
(d)
..........
GBP
1,000
1,263,074
Credit
Acceptance
Auto
Loan
Trust,
Series
2022-1A,
Class
A,
4.60%,
06/15/32
(b)
....
USD
11,180
11,080,109
Dowson
plc
(a)(d)
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
10/20/28
GBP
1,138
1,437,974
Series
2022-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.25%),
7.45%,
01/20/29
1,151
1,462,493
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.70%),
7.90%,
01/20/29
601
763,010
Dryden
30
Senior
Loan
Fund,
Series
2013-30A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.82%
Floor
+
1.08%),
6.39%,
11/15/28
(a)
(b)
.....
USD
782
780,132
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
36
Senior
Loan
Fund,
Series
2014-36A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.60%,
04/15/29
(a)
(b)
USD
1,738
$
1,738,812
Dryden
45
Senior
Loan
Fund,
Series
2016-45A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
10/15/30
(a)
(b)
.....
3,150
3,155,815
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
07/18/30
(a)
(b)
.....
3,250
3,253,648
Dryden
65
CLO
Ltd.,
Series
2018-65A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.16%,
07/18/30
(a)
(b)
..........
500
501,259
Dryden
83
CLO
Ltd.,
Series
2020-83A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.78%,
01/18/32
(a)
(b)
..........
450
450,403
Dryden
87
CLO
Ltd.,
Series
2021-87A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
05/20/34
(a)
(b)
.........
750
750,568
EDvestinU
Private
Education
Loan
Issue
No.
1
LLC,
Series
2019-A,
Class
A,
3.58%,
11/25/38
(b)
......................
2,883
2,770,069
EDvestinU
Private
Education
Loan
Issue
No.
3
LLC,
Series
2021-A,
Class
B,
3.50%,
11/25/50
(b)
......................
640
511,443
ELFI
Graduate
Loan
Program
LLC
(b)
Series
2022-A,
Class
A,
4.51%,
08/26/47
..
7,769
7,423,524
Series
2023-A,
Class
A,
6.37%,
02/04/48
..
6,561
6,697,785
Elmwood
CLO
26
Ltd.,
Series
2024-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.40%
Floor
+
2.40%),
7.69%,
04/18/37
(a)
(b)
..........
3,700
3,700,000
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
04/20/34
(a)
(b)
.........
4,200
4,204,289
Enterprise
Fleet
Financing
LLC
(b)
Series
2022-1,
Class
A2,
3.03%,
01/20/28
.
8,418
8,303,120
Series
2023-2,
Class
A2,
5.56%,
04/22/30
.
11,050
11,061,344
Series
2024-1,
Class
A2,
5.23%,
03/20/30
.
5,070
5,061,627
Series
2024-1,
Class
A3,
5.16%,
09/20/30
.
338
337,118
Fairstone
Financial
Issuance
Trust
I,
Series
2020-1A,
Class
A,
2.51%,
10/20/39
(b)
....
CAD
6,400
4,622,191
FCT
Noria,
Series
2021-1,
Class
D,
(1-mo.
EURIBOR
+
1.50%),
5.35%,
10/25/49
(a)
(d)
..
EUR
410
437,258
FCT
Pixel,
Series
2021-1,
Class
D,
(3-mo.
EURIBOR
+
1.75%),
5.69%,
02/25/38
(a)
(d)
..
141
150,787
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.11%
Floor
+
1.37%),
6.68%,
07/19/34
(a)
(b)
..........
USD
8,500
8,506,470
FNA
VI
LLC,
Series
2021-1A,
Class
A,
1.35%,
01/10/32
(b)
......................
253
233,662
Ford
Credit
Auto
Owner
Trust
(b)
Series
2023-1,
Class
A,
4.85%,
08/15/35
..
19,328
19,217,303
Series
2023-2,
Class
A,
5.28%,
02/15/36
..
14,278
14,446,389
Series
2024-1,
Class
A,
4.87%,
08/15/36
..
8,704
8,686,199
Ford
Credit
Floorplan
Master
Owner
Trust
A
Series
2018-4,
Class
A,
4.06%,
11/15/30
..
7,902
7,602,034
Series
2019-4,
Class
B,
2.64%,
09/15/26
..
3,232
3,179,061
Series
2023-1,
Class
A1,
4.92%,
05/15/28
(b)
13,525
13,458,306
Series
2023-1,
Class
A2,
(SOFR
30
day
Average
+
1.25%),
6.57%,
05/15/28
(a)
(b)
.
3,470
3,520,501
Series
2023-1,
Class
B,
5.31%,
05/15/28
(b)
.
3,960
3,937,849
Fortuna
Consumer
Loan
ABS
DAC
(a)(d)
Series
2024-1,
Class
B,
(1-mo.
EURIBOR
+
1.35%),
5.21%,
02/18/34
..........
EUR
300
326,029
Series
2024-1,
Class
C,
(1-mo.
EURIBOR
+
2.30%),
6.16%,
02/18/34
..........
200
217,781
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Foundation
Finance
Trust
(b)
Series
2021-2A,
Class
A,
2.19%,
01/15/42
.
USD
1,134
$
1,042,538
Series
2024-1A,
Class
A,
5.50%,
12/15/49
.
4,591
4,590,486
Series
2024-1A,
Class
B,
5.95%,
12/15/49
.
511
511,000
FS
Rialto
Issuer
LLC,
Series
2022-FL6,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.63%
Floor
+
2.58%),
7.91%,
08/17/37
(a)
(b)
..........
4,735
4,759,513
FT
Santander
Consumer
Spain
Auto
(d)
Series
2020-1,
Class
B,
(3-mo.
EURIBOR
+
0.95%),
4.88%,
03/21/33
(a)
.........
EUR
272
291,007
Series
2020-1,
Class
C,
(3-mo.
EURIBOR
+
1.95%),
5.88%,
03/21/33
(a)
.........
82
87,820
Series
2020-1,
Class
D,
3.50%,
03/21/33
..
136
141,206
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.02%
Floor
+
1.28%),
6.61%,
05/16/31
(a)
(b)
..........
USD
8,393
8,395,095
GM
Financial
Revolving
Receivables
Trust
(b)
Series
2023-2,
Class
A,
5.77%,
08/11/36
..
7,487
7,729,355
Series
2024-1,
Class
A,
4.98%,
12/11/36
..
3,342
3,356,126
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
04/24/31
(a)
(b)
................
400
400,365
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)
.....................
4,572
4,576,974
GoldenTree
Loan
Opportunities
XI
Ltd.,
Series
2015-11A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.63%,
01/18/31
(a)
(b)
.....................
1,951
1,953,554
GoldentTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-11A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
10/20/34
(a)
(b)
.....................
655
655,567
Goldman
Home
Improvement
Trust
Issuer
Trust,
Series
2022-GRN2,
Class
A,
6.80%,
10/25/52
(b)
......................
2,376
2,385,456
GoodLeap
Sustainable
Home
Solutions
Trust
(b)
Series
2022-2CS,
Class
A,
4.00%,
04/20/49
1,263
1,127,700
Series
2022-3CS,
Class
A,
4.95%,
07/20/49
820
769,744
Series
2023-3C,
Class
A,
6.50%,
07/20/55
.
3,010
3,105,785
Gracie
Point
International
Funding,
Series
2023-1A,
Class
D,
(SOFR90A
+
4.50%),
9.86%,
09/01/26
(a)
(b)
................
285
289,859
Gracie
Point
International
Funding
LLC
(a)(b)
Series
2023-2A,
Class
A,
(SOFR90A
at
2.25%
Floor
+
2.25%),
7.61%,
03/01/27
1,552
1,570,718
Series
2024-1A,
Class
A,
(SOFR90A
at
1.70%
Floor
+
1.70%),
7.06%,
03/01/28
6,180
6,195,936
Hill
FL
(a)(d)
Series
2024-1FL,
Class
B,
(1-mo.
EURIBOR
+
1.10%),
4.94%,
02/18/32
.........
EUR
200
216,600
Series
2024-1FL,
Class
C,
(1-mo.
EURIBOR
+
2.05%),
5.89%,
02/18/32
.........
100
108,657
Series
2024-1FL,
Class
D,
(1-mo.
EURIBOR
+
3.20%),
7.04%,
02/18/32
.........
100
108,103
Hipgnosis
Music
Assets
LP,
Series
2022-1,
Class
A,
5.00%,
05/16/62
(b)
...........
USD
2,131
2,049,982
John
Deere
Owner
Trust,
Series
2023-B,
Class
A3,
5.18%,
03/15/28
...............
6,776
6,777,302
LCM
XXIII
Ltd.,
Series
23A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/20/29
(a)
(b)
................
485
484,956
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Litigation
Systems,
Inc.,
Series
2020-1,
Class
A,
4.00%,
10/30/27
(e)
.................
USD
1,111
$
1,096,247
Loanpal
Solar
Loan
Ltd.
(b)
Series
2020-2GF,
Class
A,
2.75%,
07/20/47
1,697
1,368,867
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
2,624
2,105,074
Series
2021-2GS,
Class
A,
2.22%,
03/20/48
5,239
4,074,001
Logan
CLO
I
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
07/20/34
(a)
(b)
..........
1,755
1,756,231
Long
Point
Park
CLO
Ltd.,
Series
2017-1A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.38%
Floor
+
1.64%),
6.95%,
01/17/30
(a)
(b)
.....
1,140
1,140,331
LT
Autorahoitus
V
DAC
(a)(d)
Series
5,
Class
A,
(1-mo.
EURIBOR
+
0.58%),
4.46%,
05/18/35
..........
EUR
600
647,761
Series
5,
Class
B,
(1-mo.
EURIBOR
+
0.90%),
4.78%,
05/18/35
..........
400
431,786
Madison
Park
Funding
XIX
Ltd.,
Series
2015-
19A,
Class
BR3,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.57%,
01/22/37
(a)
(b)
USD
10,750
10,748,548
Madison
Park
Funding
XLVI
Ltd.,
Series
2020-
46A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/15/34
(a)
(b)
2,300
2,293,283
Madison
Park
Funding
XXV
Ltd.,
Series
2017-
25A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.24%,
04/25/29
(a)
(b)
5,550
5,550,460
Madison
Park
Funding
XXVIII
Ltd.,
Series
2018-
28A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.86%),
7.18%,
07/15/30
(a)
(b)
1,000
1,000,804
Madison
Park
Funding
XXXIV
Ltd.,
Series
2019-34A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.24%,
04/25/32
(a)
(b)
.....................
1,500
1,500,615
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-
35A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.98%,
04/20/32
(a)
(b)
250
249,545
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
07/17/34
(a)
(b)
.....................
3,000
3,001,800
Mariner
CLO
LLC,
Series
2016-3A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.59%
Floor
+
1.59%),
6.90%,
01/23/37
(a)
(b)
..........
800
802,689
Mariner
Finance
Issuance
Trust
(b)
Series
2020-AA,
Class
A,
2.19%,
08/21/34
.
1,509
1,487,367
Series
2022-AA,
Class
A,
6.45%,
10/20/37
.
1,250
1,253,085
Marzio
Finance
SRL,
Series
2024-14,
Class
A,
(1-mo.
EURIBOR
+
0.88%),
4.73%,
05/28/49
(a)
(d)
.....................
EUR
415
448,721
Mill
City
Solar
Loan
Ltd.,
Series
2019-2GS,
Class
A,
3.69%,
07/20/43
(b)
...........
USD
7,692
6,877,981
MMAF
Equipment
Finance
LLC,
Series
2024-A,
Class
A3,
4.95%,
07/14/31
(b)
..........
1,796
1,789,611
Mosaic
Solar
Loan
Trust
(b)
Series
2019-2A,
Class
A,
2.88%,
09/20/40
.
198
176,134
Series
2020-2A,
Class
B,
2.21%,
08/20/46
.
877
706,457
Series
2021-1A,
Class
B,
2.05%,
12/20/46
.
549
430,939
Series
2022-1A,
Class
B,
3.16%,
01/20/53
.
3,958
3,220,974
Series
2022-2A,
Class
A,
4.38%,
01/21/53
.
427
403,050
Navient
Private
Education
Loan
Trust,
Series
2020-A,
Class
A2B,
(1-mo.
CME
Term
SOFR
+
1.01%),
6.34%,
11/15/68
(a)
(b)
.........
815
809,565
Navient
Private
Education
Refi
Loan
Trust
(b)
Series
2019-CA,
Class
A2,
3.13%,
02/15/68
1,289
1,239,620
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-EA,
Class
A2B,
(1-mo.
CME
Term
SOFR
+
1.03%),
6.36%,
05/15/68
(a)
USD
4,838
$
4,812,579
Series
2019-GA,
Class
A,
2.40%,
10/15/68
548
514,848
Series
2020-IA,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.11%),
6.44%,
04/15/69
(a)
...............
8,421
8,379,350
Series
2021-A,
Class
A,
0.84%,
05/15/69
..
928
813,878
Series
2021-DA,
Class
A,
(US
Prime
Rate
-
1.99%),
6.51%,
04/15/60
(a)
.........
6,415
6,168,157
Navient
Student
Loan
Trust
(b)
Series
2018-EA,
Class
A2,
4.00%,
12/15/59
466
456,836
Series
2023-BA,
Class
A1B,
(SOFR
30
day
Average
+
1.70%),
7.02%,
03/15/72
(a)
..
3,856
3,889,475
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
08/25/28
(b)
......................
2,045
2,060,961
Nelnet
Student
Loan
Trust
(b)
Series
2021-A,
Class
APT2,
1.36%,
04/20/62
.....................
11,165
10,093,842
Series
2021-A,
Class
D,
4.93%,
04/20/62
.
1,150
958,225
Series
2021-BA,
Class
AFL,
(1-mo.
CME
Term
SOFR
+
0.89%),
6.22%,
04/20/62
(a)
7,278
7,220,124
Series
2021-BA,
Class
AFX,
1.42%,
04/20/62
.....................
5,903
5,370,960
Series
2021-CA,
Class
AFL,
(1-mo.
CME
Term
SOFR
+
0.85%),
6.18%,
04/20/62
(a)
7,865
7,800,294
Series
2023-PL1A,
Class
A1B,
7.15%,
11/25/53
.....................
4,819
4,821,302
Neuberger
Berman
CLO
XVII
Ltd.,
Series
2014-
17A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.76%),
7.08%,
04/22/29
(a)
(b)
5,300
5,310,802
Neuberger
Berman
Loan
Advisers
CLO
25
Ltd.,
Series
2017-25A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.19%),
6.49%,
10/18/29
(a)
(b)
................
3,181
3,181,373
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.64%,
01/19/33
(a)
(b)
................
2,050
2,069,398
Neuberger
Berman
Loan
Advisers
CLO
42
Ltd.,
Series
2021-42A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/16/35
(a)
(b)
.....................
4,000
4,003,112
NewDay
Funding
(a)(d)
Series
2024-1X,
Class
A,
(Sterling
Overnight
Index
Average
+
1.18%),
0.00%,
03/15/32
GBP
534
674,426
Series
2024-1X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.65%),
0.00%,
03/15/32
208
262,698
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.40%),
0.00%,
03/15/32
147
185,657
Newday
Funding
Master
Issuer
plc,
Series
2021-3X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
6.55%,
11/15/29
(a)
(d)
...
677
854,262
Oaktree
CLO
Ltd.,
Series
2022-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.55%
Floor
+
1.55%),
6.86%,
07/15/33
(a)
(b)
..........
USD
3,890
3,893,194
OCP
CLO
Ltd.
(a)(b)
Series
2014-7A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
+
1.38%),
6.70%,
07/20/29
.
1,468
1,468,167
Series
2017-13A,
Class
A1AR,
(3-mo.
CME
Term
SOFR
at
0.96%
Floor
+
1.22%),
6.54%,
07/15/30
................
3,769
3,771,392
Octagon
Investment
Partners
30
Ltd.,
Series
2017-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
+
2.21%),
7.53%,
03/17/30
(a)
(b)
....
4,200
4,200,081
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
01/20/31
(a)
(b)
.....................
USD
2,016
$
2,016,793
Octagon
Investment
Partners
48
Ltd.,
Series
2020-3A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/20/34
(a)
(b)
.....................
1,000
999,600
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A2R,
(3-mo.
CME
Term
SOFR
+
1.61%),
6.92%,
07/19/30
(a)
(b)
....
1,750
1,749,359
Octagon
Investment
Partners
XVII
Ltd.,
Series
2013-1A,
Class
A2R2,
(3-mo.
CME
Term
SOFR
+
1.36%),
6.69%,
01/25/31
(a)
(b)
....
1,750
1,750,300
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)
.....
850
850,496
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
07/20/34
(a)
(b)
.....
2,000
2,001,317
OneMain
Financial
Issuance
Trust
(b)
Series
2023-1A,
Class
A,
5.50%,
06/14/38
.
6,047
6,137,430
Series
2023-2A,
Class
A2,
(SOFR
30
day
Average
+
1.50%),
6.82%,
09/15/36
(a)
..
5,382
5,468,033
Pagaya
AI
Technology
in
Housing
Trust,
Series
2023-1,
Class
A,
3.60%,
10/25/40
(b)
.....
4,911
4,524,496
Palmer
Square
CLO
Ltd.,
Series
2013-2A,
Class
A1A3,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
10/17/31
(a)
(b)
2,958
2,960,173
Park
Avenue
Institutional
Advisers
CLO
Ltd.,
Series
2018-1A,
Class
A1BR,
(3-mo.
CME
Term
SOFR
at
1.25%
Floor
+
1.51%),
6.83%,
10/20/31
(a)
(b)
................
10,000
10,019,012
PCL
Funding
VI
plc,
Series
2022-1,
Class
B,
(Sterling
Overnight
Index
Average
+
3.10%),
8.30%,
07/15/26
(a)
(d)
................
GBP
1,400
1,772,788
PFS
Financing
Corp.
(b)
Series
2021-A,
Class
A,
0.71%,
04/15/26
..
USD
3,300
3,293,125
Series
2023-A,
Class
A,
5.80%,
03/15/28
..
7,736
7,818,575
Pikes
Peak
CLO
11,
Series
2022-11A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
1.95%),
7.27%,
07/25/34
(a)
(b)
.........
7,000
7,043,739
Porsche
Financial
Auto
Securitization
Trust,
Series
2023-2A,
Class
A3,
5.79%,
01/22/29
(b)
......................
4,255
4,301,496
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.36%),
6.69%,
07/25/51
(a)
(b)
.....................
1,072
1,064,108
Progress
Residential
Trust,
Series
2021-
SFR10,
Class
A,
2.39%,
12/17/40
(b)
.....
3,500
3,107,021
Rad
CLO
7
Ltd.
(a)(b)
Series
2020-7A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.35%
Floor
+
1.35%),
6.68%,
04/17/36
................
2,380
2,377,071
Series
2020-7A,
Class
B1R,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.23%,
04/17/36
................
2,000
1,999,800
Recette
CLO
Ltd.,
Series
2015-1A,
Class
ARR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.66%,
04/20/34
(a)
(b)
..........
10,000
9,991,025
Red
&
Black
Auto
Germany
8
UG,
Series
8,
Class
C,
(1-mo.
EURIBOR
+
0.95%),
4.81%,
09/15/30
(a)
(d)
.....................
EUR
235
250,842
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Red
&
Black
Auto
Italy
SRL,
Series
1,
Class
D,
(1-mo.
EURIBOR
+
2.85%),
6.68%,
12/28/31
(a)
(d)
.....................
EUR
359
$
384,140
Regatta
XXVII
Funding
Ltd.,
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
6.83%,
04/26/37
(a)
(b)
.....
USD
1,500
1,499,975
Regional
Management
Issuance
Trust
(b)
Series
2020-1,
Class
A,
2.34%,
10/15/30
..
1,214
1,192,600
Series
2021-1,
Class
A,
1.68%,
03/17/31
..
1,289
1,248,891
Series
2021-2,
Class
A,
1.90%,
08/15/33
..
3,076
2,756,767
Series
2022-2B,
Class
A,
7.10%,
11/17/32
.
1,450
1,464,439
Republic
Finance
Issuance
Trust,
Series
2021-
A,
Class
A,
2.30%,
12/22/31
(b)
.........
1,307
1,249,040
RevoCar
UG,
Series
2024-1,
Class
A,
(1-mo.
EURIBOR
+
0.56%),
0.00%,
02/21/37
(a)
(d)
..
EUR
600
647,632
RMIT
Cash
Management
LLC,
Series
2021-3,
Class
A,
3.88%,
10/17/33
(b)
(e)
..........
USD
4,470
4,073,511
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
10/20/30
.....................
1,812
1,812,774
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/20/34
.....................
10,750
10,752,365
RR
LLC,
Series
2017-1A,
Class
A1AB,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
07/15/35
(a)
(b)
................
5,500
5,506,107
Santander
Drive
Auto
Receivables
Trust,
Series
2023-5,
Class
A3,
6.02%,
09/15/28
......
10,930
11,045,834
Satus
plc
(a)(d)
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
+
1.90%),
7.10%,
08/17/28
GBP
200
253,043
Series
2021-1,
Class
E,
(Sterling
Overnight
Index
Average
+
3.20%),
8.40%,
08/17/28
167
211,850
SC
Germany
SA
Compartment
Consumer
(a)(d)
Series
2020-1,
Class
C,
(1-mo.
EURIBOR
+
1.75%),
5.60%,
11/14/34
...........
EUR
1,174
1,268,879
Series
2020-1,
Class
D,
(1-mo.
EURIBOR
+
2.50%),
6.35%,
11/14/34
...........
482
519,594
Service
Experts
Issuer
LLC,
Series
2021-1A,
Class
A,
2.67%,
02/02/32
(b)
...........
USD
1,197
1,116,716
Sesac
Finance
LLC
(b)
Series
2019-1,
Class
A2,
5.22%,
07/25/49
.
2,922
2,848,292
Series
2022-1,
Class
A2,
5.50%,
07/25/52
.
214
208,935
Shackleton
CLO
Ltd.,
Series
2015-7RA,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
07/15/31
(a)
(b)
.........
3,462
3,467,908
Signal
Peak
CLO
8
Ltd.,
Series
2020-8A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
04/20/33
(a)
(b)
..........
2,500
2,499,773
SLM
Private
Credit
Student
Loan
Trust
(a)
Series
2004-A,
Class
A3,
(3-mo.
CME
Term
SOFR
at
0.40%
Floor
+
0.66%),
5.99%,
06/15/33
.....................
399
396,057
Series
2005-A,
Class
A4,
(3-mo.
CME
Term
SOFR
at
0.31%
Floor
+
0.57%),
5.90%,
12/15/38
.....................
4,376
4,303,536
Series
2005-B,
Class
A4,
(3-mo.
CME
Term
SOFR
at
0.33%
Floor
+
0.59%),
5.92%,
06/15/39
.....................
3,979
3,892,770
Series
2007-A,
Class
A4A,
(3-mo.
CME
Term
SOFR
at
0.24%
Floor
+
0.50%),
5.83%,
12/16/41
.....................
2,522
2,483,216
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
SLM
Private
Education
Loan
Trust,
Series
2010-C,
Class
A5,
(1-mo.
CME
Term
SOFR
at
4.75%
Floor
+
4.86%),
10.19%,
10/15/41
(a)
(b)
.....................
USD
12,679
$
13,617,333
SLM
Student
Loan
Trust,
Series
2013-4,
Class
A,
(SOFR
30
day
Average
at
0.55%
Floor
+
0.66%),
5.98%,
06/25/43
(a)
...........
3,032
2,998,324
SMB
Private
Education
Loan
Trust
(b)
Series
2020-A,
Class
A2B,
(1-mo.
CME
Term
SOFR
+
0.94%),
6.27%,
09/15/37
(a)
...
710
705,332
Series
2021-A,
Class
APL,
(1-mo.
CME
Term
SOFR
+
0.84%),
6.17%,
01/15/53
(a)
...
10,124
9,842,716
Series
2021-A,
Class
B,
2.31%,
01/15/53
..
3,697
3,450,298
Series
2021-C,
Class
APT1,
1.39%,
01/15/53
.....................
4,346
3,832,663
Series
2021-C,
Class
D,
3.93%,
01/15/53
.
281
255,096
Series
2023-A,
Class
A1B,
(SOFR
30
day
Average
at
1.50%
Floor
+
1.50%),
6.82%,
01/15/53
(a)
....................
4,310
4,349,493
Series
2023-B,
Class
A1B,
(SOFR
30
day
Average
at
1.80%
Floor
+
1.80%),
7.12%,
10/16/56
(a)
....................
11,518
11,742,145
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.77%,
03/15/56
(a)
....................
10,243
10,284,971
SoFi
Personal
Loan
Trust
(b)
  0.00%,
10/15/30
.................
47
2,698,413
  6.00%,
11/12/30
.................
1,984
1,984,626
  6.06%,
02/12/31
.................
5,417
5,416,763
SoFi
Professional
Loan
Program
LLC
(b)
Series
2018-A,
Class
A2B,
2.95%,
02/25/42
934
911,018
Series
2019-A,
Class
A2FX,
3.69%,
06/15/48
.....................
1,497
1,444,321
SoFi
Professional
Loan
Program
Trust
(b)
Series
2018-C,
Class
A2FX,
3.59%,
01/25/48
.....................
969
940,268
Series
2020-A,
Class
A2FX,
2.54%,
05/15/46
.....................
5,848
5,495,013
Series
2021-A,
Class
AFX,
1.03%,
08/17/43
540
462,550
Sound
Point
CLO
XV
Ltd.,
Series
2017-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
01/23/29
(a)
(b)
.....
1,500
1,500,165
Soundview
Home
Loan
Trust,
Series
2003-2,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.65%
Floor
+
1.41%),
6.74%,
11/25/33
(a)
......
463
464,048
SpringCastle
America
Funding
LLC,
Series
2020-AA,
Class
A,
1.97%,
09/25/37
(b)
....
3,608
3,347,884
Sunrise
Spv
95
Srl,
Series
2024-1,
Class
A1,
(1-mo.
EURIBOR
+
0.80%),
4.69%,
03/27/49
(a)
(d)
.....................
EUR
300
324,178
TAGUS
-
Sociedade
de
Titularizacao
de
Creditos
SA,
Series
2,
Class
D,
(1-mo.
EURIBOR
+
2.85%),
6.70%,
09/23/38
(a)
(d)
..
571
591,687
TCI-Symphony
CLO
Ltd.,
Series
2017-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.19%),
6.51%,
07/15/30
(a)
(b)
.....
USD
849
848,908
TICP
CLO
VII
Ltd.,
Series
2017-7A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
6.96%,
04/15/33
(a)
(b)
..........
1,315
1,313,397
TICP
CLO
XI
Ltd.,
Series
2018-11A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.53%
Floor
+
1.53%),
0.00%,
04/25/37
(a)
(b)
..........
1,420
1,420,000
Toyota
Auto
Loan
Extended
Note
Trust,
Series
2023-1A,
Class
A,
4.93%,
06/25/36
(b)
....
20,136
20,167,203
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Trestles
CLO
V
Ltd.,
Series
2021-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
10/20/34
(a)
(b)
..........
USD
9,500
$
9,504,100
Trinitas
CLO
IV
Ltd.,
Series
2016-4A,
Class
A2L2,
(3-mo.
CME
Term
SOFR
at
1.40%
Floor
+
1.66%),
6.96%,
10/18/31
(a)
(b)
.....
1,250
1,248,902
Trinitas
CLO
XII
Ltd.,
Series
2020-12A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
6.69%,
04/25/33
(a)
(b)
.....
5,000
5,000,959
Verizon
Master
Trust
Series
2024-1,
Class
A1A,
5.00%,
12/20/28
13,918
13,875,658
Series
2024-2,
Class
A,
4.83%,
12/22/31
(b)
.
1,568
1,566,759
Volkswagen
Auto
Loan
Enhanced
Trust,
Series
2021-1,
Class
A3,
1.02%,
06/22/26
......
12,906
12,604,866
Voya
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
+
1.21%),
6.53%,
04/17/30
.
1,282
1,281,730
Series
2018-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
01/15/32
................
750
747,885
Wind
River
CLO
Ltd.,
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.24%),
6.56%,
07/20/30
(a)
(b)
.....
903
902,607
Total
Asset-Backed
Securities
—
18
.5
%
(Cost:
$
864,672,536
)
..............................
854,825,516
Corporate
Bonds
Aerospace
&
Defense
—
1.6%
AAR
Escrow
Issuer
LLC,
6.75%,
03/15/29
(b)
..
106
106,816
BAE
Systems
plc,
5.00%,
03/26/27
(b)
......
4,930
4,919,977
Boeing
Co.
(The),
2.20%,
02/04/26
.......
13,233
12,388,725
Bombardier,
Inc.
(b)
7.13%
,
06/15/26
..................
371
376,340
7.88%
,
04/15/27
..................
204
204,143
6.00%
,
02/15/28
..................
392
385,600
7.50%
,
02/01/29
..................
9
9,268
8.75%
,
11/15/30
..................
217
231,707
7.25%
,
07/01/31
..................
132
132,269
BWX
Technologies,
Inc.
(b)
4.13%
,
06/30/28
..................
174
162,223
4.13%
,
04/15/29
..................
120
110,723
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
.....................
11
10,595
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(b)
.....................
200
208,690
L3Harris
Technologies,
Inc.
3.83%
,
04/27/25
..................
2,013
1,978,690
5.40%
,
01/15/27
..................
11,939
12,024,187
4.40%
,
06/15/28
..................
3,107
3,022,011
5.05%
,
06/01/29
..................
5,280
5,263,130
Lockheed
Martin
Corp.
5.10%
,
11/15/27
..................
2,389
2,416,320
4.50%
,
02/15/29
..................
12,170
12,054,609
Northrop
Grumman
Corp.,
4.60%,
02/01/29
..
1,056
1,044,024
RTX
Corp.
2.65%
,
11/01/26
..................
1,380
1,300,414
5.75%
,
11/08/26
..................
9,514
9,660,237
5.75%
,
01/15/29
..................
3,795
3,926,762
Spirit
AeroSystems,
Inc.
(b)
9.38%
,
11/30/29
..................
214
233,428
9.75%
,
11/15/30
..................
215
240,492
TransDigm,
Inc.
(b)
6.75%
,
08/15/28
..................
908
919,984
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
6.38%
,
03/01/29
..................
USD
1,502
$
1,506,675
74,838,039
Automobile
Components
—
0.2%
Aptiv
plc,
2.40%,
02/18/25
............
4,662
4,525,348
Champions
Financing,
Inc.,
8.75%,
02/15/29
(b)
142
148,766
Clarios
Global
LP
(b)
6.75%
,
05/15/25
..................
1,275
1,276,135
6.25%
,
05/15/26
..................
134
133,932
6.75%
,
05/15/28
..................
372
377,069
Icahn
Enterprises
LP
6.25%
,
05/15/26
..................
167
161,209
5.25%
,
05/15/27
..................
198
178,941
9.75%
,
01/15/29
(b)
.................
115
120,037
4.38%
,
02/01/29
..................
168
143,236
Phinia,
Inc.,
6.75%,
04/15/29
(b)
..........
60
60,579
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
........
126
114,967
7,240,219
Automobiles
—
0.5%
Hyundai
Capital
America
(b)
1.65%
,
09/17/26
..................
6,889
6,301,067
5.25%
,
01/08/27
..................
10,720
10,710,371
Nissan
Motor
Acceptance
Co.
LLC,
7.05%,
09/15/28
(b)
.....................
3,056
3,194,384
Traton
Finance
Luxembourg
SA,
3.75%,
03/27/27
(d)
.....................
EUR
3,600
3,886,967
24,092,789
Banks
—
6.9%
Banco
de
Sabadell
SA
(a)(d)
(1-Year
EUR
Swap
Annual
+
0.97%),
0.63%
,
11/07/25
................
500
528,962
(1-Year
EUR
Swap
Annual
+
1.60%),
4.00%
,
01/15/30
................
1,000
1,093,242
Bank
of
America
Corp.
(a)
(1-day
SOFR
+
0.65%),
1.53%
,
12/06/25
.
USD
13,933
13,541,400
(1-day
SOFR
+
1.15%),
1.32%
,
06/19/26
.
10,487
9,968,529
(1-day
SOFR
+
1.01%),
1.20%
,
10/24/26
.
9,806
9,178,081
(1-day
SOFR
+
1.34%),
5.93%
,
09/15/27
.
15,000
15,201,073
(1-day
SOFR
+
1.05%),
2.55%
,
02/04/28
.
4,875
4,531,406
(1-day
SOFR
+
1.63%),
5.20%
,
04/25/29
.
1,967
1,968,862
(1-day
SOFR
+
1.57%),
5.82%
,
09/15/29
.
14,469
14,835,627
(3-mo.
CME
Term
SOFR
+
1.47%),
3.97%
,
02/07/30
.....................
1,958
1,855,485
Banque
Stellantis
France
SACA,
0.00%,
01/22/25
(d)
.....................
EUR
500
523,400
Barclays
Bank
plc,
Series
MSFT,
1.00%,
02/16/29
(f)
.....................
USD
129
138,856
Barclays
plc
(a)
(3-mo.
LIBOR
USD
+
1.61%),
3.93%
,
05/07/25
.....................
4,328
4,319,211
(1-day
SOFR
+
2.21%),
5.83%
,
05/09/27
.
2,699
2,704,731
(1-day
SOFR
+
1.74%),
5.69%
,
03/12/30
.
3,525
3,543,351
BPCE
SA,
3.38%,
12/02/26
............
2,786
2,676,356
Citigroup,
Inc.
3.40%
,
05/01/26
..................
633
609,484
(3-mo.
CME
Term
SOFR
+
1.82%),
3.89%
,
01/10/28
(a)
....................
1,491
1,437,727
(1-day
SOFR
+
1.28%),
3.07%
,
02/24/28
(a)
22,175
20,858,288
(3-mo.
CME
Term
SOFR
+
1.65%),
3.67%
,
07/24/28
(a)
....................
1,296
1,231,830
(3-mo.
CME
Term
SOFR
+
1.41%),
3.52%
,
10/27/28
(a)
....................
1,472
1,387,975
(1-day
SOFR
+
1.36%),
5.17%
,
02/13/30
(a)
12,100
12,043,540
HSBC
Holdings
plc
(a)
(1-day
SOFR
+
1.10%),
2.25%
,
11/22/27
.
252
232,252
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
3.35%),
7.39%
,
11/03/28
.
USD
1,032
$
1,097,959
(1-day
SOFR
+
1.97%),
6.16%
,
03/09/29
.
8,338
8,566,943
HSBC
USA,
Inc.,
5.29%,
03/04/27
.......
9,192
9,245,443
ING
Groep
NV,
(1-day
SOFR
+
1.01%),
1.73%,
04/01/27
(a)
.....................
1,015
942,090
JPMorgan
Chase
&
Co.
(a)
(1-day
SOFR
+
0.61%),
1.56%
,
12/10/25
.
1,615
1,570,150
(1-day
SOFR
+
1.85%),
2.08%
,
04/22/26
.
1,317
1,269,012
(1-day
SOFR
+
0.89%),
1.58%
,
04/22/27
.
7,587
7,034,020
(1-day
SOFR
+
1.19%),
5.04%
,
01/23/28
.
4,975
4,957,845
(1-day
SOFR
+
1.99%),
4.85%
,
07/25/28
.
3,792
3,760,022
(1-day
SOFR
+
1.45%),
5.30%
,
07/24/29
.
3,350
3,374,887
(1-day
SOFR
+
1.57%),
6.09%
,
10/23/29
.
7,520
7,817,883
(1-day
SOFR
+
1.31%),
5.01%
,
01/23/30
.
19,640
19,559,554
KBC
Group
NV,
(3-mo.
EURIBOR
+
1.30%),
4.25%,
11/28/29
(a)
(d)
...............
EUR
2,300
2,540,238
Mitsubishi
UFJ
Financial
Group,
Inc.,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.70%),
4.79%,
07/18/25
(a)
.....................
USD
8,120
8,091,700
Mizuho
Financial
Group,
Inc.,
0.52%,
06/10/24
(d)
EUR
901
965,735
Morgan
Stanley
Bank
NA,
(1-day
SOFR
+
1.08%),
4.95%,
01/14/28
(a)
...........
USD
29,961
29,837,592
NatWest
Group
plc,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
7.47%,
11/10/26
(a)
...........
5,711
5,865,925
Royal
Bank
of
Canada
4.88%
,
01/19/27
..................
2,863
2,856,738
6.00%
,
11/01/27
..................
525
542,594
Sumitomo
Mitsui
Financial
Group,
Inc.,
5.46%,
01/13/26
......................
600
602,020
Toronto-Dominion
Bank
(The)
0.38%
,
04/25/24
(d)
.................
EUR
2,625
2,825,722
5.52%
,
07/17/28
..................
USD
4,233
4,323,057
Truist
Financial
Corp.
(a)
(1-day
SOFR
+
2.05%),
6.05%
,
06/08/27
.
13,393
13,573,766
(1-day
SOFR
+
1.62%),
5.44%
,
01/24/30
.
3,857
3,852,501
US
Bancorp,
(1-day
SOFR
+
1.56%),
5.38%,
01/23/30
(a)
.....................
2,140
2,149,453
Wells
Fargo
&
Co.
(a)
(1-day
SOFR
+
1.74%),
5.57%
,
07/25/29
.
15,000
15,177,783
(1-day
SOFR
+
1.79%),
6.30%
,
10/23/29
.
5,862
6,105,508
(1-day
SOFR
+
1.50%),
5.20%
,
01/23/30
.
9,475
9,455,027
Westpac
Banking
Corp.,
4.18%,
05/22/28
(b)
..
17,040
16,655,053
319,025,888
Biotechnology
—
0.4%
AbbVie,
Inc.
1.25%
,
06/01/24
..................
EUR
920
988,101
4.80%
,
03/15/29
..................
USD
14,256
14,276,917
Gilead
Sciences,
Inc.
2.95%
,
03/01/27
..................
795
755,886
1.20%
,
10/01/27
..................
595
526,943
16,547,847
Broadline
Retail
—
0.0%
(b)
ANGI
Group
LLC,
3.88%,
08/15/28
.......
68
59,025
Go
Daddy
Operating
Co.
LLC,
3.50%,
03/01/29
159
143,402
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
......................
305
280,336
Match
Group
Holdings
II
LLC
4.63%
,
06/01/28
..................
426
402,022
4.13%
,
08/01/30
..................
27
24,023
908,808
Security
Par
(000)
Par
(000)
Value
Building
Products
—
0.0%
(b)
Advanced
Drainage
Systems,
Inc.
5.00%
,
09/30/27
..................
USD
214
$
207,602
6.38%
,
06/15/30
..................
142
142,735
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
......................
141
144,843
Masonite
International
Corp.,
5.38%,
02/01/28
23
23,031
New
Enterprise
Stone
&
Lime
Co.,
Inc.,
5.25%,
07/15/28
......................
111
106,337
Standard
Industries,
Inc.
5.00%
,
02/15/27
..................
26
25,221
4.75%
,
01/15/28
..................
732
698,607
4.38%
,
07/15/30
..................
153
137,477
Summit
Materials
LLC,
7.25%,
01/15/31
....
176
182,932
1,668,785
Capital
Markets
—
3.5%
AerCap
Ireland
Capital
DAC
1.65%
,
10/29/24
..................
223
217,561
6.45%
,
04/15/27
(b)
.................
8,093
8,309,364
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
.....................
192
198,762
Aretec
Group,
Inc.,
10.00%,
08/15/30
(b)
....
40
43,691
Blue
Owl
Credit
Income
Corp.
3.13%
,
09/23/26
..................
32
29,360
7.75%
,
09/16/27
..................
241
246,890
Charles
Schwab
Corp.
(The)
5.88%
,
08/24/26
..................
10,183
10,352,721
3.20%
,
03/02/27
..................
321
305,555
(1-day
SOFR
+
1.88%),
6.20%
,
11/17/29
(a)
2,076
2,157,792
Credit
Suisse
AG
3.70%
,
02/21/25
..................
5,260
5,169,963
5.00%
,
07/09/27
..................
3,167
3,138,137
7.50%
,
02/15/28
..................
5,710
6,157,023
Deutsche
Bank
AG
(1-day
SOFR
+
1.13%),
1.45%
,
04/01/25
(a)
3,325
3,325,000
(3-mo.
EURIBOR
+
1.60%),
1.00%
,
11/19/25
(a)
(d)
...................
EUR
300
317,396
(1-day
SOFR
+
3.19%),
6.12%
,
07/14/26
(a)
USD
4,725
4,742,867
5.37%
,
09/09/27
..................
779
783,033
(1-day
SOFR
+
3.18%),
6.72%
,
01/18/29
(a)
1,075
1,111,724
(1-day
SOFR
+
2.51%),
6.82%
,
11/20/29
(a)
952
995,224
Goldman
Sachs
Group,
Inc.
(The)
(a)
(1-day
SOFR
+
1.08%),
5.80%
,
08/10/26
.
12,725
12,766,243
(1-day
SOFR
+
0.80%),
1.43%
,
03/09/27
.
5,484
5,078,674
(1-day
SOFR
+
0.82%),
1.54%
,
09/10/27
.
1,627
1,486,682
(1-day
SOFR
+
1.11%),
2.64%
,
02/24/28
.
15,325
14,273,436
(3-mo.
CME
Term
SOFR
+
1.42%),
3.81%
,
04/23/29
.....................
4,767
4,518,981
(3-mo.
CME
Term
SOFR
+
1.56%),
4.22%
,
05/01/29
.....................
3,301
3,177,322
(1-day
SOFR
+
1.77%),
6.48%
,
10/24/29
.
8,227
8,655,789
JPMorgan
Chase
Financial
Co.
LLC,
0.50%,
06/15/27
(f)
.....................
106
117,130
Morgan
Stanley
(a)
(1-day
SOFR
+
0.88%),
1.59%
,
05/04/27
.
3,547
3,280,949
(3-mo.
EURIBOR
+
0.70%),
0.41%
,
10/29/27
.....................
EUR
219
217,998
(1-day
SOFR
+
1.59%),
5.16%
,
04/20/29
.
USD
26,491
26,469,619
(1-day
SOFR
+
1.63%),
5.45%
,
07/20/29
.
6,194
6,248,318
UBS
Group
AG
(1-Year
EURIBOR
ICE
Swap
Rate
+
0.55%),
0.25%
,
01/29/26
(a)
(d)
........
EUR
2,640
2,760,856
4.55%
,
04/17/26
..................
USD
2,617
2,575,022
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.08%),
1.36%
,
01/30/27
(a)
(b)
...................
653
604,286
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.05%),
4.70%
,
08/05/27
(a)
(b)
...................
USD
5,371
$
5,270,237
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.85%),
1.49%
,
08/10/27
(a)
(b)
...................
7,780
7,074,363
4.28%
,
01/09/28
(b)
.................
1,063
1,025,852
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
4.75%
,
05/12/28
(a)
(b)
...................
4,751
4,655,310
(1-Year
EUR
Swap
Annual
+
0.77%),
0.25%
,
11/05/28
(a)
(d)
..............
EUR
3,761
3,585,580
161,444,710
Chemicals
—
0.2%
Axalta
Coating
Systems
LLC
(b)
4.75%
,
06/15/27
..................
USD
449
433,368
3.38%
,
02/15/29
..................
254
227,296
Chemours
Co.
(The)
5.38%
,
05/15/27
..................
69
66,148
5.75%
,
11/15/28
(b)
.................
94
86,677
4.63%
,
11/15/29
(b)
.................
88
75,862
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
..
911
835,706
Gates
Global
LLC,
6.25%,
01/15/26
(b)
......
104
103,748
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
...
253
220,796
LYB
International
Finance
III
LLC,
1.25%,
10/01/25
......................
3,646
3,422,848
Olympus
Water
US
Holding
Corp.,
9.75%,
11/15/28
(b)
.....................
453
482,543
Scotts
Miracle-Gro
Co.
(The),
4.50%,
10/15/29
23
20,815
WR
Grace
Holdings
LLC
(b)
4.88%
,
06/15/27
..................
639
607,294
5.63%
,
08/15/29
..................
451
403,595
7.38%
,
03/01/31
..................
59
59,741
7,046,437
Commercial
Services
&
Supplies
—
0.1%
(b)
Allied
Universal
Holdco
LLC
6.63%
,
07/15/26
..................
365
364,760
4.63%
,
06/01/28
..................
1,115
1,015,289
7.88%
,
02/15/31
..................
403
408,157
APX
Group,
Inc.,
6.75%,
02/15/27
........
238
238,971
Aramark
Services,
Inc.,
5.00%,
02/01/28
....
345
332,985
Clean
Harbors,
Inc.,
4.88%,
07/15/27
......
226
219,220
Garda
World
Security
Corp.
4.63%
,
02/15/27
..................
192
183,973
7.75%
,
02/15/28
..................
281
288,163
GFL
Environmental,
Inc.
3.75%
,
08/01/25
..................
171
166,546
5.13%
,
12/15/26
..................
300
294,754
4.00%
,
08/01/28
..................
433
399,086
6.75%
,
01/15/31
..................
263
269,526
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
......................
81
80,246
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
...
169
159,802
Prime
Security
Services
Borrower
LLC
5.25%
,
04/15/24
..................
9
8,984
3.38%
,
08/31/27
..................
221
202,994
6.25%
,
01/15/28
..................
203
198,854
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
.....
4
3,940
Williams
Scotsman,
Inc.,
6.13%,
06/15/25
...
286
284,670
5,120,920
Communications
Equipment
—
0.1%
CommScope,
Inc.,
6.00%,
03/01/26
(b)
......
300
274,500
Motorola
Solutions,
Inc.,
2.30%,
11/15/30
...
4,635
3,890,697
Viasat,
Inc.,
5.63%,
04/15/27
(b)
..........
361
341,849
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
....
USD
36
$
30,888
4,537,934
Construction
&
Engineering
—
0.0%
(b)
Arcosa,
Inc.,
4.38%,
04/15/29
..........
242
223,011
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
......................
840
909,437
Dycom
Industries,
Inc.,
4.50%,
04/15/29
....
55
51,412
1,183,860
Construction
Materials
—
0.0%
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
.....................
630
615,735
Consumer
Finance
—
1.6%
American
Express
Co.
2.55%
,
03/04/27
..................
8,579
8,012,461
(1-day
SOFR
+
1.00%),
5.10%
,
02/16/28
(a)
523
522,193
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(b)
.....................
54
56,197
CA
Auto
Bank
SpA,
0.00%,
04/16/24
(d)
.....
EUR
1,250
1,346,540
Capital
One
Financial
Corp.
(1-day
SOFR
+
1.37%),
4.17%
,
05/09/25
(a)
USD
9,554
9,534,494
3.75%
,
03/09/27
..................
2,924
2,806,397
(1-day
SOFR
+
2.64%),
6.31%
,
06/08/29
(a)
2,420
2,487,897
Ford
Motor
Credit
Co.
LLC
3.38%
,
11/13/25
..................
5,417
5,211,532
6.95%
,
06/10/26
..................
2,300
2,349,966
2.70%
,
08/10/26
..................
4,860
4,530,179
5.80%
,
03/05/27
..................
9,437
9,471,899
7.35%
,
11/04/27
..................
7,673
8,047,229
6.80%
,
05/12/28
..................
240
249,333
5.80%
,
03/08/29
..................
830
833,302
General
Motors
Financial
Co.,
Inc.
4.00%
,
01/15/25
..................
3,518
3,471,432
1.50%
,
06/10/26
..................
4,391
4,039,090
2.35%
,
02/26/27
..................
3,047
2,813,334
5.40%
,
05/08/27
..................
4,443
4,454,620
Macquarie
Airfinance
Holdings
Ltd.
(b)
8.38%
,
05/01/28
..................
44
46,639
6.40%
,
03/26/29
..................
25
25,395
8.13%
,
03/30/29
..................
134
141,721
6.50%
,
03/26/31
..................
65
66,159
Navient
Corp.,
9.38%,
07/25/30
.........
162
173,304
OneMain
Finance
Corp.
6.88%
,
03/15/25
..................
90
90,941
7.13%
,
03/15/26
..................
28
28,508
3.50%
,
01/15/27
..................
146
135,532
6.63%
,
01/15/28
..................
243
243,781
9.00%
,
01/15/29
..................
155
164,472
7.88%
,
03/15/30
..................
155
159,894
4.00%
,
09/15/30
..................
17
14,549
SLM
Corp.,
3.13%,
11/02/26
...........
108
100,306
Volkswagen
Financial
Services
AG,
0.88%,
01/31/28
(d)
.....................
EUR
1,815
1,765,791
Volkswagen
Leasing
GmbH,
0.38%,
07/20/26
(d)
1,020
1,020,723
74,415,810
Consumer
Staples
Distribution
&
Retail
—
0.0%
Albertsons
Cos.,
Inc.
(b)
3.25%
,
03/15/26
..................
USD
18
17,165
5.88%
,
02/15/28
..................
173
171,277
6.50%
,
02/15/28
..................
62
62,658
3.50%
,
03/15/29
..................
225
201,957
Performance
Food
Group,
Inc.
(b)
5.50%
,
10/15/27
..................
227
222,837
4.25%
,
08/01/29
..................
6
5,498
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Consumer
Staples
Distribution
&
Retail
(continued)
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
38
$
31,563
US
Foods,
Inc.
(b)
6.88%
,
09/15/28
..................
57
58,348
4.75%
,
02/15/29
..................
54
51,260
4.63%
,
06/01/30
..................
52
48,240
Walgreens
Boots
Alliance,
Inc.,
3.20%,
04/15/30
......................
33
28,682
899,485
Containers
&
Packaging
—
0.1%
Ardagh
Metal
Packaging
Finance
USA
LLC
(b)
6.00%
,
06/15/27
..................
621
602,848
3.25%
,
09/01/28
..................
200
172,764
4.00%
,
09/01/29
..................
200
161,210
Ardagh
Packaging
Finance
plc
(b)
5.25%
,
04/30/25
..................
200
193,206
4.13%
,
08/15/26
..................
200
180,943
Canpack
SA,
3.13%,
11/01/25
(b)
.........
200
190,774
Clydesdale
Acquisition
Holdings,
Inc.,
6.63%,
04/15/29
(b)
.....................
334
333,732
LABL,
Inc.
(b)
6.75%
,
07/15/26
..................
34
33,590
5.88%
,
11/01/28
..................
116
106,674
9.50%
,
11/01/28
..................
202
204,334
Mauser
Packaging
Solutions
Holding
Co.,
7.88%,
08/15/26
(b)
................
1,280
1,304,001
Sealed
Air
Corp.
(b)
4.00%
,
12/01/27
..................
158
148,093
6.13%
,
02/01/28
..................
48
48,100
5.00%
,
04/15/29
..................
36
34,555
Sonoco
Products
Co.,
2.25%,
02/01/27
....
413
382,638
Trivium
Packaging
Finance
BV,
5.50%,
08/15/26
(b)
(c)
....................
200
197,195
4,294,657
Distributors
—
0.0%
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
(b)
.............
45
40,451
Diversified
Consumer
Services
—
0.0%
Sotheby's
(b)
7.38%
,
10/15/27
..................
538
500,922
5.88%
,
06/01/29
..................
200
168,102
669,024
Diversified
REITs
—
0.9%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
...
149
127,497
HAT
Holdings
I
LLC
(b)
3.38%
,
06/15/26
..................
146
137,518
8.00%
,
06/15/27
..................
80
83,416
Invitation
Homes
Operating
Partnership
LP,
5.45%,
08/15/30
.................
400
401,209
MPT
Operating
Partnership
LP
5.25%
,
08/01/26
..................
277
253,573
5.00%
,
10/15/27
..................
16
13,400
4.63%
,
08/01/29
..................
93
71,375
VICI
Properties
LP
3.50%
,
02/15/25
(b)
.................
1,839
1,798,646
4.38%
,
05/15/25
..................
29,911
29,400,338
4.63%
,
12/01/29
(b)
.................
9,571
9,051,531
41,338,503
Diversified
Telecommunication
Services
—
0.3%
Altice
Financing
SA,
9.63%,
07/15/27
(b)
.....
200
191,298
Altice
France
SA
(b)
5.50%
,
01/15/28
..................
299
212,363
5.13%
,
01/15/29
..................
204
139,700
5.50%
,
10/15/29
..................
200
135,746
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
CCO
Holdings
LLC
(b)
5.13%
,
05/01/27
..................
USD
372
$
354,431
5.00%
,
02/01/28
..................
645
600,434
5.38%
,
06/01/29
..................
751
687,501
6.38%
,
09/01/29
..................
375
355,756
7.38%
,
03/01/31
..................
181
177,504
Frontier
Communications
Holdings
LLC
(b)
5.88%
,
10/15/27
..................
269
260,429
5.00%
,
05/01/28
..................
423
392,634
8.75%
,
05/15/30
..................
138
141,205
8.63%
,
03/15/31
..................
89
90,898
Iliad
Holding
SASU
(b)
6.50%
,
10/15/26
..................
600
594,380
7.00%
,
10/15/28
..................
444
439,432
Level
3
Financing,
Inc.
(b)
10.50%
,
04/15/29
.................
406
414,120
4.88%
,
06/15/29
..................
310
206,925
11.00%
,
11/15/29
.................
246
255,419
10.50%
,
05/15/30
.................
338
345,605
Lumen
Technologies,
Inc.
(b)
4.13%
,
04/15/29
..................
58
36,682
4.13%
,
04/15/30
..................
58
36,099
Telecom
Italia
SpA,
5.30%,
05/30/24
(b)
.....
447
444,568
Uniti
Group
LP,
10.50%,
02/15/28
(b)
.......
554
574,347
Verizon
Communications,
Inc.
2.10%
,
03/22/28
..................
3,189
2,870,940
4.33%
,
09/21/28
..................
3,319
3,245,135
Virgin
Media
Secured
Finance
plc,
5.50%,
05/15/29
(b)
.....................
368
340,241
Windstream
Escrow
LLC,
7.75%,
08/15/28
(b)
.
49
45,353
Zayo
Group
Holdings,
Inc.,
4.00%,
03/01/27
(b)
1,396
1,149,108
14,738,253
Electric
Utilities
—
1.7%
DTE
Electric
Co.,
4.85%,
12/01/26
.......
4,865
4,861,769
Duke
Energy
Corp.
0.90%
,
09/15/25
..................
5,591
5,246,310
2.65%
,
09/01/26
..................
1,531
1,445,634
4.85%
,
01/05/27
..................
1,760
1,752,775
5.00%
,
12/08/27
..................
1,441
1,439,197
Edison
International
3.55%
,
11/15/24
..................
1,893
1,867,409
4.95%
,
04/15/25
..................
934
926,482
4.70%
,
08/15/25
..................
6,408
6,329,298
Eversource
Energy
4.75%
,
05/15/26
..................
839
830,299
Series
U
,
1.40%
,
08/15/26
...........
461
420,035
2.90%
,
03/01/27
..................
7,907
7,433,482
5.45%
,
03/01/28
..................
267
270,296
5.95%
,
02/01/29
..................
1,620
1,671,611
Series
O
,
4.25%
,
04/01/29
...........
829
794,450
Exelon
Corp.
2.75%
,
03/15/27
..................
1,370
1,282,531
5.15%
,
03/15/28
..................
5,446
5,459,322
FirstEnergy
Corp.,
2.65%,
03/01/30
.......
18
15,473
Florida
Power
&
Light
Co.,
5.05%,
04/01/28
..
1,496
1,512,362
NextEra
Energy
Capital
Holdings,
Inc.
4.26%
,
09/01/24
..................
2,696
2,678,021
1.88%
,
01/15/27
..................
1,140
1,043,881
3.55%
,
05/01/27
..................
458
436,904
4.63%
,
07/15/27
..................
4,926
4,857,316
NextEra
Energy
Operating
Partners
LP
(b)
4.25%
,
07/15/24
..................
106
105,066
3.88%
,
10/15/26
..................
8
7,461
7.25%
,
01/15/29
..................
74
75,714
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
NRG
Energy,
Inc.
6.63%
,
01/15/27
..................
USD
156
$
156,078
5.75%
,
01/15/28
..................
45
44,751
Pacific
Gas
&
Electric
Co.,
3.45%,
07/01/25
..
1,852
1,801,521
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
.....................
241
224,647
PG&E
Corp.
5.00%
,
07/01/28
..................
1,000
963,062
5.25%
,
07/01/30
..................
548
520,728
Southern
California
Edison
Co.
5.85%
,
11/01/27
..................
813
834,602
5.65%
,
10/01/28
..................
705
725,232
Southern
Co.
(The),
4.48%,
08/01/24
(c)
.....
8,471
8,428,864
Texas
Electric
Market
Stabilization
Funding
N
LLC,
Series
A-1,
4.27%,
08/01/34
(b)
.....
5,273
5,100,671
Virginia
Electric
&
Power
Co.,
Series
B,
3.75%,
05/15/27
......................
5,183
4,999,852
Vistra
Operations
Co.
LLC,
5.63%,
02/15/27
(b)
198
194,962
76,758,068
Electrical
Equipment
—
0.0%
Schneider
Electric
SE,
0.25%,
09/09/24
(d)
...
EUR
700
743,276
Sensata
Technologies
BV,
4.00%,
04/15/29
(b)
.
USD
340
310,450
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
.....
382
355,429
1,409,155
Energy
Equipment
&
Services
—
0.1%
Archrock
Partners
LP
(b)
6.88%
,
04/01/27
..................
489
490,484
6.25%
,
04/01/28
..................
258
255,275
Borr
IHC
Ltd.,
10.00%,
11/15/28
(b)
........
200
208,000
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
.........
110
113,021
Kodiak
Gas
Services
LLC,
7.25%,
02/15/29
(b)
.
225
229,182
Nabors
Industries,
Inc.
(b)
7.38%
,
05/15/27
..................
203
202,626
9.13%
,
01/31/30
..................
74
76,935
Oceaneering
International,
Inc.,
6.00%,
02/01/28
......................
32
31,527
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
..
31
30,942
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(b)
..
58
59,532
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
.....................
80
83,257
Transocean,
Inc.,
8.75%,
02/15/30
(b)
......
259
270,262
USA
Compression
Partners
LP
6.88%
,
04/01/26
..................
564
563,351
6.88%
,
09/01/27
..................
94
94,224
7.13%
,
03/15/29
(b)
.................
188
190,342
Valaris
Ltd.,
8.38%,
04/30/30
(b)
..........
352
363,100
Venture
Global
LNG,
Inc.
(b)
8.13%
,
06/01/28
..................
676
689,646
9.50%
,
02/01/29
..................
1,376
1,483,139
Weatherford
International
Ltd.
(b)
6.50%
,
09/15/28
..................
34
35,067
8.63%
,
04/30/30
..................
133
138,848
5,608,760
Entertainment
—
0.0%
(b)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
......................
90
68,853
Live
Nation
Entertainment,
Inc.
6.50%
,
05/15/27
..................
346
349,782
4.75%
,
10/15/27
..................
108
103,121
3.75%
,
01/15/28
..................
305
282,170
Playtika
Holding
Corp.,
4.25%,
03/15/29
....
28
24,240
828,166
Security
Par
(000)
Par
(000)
Value
Financial
Services
—
0.8%
Block,
Inc.,
2.75%,
06/01/26
...........
USD
871
$
819,161
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
....
279
278,944
Fidelity
National
Information
Services,
Inc.,
1.15%,
03/01/26
.................
13,353
12,362,315
Fiserv,
Inc.,
2.75%,
07/01/24
...........
199
197,516
Freedom
Mortgage
Corp.
(b)
12.00%
,
10/01/28
.................
44
47,960
12.25%
,
10/01/30
.................
45
49,491
Freedom
Mortgage
Holdings
LLC,
9.25%,
02/01/29
(b)
.....................
27
27,633
GGAM
Finance
Ltd.
(b)
7.75%
,
05/15/26
..................
18
18,371
8.00%
,
02/15/27
..................
147
151,780
8.00%
,
06/15/28
..................
45
46,995
6.88%
,
04/15/29
..................
101
101,379
Global
Payments,
Inc.
1.20%
,
03/01/26
..................
14,448
13,364,797
1.50%
,
03/01/31
(b)
(f)
................
195
206,115
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
...
396
364,157
National
Rural
Utilities
Cooperative
Finance
Corp.
Series
D
,
1.00%
,
10/18/24
...........
3,721
3,629,131
1.88%
,
02/07/25
..................
456
442,748
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%
,
02/01/26
..................
424
414,928
6.00%
,
01/15/27
..................
191
188,290
5.13%
,
12/15/30
..................
217
196,880
NCR
Atleos
Corp.,
9.50%,
04/01/29
(b)
......
106
113,379
NTT
Finance
Corp.,
4.37%,
07/27/27
(b)
.....
4,175
4,101,534
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(b)
.....................
109
112,002
Permian
Resources
Operating
LLC
(b)
7.75%
,
02/15/26
..................
95
96,231
8.00%
,
04/15/27
..................
163
167,880
5.88%
,
07/01/29
..................
359
353,020
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
...
396
365,873
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
....
291
281,353
38,499,863
Food
Products
—
0.0%
Chobani
LLC,
4.63%,
11/15/28
(b)
.........
583
543,669
Darling
Ingredients,
Inc.,
5.25%,
04/15/27
(b)
..
231
226,935
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
(b)
...
120
123,924
General
Mills,
Inc.,
5.24%,
11/18/25
.......
687
684,840
Lamb
Weston
Holdings,
Inc.,
4.88%,
05/15/28
(b)
208
202,163
Post
Holdings,
Inc.,
4.63%,
04/15/30
(b)
.....
21
19,278
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
...
97
85,720
1,886,529
Gas
Utilities
—
0.0%
(b)
AmeriGas
Partners
LP,
9.38%,
06/01/28
....
115
119,084
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
.................
116
122,404
NGL
Energy
Operating
LLC,
8.13%,
02/15/29
691
707,710
949,198
Ground
Transportation
—
0.8%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
.
241
238,798
Avis
Budget
Car
Rental
LLC,
8.00%,
02/15/31
(b)
63
62,898
Canadian
Pacific
Railway
Co.
1.35%
,
12/02/24
..................
12,059
11,725,311
4.00%
,
06/01/28
..................
1,892
1,823,510
Norfolk
Southern
Corp.,
3.80%,
08/01/28
...
672
643,501
Penske
Truck
Leasing
Co.
LP
(b)
1.20%
,
11/15/25
..................
2,776
2,589,666
1.70%
,
06/15/26
..................
917
845,727
3.40%
,
11/15/26
..................
3,651
3,473,191
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
RXO,
Inc.,
7.50%,
11/15/27
(b)
...........
USD
59
$
60,549
Ryder
System,
Inc.
1.75%
,
09/01/26
..................
932
858,854
2.85%
,
03/01/27
..................
6,477
6,071,459
4.30%
,
06/15/27
..................
322
313,704
SMBC
Aviation
Capital
Finance
DAC
(b)
1.90%
,
10/15/26
..................
4,750
4,334,694
2.30%
,
06/15/28
..................
2,835
2,506,638
Uber
Technologies,
Inc.
(b)
6.25%
,
01/15/28
..................
367
368,501
4.50%
,
08/15/29
..................
120
113,858
36,030,859
Health
Care
Equipment
&
Supplies
—
0.1%
Avantor
Funding,
Inc.
(b)
4.63%
,
07/15/28
..................
450
426,426
3.88%
,
11/01/29
..................
9
8,113
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(b)
...
796
823,589
Medline
Borrower
LP
(b)
3.88%
,
04/01/29
..................
694
631,684
6.25%
,
04/01/29
..................
193
193,864
5.25%
,
10/01/29
..................
227
214,553
Solventum
Corp.,
5.40%,
03/01/29
(b)
......
3,965
3,972,992
Teleflex,
Inc.
4.63%
,
11/15/27
..................
20
19,236
4.25%
,
06/01/28
(b)
.................
277
259,926
6,550,383
Health
Care
Providers
&
Services
—
1.1%
Community
Health
Systems,
Inc.
(b)
5.63%
,
03/15/27
..................
423
389,329
6.00%
,
01/15/29
..................
170
148,512
5.25%
,
05/15/30
..................
156
127,204
4.75%
,
02/15/31
..................
96
74,088
Elevance
Health,
Inc.
5.35%
,
10/15/25
..................
251
251,133
1.50%
,
03/15/26
..................
866
806,626
3.65%
,
12/01/27
..................
2,052
1,963,092
Encompass
Health
Corp.
4.50%
,
02/01/28
..................
402
382,873
4.75%
,
02/01/30
..................
141
132,111
HCA,
Inc.
5.38%
,
02/01/25
..................
13,949
13,908,498
5.25%
,
04/15/25
..................
7,304
7,273,504
7.69%
,
06/15/25
..................
363
367,328
5.88%
,
02/15/26
..................
9,947
9,989,496
5.25%
,
06/15/26
..................
7,712
7,689,509
3.13%
,
03/15/27
..................
2,363
2,234,803
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
......
302
278,636
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
11
10,482
LifePoint
Health,
Inc.
(b)
9.88%
,
08/15/30
..................
75
78,453
11.00%
,
10/15/30
.................
351
375,146
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
.......
170
165,555
Molina
Healthcare,
Inc.,
4.38%,
06/15/28
(b)
..
241
226,547
PeaceHealth
Obligated
Group,
Series
2020,
1.38%,
11/15/25
.................
2,185
2,032,515
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
.....................
17
16,910
Tenet
Healthcare
Corp.
4.63%
,
06/15/28
..................
128
121,880
6.13%
,
06/15/30
..................
178
177,592
UnitedHealth
Group,
Inc.,
4.70%,
04/15/29
..
1,905
1,898,435
51,120,257
Security
Par
(000)
Par
(000)
Value
Health
Care
REITs
—
0.1%
Healthpeak
OP
LLC,
1.35%,
02/01/27
.....
USD
2,191
$
1,977,202
Welltower
OP
LLC
4.00%
,
06/01/25
..................
721
708,754
4.25%
,
04/01/26
..................
504
493,988
3,179,944
Health
Care
Technology
—
0.0%
IQVIA,
Inc.,
5.00%,
05/15/27
(b)
..........
523
510,671
Hotel
&
Resort
REITs
—
0.0%
RHP
Hotel
Properties
LP
4.75%
,
10/15/27
..................
228
219,521
7.25%
,
07/15/28
(b)
.................
142
146,233
4.50%
,
02/15/29
(b)
.................
217
202,624
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
...
166
158,083
Service
Properties
Trust,
7.50%,
09/15/25
...
58
58,782
785,243
Hotels,
Restaurants
&
Leisure
—
0.2%
1011778
BC
ULC
(b)
3.88%
,
01/15/28
..................
222
208,639
4.38%
,
01/15/28
..................
330
312,157
4.00%
,
10/15/30
..................
19
16,929
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
......
196
181,687
Caesars
Entertainment,
Inc.
(b)
4.63%
,
10/15/29
..................
135
123,103
7.00%
,
02/15/30
..................
871
894,068
Carnival
Corp.
(b)
7.63%
,
03/01/26
..................
95
96,117
5.75%
,
03/01/27
..................
123
121,737
4.00%
,
08/01/28
..................
68
63,005
6.00%
,
05/01/29
..................
399
393,697
7.00%
,
08/15/29
..................
65
67,654
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
.....................
1,118
1,219,580
Cedar
Fair
LP,
5.50%,
05/01/25
(b)
........
229
228,051
Churchill
Downs,
Inc.
(b)
5.50%
,
04/01/27
..................
410
402,431
4.75%
,
01/15/28
..................
440
418,864
5.75%
,
04/01/30
..................
113
109,079
Fertitta
Entertainment
LLC,
4.63%,
01/15/29
(b)
234
214,573
Hilton
Domestic
Operating
Co.,
Inc.
(b)
5.88%
,
04/01/29
..................
229
229,380
3.75%
,
05/01/29
..................
134
122,929
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
186
182,863
Life
Time,
Inc.,
5.75%,
01/15/26
(b)
........
140
138,864
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
.....................
115
121,608
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
.
130
131,006
Melco
Resorts
Finance
Ltd.
(b)
4.88%
,
06/06/25
..................
400
390,000
5.38%
,
12/04/29
..................
200
182,038
Merlin
Entertainments
Group
US
Holdings,
Inc.,
7.38%,
02/15/31
(b)
................
200
201,506
NCL
Corp.
Ltd.
(b)
8.38%
,
02/01/28
..................
61
64,436
8.13%
,
01/15/29
..................
48
50,793
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
..
71
73,128
Raising
Cane's
Restaurants
LLC,
9.38%,
05/01/29
(b)
.....................
62
67,006
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
..
126
121,201
Royal
Caribbean
Cruises
Ltd.
(b)
4.25%
,
07/01/26
..................
67
64,658
5.38%
,
07/15/27
..................
126
124,223
5.50%
,
04/01/28
..................
19
18,780
8.25%
,
01/15/29
..................
156
165,001
9.25%
,
01/15/29
..................
91
97,603
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
.....................
USD
52
$
50,271
Six
Flags
Entertainment
Corp.,
5.50%,
04/15/27
(b)
.....................
249
243,227
Station
Casinos
LLC,
4.50%,
02/15/28
(b)
....
401
377,756
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
......
99
99,026
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
.....................
34
33,088
Wynn
Macau
Ltd.
(b)
5.63%
,
08/26/28
..................
200
189,375
5.13%
,
12/15/29
..................
200
182,125
Wynn
Resorts
Finance
LLC
(b)
5.13%
,
10/01/29
..................
58
54,946
7.13%
,
02/15/31
..................
299
309,434
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(b)
......
4
3,794
9,161,436
Household
Durables
—
0.2%
Beazer
Homes
USA,
Inc.,
7.50%,
03/15/31
(b)
.
40
40,396
Brookfield
Residential
Properties,
Inc.,
5.00%,
06/15/29
(b)
.....................
292
264,882
DR
Horton,
Inc.,
1.30%,
10/15/26
........
493
448,421
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
45
46,976
LGI
Homes,
Inc.,
8.75%,
12/15/28
(b)
.......
49
51,702
Mattamy
Group
Corp.,
4.63%,
03/01/30
(b)
...
39
35,382
New
Home
Co.,
Inc.
(The)
(b)
8.25%
,
10/15/27
(c)
.................
8
7,888
9.25%
,
10/01/29
..................
100
100,500
Newell
Brands,
Inc.,
5.20%,
04/01/26
(c)
.....
8,000
7,857,386
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(b)
...
47
48,236
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(b)
.....................
25
23,874
Tempur
Sealy
International,
Inc.,
4.00%,
04/15/29
(b)
.....................
239
216,895
9,142,538
Household
Products
—
0.0%
Spectrum
Brands,
Inc.,
3.88%,
03/15/31
(b)
...
74
71,282
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(b)
Calpine
Corp.,
5.13%,
03/15/28
.........
248
238,017
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
......................
208
197,713
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
..
63
67,369
503,099
Industrial
Conglomerates
—
0.0%
(b)
EMRLD
Borrower
LP,
6.63%,
12/15/30
.....
1,267
1,279,154
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
......................
423
437,432
1,716,586
Insurance
—
0.4%
Alliant
Holdings
Intermediate
LLC
(b)
4.25%
,
10/15/27
..................
889
836,957
6.75%
,
04/15/28
..................
246
247,736
7.00%
,
01/15/31
..................
244
246,445
AmWINS
Group,
Inc.
(b)
6.38%
,
02/15/29
..................
62
62,335
4.88%
,
06/30/29
..................
172
160,542
Aon
Corp.,
2.85%,
05/28/27
...........
3,769
3,526,453
Aon
North
America,
Inc.,
5.15%,
03/01/29
...
7,710
7,752,222
Ardonagh
Finco
Ltd.,
7.75%,
02/15/31
(b)
....
304
302,628
FWD
Group
Holdings
Ltd.,
8.40%,
04/05/29
(b)
.
1,020
1,055,700
Howden
UK
Refinance
plc,
7.25%,
02/15/31
(b)
745
747,814
HUB
International
Ltd.,
7.25%,
06/15/30
(b)
...
1,456
1,496,327
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Jones
Deslauriers
Insurance
Management,
Inc.,
8.50%,
03/15/30
(b)
................
USD
121
$
126,128
NFP
Corp.,
4.88%,
08/15/28
(b)
..........
723
724,637
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
(b)
1,271
1,292,238
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
....
42
39,254
18,617,416
IT
Services
—
0.0%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
..
237
215,348
Boost
Newco
Borrower
LLC,
7.50%,
01/15/31
(b)
352
368,478
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
...
200
192,000
Cablevision
Lightpath
LLC,
3.88%,
09/15/27
(b)
200
179,578
Central
Parent
LLC,
8.00%,
06/15/29
(b)
.....
192
199,034
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(b)
.....................
46
49,791
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
....
366
374,265
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
...
18
17,459
Twilio,
Inc.,
3.63%,
03/15/29
...........
348
312,999
1,908,952
Leisure
Products
—
0.0%
(b)
Acushnet
Co.,
7.38%,
10/15/28
.........
34
35,233
Amer
Sports
Co.,
6.75%,
02/16/31
.......
129
128,009
163,242
Life
Sciences
Tools
&
Services
—
0.0%
(b)
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
.................
137
129,210
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
....
81
83,615
Star
Parent,
Inc.,
9.00%,
10/01/30
........
458
484,704
697,529
Machinery
—
0.2%
Chart
Industries,
Inc.,
7.50%,
01/01/30
(b)
....
25
25,961
Esab
Corp.,
6.25%,
04/15/29
(b)
..........
103
103,482
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
.....................
64
47,507
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
91
82,540
Terex
Corp.,
5.00%,
05/15/29
(b)
.........
89
84,024
Titan
International,
Inc.,
7.00%,
04/30/28
...
23
22,696
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
684
660,806
Traton
Finance
Luxembourg
SA
(d)
0.00%
,
06/14/24
..................
EUR
2,400
2,568,293
0.13%
,
11/10/24
..................
2,200
2,319,094
4.13%
,
11/22/25
..................
1,300
1,407,705
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
..
USD
195
178,822
7,500,930
Media
—
0.5%
Altice
Financing
SA,
5.00%,
01/15/28
(b)
.....
500
411,522
Cable
One,
Inc.,
4.00%,
11/15/30
(b)
.......
48
37,460
Charter
Communications
Operating
LLC
3.75%
,
02/15/28
..................
2,319
2,151,065
4.20%
,
03/15/28
..................
12,830
12,092,644
5.05%
,
03/30/29
..................
769
741,487
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%
,
08/15/27
..................
258
243,200
9.00%
,
09/15/28
..................
893
930,162
7.88%
,
04/01/30
..................
409
406,610
CSC
Holdings
LLC
(b)
5.38%
,
02/01/28
..................
381
327,707
11.25%
,
05/15/28
.................
400
396,377
11.75%
,
01/31/29
.................
296
296,462
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
..
410
387,875
GCI
LLC,
4.75%,
10/15/28
(b)
...........
117
107,278
Gray
Television,
Inc.
(b)
5.88%
,
07/15/26
..................
90
87,650
7.00%
,
05/15/27
..................
136
126,484
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
USD
41
$
34,123
Informa
plc,
2.13%,
10/06/25
(d)
..........
EUR
1,411
1,483,467
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
.....................
USD
302
283,433
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
.....
30
28,780
Outfront
Media
Capital
LLC
(b)
5.00%
,
08/15/27
..................
405
389,797
4.25%
,
01/15/29
..................
260
235,554
4.63%
,
03/15/30
..................
42
37,667
Radiate
Holdco
LLC,
4.50%,
09/15/26
(b)
....
244
194,017
Sirius
XM
Radio,
Inc.
(b)
3.13%
,
09/01/26
..................
64
59,950
5.00%
,
08/01/27
..................
400
384,833
4.00%
,
07/15/28
..................
35
32,021
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
.........
19
18,628
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
................
200
187,846
Univision
Communications,
Inc.
(b)
6.63%
,
06/01/27
..................
262
256,245
8.00%
,
08/15/28
..................
471
479,836
7.38%
,
06/30/30
..................
72
71,197
Videotron
Ltd.,
5.13%,
04/15/27
(b)
........
240
234,913
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
................
300
275,244
Ziggo
Bond
Co.
BV,
6.00%,
01/15/27
(b)
.....
300
295,671
23,727,205
Metals
&
Mining
—
0.5%
Anglo
American
Capital
plc,
3.75%,
06/15/29
(d)
EUR
4,190
4,521,738
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
..
USD
98
102,889
ATI,
Inc.
5.88%
,
12/01/27
..................
397
390,905
4.88%
,
10/01/29
..................
130
122,329
7.25%
,
08/15/30
..................
231
238,767
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
....
714
718,015
Carpenter
Technology
Corp.
6.38%
,
07/15/28
..................
33
32,944
7.63%
,
03/15/30
..................
15
15,475
Constellium
SE
(b)
5.88%
,
02/15/26
..................
305
302,863
5.63%
,
06/15/28
..................
387
376,227
3.75%
,
04/15/29
..................
368
331,089
First
Quantum
Minerals
Ltd.,
9.38%,
03/01/29
(b)
200
207,476
Glencore
Funding
LLC
(b)
3.88%
,
10/27/27
..................
604
576,153
5.40%
,
05/08/28
..................
232
233,354
6.13%
,
10/06/28
..................
5,302
5,478,926
5.37%
,
04/04/29
..................
7,325
7,339,522
Kaiser
Aluminum
Corp.,
4.63%,
03/01/28
(b)
..
339
318,096
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(b)
..
15
15,798
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
.......
210
210,475
Novelis
Corp.
(b)
3.25%
,
11/15/26
..................
1,079
1,005,391
4.75%
,
01/30/30
..................
325
299,852
22,838,284
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%
,
10/01/25
..................
17
16,697
4.25%
,
02/01/27
..................
118
110,399
Starwood
Property
Trust,
Inc.
4.38%
,
01/15/27
..................
44
41,389
7.25%
,
04/01/29
..................
68
68,541
237,026
Security
Par
(000)
Par
(000)
Value
Multi-Utilities
—
0.6%
Consumers
Energy
Co.,
4.60%,
05/30/29
...
USD
3,170
$
3,133,130
Engie
SA,
3.63%,
12/06/26
(d)
...........
EUR
3,100
3,358,060
National
Grid
Electricity
Transmission
plc,
0.19%,
01/20/25
(d)
................
1,490
1,561,548
National
Grid
North
America,
Inc.,
4.15%,
09/12/27
(d)
.....................
3,990
4,376,145
NiSource,
Inc.,
5.25%,
03/30/28
.........
USD
11,917
11,998,924
Sempra,
3.30%,
04/01/25
.............
1,659
1,623,088
WEC
Energy
Group,
Inc.,
5.60%,
09/12/26
..
873
883,089
26,933,984
Oil,
Gas
&
Consumable
Fuels
—
4.4%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
....
217
219,504
Antero
Midstream
Partners
LP
(b)
7.88%
,
05/15/26
..................
110
112,300
5.75%
,
03/01/27
..................
244
240,945
5.75%
,
01/15/28
..................
48
47,261
Antero
Resources
Corp.,
8.38%,
07/15/26
(b)
..
136
141,100
Ascent
Resources
Utica
Holdings
LLC
(b)
8.25%
,
12/31/28
..................
375
385,232
5.88%
,
06/30/29
..................
509
485,296
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
....
122
127,391
Blue
Racer
Midstream
LLC,
7.63%,
12/15/25
(b)
230
231,266
Buckeye
Partners
LP
(b)
4.13%
,
03/01/25
..................
24
23,449
4.50%
,
03/01/28
..................
134
127,303
Callon
Petroleum
Co.
6.38%
,
07/01/26
..................
183
184,945
8.00%
,
08/01/28
(b)
.................
114
119,123
7.50%
,
06/15/30
(b)
.................
178
188,235
Chesapeake
Energy
Corp.
(b)
5.50%
,
02/01/26
..................
119
118,243
6.75%
,
04/15/29
..................
259
261,775
CITGO
Petroleum
Corp.
(b)
7.00%
,
06/15/25
..................
276
275,656
8.38%
,
01/15/29
..................
226
237,445
Civitas
Resources,
Inc.
(b)
8.38%
,
07/01/28
..................
254
267,389
8.63%
,
11/01/30
..................
357
383,338
Comstock
Resources,
Inc.
(b)
6.75%
,
03/01/29
..................
450
429,139
5.88%
,
01/15/30
..................
81
73,355
Crescent
Energy
Finance
LLC,
9.25%,
02/15/28
(b)
.....................
262
276,642
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
97
102,375
Diamondback
Energy,
Inc.,
3.50%,
12/01/29
.
5,992
5,542,829
DT
Midstream,
Inc.,
4.13%,
06/15/29
(b)
.....
187
171,915
Enbridge
Energy
Partners
LP,
5.88%,
10/15/25
424
426,459
Enbridge,
Inc.
2.50%
,
01/15/25
..................
2,955
2,884,827
2.50%
,
02/14/25
..................
12,081
11,766,285
6.00%
,
11/15/28
..................
3,875
4,028,963
Energy
Transfer
LP
4.25%
,
04/01/24
..................
566
566,000
4.50%
,
04/15/24
..................
1,431
1,430,221
4.05%
,
03/15/25
..................
11,089
10,925,054
2.90%
,
05/15/25
..................
2,660
2,581,765
5.95%
,
12/01/25
..................
875
880,612
4.20%
,
04/15/27
..................
236
229,468
5.63%
,
05/01/27
(b)
.................
5,916
5,894,698
6.10%
,
12/01/28
..................
8,570
8,884,519
6.00%
,
02/01/29
(b)
.................
2,421
2,442,210
Eni
SpA,
3.63%,
05/19/27
(d)
............
EUR
3,300
3,579,145
EnLink
Midstream
LLC
5.63%
,
01/15/28
(b)
.................
USD
169
167,391
5.38%
,
06/01/29
..................
99
97,194
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
EQM
Midstream
Partners
LP
4.13%
,
12/01/26
..................
USD
55
$
52,887
6.38%
,
04/01/29
(b)
.................
133
133,977
EQT
Corp.
5.70%
,
04/01/28
..................
1,295
1,307,089
5.00%
,
01/15/29
..................
2,544
2,492,116
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
.....................
58
60,431
Genesis
Energy
LP
7.75%
,
02/01/28
..................
44
44,226
8.25%
,
01/15/29
..................
134
137,564
8.88%
,
04/15/30
..................
40
41,870
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
.....................
60
55,134
Hilcorp
Energy
I
LP
(b)
6.25%
,
11/01/28
..................
120
119,869
5.75%
,
02/01/29
..................
162
157,794
Kinder
Morgan,
Inc.,
5.00%,
02/01/29
.....
7,009
6,980,176
Kinetik
Holdings
LP,
6.63%,
12/15/28
(b)
.....
36
36,639
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
.....................
32
31,478
Matador
Resources
Co.
5.88%
,
09/15/26
..................
144
144,015
6.88%
,
04/15/28
(b)
.................
120
122,769
MPLX
LP
4.88%
,
06/01/25
..................
1,499
1,486,455
1.75%
,
03/01/26
..................
1,168
1,091,839
4.25%
,
12/01/27
..................
1,995
1,940,236
4.00%
,
03/15/28
..................
1,963
1,890,149
New
Fortress
Energy,
Inc.
(b)
6.75%
,
09/15/25
..................
161
159,903
8.75%
,
03/15/29
..................
321
319,776
Northern
Oil
&
Gas,
Inc.
(b)
8.13%
,
03/01/28
..................
410
416,146
3.63%
,
04/15/29
(f)
.................
54
65,745
NuStar
Logistics
LP,
5.75%,
10/01/25
......
43
42,785
Occidental
Petroleum
Corp.
2.90%
,
08/15/24
..................
11,798
11,654,577
5.55%
,
03/15/26
..................
498
499,838
8.50%
,
07/15/27
..................
10,149
11,015,826
ONEOK,
Inc.
5.85%
,
01/15/26
..................
391
394,714
5.55%
,
11/01/26
..................
9,024
9,106,591
4.55%
,
07/15/28
..................
1,018
998,507
5.65%
,
11/01/28
..................
296
302,572
4.35%
,
03/15/29
..................
602
583,391
3.40%
,
09/01/29
..................
297
273,593
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
...
72
74,683
Pioneer
Natural
Resources
Co.
1.13%
,
01/15/26
..................
5,244
4,880,217
5.10%
,
03/29/26
..................
3,860
3,855,133
Prairie
Acquiror
LP,
9.00%,
08/01/29
(b)
.....
84
86,473
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
..
44
41,176
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
.....................
88
82,244
Sabine
Pass
Liquefaction
LLC
5.75%
,
05/15/24
..................
478
477,856
5.63%
,
03/01/25
..................
19,091
19,074,305
5.00%
,
03/15/27
..................
881
878,424
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(b)
................
157
162,385
SM
Energy
Co.
6.75%
,
09/15/26
..................
134
134,134
6.50%
,
07/15/28
..................
166
166,711
Southwestern
Energy
Co.,
5.70%,
01/23/25
(c)
.
9
8,958
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Spectra
Energy
Partners
LP,
3.50%,
03/15/25
USD
390
$
382,314
Tallgrass
Energy
Partners
LP
(b)
6.00%
,
03/01/27
..................
46
45,283
5.50%
,
01/15/28
..................
96
92,495
7.38%
,
02/15/29
..................
210
211,255
Talos
Production,
Inc.
(b)
9.00%
,
02/01/29
..................
82
87,081
9.38%
,
02/01/31
..................
69
73,558
Targa
Resources
Corp.,
5.20%,
07/01/27
...
6,433
6,423,681
TransCanada
PipeLines
Ltd.
4.88%
,
01/15/26
..................
460
456,868
6.20%
,
03/09/26
..................
226
226,042
4.25%
,
05/15/28
..................
695
673,787
Venture
Global
Calcasieu
Pass
LLC,
3.88%,
08/15/29
(b)
.....................
983
884,845
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
...
44
42,962
Viper
Energy,
Inc.
(b)
5.38%
,
11/01/27
..................
4,017
3,931,755
7.38%
,
11/01/31
..................
14,110
14,668,422
Vital
Energy,
Inc.,
9.75%,
10/15/30
.......
317
346,655
Western
Midstream
Operating
LP,
6.35%,
01/15/29
......................
2,380
2,468,279
Williams
Cos.,
Inc.
(The),
5.40%,
03/02/26
..
18,099
18,145,475
200,802,395
Passenger
Airlines
—
0.4%
Air
Canada,
3.88%,
08/15/26
(b)
..........
361
344,546
American
Airlines,
Inc.
(b)
5.75%
,
04/20/29
..................
247
243,219
8.50%
,
05/15/29
..................
198
209,178
Delta
Air
Lines,
Inc.,
7.00%,
05/01/25
(b)
.....
11,390
11,539,443
United
Airlines
Pass-Through
Trust
Series
2020-1
,
Class
B
,
4.88%
,
01/15/26
.
564
555,269
Series
2020-1
,
Class
A
,
5.88%
,
10/15/27
.
3,010
2,999,655
United
Airlines,
Inc.
(b)
4.38%
,
04/15/26
..................
111
107,308
4.63%
,
04/15/29
..................
259
240,870
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(b)
70
51,598
16,291,086
Personal
Care
Products
—
0.0%
Coty,
Inc.
(b)
4.75%
,
01/15/29
..................
20
18,926
6.63%
,
07/15/30
..................
101
102,565
121,491
Pharmaceuticals
—
0.5%
Bayer
AG
(d)
0.05%
,
01/12/25
..................
EUR
2,900
3,034,836
4.00%
,
08/26/26
..................
3,240
3,520,963
Bayer
Capital
Corp.
BV,
1.50%,
06/26/26
(d)
..
2,600
2,660,821
Bristol-Myers
Squibb
Co.
3.90%
,
02/20/28
..................
USD
1,135
1,102,232
4.90%
,
02/22/29
..................
5,085
5,106,404
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%
,
07/15/27
..................
40
39,389
3.13%
,
02/15/29
..................
294
280,940
3.50%
,
04/01/30
..................
208
198,101
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
....
276
257,104
Organon
&
Co.,
4.13%,
04/30/28
(b)
.......
600
559,135
Pfizer
Investment
Enterprises
Pte.
Ltd.,
4.45%,
05/19/28
......................
4,777
4,709,030
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%
,
10/01/26
..................
191
178,045
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
4.75%
,
05/09/27
..................
USD
200
$
192,356
21,839,356
Professional
Services
—
0.1%
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
.......
364
326,385
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
.....................
369
340,610
KBR,
Inc.,
4.75%,
09/30/28
(b)
...........
16
14,713
Korn
Ferry,
4.63%,
12/15/27
(b)
..........
193
183,795
Teleperformance
SE,
5.25%,
11/22/28
(d)
....
EUR
1,400
1,549,820
2,415,323
Real
Estate
Management
&
Development
—
0.0%
Anywhere
Real
Estate
Group
LLC,
7.00%,
04/15/30
(b)
.....................
USD
213
189,231
Fantasia
Holdings
Group
Co.
Ltd.
(d)(g)(h)
11.88%
,
06/01/24
.................
667
10,005
9.25%
,
07/28/24
..................
667
10,005
9.88%
,
10/19/24
..................
333
4,995
10.88%
,
01/09/25
.................
1,167
17,505
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
(b)
178
170,733
402,474
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
.....................
109
99,490
Realty
Income
Corp.
4.63%
,
11/01/25
..................
475
470,395
0.75%
,
03/15/26
..................
908
832,233
4.88%
,
06/01/26
..................
421
418,434
3.00%
,
01/15/27
..................
1,313
1,240,513
3.95%
,
08/15/27
..................
954
924,563
3,985,628
Semiconductors
&
Semiconductor
Equipment
—
0.8%
Broadcom
Corp.,
3.88%,
01/15/27
.......
8,617
8,353,572
Broadcom,
Inc.
3.46%
,
09/15/26
..................
1,717
1,651,467
4.75%
,
04/15/29
..................
1,410
1,392,655
Entegris,
Inc.
(b)
4.38%
,
04/15/28
..................
91
85,528
4.75%
,
04/15/29
..................
567
543,388
Intel
Corp.,
4.88%,
02/10/28
...........
3,522
3,530,692
Microchip
Technology,
Inc.,
5.05%,
03/15/29
.
5,200
5,200,783
NXP
BV
2.70%
,
05/01/25
..................
3,740
3,625,107
3.40%
,
05/01/30
..................
5,211
4,724,173
2.50%
,
05/11/31
..................
2,769
2,319,647
QUALCOMM,
Inc.
3.25%
,
05/20/27
..................
2,062
1,975,899
1.30%
,
05/20/28
..................
1,208
1,059,118
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
........
145
130,499
34,592,528
Software
—
0.7%
Boxer
Parent
Co.,
Inc.,
7.13%,
10/02/25
(b)
...
881
881,787
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
....
282
271,328
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
..
147
152,534
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
.....
421
429,760
Clarivate
Science
Holdings
Corp.
(b)
3.88%
,
07/01/28
..................
898
830,823
4.88%
,
07/01/29
..................
54
49,957
Cloud
Software
Group,
Inc.,
6.50%,
03/31/29
(b)
1,800
1,708,131
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
.......
173
161,591
Gen
Digital,
Inc.,
6.75%,
09/30/27
(b)
.......
157
159,248
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
.....
199
191,981
Oracle
Corp.
2.50%
,
04/01/25
..................
2,333
2,262,634
Security
Par
(000)
Par
(000)
Value
Software
(continued)
1.65%
,
03/25/26
..................
USD
9,992
$
9,325,791
2.65%
,
07/15/26
..................
6,948
6,574,489
PTC,
Inc.,
3.63%,
02/15/25
(b)
...........
163
159,596
Sabre
GLBL,
Inc.
(b)
8.63%
,
06/01/27
..................
175
153,566
11.25%
,
12/15/27
.................
9
8,447
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
.
572
559,277
UKG,
Inc.,
6.88%,
02/01/31
(b)
...........
1,232
1,255,072
VMware
LLC
1.40%
,
08/15/26
..................
683
623,755
3.90%
,
08/21/27
..................
6,614
6,334,737
Workday,
Inc.,
3.50%,
04/01/27
.........
900
861,806
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
334
300,658
33,256,968
Specialized
REITs
—
1.2%
American
Tower
Corp.
2.75%
,
01/15/27
..................
5,711
5,348,043
3.65%
,
03/15/27
..................
12,749
12,220,546
5.20%
,
02/15/29
..................
3,100
3,098,492
Crown
Castle,
Inc.,
1.05%,
07/15/26
......
6,474
5,884,669
Equinix,
Inc.
1.25%
,
07/15/25
..................
6,377
6,031,991
1.45%
,
05/15/26
..................
1,270
1,168,158
2.90%
,
11/18/26
..................
6,825
6,402,210
1.80%
,
07/15/27
..................
9,447
8,468,647
3.20%
,
11/18/29
..................
4,840
4,332,909
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(b)
.....
592
603,281
Public
Storage
Operating
Co.,
5.13%,
01/15/29
228
231,702
SBA
Communications
Corp.
3.88%
,
02/15/27
..................
209
198,777
3.13%
,
02/01/29
..................
359
316,820
54,306,245
Specialty
Retail
—
0.2%
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
..................
6
5,712
4.75%
,
03/01/30
..................
91
83,808
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
...
79
73,445
Lowe's
Cos.,
Inc.,
4.40%,
09/08/25
.......
7,832
7,735,939
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
......................
141
137,221
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
................
60
59,598
8,095,723
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
HP,
Inc.,
4.75%,
01/15/28
.............
89
88,483
Seagate
HDD
Cayman,
8.25%,
12/15/29
(b)
..
210
225,637
314,120
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(b)
Crocs,
Inc.,
4.25%,
03/15/29
...........
122
111,535
Hanesbrands,
Inc.,
4.88%,
05/15/26
......
56
54,523
Levi
Strauss
&
Co.,
3.50%,
03/01/31
......
140
122,822
William
Carter
Co.
(The),
5.63%,
03/15/27
...
91
90,382
379,262
Tobacco
—
1.5%
Altria
Group,
Inc.
2.35%
,
05/06/25
..................
2,008
1,943,287
6.20%
,
11/01/28
..................
12,979
13,527,643
BAT
Capital
Corp.
3.22%
,
08/15/24
..................
10,429
10,326,759
2.79%
,
09/06/24
..................
16,833
16,620,420
2.26%
,
03/25/28
..................
2,626
2,337,631
BAT
International
Finance
plc
4.45%
,
03/16/28
..................
582
565,150
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
5.93%
,
02/02/29
..................
USD
12,554
$
12,885,761
Philip
Morris
International,
Inc.
5.13%
,
11/15/24
..................
4,621
4,609,962
1.50%
,
05/01/25
..................
7,474
7,179,743
0.13%
,
08/03/26
..................
EUR
256
255,667
70,252,023
Trading
Companies
&
Distributors
—
0.1%
(b)
Beacon
Roofing
Supply,
Inc.,
6.50%,
08/01/30
USD
117
118,724
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%
,
10/01/25
..................
291
290,564
5.50%
,
05/01/28
..................
314
304,241
7.88%
,
12/01/30
..................
303
318,184
Herc
Holdings,
Inc.,
5.50%,
07/15/27
......
250
245,547
Imola
Merger
Corp.,
4.75%,
05/15/29
......
259
242,851
SRS
Distribution,
Inc.,
4.63%,
07/01/28
....
694
699,074
WESCO
Distribution,
Inc.,
6.38%,
03/15/29
..
86
86,884
2,306,069
Transportation
Infrastructure
—
0.0%
Rand
Parent
LLC,
8.50%,
02/15/30
(b)
......
11
10,893
Wireless
Telecommunication
Services
—
1.5%
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
....
400
392,110
Rogers
Communications,
Inc.
2.90%
,
11/15/26
..................
1,951
1,839,588
3.20%
,
03/15/27
..................
10,351
9,825,958
5.00%
,
02/15/29
..................
11,634
11,553,204
Sprint
LLC,
7.13%,
06/15/24
...........
6,028
6,038,326
Sprint
Spectrum
Co.
LLC,
4.74%,
03/20/25
(b)
.
2,028
2,016,324
T-Mobile
USA,
Inc.
2.25%
,
02/15/26
..................
11,206
10,603,763
2.63%
,
04/15/26
..................
10,026
9,523,678
3.75%
,
04/15/27
..................
8,938
8,608,251
5.38%
,
04/15/27
..................
554
556,379
4.85%
,
01/15/29
..................
5,695
5,652,815
66,610,396
Total
Corporate
Bonds
—
35
.2
%
(Cost:
$
1,629,219,752
)
............................
1,623,986,739
Floating
Rate
Loan
Interests
Oil,
Gas
&
Consumable
Fuels
—
0.1%
Ecopetrol
SA,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
0.00%),
10.11
%
,
09/06/30
(a)
(e)
....
5,000
5,150,000
Total
Floating
Rate
Loan
Interests
—
0
.1
%
(Cost:
$
4,964,660
)
...............................
5,150,000
Foreign
Agency
Obligations
Canada
—
1.1%
(b)
CPPIB
Capital,
Inc.
,
0.50%
,
09/16/24
......
22,650
22,152,360
OMERS
Finance
Trust
,
1.10%
,
03/26/26
....
17,380
16,133,242
Ontario
Teachers'
Finance
Trust
,
4.25%
,
04/25/28
.......................
13,860
13,658,823
51,944,425
Saudi
Arabia
—
0.1%
Saudi
Arabian
Oil
Co.
,
2.88%
,
04/16/24
(b)
....
3,245
3,235,589
Total
Foreign
Agency
Obligations
—
1
.2
%
(Cost:
$
57,013,267
)
...............................
55,180,014
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
5.6%
Angel
Oak
Mortgage
Trust
(b)(c)
Series
2023-6,
Class
A1,
6.50%,
12/25/67
.
USD
2,347
$
2,365,237
Series
2024-1,
Class
A1,
5.21%,
08/25/68
.
6,262
6,129,297
Arroyo
Mortgage
Trust,
Series
2022-2,
Class
A1,
4.95%,
07/25/57
(b)
(c)
.............
4,360
4,276,946
Banc
of
America
Mortgage
Trust,
Series
2003-J,
Class
2A1,
5.08%,
11/25/33
(a)
.........
122
108,199
Barclays
Mortgage
Loan
Trust,
Series
2024-
NQM1,
Class
A1,
5.90%,
01/25/64
(b)
(c)
....
5,833
5,796,590
Barley
Hill
No.
2
plc,
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
6.89%,
08/27/58
(a)
(d)
.....................
GBP
520
653,067
Bear
Stearns
ARM
Trust,
Series
2004-5,
Class
2A,
3.68%,
07/25/34
(a)
..............
USD
195
172,768
BlackRock
Capital
Finance
LP,
Series
1997-R2,
Class
AP,
0.00%,
12/25/35
(a)
(b)
(e)
(i)
.......
16
—
BRAVO
Residential
Funding
Trust,
Series
2023-
NQM6,
Class
A1,
6.60%,
09/25/63
(b)
(c)
....
4,303
4,331,240
Canada
Square
Funding
plc
(a)
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
06/17/58
(d)
....................
GBP
102
128,419
Series
6,
Class
C,
(Sterling
Overnight
Index
Average
+
1.45%),
6.69%,
01/17/59
(d)
..
318
396,050
Series
6,
Class
D,
(Sterling
Overnight
Index
Average
+
1.85%),
7.09%,
01/17/59
(d)
..
178
218,466
Chase
Home
Lending
Mortgage
Trust
(a)(b)
Series
2019-ATR2,
Class
A11,
(1-mo.
CME
Term
SOFR
at
6.50%
Cap
+
1.01%),
6.34%,
07/25/49
................
USD
660
635,634
Series
2019-ATR2,
Class
A3,
3.50%,
07/25/49
.....................
1,412
1,250,505
CHL
Mortgage
Pass-Through
Trust
Series
2005-17,
Class
1A6,
5.50%,
09/25/35
178
163,952
Series
2005-HYB8,
Class
2A1,
4.59%,
12/20/35
(a)
....................
480
429,710
CIM
Trust,
Series
2021-R6,
Class
A1,
1.42%,
07/25/61
(a)
(b)
.....................
3,892
3,341,063
COLT
Mortgage
Loan
Trust,
Series
2022-3,
Class
A1,
3.90%,
02/25/67
(a)
(b)
.........
2,469
2,334,743
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2022-ATH1,
Class
A1A,
2.87%,
01/25/67
(a)
(b)
.....................
5,950
5,522,434
CSMC
Trust
(a)(b)
Series
2013-HYB1,
Class
B2,
6.79%,
04/25/43
.....................
134
133,988
Series
2013-HYB1,
Class
B4,
6.79%,
04/25/43
.....................
1,583
1,581,359
Series
2015-1,
Class
A1,
2.50%,
01/25/45
.
4,814
4,085,987
Series
2017-RPL1,
Class
A1,
2.75%,
07/25/57
.....................
484
460,171
Series
2019-RP10,
Class
A1,
3.14%,
12/26/59
.....................
2,508
2,523,477
Dilosk
Rmbs
No.
8
Sts
DAC
(a)
Series
8-STS,
Class
A,
(3-mo.
EURIBOR
+
0.65%),
4.57%,
05/20/62
(d)
.........
EUR
534
576,259
Series
8-STS,
Class
B,
(3-mo.
EURIBOR
+
0.90%),
4.82%,
05/20/62
(d)
.........
131
141,079
Dutch
Property
Finance
BV
(a)
Series
2021-1,
Class
B,
(3-mo.
EURIBOR
+
1.10%),
5.02%,
07/28/58
(d)
.........
740
796,547
Series
2021-2,
Class
B,
(3-mo.
EURIBOR
+
0.80%),
4.73%,
04/28/59
(d)
.........
820
878,426
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2021-2,
Class
C,
(3-mo.
EURIBOR
+
1.05%),
4.97%,
04/28/59
(d)
.........
EUR
503
$
533,464
East
One
plc
(a)
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.40%),
6.61%,
12/27/55
(d)
....................
GBP
537
537,000
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.70%),
6.91%,
12/27/55
(d)
....................
231
229,007
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.00%),
7.21%,
12/27/55
(d)
....................
375
369,121
Elstree
Funding
No.
4
plc,
Series
4,
Class
A,
(Sterling
Overnight
Index
Average
+
1.12%),
6.32%,
10/21/55
(a)
(d)
................
531
673,039
Finsbury
Square,
Series
2021-1GRX,
Class
C,
(Sterling
Overnight
Index
Average
+
1.25%),
6.45%,
12/16/67
(a)
(d)
................
1,045
1,301,232
Finsbury
Square
plc
(a)
Series
2021-2X,
Class
C,
(Sterling
Overnight
Index
Average
+
1.40%),
6.60%,
12/16/71
(d)
....................
371
465,683
Series
2021-2X,
Class
D,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
12/16/71
(d)
....................
200
247,483
Flagstar
Mortgage
Trust,
Series
2018-2,
Class
A4,
3.50%,
04/25/48
(a)
(b)
.............
USD
2,233
2,170,618
Gemgarto
plc,
Series
2021-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
1.30%),
6.50%,
12/16/67
(a)
(d)
................
GBP
218
273,931
GS
Mortgage-Backed
Securities
Corp.
Trust
(a)(b)
Series
2019-PJ1,
Class
B1,
4.04%,
08/25/49
USD
1,902
1,798,433
Series
2022-PJ2,
Class
A4,
2.50%,
06/25/52
11,784
9,440,673
Harben
Finance
(a)
Series
2017-1RX,
Class
C,
(Sterling
Overnight
Index
Average
+
1.15%),
6.34%,
09/28/55
(d)
...............
GBP
741
923,523
Series
2017-1RX,
Class
D,
(Sterling
Overnight
Index
Average
+
1.50%),
6.69%,
09/28/55
(d)
...............
441
540,991
Homeward
Opportunities
Fund
Trust,
Series
2022-1,
Class
A1,
5.08%,
07/25/67
(b)
(c)
....
USD
1,781
1,758,208
Hops
Hill
No.
1
plc
(a)
Series
1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.85%),
7.04%,
05/27/54
(d)
..
GBP
200
252,643
Series
1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.35%),
7.54%,
05/27/54
(d)
..
100
126,363
J.P.
Morgan
Mortgage
Trust
(b)
Series
2020-7,
Class
A3,
3.00%,
01/25/51
(a)
USD
2,510
2,123,025
Series
2020-LTV1,
Class
A11,
(1-mo.
CME
Term
SOFR
at
6.00%
Cap
+
1.11%),
6.00%,
06/25/50
(a)
...............
260
257,674
Series
2021-3,
Class
A12,
5.50%,
07/25/51
(a)
7,740
7,600,728
Series
2021-6,
Class
A12,
5.00%,
10/25/51
(a)
7,802
7,481,587
Series
2021-7,
Class
A12,
5.00%,
11/25/51
(a)
4,491
4,322,616
Series
2022-INV3,
Class
A3B,
3.00%,
09/25/52
(a)
....................
6,744
5,609,640
Series
2023-DSC1,
Class
A1,
4.62%,
07/25/63
(a)
....................
4,808
4,594,845
Series
2024-2,
Class
A3,
6.00%,
08/25/54
.
3,025
3,022,334
Jubilee
Place,
Series
3,
Class
C,
(3-mo.
EURIBOR
+
1.60%),
5.53%,
01/17/59
(a)
(d)
..
EUR
201
213,536
Jupiter
Mortgage
No.
1
plc
(a)
Series
1X,
Class
AR,
(Sterling
Overnight
Index
Average
+
1.00%),
6.24%,
07/20/55
(d)
....................
GBP
715
905,433
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
1X,
Class
BR,
(Sterling
Overnight
Index
Average
+
1.70%),
6.94%,
07/20/55
(d)
....................
GBP
1,362
$
1,722,650
Series
1X,
Class
CR,
(Sterling
Overnight
Index
Average
+
2.25%),
7.49%,
07/20/55
(d)
....................
430
544,773
Series
1X,
Class
DR,
(Sterling
Overnight
Index
Average
+
3.00%),
8.24%,
07/20/55
(d)
....................
293
369,403
Lanark
Master
Issuer
plc,
Series
2024-1X,
Class
1A,
(Sterling
Overnight
Index
Average
+
0.50%),
5.74%,
12/22/69
(a)
(d)
.........
528
668,123
Lanebrook
Mortgage
Transaction
plc
(a)
Series
2020-1,
Class
C,
(Sterling
Overnight
Index
Average
+
2.25%),
7.45%,
06/12/57
(d)
....................
370
467,922
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.25%),
6.49%,
07/20/58
(d)
....................
158
197,776
Mello
Mortgage
Capital
Acceptance,
Series
2022-INV2,
Class
A3,
3.00%,
04/25/52
(a)
(b)
.
USD
11,274
9,413,182
MFA
Trust
(b)(c)
Series
2023-INV2,
Class
A1,
6.77%,
10/25/58
.....................
1,894
1,905,911
Series
2023-NQM3,
Class
A1,
6.62%,
07/25/68
.....................
5,571
5,599,580
Mill
City
Mortgage
Loan
Trust
(a)(b)
Series
2017-3,
Class
A1,
2.75%,
01/25/61
.
1,952
1,916,805
Series
2018-1,
Class
A1,
3.25%,
05/25/62
.
1,485
1,448,498
Series
2018-3,
Class
A1,
3.50%,
08/25/58
.
2,006
1,938,079
MortgageIT
Trust,
Series
2004-1,
Class
A1,
(1-mo.
CME
Term
SOFR
at
0.78%
Floor
and
11.50%
Cap
+
0.89%),
6.22%,
11/25/34
(a)
.
369
348,362
Mortimer
BTL
plc,
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.45%),
6.65%,
06/23/53
(a)
(d)
................
GBP
111
139,512
New
Residential
Mortgage
Loan
Trust
(a)(b)
Series
2016-3A,
Class
A1B,
3.25%,
09/25/56
.....................
USD
978
894,162
Series
2018-1A,
Class
A1A,
4.00%,
12/25/57
.....................
3,494
3,306,259
Series
2020-1A,
Class
A1B,
3.50%,
10/25/59
.....................
8,458
7,797,084
OBX
Trust
(b)
Series
2022-INV3,
Class
A1,
3.00%,
02/25/52
(a)
....................
2,616
2,190,400
Series
2023-NQM6,
Class
A1,
6.52%,
07/25/63
(c)
....................
6,850
6,905,462
Permanent
Master
Issuer
plc,
Series
2024-
1X,
Class
1A1,
(Sterling
Overnight
Index
Average
+
0.55%),
5.80%,
07/15/73
(a)
(d)
...
GBP
876
1,107,959
PMF
plc,
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
+
0.98%),
6.18%,
07/16/60
(a)
(d)
.....................
452
571,102
Polaris
plc
(a)
Series
2022-1,
Class
E,
(Sterling
Overnight
Index
Average
+
3.40%),
8.59%,
10/23/59
(d)
....................
538
662,327
Series
2024-1,
Class
A,
(Sterling
Overnight
Index
Average
+
1.03%),
6.24%,
02/26/61
(d)
....................
1,000
1,262,399
Series
2024-1,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
6.56%,
02/26/61
(d)
....................
421
532,443
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2024-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.70%),
6.91%,
02/26/61
(d)
....................
GBP
144
$
182,115
Series
2024-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.70%),
7.91%,
02/26/61
(d)
....................
105
132,786
Series
2024-1,
Class
E,
(Sterling
Overnight
Index
Average
+
4.00%),
9.21%,
02/26/61
(d)
....................
100
126,456
PRKCM
Trust,
Series
2023-AFC3,
Class
A1,
6.58%,
09/25/58
(b)
(c)
................
USD
5,903
5,941,714
Provident
Funding
Mortgage
Trust
(a)(b)
Series
2021-INV1,
Class
A3,
2.50%,
08/25/51
.....................
1,976
1,710,971
Series
2021-INV2,
Class
1A3,
2.50%,
11/25/51
.....................
2,564
2,206,798
PRPM
LLC
(b)
Series
2023-1,
Class
A1,
6.88%,
02/25/28
(a)
2,404
2,416,263
Series
2024-RCF1,
Class
A1,
4.00%,
01/25/54
(c)
....................
1,241
1,184,169
Residential
Mortgage
Securities
32
plc,
Series
32X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.20%),
7.40%,
06/20/70
(a)
(d)
...
GBP
1,025
1,293,251
RMAC
Securities
No.1
plc,
Series
2007-NS1X,
Class
A2A,
(Sterling
Overnight
Index
Average
+
0.27%),
5.47%,
06/12/44
(a)
(d)
...
260
318,344
Seasoned
Credit
Risk
Transfer
Trust
Series
2018-2,
Class
MA,
3.50%,
11/25/57
USD
3,383
3,196,829
Series
2018-3,
Class
MA,
3.50%,
08/25/57
(a)
9,724
9,206,259
Series
2019-4,
Class
MA,
3.00%,
02/25/59
10,537
9,572,581
Sequoia
Mortgage
Trust,
Series
2017-CH1,
Class
A2,
3.50%,
08/25/47
(a)
(b)
.........
265
241,927
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(b)
(c)
.........
872
865,885
Silverstone
Master
Issuer
plc,
Series
2023-1,
Class
2A,
(Sterling
Overnight
Index
Average
+
0.50%),
5.74%,
01/21/70
(a)
(d)
.........
GBP
635
804,135
Stanlington
No.
2
plc
(a)
Series
2,
Class
C,
(Sterling
Overnight
Index
Average
at
10.63%
Cap
+
1.75%),
6.95%,
06/12/45
(d)
...............
535
668,507
Series
2,
Class
D,
(Sterling
Overnight
Index
Average
at
11.20%
Cap
+
2.20%),
7.40%,
06/12/45
(d)
....................
329
404,626
Series
2,
Class
E,
(Sterling
Overnight
Index
Average
at
12.30%
Cap
+
3.30%),
8.50%,
06/12/45
(d)
...............
450
544,781
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
1.03%,
11/25/55
(a)
(b)
.
USD
1,819
1,674,089
Stratton
Mortgage
Funding
plc
(a)
Series
2024-2X,
Class
A,
(Sterling
Overnight
Index
Average
+
0.90%),
6.09%,
06/28/50
(d)
....................
GBP
524
659,052
Series
2024-2X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.35%),
6.54%,
06/28/50
(d)
....................
315
394,088
Series
2024-2X,
Class
C,
(Sterling
Overnight
Index
Average
+
1.50%),
6.69%,
06/28/50
(d)
....................
242
300,124
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-13,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.74%,
09/25/34
(a)
.................
USD
465
401,125
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Together
Asset-Backed
Securitisation
plc
(a)
Series
2021-1ST1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.25%),
6.50%,
07/12/63
(d)
...............
GBP
108
$
135,747
Series
2024-2ND1X,
Class
B,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
08/20/55
(d)
...............
156
197,843
Series
2024-2ND1X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.50%),
7.70%,
08/20/55
(d)
...............
103
130,661
Series
2024-2ND1X,
Class
D,
(Sterling
Overnight
Index
Average
+
3.50%),
8.70%,
08/20/55
(d)
...............
119
150,943
Towd
Point
Mortgage
Trust
(a)(b)
Series
2015-1,
Class
A5,
4.53%,
10/25/53
.
USD
8,052
7,976,889
Series
2017-4,
Class
A1,
2.75%,
06/25/57
.
7,025
6,724,349
Series
2017-6,
Class
A1,
2.75%,
10/25/57
.
5,803
5,591,960
Series
2018-1,
Class
A1,
3.00%,
01/25/58
.
3,217
3,126,208
Series
2018-2,
Class
A1,
3.25%,
03/25/58
.
3,847
3,721,101
Series
2018-6,
Class
A1A,
3.75%,
03/25/58
5,708
5,575,747
Tower
Bridge
Funding
plc
(a)
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.85%),
7.09%,
07/21/64
(d)
....................
GBP
365
460,902
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.15%),
7.39%,
07/21/64
(d)
....................
252
318,178
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.50%),
6.72%,
11/20/63
(d)
....................
140
176,070
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
+
1.80%),
7.02%,
11/20/63
(d)
....................
169
210,662
Series
2024-1X,
Class
C,
(Sterling
Overnight
Index
Average
+
3.00%),
8.25%,
01/20/66
(d)
....................
154
196,016
Series
2024-1X,
Class
D,
(Sterling
Overnight
Index
Average
+
4.00%),
9.25%,
01/20/66
(d)
....................
156
198,640
Twin
Bridges
plc
(a)
Series
2021-1,
Class
C,
(Sterling
Overnight
Index
Average
+
1.60%),
6.80%,
03/12/55
(d)
....................
436
550,782
Series
2021-1,
Class
D,
(Sterling
Overnight
Index
Average
+
2.10%),
7.30%,
03/12/55
(d)
....................
220
274,439
Series
2021-2,
Class
C,
(Sterling
Overnight
Index
Average
+
1.15%),
6.35%,
09/12/55
(d)
....................
435
542,154
Series
2021-2,
Class
D,
(Sterling
Overnight
Index
Average
+
1.50%),
6.70%,
09/12/55
(d)
....................
187
230,200
Series
2022-1,
Class
D,
(Sterling
Overnight
Index
Average
+
1.70%),
6.90%,
12/01/55
(d)
....................
365
445,065
UWM
Mortgage
Trust,
Series
2021-INV5,
Class
A10,
5.00%,
01/25/52
(a)
(b)
............
USD
4,842
4,643,510
Verus
Securitization
Trust
(b)(c)
Series
2022-2,
Class
A1,
4.26%,
02/25/67
.
2,899
2,702,301
Series
2022-3,
Class
A1,
4.13%,
02/25/67
.
7,677
7,186,249
Walsh
Acceptance,
Series
1997-2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.11%),
7.44%,
03/01/27
(a)
(b)
..........
1
1,051
Wells
Fargo
Mortgage
Backed
Securities
Trust
(a)(b)
Series
2019-4,
Class
A2,
3.00%,
09/25/49
.
769
652,165
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2020-RR1,
Class
A1,
3.00%,
05/25/50
.....................
USD
1,318
$
1,120,142
256,801,465
Commercial
Mortgage-Backed
Securities
—
5.0%
2023-MIC
Trust,
Series
2023-MIC,
Class
A,
8.44%,
12/05/38
(a)
(b)
................
3,480
3,752,164
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
04/15/34
(a)
(b)
..........
8,030
7,337,088
Atom
Mortgage
Securities
DAC,
Series
1X,
Class
D,
(Sterling
Overnight
Index
Average
at
1.90%
Floor
+
1.90%),
7.14%,
07/22/31
(a)
(d)
.....................
GBP
1,542
1,608,470
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2017-SCH,
Class
AF,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.05%),
6.37%,
11/15/33
(a)
(b)
................
USD
3,270
3,254,743
BANK
Series
2018-BN14,
Class
A2,
4.13%,
09/15/60
.....................
2,355
2,348,330
Series
2019-BN16,
Class
A2,
3.93%,
02/15/52
.....................
9,775
9,748,683
Series
2019-BN18,
Class
A2,
3.47%,
05/15/62
.....................
15,479
15,349,757
BLP
Commercial
Mortgage
Trust
(a)(b)
Series
2024-IND2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
6.67%,
03/15/41
................
5,590
5,591,751
Series
2024-IND2,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.59%
Floor
+
2.59%),
7.92%,
03/15/41
................
600
600,258
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2023-XL3,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.09%,
12/09/40
.....................
5,745
5,780,709
Series
2024-MF,
Class
B,
(1-mo.
CME
Term
SOFR
at
1.69%
Floor
+
1.69%),
7.02%,
02/15/39
.....................
1,660
1,652,737
Series
2024-XL4,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.77%,
02/15/39
.....................
4,070
4,075,053
BX
Trust
(a)(b)
Series
2021-VIEW,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.39%),
6.72%,
06/15/36
................
3,450
3,352,665
Series
2024-BIO,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.64%),
6.97%,
02/15/41
....
8,073
8,093,176
Series
2024-CNYN,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.44%),
6.74%,
04/15/29
................
2,900
2,900,000
Series
2024-PAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.34%,
03/15/26
.....................
2,950
2,948,493
Series
2024-PAT,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.04%
Floor
+
3.04%),
8.29%,
03/15/26
.....................
1,190
1,189,347
Cassia
SRL
(a)
Series
2022-1X,
Class
A,
(3-mo.
EURIBOR
at
2.50%
Floor
+
2.50%),
6.44%,
05/22/34
(d)
....................
EUR
4,583
4,907,886
Series
2022-1X,
Class
B,
(3-mo.
EURIBOR
at
3.50%
Floor
+
3.50%),
7.44%,
05/22/34
(d)
....................
2,190
2,206,916
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
CENT
Trust,
Series
2023-CITY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.62%
Floor
+
2.62%),
7.95%,
09/15/38
(a)
(b)
................
USD
5,838
$
5,895,999
Citigroup
Commercial
Mortgage
Trust
Series
2015-GC31,
Class
A4,
3.76%,
06/10/48
.....................
9,000
8,726,903
Series
2016-P3,
Class
A2,
2.74%,
04/15/49
111
109,007
Commercial
Mortgage
Trust
Series
2014-UBS6,
Class
ASB,
3.39%,
12/10/47
.....................
197
196,063
Series
2015-CR22,
Class
A3,
3.21%,
03/10/48
.....................
11,549
11,280,448
Series
2015-CR23,
Class
A4,
3.50%,
05/10/48
.....................
7,750
7,562,614
Series
2015-CR24,
Class
ASB,
3.45%,
08/10/48
.....................
1,579
1,565,001
Series
2015-PC1,
Class
B,
4.29%,
07/10/50
(a)
....................
4,175
3,945,182
Credit
Suisse
Mortgage
Capital
Certificates
(b)
Series
2020-NET,
Class
A,
2.26%,
08/15/37
6,734
6,258,121
Series
2021-980M,
Class
A,
2.39%,
07/15/31
.....................
6,240
5,702,931
Series
2021-980M,
Class
C,
3.20%,
07/15/31
.....................
3,450
3,103,697
CSAIL
Commercial
Mortgage
Trust,
Series
2015-C2,
Class
A4,
3.50%,
06/15/57
.....
2,458
2,396,950
CSMC
Trust,
Series
2021-BHAR,
Class
C,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.11%),
7.44%,
11/15/38
(a)
(b)
...........
2,500
2,479,744
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
F,
5.52%,
05/03/32
(b)
......
2,000
1,894,210
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2023-FUN,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.42%,
03/15/28
................
5,890
5,908,406
Series
2023-FUN,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.12%,
03/15/28
................
5,065
5,079,246
GS
Mortgage
Securities
Trust
Series
2011-GC5,
Class
AS,
5.15%,
08/10/44
(a)
(b)
...................
4,152
4,027,666
Series
2014-GC24,
Class
AAB,
3.65%,
09/10/47
.....................
395
393,444
HONO
Mortgage
Trust,
Series
2021-LULU,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.26%),
6.59%,
10/15/36
(a)
(b)
.....
5,557
5,352,086
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(b)
Series
2016-NINE,
Class
A,
2.85%,
09/06/38
(a)
....................
643
601,516
Series
2018-WPT,
Class
AFX,
4.25%,
07/05/33
.....................
7,070
6,539,456
Series
2019-BKWD,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.61%),
6.94%,
09/15/29
(a)
...............
1,267
1,203,615
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
(a)
....................
1,000
720,442
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C23,
Class
ASB,
3.66%,
09/15/47
.......................
610
606,881
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP6,
Class
A3,
3.11%,
07/15/50
8,404
7,979,188
KSL
Commercial
Mortgage
Trust,
Series
2023-
HT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.29%
Floor
+
2.29%),
7.62%,
12/15/36
(a)
(b)
2,450
2,464,547
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Last
Mile
Logistics
Pan
Euro
Finance
DAC
(a)
Series
1X,
Class
C,
(3-mo.
EURIBOR
at
1.40%
Floor
+
1.40%),
5.32%,
08/17/33
(d)
EUR
1,331
$
1,385,326
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
1.90%
Floor
+
1.90%),
5.82%,
08/17/33
(d)
1,031
1,064,556
Last
Mile
Securities
PE
DAC
(a)
Series
2021-1X,
Class
B,
(3-mo.
EURIBOR
at
1.20%
Floor
and
5.20%
Cap
+
1.20%),
5.11%,
08/17/31
(d)
...............
939
998,735
Series
2021-1X,
Class
C,
(3-mo.
EURIBOR
at
1.60%
Floor
and
5.60%
Cap
+
1.60%),
5.51%,
08/17/31
(d)
...............
1,061
1,124,514
LUX
Trust,
Series
2023-LION,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
8.02%,
08/15/40
(a)
(b)
................
USD
2,329
2,352,762
MIRA
Trust,
Series
2023-MILE,
Class
A,
6.75%,
06/10/38
(b)
......................
1,955
2,029,883
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C19,
Class
ASB,
3.33%,
12/15/47
.......................
479
476,838
Morgan
Stanley
Capital
I
Trust,
Series
2018-
BOP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.90%),
6.22%,
08/15/33
(a)
(b)
1,799
1,482,255
Natixis
Commercial
Mortgage
Securities
Trust,
Series
2018-FL1,
Class
A,
(US
Prime
Rate
+
1.00%),
8.50%,
06/15/35
(a)
(b)
..........
943
872,068
OPEN
Trust,
Series
2023-AIR,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.09%
Floor
+
3.09%),
8.41%,
10/15/28
(a)
(b)
................
1,359
1,372,332
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.88%
Floor
+
0.99%),
6.32%,
07/15/38
(a)
(b)
.....................
4,648
4,421,465
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.47%
Floor
+
2.47%),
7.80%,
06/25/37
(a)
(b)
.....................
702
702,660
Sage
AR
Funding
plc,
Series
1X,
Class
C,
(Sterling
Overnight
Index
Average
+
2.15%),
7.37%,
11/17/30
(a)
(d)
................
GBP
535
660,096
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.51%,
05/15/37
(a)
(b)
................
USD
2,220
2,236,650
Taurus
UK
DAC
(a)
Series
2021-UK1X,
Class
B,
(Sterling
Overnight
Index
Average
at
1.30%
Floor
and
5.30%
Cap
+
1.30%),
6.52%,
05/17/31
(d)
....................
GBP
880
1,099,217
Series
2021-UK1X,
Class
C,
(Sterling
Overnight
Index
Average
at
1.65%
Floor
+
1.65%),
6.87%,
05/17/31
(d)
........
536
669,283
Series
2021-UK1X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.60%
Floor
+
2.60%),
7.82%,
05/17/31
(d)
........
547
678,395
Series
2021-UK4X,
Class
D,
(Sterling
Overnight
Index
Average
at
2.10%
Floor
+
2.10%),
7.32%,
08/17/31
(d)
........
948
1,186,776
UBS
Commercial
Mortgage
Trust,
Series
2019-
C18,
Class
A4,
3.04%,
12/15/52
........
USD
283
247,343
Velocity
Commercial
Capital
Loan
Trust
(b)
Series
2018-1,
Class
A,
3.59%,
04/25/48
..
312
297,199
Series
2019-3,
Class
A,
3.03%,
10/25/49
(a)
.
2,070
1,961,809
Series
2023-3,
Class
A,
7.10%,
08/25/53
(a)
.
5,971
6,037,704
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-C27,
Class
A5,
3.45%,
02/15/48
10,140
9,897,297
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2015-C28,
Class
ASB,
3.31%,
05/15/48
.....................
USD
1,152
$
1,138,493
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C24,
Class
ASB,
3.32%,
11/15/47
...
617
613,781
233,699,026
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
Commercial
Mortgage
Trust,
Series
2015-
CR23,
Class
XA,
0.83%,
05/10/48
(a)
.....
28,518
183,487
Total
Non-Agency
Mortgage-Backed
Securities
—
10
.6
%
(Cost:
$
511,801,419
)
..............................
490,683,978
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
3.2%
Federal
Farm
Credit
Bank
Bonds
1.63
%
,
03/17/31
..................
450
366,443
1.68
%
,
09/17/35
..................
30,000
21,825,605
2.17
%
,
10/29/29
..................
6,500
5,770,752
2.25
%
,
08/15/29
..................
23,500
20,981,190
2.78
%
,
12/01/36
..................
3,525
2,812,133
Federal
Home
Loan
Bank
Bonds
0.60
%
,
12/30/26
..................
15,000
13,386,686
2.06
%
,
09/27/29
..................
19,250
17,028,961
2.18
%
,
11/06/29
..................
9,700
8,540,586
2.50
%
,
11/05/36
..................
3,525
2,771,952
Federal
Home
Loan
Mortgage
Corp.
0.65
%
,
05/28/26
..................
15,000
13,728,671
4.20
%
,
08/28/25
..................
15,000
14,839,790
Federal
National
Mortgage
Association
0.74
%
,
08/25/27
..................
15,000
13,200,953
0.81
%
,
09/25/28
..................
15,000
12,783,872
1.63
%
,
08/24/35
..................
1,000
719,527
148,757,121
Collateralized
Mortgage
Obligations
—
2.3%
Federal
Home
Loan
Mortgage
Corp.
Series
3710
,
Class
MG
,
4.00
%
,
08/15/25
(c)
.
66
65,613
Series
3959
,
Class
MA
,
4.50
%
,
11/15/41
..
605
596,109
Series
3986
,
Class
M
,
4.50
%
,
09/15/41
...
86
85,525
Series
4459
,
Class
BN
,
3.00
%
,
08/15/43
..
3,620
3,289,257
Series
4569
,
Class
JA
,
3.00
%
,
03/15/42
..
2,642
2,558,991
Series
4752
,
Class
PL
,
3.00
%
,
09/15/46
..
4,701
4,379,336
Series
4941
,
Class
MB
,
3.00
%
,
07/25/49
..
4,064
3,544,924
Series
5000
,
Class
MA
,
2.00
%
,
06/25/44
..
3,174
2,874,331
Series
5006
,
Class
KA
,
2.00
%
,
06/25/45
..
9,060
8,109,751
Series
5105
,
Class
LA
,
1.50
%
,
04/15/44
..
18,901
17,991,630
Federal
Home
Loan
Mortgage
Corp.
STACR
Trust
Variable
Rate
Notes
,
Series
2019-
FTR2
,
Class
M1
,
(SOFR
30
day
Average
+
1.06%),
6.38
%
,
11/25/48
(a)
(b)
..........
11
10,663
Federal
National
Mortgage
Association
Series
2011-48
,
Class
MG
,
4.00
%
,
06/25/26
(c)
...............
216
213,029
Series
2011-84
,
Class
MG
,
4.00
%
,
09/25/26
(c)
...............
299
293,982
Series
2020-79
,
1.50
%
,
11/25/50
.......
6,357
5,527,617
Federal
National
Mortgage
Association
Variable
Rate
Notes
,
Series
2022-65
,
Class
FB
,
(SOFR
30
day
Average
at
0.80%
Floor
and
6.00%
Cap
+
0.80%),
6.00
%
,
09/25/52
(a)
..
42,560
41,704,182
Government
National
Mortgage
Association
Series
2013-131
,
Class
PA
,
3.50
%
,
06/16/42
350
344,377
Series
2017-136
,
Class
GB
,
3.00
%
,
03/20/47
................
3,373
3,062,384
Series
2018-36
,
Class
AM
,
3.00
%
,
07/20/45
7,853
7,402,679
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2020-127
,
Class
LP
,
1.50
%
,
06/20/50
USD
3,421
$
2,663,340
104,717,720
Commercial
Mortgage-Backed
Securities
—
0.3%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
,
Series
KIR2
,
Class
A1
,
2.75
%
,
03/25/27
.......
3,304
3,184,196
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
,
Series
KJ47
,
Class
A2
,
5.43
%
,
06/25/31
(a)
.................
9,380
9,526,651
12,710,847
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
,
Series
K121
,
Class
X1
,
1.02
%
,
10/25/30
..................
11,802
603,429
Government
National
Mortgage
Association
Variable
Rate
Notes
,
Series
2012-120
,
0.64
%
,
02/16/53
..................
9,702
152,807
756,236
Mortgage-Backed
Securities
—
4.3%
Federal
Home
Loan
Mortgage
Corp.
3.00
%
,
09/01/32
-
02/01/36
...........
2,398
2,218,359
4.00
%
,
02/01/34
-
06/01/37
...........
11,836
11,569,660
4.50
%
,
07/01/47
-
03/01/49
...........
38,651
37,938,546
(RFUCCT1Y
at
1.63%
Floor
and
8.05%
Cap
+
1.63%),
7.63
%
,
10/01/45
(a)
........
758
777,363
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
(RFUCCT1Y
at
1.59%
Floor
and
7.92%
Cap
+
1.59%),
2.92
%
,
06/01/45
.........
1,175
1,168,480
(RFUCCT1Y
at
1.74%
Floor
and
8.77%
Cap
+
1.74%),
5.66
%
,
09/01/42
.........
1,150
1,183,306
(RFUCCT1Y
at
1.59%
Floor
and
8.13%
Cap
+
1.59%),
7.14
%
,
09/01/45
.........
1,084
1,108,942
(RFUCCT1Y
at
1.59%
Floor
and
7.81%
Cap
+
1.59%),
7.59
%
,
11/01/45
.........
66
68,048
Uniform
Mortgage-Backed
Securities
1.50
%
,
07/01/31
..................
17,979
16,342,016
2.50
%
,
12/01/27
-
04/01/32
...........
16,827
15,759,994
3.00
%
,
12/01/26
-
09/01/35
...........
26,168
24,645,579
3.50
%
,
04/01/34
..................
1,860
1,792,163
4.00
%
,
04/01/26
-
03/01/38
...........
13,574
13,236,132
4.50
%
,
03/01/47
-
01/01/50
...........
31,870
31,142,400
4.50
%
,
04/25/54
(j)
.................
41,800
39,802,895
198,753,883
Total
U.S.
Government
Sponsored
Agency
Securities
—
10
.1
%
(Cost:
$
482,810,366
)
..............................
465,695,807
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
3.63
%
,
05/15/26
..................
12,580
12,330,366
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
4.13
%
,
06/15/26
-
02/15/27
...........
USD
162,040
$
160,568,619
4.50
%
,
07/15/26
..................
80,000
79,881,250
4.38
%
,
08/15/26
-
12/15/26
...........
242,660
241,995,412
4.63
%
,
09/15/26
-
11/15/26
...........
297,715
298,514,830
4.00
%
,
01/15/27
-
01/31/29
...........
129,060
127,536,944
4.25
%
,
03/15/27
..................
111,835
111,319,510
Total
U.S.
Treasury
Obligations
—
22
.4
%
(Cost:
$
1,033,986,871
)
............................
1,032,146,931
Total
Long-Term
Investments
—
98.1%
(Cost:
$
4,584,468,871
)
............................
4,527,668,985
Short-Term
Securities
Commercial
Paper
—
1.0%
(k)
Harley-Davidson
Financial
Services,
Inc.
,
6.08%
,
06/14/24
(b)
.................
12,000
11,847,276
HSBC
USA,
Inc.
6.55%
,
06/24/24
..................
7,000
6,906,391
6.46%
,
08/22/24
..................
15,000
14,665,697
6.52%
,
10/11/24
(b)
.................
15,000
14,545,833
Total
Commercial
Paper
—
1
.0
%
(Cost:
$
47,898,325
)
...............................
47,965,197
Shares
Shares
Money
Market
Funds
—
2.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(i)
(l)
...................
90,999,385
90,999,385
Total
Money
Market
Funds
—
2
.0
%
(Cost:
$
90,999,385
)
...............................
90,999,385
Total
Short-Term
Securities
—
3.0%
(Cost:
$
138,897,710
)
..............................
138,964,582
Total
Investments
Before
TBA
Sale
Commitments
—
101
.1
%
(Cost:
$
4,723,366,581
)
............................
4,666,633,567
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
Mortgage-Backed
Securities
—
(
0
.9
)
%
Uniform
Mortgage-Backed
Securities
,
4.50
%
,
04/25/54
(j)
.................
(
41,800
)
(
39,802,895
)
Total
TBA
Sale
Commitments
—
(
0
.9
)
%
(Proceeds:
$
(
40,043,094
)
)
..........................
(39,802,895)
Total
Investments
Net
of
TBA
Sale
Commitments
—
100
.2
%
(Cost:
$
4,683,323,487
)
............................
4,626,830,672
Liabilities
in
Excess
of
Other
Assets
—
(
0.2
)
%
.............
(
9,247,238
)
Net
Assets
—
100.0%
...............................
$
4,617,583,434
(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)
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.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(f)
Convertible
security.
(g)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
100
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(h)
Non-income
producing
security.
(i)
Affiliate
of
the
Fund.
(j)
Represents
or
includes
a
TBA
transaction.
(k)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(l)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Par/Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
72,766,327
$
18,233,058
(a)
$
—
$
—
$
—
$
90,999,385
90,999,385
$
1,078,788
$
—
BlackRock
Capital
Finance
LP
,
Series
1997-R2
,
Class
AP
.
—
—
—
—
—
—
15,614
—
—
$
—
$
—
$
90,999,385
$
1,078,788
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
101
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Euro-Bund
..............................................................
44
06/06/24
$
6,331
$
70,368
Euro-Schatz
.............................................................
51
06/06/24
5,816
7,415
U.S.
Treasury
2-Year
Note
....................................................
9,493
06/28/24
1,941,170
(
5,159,136
)
(
5,081,353
)
Short
Contracts
Euro-Bobl
...............................................................
421
06/06/24
53,709
(
290,794
)
U.S.
Treasury
10-Year
Note
...................................................
989
06/18/24
109,578
(
117,829
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
895
06/18/24
102,575
(
957,219
)
U.S.
Treasury
Long
Bond
.....................................................
343
06/18/24
41,310
(
705,007
)
U.S.
Treasury
Ultra
Bond
.....................................................
59
06/18/24
7,611
(
171,603
)
U.S.
Treasury
5-Year
Note
....................................................
7,863
06/28/24
841,464
(
349,593
)
(
2,592,045
)
$
(
7,673,398
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
GBP
628,000
USD
792,467
State
Street
Bank
and
Trust
Co.
04/03/24
$
168
USD
5,116,706
CAD
6,917,000
Deutsche
Bank
AG
06/20/24
4,325
USD
7,740,471
EUR
7,103,653
BNP
Paribas
SA
06/20/24
51,833
USD
3,090,570
EUR
2,844,000
Deutsche
Bank
AG
06/20/24
12,368
USD
39,797,024
EUR
36,423,785
Toronto
Dominion
Bank
06/20/24
373,742
USD
38,964,515
EUR
35,631,215
UBS
AG
06/20/24
399,072
USD
2,000,615
GBP
1,574,000
Bank
of
New
York
Mellon
06/20/24
13,152
USD
1,423,829
GBP
1,124,657
Commonwealth
Bank
of
Australia
06/20/24
3,744
USD
37,060,991
GBP
29,093,000
HSBC
Bank
plc
06/20/24
325,764
1,184,168
USD
792,802
GBP
628,000
State
Street
Bank
and
Trust
Co.
06/20/24
(
163
)
$
1,184,005
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
21,691
$
(
1,624,010
)
$
(
1,507,653
)
$
(
116,357
)
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
................
1
.00
Quarterly
06/20/29
USD
103,030
(
2,353,084
)
(
2,235,109
)
(
117,975
)
$
(
3,977,094
)
$
(
3,742,762
)
$
(
234,332
)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
102
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.23%
Annual
1-day
TONAR
Annual
11/24/25
JPY
17,391,247
$
(
21,752
)
$
—
$
(
21,752
)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0
.07
%
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
..........................................................
$
—
$
(
3,742,762
)
$
—
$
(
256,084
)
(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)
......
$
—
$
—
$
—
$
—
$
77,783
$
—
$
77,783
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
1,184,168
—
—
1,184,168
$
—
$
—
$
—
$
1,184,168
$
77,783
$
—
$
1,261,951
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
7,751,181
$
—
$
7,751,181
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
163
—
—
163
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
234,332
—
—
21,752
—
256,084
$
—
$
234,332
$
—
$
163
$
7,772,933
$
—
$
8,007,428
(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).
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
103
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
—
Offsetting
as
of
Period
End
For
the
period
ended
March
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
.......................
$
—
$
—
$
—
$
—
$
(
1,491,183
)
$
—
$
(
1,491,183
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
2,468,079
)
—
—
(
2,468,079
)
Options
purchased
(a)
.....................
—
—
—
—
(
1,176,768
)
—
(
1,176,768
)
Options
written
........................
—
—
—
—
765,732
—
765,732
Swaps
..............................
—
1,135,291
—
—
(
95,303
)
—
1,039,988
$
—
$
1,135,291
$
—
$
(2,468,079)
$
(1,997,522)
$
—
$
(3,330,310)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
(
11,982,086
)
$
—
$
(
11,982,086
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
929,804
)
—
—
(
929,804
)
Options
purchased
(b)
.....................
—
—
—
—
771,768
—
771,768
Options
written
........................
—
—
—
—
(
466,992
)
—
(
466,992
)
Swaps
..............................
—
(
523,917
)
—
—
(
21,752
)
—
(
545,669
)
$
—
$
(523,917)
$
—
$
(929,804)
$
(11,699,062)
$
—
$
(13,152,783)
(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
..................................................................................
$
1,876,328,058
Average
notional
value
of
contracts
—
short
.................................................................................
$
1,122,313,008
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
158,966,905
Average
amounts
sold
—
in
USD
........................................................................................
$
396,234
Options
Average
value
of
option
contracts
purchased
................................................................................
$
—
(a)
Average
value
of
option
contracts
written
...................................................................................
$
—
(a)
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
100,825,300
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
119,113,446
(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
....................................................................................
$
—
$
2,474
Forward
f
oreign
currency
exchange
contracts
.................................................................
1,184,168
163
Swaps
—
centrally
cleared
..............................................................................
—
200,433
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,184,168
$
203,070
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(
202,907
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
1,184,168
$
163
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
104
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
The
following
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
New
York
Mellon
...........................
$
13,152
$
—
$
—
$
—
$
13,152
BNP
Paribas
SA
.................................
51,833
—
—
—
51,833
Commonwealth
Bank
of
Australia
.....................
3,744
—
—
—
3,744
Deutsche
Bank
AG
...............................
16,693
—
—
—
16,693
HSBC
Bank
plc
..................................
325,764
—
—
—
325,764
State
Street
Bank
and
Trust
Co.
......................
168
(
163
)
—
—
5
Toronto
Dominion
Bank
............................
373,742
—
—
—
373,742
UBS
AG
......................................
399,072
—
—
—
399,072
$
1,184,168
$
(
163
)
$
—
$
—
$
1,184,005
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
State
Street
Bank
and
Trust
Co.
......................
$
163
$
(
163
)
$
—
$
—
$
—
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
849,655,758
$
5,169,758
$
854,825,516
Corporate
Bonds
........................................
—
1,623,986,739
—
1,623,986,739
Floating
Rate
Loan
Interests
.................................
—
—
5,150,000
5,150,000
Foreign
Agency
Obligations
.................................
—
55,180,014
—
55,180,014
Non-Agency
Mortgage-Backed
Securities
........................
—
490,683,978
—
490,683,978
U.S.
Government
Sponsored
Agency
Securities
....................
—
465,695,807
—
465,695,807
U.S.
Treasury
Obligations
...................................
—
1,032,146,931
—
1,032,146,931
Short-Term
Securities
Commercial
Paper
.......................................
—
47,965,197
—
47,965,197
Money
Market
Funds
......................................
90,999,385
—
—
90,999,385
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
39,802,895
)
—
(
39,802,895
)
$
90,999,385
$
4,525,511,529
$
10,319,758
$
4,626,830,672
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
1,184,168
$
—
$
1,184,168
Interest
rate
contracts
.......................................
77,783
—
—
77,783
Liabilities
Credit
contracts
...........................................
—
(
234,332
)
—
(
234,332
)
Foreign
currency
exchange
contracts
............................
—
(
163
)
—
(
163
)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Low
Duration
Bond
Portfolio
Schedules
of
Investments
105
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Interest
rate
contracts
.......................................
$
(
7,751,181
)
$
(
21,752
)
$
—
$
(
7,772,933
)
$
(
7,673,398
)
$
927,921
$
—
$
(
6,745,477
)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statements
of
Assets
and
Liabilities
(unaudited)

March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
106
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(b)
(c)
.........................................................
$
4,572,217,548‌
$
21,739,346,715‌
$
4,575,634,182‌
Investments,
at
value
—
affiliated
(d)
............................................................
69,604,750‌
1,032,422,576‌
90,999,385‌
Cash
...............................................................................
1,468,213‌
24,196,843‌
674,365‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
....................................................
—‌
875,000‌
—‌
Futures
contracts
......................................................................
4,037,520‌
1,363,000‌
20,469,000‌
Centrally
cleared
swaps
..................................................................
5,302,777‌
25,276,000‌
2,849,000‌
Foreign
currency,
at
value
(e)
.................................................................
12,858,707‌
3,363,563‌
2,954,386‌
Receivables:
–‌
–‌
–‌
Investment
s
sold
......................................................................
40,002,904‌
107,271,003‌
99,653,599‌
Securities
lending
income
—
affiliated
........................................................
—‌
2,433‌
—‌
Swaps  
............................................................................
72‌
—‌
562‌
TBA
sale
commitments
..................................................................
297,831,060‌
—‌
40,043,094‌
Capital
shares
sold
.....................................................................
14,974,305‌
204,058,378‌
6,554,911‌
Dividends
—
unaffiliated
.................................................................
—‌
902,750‌
—‌
Dividends
—
affiliated
...................................................................
350,996‌
1,931,327‌
421,448‌
Interest
—
unaffiliated
...................................................................
29,417,889‌
357,134,278‌
35,807,175‌
From
the
Manager
.....................................................................
190,913‌
—‌
87,178‌
Due
from
broker
.......................................................................
—‌
597,275‌
—‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
1,352,619‌
—‌
Swap
premiums
paid
.....................................................................
36,740‌
552,832‌
—‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
1,130,578‌
6,580,193‌
1,184,168‌
OTC
swaps
..........................................................................
221,776‌
44,136,061‌
—‌
Prepaid
e
xpenses
.......................................................................
177,623‌
481,219‌
119,438‌
Total
a
ssets
...........................................................................
5,049,824,371‌
23,551,844,065‌
4,877,451,891‌
LIABILITIES
Investments
sold
short,
at
value
(f)
.............................................................
—‌
3,337‌
—‌
Cash
received:
Collateral
—
OTC
derivatives
..............................................................
—‌
31,984,885‌
—‌
Collateral
—
TBA
commitments
.............................................................
39,000‌
—‌
230,000‌
Collateral
on
securities
loaned
...............................................................
—‌
31,289‌
—‌
Options
written,
at
value
(g)
..................................................................
1,608,125‌
2,094‌
—‌
TBA
sale
commitments,
at
value
(h)
............................................................
298,116,533‌
—‌
39,802,895‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
799,118,265‌
938,254,867‌
202,359,203‌
Swaps  
............................................................................
—‌
3,362‌
—‌
Accounting
services
fees
.................................................................
135,448‌
538,875‌
152,493‌
Administration
fees
.....................................................................
122,972‌
971,159‌
143,287‌
Proxy
fees
...........................................................................
47,040‌
268,058‌
58,882‌
Capital
shares
redeemed
.................................................................
9,687,456‌
126,867,416‌
12,386,939‌
Custodian
fees
........................................................................
67,172‌
122,254‌
51,521‌
Deferred
foreign
capital
gain
tax
............................................................
282‌
—‌
—‌
Income
dividend
distributions
..............................................................
2,592,730‌
10,013,019‌
1,614,554‌
Investment
advisory
fees
.................................................................
1,045,112‌
7,411,387‌
1,133,716‌
Trustees'
and
Officer's
fees
...............................................................
—‌
244,218‌
96,754‌
Other
affiliate
fees
.....................................................................
3,080‌
81,444‌
4,421‌
Professional
fees
......................................................................
67,606‌
133,908‌
51,912‌
Registration
fees
......................................................................
36‌
1,938‌
193,137‌
Service
and
distribution
fees
...............................................................
94,402‌
406,912‌
157,464‌
Transfer
agent
fees
....................................................................
1,059,063‌
4,909,789‌
1,198,740‌
Other
accrued
expenses
.................................................................
32,741‌
89,907‌
29,469‌
Variation
margin
on
futures
contracts
.........................................................
50,000‌
—‌
2,474‌
Variation
margin
on
centrally
cleared
swaps
....................................................
370,966‌
—‌
200,433‌
Swap
premiums
received
..................................................................
561,722‌
9,769,524‌
—‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
624,228‌
—‌
163‌
OTC
swaps
..........................................................................
195,724‌
93,844‌
—‌
Total
li
abilities
..........................................................................
1,115,639,703‌
1,132,203,486‌
259,868,457‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
NET
ASSETS
..........................................................................
$
3,934,184,668‌
$
22,419,640,579‌
$
4,617,583,434‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2024
107
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
4,562,053,643‌
$
23,743,252,009‌
$
5,243,056,765‌
Accumulated
loss
.......................................................................
(
627,868,975‌
)
(
1,323,611,430‌
)
(
625,473,331‌
)
NET
ASSETS
..........................................................................
$
3,934,184,668‌
$
22,419,640,579‌
$
4,617,583,434‌
(a)
  Consolidated
Statement
of
Assets
and
Liabilities.
(b)
  Investments,
at
cost
—
unaffiliated
.....................................................
$
4,778,516,793‌
$
21,702,764,236‌
$
4,632,351,653‌
(c)
  Securities
loaned,
at
value
..........................................................
$
—‌
$
24,762‌
$
—‌
(d)
  Investments,
at
cost
—
affiliated
.......................................................
$
69,604,750‌
$
1,017,057,176‌
$
91,014,928‌
(e)
  Foreign
currency,
at
cost
...........................................................
$
12,920,295‌
$
3,353,893‌
$
3,038,869‌
(f)
  Proceeds
received
from
short
sales
....................................................
$
—‌
$
5,919‌
$
—‌
(g)
  Premiums
received
...............................................................
$
1,955,006‌
$
14,449‌
$
—‌
(h)
  Proceeds
received
from
TBA
sale
commitments
.............................................
$
297,831,060‌
$
—‌
$
40,043,094‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
108
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................
$
2,792,091,517‌
$
12,238,551,786‌
$
3,416,020,619‌
Shares
outstanding
..................................................................
338,870,009‌
1,732,428,074‌
380,270,431‌
Net
asset
value
.....................................................................
$
8.24‌
$
7.06‌
$
8.98‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Service
Net
assets
.........................................................................
$
—‌
$
87,073,649‌
$
—‌
Shares
outstanding
..................................................................
—‌
12,317,630‌
—‌
Net
asset
value
.....................................................................
$
—‌
$
7.07‌
$
—‌
Shares
authorized
...................................................................
—
Unlimited
—
Par
value
.........................................................................
$
—‌
$
0.001‌
$
—‌
Investor
A
Net
assets
.........................................................................
$
379,619,189‌
$
1,115,897,090‌
$
608,822,678‌
Shares
outstanding
..................................................................
46,011,510‌
158,032,787‌
67,794,463‌
Net
asset
value
.....................................................................
$
8.25‌
$
7.06‌
$
8.98‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A1
Net
assets
.........................................................................
$
—‌
$
—‌
$
4,329,679‌
Shares
outstanding
..................................................................
—‌
—‌
481,730‌
Net
asset
value
.....................................................................
$
—‌
$
—‌
$
8.99‌
Shares
authorized
...................................................................
—
—
Unlimited
Par
value
.........................................................................
$
—‌
$
—‌
$
0.001‌
Investor
C
Net
assets
.........................................................................
$
13,574,554‌
$
79,076,799‌
$
22,064,877‌
Shares
outstanding
..................................................................
1,653,036‌
11,181,030‌
2,458,283‌
Net
asset
value
.....................................................................
$
8.21‌
$
7.07‌
$
8.98‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
K
Net
assets
.........................................................................
$
747,439,655‌
$
8,797,034,051‌
$
564,442,107‌
Shares
outstanding
..................................................................
90,432,150‌
1,244,697,105‌
62,886,974‌
Net
asset
value
.....................................................................
$
8.27‌
$
7.07‌
$
8.98‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
R
Net
assets
.........................................................................
$
1,459,753‌
$
102,007,204‌
$
1,903,474‌
Shares
outstanding
..................................................................
176,853‌
14,443,240‌
212,020‌
Net
asset
value
.....................................................................
$
8.25‌
$
7.06‌
$
8.98‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
March
31,
2024
109
Financial
Statements
BlackRock
Core
Bond
Portfolio
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
—‌
$
2,663,900‌
$
—‌
Dividends
—
affiliated
...................................................................
3,095,175‌
28,810,532‌
1,078,788‌
Interest
—
unaffiliated
...................................................................
83,567,230‌
760,488,742‌
113,684,461‌
Securities
lending
income
—
affiliated
—
net
...................................................
—‌
155,341‌
—‌
Foreign
taxes
withheld
..................................................................
(
27,255‌
)
—‌
(
1,685‌
)
Total
investment
income
...................................................................
86,635,150‌
792,118,515‌
114,761,564‌
EXPENSES
Investment
advisory
....................................................................
6,455,132‌
42,168,527‌
6,909,980‌
Transfer
agent
—
class
specific
............................................................
1,960,908‌
7,564,070‌
1,728,779‌
Administration
.......................................................................
716,968‌
3,353,265‌
866,783‌
Service
and
distribution
—
class
specific
......................................................
536,759‌
2,093,723‌
929,817‌
Administration
—
class
specific
............................................................
384,696‌
2,064,677‌
475,712‌
Accounting
services
....................................................................
134,752‌
548,449‌
141,004‌
Registration
.........................................................................
88,621‌
221,857‌
89,507‌
Professional
.........................................................................
82,197‌
152,051‌
63,693‌
Custodian
...........................................................................
69,813‌
128,331‌
46,692‌
Trustees
and
Officer
....................................................................
30,102‌
136,349‌
39,524‌
Printing
and
postage
...................................................................
19,642‌
41,077‌
24,350‌
Miscellaneous
........................................................................
193,684‌
885,716‌
224,836‌
Total
expenses
excluding
interest
expense
.......................................................
10,673,274‌
59,358,092‌
11,540,677‌
Interest
expense
......................................................................
53,719‌
17,129‌
9,564‌
Total
e
xpenses
.........................................................................
10,726,993‌
59,375,221‌
11,550,241‌
Less:
–‌
–‌
–‌
Administration
fees
waived
by
the
Manager
—
class
specific
.........................................
(
384,696‌
)
(
69,190‌
)
(
475,531‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(
355,239‌
)
(
1,373,521‌
)
(
31,302‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
............................
(
1,179,111‌
)
(
4,856‌
)
(
595,516‌
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
................................................
8,807,947‌
57,927,654‌
10,447,892‌
Net
investment
income
....................................................................
77,827,203‌
734,190,861‌
104,313,672‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
144,364,240‌
$
1,049,088,745‌
$
86,168,518‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
(
44,815,814‌
)
$
(
236,435,442‌
)
$
(
18,453,159‌
)
Investments
—
affiliated
...............................................................
—‌
23,721,641‌
—‌
Forward
foreign
currency
exchange
contracts
.................................................
(
1,495,020‌
)
(
10,533,556‌
)
(
2,468,079‌
)
Foreign
currency
transactions
...........................................................
314,178‌
2,293,245‌
547,355‌
Futures
contracts
....................................................................
(
7,231,354‌
)
(
983,300‌
)
(
1,491,183‌
)
Options
written
.....................................................................
12,710,503‌
1,524,493‌
765,732‌
Swaps  
..........................................................................
(
3,888,344‌
)
66,439,369‌
1,039,988‌
(44,405,851‌)
(153,973,550‌)
(20,059,346‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(b)
............................................................
179,291,461‌
1,158,656,201‌
120,005,642‌
Investments
—
affiliated
...............................................................
—‌
16,284,842‌
—‌
Forward
foreign
currency
exchange
contracts
.................................................
548,997‌
372,790‌
(
929,804‌
)
Foreign
currency
translations
............................................................
80,269‌
274,178‌
146,773‌
Futures
contracts
....................................................................
280,405‌
(
1,366,671‌
)
(
11,982,086‌
)
Options
written
.....................................................................
8,922,055‌
81,836‌
(
466,992‌
)
Short
sales
—
unaffiliated
..............................................................
—‌
2,211‌
—‌
Swaps  
..........................................................................
(
353,096‌
)
28,756,908‌
(
545,669‌
)
188,770,091‌
1,203,062,295‌
106,227,864‌
Net
realized
and
unrealized
gain
.............................................................
144,364,240‌
1,049,088,745‌
86,168,518‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................................
$
222,191,443‌
$
1,783,279,606‌
$
190,482,190‌
(a)
  Consolidated
Statement
of
Operations.
(b)
  Net
of
increase
in
deferred
foreign
capital
gain
tax
of
..............................................
$
(
282‌
)
$
—‌
$
—‌
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2024
BlackRock
Semi-Annual
Report
to
Shareholders
110
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
77,827,203‌
$
124,599,677‌
Net
realized
loss
..................................................................................
(
44,405,851‌
)
(
163,935,523‌
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
188,770,091‌
67,460,694‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
222,191,443‌
28,124,848‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income:
Institutional
.....................................................................................
(
60,061,923‌
)
(
84,958,170‌
)
Investor
A
......................................................................................
(
7,638,966‌
)
(
11,443,882‌
)
Investor
C
......................................................................................
(
232,651‌
)
(
349,218‌
)
Class
K
........................................................................................
(
15,567,470‌
)
(
22,336,984‌
)
Class
R
........................................................................................
(
26,717‌
)
(
32,444‌
)
Return
of
capital:
–
–
Institutional
.....................................................................................
—‌
(
4,559,217‌
)
Investor
A
......................................................................................
—‌
(
614,127‌
)
Investor
C
......................................................................................
—‌
(
18,740‌
)
Class
K
........................................................................................
—‌
(
1,198,698‌
)
Class
R
........................................................................................
—‌
(
1,741‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(83,527,727‌)
(125,513,221‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
4,302,450‌
579,623,682‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
142,966,166‌
482,235,309‌
Beginning
of
period
..................................................................................
3,791,218,502‌
3,308,983,193‌
End
of
period
......................................................................................
$
3,934,184,668‌
$
3,791,218,502‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
111
Financial
Statements
See
notes
to
financial
statements.
BlackRock
High
Yield
Bond
Portfolio
(a)
BlackRock
Low
Duration
Bond
Portfolio
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
734,190,861‌
$
1,263,333,922‌
$
104,313,672‌
$
213,249,565‌
Net
realized
loss
................................................
(
153,973,550‌
)
(
891,759,593‌
)
(
20,059,346‌
)
(
283,600,314‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
1,203,062,295‌
1,529,167,512‌
106,227,864‌
295,884,775‌
Net
increase
in
net
assets
resulting
from
operations
...........................
1,783,279,606‌
1,900,741,841‌
190,482,190‌
225,534,026‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
From
net
investment
income:
Institutional
...................................................
(
408,458,512‌
)
(
728,227,439‌
)
(
77,037,854‌
)
(
201,334,131‌
)
Service
......................................................
(
2,861,459‌
)
(
5,460,071‌
)
—‌
—‌
Investor
A
....................................................
(
36,916,105‌
)
(
70,238,231‌
)
(
13,251,580‌
)
(
36,434,232‌
)
Investor
A1
...................................................
—‌
—‌
(
94,912‌
)
(
225,478‌
)
Investor
C
....................................................
(
2,373,979‌
)
(
4,990,792‌
)
(
425,974‌
)
(
1,173,362‌
)
Class
K
......................................................
(
282,182,757‌
)
(
456,000,419‌
)
(
13,111,529‌
)
(
35,701,680‌
)
Class
R
......................................................
(
3,122,985‌
)
(
5,701,151‌
)
(
42,741‌
)
(
108,262‌
)
Return
of
capital:
–
–
–
–
Institutional
...................................................
—‌
(
5,180,653‌
)
—‌
—‌
Service
......................................................
—‌
(
38,843‌
)
—‌
—‌
Investor
A
....................................................
—‌
(
499,679‌
)
—‌
—‌
Investor
C
....................................................
—‌
(
35,505‌
)
—‌
—‌
Class
K
......................................................
—‌
(
3,244,014‌
)
—‌
—‌
Class
R
......................................................
—‌
(
40,558‌
)
—‌
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(735,915,797‌)
(1,279,657,355‌)
(103,964,590‌)
(274,977,145‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
1,912,325,397‌
1,133,368,435‌
(396,238,848‌)
(1,587,753,718‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
2,959,689,206‌
1,754,452,921‌
(
309,721,248‌
)
(
1,637,196,837‌
)
Beginning
of
period
................................................
19,459,951,373‌
17,705,498,452‌
4,927,304,682‌
6,564,501,519‌
End
of
period
....................................................
$
22,419,640,579‌
$
19,459,951,373‌
$
4,617,583,434‌
$
4,927,304,682‌
(a)
Consolidated
Statements
of
Changes
in
Net
Assets.
(b)
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
112
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.94
‌
$
8.12
‌
$
9.88
‌
$
10.43
‌
$
9.92
‌
$
9.25
‌
Net
investment
income
(a)
...................
0
.17
‌
0
.29
‌
0
.17
‌
0
.14
‌
0
.20
‌
0
.28
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.31
‌
(
0
.18
)
(
1
.69
)
(
0
.14
)
0
.53
‌
0
.68
‌
Net
increase
(decrease)
from
investment
operations
..
0.48
‌
0.11
‌
(1.52
)
0.00
‌
0.73
‌
0.96
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.18
)
(
0
.28
)
(
0
.16
)
(
0
.19
)
(
0
.22
)
(
0
.29
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.06
)
(
0
.36
)
—
‌
—
‌
Return
of
capital
.........................
—
‌
(
0
.01
)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.18
)
(0.29
)
(0.24
)
(0.55
)
(0.22
)
(0.29
)
Net
asset
value,
end
of
period
................
$
8.24
‌
$
7.94
‌
$
8.12
‌
$
9.88
‌
$
10.43
‌
$
9.92
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.05
%
(d)
1.30
%
(15.67
)%
(0.04
)%
7.42
%
10.52
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
0.55
%
(f)
0.54
%
0.54
%
0.53
%
0.54
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.44
%
(f)
0.43
%
0.44
%
0.44
%
0.43
%
0.51
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.44
%
(f)
0.43
%
0.44
%
0.44
%
0.43
%
0.43
%
Net
investment
income
.....................
4.06
%
(f)
3.51
%
1.82
%
1.35
%
1.98
%
2.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
2,792,092
‌
$
2,742,791
‌
$
2,350,703
‌
$
2,892,879
‌
$
2,608,893
‌
$
1,935,102
‌
Portfolio
turnover
rate
(g)
......................
295
%
467
%
533
%
585
%
692
%
684
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
208%
336%
337%
387%
488%
481%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
113
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.95
‌
$
8.13
‌
$
9.89
‌
$
10.44
‌
$
9.93
‌
$
9.26
‌
Net
investment
income
(a)
...................
0
.16
‌
0
.27
‌
0
.14
‌
0
.11
‌
0
.18
‌
0
.26
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.31
‌
(
0
.18
)
(
1
.69
)
(
0
.14
)
0
.52
‌
0
.67
‌
Net
increase
(decrease)
from
investment
operations
..
0.47
‌
0.09
‌
(1.55
)
(0.03
)
0.70
‌
0.93
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.17
)
(
0
.26
)
(
0
.13
)
(
0
.16
)
(
0
.19
)
(
0
.26
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.06
)
(
0
.36
)
—
‌
—
‌
Return
of
capital
.........................
—
‌
(
0
.01
)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.17
)
(0.27
)
(0.21
)
(0.52
)
(0.19
)
(0.26
)
Net
asset
value,
end
of
period
................
$
8.25
‌
$
7.95
‌
$
8.13
‌
$
9.89
‌
$
10.44
‌
$
9.93
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
5.91
%
(d)
1.05
%
(15.86
)%
(0.29
)%
7.15
%
10.24
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
0.79
%
(f)
0.77
%
0.81
%
0.80
%
0.81
%
0.93
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.69
%
(f)
0.68
%
0.69
%
0.69
%
0.68
%
0.76
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.69
%
(f)
0.68
%
0.69
%
0.69
%
0.68
%
0.68
%
Net
investment
income
.....................
3.82
%
(f)
3.26
%
1.56
%
1.10
%
1.75
%
2.69
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
379,619
‌
$
359,256
‌
$
358,179
‌
$
451,800
‌
$
532,706
‌
$
492,426
‌
Portfolio
turnover
rate
(g)
......................
295
%
467
%
533
%
585
%
692
%
684
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
208%
336%
337%
387%
488%
481%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
114
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
Investor
C
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.91
‌
$
8.09
‌
$
9.84
‌
$
10.40
‌
$
9.89
‌
$
9.22
‌
Net
investment
income
(a)
...................
0
.12
‌
0
.21
‌
0
.07
‌
0
.04
‌
0
.10
‌
0
.19
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.32
‌
(
0
.18
)
(
1
.68
)
(
0
.16
)
0
.53
‌
0
.67
‌
Net
increase
(decrease)
from
investment
operations
..
0.44
‌
0.03
‌
(1.61
)
(0.12
)
0.63
‌
0.86
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.14
)
(
0
.20
)
(
0
.06
)
(
0
.08
)
(
0
.12
)
(
0
.19
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.06
)
(
0
.36
)
—
‌
—
‌
Return
of
capital
.........................
—
‌
(
0
.01
)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.14
)
(0.21
)
(0.14
)
(0.44
)
(0.12
)
(0.19
)
Net
asset
value,
end
of
period
................
$
8.21
‌
$
7.91
‌
$
8.09
‌
$
9.84
‌
$
10.40
‌
$
9.89
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
5.54
%
(d)
0.28
%
(16.48
)%
(1.14
)%
6.37
%
9.45
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
1.53
%
(f)
1.54
%
1.56
%
1.53
%
1.57
%
1.68
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.44
%
(f)
1.43
%
1.44
%
1.44
%
1.43
%
1.51
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
1.44
%
(f)
1.43
%
1.44
%
1.44
%
1.43
%
1.43
%
Net
investment
income
.....................
3.07
%
(f)
2.50
%
0.77
%
0.36
%
1.02
%
1.96
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
13,575
‌
$
13,803
‌
$
14,300
‌
$
25,319
‌
$
36,599
‌
$
49,848
‌
Portfolio
turnover
rate
(g)
......................
295
%
467
%
533
%
585
%
692
%
684
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
208%
336%
337%
387%
488%
481%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
115
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Core
Bond
Portfolio
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
7.96
‌
$
8.14
‌
$
9.91
‌
$
10.46
‌
$
9.95
‌
$
9.28
‌
Net
investment
income
(a)
....................
0
.17
‌
0
.30
‌
0
.17
‌
0
.14
‌
0
.21
‌
0
.29
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.32
‌
(
0
.18
)
(
1
.70
)
(
0
.14
)
0
.52
‌
0
.67
‌
Net
increase
(decrease)
from
investment
operations
...
0.49
‌
0.12
‌
(1.53
)
0.00
‌
0.73
‌
0.96
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.18
)
(
0
.28
)
(
0
.16
)
(
0
.19
)
(
0
.22
)
(
0
.29
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.06
)
(
0
.36
)
—
‌
—
‌
Return
of
capital
..........................
—
‌
(
0
.02
)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
..........................
(0.18
)
(0.30
)
(0.24
)
(0.55
)
(0.22
)
(0.29
)
Net
asset
value,
end
of
period
.................
$
8.27
‌
$
7.96
‌
$
8.14
‌
$
9.91
‌
$
10.46
‌
$
9.95
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
.....................
6.20
%
(d)
1.35
%
(15.68
)%
0.02
%
7.46
%
10.55
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
............................
0.43
%
(f)
0.43
%
0.43
%
0.42
%
0.42
%
0.51
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.39
%
(f)
0.38
%
0.39
%
0.39
%
0.38
%
0.46
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
..................
0.39
%
(f)
0.38
%
0.39
%
0.39
%
0.38
%
0.38
%
Net
investment
income
......................
4.11
%
(f)
3.56
%
1.81
%
1.40
%
2.04
%
2.99
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
747,440
‌
$
674,059
‌
$
584,718
‌
$
952,547
‌
$
1,029,002
‌
$
829,549
‌
Portfolio
turnover
rate
(g)
.......................
295
%
467
%
533
%
585
%
692
%
684
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
208%
336%
337%
387%
488%
481%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
116
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
(g)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Core
Bond
Portfolio
Class
R
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.95
‌
$
8.13
‌
$
9.89
‌
$
10.45
‌
$
9.94
‌
$
9.27
‌
Net
investment
income
(a)
...................
0
.15
‌
0
.25
‌
0
.12
‌
0
.09
‌
0
.16
‌
0
.23
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.31
‌
(
0
.18
)
(
1
.69
)
(
0
.15
)
0
.52
‌
0
.68
‌
Net
increase
(decrease)
from
investment
operations
..
0.46
‌
0.07
‌
(1.57
)
(0.06
)
0.68
‌
0.91
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.16
)
(
0
.24
)
(
0
.11
)
(
0
.14
)
(
0
.17
)
(
0
.24
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.06
)
(
0
.36
)
—
‌
—
‌
Return
of
capital
.........................
—
‌
(
0
.01
)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.16
)
(0.25
)
(0.19
)
(0.50
)
(0.17
)
(0.24
)
Net
asset
value,
end
of
period
................
$
8.25
‌
$
7.95
‌
$
8.13
‌
$
9.89
‌
$
10.45
‌
$
9.94
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
5.78
%
(d)
0.79
%
(16.07
)%
(0.64
)%
6.88
%
9.95
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
1.16
%
(f)
1.15
%
1.20
%
1.13
%
1.08
%
1.21
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.94
%
(f)
0.93
%
0.94
%
0.94
%
0.93
%
1.01
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.94
%
(f)
0.93
%
0.94
%
0.94
%
0.93
%
0.93
%
Net
investment
income
.....................
3.57
%
(f)
3.02
%
1.32
%
0.87
%
1.54
%
2.45
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
1,460
‌
$
1,309
‌
$
1,084
‌
$
1,249
‌
$
2,023
‌
$
2,712
‌
Portfolio
turnover
rate
(g)
......................
295
%
467
%
533
%
585
%
692
%
684
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
208%
336%
337%
387%
488%
481%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
117
Financial
Highlights
BlackRock
High
Yield
Bond
Portfolio
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
6.71
‌
$
6.48
‌
$
7.89
‌
$
7.42
‌
$
7.68
‌
$
7.67
‌
Net
investment
income
(a)
....................
0
.24
‌
0
.45
‌
0
.37
‌
0
.37
‌
0
.40
‌
0
.44
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.36
‌
0
.23
‌
(
1
.38
)
0
.48
‌
(
0
.24
)
0
.02
‌
Net
increase
(decrease)
from
investment
operations
...
0.60
‌
0.68
‌
(1.01
)
0.85
‌
0.16
‌
0.46
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.25
)
(
0
.45
)
(
0
.38
)
(
0
.38
)
(
0
.42
)
(
0
.45
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.00
)
(c)
—
‌
—
‌
—
‌
Return
of
capital
..........................
—
‌
(
0
.00
)
(c)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
..........................
(0.25
)
(0.45
)
(0.40
)
(0.38
)
(0.42
)
(0.45
)
Net
asset
value,
end
of
period
.................
$
7.06
‌
$
6.71
‌
$
6.48
‌
$
7.89
‌
$
7.42
‌
$
7.68
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.....................
9.00
%
(e)
10.70
%
(13.21
)%
11.58
%
2.21
%
6.34
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
............................
0.59
%
(g)
0.58
%
0.58
%
0.57
%
0.59
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.57
%
(g)
0.57
%
0.57
%
0.56
%
0.58
%
0.60
%
Net
investment
income
......................
7.10
%
(g)
6.62
%
5.03
%
4.73
%
5.37
%
5.89
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
12,238,552
‌
$
10,888,212
‌
$
10,232,728
‌
$
14,197,255
‌
$
11,680,175
‌
$
10,693,110
‌
Portfolio
turnover
rate
........................
40
%
66
%
67
%
76
%
119
%
102
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
118
BlackRock
High
Yield
Bond
Portfolio
Service
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
6.71
‌
$
6.48
‌
$
7.89
‌
$
7.43
‌
$
7.68
‌
$
7.67
‌
Net
investment
income
(a)
....................
0
.24
‌
0
.43
‌
0
.34
‌
0
.35
‌
0
.38
‌
0
.42
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.36
‌
0
.23
‌
(
1
.37
)
0
.46
‌
(
0
.23
)
0
.02
‌
Net
increase
(decrease)
from
investment
operations
...
0.60
‌
0.66
‌
(1.03
)
0.81
‌
0.15
‌
0.44
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.24
)
(
0
.43
)
(
0
.36
)
(
0
.35
)
(
0
.40
)
(
0
.43
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.00
)
(c)
—
‌
—
‌
—
‌
Return
of
capital
..........................
—
‌
(
0
.00
)
(c)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
..........................
(0.24
)
(0.43
)
(0.38
)
(0.35
)
(0.40
)
(0.43
)
Net
asset
value,
end
of
period
.................
$
7.07
‌
$
6.71
‌
$
6.48
‌
$
7.89
‌
$
7.43
‌
$
7.68
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.....................
9.00
%
(e)
10.40
%
(13.46
)%
11.11
%
2.08
%
6.06
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
............................
0.87
%
(g)
0.85
%
0.87
%
0.86
%
0.86
%
0.87
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.85
%
(g)
0.84
%
0.86
%
0.85
%
0.85
%
0.87
%
Net
investment
income
......................
6.82
%
(g)
6.35
%
4.64
%
4.45
%
5.13
%
5.64
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
87,074
‌
$
81,439
‌
$
80,995
‌
$
133,295
‌
$
125,536
‌
$
154,658
‌
Portfolio
turnover
rate
........................
40
%
66
%
67
%
76
%
119
%
102
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
119
Financial
Highlights
BlackRock
High
Yield
Bond
Portfolio
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
6.71
‌
$
6.47
‌
$
7.88
‌
$
7.42
‌
$
7.68
‌
$
7.67
‌
Net
investment
income
(a)
....................
0
.23
‌
0
.42
‌
0
.35
‌
0
.34
‌
0
.38
‌
0
.42
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.35
‌
0
.25
‌
(
1
.38
)
0
.47
‌
(
0
.25
)
0
.02
‌
Net
increase
(decrease)
from
investment
operations
...
0.58
‌
0.67
‌
(1.03
)
0.81
‌
0.13
‌
0.44
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.23
)
(
0
.43
)
(
0
.36
)
(
0
.35
)
(
0
.39
)
(
0
.43
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.00
)
(c)
—
‌
—
‌
—
‌
Return
of
capital
..........................
—
‌
(
0
.00
)
(c)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
..........................
(0.23
)
(0.43
)
(0.38
)
(0.35
)
(0.39
)
(0.43
)
Net
asset
value,
end
of
period
.................
$
7.06
‌
$
6.71
‌
$
6.47
‌
$
7.88
‌
$
7.42
‌
$
7.68
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.....................
8.81
%
(e)
10.49
%
(13.52
)%
11.06
%
1.90
%
6.00
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
............................
0.95
%
(g)
0.94
%
0.92
%
0.91
%
0.90
%
0.94
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.93
%
(g)
0.92
%
0.91
%
0.90
%
0.89
%
0.92
%
Net
investment
income
......................
6.75
%
(g)
6.27
%
4.72
%
4.40
%
5.09
%
5.58
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
1,115,897
‌
$
1,069,375
‌
$
1,088,100
‌
$
1,408,666
‌
$
1,298,176
‌
$
1,329,156
‌
Portfolio
turnover
rate
........................
40
%
66
%
67
%
76
%
119
%
102
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
120
BlackRock
High
Yield
Bond
Portfolio
Investor
C
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
6.72
‌
$
6.48
‌
$
7.90
‌
$
7.43
‌
$
7.69
‌
$
7.68
‌
Net
investment
income
(a)
....................
0
.21
‌
0
.38
‌
0
.29
‌
0
.29
‌
0
.33
‌
0
.37
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.35
‌
0
.25
‌
(
1
.38
)
0
.48
‌
(
0
.25
)
0
.02
‌
Net
increase
(decrease)
from
investment
operations
...
0.56
‌
0.63
‌
(1.09
)
0.77
‌
0.08
‌
0.39
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.21
)
(
0
.39
)
(
0
.31
)
(
0
.30
)
(
0
.34
)
(
0
.38
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.00
)
(c)
—
‌
—
‌
—
‌
Return
of
capital
..........................
—
‌
(
0
.00
)
(c)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
..........................
(0.21
)
(0.39
)
(0.33
)
(0.30
)
(0.34
)
(0.38
)
Net
asset
value,
end
of
period
.................
$
7.07
‌
$
6.72
‌
$
6.48
‌
$
7.90
‌
$
7.43
‌
$
7.69
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.....................
8.45
%
(e)
9.76
%
(14.18
)%
10.46
%
1.19
%
5.25
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
............................
1.59
%
(g)
1.58
%
1.58
%
1.57
%
1.61
%
1.64
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.58
%
(g)
1.58
%
1.58
%
1.56
%
1.60
%
1.64
%
Net
investment
income
......................
6.10
%
(g)
5.61
%
3.98
%
3.74
%
4.39
%
4.87
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
79,077
‌
$
80,427
‌
$
95,815
‌
$
159,580
‌
$
186,558
‌
$
262,204
‌
Portfolio
turnover
rate
........................
40
%
66
%
67
%
76
%
119
%
102
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
121
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Includes
recoupment
of
past
waived
and/or
reimbursed
fees.
Excluding
the
recoupment
of
past
waived
and/or
reimbursed
fees,
the
expense
ratios
were
as
follows:
(h)
Annualized.
BlackRock
High
Yield
Bond
Portfolio
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
6.71
‌
$
6.48
‌
$
7.89
‌
$
7.43
‌
$
7.68
‌
$
7.68
‌
Net
investment
income
(a)
....................
0
.25
‌
0
.45
‌
0
.37
‌
0
.38
‌
0
.40
‌
0
.45
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.36
‌
0
.24
‌
(
1
.37
)
0
.46
‌
(
0
.22
)
0
.01
‌
Net
increase
(decrease)
from
investment
operations
...
0.61
‌
0.69
‌
(1.00
)
0.84
‌
0.18
‌
0.46
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.25
)
(
0
.46
)
(
0
.39
)
(
0
.38
)
(
0
.43
)
(
0
.46
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.00
)
(c)
—
‌
—
‌
—
‌
Return
of
capital
..........................
—
‌
(
0
.00
)
(c)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
..........................
(0.25
)
(0.46
)
(0.41
)
(0.38
)
(0.43
)
(0.46
)
Net
asset
value,
end
of
period
.................
$
7.07
‌
$
6.71
‌
$
6.48
‌
$
7.89
‌
$
7.43
‌
$
7.68
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.....................
9.21
%
(e)
10.81
%
(13.12
)%
11.53
%
2.46
%
6.32
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
(g)
...........................
0.48
%
(h)
0.48
%
0.49
%
0.48
%
0.48
%
0.49
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.47
%
(h)
0.48
%
0.48
%
0.47
%
0.47
%
0.49
%
Net
investment
income
......................
7.20
%
(h)
6.72
%
5.09
%
4.86
%
5.40
%
5.99
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
8,797,034
‌
$
7,249,086
‌
$
6,116,737
‌
$
7,883,370
‌
$
11,470,944
‌
$
4,644,939
‌
Portfolio
turnover
rate
........................
40
%
66
%
67
%
76
%
119
%
102
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Expense
ratios
................................................
N/A  
N/A  
N/A  
N/A  
N/A  
0.49%
See
notes
to
financial
statements.
Consolidated
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
122
BlackRock
High
Yield
Bond
Portfolio
Class
R
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
............
$
6.71
‌
$
6.47
‌
$
7.89
‌
$
7.42
‌
$
7.68
‌
$
7.67
‌
Net
investment
income
(a)
....................
0
.22
‌
0
.41
‌
0
.33
‌
0
.32
‌
0
.36
‌
0
.40
‌
Net
realized
and
unrealized
gain
(loss)
...........
0
.36
‌
0
.24
‌
(
1
.39
)
0
.48
‌
(
0
.25
)
0
.02
‌
Net
increase
(decrease)
from
investment
operations
...
0.58
‌
0.65
‌
(1.06
)
0.80
‌
0.11
‌
0.42
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
.................
(
0
.23
)
(
0
.41
)
(
0
.34
)
(
0
.33
)
(
0
.37
)
(
0
.41
)
From
net
realized
gain
......................
—
‌
—
‌
(
0
.00
)
(c)
—
‌
—
‌
—
‌
Return
of
capital
..........................
—
‌
(
0
.00
)
(c)
(
0
.02
)
—
‌
—
‌
—
‌
Total
distributions
..........................
(0.23
)
(0.41
)
(0.36
)
(0.33
)
(0.37
)
(0.41
)
Net
asset
value,
end
of
period
.................
$
7.06
‌
$
6.71
‌
$
6.47
‌
$
7.89
‌
$
7.42
‌
$
7.68
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.....................
8.68
%
(e)
10.22
%
(13.84
)%
10.94
%
1.64
%
5.69
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
............................
1.18
%
(g)
1.17
%
1.16
%
1.15
%
1.16
%
1.22
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.16
%
(g)
1.17
%
1.16
%
1.14
%
1.15
%
1.21
%
Net
investment
income
......................
6.51
%
(g)
6.03
%
4.51
%
4.16
%
4.84
%
5.28
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
102,007
‌
$
91,412
‌
$
91,124
‌
$
109,138
‌
$
110,465
‌
$
125,710
‌
Portfolio
turnover
rate
........................
40
%
66
%
67
%
76
%
119
%
102
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
123
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Low
Duration
Bond
Portfolio
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.82
‌
$
8.91
‌
$
9.72
‌
$
9.71
‌
$
9.64
‌
$
9.47
‌
Net
investment
income
(a)
...................
0
.20
‌
0
.33
‌
0
.15
‌
0
.12
‌
0
.19
‌
0
.25
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.16
‌
0
.00
(b)
(
0
.79
)
0
.02
‌
0
.09
‌
0
.18
‌
Net
increase
(decrease)
from
investment
operations
..
0.36
‌
0.33
‌
(0.64
)
0.14
‌
0.28
‌
0.43
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.20
)
(
0
.42
)
(
0
.17
)
(
0
.13
)
(
0
.21
)
(
0
.26
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(d)
(
0
.00
)
(d)
Total
distributions
.........................
(0.20
)
(0.42
)
(0.17
)
(0.13
)
(0.21
)
(0.26
)
Net
asset
value,
end
of
period
................
$
8.98
‌
$
8.82
‌
$
8.91
‌
$
9.72
‌
$
9.71
‌
$
9.64
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
....................
4.07
%
(f)
3.77
%
(6.61
)%
1.47
%
3.00
%
4.59
%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
...........................
0.45
%
(i)
0.43
%
0.43
%
0.44
%
0.45
%
0.45
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.41
%
(i)
0.40
%
0.40
%
0.40
%
0.41
%
0.40
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.41
%
(i)
0.40
%
0.40
%
0.40
%
0.40
%
0.40
%
Net
investment
income
.....................
4.42
%
(i)
3.71
%
1.58
%
1.20
%
2.03
%
2.60
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
3,416,021
‌
$
3,599,334
‌
$
4,789,552
‌
$
6,395,606
‌
$
5,375,701
‌
$
5,374,564
‌
Portfolio
turnover
rate
(j)
......................
70
%
212
%
163
%
129
%
213
%
182
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
60%
183%
153%
125%
170%
144%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
124
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Low
Duration
Bond
Portfolio
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.82
‌
$
8.90
‌
$
9.72
‌
$
9.71
‌
$
9.63
‌
$
9.47
‌
Net
investment
income
(a)
...................
0
.19
‌
0
.31
‌
0
.13
‌
0
.09
‌
0
.17
‌
0
.22
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.16
‌
0
.01
‌
(
0
.80
)
0
.03
‌
0
.10
‌
0
.17
‌
Net
increase
(decrease)
from
investment
operations
..
0.35
‌
0.32
‌
(0.67
)
0.12
‌
0.27
‌
0.39
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.19
)
(
0
.40
)
(
0
.15
)
(
0
.11
)
(
0
.19
)
(
0
.23
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
(
0
.00
)
(c)
Total
distributions
.........................
(0.19
)
(0.40
)
(0.15
)
(0.11
)
(0.19
)
(0.23
)
Net
asset
value,
end
of
period
................
$
8.98
‌
$
8.82
‌
$
8.90
‌
$
9.72
‌
$
9.71
‌
$
9.63
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
3.94
%
(e)
3.63
%
(6.95
)%
1.22
%
2.85
%
4.23
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
...........................
0.71
%
(h)
0.69
%
0.74
%
0.74
%
0.76
%
0.78
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.66
%
(h)
0.65
%
0.65
%
0.65
%
0.66
%
0.65
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.66
%
(h)
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
Net
investment
income
.....................
4.17
%
(h)
3.46
%
1.34
%
0.96
%
1.77
%
2.35
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
608,823
‌
$
676,646
‌
$
916,865
‌
$
1,199,702
‌
$
1,412,985
‌
$
1,318,473
‌
Portfolio
turnover
rate
(i)
......................
70
%
212
%
163
%
129
%
213
%
182
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
60%
183%
153%
125%
170%
144%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
125
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Low
Duration
Bond
Portfolio
Investor
A1
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.83
‌
$
8.91
‌
$
9.73
‌
$
9.71
‌
$
9.64
‌
$
9.48
‌
Net
investment
income
(a)
...................
0
.19
‌
0
.32
‌
0
.14
‌
0
.11
‌
0
.19
‌
0
.24
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.16
‌
0
.01
‌
(
0
.80
)
0
.03
‌
0
.09
‌
0
.17
‌
Net
increase
(decrease)
from
investment
operations
..
0.35
‌
0.33
‌
(0.66
)
0.14
‌
0.28
‌
0.41
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.19
)
(
0
.41
)
(
0
.16
)
(
0
.12
)
(
0
.21
)
(
0
.25
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
(
0
.00
)
(c)
Total
distributions
.........................
(0.19
)
(0.41
)
(0.16
)
(0.12
)
(0.21
)
(0.25
)
Net
asset
value,
end
of
period
................
$
8.99
‌
$
8.83
‌
$
8.91
‌
$
9.73
‌
$
9.71
‌
$
9.64
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
4.02
%
(e)
3.78
%
(6.80
)%
1.48
%
2.90
%
4.38
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
...........................
0.64
%
(h)
0.63
%
0.62
%
0.59
%
0.60
%
0.59
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.51
%
(h)
0.50
%
0.50
%
0.50
%
0.51
%
0.50
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.51
%
(h)
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
.....................
4.32
%
(h)
3.62
%
1.50
%
1.13
%
1.93
%
2.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
4,330
‌
$
4,532
‌
$
5,134
‌
$
6,710
‌
$
8,141
‌
$
8,621
‌
Portfolio
turnover
rate
(i)
......................
70
%
212
%
163
%
129
%
213
%
182
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
60%
183%
153%
125%
170%
144%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
126
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Low
Duration
Bond
Portfolio
Investor
C
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.82
‌
$
8.90
‌
$
9.72
‌
$
9.70
‌
$
9.63
‌
$
9.46
‌
Net
investment
income
(a)
...................
0
.15
‌
0
.24
‌
0
.05
‌
0
.02
‌
0
.10
‌
0
.15
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.16
‌
0
.01
‌
(
0
.79
)
0
.04
‌
0
.09
‌
0
.18
‌
Net
increase
(decrease)
from
investment
operations
..
0.31
‌
0.25
‌
(0.74
)
0.06
‌
0.19
‌
0.33
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.15
)
(
0
.33
)
(
0
.08
)
(
0
.04
)
(
0
.12
)
(
0
.16
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
(
0
.00
)
(c)
Total
distributions
.........................
(0.15
)
(0.33
)
(0.08
)
(0.04
)
(0.12
)
(0.16
)
Net
asset
value,
end
of
period
................
$
8.98
‌
$
8.82
‌
$
8.90
‌
$
9.72
‌
$
9.70
‌
$
9.63
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
3.55
%
(e)
2.86
%
(7.65
)%
0.57
%
1.98
%
3.56
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
...........................
1.48
%
(h)
1.45
%
1.45
%
1.45
%
1.50
%
1.52
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.41
%
(h)
1.40
%
1.40
%
1.40
%
1.41
%
1.40
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
1.41
%
(h)
1.40
%
1.40
%
1.40
%
1.40
%
1.40
%
Net
investment
income
.....................
3.42
%
(h)
2.70
%
0.58
%
0.23
%
1.05
%
1.61
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
22,065
‌
$
26,808
‌
$
36,103
‌
$
51,625
‌
$
69,913
‌
$
152,890
‌
Portfolio
turnover
rate
(i)
......................
70
%
212
%
163
%
129
%
213
%
182
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
60%
183%
153%
125%
170%
144%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
127
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
Low
Duration
Bond
Portfolio
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.81
‌
$
8.90
‌
$
9.72
‌
$
9.70
‌
$
9.63
‌
$
9.46
‌
Net
investment
income
(a)
...................
0
.20
‌
0
.33
‌
0
.15
‌
0
.12
‌
0
.20
‌
0
.25
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.17
‌
0
.00
(b)
(
0
.79
)
0
.04
‌
0
.09
‌
0
.18
‌
Net
increase
(decrease)
from
investment
operations
..
0.37
‌
0.33
‌
(0.64
)
0.16
‌
0.29
‌
0.43
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.20
)
(
0
.42
)
(
0
.18
)
(
0
.14
)
(
0
.22
)
(
0
.26
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(d)
(
0
.00
)
(d)
Total
distributions
.........................
(0.20
)
(0.42
)
(0.18
)
(0.14
)
(0.22
)
(0.26
)
Net
asset
value,
end
of
period
................
$
8.98
‌
$
8.81
‌
$
8.90
‌
$
9.72
‌
$
9.70
‌
$
9.63
‌
Total
Return
(e)
—
—
—
—
—
—
Based
on
net
asset
value
....................
4.21
%
(f)
3.82
%
(6.67
)%
1.63
%
3.05
%
4.65
%
(g)
Ratios
to
Average
Net
Assets
(h)
Total
expen
ses
...........................
0.38
%
(i)
0.37
%
0.37
%
0.37
%
0.38
%
0.37
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.36
%
(i)
0.35
%
0.35
%
0.36
%
0.36
%
0.35
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.36
%
(i)
0.35
%
0.35
%
0.36
%
0.35
%
0.35
%
Net
investment
income
.....................
4.47
%
(i)
3.76
%
1.65
%
1.23
%
2.07
%
2.64
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
564,442
‌
$
617,831
‌
$
814,127
‌
$
943,607
‌
$
557,997
‌
$
512,940
‌
Portfolio
turnover
rate
(j)
......................
70
%
212
%
163
%
129
%
213
%
182
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
60%
183%
153%
125%
170%
144%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
128
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Low
Duration
Bond
Portfolio
Class
R
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.82
‌
$
8.90
‌
$
9.72
‌
$
9.70
‌
$
9.63
‌
$
9.47
‌
Net
investment
income
(a)
...................
0
.17
‌
0
.29
‌
0
.11
‌
0
.07
‌
0
.15
‌
0
.20
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.16
‌
0
.01
‌
(
0
.80
)
0
.03
‌
0
.09
‌
0
.17
‌
Net
increase
(decrease)
from
investment
operations
..
0.33
‌
0.30
‌
(0.69
)
0.10
‌
0.24
‌
0.37
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.17
)
(
0
.38
)
(
0
.13
)
(
0
.08
)
(
0
.17
)
(
0
.21
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
(
0
.00
)
(c)
Total
distributions
.........................
(0.17
)
(0.38
)
(0.13
)
(0.08
)
(0.17
)
(0.21
)
Net
asset
value,
end
of
period
................
$
8.98
‌
$
8.82
‌
$
8.90
‌
$
9.72
‌
$
9.70
‌
$
9.63
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
3.81
%
(e)
3.37
%
(7.18
)%
1.07
%
2.49
%
3.97
%
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
...........................
1.08
%
(h)
1.05
%
1.09
%
1.07
%
1.08
%
1.18
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.91
%
(h)
0.90
%
0.90
%
0.91
%
0.91
%
0.90
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.91
%
(h)
0.90
%
0.90
%
0.91
%
0.90
%
0.90
%
Net
investment
income
.....................
3.91
%
(h)
3.21
%
1.17
%
0.72
%
1.54
%
2.10
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
1,903
‌
$
2,154
‌
$
2,721
‌
$
2,153
‌
$
2,405
‌
$
3,949
‌
Portfolio
turnover
rate
(i)
......................
70
%
212
%
163
%
129
%
213
%
182
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
60%
183%
153%
125%
170%
144%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
129
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
V (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,
Service
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
Service,
Investor
A,
Investor
A1,
Investor C
and
Class
R
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
and
Class R
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Investor
A1
Shares
are
only
available
for
dividend
and
capital
gain
reinvestment
by
existing
shareholders,
and
for
purchase
by
certain
employer-
sponsored
retirement
plans.
Class
R
Shares
are
sold
without
a
sales
charge
and
only
to
certain
employer-sponsored
retirement
plans.
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).
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
Fixed-Income
Complex.
Basis
of
Consolidation:
 The
accompanying
consolidated
financial
statements
of
High
Yield
Bond
include
the
accounts
of
BR-HIYLD
Subsidiary
II,
LLC
(the
“Taxable
Subsidiary”),
which
is
a
wholly-owned
taxable
subsidiary
of
High
Yield
Bond.
The
Taxable
Subsidiary
enables
High
Yield
Bond
to
hold
certain
pass-through
investments
and satisfy
regulated
investment
company
tax
requirements.
Income
earned
and
gains
realized
on
the
investments
held
by
the
Taxable
Subsidiary
are
taxable
to
such
subsidiary.
A
tax
provision
for
income,
if
any,
is
shown
as
income
tax
in
the
Consolidated
Statement
of
Operations
for
High
Yield
Bond.
A
tax
provision
for
realized
and
unrealized
gains,
if
any,
is
included
as
a
reduction
of
realized
and/or
unrealized
gain
(loss)
in
the
Consolidated
Statement
of
Operations
for
High
Yield
Bond.
Taxes
payable
or
deferred
as
of
March
31,
2024
,
if
any,
are
disclosed
in
the
Consolidated
Statement
of
Assets
and
Liabilities.
High
Yield
Bond
may
invest
up
to
25%
of
its
total
assets
in
the
Taxable
Subsidiary.
The
net
assets
of
the
Taxable
Subsidiary
as
of
period
end
were
$56,506,
which
is
less
than
0.01%
of
High
Yield
Bond’s
consolidated
net
assets.
Intercompany
accounts
and
transactions,
if
any,
have
been
eliminated.
The
Taxable
Subsidiary
is
subject
to
the
same
investment
policies
and
restrictions
that
apply
to
High
Yield
Bond.
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
(the
“trade
dates”).
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.
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Core
Bond
Portfolio
...............................................
Core
Bond
Diversified
BlackRock
High
Yield
Bond
Portfolio
............................................
High
Yield
Bond
Diversified
BlackRock
Low
Duration
Bond
Portfolio
..........................................
Low
Duration
Bond
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional,
Service,
Class
K
and
Class
R
Shares
..........................
No
No
None
Investor
A
Shares
..............................................
Yes
No
(a)
None
Investor
A1
Shares
.............................................
No
(b)
No
(c)
None
Investor
C
Shares
.............................................
No
Yes
(d)
To
Investor
A
Shares
after
approximately
8
years
(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)
Investor
A1
Shares
are
subject
to
a
maximum
sales
charge
on
purchases
of
1.00%.
The
sales
charge
does
not
apply
to
dividend
and
capital
gain
reinvestments
by
existing
shareholders
and
new
purchases
for
certain
employer-sponsored
retirement
plans,
which
are
currently
the
only
investors
who
may
invest
in
Investor
A1
Shares.
(c)
Investor
A1
Shares
may
be
subject
to
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
However,
the
CDSC
does
not
apply
to
redemptions
by
certain
employer-sponsored
retirement
plans
or
to
redemptions
of
shares
acquired
through
reinvestment
of
dividends
and
capital
gains
by
existing
shareholders.
(d)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
130
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.
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
March
31,
2024
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
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
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
portion
of
distributions,
if
any,
that
exceeds
a
fund’s
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”), the 
trustees
who
are
not
“interested
persons”
of
the
Funds,
as
defined
in
the
1940
Act
(“Independent
Trustees
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Trustees
.
This
has
the
same
economic
effect
for
the
Independent 
Trustees
as
if
the
Independent 
Trustees
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
each
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Trustees’
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as
Trustee
and
Officer
expense
on
the Statements
of
Operations.
The
Trustee
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
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
each
Fund
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)
Notes
to
Financial
Statements
(unaudited)
(continued)
131
Notes
to
Financial
Statements
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.
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.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
High
Yield
Bond
values
its
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
its
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded. 
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
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.  
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)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
132
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.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
133
Notes
to
Financial
Statements
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. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
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.
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
134
in
the
event
of
default
and/or
termination
event. 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
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedules
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Funds
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
Short
Sale
Transactions:
In
short
sale
transactions,
a
fund
sells
a
security
it
does
not
hold
in
anticipation
of
a
decline
in
the
market
price
of
that
security.
When
a
fund
makes
a
short
sale,
it
will
borrow
the
security
sold
short
from
a
broker/counterparty
and
deliver
the
security
to
the
purchaser.
To
close
out
a
short
position,
a
fund
delivers
the
same
security
to
the
broker
and
records
a
liability
to
reflect
the
obligation
to
return
the
security
to
the
broker.
The
amount
of
the
liability
is
subsequently
marked-to-market
to
reflect
the
market
value
of
the
short
sale.
A
fund
maintains
a
segregated
account
of
securities
or
deposits
cash
with
the
broker-dealer
as
collateral
for
the
short
sales.
Cash
deposited
with
the
broker
is
recorded
as
an
asset
in
the
Statements
of
Assets
and
Liabilities.
Securities
segregated
as
collateral
are
denoted
in
the
Schedules
of
Investments.
A
fund
may
pay
a
financing
fee
for
the
difference
between
the
market
value
of
the
short
position
and
the
cash
collateral
deposited
with
the
broker
which
would
be
recorded
as
interest
expense.
A
fund
is
required
to
repay
the
counterparty
any
dividends
received
on
the
security
sold
short,
which,
if
applicable,
is
shown
as
dividend
expense
in
the
Statements
of
Operations.
A
fund
may
pay
a
fee
on
the
assets
borrowed
from
the
counterparty,
which,
if
applicable,
is
shown
as
broker
fees
and
expenses
on
short
sales
in
the
Statements
of
Operations.
A
fund
is
exposed
to
market
risk
based
on
the
amount,
if
any,
that
the
market
value
of
the
security
increases
beyond
the
market
value
at
which
the
position
was
sold.
Thus,
a
short
sale
of
a
security
involves
the
risk
that
instead
of
declining,
the
price
of
the
security
sold
short
will
rise.
The
short
sale
of
securities
involves
the
possibility
of
an
unlimited
loss
since
there
is
an
unlimited
potential
for
the
market
price
of
the
security
sold
short
to
increase.
A
gain
is limited
to
the
price
at
which
a
fund
sold
the
security
short.
A
realized
gain
or
loss
is
recognized
upon
the
termination
of
a
short
sale
if
the
market
price
is
either
less
than
or
greater
than
the
proceeds
originally
received.
There
is
no
assurance
that
a
fund
will
be
able
to
close
out
a
short
position
at
a
particular
time
or
at
an
acceptable
price.
Securities
Lending:
 Certain
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
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
As
of
period
end,
the
following
table
is
a
summary
of
the
High
Yield
Bond
’
s
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
High
Yield
Bond
Barclays
Capital,
Inc.
..........................
$
1,152‌
$
(1,152‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
...........................
23,610‌
(23,610‌)
—‌
—‌
$
24,762‌
$
(24,762‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
135
Notes
to
Financial
Statements
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.
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. The
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
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
136
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
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.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
137
Notes
to
Financial
Statements
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.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
The
Manager
provides
investment
management
and
other
services
to
the
Taxable
Subsidiary.
The
Manager
does
not
receive
separate
compensation
from
the
Taxable
Subsidiary
for
providing
investment
management
or
administrative
services.
However, High
Yield
Bond
pays
the
Manager
based
on
the
Fund's
net
assets,
which
includes
the
assets
of
the
Taxable
Subsidiary.
With
respect
to
High
Yield
Bond,
the
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
(“BIL”)
(the
"Sub-Adviser"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of the Fund
for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund
to
the
Manager.
Core
Bond
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.350%
$1
billion
-
$2
billion
.....................................................................................................
0.340
$2
billion
-
$
3
billion
.....................................................................................................
0.330
Greater
than
$3
billion
...................................................................................................
0.320
High
Yield
Bond
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.500%
$1
billion
-
$2
billion
.....................................................................................................
0.450
$2
billion
-
$3
billion
.....................................................................................................
0.425
$3
billion
-
$25
billion
....................................................................................................
0.400
$25
billion
-
$30
billion
...................................................................................................
0.375
Greater
than
$30
billion
...................................................................................................
0.350
Low
Duration
Bond
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.310%
$1
billion
-
$3
billion
.....................................................................................................
0.290
$3
billion
-
$5
billion
.....................................................................................................
0.280
$5
billion
-
$10
billion
....................................................................................................
0.270
Greater
than
$10
billion
...................................................................................................
0.260
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
138
With
respect
to Core
Bond
and
Low
Duration
Bond,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of BIL
and
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
each
Fund
for
which
BIL
and
BSL,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
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
March
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
March
31,
2024, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
six
months
 ended March
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:
Share
Class
Service
Fees
Distribution
Fees
Service
..................................................................................................
0.25‌
%
—‌
Investor
A
.................................................................................................
0.
25‌
—‌
Investor
A1
................................................................................................
0.
10‌
—‌
Investor
C
.................................................................................................
0.25‌
0.
7
5‌
%
Class
R
..................................................................................................
0.25‌
0.25‌
Fund
Name
Service
Investor
A
Investor
A1
Investor
C
Class
R
Total
Core
Bond
..................................................
$
—‌
$
464,228‌
$
—‌
$
69,077‌
$
3,454‌
$
536,759‌
High
Yield
Bond
...............................................
104,492‌
1,362,358‌
—‌
387,877‌
238,996‌
2,093,723‌
Low
Duration
Bond
............................................
—‌
797,028‌
2,206‌
125,103‌
5,480‌
929,817‌
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
Service
Investor
A
Investor
A1
Investor
C
Class
K
Class
R
Total
Core
Bond
....................................
$
275,401‌
$
—‌
$
37,138‌
$
—‌
$
1,382‌
$
70,637‌
$
138‌
$
384,696‌
High
Yield
Bond
.................................
1,148,036‌
8,359‌
108,989‌
—‌
7,758‌
781,975‌
9,560‌
2,064,677‌
Low
Duration
Bond
..............................
349,943‌
—‌
63,762‌
441‌
2,502‌
58,845‌
219‌
475,712‌
Fund
Name
Institutional
Investor
A
Total
Core
Bond
......................................................................................
$
363,801‌
$
2‌
$
363,803‌
High
Yield
Bond
...................................................................................
98,528‌
—‌
98,528‌
Low
Duration
Bond
................................................................................
267,140‌
—‌
267,140‌
Notes
to
Financial
Statements
(unaudited)
(continued)
139
Notes
to
Financial
Statements
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
March
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
March
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 
March
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
March
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
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
March
31,
2024
,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of each
Fund’s
assets
invested
in
affiliated
equity
and
fixed-
income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2025.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
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
March
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
Service
Investor
A
Investor
A1
Investor
C
Class
K
Class
R
Total
Core
Bond
....................................
$
2,718‌
$
—‌
$
4,677‌
$
—‌
$
—‌
$
584‌
$
42‌
$
8,021‌
High
Yield
Bond
.................................
15,928‌
251‌
27,711‌
—‌
2,394‌
8,735‌
1,355‌
56,374‌
Low
Duration
Bond
..............................
3,621‌
—‌
3,474‌
125‌
540‌
781‌
53‌
8,594‌
Fund
Name
Institutional
Service
Investor
A
Investor
A1
Investor
C
Class
K
Class
R
Total
Core
Bond
....................................
$
1,718,534‌
$
—‌
$
213,868‌
$
—‌
$
6,866‌
$
20,054‌
$
1,586‌
$
1,960,908‌
High
Yield
Bond
.................................
6,053,814‌
55,841‌
1,207,563‌
—‌
42,262‌
112,196‌
92,394‌
7,564,070‌
Low
Duration
Bond
..............................
1,409,432‌
—‌
271,948‌
3,613‌
13,145‌
28,344‌
2,297‌
1,728,779‌
Fund
Name
Other
Fees
Core
Bond
.............................................................................................................
$
7,246‌
High
Yield
Bond
..........................................................................................................
24,750‌
Low
Duration
Bond
.......................................................................................................
9,320‌
Fund
Name
Investor
A
Investor
C
Core
Bond
..................................................................................................
$
798‌
$
626‌
High
Yield
Bond
...............................................................................................
6,341‌
1,862‌
Low
Duration
Bond
............................................................................................
9,196‌
2,109‌
Fund
Name
Amounts
Waived
Core
Bond
.........................................................................................................
$
44,291‌
High
Yield
Bond
......................................................................................................
152,720‌
Low
Duration
Bond
...................................................................................................
15,553‌
Fund
Name
Amount
Waived
High
Yield
Bond
..........................................................................................................
$
1,220,801‌
Fund
Name
Institutional
Service
Investor
A
Investor
A1
Investor
C
Class
K
Class
R
Core
Bond
.......................................
0.43‌%
N/A‌
0.68‌%
N/A‌
1.43‌%
0.38‌%
0.93‌%
High
Yield
Bond
....................................
0.67‌
1.02‌%
0.92‌
N/A‌
1.72‌
0.58‌
1.28‌
Low
Duration
Bond
.................................
0.40‌
N/A‌
0.65‌
0.50‌%
1.40‌
0.35‌
0.90‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
140
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
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the six
months
ended
March
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
March
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 fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Funds
bear
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
reinvested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee,
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits the
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
High
Yield
Bond retains
81%
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 Fixed-Income
Complex
in
a
calendar
year
exceeds
a
specified
threshold,
High
Yield
Bond,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
81%
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
High
Yield
Bond is
shown
as
securities
lending
income
—
affiliated
—
net
in
the
Statements
of
Operation.
For
the six
months
ended March
31,
2024,
the
Fund
paid
BIM $36,438
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
the
Fund’s
investment
policies
and
restrictions. Each
Fund is
currently
permitted
to
borrow
and
Core
Bond
and
Low
Duration
Bond
are
permitted
to
lend
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Core
Bond
...............................................................................................................
$
310,948‌
Low
Duration
Bond
.........................................................................................................
15,749‌
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Core
Bond
Institutional
....................................................................................
$
275,401‌
$
1,032,614‌
Investor
A
.....................................................................................
37,138‌
121,765‌
Investor
C
.....................................................................................
1,382‌
3,438‌
Class
K
......................................................................................
70,637‌
20,054‌
Class
R
......................................................................................
138‌
1,240‌
$
384,696‌
$
1,179,111‌
High
Yield
Bond
Investor
A
.....................................................................................
69,190‌
4,856‌
$
69,190‌
$
4,856‌
Low
Duration
Bond
Institutional
....................................................................................
349,943‌
466,002‌
Investor
A
.....................................................................................
63,762‌
101,011‌
Investor
A1
....................................................................................
441‌
2,420‌
Investor
C
.....................................................................................
2,502‌
6,425‌
Class
K
......................................................................................
58,664‌
17,956‌
Class
R
......................................................................................
219‌
1,702‌
$
475,531‌
$
595,516‌
Notes
to
Financial
Statements
(unaudited)
(continued)
141
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
March
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. 
7.
PURCHASES
AND
SALES 
For
the six
months ended
March
31,
2024,
purchases
and
sales
of
investments,
including
paydowns/payups,
mortgage
dollar
rolls
and
excluding
short-term
securities,
were
as
follows:
For
the six
months ended
March
31,
2024,
purchases
and
sales
related
to
mortgage
dollar
rolls
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
March
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
September
30,
2023, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses as
follows: 
As
of
March
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)
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.
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Core
Bond
..........................................................
$
1,329,426,734‌
$
1,329,228,816‌
$
10,996,139,855‌
$
10,900,962,362‌
High
Yield
Bond
.......................................................
—‌
—‌
10,361,724,449‌
8,189,323,765‌
Low
Duration
Bond
....................................................
780,439,687‌
845,640,848‌
2,498,677,171‌
3,008,966,811‌
Fund
Name
Purchases
Sales
Core
Bond
..........................................................................................
$
3,589,306,799‌
$
3,587,907,058‌
Low
Duration
Bond
....................................................................................
469,947,725‌
469,776,145‌
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
Qualified
Late-Year
Ordinary
Losses
Core
Bond
..........................................................................................
$
(361,738,646‌)
$
(3,830,692‌)
High
Yield
Bond
.......................................................................................
(1,168,627,480‌)
—‌
Low
Duration
Bond
....................................................................................
(489,050,817‌)
(36,648,935‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
Bond
......................................................
$
4,854,715,523‌
$
21,817,043‌
$
(235,732,965‌)
$
(213,915,923‌)
High
Yield
Bond
..................................................
22,790,080,460‌
527,358,535‌
(493,390,701‌)
33,967,834‌
Low
Duration
Bond
................................................
4,731,517,475‌
17,903,656‌
(89,292,843‌)
(71,389,186‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
142
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
March
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.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
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
options
purchased
and
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
Notes
to
Financial
Statements
(unaudited)
(continued)
143
Notes
to
Financial
Statements
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.
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.
The
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
the
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. 
Certain
Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
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
03/31/24
Year
Ended
09/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Core
Bond
Institutional
Shares
sold
..........................................
83,199,746‌
$
674,289,472‌
139,314,900‌
$
1,151,954,865‌
Shares
issued
in
reinvestment
of
distributions
.....................
6,012,419‌
49,210,068‌
9,083,232‌
75,113,087‌
Shares
redeemed
......................................
(95,926,905‌)
(772,923,244‌)
(92,387,417‌)
(763,061,185‌)
(6,714,740‌)
$
(49,423,704‌)
56,010,715‌
$
464,006,767‌
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
5,850,696‌
$
47,835,339‌
11,475,789‌
$
95,318,705‌
Shares
issued
in
reinvestment
of
distributions
.....................
895,233‌
7,337,061‌
1,393,831‌
11,546,186‌
Shares
redeemed
......................................
(5,937,032‌)
(48,390,975‌)
(11,729,114‌)
(97,153,204‌)
808,897‌
$
6,781,425‌
1,140,506‌
$
9,711,687‌
Investor
C
Shares
sold
..........................................
297,088‌
$
2,411,367‌
609,808‌
$
5,021,310‌
Shares
issued
in
reinvestment
of
distributions
.....................
28,180‌
229,883‌
44,225‌
364,727‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(417,017‌)
(3,396,555‌)
(676,550‌)
(5,578,355‌)
(91,749‌)
$
(755,305‌)
(22,517‌)
$
(192,318‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
144
d
Six
Months
Ended
03/31/24
Year
Ended
09/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
K
Shares
sold
..........................................
14,336,020‌
$
117,147,693‌
32,435,162‌
$
268,958,121‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,649,221‌
13,536,465‌
2,500,035‌
20,745,456‌
Shares
redeemed
......................................
(10,212,788‌)
(83,085,432‌)
(22,076,167‌)
(183,872,841‌)
5,772,453‌
$
47,598,726‌
12,859,030‌
$
105,830,736‌
Class
R
Shares
sold
..........................................
27,247‌
$
225,193‌
58,385‌
$
484,831‌
Shares
issued
in
reinvestment
of
distributions
.....................
3,218‌
26,381‌
4,089‌
33,855‌
Shares
redeemed
......................................
(18,294‌)
(150,266‌)
(31,062‌)
(251,876‌)
12,171‌
$
101,308‌
31,412‌
$
266,810‌
(212,968‌)
$
4,302,450‌
70,019,146‌
$
579,623,682‌
High
Yield
Bond
Institutional
Shares
sold
..........................................
379,023,577‌
$
2,598,614,301‌
946,910,963‌
$
6,380,437,486‌
Shares
issued
in
reinvestment
of
distributions
.....................
56,585,219‌
392,133,625‌
102,302,445‌
691,321,502‌
Shares
redeemed
......................................
(325,876,847‌)
(2,226,379,963‌)
(1,006,472,070‌)
(6,765,014,957‌)
109,731,949‌
$
764,367,963‌
42,741,338‌
$
306,744,031‌
Service
Shares
sold
..........................................
1,924,339‌
$
13,287,173‌
5,834,208‌
$
39,304,704‌
Shares
issued
in
reinvestment
of
distributions
.....................
408,958‌
2,835,445‌
803,502‌
5,431,972‌
Shares
redeemed
......................................
(2,144,491‌)
(14,784,931‌)
(7,009,171‌)
(47,346,116‌)
188,806‌
$
1,337,687‌
(371,461‌)
$
(2,609,440‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
28,304,176‌
$
195,648,375‌
52,698,063‌
$
355,170,220‌
Shares
issued
in
reinvestment
of
distributions
.....................
4,838,284‌
33,501,140‌
9,479,256‌
64,018,882‌
Shares
redeemed
......................................
(34,549,795‌)
(238,602,640‌)
(70,819,565‌)
(477,232,762‌)
(1,407,335‌)
$
(9,453,125‌)
(8,642,246‌)
$
(58,043,660‌)
Investor
C
Shares
sold
..........................................
1,427,747‌
$
9,895,388‌
1,933,937‌
$
13,069,168‌
Shares
issued
in
reinvestment
of
distributions
.....................
328,664‌
2,278,528‌
710,658‌
4,806,547‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(2,546,578‌)
(17,435,376‌)
(5,450,932‌)
(36,783,193‌)
(790,167‌)
$
(5,261,460‌)
(2,806,337‌)
$
(18,907,478‌)
Class
K
Shares
sold
..........................................
272,777,643‌
$
1,898,845,508‌
423,322,220‌
$
2,847,897,544‌
Shares
issued
in
reinvestment
of
distributions
.....................
38,179,540‌
264,649,772‌
62,768,149‌
424,322,483‌
Shares
redeemed
......................................
(146,082,562‌)
(1,007,889,567‌)
(350,208,947‌)
(2,363,029,867‌)
164,874,621‌
$
1,155,605,713‌
135,881,422‌
$
909,190,160‌
Class
R
Shares
sold
..........................................
1,670,405‌
$
11,558,704‌
2,050,800‌
$
13,847,565‌
Shares
issued
in
reinvestment
of
distributions
.....................
450,536‌
3,120,611‌
848,788‌
5,734,235‌
Shares
redeemed
......................................
(1,304,204‌)
(8,950,696‌)
(3,346,511‌)
(22,586,978‌)
816,737‌
$
5,728,619‌
(446,923‌)
$
(3,005,178‌)
273,414,611‌
$
1,912,325,397‌
166,355,793‌
$
1,133,368,435‌
Low
Duration
Bond
Institutional
Shares
sold
..........................................
45,018,938‌
$
402,332,943‌
129,830,930‌
$
1,154,571,706‌
Shares
issued
in
reinvestment
of
distributions
.....................
8,288,292‌
74,152,258‌
21,375,312‌
189,998,861‌
Shares
redeemed
......................................
(81,006,234‌)
(723,810,965‌)
(281,011,629‌)
(2,498,262,858‌)
(27,699,004‌)
$
(247,325,764‌)
(129,805,387‌)
$
(1,153,692,291‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
7,757,483‌
$
69,269,438‌
17,797,185‌
$
158,347,840‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,370,696‌
12,260,152‌
3,834,346‌
34,080,243‌
Shares
redeemed
......................................
(18,052,384‌)
(160,909,755‌)
(47,889,969‌)
(426,327,126‌)
(8,924,205‌)
$
(79,380,165‌)
(26,258,438‌)
$
(233,899,043‌)
Investor
A1
Shares
sold
..........................................
3‌
$
24‌
71‌
$
637‌
Shares
issued
in
reinvestment
of
distributions
.....................
7,376‌
66,045‌
17,506‌
155,694‌
Shares
redeemed
......................................
(39,056‌)
(348,555‌)
(80,338‌)
(715,203‌)
(31,677‌)
$
(282,486‌)
(62,761‌)
$
(558,872‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
145
Notes
to
Financial
Statements
12.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
Effective
April
11,
2024,
the
364-day
credit
agreement
to
which
the
Trust,
on
behalf
of
the
Funds,
and
the
Participating
Funds
are
party, was
amended
to
(i)
decrease
the
aggregate
commitment
amount
to
$2.40
billion,
and
(ii)
extend
the
termination
date
to
April
2025.
On
May
3,
2024,
the
Board
approved
a
proposal
to
change
the
name
of
BlackRock
High
Yield
Bond
Portfolio
to
BlackRock
High
Yield
Portfolio
and
certain
changes
to
the
Fund’s
investment
strategy.
These
changes
will
become
effective
on
August
5,
2024.
d
Six
Months
Ended
03/31/24
Year
Ended
09/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
C
Shares
sold
..........................................
209,337‌
$
1,870,784‌
854,015‌
$
7,593,027‌
Shares
issued
in
reinvestment
of
distributions
.....................
45,530‌
407,029‌
127,128‌
1,129,003‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(837,588‌)
(7,491,654‌)
(1,997,025‌)
(17,749,766‌)
(582,721‌)
$
(5,213,841‌)
(1,015,882‌)
$
(9,027,736‌)
Class
K
Shares
sold
..........................................
10,936,660‌
$
97,940,619‌
21,649,708‌
$
192,520,737‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,366,110‌
12,215,527‌
3,700,732‌
32,865,717‌
Shares
redeemed
......................................
(19,506,310‌)
(173,902,396‌)
(46,746,009‌)
(415,417,556‌)
(7,203,540‌)
$
(63,746,250‌)
(21,395,569‌)
$
(190,031,102‌)
Class
R
Shares
sold
..........................................
25,476‌
$
227,198‌
53,747‌
$
477,874‌
Shares
issued
in
reinvestment
of
distributions
.....................
4,665‌
41,728‌
12,034‌
106,942‌
Shares
redeemed
......................................
(62,357‌)
(559,268‌)
(127,146‌)
(1,129,490‌)
(32,216‌)
$
(290,342‌)
(61,365‌)
$
(544,674‌)
(44,473,363‌)
$
(396,238,848‌)
(178,599,402‌)
$
(1,587,753,718‌)
Statement
Regarding
Liquidity
Risk
Management
Program
2024
BlackRock
Semi-Annual
Report
to
Shareholders
146
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
V
(the
"Trust")
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
the
BlackRock
Core
Bond
Portfolio,
BlackRock
High
Yield
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
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
14-15,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC,
the
investment
adviser
to
each
Fund,
as
the
program
administrator
for
each
Fund’s
Program.
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
147
Additional
Information
Proxy
Results
BlackRock
Funds
V
A
Special
Meeting
of
Shareholders
was
held
on
November
9,
2023
for
shareholders
of
record
on
September
11,
2023,
to
elect
Trustees
to
the
Trust's
Board.
Shareholders
elected
the
Trustees*
as
follows:
*
Denotes
Trust-wide
proposal
and
voting
results.
Board
Members
whose
term
of
office
continued
after
the
Special
Meeting
of
Shareholders
because
they
were
not
up
for
election
are
R.
Glenn
Hubbard,
W.
Carl
Kester,
Cynthia
L.
Egan,
Frank
J.
Fabozzi,
Catherine
A.
Lynch,
Robert
Fairbairn
and
John
M.
Perlowski.
Frank
J.
Fabozzi's
term
as
a
Board
Member
of
the
Funds
ended
on
December
31,
2023.
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.
Votes
For
Votes
Withheld
Lorenzo
A.
Flores
6,098,355,552
50,013,664
Stayce
D.
Harris
6,100,362,778
48,006,437
J.
Phillip
Holloman
6,094,339,498
54,029,718
Arthur
P.
Steinmetz
6,096,630,633
51,738,582
Additional
Information
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
148
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.
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
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(a)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
(a)
For
BlackRock
Core
Bond
Portfolio
and
BlackRock
Low
Duration
Bond
Portfolio.
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
149
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNH
Chinese
Yuan
Offshore
CNY
Chinese
Yuan
COP
Colombian
Peso
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PEN
Peruvian
Sol
PLN
Polish
Zloty
RUB
New
Russian
Ruble
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ABS
Asset-Backed
Security
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CLICP
Chile
Indice
de
Camara
Promedio
Interbank
Overnight
Index
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
IBR
Colombian
Reference
Banking
Indicator
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PRIBOR
Prague
Interbank
Offered
Rate
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
REPO_CORRA
Canadian
Overnight
Repo
Rate
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
TONAR
Tokyo
Overnight
Average
Rate
WIBOR
Warsaw
Interbank
Offered
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.
Taxable3-3/24-SAR
MARCH
31,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
V
BlackRock
GNMA
Portfolio
BlackRock
Impact
Mortgage
Fund
BlackRock
Income
Fund
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
March
31,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
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
has
had
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’
advance
was
slower
but
still
robust.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-
year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
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
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
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
rapid
interest
rate
cuts,
as
reflected
in
the
ongoing
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
March
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
23.48
%
29.88
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.94
19.71
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
16.81
15.32
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
10.42
8.15
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.68
5.24
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.88
(2.44
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
5.99
1.70
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.48
3.13
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.73
11.15
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
The
Benefits
and
Risks
of
Leveraging
..........................................................................................
10
About
Fund
Performance
.................................................................................................
11
Disclosure
of
Expenses
...................................................................................................
12
Derivative
Financial
Instruments
.............................................................................................
12
Financial
Statements:
Schedules
of
Investments
...............................................................................................
13
Statements
of
Assets
and
Liabilities
.........................................................................................
64
Statements
of
Operations
................................................................................................
67
Statements
of
Changes
in
Net
Assets
........................................................................................
68
Financial
Highlights
.....................................................................................................
70
Notes
to
Financial
Statements
...............................................................................................
83
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
98
Additional
Information
....................................................................................................
99
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
101
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
GNMA
Portfolio
Investment
Objective
BlackRock
GNMA
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
Bloomberg
GNMA
Total
Return
Index
Value
Unhedged
USD,
with
the
exception
of
the
Fund’s
Investor
C
shares
which
underperformed.
What
factors
influenced
performance?
Positive
contributions
to
relative
performance
were
highlighted
by
allocations
to
collateralized
mortgage
obligations
(“CMOs”),
which
acted
as
stable
sources
of
income.
Pool
selection
and
relative
value
trades
within
the
agency
mortgage-backed
security
(“MBS”)
space
were
also
additive.
The
Fund’s
positioning
with
respect
to
interest
rates
was
the
sole
and
slight
detractor,
for
the
reporting
period.
Specifically,
the
Fund’s
above-benchmark
stance
with
respect
to
duration
(and
corresponding
interest
rate
sensitivity)
early
in
the
period
weighed
on
performance
after
the
Fed’s
surprisingly
hawkish
meeting
in
late-September
2023
led
rates
higher.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance
for
the
period.
Describe
recent
portfolio
activity.
Over
the
period,
the
Fund
added
higher
coupon
Ginnie
Mae
loan
balance
pools
based
on
the
valuations
and
income
potential.
The
Fund
favored
seasoned
pools
relative
to
recently
originated
collateral.
With
respect
to
out-of-benchmark
allocations,
the
Fund
increased
exposure
in
mortgage
derivatives
and
fixed
rate
CMOs.
Describe
portfolio
positioning
at
period
end.
The
Fund
continued
to
favor
seasoned
pools
over
generic
collateral,
as
seasoning
provides
a
degree
of
protection
against
faster
loan
prepayments,
which
have
persisted
in
some
segments
of
the
GNMA
space
despite
home
price
appreciation
and
affordability
challenges.
The
Fund
continued
to
hold
sizable
out-of-benchmark
allocations
to
agency
CMOs
and
mortgage
derivatives
as
sources
of
stable
income.
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.
Performance
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
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
..............
3.45‌%
3.22‌%
6.40‌%
1.50‌%
N/A‌
(0.40‌)%
N/A‌
0.85‌%
N/A‌
Investor
A
...............
3.07‌
2.85‌
6.25‌
1.25‌
(2.80‌)%
(0.66‌)
(1.47‌)%
0.56‌
0.15‌%
Investor
C
...............
2.46‌
2.27‌
5.88‌
0.49‌
(0.49‌)
(1.39‌)
(1.39‌)
(0.03‌)
(0.03‌)
Class
K
................
3.50‌
3.34‌
6.45‌
1.54‌
N/A‌
(0.37‌)
N/A‌
0.89‌
N/A‌
Bloomberg
GNMA
Total
Return
Index
Value
Unhedged
USD
(c)
—‌
—‌
6.17‌
1.65‌
N/A‌
(0.28‌)
N/A‌
1.05‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
assets
in
GNMA
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
GNMA
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
An
unmanaged
index
comprised
of
mortgage-backed
pass
through
securities
of
GNMA.
Fund
Summary
as
of
March
31,
2024
(continued)
5
Fund
Summary
BlackRock
GNMA
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,064.00‌
$
2.22‌
$
1,000.00‌
$
1,022.85‌
$
2.17‌
0.43‌%
Investor
A
................................
1,000.00‌
1,062.50‌
3.51‌
1,000.00‌
1,021.60‌
3.44‌
0.68‌
Investor
C
................................
1,000.00‌
1,058.80‌
7.36‌
1,000.00‌
1,017.85‌
7.21‌
1.43‌
Class
K
..................................
1,000.00‌
1,064.50‌
1.96‌
1,000.00‌
1,023.10‌
1.92‌
0.38‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
99.8‌
%
Non-Agency
Mortgage-Backed
Securities
..................
0.2‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AAA/Aaa
(c)
......................................
100.0‌
%
(a)
Excludes
short-term
securities,
options
written
and
TBA
sale
commitments.
(b)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Impact
Mortgage
Fund
Investment
Objective
BlackRock
Impact
Mortgage
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management,
while
investing
in
a
portfolio
of
fixed-income
securities
that
Fund
management
views
as
generating
positive
social
and/or
environmental
impacts.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
underperformed
its
benchmark,
the
Bloomberg
U.S.
MBS
Index.
What
factors
influenced
performance?
The
Fund’s
underweight
allocation
to
15-year
conventional
agency
MBS
versus
30-year
conventional
agency
MBS
detracted
modestly
from
performance
relative
to
the
benchmark
over
the
reporting
period.
Careful
security
selection
within
the
Impact
MBS
space
benefited
the
Fund’s
performance,
specifically
exposure
to
Manufactured
Housing
and
HomeReady
pools
and
Ginnie
Mae
Loss
Mitigation
pools,
which
continued
to
exhibit
favorable
prepayment
characteristics
relative
to
generic
collateral
within
the
benchmark.
Out
of
benchmark
allocations
to
agency
commercial
MBS
structured
off
of
Impact
collateral
were
also
additive.
Describe
recent
portfolio
activity.
The
Fund
continued
to
hold
core
allocations
in
various
Impact
MBS
pools
that
have
exhibited
robust
prepayment
characteristics
especially
for
premium
agency
MBS.
A
position
in
a
Manufactured
Housing
loan
balance
pool
was
increased,
which
provides
the
portfolio
with
call
protection
and
incremental
income
versus
the
benchmark.
Describe
portfolio
positioning
at
period
end.
The
Fund
maintained
its
concentration
in
agency
MBS
pools,
with
a
core
allocation
of
Impact
pools
in
stories
such
as
Down
Payment
Assistance,
Foreclosure
Prevention
and
Manufactured
Housing.
These
positions
were
held
on
the
view
that
their
collateral
attributes
exhibited
a
meaningful
benefit
in
terms
of
prepayment
characteristics
through
factors
such
as
loan
size
and
seasoning.
In
terms
of
interest
rate
positioning,
the
Fund
held
a
slightly
underweight
stance
with
respect
to
duration
and
corresponding
rate
sensitivity.
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.
Performance
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
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
..............
3.60‌%
3.30‌%
6.07‌%
0.65‌%
N/A‌
(0.23‌)%
N/A‌
0.93‌%
N/A‌
Investor
A
...............
3.22‌
2.92‌
5.93‌
0.30‌
(3.72‌)%
(0.47‌)
(1.28‌)%
0.67‌
0.26‌%
Investor
C
...............
2.61‌
2.41‌
5.55‌
(0.35‌)
(1.32‌)
(1.21‌)
(1.21‌)
0.06‌
0.06‌
Class
K
................
3.66‌
3.47‌
6.10‌
0.59‌
N/A‌
(0.18‌)
N/A‌
0.97‌
N/A‌
Class
R
................
3.11‌
2.80‌
5.80‌
0.04‌
N/A‌
(0.72‌)
N/A‌
0.41‌
N/A‌
Bloomberg
U.S.
MBS
Index
(c)
.
—‌
—‌
6.36‌
1.39‌
N/A‌
(0.39‌)
N/A‌
1.12‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
Under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
net
assets,
plus
any
borrowings
for
investment
purposes,
in
mortgage-backed
and
other
mortgage-related
securities
that
are
issued
or
guaranteed
by
the
U.S.
Government
and
its
agencies.
The
Fund
invests
primarily
in
the
highest
rated
government
and
agency
bonds
and
maintains
an
average
portfolio
duration
that
is
within
±1
year
of
the
duration
of
the
Bloomberg
U.S.
MBS
Index.
The
Fund's
total
returns
prior
to
September
1,
2022
are
the
returns
of
the
Fund
when
it
followed
a
different
investment
objective
and
different
investment
strategies
and
process
under
the
name
"BlackRock
U.S.
Government
Bond
Portfolio."
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
U.S.
Government
Bond
Portfolio
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
was
the
performance
and
accounting
survivor
of
the
Reorganization.
(c)
An
unmanaged
index
that
includes
mortgage
backed
pass-through
securities
guaranteed
by
Ginnie
Mae,
Fannie
Mae
and
Freddie
Mac
that
meet
certain
maturity
and
liquidity
criteria.
Fund
Summary
as
of
March
31,
2024
(continued)
7
Fund
Summary
BlackRock
Impact
Mortgage
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
Hypothetical
5%
Return
Expenses
Paid
During
the
Period
Including
Interest
Expense
Excluding
Interest
Expense
Annualized
Expense
Ratio
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Including
Interest
Expense
(a)
Excluding
Interest
Expense
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Including
Interest
Expense
Excluding
Interest
Expense
Institutional
.......
$
1,000.00‌
$
1,060.70‌
$
6.90‌
$
2.37‌
$
1,000.00‌
$
1,018.30‌
$
6.76‌
$
1,022.70‌
$
2.33‌
1.34‌%
0.46‌%
Investor
A
........
1,000.00‌
1,059.30‌
8.19‌
3.66‌
1,000.00‌
1,017.05‌
8.02‌
1,021.45‌
3.59‌
1.59‌
0.71‌
Investor
C
........
1,000.00‌
1,055.50‌
12.02‌
7.50‌
1,000.00‌
1,013.30‌
11.78‌
1,017.70‌
7.36‌
2.34‌
1.46‌
Class
K
.........
1,000.00‌
1,061.00‌
6.65‌
2.11‌
1,000.00‌
1,018.55‌
6.51‌
1,022.95‌
2.07‌
1.29‌
0.41‌
Class
R
.........
1,000.00‌
1,058.00‌
9.47‌
4.94‌
1,000.00‌
1,015.80‌
9.27‌
1,020.20‌
4.85‌
1.84‌
0.96‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
............
98.9‌
%
Non-Agency
Mortgage-Backed
Securities
................
0.8‌
Asset-Backed
Securities
............................
0.3‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AAA/Aaa
(c)
......................................
99.3‌
%
AA/Aa
.........................................
0.3‌
A
.............................................
0.0‌
(d)
BBB/Baa
.......................................
0.1‌
NR
...........................................
0.3‌
(a)
Excludes
short-term
securities,
options
written
and
TBA
sale
commitments.
(b)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(d)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Income
Fund
Investment
Objective
BlackRock
Income
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
provide
high
current
income,
with
a
secondary
objective
of
long-term
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
underperformed
its
Customized
Reference
Benchmark.
The
Customized
Reference
Benchmark
is
comprised
of
the
returns
of
the
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
(25%),
Morningstar
LSTA
Leveraged
Loan
Index
(25%),
Bloomberg
U.S.
CMBS
Investment
Grade
Index
(25%),
and
JPMorgan
Corporate
Emerging
Markets
Bond
Index
Broad
Diversified
(CEMBI
Broad
Diversified)
(25%).
The
Fund
is
not
managed
with
reference
to
the
current
performance
benchmark,
and
its
exposures
may
deviate
meaningfully.
What
factors
influenced
performance?
Detractors
from
the
Fund’s
performance
for
the
reporting
period
were
limited.
Conservative
positioning
with
respect
to
interest
rates
and
equity
downside
hedges
detracted
marginally
during
periods
when
markets
rallied.
Positive
contributions
to
the
Fund’s
relative
performance
were
highlighted
by
exposure
to
U.S.
investment
grade
corporate
bonds,
collateralized
loan
obligations
(“CLOs”)
and
to-be-announced
agency
mortgage-backed
securities.
As
part
of
its
investment
strategy,
the
Fund
uses
derivatives,
mainly
forward
contracts,
to
hedge
foreign
currency
exposure
of
non-U.S.
positions
back
to
U.S.
dollars,
and
interest
rate
futures
and
swaps
to
adjust
duration
positioning
tactically
as
needed.
During
the
period,
the
Fund’s
derivative
holdings
had
a
net
negative
impact
on
performance.
Describe
recent
portfolio
activity.
The
period
saw
disinflation
across
global
economies
without
major
contractions
in
economic
growth,
reflected
in
asset
class
rallies
and
overall
lower
volatility.
Against
this
market
backdrop,
the
Fund
added
preferred
securities
while
modestly
reducing
exposure
to
CLOs
and
floating
rate
bank
loans
in
anticipation
of
Fed
rate
cuts.
Exposure
to
U.S.
high
yield
corporate
bonds
was
trimmed,
particularly
within
the
B-rated
and
BB-rated
segments.
The
Fund’s
cash
position
averaged
10.4%
of
portfolio
assets
over
the
period
and
was
12.8%
at
period
end.
The
Fund
remained
selective
as
the
team
seeks
the
best
opportunities
to
generate
income.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance.
Describe
portfolio
positioning
at
period
end.
The
Fund
remained
defensively
positioned
with
significant
allocations
to
AAA-rated
CLOs
and
bank
loans
due
to
their
incremental
yield,
as
well
as
to
U.S.
investment
grade
corporate
bonds
as
improving
credit
sentiment
is
supportive
of
valuations
for
the
category.
The
Fund
remained
focused
on
the
U.S.
market
based
on
its
demonstrated
economic
stability
in
the
face
of
high
interest
rates.
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.
Performance
*
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
..............
6.10‌%
6.04‌%
7.29‌%
8.25‌%
N/A‌
2.67‌%
N/A‌
3.29‌%
N/A‌
Investor
A
...............
5.70‌
5.60‌
7.16‌
7.98‌
5.28‌%
2.41‌
1.90‌%
3.03‌
2.77‌%
Investor
C
...............
5.09‌
5.00‌
6.75‌
7.30‌
6.30‌
1.65‌
1.65‌
2.43‌
2.43‌
Class
K
................
6.15‌
6.08‌
7.31‌
8.30‌
N/A‌
2.72‌
N/A‌
3.33‌
N/A‌
Morningstar
LSTA
Leveraged
Loan
Index
(c)
............
—‌
—‌
5.40‌
12.47‌
N/A‌
5.48‌
N/A‌
4.55‌
N/A‌
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
(d)
..
—‌
—‌
10.57‌
13.36‌
N/A‌
3.62‌
N/A‌
4.40‌
N/A‌
Bloomberg
U.S.
CMBS
Investment
Grade
Index
(e)
...
—‌
—‌
6.14‌
4.42‌
N/A‌
1.20‌
N/A‌
2.02‌
N/A‌
JPMorgan
CEMBI
Broad
Diversified
(f)
.............
—‌
—‌
7.97‌
9.17‌
N/A‌
2.63‌
N/A‌
3.73‌
N/A‌
Customized
Reference
Benchmark
(g)
............
—‌
—‌
7.52‌
9.83‌
N/A‌
3.29‌
N/A‌
3.72‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
Under
normal
market
conditions,
the
Fund
invests
at
least
80%
of
its
net
assets
(plus
the
amount
of
any
borrowing
for
investment
purposes)
in
fixed-income
securities.
On
September
17,
2018,
the
Fund
acquired
all
of
the
assets,
subject
to
the
liabilities,
of
BlackRock
Credit
Strategies
Income
Fund
(the
“Predecessor
Fund”),
a
series
of
BlackRock
Funds
II,
through
a
tax-free
reorganization
(the
“Reorganization”).
The
Predecessor
Fund
is
the
performance
and
accounting
survivor
of
the
Reorganization.
The
Predecessor
Fund’s
returns
between
July
2,
2012
and
July
1,
2016
are
the
returns
of
the
Predecessor
Fund
when
it
followed
different
investment
objectives
and
different
investment
strategies
under
the
name
BlackRock
Secured
Credit
Portfolio.
Fund
Summary
as
of
March
31,
2024
(continued)
9
Fund
Summary
BlackRock
Income
Fund
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
(c)
An
unmanaged
market
value-weighted
index
designed
to
measure
the
performance
of
the
U.S.
leveraged
loan
market
based
upon
spreads,
interest
payments
and
market
weightings
subject
to
a
single
loan
facility
weight
cap
of
2%.
(d)
A
“hedged”
version
of
the
Bloomberg
Global
High
Yield
Index
which
is
a
multi-currency
flagship
measure
of
the
global
high
yield
debt
market.
The
index
represents
the
union
of
the
U.S.
High
Yield,
the
Pan-European
High
Yield,
and
Emerging
Markets
Hard
Currency
High
Yield
Indices.
The
high
yield
and
emerging
markets
sub-components
are
mutually
exclusive.
(e)
An
index
that
measures
the
market
of
conduit
and
fusion
CMBS
deals
with
a
minimum
current
deal
size
of
$300mn.
The
index
is
divided
into
two
subcomponents:
the
U.S.
Aggregate-eligible
component,
which
contains
bonds
that
are
Employee
Retirement
Income
Security
Act
of
1974,
as
amended
(“ERISA”)
eligible
under
the
underwriter’s
exemption,
and
the
non-U.S.
Aggregate-
eligible
component,
which
consists
of
bonds
that
are
not
ERISA
eligible.
(f)
An
expansion
of
the
JPMorgan
Corporate
Emerging
Markets
Bond
Index
(CEMBI).
The
CEMBI
is
a
market
capitalization
weighted
index
consisting
of
U.S.
dollar
denominated
emerging
market
corporate
bonds.
(g)
A
customized
reference
benchmark
comprised
of
the
returns
of
the
Bloomberg
Global
High
Yield
100%
Hedged
USD
Index
(25%),
the
Morningstar
LSTA
Leveraged
Loan
Index
(25%),
the
Bloomberg
U.S.
CMBS
Investment
Grade
Index
(25%)
and
the
JPMorgan
Corporate
Emerging
Markets
Bond
Index
Broad
Diversified
(CEMBI
Broad
Diversified)
(25%).
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,072.90‌
$
3.26‌
$
1,000.00‌
$
1,021.85‌
$
3.18‌
0.63‌%
Investor
A
................................
1,000.00‌
1,071.60‌
4.56‌
1,000.00‌
1,020.60‌
4.45‌
0.88‌
Investor
C
................................
1,000.00‌
1,067.50‌
8.43‌
1,000.00‌
1,016.85‌
8.22‌
1.63‌
Class
K
..................................
1,000.00‌
1,073.10‌
3.01‌
1,000.00‌
1,022.10‌
2.93‌
0.58‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
35.1‌
%
U.S.
Government
Sponsored
Agency
Securities
..............
26.3‌
Asset-Backed
Securities
..............................
20.7‌
Floating
Rate
Loan
Interests
...........................
11.7‌
Foreign
Government
Obligations
........................
2.5‌
Investment
Companies
...............................
1.5‌
Non-Agency
Mortgage-Backed
Securities
..................
0.7‌
Foreign
Agency
Obligations
............................
0.7‌
Preferred
Securities
.................................
0.6‌
Fixed
Rate
Loan
Interests
.............................
0.1‌
Common
Stocks
...................................
0.1‌
Warrants
........................................
0.0‌
(b)
Other
Interests
....................................
0.0‌
(b)
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(c)
Percent
of
Total
Investments
(a)
AAA/Aaa
(d)
......................................
38.6‌
%
AA/Aa
.........................................
4.4‌
A
.............................................
14.3‌
BBB/Baa
.......................................
21.4‌
BB/Ba
.........................................
7.6‌
B
............................................
9.0‌
CCC/Caa
.......................................
1.5‌
CC/Ca
.........................................
0.2‌
NR
...........................................
3.0‌
(a)
Excludes
short-term
securities
and
TBA
sale
commitments.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
(c)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(d)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
The
Benefits
and
Risks
of
Leveraging
2024
BlackRock
Semi-Annual
Report
to
Shareholders
10
The
Funds
may
utilize
leverage
to
seek
to
enhance
returns
and
net
asset
value
(“NAV”).
However,
there
is
no
guarantee
that
these
objectives
can
be
achieved
in
all
interest
rate
environments.  
The
Funds
may
utilize
leverage
by
entering
into
reverse
repurchase
agreements. 
In
general,
the
concept
of
leveraging
is
based
on
the
premise
that
the
financing
cost
of
leverage,
which
is
based
on
short-term
interest
rates,
is
normally
lower
than
the
income
earned
by
each
Fund
on
its
longer-term
portfolio
investments
purchased
with
the
proceeds
from
leverage.
To
the
extent
that
the
total
assets
of
each
Fund
(including
the
assets
obtained
from
leverage)
are
invested
in
higher-yielding
portfolio
investments, each
Fund’s
shareholders
benefit
from
the
incremental
net
income.
The
interest
earned
on
securities
purchased
with
the
proceeds
from
leverage
is
distributed
to each
Fund’s
shareholders,
and
the
value
of
these
portfolio
holdings
is
reflected
in each
Fund’s
per
share
NAV.
However,
in
order
to
benefit
shareholders,
the
return
on
assets
purchased
with
leverage
proceeds
must
exceed
the
ongoing
costs
associated
with
the
leverage.
If
interest
and
other
ongoing
costs
of
leverage
exceed
a
Fund’s
return
on
assets
purchased
with
leverage
proceeds,
income
to
shareholders
is
lower
than
if
the
Funds
had
not
used
leverage.  
Furthermore,
the
value
of
each
Fund’s
portfolio
investments
generally
varies
inversely
with
the
direction
of
long-term
interest
rates,
although
other
factors
can
also
influence
the
value
of
portfolio
investments.
As
a
result,
changes
in
interest
rates
can
influence
each
Fund’s
NAV
positively
or
negatively
in
addition
to
the
impact
on
each
Fund’s
performance
from
leverage.
Changes
in
the
direction
of
interest
rates
are
difficult
to
predict
accurately,
and
there
is
no
assurance
that
a
Fund’s
leveraging
strategy
will
be
successful.
The
use
of
leverage
also
generally
causes
greater
changes
in
each
Fund’s
NAV
and
dividend
rates
than
comparable
portfolios
without
leverage.
In
a
declining
market,
leverage
is
likely
to
cause
a
greater
decline
in
the
NAV
of a
Fund’s
shares
than
if the
Fund
were
not
leveraged.
In
addition,
each
Fund
may
be
required
to
sell
portfolio
securities
at
inopportune
times
or
at
distressed
values
in
order
to
comply
with
regulatory
requirements
applicable
to
the
use
of
leverage
or
as
required
by
the
terms
of
the
leverage
instruments,
which
may
cause
the
Fund
to
incur
losses.
The
use
of
leverage
may
limit a
Fund’s
ability
to
invest
in
certain
types
of
securities
or
use
certain
types
of
hedging
strategies.
Each
Fund
incurs
expenses
in
connection
with
the
use
of
leverage,
all
of
which
are
borne
by
each
Fund’s
shareholders
and
may
reduce
income.
About
Fund
Performance
11
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
BlackRock
Income Fund’s
(“Income
Fund”) Class
K
Shares
inception
date
of
August
1,
2016
and
BlackRock
Impact
Mortgage
Fund’s
(“Impact
Mortgage”)
Class
K
Shares
inception
date
of
January
25,
2018
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
the 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
4.00%
for
all
Funds
included
in
this
report,
except
for
Income
Fund
(which
is
subject
to
an
initial
sales
charge
of
2.50%)
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.
Class
R
Shares
(available
only
in
Impact
Mortgage)
are
not
subject
to
any
sales
charge.
These
shares
are
subject
to
a
distribution
fee
of
0.25%
per
year
and
a
service
fee
of
0.25%
per
year.
These
shares
are
available
only
to
certain
employer-sponsored
retirement
plans.
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
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
12
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)
March
31,
2024
BlackRock
GNMA
Portfolio
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.3%
Seasoned
Credit
Risk
Transfer
Trust
Series
2018-3,
Class
MA,
3.50%,
08/25/57
(a)
USD
405
$
382,973
Series
2018-4,
Class
MA,
3.50%,
03/25/58
459
430,302
813,275
Total
Non-Agency
Mortgage-Backed
Securities
—
0
.3
%
(Cost:
$
873,837
)
.................................
813,275
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
9.0%
Federal
Home
Loan
Mortgage
Corp.
Series
3745
,
Class
ZA
,
4.00
%
,
10/15/40
..
355
331,332
Series
3780
,
Class
ZA
,
4.00
%
,
12/15/40
..
1,334
1,269,996
Series
3960
,
Class
PL
,
4.00
%
,
11/15/41
..
899
868,598
Series
4161
,
Class
BW
,
2.50
%
,
02/15/43
..
500
422,209
Series
4325
,
Class
ZX
,
4.50
%
,
04/15/44
..
2,789
2,692,798
Series
4384
,
Class
LB
,
3.50
%
,
08/15/43
..
1,048
996,063
Federal
National
Mortgage
Association
Series
1996-48
,
Class
Z
,
7.00
%
,
11/25/26
.
11
11,285
Series
2010-134
,
Class
KZ
,
4.50
%
,
12/25/40
71
62,332
Series
2010-141
,
Class
LZ
,
4.50
%
,
12/25/40
126
118,978
Series
2011-8
,
Class
ZA
,
4.00
%
,
02/25/41
.
681
643,037
Series
2011-131
,
Class
LZ
,
4.50
%
,
12/25/41
119
107,024
Series
2017-76
,
Class
PB
,
3.00
%
,
10/25/57
1,125
808,416
Series
2022-25
,
Class
KL
,
4.00
%
,
05/25/52
200
175,730
Federal
National
Mortgage
Association
Variable
Rate
Notes
,
Series
2018-32
,
Class
PS
,
(SOFR
30
day
Average
at
7.23%
Cap
+
7.10%),
0.89
%
,
05/25/48
(a)
...........
1,091
919,632
Government
National
Mortgage
Association
Series
2015-79
,
Class
MY
,
3.50
%
,
05/20/45
3,278
2,847,996
Series
2015-106
,
Class
DY
,
3.50
%
,
07/20/45
2,411
2,024,707
Series
2016-123
,
Class
LM
,
3.00
%
,
09/20/46
................
400
325,434
Government
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2009-31
,
Class
PT
,
3.37
%
,
05/20/39
123
124,989
Series
2014-107
,
Class
WX
,
6.64
%
,
07/20/39
................
465
475,130
Series
2015-55
,
Class
A
,
5.39
%
,
03/16/36
.
4,160
4,218,178
Series
2015-103
,
Class
B
,
6.90
%
,
01/20/40
2,198
2,268,847
Series
2015-187
,
Class
C
,
5.37
%
,
03/20/41
5,437
5,530,925
27,243,636
Interest
Only
Collateralized
Mortgage
Obligations
—
2.6%
Federal
Home
Loan
Mortgage
Corp.
Series
4062
,
Class
GI
,
4.00
%
,
02/15/41
..
27
1,014
Series
5159
,
Class
PI
,
3.00
%
,
11/25/51
...
1,159
168,470
Series
5176
,
Class
QI
,
3.00
%
,
12/25/51
..
626
92,140
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)
Series
4119
,
Class
SC
,
(SOFR
30
day
Average
at
6.15%
Cap
+
6.04%),
0.72
%
,
10/15/42
................
821
86,143
Series
4901
,
Class
CS
,
(SOFR
30
day
Average
at
6.10%
Cap
+
5.99%),
0.67
%
,
07/25/49
................
1,758
159,367
Series
4941
,
Class
SH
,
(SOFR
30
day
Average
at
5.95%
Cap
+
5.84%),
0.52
%
,
12/25/49
................
1,249
111,965
Federal
National
Mortgage
Association
Series
2013-10
,
Class
PI
,
3.00
%
,
02/25/43
60
6,854
Series
2014-68
,
Class
YI
,
4.50
%
,
11/25/44
.
69
13,702
Series
2017-68
,
Class
IE
,
4.50
%
,
09/25/47
1,546
270,004
Security
Par
(000)
Par
(000)
Value
Interest
Only
Collateralized
Mortgage
Obligations
(continued)
Series
2020-32
,
4.00
%
,
05/25/50
.......
USD
888
$
181,665
Series
2020-32
,
Class
PI
,
4.00
%
,
05/25/50
883
184,927
Series
2021-23
,
Class
CI
,
3.50
%
,
07/25/46
758
133,830
Series
2021-41
,
3.50
%
,
07/25/51
.......
1,457
257,107
Federal
National
Mortgage
Association
Variable
Rate
Notes
(a)
Series
2015-66
,
Class
AS
,
(SOFR
30
day
Average
at
6.25%
Cap
+
6.14%),
0.82
%
,
09/25/45
................
2,820
194,923
Series
2016-60
,
Class
SD
,
(SOFR
30
day
Average
at
6.10%
Cap
+
5.99%),
0.67
%
,
09/25/46
................
432
31,763
Series
2016-78
,
Class
CS
,
(SOFR
30
day
Average
at
6.10%
Cap
+
5.99%),
0.67
%
,
05/25/39
................
537
38,569
Government
National
Mortgage
Association
Series
2020-115
,
Class
IM
,
3.50
%
,
08/20/50
1,113
180,482
Series
2020-146
,
Class
DI
,
2.50
%
,
10/20/50
1,474
194,057
Series
2020-149
,
Class
IA
,
2.50
%
,
10/20/50
17,242
2,284,398
Series
2020-175
,
Class
DI
,
2.50
%
,
11/20/50
522
66,948
Series
2020-185
,
Class
MI
,
2.50
%
,
12/20/50
1,910
250,118
Series
2021-104
,
Class
IH
,
3.00
%
,
06/20/51
1,178
188,578
Series
2021-149
,
Class
KI
,
3.00
%
,
08/20/51
1,967
315,899
Series
2021-159
,
Class
IH
,
3.00
%
,
09/20/51
8,007
1,277,757
Series
2022-127
,
Class
IA
,
3.50
%
,
03/20/52
6,728
1,141,983
Government
National
Mortgage
Association
Variable
Rate
Notes
,
Series
2017-101
,
Class
SL
,
(1-mo.
CME
Term
SOFR
at
6.20%
Cap
+
6.09%),
0.76
%
,
07/20/47
(a)
...........
1,013
109,974
7,942,637
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.2%
(a)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K116
,
Class
X1
,
1.42
%
,
07/25/30
..
1,120
76,868
Series
K119
,
Class
X1
,
0.93
%
,
09/25/30
..
1,780
83,444
Series
K122
,
Class
X1
,
0.88
%
,
11/25/30
..
2,748
124,277
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2016-22
,
0.58
%
,
11/16/55
.......
19
368
Series
2016-151
,
0.85
%
,
06/16/58
......
5,918
244,281
Series
2017-61
,
0.70
%
,
05/16/59
.......
1,104
41,013
570,251
Mortgage-Backed
Securities
—
124.5%
Federal
Home
Loan
Mortgage
Corp.
3.00
%
,
06/01/35
-
07/01/35
...........
461
427,429
3.50
%
,
07/01/26
-
09/01/26
...........
7
6,397
4.00
%
,
06/01/25
-
05/01/26
...........
26
25,183
5.00
%
,
05/01/35
-
12/01/38
...........
39
38,772
5.65
%
,
05/01/37
-
12/01/37
...........
586
602,426
5.75
%
,
08/01/37
-
12/01/37
...........
721
741,844
7.50
%
,
03/01/27
..................
—
(b)
18
Federal
National
Mortgage
Association
3.50
%
,
11/01/46
..................
640
592,301
4.45
%
,
03/01/36
-
06/01/36
...........
373
365,327
4.94
%
,
01/01/35
-
05/01/35
...........
142
140,016
5.00
%
,
04/01/36
..................
78
77,197
5.20
%
,
08/01/34
-
09/01/34
...........
168
165,384
5.25
%
,
08/01/37
-
09/01/37
...........
427
417,084
5.54
%
,
01/01/35
..................
58
57,541
5.75
%
,
04/01/37
..................
253
245,671
5.80
%
,
07/01/34
..................
38
37,378
5.94
%
,
09/01/34
..................
57
56,595
6.50
%
,
09/01/28
-
02/01/31
...........
488
491,224
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
GNMA
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
2.00
%
,
02/20/51
-
10/20/51
...........
USD
12,463
$
9,906,234
2.00
%
,
04/15/54
(c)
.................
61,158
50,094,924
2.50
%
,
11/20/40
-
11/20/51
...........
31,871
27,110,845
2.50
%
,
04/15/54
(c)
.................
34,424
29,315,973
3.00
%
,
05/15/42
-
10/20/51
...........
40,332
35,596,940
3.00
%
,
04/15/54
(c)
.................
12,881
11,357,738
3.50
%
,
04/15/41
-
09/20/51
...........
68,510
63,158,768
3.50
%
,
04/15/54
(c)
.................
13,658
12,426,989
4.00
%
,
10/20/41
-
05/20/51
...........
19,920
18,962,000
4.00
%
,
04/15/54
(c)
.................
12,078
11,301,245
4.50
%
,
12/15/34
-
07/20/53
...........
10,961
10,699,717
4.50
%
,
04/15/54
(c)
.................
13,223
12,705,039
5.00
%
,
09/15/28
-
12/20/53
...........
16,037
15,919,119
5.00
%
,
04/15/54
(c)
.................
12,759
12,538,993
5.50
%
,
03/15/32
-
12/15/34
...........
3,535
3,615,694
5.50
%
,
04/15/54
(c)
.................
13,485
13,472,136
5.64
%
,
04/15/37
-
06/15/37
...........
981
1,012,465
5.65
%
,
05/20/37
-
10/20/37
...........
433
444,315
5.75
%
,
08/20/37
-
12/20/37
...........
286
290,463
5.80
%
,
11/15/36
-
03/15/37
...........
927
958,352
6.00
%
,
03/20/28
-
01/15/39
...........
4,728
4,879,059
6.00
%
,
04/15/54
(c)
.................
1,518
1,531,267
6.50
%
,
09/20/27
-
03/20/54
...........
14,402
14,833,684
6.50
%
,
04/15/54
(c)
.................
3,715
3,777,245
7.00
%
,
08/20/25
-
05/20/27
...........
3
2,782
7.50
%
,
10/20/25
..................
—
(b)
300
8.00
%
,
08/20/24
-
05/15/30
...........
4
3,700
8.50
%
,
02/15/25
..................
—
(b)
253
Uniform
Mortgage-Backed
Securities
2.00
%
,
04/25/54
(c)
.................
793
627,253
2.50
%
,
04/25/39
(c)
.................
154
140,105
3.00
%
,
03/01/43
-
06/01/44
...........
3,219
2,873,503
3.50
%
,
03/01/43
-
08/01/43
...........
732
672,605
3.50
%
,
04/25/54
(c)
.................
25
22,372
4.00
%
,
01/01/45
..................
1,454
1,378,205
4.00
%
,
04/25/54
(c)
.................
200
185,200
5.00
%
,
07/01/34
-
07/01/35
...........
646
649,682
5.00
%
,
04/25/54
(c)
.................
25
24,392
5.25
%
,
07/01/37
-
08/01/37
...........
327
332,039
5.50
%
,
12/01/32
-
04/01/35
...........
54
55,316
6.50
%
,
08/01/35
..................
327
335,253
377,699,951
Principal
Only
Collateralized
Mortgage
Obligations
—
1.1%
Federal
National
Mortgage
Association
Series
2024-16
,
%
,
03/25/51
..........
870
625,185
Series
2024-16
,
1.23
%
,
03/25/51
.......
870
616,884
Government
National
Mortgage
Association
Series
2022-195
,
3.75
%
,
11/20/52
......
176
142,839
Series
2023-130
,
Class
OD
,
2.34
%
,
09/20/53
................
2,476
2,025,214
3,410,122
Total
U.S.
Government
Sponsored
Agency
Securities
—
137
.4
%
(Cost:
$
444,647,133
)
..............................
416,866,597
Total
Long-Term
Investments
—
137.7%
(Cost:
$
445,520,970
)
..............................
417,679,872
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.4%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(d)
(e)
..................
1,168,886
$
1,168,886
Total
Money
Market
Funds
—
0
.4
%
(Cost:
$
1,168,886
)
...............................
1,168,886
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
13.9%
U.S.
Treasury
Bills
,
5.29
%
,
04/23/24
(f)
......
USD
42,424
42,287,371
Total
U.S.
Treasury
Obligations
—
13
.9
%
(Cost:
$
42,287,592
)
...............................
42,287,371
Total
Short-Term
Securities
—
14.3%
(Cost:
$
43,456,478
)
...............................
43,456,257
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
152
.0
%
(Cost:
$
488,977,448
)
..............................
461,136,129
Total
Options
Written
—
(
0
.1
)
%
(Premium
Received
—
$
(
370,260
)
)
....................
(
246,839
)
TBA
Sale
Commitments
(c)
Mortgage-Backed
Securities
—
(
12
.8
)
%
Government
National
Mortgage
Association
2.00
%
,
04/15/54
..................
(
7,600
)
(
6,225,258
)
3.50
%
,
04/15/54
..................
(
10,500
)
(
9,553,712
)
4.00
%
,
04/15/54
..................
(
888
)
(
830,892
)
4.50
%
,
04/15/54
-
05/15/54
...........
(
9,081
)
(
8,725,746
)
5.00
%
,
04/15/54
..................
(
7,250
)
(
7,124,987
)
6.00
%
,
04/15/54
..................
(
668
)
(
673,838
)
Uniform
Mortgage-Backed
Securities
3.00
%
,
04/25/54
..................
(
3,303
)
(
2,841,277
)
3.50
%
,
04/25/54
-
05/25/54
...........
(
735
)
(
658,179
)
4.00
%
,
04/25/54
-
05/25/54
...........
(
1,653
)
(
1,530,759
)
5.00
%
,
04/25/54
..................
(
692
)
(
675,159
)
Total
TBA
Sale
Commitments
—
(
12
.8
)
%
(Proceeds:
$
(
38,803,451
)
)
..........................
(38,839,807)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
139
.1
%
(Cost:
$
449,803,737
)
..............................
422,049,483
Liabilities
in
Excess
of
Other
Assets
—
(
39.1
)
%
............
(
118,561,611
)
Net
Assets
—
100.0%
...............................
$
303,487,872
(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)
Rounds
to
less
than
1,000.
(c)
Represents
or
includes
a
TBA
transaction.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
GNMA
Portfolio
Schedules
of
Investments
15
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
1,612,082
$
—
$
(
443,196
)
(a)
$
—
$
—
$
1,168,886
1,168,886
$
64,987
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
GNMA
Portfolio
16
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
2-Year
Note
....................................................
6
06/28/24
$
1,227
$
(
198
)
U.S.
Treasury
5-Year
Note
....................................................
52
06/28/24
5,565
15,539
15,341
Short
Contracts
3-mo.
SOFR
.............................................................
4
06/18/24
947
1,168
U.S.
Treasury
10-Year
Note
...................................................
315
06/18/24
34,901
(
143,645
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
130
06/18/24
14,899
15,420
U.S.
Treasury
Long
Bond
.....................................................
40
06/18/24
4,818
(
101,944
)
U.S.
Treasury
Ultra
Bond
.....................................................
6
06/18/24
774
(
17,451
)
3-mo.
SOFR
.............................................................
4
09/17/24
949
(
1,057
)
3-mo.
SOFR
.............................................................
4
12/17/24
951
6,870
(
240,639
)
$
(
225,298
)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
4.04%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/26/24
4
.04
%
USD
2,550
$
(
88,938
)
10-Year
Interest
Rate
Swap
(a)
4.08%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
09/30/24
4
.08
USD
2,550
(
95,047
)
(
183,985
)
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.04%
Semi-Annual
Goldman
Sachs
International
09/26/24
4
.04
USD
2,550
(
32,292
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.08%
Semi-Annual
Bank
of
America
NA
09/30/24
4
.08
USD
2,550
(
30,562
)
(
62,854
)
$
(
246,839
)
(a)
Forward
settling
swaption.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.18%
Quarterly
1-day
EFFR
Quarterly
10/21/25
USD
179
$
13,860
$
—
$
13,860
1-day
SOFR
Quarterly
0.17%
Quarterly
10/21/25
USD
179
(
13,906
)
—
(
13,906
)
1-day
SOFR
Annual
4.15%
Annual
12/13/25
USD
12,800
(
157,634
)
—
(
157,634
)
0.56%
Quarterly
1-day
EFFR
Quarterly
10/21/30
USD
41
8,047
—
8,047
1-day
SOFR
Quarterly
0.53%
Quarterly
10/21/30
USD
41
(
8,192
)
—
(
8,192
)
1-day
SOFR
Annual
3.80%
Annual
02/07/34
USD
1,600
(
8,756
)
—
(
8,756
)
$
(
166,581
)
$
—
$
(
166,581
)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
GNMA
Portfolio
Schedules
of
Investments
17
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
EFFR
.........................................
Effective
Federal
Funds
Rate
5
.33
%
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.32
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
—
$
—
$
21,907
$
(
188,488
)
$
—
Options
Written
...................................................
N/A
N/A
125,520
(
2,099
)
(
246,839
)
(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)
......
$
—
$
—
$
—
$
—
$
38,997
$
—
$
38,997
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
21,907
—
21,907
$
—
$
—
$
—
$
—
$
60,904
$
—
$
60,904
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
264,295
$
—
$
264,295
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
246,839
—
246,839
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
188,488
—
188,488
$
—
$
—
$
—
$
—
$
699,622
$
—
$
699,622
(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
forward
settling
swaptions.
For
the
period
ended
March
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
.......................
$
—
$
—
$
—
$
—
$
392,881
$
—
$
392,881
Options
written
........................
—
—
—
—
284,505
—
284,505
Swaps
..............................
—
—
—
—
(
870,965
)
—
(
870,965
)
$
—
$
—
$
—
$
—
$
(193,579)
$
—
$
(193,579)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
(
1,122,592
)
$
—
$
(
1,122,592
)
Options
written
........................
—
—
—
—
447,241
—
447,241
Swaps
..............................
—
—
—
—
318,140
—
318,140
$
—
$
—
$
—
$
—
$
(357,211)
$
—
$
(357,211)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
GNMA
Portfolio
18
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
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.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
4,646,754
Average
notional
value
of
contracts
—
short
.................................................................................
$
67,052,827
Options
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
10,200,000
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
219,665
Average
notional
value
—
receives
fixed
rate
................................................................................
$
26,669,665
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
753
$
—
Options
...........................................................................................
—
246,839
Swaps
—
centrally
cleared
..............................................................................
—
4,547
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
753
$
251,386
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
753
)
(
4,547
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
246,839
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
pledged
by
the
Fund:
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(a)
Bank
of
America
NA
..............................
$
125,609
$
—
$
—
$
—
$
125,609
Goldman
Sachs
International
........................
121,230
—
—
—
121,230
$
246,839
$
—
$
—
$
—
$
246,839
(a)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Non-Agency
Mortgage-Backed
Securities
........................
$
—
$
813,275
$
—
$
813,275
U.S.
Government
Sponsored
Agency
Securities
....................
—
416,866,597
—
416,866,597
Short-Term
Securities
Money
Market
Funds
......................................
1,168,886
—
—
1,168,886
U.S.
Treasury
Obligations
...................................
—
42,287,371
—
42,287,371
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
38,839,807
)
—
(
38,839,807
)
$
1,168,886
$
421,127,436
$
—
$
422,296,322
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
GNMA
Portfolio
Schedules
of
Investments
19
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(a)
Assets
Interest
rate
contracts
.......................................
$
38,997
$
21,907
$
—
$
60,904
Liabilities
Interest
rate
contracts
.......................................
(
264,295
)
(
435,327
)
—
(
699,622
)
$
(
225,298
)
$
(
413,420
)
$
—
$
(
638,718
)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
options
written.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Impact
Mortgage
Fund
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(a)
GoodLeap
Sustainable
Home
Solutions
Trust,
Series
2023-1GS,
Class
A,
5.52%,
02/22/55
USD
184
$
178,378
Mosaic
Solar
Loan
Trust
Series
2019-2A,
Class
A,
2.88%,
09/20/40
.
83
74,162
Series
2022-3A,
Class
A,
6.10%,
06/20/53
.
824
846,573
Series
2023-1A,
Class
A,
5.32%,
06/20/53
.
308
303,965
Total
Asset-Backed
Securities
—
0.4%
(Cost:
$1,397,665)
...............................
1,403,078
Non-Agency
Mortgage-Backed
Securities
(b)
Commercial
Mortgage-Backed
Securities
—
0.4%
(a)
BX
Trust,
Series
2021-VIEW,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.28%
Floor
+
1.39%),
6.72%,
06/15/36
..................
780
757,993
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-609M,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.73%),
7.06%,
10/15/33
................
343
336,162
Series
2020-609M,
Class
D,
(1-mo.
CME
Term
SOFR
at
2.77%
Floor
+
3.13%),
8.46%,
10/15/33
................
400
309,087
1,403,242
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.9%
Arbor
Multifamily
Mortgage
Securities
Trust,
Series
2020-MF1,
Class
XA,
0.95%,
05/15/53
(a)
......................
983
43,019
BANK
Series
2020-BN29,
Class
XA,
1.32%,
11/15/53
.....................
2,709
178,920
Series
2021-BN33,
Class
XA,
1.05%,
05/15/64
.....................
9,604
488,776
Benchmark
Mortgage
Trust
Series
2020-B20,
Class
XA,
1.61%,
10/15/53
.....................
10,927
705,329
Series
2020-B21,
Class
XA,
1.44%,
12/17/53
(a)
....................
2,705
183,058
CSAIL
Commercial
Mortgage
Trust
Series
2018-C14,
Class
XA,
0.51%,
11/15/51
.....................
2,809
54,666
Series
2019-C16,
Class
XA,
1.54%,
06/15/52
.....................
10,030
616,664
UBS
Commercial
Mortgage
Trust,
Series
2019-
C17,
Class
XA,
1.44%,
10/15/52
.......
7,311
448,115
2,718,547
Total
Non-Agency
Mortgage-Backed
Securities
—
1.3%
(Cost:
$4,560,304)
...............................
4,121,789
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
0.5%
Federal
National
Mortgage
Association,
Series
2011-8,
Class
ZA,
4.00%, 02/25/41
......
653
616,245
Government
National
Mortgage
Association,
Series
2016-123,
Class
LM,
3.00%, 09/20/46
..................
500
406,793
Government
National
Mortgage
Association
Variable
Rate
Notes,
Series
2014-107,
Class
WX,
6.64%, 07/20/39
(b)
..............
452
462,137
1,485,175
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
1.4%
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes,
Series
KSG4,
Class
A2,
3.40%, 08/25/32
(b)
..............
USD
5,000
$
4,560,155
Interest
Only
Collateralized
Mortgage
Obligations
—
2.0%
Federal
National
Mortgage
Association
Series
2020-32,
4.00%, 05/25/50
.......
1,243
254,332
Series
2020-32,
Class
PI,
4.00%, 05/25/50
1,284
268,985
Government
National
Mortgage
Association
Series
2020-115,
Class
IM,
3.50%, 08/20/50
1,484
240,643
Series
2020-146,
Class
DI,
2.50%, 10/20/50
2,144
282,266
Series
2020-149,
Class
IA,
2.50%, 10/20/50
17,560
2,326,493
Series
2020-175,
Class
DI,
2.50%, 11/20/50
718
92,053
Series
2020-185,
Class
MI,
2.50%, 12/20/50
2,617
342,755
Series
2021-159,
Class
IH,
3.00%, 09/20/51
8,033
1,281,795
Series
2022-127,
Class
IA,
3.50%, 
03/20/52
6,691
1,135,646
6,224,968
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.2%
(b)
Federal
Home
Loan
Mortgage
Corp.
Multifamily
Structured
Pass-Through
Certificates
Variable
Rate
Notes
Series
K116,
Class
X1,
1.42%, 07/25/30
..
1,398
95,983
Series
K119,
Class
X1,
0.93%, 09/25/30
..
2,345
109,897
Series
K122,
Class
X1,
0.88%, 11/25/30
..
3,402
153,880
Government
National
Mortgage
Association
Variable
Rate
Notes
Series
2005-9,
0.30%, 01/16/45
........
705
17
Series
2005-50,
0.29%, 06/16/45
.......
1,323
6,065
Series
2006-30,
2.79%, 
05/16/46
.......
208
46
Series
2016-151,
0.85%, 06/16/58
......
3,479
143,608
Series
2017-30,
0.58%, 08/16/58
.......
4
113
Series
2017-61,
0.70%, 05/16/59
.......
1,119
41,556
551,165
Mortgage-Backed
Securities
—
150.0%
Federal
Home
Loan
Mortgage
Corp.
2.50%, 03/01/30
-
04/01/31
...........
667
627,384
3.00%, 09/01/27
-
08/01/30
...........
528
505,194
5.00%, 04/01/36
-
11/01/48
...........
500
502,643
5.50%, 06/01/41
..................
451
460,931
Federal
National
Mortgage
Association,
3.50%, 11/01/46
..................
751
694,422
Government
National
Mortgage
Association
2.00%, 04/20/51
..................
2,083
1,663,888
2.00%, 04/15/54
(c)
.................
16,982
13,910,420
2.50%, 
02/20/51
-
01/20/52
...........
15,460
13,024,747
2.50%, 04/15/54
(c)
.................
13,592
11,574,832
3.00%, 07/20/48
-
11/20/51
...........
23,062
20,581,551
3.00%, 04/15/54
(c)
.................
108
94,864
3.50%, 01/20/41
-
02/20/52
...........
46,171
41,889,273
3.50%, 
04/15/54
(c)
.................
7,678
6,985,604
4.00%, 12/20/41
-
01/20/52
...........
26,452
24,815,694
4.00%, 04/15/54
(c)
.................
107
100,119
4.50%, 03/15/47
-
05/20/50
...........
1,950
1,878,036
4.50%, 04/15/54
(c)
.................
336
322,838
5.00%, 
12/15/38
-
06/20/52
...........
4,609
4,596,136
5.50%, 09/20/52
-
04/20/53
...........
6,919
6,953,756
6.00%, 10/20/52
-
12/20/52
...........
2,323
2,375,027
6.50%, 12/20/52
-
01/20/54
...........
3,470
3,571,032
Uniform
Mortgage-Backed
Securities
1.50%, 04/25/39
-
04/25/54
(c)
..........
5,789
4,693,726
1.50%, 12/01/41
..................
2,450
1,951,862
2.00%, 10/01/31
-
11/01/51
...........
8,660
7,154,450
2.00%, 04/25/39
-
04/25/54
(c)
..........
55,620
45,164,597
2.50%, 04/01/30
-
02/01/52
...........
9,766
8,657,088
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Impact
Mortgage
Fund
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
2.50%, 04/25/54
(c)
.................
USD
21,136
$
17,467,735
3.00%, 04/01/28
-
08/01/52
...........
23,841
20,813,361
3.00%, 04/25/54
(c)
.................
18,015
15,496,803
3.50%, 
11/01/28
-
08/01/52
...........
28,904
26,006,396
3.50%, 04/25/39
-
04/25/54
(c)
..........
2,573
2,303,909
4.00%, 09/01/33
-
08/01/52
...........
15,222
14,121,193
4.00%, 08/01/52
(d)
.................
21,145
19,609,976
4.00%, 04/25/54
(c)
.................
3,100
2,870,605
4.50%, 02/01/25
-
09/01/52
(e)
..........
58,302
55,833,085
5.00%, 11/01/32
-
05/01/49
...........
683
680,078
5.00%, 08/01/52
-
10/01/52
(d)
..........
49,631
48,549,506
5.50%, 02/01/35
-
04/01/41
...........
1,329
1,356,245
5.50%, 04/25/54
(c)
.................
5,788
5,759,270
6.00%, 04/01/35
-
06/01/41
...........
1,240
1,279,498
6.00%, 04/25/54
(c)
.................
6,264
6,321,027
6.50%, 05/01/40
..................
276
286,081
6.50%, 04/25/54
-
05/25/54
(c)
..........
9,596
9,801,199
473,306
,081
Principal
Only
Collateralized
Mortgage
Obligations
—
0.5%
Federal
National
Mortgage
Association
Series
2024-16,
%, 03/25/51
..........
1,210
869,509
Series
2024-16,
1.23%, 03/25/51
.......
1,210
857,966
1,727,475
Total
U.S.
Government
Sponsored
Agency
Securities
—
154.6%
(Cost:
$514,420,875)
..............................
487,855,019
Total
Long-Term
Investments
—
156.3%
(Cost:
$520,378,844)
..............................
493,379,886
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.19%
(f)(g)
..................
4,742,650
$
4,742,650
Total
Short-Term
Securities
—
1.5%
(Cost:
$4,742,650)
...............................
4,742,650
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
157.8%
(Cost:
$525,121,494
)
..............................
498,122,536
Total
Options
Written
—
(0.1)%
(Premium
Received
—
$(533,616))
....................
(386,257)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(c)
Mortgage-Backed
Securities
—
(45.9)%
Government
National
Mortgage
Association
2.00%
,
 04/15/54
..................
USD
(4,000)
(3,276,451)
3.50%
,
 04/15/54
..................
(7,678)
(6,985,605)
5.00%
,
 04/15/54
..................
(661)
(649,602)
Uniform
Mortgage-Backed
Securities
2.50%
,
 04/25/39
..................
(5,951)
(
5,413,959)
3.00%
,
 04/25/39
..................
(1,563)
(1,454,579)
3.50%
,
 04/25/39
-
05/25/54
...........
(14,913)
(13,404,415)
4.00%
,
 04/25/54
-
05/25/54
...........
(23,922)
(22,153,122)
4.50%
,
 04/25/54
..................
(46,722)
(44,489,734)
5.00%
,
 04/25/54
..................
(
42,146)
(41,120,300)
5.50%
,
 04/25/54
..................
(901)
(896,528)
6.50%
,
 04/25/54
..................
(4,798)
(4,901,724)
Total
TBA
Sale
Commitments
—
(45.9)%
(Proceeds:
$(145,386,749))
.........................
(144,746,019)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
111.8%
(Cost:
$379,201,129
)
..............................
352,990,260
Liabilities
in
Excess
of
Other
Assets
—
(11.8)%
............
(37,361,842)
Net
Assets
—
100.0%
...............................
$
315,628,418
(a)
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.
(b)
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.
(c)
Represents
or
includes
a
TBA
transaction.
(d)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
reverse
repurchase
agreements.
(e)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
TBA
commitments.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Impact
Mortgage
Fund
22
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
2,870,571
$
1,872,079
(a)
$
—
$
—
$
—
$
4,742,650
4,742,650
$
70,856
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Reverse
Repurchase
Agreements
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face
Value
Face
Value
Including
Accrued
Interest
Type
of
Non-Cash
Underlying
Collateral
Remaining
Contractual
Maturity
of
the
Agreements
Barclays
Bank
plc
......
5.45
%
03/12/24
04/11/24  
$
12,429,280
$
12,465,032
U.S.
Government
Sponsored
Agency
Securities
Up
to
30
Days
Canadian
Imperial
Bank
of
Commerce
.........
5.44
03/12/24
04/11/24  
19,224,946
19,280,143
U.S.
Government
Sponsored
Agency
Securities
Up
to
30
Days
Daiwa
Capital
Markets
America,
Inc.
.......
5.45
03/12/24
04/11/24  
8,922,088
8,947,751
U.S.
Government
Sponsored
Agency
Securities
Up
to
30
Days
$
40,576,314
$
40,692,926
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Impact
Mortgage
Fund
Schedules
of
Investments
23
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
2-Year
Note
....................................................
1
06/28/24
$
204
$
(
166
)
Short
Contracts
U.S.
Treasury
10-Year
Note
...................................................
134
06/18/24
14,847
(
29,059
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
51
06/18/24
5,845
(
23,735
)
U.S.
Treasury
Long
Bond
.....................................................
21
06/18/24
2,529
(
43,924
)
U.S.
Treasury
5-Year
Note
....................................................
8
06/28/24
856
730
(
95,988
)
$
(
96,154
)
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
4.04%
Semi-Annual
1-day
SOFR
Annual
Goldman
Sachs
International
09/26/24
4
.04
%
USD
2,800
$
(
97,657
)
10-Year
Interest
Rate
Swap
(a)
4.08%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
09/30/24
4
.08
USD
2,800
(
104,365
)
10-Year
Interest
Rate
Swap
(a)
3.96%
Semi-Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
11/17/25
3
.96
USD
24
(
1,233
)
10-Year
Interest
Rate
Swap
(a)
4.00%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/17/25
4
.00
USD
50
(
2,665
)
10-Year
Interest
Rate
Swap
(a)
3.96%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/28/25
3
.96
USD
21
(
1,074
)
10-Year
Interest
Rate
Swap
(a)
3.71%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
12/11/25
3
.71
USD
344
(
14,267
)
10-Year
Interest
Rate
Swap
(a)
3.40%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/15/25
3
.40
USD
14
(
429
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3
.55
USD
173
(
6,405
)
10-Year
Interest
Rate
Swap
(a)
3.59%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
03/06/26
3
.59
USD
138
(
5,310
)
10-Year
Interest
Rate
Swap
(a)
3.54%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3
.54
USD
209
(
7,610
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3
.55
USD
167
(
6,170
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
03/11/26
3
.55
USD
104
(
3,865
)
10-Year
Interest
Rate
Swap
(a)
3.64%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/13/26
3
.64
USD
174
(
7,083
)
(
258,133
)
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.04%
Semi-Annual
Goldman
Sachs
International
09/26/24
4
.04
USD
2,800
(
35,459
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.08%
Semi-Annual
Bank
of
America
NA
09/30/24
4
.08
USD
2,800
(
33,558
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.96%
Semi-Annual
Deutsche
Bank
AG
11/17/25
3
.96
USD
24
(
712
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Semi-Annual
Bank
of
America
NA
11/17/25
4
.00
USD
50
(
1,416
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.96%
Semi-Annual
Citibank
NA
11/28/25
3
.96
USD
21
(
623
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.71%
Annual
Bank
of
America
NA
12/11/25
3
.71
USD
344
(
12,795
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.40%
Annual
Morgan
Stanley
&
Co.
International
plc
12/15/25
3
.40
USD
14
(
713
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3
.55
USD
173
(
7,776
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.59%
Annual
Deutsche
Bank
AG
03/06/26
3
.59
USD
138
(
6,012
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.54%
Annual
Citibank
NA
03/09/26
3
.54
USD
209
(
9,519
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Citibank
NA
03/09/26
3
.55
USD
167
(
7,531
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Goldman
Sachs
International
03/11/26
3
.55
USD
104
(
4,707
)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Impact
Mortgage
Fund
24
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.64%
Annual
Bank
of
America
NA
03/13/26
3
.64
%
USD
174
$
(
7,303
)
(
128,124
)
$
(
386,257
)
(a)
Forward
settling
swaption.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
4.15%
Annual
12/13/25
USD
16,600
$
(
204,431
)
$
—
$
(
204,431
)
1-day
SOFR
Annual
3.80%
Annual
02/07/34
USD
1,600
(
8,756
)
—
(
8,756
)
$
(
213,187
)
$
—
$
(
213,187
)
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
.32
%
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
Options
Written
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Value
Centrally
Cleared
Swaps
(a)
............................................
$
—
$
—
$
—
$
(
213,187
)
$
—
Options
Written
...................................................
N/A
N/A
150,735
(
3,376
)
(
386,257
)
(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)
......
$
—
$
—
$
—
$
—
$
730
$
—
$
730
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
96,884
$
—
$
96,884
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
386,257
—
386,257
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
213,187
—
213,187
$
—
$
—
$
—
$
—
$
696,328
$
—
$
696,328
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Impact
Mortgage
Fund
Schedules
of
Investments
25
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
(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
forward
settling
swaptions.
For
the
period
ended
March
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
.......................
$
—
$
—
$
—
$
—
$
(
309,102
)
$
—
$
(
309,102
)
Options
purchased
(a)
.....................
—
—
—
—
(
2,980
)
—
(
2,980
)
Options
written
........................
—
—
—
—
327,777
—
327,777
Swaps
..............................
—
—
—
—
(
1,008,165
)
—
(
1,008,165
)
$
—
$
—
$
—
$
—
$
(992,470)
$
—
$
(992,470)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
(
470,144
)
$
—
$
(
470,144
)
Options
purchased
(b)
.....................
—
—
—
—
(
6,012
)
—
(
6,012
)
Options
written
........................
—
—
—
—
527,826
—
527,826
Swaps
..............................
—
—
—
—
370,198
—
370,198
$
—
$
—
$
—
$
—
$
421,868
$
—
$
421,868
(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
..................................................................................
$
1,046,367
Average
notional
value
of
contracts
—
short
.................................................................................
$
36,770,305
Options
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
—
(a)
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
14,696,595
Interest
rate
swaps
Average
notional
value
—
receives
fixed
rate
................................................................................
$
32,150,000
(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
....................................................................................
$
967
$
—
Options
(a)
.........................................................................................
—
386,257
Swaps
—
centrally
cleared
..............................................................................
—
6,191
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
967
$
392,448
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
967
)
(
6,191
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
—
$
386,257
(a)
Includes
forward
settling
swaptions.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Impact
Mortgage
Fund
26
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
The
following
table
presents
the
Fund's
derivative
assets
and
liabilities
by
counterparty
net
of
amounts
available
for
offset
under
an
MNA
and
net
of
the
related
collateral
pledged
by
the
Fund:
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
Net
Amount
of
Derivative
Liabilities
(a)
Bank
of
America
NA
..............................
$
183,452
$
—
$
—
$
—
$
183,452
Citibank
NA
....................................
32,527
—
—
—
32,527
Deutsche
Bank
AG
...............................
13,267
—
—
—
13,267
Goldman
Sachs
International
........................
141,688
—
—
—
141,688
Morgan
Stanley
&
Co.
International
plc
..................
15,323
—
—
—
15,323
$
386,257
$
—
$
—
$
—
$
386,257
(a)
Net
amount
represents
the
net
amount
payable
due
to
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,403,078
$
—
$
1,403,078
Non-Agency
Mortgage-Backed
Securities
........................
—
4,121,789
—
4,121,789
U.S.
Government
Sponsored
Agency
Securities
....................
—
487,855,019
—
487,855,019
Short-Term
Securities
Money
Market
Funds
......................................
4,742,650
—
—
4,742,650
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
144,746,019
)
—
(
144,746,019
)
$
4,742,650
$
348,633,867
$
—
$
353,376,517
Derivative
Financial
Instruments
(a)
Assets
Interest
rate
contracts
.......................................
$
730
$
—
$
—
$
730
Liabilities
Interest
rate
contracts
.......................................
(
96,884
)
(
599,444
)
—
(
696,328
)
$
(
96,154
)
$
(
599,444
)
$
—
$
(
695,598
)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
options
written.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
The
Fund
may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
or
face
value,
including
accrued
interest,
for
financial
statement
purposes.
As
of
period
end,
reverse
repurchase
agreements
of
$40,692,926
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
CLO
11
Ltd.,
Series
2021-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
04/15/34
(a)
(b)
..........
USD
1,000
$
995,726
AGL
CLO
12
Ltd.,
Series
2021-12A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
07/20/34
(a)
(b)
..........
1,000
1,000,005
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)
..........
1,000
1,000,931
AIMCO
CLO
14
Ltd.,
Series
2021-14A,
Class
A,
(3-mo.
CME
Term
SOFR
at
0.99%
Floor
+
1.25%),
6.57%,
04/20/34
(a)
(b)
..........
4,000
4,003,000
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.51%),
7.83%,
04/15/34
(a)
(b)
..........
1,000
1,000,004
Apidos
CLO
XXIX,
Series
2018-29A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.49%,
07/25/30
(a)
(b)
..........
1,000
1,000,942
Apidos
CLO
XXXVII,
Series
2021-37A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
10/22/34
(a)
(b)
..........
4,200
4,202,324
Ares
XXXVII
CLO
Ltd.,
Series
2015-4A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
10/15/30
(a)
(b)
.........
250
249,251
Ballyrock
CLO
16
Ltd.,
Series
2021-16A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
07/20/34
(a)
(b)
.........
2,000
2,001,264
Battalion
CLO
17
Ltd.,
Series
2021-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
03/09/34
(a)
(b)
..........
1,000
991,505
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2007-HE5,
Class
1A4,
(1-mo.
CME
Term
SOFR
at
0.30%
Floor
+
0.41%),
5.74%,
06/25/47
(a)
.................
3,300
3,199,475
Benefit
Street
Partners
CLO
X
Ltd.,
Series
2016-10A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
04/20/34
(a)
(b)
.....................
1,250
1,252,196
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)
.....................
1,500
1,500,369
Canyon
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
07/15/34
................
1,000
997,470
Series
2020-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.15%
Floor
+
3.41%),
8.73%,
07/15/34
................
1,000
990,815
Series
2021-3A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
07/15/34
.....................
2,000
1,992,439
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
04/15/34
.....................
2,810
2,812,220
Series
2021-3SA,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.06%
Floor
+
1.32%),
6.64%,
04/15/34
................
700
699,406
CarVal
CLO
II
Ltd.
(a)(b)
Series
2019-1A,
Class
ANR,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
6.69%,
04/20/32
................
2,000
2,000,866
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.08%,
04/20/32
................
950
948,360
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
CarVal
CLO
VII-C
Ltd.,
Series
2023-1A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
2.75%
Floor
+
2.75%),
8.07%,
01/20/35
(a)
(b)
.........
USD
1,500
$
1,502,872
Cedar
Funding
XII
CLO
Ltd.,
Series
2020-12A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.72%,
10/25/34
(a)
(b)
1,250
1,249,502
Cedar
Funding
XIV
CLO
Ltd.,
Series
2021-14A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/15/33
(a)
(b)
.....
2,000
2,001,424
CIFC
Funding
2017-I
Ltd.,
Series
2017-1A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.70%),
8.98%,
04/21/37
(a)
(b)
1,000
999,840
CIFC
Funding
2019-II
Ltd.,
Series
2019-2A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.76%
Floor
+
1.76%),
7.08%,
04/17/34
(a)
(b)
.....
1,000
997,616
CIFC
Funding
2021-I
Ltd.,
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.37%
Floor
+
1.37%),
6.70%,
04/25/33
(a)
(b)
.....
2,000
2,001,661
CIFC
Funding
Ltd.
(a)(b)
Series
2013-2A,
Class
A3LR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.51%,
10/18/30
................
500
499,596
Series
2013-4A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
2.16%),
7.48%,
04/27/31
................
1,000
998,504
Series
2015-4A,
Class
A1A2,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.33%),
6.65%,
04/20/34
................
1,980
1,980,351
Series
2016-1A,
Class
BRR,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.28%,
10/21/31
................
1,000
999,298
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
04/20/32
................
1,250
1,250,023
Series
2021-7A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
01/23/35
.....................
4,000
4,001,903
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
04/20/32
................
4,000
4,006,018
Series
2018-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
04/20/32
................
1,000
1,000,790
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.36%
Floor
+
1.36%),
6.68%,
04/22/34
.....................
3,000
3,001,800
Series
2021-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
07/20/34
.....................
1,000
1,002,346
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
07/20/34
.....................
500
495,686
Series
2021-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.75%,
01/25/35
.....................
2,500
2,503,462
Clover
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.15%,
04/18/35
................
2,000
1,999,188
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.69%,
10/25/33
................
2,000
2,000,016
CVC
Cordatus
Opportunity
Loan
Fund
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.91%,
08/15/33
(a)
(c)
EUR
400
431,503
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Dryden
77
CLO
Ltd.,
Series
2020-77A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.38%),
6.70%,
05/20/34
(a)
(b)
.........
USD
5,000
$
5,001,750
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.43%,
04/15/29
(a)
(b)
1,000
998,002
Eaton
Vance
CLO
Ltd.,
Series
2015-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.48%,
01/20/30
(a)
(b)
................
763
761,967
Elmwood
CLO
15
Ltd.,
Series
2022-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.34%
Floor
+
1.34%),
6.66%,
04/22/35
(a)
(b)
.........
3,000
3,000,337
Elmwood
CLO
26
Ltd.,
Series
2024-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.79%,
04/18/37
(a)
(b)
.........
1,000
1,000,000
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
04/20/34
(a)
(b)
.........
2,000
2,001,800
Elmwood
CLO
IV
Ltd.,
Series
2020-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.24%
Floor
+
1.50%),
6.82%,
04/15/33
(a)
(b)
..........
1,900
1,901,903
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
10/20/34
(a)
(b)
.........
3,250
3,252,241
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)
.........
2,000
2,010,735
Elmwood
CLO
XII
Ltd.,
Series
2021-5A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
01/20/35
(a)
(b)
..........
3,000
3,000,497
Fidelity
Grand
Harbour
CLO
DAC,
Series
2021-
1X,
Class
D,
(3-mo.
EURIBOR
at
3.60%
Floor
+
3.60%),
7.54%,
10/15/34
(a)
(c)
.....
EUR
400
424,035
Flatiron
CLO
19
Ltd.,
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.08%
Floor
+
1.34%),
6.67%,
11/16/34
(a)
(b)
.........
USD
2,000
2,001,127
Galaxy
XVIII
CLO
Ltd.,
Series
2018-28A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
07/15/31
(a)
(b)
..........
500
498,116
Generate
CLO
6
Ltd.
(a)(b)
Series
6A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
01/22/35
.....................
2,950
2,952,107
Series
6A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
8.03%,
01/22/35
.....................
1,500
1,508,334
Generate
CLO
9
Ltd.,
Series
9A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.93%,
10/20/34
(a)
(b)
..........
1,000
972,060
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
07/20/34
(a)
(b)
................
1,510
1,510,918
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)
.....................
2,625
2,628,194
Golub
Capital
Partners
CLO
52B
Ltd.,
Series
2020-52A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.44%
Floor
+
1.70%),
7.02%,
01/20/34
(a)
(b)
.....................
3,000
3,007,962
Golub
Capital
Partners
CLO
53B
Ltd.
(a)(b)
Series
2021-53A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
07/20/34
.....................
1,500
1,499,911
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-53A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.63%,
07/20/34
.....................
USD
1,000
$
1,000,663
Greene
King
Finance
plc,
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
7.12%,
12/15/34
(a)
......................
GBP
100
104,445
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
2.36%),
7.68%,
07/28/31
(a)
(b)
..........
USD
1,000
1,001,055
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
2.41%
Floor
+
2.41%),
7.73%,
11/30/32
(a)
(b)
.........
1,500
1,500,186
HalseyPoint
CLO
4
Ltd.
(a)(b)
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.80%,
04/20/34
.....................
3,000
3,002,954
Series
2021-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.33%,
04/20/34
.....................
700
698,864
Harbor
Park
CLO
18-1
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.48%,
01/20/31
(a)
(b)
.....
1,000
995,326
Henley
CLO
IV
DAC,
Series
4X,
Class
D,
(3-mo.
EURIBOR
at
3.00%
Floor
+
3.00%),
6.95%,
04/25/34
(a)
(c)
................
EUR
400
430,167
Invesco
CLO
Ltd.,
Series
2021-3A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
10/22/34
(a)
(b)
..........
USD
2,172
2,172,670
KKR
CLO
27
Ltd.,
Series
27A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
8.56%,
10/15/32
(a)
(b)
..........
1,000
995,832
Legacy
Mortgage
Asset
Trust,
Series
2019-SL2,
Class
A,
3.38%,
02/25/59
(a)
(b)
..........
1,086
1,030,695
Madison
Park
Funding
XLVIII
Ltd.,
Series
2021-
48A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.72%,
04/19/33
(a)
(b)
1,000
1,000,640
Madison
Park
Funding
XXXVIII
Ltd.,
Series
2021-38A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
07/17/34
(a)
(b)
.....................
3,000
3,001,800
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2007-HE6,
Class
A2,
(1-mo.
CME
Term
SOFR
at
0.14%
Floor
+
0.25%),
5.58%,
05/25/37
(a)
......................
2,157
1,884,819
Neuberger
Berman
CLO
XVII
Ltd.,
Series
2014-
17A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
04/22/29
(a)
(b)
1,000
995,049
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
2.95%
Floor
+
3.21%),
8.53%,
07/15/34
(a)
(b)
1,150
1,157,653
Neuberger
Berman
CLO
XXII
Ltd.,
Series
2016-
22A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
10/17/30
(a)
(b)
1,000
1,000,029
Neuberger
Berman
Loan
Advisers
CLO
27
Ltd.,
Series
2018-27A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.28%,
01/15/30
(a)
(b)
.....................
1,000
992,924
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd.,
Series
2019-31A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.95%
Floor
+
2.21%),
7.53%,
04/20/31
(a)
(b)
................
1,000
996,813
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)
................
1,000
995,486
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
29
(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
3,000
$
3,002,775
Neuberger
Berman
Loan
Advisers
CLO
47
Ltd.,
Series
2022-47A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
6.62%,
04/14/35
(a)
(b)
.....................
2,000
2,001,043
OCP
CLO
Ltd.,
Series
2014-5A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.49%,
04/26/31
(a)
(b)
..........
1,000
975,088
Octagon
Investment
Partners
28
Ltd.,
Series
2016-1A,
Class
C1R,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.51%),
7.83%,
10/24/30
(a)
(b)
.....................
1,000
999,319
Octagon
Investment
Partners
37
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
2.01%),
7.34%,
07/25/30
(a)
(b)
.....................
1,000
989,660
Octagon
Investment
Partners
40
Ltd.,
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.35%
Floor
+
3.61%),
8.93%,
01/20/35
(a)
(b)
.....................
1,000
993,290
OHA
Credit
Funding
10
Ltd.,
Series
2021-10A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.69%,
01/18/36
(a)
(b)
.....
4,000
4,002,090
OHA
Credit
Funding
2
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.46%),
7.78%,
04/21/34
(a)
(b)
.....
1,000
1,000,003
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)
.....
2,580
2,581,506
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)
.....
1,250
1,255,307
OHA
Credit
Funding
7
Ltd.,
Series
2020-7A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.30%
Floor
+
1.30%),
6.61%,
02/24/37
(a)
(b)
.....
3,250
3,245,739
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)
.....
500
497,658
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)
.....
2,950
2,952,226
OHA
Loan
Funding
Ltd.,
Series
2015-1A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.72%,
01/19/37
(a)
(b)
.....
4,000
3,998,000
Option
One
Mortgage
Loan
Trust,
Series
2007-
FXD1,
Class
2A1,
5.87%,
01/25/37
(d)
.....
768
641,165
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
A1A3,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
1.26%),
6.58%,
10/17/31
................
1,703
1,704,342
Series
2015-1A,
Class
A2R4,
(3-mo.
CME
Term
SOFR
at
1.96%
Floor
+
1.96%),
7.28%,
05/21/34
................
2,500
2,498,748
Series
2015-1A,
Class
CR4,
(3-mo.
CME
Term
SOFR
at
3.11%
Floor
+
3.11%),
8.43%,
05/21/34
................
1,000
993,252
Series
2019-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.57%,
11/14/34
................
1,000
999,753
Series
2019-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.62%,
11/14/34
................
1,000
995,167
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-3A,
Class
A1R2,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.65%),
6.96%,
11/15/36
................
USD
1,500
$
1,505,281
Series
2021-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.73%,
07/15/34
.....................
3,000
3,002,084
Series
2021-3A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.21%
Floor
+
3.21%),
8.53%,
01/15/35
.....................
1,000
995,185
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.37%,
04/20/35
.....................
2,000
2,004,441
Pikes
Peak
CLO
12
Ltd.,
Series
2023-12A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.42%,
04/20/36
(a)
(b)
.....
4,000
4,034,772
Pikes
Peak
CLO
3,
Series
2019-3A,
Class
CRR,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.74%,
10/25/34
(a)
(b)
.....
1,000
1,003,292
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)
..........
1,500
1,499,584
Post
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
10/15/34
(a)
(b)
................
1,500
1,497,410
PPM
CLO
Ltd.,
Series
2018-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
07/15/31
(a)
(b)
..........
1,000
1,001,372
Providus
CLO
VI
DAC,
Series
6X,
Class
D,
(3-mo.
EURIBOR
at
3.20%
Floor
+
3.20%),
7.12%,
05/20/34
(a)
(c)
................
EUR
400
422,407
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)
..........
USD
1,000
980,355
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
04/20/34
(a)
(b)
.....
2,910
2,912,945
Regatta
VII
Funding
Ltd.,
Series
2016-1A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.64%,
06/20/34
(a)
(b)
1,500
1,501,662
Regatta
XII
Funding
Ltd.,
Series
2019-1A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.36%),
8.68%,
10/15/32
(a)
(b)
.....
1,000
994,727
Regatta
XV
Funding
Ltd.,
Series
2018-4A,
Class
A2,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.44%,
10/25/31
(a)
(b)
.....
2,000
2,009,276
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.70%
Floor
+
2.96%),
8.28%,
01/15/33
(a)
(b)
.....
1,000
1,003,091
Regatta
XVIII
Funding
Ltd.
(a)(b)
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.68%,
01/15/34
.....................
2,000
2,001,147
Series
2021-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.45%
Floor
+
1.71%),
7.03%,
01/15/34
.....................
1,100
1,099,010
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
999,625
Riserva
CLO
Ltd.,
Series
2016-3A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
3.51%),
8.81%,
01/18/34
(a)
(b)
..........
1,000
995,979
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
CR2,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.36%),
7.68%,
04/20/34
................
1,000
995,008
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
30
(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
500
$
500,779
Series
2021-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.58%,
07/20/34
.....................
1,000
997,907
Series
2021-2A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.36%
Floor
+
2.36%),
7.68%,
07/20/34
.....................
1,000
999,574
Series
2021-2A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.51%
Floor
+
3.51%),
8.83%,
07/20/34
.....................
1,000
968,447
RR
19
Ltd.,
Series
2021-19A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
10/15/35
(a)
(b)
................
1,750
1,750,196
RR
LLC,
Series
2017-1A,
Class
A1AB,
(3-mo.
CME
Term
SOFR
at
1.15%
Floor
+
1.41%),
6.73%,
07/15/35
(a)
(b)
................
2,375
2,377,637
RRX
4
Ltd.,
Series
2021-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.46%),
6.78%,
07/15/34
(a)
(b)
................
2,250
2,251,501
Signal
Peak
CLO
8
Ltd.
(a)(b)
Series
2020-8A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.27%
Floor
+
1.53%),
6.85%,
04/20/33
.....................
5,600
6,378,813
Series
2020-8A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
04/20/33
.....................
2,500
2,499,774
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)
.....
1,000
1,000,612
Sixth
Street
CLO
XX
Ltd.,
Series
2021-20A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.74%,
10/20/34
(a)
(b)
.....
1,325
1,326,655
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
C1,
(3-mo.
CME
Term
SOFR
at
2.56%
Floor
+
2.56%),
7.89%,
04/25/34
(a)
(b)
.....
1,000
992,809
Southwick
Park
CLO
LLC,
Series
2019-4A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.21%
Floor
+
2.21%),
7.53%,
07/20/32
(a)
(b)
.....
1,000
997,085
Symphony
CLO
XX
Ltd.,
Series
2018-20A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.75%
Floor
+
4.01%),
9.33%,
01/16/32
(a)
(b)
.....
1,750
1,730,112
Symphony
CLO
XXIV
Ltd.,
Series
2020-24A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.20%
Floor
+
1.20%),
6.52%,
01/23/32
(a)
(b)
.....
1,500
1,499,700
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)
.....
3,000
3,002,492
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
................
1,000
996,993
Series
2020-1A,
Class
DRR,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.66%),
8.98%,
04/20/34
................
1,250
1,206,657
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
AR2,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.70%,
01/15/34
(a)
(b)
..........
2,000
2,002,240
TICP
CLO
X
Ltd.,
Series
2018-10A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.47%
Floor
+
1.73%),
7.05%,
04/20/31
(a)
(b)
..........
1,700
1,702,217
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
10/20/31
.....................
600
600,000
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-11A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
0.00%,
04/25/37
................
USD
600
$
600,000
Series
2018-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.31%),
8.63%,
10/20/31
.....................
1,050
1,056,453
Series
2018-11A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.70%
Floor
+
3.70%),
0.00%,
04/25/37
................
1,050
1,050,000
TICP
CLO
XII
Ltd.,
Series
2018-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
07/15/34
(a)
(b)
..........
2,550
2,557,666
TICP
CLO
XIV
Ltd.,
Series
2019-14A,
Class
A2R,
(3-mo.
CME
Term
SOFR
at
1.65%
Floor
+
1.91%),
7.23%,
10/20/32
(a)
(b)
.....
2,815
2,813,482
TICP
CLO
XV
Ltd.,
Series
2020-15A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.41%),
7.73%,
04/20/33
(a)
(b)
..........
1,000
1,004,881
Trimaran
CAVU
Ltd.
(a)(b)
Series
2021-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.81%,
10/25/34
.....................
1,000
1,000,767
Series
2022-2A,
Class
A,
(3-mo.
CME
Term
SOFR
at
2.50%
Floor
+
2.50%),
7.82%,
01/20/36
.....................
2,500
2,532,950
Series
2022-2A,
Class
B1,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.40%),
8.72%,
01/20/36
.....................
1,500
1,504,503
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
07/20/30
(a)
(b)
.........
500
498,550
Whitebox
CLO
I
Ltd.,
Series
2019-1A,
Class
ANAR,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.71%,
07/24/32
(a)
(b)
.....
1,250
1,250,568
Whitebox
CLO
II
Ltd.,
Series
2020-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.80%,
10/24/34
(a)
(b)
.....
2,700
2,698,650
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)
.........
4,100
4,100,662
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
7.47%,
04/20/36
(a)
(b)
.........
1,500
1,509,166
Total
Asset-Backed
Securities
—
23
.2
%
(Cost:
$
256,714,487
)
..............................
261,397,315
Shares
Shares
Common
Stocks
Capital
Markets
—
0.0%
Ardagh
MP
USA,
Inc.
,
(Acquired
08/02/21
,
cost
$
276,327
)
(e)
(f)
.....................
28,101
95,262
Construction
&
Engineering
—
0.0%
Mcdermott
International
Ltd.
(e)
...........
48,333
9,667
Containers
&
Packaging
—
0.0%
Crown
Holdings,
Inc.
.................
372
29,485
Electrical
Equipment
—
0.0%
Sensata
Technologies
Holding
plc
.........
615
22,595
Energy
Equipment
&
Services
—
0.0%
Project
Investor
Holdings
LLC
,
(Acquired
02/12/19
,
cost
$
0
)
(e)
(f)
(g)
..............
1,227
—
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Financial
Services
—
0.1%
Travelport
Finance
SARL
(e)
(g)
............
100
$
320,213
Health
Care
Providers
&
Services
—
0.0%
Envision
Healthcare
Corp.
,
(Acquired
11/03/23
,
cost
$
302,229
)
(e)
(f)
(g)
................
7,243
61,565
Hotels,
Restaurants
&
Leisure
—
0.0%
Aramark
..........................
721
23,447
New
TOPCO
(e)
(g)
(h)
...................
3,743
—
23,447
Machinery
—
0.0%
Ameriforge
Group,
Inc.
(e)
...............
283
3
Media
—
0.0%
Learfield
Communications
LLC
,
(Acquired
09/13/23
,
cost
$
52,062
)
(e)
(f)
(g)
..........
4,144
194,768
Metals
&
Mining
—
0.0%
Constellium
SE
,
Class
A
(e)
..............
3,112
68,806
Oil,
Gas
&
Consumable
Fuels
—
0.0%
NGL
Energy
Partners
LP
(e)
..............
2,164
12,465
Professional
Services
—
0.0%
NMG,
Inc.
(e)
........................
1,905
176,212
Specialized
REITs
—
0.0%
VICI
Properties,
Inc.
..................
3,175
94,583
Trading
Companies
&
Distributors
—
0.0%
TMK
Hawk
Parent
Corp.
(e)
(g)
.............
5,686
46,910
Total
Common
Stocks
—
0
.1
%
(Cost:
$
1,427,272
)
...............................
1,155,981
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.3%
AAR
Escrow
Issuer
LLC,
6.75%,
03/15/29
(b)
..
USD
32
32,246
Bombardier,
Inc.
(b)
7.13%
,
06/15/26
..................
52
52,748
7.88%
,
04/15/27
..................
48
48,034
7.50%
,
02/01/29
..................
2
2,060
8.75%
,
11/15/30
..................
125
133,472
7.25%
,
07/01/31
..................
33
33,067
BWX
Technologies,
Inc.
(b)
4.13%
,
06/30/28
..................
13
12,120
4.13%
,
04/15/29
..................
38
35,063
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
.....................
9
8,668
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(b)
.....................
480
500,856
RTX
Corp.,
6.40%,
03/15/54
...........
1,690
1,911,995
Spirit
AeroSystems,
Inc.
(b)
9.38%
,
11/30/29
..................
48
52,358
9.75%
,
11/15/30
..................
41
45,861
TransDigm,
Inc.
(b)
6.75%
,
08/15/28
..................
198
200,613
6.38%
,
03/01/29
..................
294
294,915
7.13%
,
12/01/31
..................
106
109,239
6.63%
,
03/01/32
..................
298
301,067
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
....
77
81,176
3,855,558
Security
Par
(000)
Par
(000)
Value
Automobile
Components
—
0.3%
Champions
Financing,
Inc.,
8.75%,
02/15/29
(b)
USD
42
$
44,001
Clarios
Global
LP
(b)
8.50%
,
05/15/27
..................
1,257
1,258,901
6.75%
,
05/15/28
..................
89
90,213
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
.......
68
67,689
Goodyear
Tire
&
Rubber
Co.
(The),
5.00%,
07/15/29
......................
45
42,013
Icahn
Enterprises
LP
6.25%
,
05/15/26
..................
20
19,307
9.75%
,
01/15/29
(b)
.................
71
74,110
4.38%
,
02/01/29
..................
59
50,303
Phinia,
Inc.,
6.75%,
04/15/29
(b)
..........
17
17,164
Schaeffler
AG,
4.75%,
08/14/29
(c)
........
EUR
600
657,246
SK
On
Co.
Ltd.,
5.38%,
05/11/26
(c)
.......
USD
345
345,324
Tenneco,
Inc.,
8.00%,
11/17/28
(b)
........
35
31,935
Valeo
SE,
5.88%,
04/12/29
(c)
...........
EUR
600
690,075
3,388,281
Automobiles
—
0.8%
Ford
Motor
Co.,
6.10%,
08/19/32
........
USD
69
69,919
Hyundai
Capital
America
(c)
(1-day
SOFR
+
1.32%),
6.69%
,
11/03/25
(a)
200
201,428
2.38%
,
10/15/27
..................
200
181,320
Kia
Corp.,
1.75%,
10/16/26
(c)
...........
200
182,938
Mercedes-Benz
Finance
North
America
LLC,
5.25%,
11/29/27
(b)
................
2,595
2,621,793
Nissan
Motor
Acceptance
Co.
LLC
6.95%
,
09/15/26
(c)
.................
75
77,014
6.95%
,
09/15/26
(b)
.................
3,055
3,137,057
7.05%
,
09/15/28
(c)
.................
125
130,660
Nissan
Motor
Co.
Ltd.,
3.20%,
09/17/28
(c)
...
EUR
686
714,592
RCI
Banque
SA
(c)
4.88%
,
10/02/29
..................
634
714,169
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%
,
02/18/30
(a)
...............
700
737,093
8,767,983
Banks
—
10.0%
ABQ
Finance
Ltd.,
3.13%,
09/24/24
(c)
......
USD
350
345,212
Abu
Dhabi
Commercial
Bank
PJSC,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.52%),
8.00%
(a)
(c)
(i)
.........
200
214,370
AIB
Group
plc,
(5-Year
EUR
Swap
Annual
+
3.30%),
2.88%,
05/30/31
(a)
(c)
..........
EUR
684
712,386
Banco
BPM
SpA,
(3-mo.
EURIBOR
+
2.35%),
4.88%,
01/17/30
(a)
(c)
...............
649
720,165
Banco
de
Credito
e
Inversiones
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.94%),
8.75%
(a)
(b)
(i)
.........
USD
200
205,659
Banco
de
Credito
Social
Cooperativo
SA,
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.27%),
7.50%,
09/14/29
(a)
(c)
...............
EUR
600
713,986
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)
(b)
(i)
.........
USD
280
266,350
Bancolombia
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.94%),
4.63%,
12/18/29
(a)
...........
229
221,472
Bangkok
Bank
PCL
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.73%),
5.00%
(a)
(c)
(i)
....................
200
194,500
5.30%
,
09/21/28
(b)
.................
605
607,257
5.50%
,
09/21/33
(b)
.................
605
609,961
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)
.........
341
316,384
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
32
(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
+
1.44%),
3.19%
,
07/23/30
.....................
USD
850
$
771,940
(1-day
SOFR
+
1.83%),
4.57%
,
04/27/33
.
11,145
10,586,833
Bank
of
Communications
Co.
Ltd.,
1.20%,
09/10/25
(c)
.....................
200
188,625
Bank
of
East
Asia
Ltd.
(The),
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.30%),
6.63%,
03/13/27
(a)
(c)
...
250
252,008
Barclays
plc
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(i)
8,115
8,098,276
(USISSO05
+
5.78%),
9.63%
(i)
........
3,035
3,218,320
(5-Year
EUR
Swap
Annual
+
1.55%),
1.13%
,
03/22/31
(c)
...............
EUR
714
716,248
BNP
Paribas
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(a)
(b)
(i)
...............
USD
10,835
11,325,305
BPCE
SA,
4.50%,
01/13/33
(c)
...........
EUR
600
680,338
CaixaBank
SA,
(5-Year
EUR
Swap
Annual
+
3.00%),
6.13%,
05/30/34
(a)
(c)
..........
600
687,219
CBQ
Finance
Ltd.,
2.00%,
05/12/26
(c)
......
USD
250
232,750
China
CITIC
Bank
International
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.65%),
6.00%,
12/05/33
(a)
(c)
...
250
257,969
China
Construction
Bank
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.15%),
2.45%,
06/24/30
(a)
(c)
...
200
192,926
Citigroup,
Inc.
4.30%
,
11/20/26
..................
500
487,970
Series
AA
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.21%),
7.63%
(a)
(i)
.....................
29
30,446
Series
BB
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.91%),
7.20%
(a)
(i)
.....................
7,500
7,691,347
(1-day
SOFR
+
2.66%),
6.17%
,
05/25/34
(a)
2,841
2,885,004
Commerzbank
AG,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.70%),
6.75%,
10/05/33
(a)
(c)
.
EUR
600
695,524
First
Abu
Dhabi
Bank
PJSC,
5.00%,
02/28/29
(c)
USD
200
198,750
HDFC
Bank
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.93%),
3.70%
(a)
(c)
(i)
...............
200
183,938
ING
Groep
NV
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.86%),
3.88%
(i)
4,025
3,364,496
(1-day
SOFR
+
1.56%),
6.08%
,
09/11/27
.
7,875
7,972,256
Intesa
Sanpaolo
SpA
(c)
5.15%
,
06/10/30
..................
GBP
619
730,472
1.35%
,
02/24/31
..................
EUR
792
723,975
JPMorgan
Chase
&
Co.
3.63%
,
12/01/27
..................
USD
300
285,662
Series
NN
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.74%),
6.88%
(a)
(i)
.....................
28
28,973
(1-day
SOFR
+
2.58%),
5.72%
,
09/14/33
(a)
9,555
9,745,733
Series
W
,
(3-mo.
CME
Term
SOFR
+
1.26%),
6.57%
,
05/15/47
(a)
.........
1,000
889,985
KeyCorp,
(SOFR
Index
+
2.42%),
6.40%,
03/06/35
(a)
.....................
1,830
1,868,806
Kookmin
Bank,
1.75%,
05/04/25
(c)
........
500
480,310
Metropolitan
Bank
&
Trust
Co.
(c)
5.38%
,
03/06/29
..................
325
325,650
5.50%
,
03/06/34
..................
275
275,413
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Mitsubishi
UFJ
Financial
Group,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.29%),
8.20%
(a)
(i)
....
USD
200
$
215,801
National
Bank
of
Greece
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.15%),
5.88%,
06/28/35
(a)
(c)
....................
EUR
225
244,623
Standard
Chartered
plc
(a)(c)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.57%),
7.88%
(i)
USD
400
399,125
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.10%),
6.10%
,
01/11/35
.....................
200
205,374
Toronto-Dominion
Bank
(The),
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.08%),
8.13%,
10/31/82
(a)
....
6,243
6,547,989
Truist
Financial
Corp.,
(1-day
SOFR
+
2.05%),
6.05%,
06/08/27
(a)
................
15,305
15,511,572
US
Bancorp,
(1-day
SOFR
+
1.56%),
5.38%,
01/23/30
(a)
.....................
1,020
1,024,506
Wells
Fargo
&
Co.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(a)
(i)
.....................
48
51,298
(1-day
SOFR
+
2.10%),
4.90%
,
07/25/33
(a)
6,713
6,469,031
5.38%
,
11/02/43
..................
500
482,889
Woori
Bank,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.66%),
4.25%
(a)
(c)
(i)
....................
200
197,250
112,550,627
Beverages
—
0.0%
Anheuser-Busch
InBev
Worldwide,
Inc.,
4.60%,
04/15/48
......................
106
96,866
Fomento
Economico
Mexicano
SAB
de
CV,
3.50%,
01/16/50
.................
498
366,808
463,674
Broadline
Retail
—
0.1%
Alibaba
Group
Holding
Ltd.,
4.00%,
12/06/37
.
200
173,816
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
......
30
26,040
Go
Daddy
Operating
Co.
LLC,
3.50%,
03/01/29
(b)
.....................
24
21,646
JD.com,
Inc.,
3.88%,
04/29/26
..........
300
291,094
LCM
Investments
Holdings
II
LLC
(b)
4.88%
,
05/01/29
..................
51
46,876
8.25%
,
08/01/31
..................
41
42,892
Match
Group
Holdings
II
LLC
(b)
4.63%
,
06/01/28
..................
49
46,242
3.63%
,
10/01/31
..................
49
41,638
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
...
21
20,565
710,809
Building
Products
—
0.0%
(b)
Advanced
Drainage
Systems,
Inc.,
6.38%,
06/15/30
......................
50
50,259
Builders
FirstSource,
Inc.,
6.38%,
03/01/34
..
23
23,095
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
......................
35
35,954
Masonite
International
Corp.,
3.50%,
02/15/30
70
61,930
New
Enterprise
Stone
&
Lime
Co.,
Inc.
5.25%
,
07/15/28
..................
39
37,362
9.75%
,
07/15/28
..................
28
28,646
Standard
Industries,
Inc.
5.00%
,
02/15/27
..................
30
29,101
4.75%
,
01/15/28
..................
14
13,361
3.38%
,
01/15/31
..................
44
36,892
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Building
Products
(continued)
Summit
Materials
LLC
5.25%
,
01/15/29
..................
USD
14
$
13,642
7.25%
,
01/15/31
..................
41
42,615
372,857
Capital
Markets
—
4.8%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
.....................
37
38,303
Amipeace
Ltd.,
1.50%,
10/22/25
(c)
........
200
188,580
Apollo
Debt
Solutions
BDC,
6.90%,
04/13/29
(b)
4,290
4,330,718
Ares
Capital
Corp.,
5.88%,
03/01/29
......
6,735
6,714,857
Aretec
Group,
Inc.,
10.00%,
08/15/30
(b)
....
25
27,307
Blackstone
Private
Credit
Fund
1.75%
,
11/30/26
(c)
.................
EUR
713
707,270
3.25%
,
03/15/27
..................
USD
74
68,297
6.25%
,
01/25/31
(b)
.................
44
44,184
Blue
Owl
Capital
Corp.,
3.40%,
07/15/26
...
44
41,453
Blue
Owl
Capital
Corp.
II,
8.45%,
11/15/26
(b)
.
40
41,199
Blue
Owl
Credit
Income
Corp.
5.50%
,
03/21/25
..................
46
45,682
3.13%
,
09/23/26
..................
25
22,937
7.75%
,
09/16/27
..................
28
28,684
China
Great
Wall
International
Holdings
III
Ltd.,
3.88%,
08/31/27
(c)
................
200
184,812
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
................
30
28,504
Deutsche
Bank
AG,
(1-day
SOFR
+
2.51%),
6.82%,
11/20/29
(a)
................
3,350
3,502,101
Gaci
First
Investment
Co.,
5.13%,
02/14/53
(c)
.
372
322,710
Huarong
Finance
II
Co.
Ltd.,
5.00%,
11/19/25
(c)
200
194,938
Intermediate
Capital
Group
plc,
2.50%,
01/28/30
(c)
.....................
EUR
742
725,980
Macquarie
Bank
Ltd.,
6.80%,
01/18/33
(b)
....
USD
6,830
7,225,702
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
..
453
430,916
Morgan
Stanley
(a)
(1-day
SOFR
+
0.88%),
1.59%
,
05/04/27
.
4,373
4,044,993
(1-day
SOFR
+
1.73%),
5.47%
,
01/18/35
.
885
892,911
Oaktree
Strategic
Credit
Fund,
8.40%,
11/14/28
(b)
.....................
38
40,308
State
Street
Corp.,
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.61%),
6.70%
(a)
(i)
..........
74
75,089
SURA
Asset
Management
SA
(c)
4.88%
,
04/17/24
..................
1,318
1,314,138
4.88%
,
04/17/24
..................
400
398,828
UBS
Group
AG
(a)(b)
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.55%),
4.49%
,
05/12/26
.....................
5,085
5,012,477
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.60%),
6.33%
,
12/22/27
.....................
5,700
5,822,840
(USISSO05
+
4.16%),
7.75%
(i)
........
5,365
5,517,736
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.76%),
9.25%
(i)
5,410
6,105,385
54,139,839
Chemicals
—
0.5%
Braskem
Idesa
SAPI,
6.99%,
02/20/32
(b)
....
566
436,726
Braskem
Netherlands
Finance
BV
4.50%
,
01/31/30
(c)
.................
351
301,439
8.50%
,
01/12/31
(b)
.................
455
468,195
Chemours
Co.
(The)
5.38%
,
05/15/27
..................
14
13,421
5.75%
,
11/15/28
(b)
.................
36
33,196
4.63%
,
11/15/29
(b)
.................
43
37,069
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
..
142
130,264
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Evonik
Industries
AG,
(5-Year
EUR
Swap
Annual
+
1.84%),
1.38%,
09/02/81
(a)
(c)
....
EUR
700
$
690,150
GC
Treasury
Center
Co.
Ltd.,
4.40%,
03/30/32
(c)
USD
200
181,813
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
....
47
46,365
INEOS
Quattro
Finance
2
plc,
Series
APR,
8.50%,
03/15/29
(c)
................
EUR
356
400,394
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(b)
..
USD
129
104,323
MEGlobal
BV
2.63%
,
04/28/28
(b)
.................
670
597,556
2.63%
,
04/28/28
(c)
.................
335
298,778
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
29
27,728
Olympus
Water
US
Holding
Corp.,
9.75%,
11/15/28
(b)
.....................
200
213,043
Orbia
Advance
Corp.
SAB
de
CV,
5.50%,
01/15/48
(c)
.....................
360
310,388
Sasol
Financing
USA
LLC
4.38%
,
09/18/26
..................
200
188,000
6.50%
,
09/27/28
..................
227
216,217
8.75%
,
05/03/29
(b)
.................
358
364,377
Scotts
Miracle-Gro
Co.
(The)
4.50%
,
10/15/29
..................
19
17,195
4.38%
,
02/01/32
..................
40
34,485
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
.....................
52
46,351
WR
Grace
Holdings
LLC
(b)
4.88%
,
06/15/27
..................
48
45,618
5.63%
,
08/15/29
..................
133
119,020
7.38%
,
03/01/31
..................
13
13,164
5,335,275
Commercial
Services
&
Supplies
—
0.3%
ADT
Security
Corp.
(The)
(b)
4.13%
,
08/01/29
..................
10
9,162
4.88%
,
07/15/32
..................
14
12,672
Allied
Universal
Holdco
LLC
(b)
9.75%
,
07/15/27
..................
1,095
1,098,290
4.63%
,
06/01/28
..................
200
181,793
6.00%
,
06/01/29
..................
217
186,712
7.88%
,
02/15/31
..................
114
115,459
APi
Group
DE,
Inc.,
4.13%,
07/15/29
(b)
.....
52
46,851
APX
Group,
Inc.
(b)
6.75%
,
02/15/27
..................
13
13,053
5.75%
,
07/15/29
..................
46
44,229
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
...
59
56,945
Clean
Harbors,
Inc.
(b)
4.88%
,
07/15/27
..................
53
51,410
6.38%
,
02/01/31
..................
4
4,029
Covanta
Holding
Corp.
4.88%
,
12/01/29
(b)
.................
40
35,850
5.00%
,
09/01/30
..................
14
12,338
DP
World
Crescent
Ltd.,
3.75%,
01/30/30
(c)
..
635
589,359
Garda
World
Security
Corp.
(b)
4.63%
,
02/15/27
..................
75
71,864
9.50%
,
11/01/27
..................
41
41,099
7.75%
,
02/15/28
..................
10
10,255
6.00%
,
06/01/29
..................
21
18,796
GFL
Environmental,
Inc.
(b)
3.75%
,
08/01/25
..................
52
50,645
4.00%
,
08/01/28
..................
50
46,084
3.50%
,
09/01/28
..................
16
14,656
4.75%
,
06/15/29
..................
20
18,809
6.75%
,
01/15/31
..................
49
50,216
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
.....................
43
42,600
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
..
95
89,830
NongHyup
Bank,
4.00%,
01/06/26
(c)
......
250
244,531
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Prime
Security
Services
Borrower
LLC
(b)
5.25%
,
04/15/24
..................
USD
7
$
6,987
6.25%
,
01/15/28
..................
89
87,183
Stericycle,
Inc.,
3.88%,
01/15/29
(b)
........
12
10,877
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
....
124
122,125
Williams
Scotsman,
Inc.
(b)
4.63%
,
08/15/28
..................
39
36,885
7.38%
,
10/01/31
..................
12
12,472
3,434,066
Communications
Equipment
—
0.0%
(b)
CommScope
Technologies
LLC,
6.00%,
06/15/25
......................
30
26,091
CommScope,
Inc.,
4.75%,
09/01/29
.......
76
54,720
Viasat,
Inc.
5.63%
,
09/15/25
..................
27
26,320
5.63%
,
04/15/27
..................
64
60,605
7.50%
,
05/30/31
..................
14
10,144
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
.....
13
11,154
189,034
Construction
&
Engineering
—
0.1%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
.....................
338
343,704
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
.........
49
45,155
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
.....................
176
190,549
China
Railway
Xunjie
Co.
Ltd.,
3.25%,
07/28/26
(c)
.....................
240
229,575
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
...
29
27,108
GMR
Hyderabad
International
Airport
Ltd.,
4.25%,
10/27/27
(c)
................
400
370,625
MasTec,
Inc.,
4.50%,
08/15/28
(b)
.........
29
27,575
Pike
Corp.,
8.63%,
01/31/31
(b)
..........
25
26,567
1,260,858
Construction
Materials
—
0.0%
(b)
Smyrna
Ready
Mix
Concrete
LLC
6.00%
,
11/01/28
..................
158
154,423
8.88%
,
11/15/31
..................
6
6,413
St
Marys
Cement,
Inc.,
5.75%,
04/02/34
....
260
257,400
418,236
Consumer
Finance
—
1.1%
Ally
Financial,
Inc.,
8.00%,
11/01/31
......
400
445,557
American
Express
Co.,
5.85%,
11/05/27
....
7,215
7,429,759
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(b)
.....................
38
39,546
CMB
International
Leasing
Management
Ltd.,
3.00%,
07/03/24
(c)
................
300
297,603
DAE
Funding
LLC,
2.63%,
03/20/25
(c)
.....
200
193,750
Ford
Motor
Credit
Co.
LLC
4.39%
,
01/08/26
..................
500
487,691
6.86%
,
06/05/26
..................
GBP
549
712,001
5.13%
,
02/20/29
..................
EUR
635
717,132
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)
(j)
.......
USD
60
56,611
Hyundai
Capital
Services,
Inc.,
5.13%,
02/05/29
(c)
.....................
200
198,000
Macquarie
Airfinance
Holdings
Ltd.
(b)
8.38%
,
05/01/28
..................
42
44,519
6.40%
,
03/26/29
..................
10
10,158
8.13%
,
03/30/29
..................
15
15,864
6.50%
,
03/26/31
..................
20
20,357
Navient
Corp.,
9.38%,
07/25/30
.........
30
32,093
OneMain
Finance
Corp.
6.63%
,
01/15/28
..................
82
82,263
5.38%
,
11/15/29
..................
36
33,848
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
7.88%
,
03/15/30
..................
USD
77
$
79,431
4.00%
,
09/15/30
..................
15
12,838
SLM
Corp.,
3.13%,
11/02/26
...........
45
41,794
Volkswagen
International
Finance
NV
(a)(c)(i)
(9-Year
EUR
Swap
Annual
+
3.96%),
3.88%
EUR
700
698,663
(9-Year
EUR
Swap
Annual
+
4.78%),
7.88%
600
729,115
12,378,593
Consumer
Staples
Distribution
&
Retail
—
0.0%
Albertsons
Cos.,
Inc.
(b)
3.25%
,
03/15/26
..................
USD
43
41,006
4.63%
,
01/15/27
..................
24
23,227
6.50%
,
02/15/28
..................
3
3,032
3.50%
,
03/15/29
..................
99
88,861
CK
Hutchison
International
20
Ltd.,
2.50%,
05/08/30
(c)
.....................
200
174,313
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
.....................
44
40,322
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
39
32,393
US
Foods,
Inc.
(b)
6.88%
,
09/15/28
..................
40
40,946
4.75%
,
02/15/29
..................
22
20,883
4.63%
,
06/01/30
..................
14
12,988
7.25%
,
01/15/32
..................
4
4,163
Walgreens
Boots
Alliance,
Inc.
3.20%
,
04/15/30
..................
8
6,953
4.80%
,
11/18/44
..................
25
21,029
4.10%
,
04/15/50
..................
39
28,598
538,714
Containers
&
Packaging
—
0.1%
Ardagh
Metal
Packaging
Finance
USA
LLC,
4.00%,
09/01/29
(b)
................
270
217,634
Ball
Corp.,
3.13%,
09/15/31
...........
29
24,646
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%
,
04/15/29
..................
40
39,968
8.75%
,
04/15/30
..................
71
69,760
Graphic
Packaging
International
LLC,
3.50%,
03/01/29
(b)
.....................
34
30,577
LABL,
Inc.
(b)
6.75%
,
07/15/26
..................
8
7,903
5.88%
,
11/01/28
..................
7
6,437
9.50%
,
11/01/28
..................
79
79,913
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%
,
08/15/26
..................
282
287,288
9.25%
,
04/15/27
..................
23
22,817
Owens-Brockway
Glass
Container,
Inc.,
7.25%,
05/15/31
(b)
.....................
27
27,499
Sealed
Air
Corp.
(b)
4.00%
,
12/01/27
..................
14
13,122
6.13%
,
02/01/28
..................
38
38,079
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
47
50,146
915,789
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
..............
22
19,776
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
59
57,613
Resideo
Funding,
Inc.,
4.00%,
09/01/29
....
21
18,777
96,166
Diversified
Consumer
Services
—
0.0%
Service
Corp.
International,
4.00%,
05/15/31
.
56
49,614
Sotheby's,
7.38%,
10/15/27
(b)
...........
264
245,805
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
(b)
....
70
72,396
367,815
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
REITs
—
0.5%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
...
USD
59
$
50,486
HAT
Holdings
I
LLC
(b)
3.38%
,
06/15/26
..................
2
1,884
8.00%
,
06/15/27
..................
56
58,391
Highwoods
Realty
LP,
7.65%,
02/01/34
....
15
16,359
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
.......
50
45,664
MPT
Operating
Partnership
LP
2.50%
,
03/24/26
..................
GBP
100
107,681
4.63%
,
08/01/29
..................
USD
94
72,142
3.50%
,
03/15/31
..................
12
8,239
RHP
Hotel
Properties
LP,
6.50%,
04/01/32
(b)
.
75
75,253
VICI
Properties
LP
4.63%
,
12/01/29
(b)
.................
31
29,317
5.13%
,
05/15/32
..................
5,900
5,643,334
6,108,750
Diversified
Telecommunication
Services
—
1.1%
Altice
France
Holding
SA,
10.50%,
05/15/27
(b)
1,000
374,176
Altice
France
SA,
5.50%,
10/15/29
(b)
......
200
135,747
British
Telecommunications
plc,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.54%),
5.13%,
10/03/54
(a)
(c)
....................
EUR
250
269,267
CCO
Holdings
LLC
(b)
5.13%
,
05/01/27
..................
USD
51
48,591
6.38%
,
09/01/29
..................
165
156,533
7.38%
,
03/01/31
..................
151
148,083
4.25%
,
01/15/34
..................
105
79,260
Cellnex
Telecom
SA,
2.13%,
08/11/30
(c)
(k)
...
EUR
600
662,650
Frontier
Communications
Holdings
LLC
(b)
5.88%
,
10/15/27
..................
USD
22
21,299
5.00%
,
05/01/28
..................
165
153,155
8.75%
,
05/15/30
..................
29
29,674
8.63%
,
03/15/31
..................
67
68,429
Iliad
Holding
SASU,
7.00%,
10/15/28
(b)
.....
200
197,942
Koninklijke
KPN
NV,
(5-Year
EUR
Swap
Annual
+
3.77%),
6.00%
(a)
(c)
(i)
..............
EUR
621
703,767
Level
3
Financing,
Inc.
(b)
10.50%
,
04/15/29
.................
USD
20
20,400
4.88%
,
06/15/29
..................
123
82,102
11.00%
,
11/15/29
.................
241
250,923
10.50%
,
05/15/30
.................
248
253,580
3.88%
,
10/15/30
..................
26
15,340
Lumen
Technologies,
Inc.
(b)
4.13%
,
04/15/29
..................
54
34,004
4.13%
,
04/15/30
..................
54
33,465
Network
i2i
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.27%),
5.65%
(a)
(c)
(i)
...............
329
326,018
Telecom
Italia
Capital
SA
6.38%
,
11/15/33
..................
49
46,357
7.20%
,
07/18/36
..................
25
24,402
Uniti
Group
LP,
10.50%,
02/15/28
(b)
.......
183
189,721
Verizon
Communications,
Inc.
2.10%
,
03/22/28
..................
7,289
6,562,019
3.88%
,
02/08/29
..................
325
311,145
4.50%
,
08/10/33
..................
500
478,156
Virgin
Media
Secured
Finance
plc,
4.50%,
08/15/30
(b)
.....................
200
172,470
Windstream
Escrow
LLC,
7.75%,
08/15/28
(b)
.
14
12,958
Zayo
Group
Holdings,
Inc.
(b)
4.00%
,
03/01/27
..................
261
214,840
6.13%
,
03/01/28
..................
63
44,086
12,120,559
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
—
1.5%
Adani
Green
Energy
UP
Ltd.,
6.70%,
03/12/42
(b)
USD
208
$
200,200
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(b)
.....................
332
288,448
Alexander
Funding
Trust
II,
7.47%,
07/31/28
(b)
100
105,730
Continuum
Energy
Aura
Pte.
Ltd.
9.50%
,
02/24/27
(c)
.................
200
207,875
9.50%
,
02/24/27
(b)
.................
302
313,891
Diamond
II
Ltd.,
7.95%,
07/28/26
(b)
.......
255
259,383
Duke
Energy
Florida
LLC,
5.95%,
11/15/52
..
2,620
2,782,668
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(c)
..
363
315,356
FirstEnergy
Corp.
4.00%
,
05/01/26
(b)
(k)
................
117
116,298
2.65%
,
03/01/30
..................
13
11,175
India
Green
Power
Holdings,
4.00%,
02/22/27
(c)
177
164,748
Inkia
Energy
Ltd.,
5.88%,
11/09/27
(c)
......
200
195,340
LLPL
Capital
Pte.
Ltd.,
6.88%,
02/04/39
(c)
...
155
153,775
Minejesa
Capital
BV,
4.63%,
08/10/30
(c)
....
186
176,430
NextEra
Energy
Operating
Partners
LP
(b)
4.25%
,
09/15/24
..................
2
1,930
3.88%
,
10/15/26
..................
6
5,596
7.25%
,
01/15/29
..................
40
40,926
NRG
Energy,
Inc.,
7.00%,
03/15/33
(b)
......
27
28,811
Pacific
Gas
&
Electric
Co.
6.95%
,
03/15/34
..................
1,210
1,324,664
4.20%
,
06/01/41
..................
4,040
3,252,141
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
.....................
33
30,761
PG&E
Corp.,
4.25%,
12/01/27
(b)
(k)
........
63
63,283
Southern
California
Edison
Co.,
5.88%,
12/01/53
......................
5,500
5,668,342
Star
Energy
Geothermal
Darajat
II,
4.85%,
10/14/38
(c)
.....................
200
185,250
Star
Energy
Geothermal
Wayang
Windu
Ltd.,
6.75%,
04/24/33
(c)
................
203
203,714
State
Grid
Overseas
Investment
BVI
Ltd.,
1.13%,
09/08/26
(c)
................
200
182,386
Texas
Competitive
Electric
Holdings
Co.
LLC,
5.03%,
12/31/49
(a)
(e)
(g)
(l)
.............
815
—
Vistra
Operations
Co.
LLC
(b)
5.00%
,
07/31/27
..................
8
7,747
7.75%
,
10/15/31
..................
39
40,844
6.95%
,
10/15/33
..................
23
24,549
16,352,261
Electrical
Equipment
—
0.0%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
.....
80
74,435
Electronic
Equipment,
Instruments
&
Components
—
0.0%
(b)
Coherent
Corp.,
5.00%,
12/15/29
........
46
43,325
Sensata
Technologies,
Inc.
4.38%
,
02/15/30
..................
41
37,316
3.75%
,
02/15/31
..................
6
5,190
85,831
Energy
Equipment
&
Services
—
0.1%
Archrock
Partners
LP
(b)
6.88%
,
04/01/27
..................
43
43,131
6.25%
,
04/01/28
..................
35
34,630
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
.........
45
46,236
Kodiak
Gas
Services
LLC,
7.25%,
02/15/29
(b)
.
61
62,134
Nabors
Industries
Ltd.
(b)
7.25%
,
01/15/26
..................
67
66,585
7.50%
,
01/15/28
..................
25
23,448
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
...
44
45,833
Oceaneering
International,
Inc.,
6.00%,
02/01/28
......................
19
18,719
Patterson-UTI
Energy,
Inc.,
7.15%,
10/01/33
.
30
32,251
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
..
USD
14
$
13,974
Transocean
Aquila
Ltd.,
8.00%,
09/30/28
(b)
..
35
35,924
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
.....................
34
35,384
Transocean,
Inc.
(b)
7.50%
,
01/15/26
..................
20
19,875
11.50%
,
01/30/27
.................
57
59,406
8.00%
,
02/01/27
..................
84
83,376
8.75%
,
02/15/30
..................
40
41,290
USA
Compression
Partners
LP
6.88%
,
04/01/26
..................
13
12,985
6.88%
,
09/01/27
..................
73
73,174
7.13%
,
03/15/29
(b)
.................
47
47,585
Valaris
Ltd.,
8.38%,
04/30/30
(b)
..........
78
80,460
Venture
Global
LNG,
Inc.
(b)
8.13%
,
06/01/28
..................
135
137,725
9.50%
,
02/01/29
..................
78
84,073
8.38%
,
06/01/31
..................
282
290,818
9.88%
,
02/01/32
..................
108
116,397
Weatherford
International
Ltd.
(b)
6.50%
,
09/15/28
..................
44
45,381
8.63%
,
04/30/30
..................
42
43,847
1,594,641
Entertainment
—
0.0%
(b)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
......................
55
42,077
Live
Nation
Entertainment,
Inc.
4.75%
,
10/15/27
..................
22
21,006
3.75%
,
01/15/28
..................
51
47,182
Playtika
Holding
Corp.,
4.25%,
03/15/29
....
22
19,046
129,311
Financial
Services
—
1.6%
Banco
Votorantim
SA,
4.50%,
09/24/24
(c)
...
313
310,120
Block,
Inc.
2.75%
,
06/01/26
..................
60
56,429
3.50%
,
06/01/31
..................
97
84,423
Blue
Owl
Credit
Income
Corp.,
6.65%,
03/15/31
(b)
.....................
4,545
4,435,207
Blue
Owl
Technology
Finance
Corp.
II,
6.75%,
04/04/29
(b)
.....................
12
11,851
Citycon
Treasury
BV,
Series
EURO,
2.38%,
01/15/27
(c)
.....................
EUR
733
722,051
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
....
USD
42
41,992
Freedom
Mortgage
Corp.,
12.00%,
10/01/28
(b)
26
28,340
Freedom
Mortgage
Holdings
LLC,
9.25%,
02/01/29
(b)
.....................
17
17,399
GGAM
Finance
Ltd.
(b)
7.75%
,
05/15/26
..................
17
17,350
8.00%
,
02/15/27
..................
2
2,065
8.00%
,
06/15/28
..................
41
42,818
6.88%
,
04/15/29
..................
25
25,094
Global
Payments,
Inc.
2.15%
,
01/15/27
..................
8,745
8,069,772
1.50%
,
03/01/31
(b)
(k)
................
63
66,591
HPS
Corporate
Lending
Fund,
6.75%,
01/30/29
(b)
.....................
55
54,899
Kodit
Global
Co.
Ltd.,
Series
2023-1,
4.95%,
05/25/26
(c)
.....................
200
198,166
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
57
55,369
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%
,
02/01/26
..................
143
139,940
5.13%
,
12/15/30
..................
24
21,775
5.75%
,
11/15/31
..................
40
36,894
7.13%
,
02/01/32
..................
87
86,404
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
NCR
Atleos
Corp.,
9.50%,
04/01/29
(b)
......
USD
29
$
31,019
Nexi
SpA,
0.00%,
02/24/28
(c)
(k)
(m)
.........
EUR
800
740,040
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(b)
.....................
USD
32
32,881
Permian
Resources
Operating
LLC
(b)
8.00%
,
04/15/27
..................
48
49,437
5.88%
,
07/01/29
..................
54
53,101
9.88%
,
07/15/31
..................
33
36,772
7.00%
,
01/15/32
..................
44
45,646
Rocket
Mortgage
LLC
(b)
2.88%
,
10/15/26
..................
103
95,164
3.88%
,
03/01/31
..................
3
2,614
4.00%
,
10/15/33
..................
23
19,483
Royal
Capital
BV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
7.40%),
5.00%
(a)
(c)
(i)
...............
200
196,938
Sats
Treasury
Pte.
Ltd.,
4.83%,
01/23/29
(c)
..
200
198,748
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
....
64
61,878
Swire
Pacific
MTN
Financing
Ltd.,
3.88%,
09/21/25
(c)
.....................
200
195,625
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
..
1,253
1,256,520
Worldline
SA,
0.00%,
07/30/26
(c)
(k)
(m)
......
EUR
707
690,223
18,231,038
Food
Products
—
0.1%
China
Mengniu
Dairy
Co.
Ltd.,
1.88%,
06/17/25
(c)
.....................
USD
200
191,125
Chobani
LLC
(b)
4.63%
,
11/15/28
..................
84
78,333
7.63%
,
07/01/29
..................
130
131,788
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
..
62
61,442
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
(b)
...
18
18,588
Lamb
Weston
Holdings,
Inc.
(b)
4.88%
,
05/15/28
..................
30
29,158
4.13%
,
01/31/30
..................
23
20,971
4.38%
,
01/31/32
..................
46
41,249
MHP
Lux
SA,
6.25%,
09/19/29
(c)
.........
552
395,025
Post
Holdings,
Inc.
(b)
5.50%
,
12/15/29
..................
6
5,798
4.50%
,
09/15/31
..................
11
9,895
6.25%
,
02/15/32
..................
32
32,233
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
...
32
28,279
1,043,884
Gas
Utilities
—
0.0%
(b)
AmeriGas
Partners
LP,
9.38%,
06/01/28
....
40
41,421
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
.................
30
31,656
NGL
Energy
Operating
LLC
8.13%
,
02/15/29
..................
93
95,249
8.38%
,
02/15/32
..................
107
109,686
Promigas
SA
ESP,
3.75%,
10/16/29
.......
245
215,447
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
......................
12
10,940
504,399
Ground
Transportation
—
0.1%
Avis
Budget
Car
Rental
LLC,
8.00%,
02/15/31
(b)
27
26,956
GN
Bondco
LLC,
9.50%,
10/15/31
(b)
......
36
35,936
Guangzhou
Metro
Investment
Finance
BVI
Ltd.,
1.51%,
09/17/25
(c)
................
200
188,472
Lyft,
Inc.,
0.63%,
03/01/29
(b)
(k)
..........
18
21,026
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
..
67
63,389
RXO,
Inc.,
7.50%,
11/15/27
(b)
...........
72
73,890
Uber
Technologies,
Inc.
0.00%
,
12/15/25
(k)
(m)
...............
18
20,205
6.25%
,
01/15/28
(b)
.................
61
61,249
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
Series
2028
,
0.88%
,
12/01/28
(b)
(k)
.......
USD
57
$
70,509
561,632
Health
Care
Equipment
&
Supplies
—
0.1%
Avantor
Funding,
Inc.
(b)
4.63%
,
07/15/28
..................
61
57,804
3.88%
,
11/01/29
..................
36
32,452
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(b)
...
166
171,754
Medline
Borrower
LP
(b)
3.88%
,
04/01/29
..................
52
47,331
6.25%
,
04/01/29
..................
48
48,215
5.25%
,
10/01/29
..................
161
152,172
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
(b)
38
40,936
Teleflex,
Inc.,
4.63%,
11/15/27
..........
8
7,694
558,358
Health
Care
Providers
&
Services
—
1.0%
Acadia
Healthcare
Co.,
Inc.
(b)
5.50%
,
07/01/28
..................
48
46,727
5.00%
,
04/15/29
..................
40
38,008
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
.
49
44,590
Community
Health
Systems,
Inc.
(b)
8.00%
,
03/15/26
..................
494
493,003
5.63%
,
03/15/27
..................
33
30,373
6.00%
,
01/15/29
..................
70
61,152
4.75%
,
02/15/31
..................
121
93,381
Encompass
Health
Corp.
4.50%
,
02/01/28
..................
15
14,286
4.75%
,
02/01/30
..................
31
29,046
4.63%
,
04/01/31
..................
33
30,004
Fresenius
SE
&
Co.
KGaA,
5.00%,
11/28/29
(c)
EUR
600
681,980
HCA,
Inc.,
3.50%,
07/15/51
............
USD
11,531
7,965,505
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
......
51
47,054
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
53
50,504
LifePoint
Health,
Inc.
(b)
9.88%
,
08/15/30
..................
29
30,335
11.00%
,
10/15/30
.................
22
23,514
Molina
Healthcare,
Inc.,
3.88%,
05/15/32
(b)
..
70
60,951
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
..
54
49,510
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
.....................
13
12,931
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(b)
................
23
23,031
Surgery
Center
Holdings,
Inc.
(b)
10.00%
,
04/15/27
.................
628
629,157
7.25%
,
04/15/32
..................
69
69,536
Tenet
Healthcare
Corp.
6.13%
,
06/15/30
..................
50
49,885
6.75%
,
05/15/31
(b)
.................
147
149,680
10,724,143
Health
Care
Technology
—
0.0%
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
.
278
254,264
IQVIA,
Inc.,
6.25%,
02/01/29
...........
13
13,498
267,762
Hotel
&
Resort
REITs
—
0.0%
RHP
Hotel
Properties
LP
(b)
7.25%
,
07/15/28
..................
67
68,998
4.50%
,
02/15/29
..................
44
41,085
RLJ
Lodging
Trust
LP,
4.00%,
09/15/29
(b)
...
52
45,839
Service
Properties
Trust
7.50%
,
09/15/25
..................
42
42,566
8.63%
,
11/15/31
(b)
.................
171
182,361
380,849
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
—
0.8%
1011778
BC
ULC
(b)
3.88%
,
01/15/28
..................
USD
62
$
58,269
4.00%
,
10/15/30
..................
34
30,294
Allwyn
Entertainment
Financing
UK
plc,
7.25%,
04/30/30
(c)
.....................
EUR
619
701,199
Aramark
International
Finance
SARL,
3.13%,
04/01/25
(c)
.....................
100
106,521
Boyd
Gaming
Corp.,
4.75%,
12/01/27
.....
USD
43
41,423
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
......
51
47,276
Caesars
Entertainment,
Inc.
(b)
8.13%
,
07/01/27
..................
39
39,943
4.63%
,
10/15/29
..................
16
14,590
7.00%
,
02/15/30
..................
184
188,873
6.50%
,
02/15/32
..................
77
77,678
Carnival
Corp.
(b)
4.00%
,
08/01/28
..................
10
9,266
6.00%
,
05/01/29
..................
123
121,365
7.00%
,
08/15/29
..................
39
40,592
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
.....................
262
285,805
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
......
43
42,960
Cedar
Fair
LP
5.50%
,
05/01/25
(b)
.................
149
148,382
6.50%
,
10/01/28
..................
31
31,106
Churchill
Downs,
Inc.
(b)
4.75%
,
01/15/28
..................
44
41,886
5.75%
,
04/01/30
..................
69
66,606
6.75%
,
05/01/31
..................
75
75,419
Codere
New
Holdco
SA,
7.50%,
11/30/27
(c)
..
EUR
108
1,627
Expedia
Group,
Inc.,
2.95%,
03/15/31
.....
USD
572
499,165
Fertitta
Entertainment
LLC
(b)
4.63%
,
01/15/29
..................
34
31,177
6.75%
,
01/15/30
..................
32
28,733
GLP
Capital
LP,
3.25%,
01/15/32
........
1,570
1,321,670
Haidilao
International
Holding
Ltd.,
2.15%,
01/14/26
(c)
.....................
200
187,000
Hilton
Domestic
Operating
Co.,
Inc.
4.88%
,
01/15/30
..................
31
29,723
3.63%
,
02/15/32
(b)
.................
29
24,969
6.13%
,
04/01/32
(b)
.................
23
23,098
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
6.63%,
01/15/32
(b)
................
27
27,109
International
Game
Technology
plc,
2.38%,
04/15/28
(c)
.....................
EUR
698
707,875
Life
Time,
Inc.,
8.00%,
04/15/26
(b)
........
USD
42
42,507
Light
&
Wonder
International,
Inc.
(b)
7.25%
,
11/15/29
..................
43
44,142
7.50%
,
09/01/31
..................
20
20,798
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
.....................
70
74,022
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
69
64,714
Meituan
(c)
0.00%
,
04/27/27
(k)
(m)
...............
300
280,650
3.05%
,
10/28/30
..................
200
171,334
Melco
Resorts
Finance
Ltd.
5.25%
,
04/26/26
(c)
.................
333
320,721
5.38%
,
12/04/29
(b)
.................
200
182,038
MGM
China
Holdings
Ltd.,
5.38%,
05/15/24
(c)
.
300
299,250
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
.....................
51
47,224
NCL
Corp.
Ltd.
(b)
8.13%
,
01/15/29
..................
33
34,920
7.75%
,
02/15/29
..................
40
41,531
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
......
24
23,700
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
..
18
18,540
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Premier
Entertainment
Sub
LLC,
5.88%,
09/01/31
(b)
.....................
USD
53
$
38,746
Raising
Cane's
Restaurants
LLC,
9.38%,
05/01/29
(b)
.....................
38
41,068
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
..
55
52,905
Royal
Caribbean
Cruises
Ltd.
(b)
5.38%
,
07/15/27
..................
7
6,901
5.50%
,
04/01/28
..................
18
17,791
8.25%
,
01/15/29
..................
21
22,212
9.25%
,
01/15/29
..................
26
27,887
7.25%
,
01/15/30
..................
29
30,131
6.25%
,
03/15/32
..................
39
39,310
Sands
China
Ltd.,
5.40%,
08/08/28
(d)
......
260
255,057
Scientific
Games
Holdings
LP,
6.63%,
03/01/30
(b)
.....................
19
18,368
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
.....................
88
89,154
Station
Casinos
LLC
(b)
4.63%
,
12/01/31
..................
49
44,041
6.63%
,
03/15/32
..................
23
23,234
Studio
City
Co.
Ltd.,
7.00%,
02/15/27
(c)
.....
200
200,188
Sunny
Express
Enterprises
Corp.,
2.63%,
04/23/25
(c)
.....................
200
194,006
Viking
Cruises
Ltd.
(b)
5.88%
,
09/15/27
..................
327
320,825
7.00%
,
02/15/29
..................
13
13,056
9.13%
,
07/15/31
..................
28
30,621
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
.....................
41
39,900
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
...
56
54,847
Wynn
Macau
Ltd.
4.88%
,
10/01/24
(c)
.................
300
297,375
5.63%
,
08/26/28
(b)
.................
200
189,375
5.63%
,
08/26/28
(c)
.................
333
315,309
Wynn
Resorts
Finance
LLC
(b)
5.13%
,
10/01/29
..................
47
44,526
7.13%
,
02/15/31
..................
63
65,198
Yum!
Brands,
Inc.,
4.75%,
01/15/30
(b)
......
32
30,351
9,220,072
Household
Durables
—
0.7%
Ashton
Woods
USA
LLC
(b)
6.63%
,
01/15/28
..................
23
23,091
4.63%
,
08/01/29
..................
25
23,060
Beazer
Homes
USA,
Inc.,
7.50%,
03/15/31
(b)
.
10
10,099
Brookfield
Residential
Properties,
Inc.
(b)
5.00%
,
06/15/29
..................
32
29,028
4.88%
,
02/15/30
..................
31
27,805
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(b)
31
32,361
Five
Point
Operating
Co.
LP,
10.50%,
01/15/28
(b)
(d)
....................
840
864,422
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
.....................
42
40,878
LGI
Homes,
Inc.,
8.75%,
12/15/28
(b)
.......
24
25,323
Mattamy
Group
Corp.,
5.25%,
12/15/27
(b)
...
43
41,691
New
Home
Co.,
Inc.
(The)
(b)
8.25%
,
10/15/27
(d)
.................
2
2,007
9.25%
,
10/01/29
..................
25
25,125
Newell
Brands,
Inc.,
6.50%,
04/01/46
(d)
.....
8,142
6,576,500
STL
Holding
Co.
LLC,
8.75%,
02/15/29
(b)
...
14
14,368
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
.
47
34,759
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(b)
.....................
69
65,893
Tempur
Sealy
International,
Inc.,
3.88%,
10/15/31
(b)
.....................
43
36,516
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
TRI
Pointe
Homes,
Inc.,
5.25%,
06/01/27
...
USD
2
$
1,953
7,874,879
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.,
5.13%,
02/01/28
..
9
8,726
Spectrum
Brands,
Inc.
(b)
5.50%
,
07/15/30
..................
9
8,815
3.88%
,
03/15/31
..................
35
33,714
51,255
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Andes
SA,
6.30%,
03/15/29
(b)
.......
275
277,656
Calpine
Corp.
(b)
5.13%
,
03/15/28
..................
43
41,269
4.63%
,
02/01/29
..................
16
14,808
5.00%
,
02/01/31
..................
17
15,594
Clearway
Energy
Operating
LLC
(b)
4.75%
,
03/15/28
..................
50
47,527
3.75%
,
01/15/32
..................
52
43,716
NextEra
Energy
Partners
LP,
2.50%,
06/15/26
(b)
(k)
....................
55
49,498
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
.
22
23,526
TransAlta
Corp.,
7.75%,
11/15/29
........
44
45,737
559,331
Industrial
Conglomerates
—
0.1%
CK
Hutchison
International
23
Ltd.,
4.75%,
04/21/28
(c)
.....................
200
198,250
EMRLD
Borrower
LP
(b)
6.38%
,
12/15/30
..................
EUR
100
113,258
6.63%
,
12/15/30
..................
USD
253
255,427
GEMS
MENASA
Cayman
Ltd.,
7.13%,
07/31/26
(b)
.....................
464
464,390
Husky
Injection
Molding
Systems
Ltd.,
9.00%,
02/15/29
(b)
.....................
89
92,036
1,123,361
Insurance
—
1.1%
Alliant
Holdings
Intermediate
LLC
(b)
4.25%
,
10/15/27
..................
133
125,214
6.75%
,
10/15/27
..................
211
207,882
6.75%
,
04/15/28
..................
192
193,355
5.88%
,
11/01/29
..................
91
84,538
AmWINS
Group,
Inc.
(b)
6.38%
,
02/15/29
..................
17
17,092
4.88%
,
06/30/29
..................
45
42,002
Aon
North
America,
Inc.,
5.75%,
03/01/54
...
5,955
6,105,093
Ardonagh
Finco
Ltd.,
6.88%,
02/15/31
(c)
....
EUR
220
233,787
AssuredPartners,
Inc.,
7.50%,
02/15/32
(b)
...
USD
44
43,237
AXA
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.84%),
6.38%
(a)
(c)
(i)
...............
EUR
645
722,767
China
Life
Insurance
Overseas
Co.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.23%),
5.35%,
08/15/33
(a)
(c)
....................
USD
200
201,812
Credit
Agricole
Assurances
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.65%),
2.63%,
01/29/48
(a)
(c)
....................
EUR
700
707,995
Howden
UK
Refinance
plc
(b)
7.25%
,
02/15/31
..................
USD
197
197,744
8.13%
,
02/15/32
..................
109
109,925
HUB
International
Ltd.
(b)
7.25%
,
06/15/30
..................
387
397,719
7.38%
,
01/31/32
..................
383
385,579
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%
,
03/15/30
..................
39
40,653
10.50%
,
12/15/30
.................
34
35,878
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Mapfre
SA,
(3-mo.
EURIBOR
+
4.30%),
4.13%,
09/07/48
(a)
(c)
....................
EUR
700
$
740,801
NFP
Corp.
(b)
4.88%
,
08/15/28
..................
USD
61
61,138
8.50%
,
10/01/31
..................
3
3,302
NN
Group
NV,
(3-mo.
EURIBOR
+
4.00%),
6.00%,
11/03/43
(a)
(c)
...............
EUR
619
727,482
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
(b)
USD
315
320,264
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
....
25
23,366
Swiss
Re
Finance
UK
plc,
(1-Year
EUR
Swap
Annual
+
3.75%),
2.71%,
06/04/52
(a)
(c)
....
EUR
700
669,231
Tongyang
Life
Insurance
Co.
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.98%),
5.25%
(a)
(c)
(i)
.........
USD
200
192,562
USI,
Inc.,
7.50%,
01/15/32
(b)
...........
45
45,083
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
3.13%,
07/16/25
(c)
................
200
191,000
12,826,501
Interactive
Media
&
Services
—
0.1%
Tencent
Holdings
Ltd.
(c)
1.81%
,
01/26/26
..................
200
188,313
2.39%
,
06/03/30
..................
200
170,828
Weibo
Corp.,
3.50%,
07/05/24
..........
400
397,036
756,177
IT
Services
—
0.1%
Boost
Newco
Borrower
LLC,
7.50%,
01/15/31
(b)
200
209,363
Central
Parent
LLC,
8.00%,
06/15/29
(b)
.....
105
108,847
Newfold
Digital
Holdings
Group,
Inc.,
11.75%,
10/15/28
(b)
.....................
34
36,802
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
....
23
23,519
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
...
18
17,459
Twilio,
Inc.,
3.88%,
03/15/31
...........
44
38,411
Wipro
IT
Services
LLC,
1.50%,
06/23/26
(c)
...
200
184,144
618,545
Leisure
Products
—
0.0%
Acushnet
Co.,
7.38%,
10/15/28
(b)
........
24
24,870
Amer
Sports
Co.,
6.75%,
02/16/31
(b)
......
34
33,739
Mattel,
Inc.,
6.20%,
10/01/40
...........
40
39,949
98,558
Life
Sciences
Tools
&
Services
—
0.0%
(b)
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
.................
68
64,133
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
....
32
33,033
Star
Parent,
Inc.,
9.00%,
10/01/30
........
133
140,755
237,921
Machinery
—
0.2%
Chart
Industries,
Inc.
(b)
7.50%
,
01/01/30
..................
90
93,460
9.50%
,
01/01/31
..................
30
32,669
CSSC
Capital
2015
Ltd.,
2.50%,
02/13/25
(c)
..
300
291,844
Esab
Corp.,
6.25%,
04/15/29
(b)
..........
30
30,140
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
.....................
41
30,434
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
......
59
53,978
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
59
53,515
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
......
63
44,986
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(b)
.....................
44
40,287
SK
Battery
America,
Inc.,
4.88%,
01/23/27
(c)
..
230
227,792
Terex
Corp.,
5.00%,
05/15/29
(b)
.........
12
11,329
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
....
1,064
1,062,734
Titan
International,
Inc.,
7.00%,
04/30/28
...
18
17,762
TK
Elevator
Holdco
GmbH,
6.63%,
07/15/28
(c)
EUR
90
93,941
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(c)
.
EUR
200
$
207,413
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
..
USD
46
42,184
2,334,468
Media
—
0.9%
Altice
Financing
SA,
5.75%,
08/15/29
(b)
.....
200
160,248
Cable
One,
Inc.
0.00%
,
03/15/26
(k)
(m)
...............
49
42,679
1.13%
,
03/15/28
(k)
.................
17
12,760
4.00%
,
11/15/30
(b)
.................
59
46,045
Charter
Communications
Operating
LLC
5.13%
,
07/01/49
..................
1,000
774,853
3.70%
,
04/01/51
..................
2,410
1,490,463
4.40%
,
12/01/61
..................
5,750
3,754,630
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%
,
08/15/27
..................
81
76,353
7.75%
,
04/15/28
..................
101
88,456
9.00%
,
09/15/28
..................
74
77,080
7.88%
,
04/01/30
..................
82
81,521
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
.....
51
33,798
Comcast
Corp.
3.75%
,
04/01/40
..................
910
756,428
4.05%
,
11/01/52
..................
260
209,182
2.94%
,
11/01/56
..................
448
282,064
CSC
Holdings
LLC,
11.75%,
01/31/29
(b)
....
400
400,624
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
..
74
70,007
DISH
DBS
Corp.
(b)
5.25%
,
12/01/26
..................
96
75,591
5.75%
,
12/01/28
..................
26
17,869
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
...
128
130,679
Eutelsat
SA,
9.75%,
04/13/29
(c)
.........
EUR
134
146,734
GCI
LLC,
4.75%,
10/15/28
(b)
...........
USD
43
39,427
Gray
Television,
Inc.
(b)
5.88%
,
07/15/26
..................
24
23,373
7.00%
,
05/15/27
..................
51
47,432
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
31
25,800
Lamar
Media
Corp.,
4.00%,
02/15/30
......
4
3,635
Midcontinent
Communications,
5.38%,
08/15/27
(b)
.....................
44
41,763
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
.....
21
20,146
Outfront
Media
Capital
LLC
(b)
4.25%
,
01/15/29
..................
77
69,760
4.63%
,
03/15/30
..................
49
43,945
7.38%
,
02/15/31
..................
34
35,612
Radiate
Holdco
LLC
(b)
4.50%
,
09/15/26
..................
33
26,240
6.50%
,
09/15/28
..................
58
27,662
SES
SA,
3.50%,
01/14/29
(c)
............
EUR
673
712,429
Sirius
XM
Radio,
Inc.
(b)
3.13%
,
09/01/26
..................
USD
35
32,785
5.00%
,
08/01/27
..................
70
67,346
4.00%
,
07/15/28
..................
26
23,787
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
....
46
41,773
Tele
Columbus
AG,
10.00%,
03/19/29
(c)
....
EUR
312
216,790
Univision
Communications,
Inc.
(b)
6.63%
,
06/01/27
..................
USD
52
50,858
8.00%
,
08/15/28
..................
101
102,895
7.38%
,
06/30/30
..................
45
44,498
Videotron
Ltd.,
3.63%,
06/15/29
(b)
........
11
9,943
10,435,963
Metals
&
Mining
—
0.5%
ABJA
Investment
Co.
Pte.
Ltd.
(c)
5.95%
,
07/31/24
..................
213
212,208
5.45%
,
01/24/28
..................
200
199,500
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Anglo
American
Capital
plc,
4.75%,
09/21/32
(c)
EUR
627
$
708,529
AngloGold
Ashanti
Holdings
plc,
3.38%,
11/01/28
......................
USD
472
424,979
Arsenal
AIC
Parent
LLC
(b)
8.00%
,
10/01/30
..................
22
23,097
11.50%
,
10/01/31
.................
99
110,263
ATI,
Inc.
5.88%
,
12/01/27
..................
23
22,647
7.25%
,
08/15/30
..................
24
24,807
5.13%
,
10/01/31
..................
57
52,806
Carpenter
Technology
Corp.
6.38%
,
07/15/28
..................
24
23,960
7.63%
,
03/15/30
..................
31
31,981
Chinalco
Capital
Holdings
Ltd.,
2.13%,
06/03/26
(c)
.....................
300
280,031
Constellium
SE,
4.25%,
02/15/26
(c)
.......
EUR
100
107,457
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
.....
USD
56
53,130
Freeport
Indonesia
PT,
4.76%,
04/14/27
(b)
...
341
332,645
Freeport-McMoRan,
Inc.,
5.45%,
03/15/43
..
260
248,916
Kaiser
Aluminum
Corp.
(b)
4.63%
,
03/01/28
..................
32
30,027
4.50%
,
06/01/31
..................
82
72,548
Metinvest
BV
(c)
8.50%
,
04/23/26
..................
324
259,200
7.65%
,
10/01/27
..................
226
161,590
Mineral
Resources
Ltd.,
9.25%,
10/01/28
(b)
..
10
10,532
Minmetals
Bounteous
Finance
BVI
Ltd.,
4.20%,
07/27/26
(c)
.....................
200
194,750
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
.......
70
70,158
Novelis
Corp.
(b)
3.25%
,
11/15/26
..................
99
92,246
4.75%
,
01/30/30
..................
99
91,340
3.88%
,
08/15/31
..................
10
8,590
Novelis
Sheet
Ingot
GmbH,
3.38%,
04/15/29
(c)
EUR
100
101,423
POSCO
4.88%
,
01/23/27
(c)
.................
USD
250
246,719
5.75%
,
01/17/28
(b)
.................
365
369,904
5.88%
,
01/17/33
(b)
.................
200
206,875
POSCO
Holdings,
Inc.,
2.50%,
01/17/25
(c)
...
300
292,647
Samarco
Mineracao
SA,
9.00%,
(9.00%
Cash
or
9.00%
PIK),
06/30/31
(c)
(j)
..........
360
323,819
Vedanta
Resources
Finance
II
plc
(c)
13.88%
,
01/21/27
.................
94
88,536
13.88%
,
12/09/28
(d)
................
338
307,289
5,785,149
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%
,
10/01/25
..................
18
17,680
4.25%
,
02/01/27
..................
18
16,840
Starwood
Property
Trust,
Inc.
4.38%
,
01/15/27
..................
27
25,398
7.25%
,
04/01/29
..................
19
19,151
79,069
Oil,
Gas
&
Consumable
Fuels
—
3.9%
3R
Lux
SARL,
9.75%,
02/05/31
(b)
........
310
323,756
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
....
56
56,646
Antero
Midstream
Partners
LP
(b)
5.75%
,
03/01/27
..................
54
53,324
5.38%
,
06/15/29
..................
55
52,891
6.63%
,
02/01/32
..................
6
6,026
Apache
Corp.,
5.35%,
07/01/49
.........
43
36,348
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%
,
11/01/27
..................
83
104,460
5.88%
,
06/30/29
..................
13
12,394
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
....
USD
29
$
30,281
BP
Capital
Markets
plc,
(5-Year
EUR
Swap
Annual
+
3.78%),
3.63%
(a)
(c)
(i)
.........
EUR
696
716,327
Buckeye
Partners
LP,
5.85%,
11/15/43
.....
USD
34
28,967
Cheniere
Corpus
Christi
Holdings
LLC,
5.13%,
06/30/27
......................
500
498,808
Chesapeake
Energy
Corp.
(b)
5.88%
,
02/01/29
..................
17
16,860
6.75%
,
04/15/29
..................
31
31,332
CITGO
Petroleum
Corp.
(b)
7.00%
,
06/15/25
..................
68
67,915
8.38%
,
01/15/29
..................
71
74,596
Civitas
Resources,
Inc.
(b)
8.63%
,
11/01/30
..................
83
89,123
8.75%
,
07/01/31
..................
50
53,503
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
63
56,150
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
...
27
27,498
Comstock
Resources,
Inc.,
5.88%,
01/15/30
(b)
90
81,505
Cosan
Luxembourg
SA,
7.25%,
06/27/31
(b)
..
405
411,784
Crescent
Energy
Finance
LLC
(b)
9.25%
,
02/15/28
..................
155
163,663
7.63%
,
04/01/32
..................
67
67,516
Diamond
Foreign
Asset
Co.,
8.50%,
10/01/30
(b)
25
26,385
Diamondback
Energy,
Inc.,
6.25%,
03/15/33
.
4,540
4,840,024
DT
Midstream,
Inc.,
4.13%,
06/15/29
(b)
.....
47
43,209
EIG
Pearl
Holdings
SARL,
3.55%,
08/31/36
(b)
.
662
565,389
Enbridge,
Inc.
6.70%
,
11/15/53
..................
4,750
5,368,591
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.43%),
8.50%
,
01/15/84
(a)
....................
23
24,990
Energean
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(c)
....................
333
329,727
Energy
Transfer
LP
Series
B
,
(3-mo.
LIBOR
USD
+
4.16%),
6.63%
(a)
(i)
.....................
13
12,141
5.75%
,
02/15/33
..................
1,925
1,955,503
5.15%
,
02/01/43
..................
150
133,998
5.30%
,
04/15/47
..................
721
655,513
5.00%
,
05/15/50
..................
1,060
930,011
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.02%),
8.00%
,
05/15/54
(a)
....................
70
73,421
Eni
SpA,
Series
NC9,
(5-Year
EUR
Swap
Annual
+
2.77%),
2.75%
(a)
(c)
(i)
.........
EUR
749
711,563
EnLink
Midstream
LLC
(b)
5.63%
,
01/15/28
..................
USD
14
13,867
6.50%
,
09/01/30
..................
44
45,268
EnLink
Midstream
Partners
LP,
5.60%,
04/01/44
47
41,846
Enterprise
Products
Operating
LLC
4.80%
,
02/01/49
..................
320
294,727
3.95%
,
01/31/60
..................
320
248,767
EQM
Midstream
Partners
LP
4.13%
,
12/01/26
..................
36
34,617
6.38%
,
04/01/29
(b)
.................
40
40,294
7.50%
,
06/01/30
(b)
.................
31
33,137
4.75%
,
01/15/31
(b)
.................
30
27,899
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
.....................
41
42,719
Genesis
Energy
LP
7.75%
,
02/01/28
..................
30
30,155
8.25%
,
01/15/29
..................
20
20,532
8.88%
,
04/15/30
..................
23
24,075
Gran
Tierra
Energy,
Inc.,
9.50%,
10/15/29
(b)
..
359
333,983
Greenko
Dutch
BV,
3.85%,
03/29/26
(c)
.....
185
173,671
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
..
USD
18
$
18,251
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
.....................
17
15,621
Hilcorp
Energy
I
LP
(b)
6.25%
,
11/01/28
..................
27
26,971
5.75%
,
02/01/29
..................
87
84,741
6.00%
,
04/15/30
..................
4
3,916
8.38%
,
11/01/33
..................
30
32,526
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
......
72
65,707
Kinetik
Holdings
LP
(b)
6.63%
,
12/15/28
..................
25
25,444
5.88%
,
06/15/30
..................
23
22,497
Kosmos
Energy
Ltd.,
7.50%,
03/01/28
(c)
....
343
332,388
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)
(c)
...
129
120,160
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
.....................
12
11,804
Matador
Resources
Co.
(b)
6.88%
,
04/15/28
..................
75
76,731
6.50%
,
04/15/32
..................
34
34,041
MC
Brazil
Downstream
Trading
SARL,
7.25%,
06/30/31
(c)
.....................
347
312,842
Medco
Maple
Tree
Pte.
Ltd.,
8.96%,
04/27/29
(c)
250
260,156
MPLX
LP
4.95%
,
03/14/52
..................
5,499
4,830,125
5.65%
,
03/01/53
..................
930
909,658
Murphy
Oil
Corp.,
5.88%,
12/01/42
(d)
......
16
14,356
New
Fortress
Energy,
Inc.
(b)
6.75%
,
09/15/25
..................
36
35,755
8.75%
,
03/15/29
..................
90
89,657
Northern
Natural
Gas
Co.,
5.63%,
02/01/54
(b)
.
9,600
9,778,645
Northern
Oil
&
Gas,
Inc.
(b)
8.13%
,
03/01/28
..................
85
86,274
8.75%
,
06/15/31
..................
63
66,526
PBF
Holding
Co.
LLC,
7.88%,
09/15/30
(b)
...
26
26,969
Petronas
Energy
Canada
Ltd.,
2.11%,
03/23/28
(c)
.....................
200
179,446
Prairie
Acquiror
LP,
9.00%,
08/01/29
(b)
.....
23
23,677
Puma
International
Financing
SA,
5.00%,
01/24/26
(c)
.....................
666
645,604
Raizen
Fuels
Finance
SA
(b)
6.45%
,
03/05/34
..................
465
474,967
6.95%
,
03/05/54
..................
200
205,057
Reliance
Industries
Ltd.
(c)
4.13%
,
01/28/25
..................
750
739,922
3.67%
,
11/30/27
..................
412
389,984
2.88%
,
01/12/32
..................
250
212,187
Repsol
International
Finance
BV,
(5-Year
EUR
Swap
Annual
+
2.77%),
2.50%
(a)
(c)
(i)
.....
EUR
699
708,836
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
..
USD
47
43,984
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
.....................
31
28,972
SierraCol
Energy
Andina
LLC,
6.00%,
06/15/28
(c)
.....................
200
175,000
Sinopec
Group
Overseas
Development
2018
Ltd.,
1.45%,
01/08/26
(c)
.............
300
281,886
Sitio
Royalties
Operating
Partnership
LP,
7.88%,
11/01/28
(b)
................
44
45,509
SM
Energy
Co.,
6.50%,
07/15/28
........
7
7,030
Southwestern
Energy
Co.,
5.38%,
02/01/29
..
25
24,281
Sunoco
LP,
5.88%,
03/15/28
...........
36
35,656
Tallgrass
Energy
Partners
LP
(b)
6.00%
,
03/01/27
..................
31
30,517
5.50%
,
01/15/28
..................
36
34,685
7.38%
,
02/15/29
..................
27
27,162
6.00%
,
12/31/30
..................
2
1,900
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.00%
,
09/01/31
..................
USD
20
$
18,665
Talos
Production,
Inc.
(b)
9.00%
,
02/01/29
..................
22
23,363
9.38%
,
02/01/31
..................
42
44,775
Var
Energi
ASA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
4.77%),
7.86%,
11/15/83
(a)
(c)
.....
EUR
614
712,119
Venture
Global
Calcasieu
Pass
LLC,
3.88%,
08/15/29
(b)
.....................
USD
178
160,226
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
...
29
28,316
Vital
Energy,
Inc.
9.75%
,
10/15/30
..................
24
26,245
7.88%
,
04/15/32
(b)
.................
55
55,873
Western
Midstream
Operating
LP,
5.25%,
02/01/50
(d)
.....................
19
16,996
Wintershall
Dea
Finance
BV,
1.82%,
09/25/31
(c)
EUR
800
727,190
43,549,486
Paper
&
Forest
Products
—
0.0%
ProGroup
AG
(c)
5.13%
,
04/15/29
..................
78
84,178
5.38%
,
04/15/31
..................
100
107,622
191,800
Passenger
Airlines
—
0.1%
Air
Canada,
3.88%,
08/15/26
(b)
..........
USD
32
30,542
American
Airlines,
Inc.
(b)
5.50%
,
04/20/26
..................
23
23,094
5.75%
,
04/20/29
..................
43
42,657
8.50%
,
05/15/29
..................
55
58,105
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(b)
299
303,999
Singapore
Airlines
Ltd.
(c)
3.00%
,
07/20/26
..................
200
190,134
5.25%
,
03/21/34
..................
200
201,188
United
Airlines,
Inc.,
4.63%,
04/15/29
(b)
.....
34
31,620
VistaJet
Malta
Finance
plc
(b)
7.88%
,
05/01/27
..................
25
21,136
6.38%
,
02/01/30
..................
50
36,856
939,331
Personal
Care
Products
—
0.0%
(b)
Coty,
Inc.
4.75%
,
01/15/29
..................
6
5,678
6.63%
,
07/15/30
..................
26
26,403
Prestige
Brands,
Inc.,
3.75%,
04/01/31
.....
26
22,637
54,718
Pharmaceuticals
—
0.3%
1375209
BC
Ltd.,
9.00%,
01/30/28
(b)
......
32
31,360
Bayer
AG,
(5-Year
EUR
Swap
Annual
+
4.46%),
5.38%,
03/25/82
(a)
(c)
...............
EUR
700
700,443
Bayer
US
Finance
LLC,
6.88%,
11/21/53
(b)
..
USD
745
764,344
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%
,
07/15/27
..................
29
28,557
3.13%
,
02/15/29
..................
78
74,535
3.50%
,
04/01/30
..................
13
12,381
Merck
KGaA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.94%),
2.88%,
06/25/79
(a)
(c)
.....
EUR
700
702,331
Teva
Pharmaceutical
Finance
Netherlands
II
BV,
7.88%,
09/15/31
..............
581
725,535
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
..............
USD
174
162,198
3,201,684
Professional
Services
—
0.0%
(b)
CoreLogic,
Inc.,
4.50%,
05/01/28
........
103
92,356
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
74
68,307
KBR,
Inc.,
4.75%,
09/30/28
............
49
45,058
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Science
Applications
International
Corp.,
4.88%,
04/01/28
.................
USD
50
$
47,744
253,465
Real
Estate
Management
&
Development
—
0.5%
Anywhere
Real
Estate
Group
LLC
Series
AI
,
7.00%
,
04/15/30
...........
28
25,288
7.00%
,
04/15/30
(b)
.................
28
24,695
Aroundtown
SA
(c)
1.63%
,
01/31/28
..................
EUR
800
718,902
1.45%
,
07/09/28
..................
800
707,648
Cushman
&
Wakefield
US
Borrower
LLC
(b)
6.75%
,
05/15/28
..................
USD
12
11,850
8.88%
,
09/01/31
..................
43
45,441
Fantasia
Holdings
Group
Co.
Ltd.
(c)(e)(l)
12.25%
,
10/18/22
.................
755
11,325
11.75%
,
04/17/24
.................
5,280
79,200
7.95%
,
07/05/24
..................
750
11,250
15.00%
,
12/18/24
.................
200
3,000
10.88%
,
01/09/25
.................
330
4,950
Fastighets
AB
Balder,
1.25%,
01/28/28
(c)
....
EUR
790
731,863
Heimstaden
Bostad
Treasury
BV,
1.38%,
03/03/27
(c)
.....................
779
713,335
Howard
Hughes
Corp.
(The),
4.38%,
02/01/31
(b)
USD
35
30,393
JGC
Ventures
Pte.
Ltd.
(c)(j)
5.00%
,
(
5.00
%
Cash
or
3.00
%
PIK),
06/30/25
(e)
(l)
...................
1,792
640,186
5.00%
,
(
5.00
%
Cash
or
5.00
%
PIK),
06/30/25
.....................
112
36,717
LEG
Immobilien
SE,
0.75%,
06/30/31
(c)
....
EUR
800
689,319
Longfor
Group
Holdings
Ltd.,
3.38%,
04/13/27
(c)
USD
200
126,000
Sinochem
Offshore
Capital
Co.
Ltd.,
2.38%,
09/23/31
(c)
.....................
250
207,266
Vonovia
SE,
0.50%,
09/14/29
(c)
.........
EUR
800
715,970
5,534,598
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
.....................
USD
50
45,638
Link
Finance
Cayman
2009
Ltd.
(The),
2.88%,
07/21/26
(c)
.....................
200
189,625
235,263
Semiconductors
&
Semiconductor
Equipment
—
0.8%
Broadcom,
Inc.
(b)
1.95%
,
02/15/28
..................
2,662
2,373,734
3.75%
,
02/15/51
..................
5,000
3,787,279
Entegris,
Inc.
(b)
4.38%
,
04/15/28
..................
47
44,174
4.75%
,
04/15/29
..................
113
108,294
Infineon
Technologies
AG,
(5-Year
EUR
Swap
Annual
+
4.00%),
3.63%
(a)
(c)
(i)
.........
EUR
700
733,302
NXP
BV,
4.40%,
06/01/27
.............
USD
1,405
1,377,139
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
........
47
42,300
TSMC
Global
Ltd.,
2.25%,
04/23/31
(c)
......
200
169,562
8,635,784
Software
—
0.8%
Boxer
Parent
Co.,
Inc.
(b)
7.13%
,
10/02/25
..................
64
64,057
9.13%
,
03/01/26
..................
74
73,973
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
....
51
49,070
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
..
43
44,619
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
.....
12
12,250
Clarivate
Science
Holdings
Corp.
(b)
3.88%
,
07/01/28
..................
119
110,098
4.88%
,
07/01/29
..................
86
79,561
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Cloud
Software
Group,
Inc.
(b)
6.50%
,
03/31/29
..................
USD
389
$
369,146
9.00%
,
09/30/29
..................
160
153,459
Elastic
NV,
4.13%,
07/15/29
(b)
..........
51
45,895
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
.......
45
42,032
McAfee
Corp.,
7.38%,
02/15/30
(b)
........
77
70,613
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
.....
57
54,989
Oracle
Corp.
3.95%
,
03/25/51
..................
8,055
6,137,394
5.55%
,
02/06/53
..................
1,335
1,305,943
PTC,
Inc.,
4.00%,
02/15/28
(b)
...........
7
6,542
Sabre
GLBL,
Inc.
(b)
8.63%
,
06/01/27
..................
70
61,427
11.25%
,
12/15/27
.................
6
5,631
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
.
90
87,998
UKG,
Inc.,
6.88%,
02/01/31
(b)
...........
332
338,217
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
.......
50
45,843
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
88
79,215
9,237,972
Specialized
REITs
—
1.1%
American
Tower
Corp.
0.95%
,
10/05/30
..................
EUR
786
715,831
2.95%
,
01/15/51
..................
USD
6,233
4,019,120
Equinix,
Inc.,
1.80%,
07/15/27
..........
7,864
7,049,586
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(b)
.....
62
63,181
SBA
Communications
Corp.
3.88%
,
02/15/27
..................
38
36,141
3.13%
,
02/01/29
..................
68
60,011
11,943,870
Specialty
Retail
—
0.6%
Arko
Corp.,
5.13%,
11/15/29
(b)
..........
47
38,901
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
..................
5
4,761
5.00%
,
02/15/32
(b)
.................
33
29,899
Carvana
Co.
(b)(j)
12.00%
,
(
12.00
%
Cash
or
12.00
%
PIK),
12/01/28
.....................
16
14,993
13.00%
,
(
13.00
%
Cash
or
13.00
%
PIK),
06/01/30
.....................
16
14,899
14.00%
,
(
14.00
%
Cash
or
14.00
%
PIK),
06/01/31
.....................
24
22,697
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
...
34
31,609
Lowe's
Cos.,
Inc.
3.00%
,
10/15/50
..................
4,146
2,715,622
5.63%
,
04/15/53
..................
3,910
3,949,129
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
................
43
42,712
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
...
184
180,476
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)
(j)
............
108
107,895
7,153,593
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Seagate
HDD
Cayman,
8.50%,
07/15/31
(b)
..
109
117,792
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Crocs,
Inc.,
4.25%,
03/15/29
(b)
..........
48
43,883
European
TopSoho
SARL,
Series
SMCP,
4.00%,
10/14/24
(c)
(e)
(k)
(l)
.............
EUR
1,100
474,694
Hanesbrands,
Inc.,
4.88%,
05/15/26
(b)
.....
USD
46
44,787
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
....
48
43,082
Levi
Strauss
&
Co.,
3.50%,
03/01/31
(b)
.....
34
29,828
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
..
44
43,701
679,975
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Tobacco
—
1.0%
Altria
Group,
Inc.,
4.40%,
02/14/26
.......
USD
63
$
62,060
BAT
Capital
Corp.,
2.26%,
03/25/28
......
12,726
11,328,519
11,390,579
Trading
Companies
&
Distributors
—
0.1%
Beacon
Roofing
Supply,
Inc.
(b)
4.13%
,
05/15/29
..................
21
19,047
6.50%
,
08/01/30
..................
33
33,486
BOC
Aviation
Ltd.,
2.63%,
01/17/25
(c)
......
200
195,108
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
5.50%
,
05/01/28
..................
49
47,477
7.88%
,
12/01/30
..................
49
51,456
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
.....................
24
22,070
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
.....................
28
25,634
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
.....
70
68,753
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
.....
45
42,194
SRS
Distribution,
Inc.
(b)
4.63%
,
07/01/28
..................
80
80,585
6.13%
,
07/01/29
..................
90
91,778
6.00%
,
12/01/29
..................
64
65,376
United
Rentals
North
America,
Inc.
(b)
6.00%
,
12/15/29
..................
88
88,583
6.13%
,
03/15/34
..................
20
20,025
WESCO
Distribution,
Inc.
(b)
7.25%
,
06/15/28
..................
4
4,084
6.38%
,
03/15/29
..................
26
26,267
6.63%
,
03/15/32
..................
26
26,421
908,344
Transportation
Infrastructure
—
0.1%
HPHT
Finance
21
II
Ltd.,
1.50%,
09/17/26
(c)
..
300
273,281
Rand
Parent
LLC,
8.50%,
02/15/30
(b)
......
3
2,971
SGL
Group
ApS,
(3-mo.
EURIBOR
+
4.75%),
8.64%,
04/22/30
(a)
(b)
(c)
..............
EUR
124
132,440
Shanghai
Port
Group
BVI
Development
Co.
Ltd.,
1.50%,
07/13/25
(c)
.............
USD
200
190,233
598,925
Wireless
Telecommunication
Services
—
0.7%
Bharti
Airtel
Ltd.,
4.38%,
06/10/25
(c)
.......
200
196,814
Globe
Telecom,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.53%),
4.20%
(a)
(c)
(i)
...............
200
192,125
Kenbourne
Invest
SA
6.88%
,
11/26/24
(b)
.................
11
5,342
4.70%
,
01/22/28
(c)
.................
200
71,000
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
...............
271
285,058
Millicom
International
Cellular
SA
5.13%
,
01/15/28
(c)
.................
225
213,961
7.38%
,
04/02/32
(b)
.................
280
280,000
T-Mobile
USA,
Inc.
2.05%
,
02/15/28
..................
1,922
1,722,128
5.05%
,
07/15/33
..................
3,500
3,462,005
VF
Ukraine
PAT,
6.20%,
02/11/25
(c)
.......
428
353,100
Vodafone
Group
plc,
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
(a)
(c)
........
EUR
670
709,074
7,490,607
Total
Corporate
Bonds
—
39
.2
%
(Cost:
$
461,594,209
)
..............................
442,041,062
Security
Par
(000)
Par
(000)
Value
Fixed
Rate
Loan
Interests
Diversified
Telecommunication
Services
—
0.0%
Level
3
Financing,
Inc.,
Term
Loan
B1
,
11.89
%
,
04/15/29
.................
USD
175
$
173,459
Level
3
Financing,
Inc.,
Term
Loan
B2
,
11.89
%
,
04/15/30
(g)
................
176
174,951
348,410
Health
Care
Technology
—
0.0%
Cotiviti
Holdings,
Inc.,
Term
Loan
,
02/21/31
(n)
.
280
280,350
Media
—
0.1%
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3
,
15.00
%
,
10/15/26
.................
375
391,068
Clear
Channel
International
BV,
Term
Loan
,
08/12/27
(g)
(n)
.....................
245
243,775
634,843
Total
Fixed
Rate
Loan
Interests
—
0
.1
%
(Cost:
$
1,235,348
)
...............................
1,263,603
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.5%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.85
%
,
05/25/28
............
869
811,438
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.85
%
,
05/25/28
............
177
165,200
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.57
%
,
10/30/28
...
258
259,106
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.01
%
,
08/03/29
.......
309
303,192
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
08/24/28
..................
1,000
1,000,634
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2
,
08/24/28
(n)
......................
385
385,819
Kaman
Corp.,
Term
Loan
,
03/27/31
(n)
......
100
100,063
Peraton
Corp.,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/01/28
..................
646
644,997
Peraton
Corp.,
2nd
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.18
%
,
02/01/29
.................
299
299,397
Setanta
Aircraft
Leasing
DAC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.56
%
,
11/05/28
..................
290
290,107
TransDigm,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.60
%
,
08/24/28
......
646
647,605
TransDigm,
Inc.,
Term
Loan
J
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.56
%
,
02/28/31
...
221
222,472
TransDigm,
Inc.,
Term
Loan
K
,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.06
%
,
03/22/30
...
73
73,107
5,203,137
Automobile
Components
—
0.1%
(a)
Champions
Holdco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.07
%
,
02/23/29
(g)
................
593
594,482
Clarios
Global
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
05/06/30
..................
625
625,499
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
44
(Percentages
shown
are
based
on
Net
Assets)
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
+
4.75%),
10.17
%
-
10.40
%
,
11/17/28
...........
USD
323
$
303,404
1,523,385
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)
(g)
..........
458
460,550
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.66
%
,
01/24/29
..................
1,060
989,276
Naked
Juice
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.40
%
,
01/24/30
.................
763
614,766
1,604,042
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69
%
,
11/24/28
...
152
151,816
Sally
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
02/28/30
...
140
139,416
StubHub
Holdco
Sub,
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
4.75%),
10.08
%
,
03/15/30
.................
1,325
1,324,514
1,615,746
Building
Products
—
0.2%
(a)
AZZ,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
05/13/29
.
247
247,930
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
11/03/28
..................
157
157,196
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
04/12/28
............
170
168,543
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
.................
305
300,583
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
............
75
74,693
CPG
International
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93
%
,
04/28/29
..................
404
404,095
Wilsonart
LLC,
Term
Loan
E
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.25%),
8.65
%
,
12/31/26
..................
593
593,473
1,946,513
Capital
Markets
—
0.3%
(a)
Aretec
Group,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.93
%
,
08/09/30
...
144
144,995
Ascensus
Group
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
08/02/28
.......
352
349,853
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.33
%
,
12/20/29
..
346
346,666
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94
%
,
07/24/26
................
293
290,628
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
07/24/26
..........
USD
361
$
358,301
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
10/22/26
..........
420
419,840
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
10/22/27
..........
156
156,090
Focus
Financial
Partners
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
06/30/28
............
460
458,228
Focus
Financial
Partners
LLC,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
06/30/28
............
324
322,492
ION
Trading
Finance
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.15
%
,
04/01/28
.................
145
145,041
Learning
Care
Group
US
No.
2,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06
%
-
10.09
%
,
08/11/28
54
53,741
Osaic
Holdings,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
08/17/28
..................
772
774,364
3,820,239
Chemicals
—
0.5%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
09/30/28
..................
395
394,404
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43
%
,
11/24/27
.......
304
302,510
Ascend
Performance
Materials
Operations
LLC,
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.07
%
,
08/27/26
..
143
140,274
Chemours
Co.,
(The),
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
08/18/28
..................
290
288,097
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.32
%
,
12/29/27
............
97
81,422
Derby
Buyer
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.58
%
,
11/01/30
..................
536
538,846
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.91
%
,
06/09/28
............
316
315,526
Element
Solutions,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
12/18/30
..................
692
692,180
HB
Fuller
Co.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.33
%
,
02/15/30
..................
72
72,507
Herens
Holdco
SARL,
Facility
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.33
%
,
07/03/28
............
317
297,744
Ineos
US
Finance
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93
%
,
02/18/30
...
143
142,716
LSF11
A5
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
10/15/28
..........
381
380,446
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.68
%
,
10/15/28
..........
70
70,503
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Momentive
Performance
Materials,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.83
%
,
03/29/28
..................
USD
549
$
538,913
Nouryon
Finance
BV,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.42
%
,
04/03/28
...
222
222,654
Olympus
Water
US
Holding
Corp.,
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.57
%
,
11/09/28
...........
225
225,294
Oxea
Holding
Vier
GmbH,
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.91
%
,
10/14/24
..................
389
379,787
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.44
%
,
03/16/27
...........
161
161,055
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
08/02/28
............
364
363,544
WR
Grace
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.32
%
,
09/22/28
..................
381
381,167
5,989,589
Commercial
Services
&
Supplies
—
0.5%
(a)
Action
Environmental
Group,
Inc.,
(The),
Delayed
Draw
Term
Loan
,
10/24/30
(g)
(n)
...
23
22,997
Action
Environmental
Group,
Inc.,
(The),
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.82
%
,
10/24/30
(g)
......
150
149,994
Allied
Universal
Holdco
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
05/12/28
..........
759
757,409
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.08
%
,
05/12/28
..........
80
79,756
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
02/15/29
..................
200
199,992
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
,
04/06/28
..................
355
354,754
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
,
06/22/30
..................
171
171,031
Asplundh
Tree
Expert
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
09/07/27
..................
286
285,765
Clean
Harbors,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
10/08/28
...
459
459,596
Covanta
Holding
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
11/30/28
..................
278
277,227
Covanta
Holding
Corp.,
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
11/30/28
..................
22
21,650
Garda
World
Security
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.58
%
,
02/01/29
..................
111
111,070
GFL
Environmental,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82
%
,
05/31/27
..................
163
163,970
JFL-Tiger
Acquisition
Co.,
Inc.
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.32
%
,
10/17/30
............
138
137,697
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
LABL,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.43
%
,
10/29/28
.................
USD
223
$
218,111
Minimax
Viking
GmbH,
Facility
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.19
%
,
07/31/28
............
50
49,771
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
0.00
%
-
9.82
%
,
12/15/28
.
250
189,412
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.81
%
,
10/13/30
............
212
212,467
Tempo
Acquisition
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
08/31/28
..................
914
916,550
TruGreen
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43
%
,
11/02/27
..................
506
491,608
Vestis
Corp.,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
02/22/31
......
81
80,899
Viad
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.44
%
,
07/30/28
.................
361
361,183
5,712,909
Communications
Equipment
—
0.1%
(a)
Ciena
Corp.
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
10/24/30
......
397
397,228
ViaSat,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.83
%
,
03/02/29
..........
295
285,026
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
05/30/30
..........
141
136,648
818,902
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
............
1,076
1,079,719
Legence
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93
%
,
12/16/27
..................
55
54,567
Pike
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
01/21/28
......
394
394,748
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.06
%
-
9.07
%
,
05/12/28
............
249
247,894
1,776,928
Construction
Materials
—
0.2%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
01/31/31
............
357
357,331
New
AMI
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.33
%
,
03/08/29
.................
305
290,617
Oscar
AcquisitionCo
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.90
%
,
04/29/29
..................
231
231,044
Quikrete
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19
%
,
03/19/29
..................
149
148,861
Quikrete
Holdings,
Inc.,
Term
Loan
B
,
03/25/31
(n)
......................
184
184,077
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Construction
Materials
(continued)
Smyrna
Ready
Mix
Concrete
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
04/02/29
(g)
.................
USD
133
$
133,343
Standard
Building
Solutions,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.69
%
,
09/22/28
............
555
554,597
Summit
Materials
LLC,
Term
Loan
B2
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
01/12/29
..................
176
176,748
2,076,618
Consumer
Staples
Distribution
&
Retail
—
0.0%
US
Foods,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44
%
,
09/13/26
(a)
.....
358
358,301
Containers
&
Packaging
—
0.2%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.83
%
,
12/01/27
.......
902
903,242
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
08/14/26
..................
307
307,835
Pactiv
Evergreen,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69
%
,
02/05/26
..................
144
144,780
Pregis
TopCo
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
07/31/26
..................
151
150,804
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.57
%
,
09/15/28
............
428
427,955
1,934,616
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.32
%
,
10/28/27
(a)
.................
436
410,311
Diversified
Consumer
Services
—
0.3%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
12/11/28
.............
157
156,153
Ascend
Learning
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
11.18
%
,
12/10/29
............
76
74,421
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.69
%
,
11/24/28
.......
472
471,134
Kuehg
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.30
%
,
06/12/30
.................
328
328,712
Sotheby's,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
10.08
%
,
01/15/27
853
835,114
Spring
Education
Group,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.50%),
9.81
%
,
09/29/30
..................
395
396,606
Veritas
US,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.00%),
10.44
%
,
09/01/25
.................
265
244,430
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
0.00
%
-
9.08
%
,
01/30/31
..................
490
491,147
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.44
%
,
01/08/27
............
USD
230
$
229,550
3,227,267
Diversified
REITs
—
0.0%
RHP
Hotel
Properties
LP,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
05/18/30
(a)
.................
156
155,721
Diversified
Telecommunication
Services
—
0.4%
(a)
Altice
France
SA,
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.81
%
,
08/15/28
..
552
436,595
Connect
Finco
SARL,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.83
%
,
12/11/26
..................
336
335,797
Connect
Finco
SARL,
Term
Loan
B
,
09/13/29
(n)
299
293,839
Consolidated
Communications,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.94
%
,
10/02/27
...........
91
85,864
Iridium
Satellite
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.83
%
,
09/20/30
..................
383
382,265
Lumen
Technologies,
Inc.
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
0.00%),
7.79
%
,
04/15/29
..................
201
149,267
Lumen
Technologies,
Inc.
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
0.00%),
7.79
%
,
04/15/30
(g)
.................
206
152,357
Lumen
Technologies,
Inc.,
Term
Loan
,
01/01/28
(g)
(n)
.....................
25
21,613
Orbcomm,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.69
%
-
9.85
%
,
09/01/28
............
325
313,943
Radiate
Holdco
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
0.00
%
-
8.69
%
,
09/25/26
.................
693
578,439
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69
%
,
01/31/29
..................
291
287,602
Zayo
Group
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
03/09/27
..................
1,189
1,041,005
4,078,586
Electric
Utilities
—
0.0%
NRG
Energy,
Inc.,
Term
Loan
,
03/27/31
(a)
(n)
..
326
325,390
Electrical
Equipment
—
0.1%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.32
%
,
06/23/28
(a)
...........
574
573,692
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.19
%
,
07/02/29
(a)
.................
277
276,764
Energy
Equipment
&
Services
—
0.0%
Lealand
Finance
Co.
BV,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
06/28/24
(g)
...............
17
8,583
(1-mo.
CME
Term
SOFR
+
1.00%),
6.44
%
,
06/30/25
................
122
47,077
55,660
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Entertainment
—
0.6%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
04/22/26
..................
USD
894
$
747,688
Aristocrat
Technologies,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.66
%
,
05/24/29
............
107
107,134
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.55
%
,
03/08/30
............
233
232,578
City
Football
Group
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.44
%
,
07/21/28
..................
448
447,252
Creative
Artists
Agency
LLC,
Term
Loan
B
,
11/27/28
(n)
......................
506
506,118
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.56
%
,
01/15/30
.
484
484,121
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
10/19/26
..................
842
840,579
Motion
Acquisition
Ltd.,
Facility
Term
Loan
B
,
11/12/29
(n)
......................
301
300,321
NEP
Group,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69
%
,
08/19/26
..................
485
459,940
Playtika
Holding
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19
%
,
03/13/28
..................
574
574,328
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.07
%
,
01/23/25
..................
293
293,031
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.34
%
,
04/29/26
............
343
343,270
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19
%
,
05/18/25
......
719
717,718
WMG
Acquisition
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
01/24/31
..................
736
733,716
6,787,794
Financial
Services
—
0.5%
(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
..
300
301,217
Belron
Finance
US
LLC,
Term
Loan
(3-mo.
CME
Term
SOFR
+
2.25%),
7.82
%
,
11/13/25
................
88
88,200
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.58
%
,
04/13/28
..........
695
695,039
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.66
%
,
04/18/29
..........
105
105,470
Boost
Newco
Borrower
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.31
%
,
01/31/31
..................
617
618,672
Cogeco
Communications
Finance
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.94
%
,
09/01/28
.......
291
283,528
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
9.06
%
,
04/09/27
.......
1,337
1,330,103
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
12.32
%
,
04/07/28
......
USD
399
$
397,504
HIG
Finance
2
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
02/15/31
..................
185
185,017
LBM
Acquisition
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
12/17/27
............
138
137,546
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
03/24/25
(g)
.................
359
358,170
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.19
%
,
12/11/26
.......
580
577,246
UPC
Financing
Partnership,
Facility
Term
Loan
AX
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
01/31/29
..................
219
218,056
White
Cap
Supply
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
10/19/27
............
292
293,020
5,588,788
Food
Products
—
0.3%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19
%
,
10/01/25
............
357
350,567
B&G
Foods,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
10/10/26
...
88
88,008
Chobani
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.94
%
,
10/25/27
..........
870
871,319
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
10/25/27
................
179
179,445
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
01/29/27
..................
795
795,537
H-Food
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.29
%
,
05/23/25
...
111
79,906
Nomad
Foods
Ltd.,
Facility
Term
Loan
B4
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.27
%
,
11/13/29
.............
281
281,353
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.81
%
,
03/31/28
............
306
302,365
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
01/20/28
..................
526
526,583
3,475,083
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%),
10.17
%
,
04/06/28
..
279
279,211
Avis
Budget
Car
Rental
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
08/06/27
..................
240
238,458
Genesee
&
Wyoming,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.40
%
,
12/30/26
..................
142
142,005
Uber
Technologies,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
03/03/30
..................
469
470,879
1,130,553
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
—
0.2%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
05/10/27
..........
USD
616
$
607,701
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
09/29/28
................
217
216,504
Chariot
Buyer
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
11/03/28
..................
739
737,921
Insulet
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.33
%
,
05/04/28
......
72
71,574
Medline
Borrower
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.44
%
,
10/23/28
..................
980
982,254
2,615,954
Health
Care
Providers
&
Services
—
0.3%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69
%
,
09/29/28
.......
467
467,356
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.82
%
,
11/08/27
.............
484
484,477
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.44
%
,
11/01/28
..................
588
589,268
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.32
%
,
02/18/27
................
—
(o)
123
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.32
%
,
11/15/28
...........
80
41,553
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
12.32
%
,
11/15/29
............
513
176,894
MED
ParentCo.
LP,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.69
%
,
08/31/26
..................
78
77,406
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
11/01/28
.......
—
(o)
83
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.43
%
,
11/01/29
......
404
322,336
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.19
%
,
10/27/28
............
283
284,026
Surgery
Center
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
12/19/30
..................
356
357,363
Vizient,
Inc.,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
05/16/29
..................
307
307,536
3,108,421
Health
Care
Technology
—
0.4%
(a)
Athenahealth
Group,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
02/15/29
..................
769
760,641
Cotiviti
Holdings,
Inc.,
Term
Loan
,
02/24/31
(n)
.
465
463,837
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.41
%
,
10/01/27
............
747
712,837
Polaris
Newco
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.57
%
,
06/02/28
..................
1,203
1,190,838
Security
Par
(000)
Par
(000)
Value
Health
Care
Technology
(continued)
Verscend
Holding
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.44
%
,
08/27/25
..................
USD
566
$
565,976
Waystar
Technologies,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
10/22/29
..................
228
228,333
3,922,462
Hotels,
Restaurants
&
Leisure
—
0.9%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
09/20/30
..................
536
535,070
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.19
%
,
02/02/26
..................
490
470,861
Alterra
Mountain
Co.,
Term
Loan
B
,
05/31/30
(g)
(n)
68
68,255
Alterra
Mountain
Co.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18
%
,
05/31/30
(g)
.................
38
37,856
Bally's
Corp.,
Facility
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.83
%
,
10/02/28
..................
288
269,952
Caesars
Entertainment,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.66
%
,
02/06/30
............
279
279,646
Caesars
Entertainment,
Inc.,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.04
%
,
02/06/31
............
670
670,000
Carnival
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.32
%
,
08/09/27
..................
304
304,246
Churchill
Downs,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43
%
,
03/17/28
..................
365
365,246
Fertitta
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
01/27/29
............
1,046
1,048,137
Flutter
Entertainment
plc,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.56
%
,
11/25/30
..................
744
743,733
Four
Seasons
Holdings,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.43
%
,
11/30/29
.......
859
859,408
Hilton
Domestic
Operating
Co.,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43
%
,
11/08/30
..................
575
575,879
IRB
Holding
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.18
%
,
12/15/27
..................
674
673,771
Light
&
Wonder
International,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.08
%
,
04/14/29
...........
391
391,586
Packers
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68
%
,
03/09/28
..................
251
158,840
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18
%
,
05/03/29
............
580
580,440
Playa
Resorts
Holding
BV,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
01/05/29
..................
108
107,884
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.83
%
,
08/25/28
.......
115
114,514
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Station
Casinos
LLC,
Term
Loan
B
,
03/14/31
(n)
USD
659
$
657,728
Whatabrands
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69
%
,
08/03/28
..................
687
687,291
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68
%
,
05/24/30
..................
217
217,313
9,817,656
Household
Durables
—
0.2%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00
%
-
9.81
%
,
05/17/28
............
396
360,281
Hunter
Douglas
Holding
BV,
Term
Loan
B1
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.82
%
,
02/26/29
............
660
651,495
Serta
Simmons
Bedding
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
12.92
%
,
06/29/28
............
124
111,169
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.44
%
,
10/06/28
............
629
575,640
Weber-Stephen
Products
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
10/30/27
............
847
781,285
2,479,870
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.58
%
,
07/31/30
..................
292
291,095
Calpine
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
01/31/31
................
152
151,065
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
01/31/31
................
—
(o)
402
Constellation
Renewables
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
8.10
%
,
12/15/27
............
340
339,534
782,096
Industrial
Conglomerates
—
0.0%
EMRLD
Borrower
LP,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.79
%
,
05/31/30
(a)
.................
494
493,091
Insurance
—
0.6%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
11/06/30
...........
1,536
1,541,482
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.69
%
,
02/19/28
..........
502
501,861
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.08
%
,
02/19/28
..........
109
108,730
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.94
%
,
02/12/27
................
711
711,972
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
02/12/27
..........
24
23,881
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
0.00
%
-
8.83
%
,
02/14/31
.....
118
118,111
Baldwin
Risk
Partners
LLC,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
10/14/27
............
182
181,603
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Hub
International
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.57
%
,
06/20/30
..................
USD
918
$
918,599
Jones
DesLauriers
Insurance
Management,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.80
%
,
03/15/30
......
280
279,737
Ryan
Specialty
Group
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.08
%
,
09/01/27
..................
312
311,798
Truist
Insurance
Holdings,
LLC,
Term
Loan
B
,
03/24/31
(n)
......................
653
651,909
USI,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.55
%
,
09/27/30
...........
256
255,794
USI,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.30
%
,
11/22/29
.......
861
861,336
6,466,813
Interactive
Media
&
Services
—
0.0%
Acuris
Finance
US,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.45
%
,
02/16/28
(a)
.................
287
286,308
IT
Services
—
0.4%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.69
%
,
01/20/29
.................
427
380,274
Asurion
LLC,
Term
Loan
B11
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.68
%
,
08/19/28
......
61
59,173
Asurion
LLC,
Term
Loan
B8
,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.69
%
,
12/23/26
......
658
644,060
Camelot
US
Acquisition
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/31/31
..................
771
770,576
Central
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
07/06/29
..................
758
760,244
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.44
%
,
08/10/27
..................
562
561,939
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.33
%
,
11/09/29
..................
170
169,629
Magenta
Buyer
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.57
%
,
07/27/28
............
248
145,569
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.82
%
,
07/27/29
............
418
121,128
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
02/24/28
............
888
889,491
Venga
Finance
SARL,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.35
%
,
06/28/29
.................
224
223,371
4,725,454
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.43
%
,
12/01/28
............
150
147,356
Peloton
Interactive,
Inc.,
Term
Loan
,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.48
%
,
05/25/27
.................
101
101,654
249,010
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
—
0.3%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
0.00
%
-
7.68
%
,
11/08/27
.............
USD
416
$
416,497
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.94
%
,
02/04/27
............
157
157,786
Fortrea
Holdings,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
07/01/30
..................
101
101,488
Icon
Public
Limited
Co.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.31
%
,
07/03/28
..........
525
525,415
Iqvia,
Inc.,
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.31
%
,
01/02/31
......
308
309,439
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.31
%
,
10/19/27
............
473
464,358
Parexel
International,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69
%
,
11/15/28
.............
684
685,599
Star
Parent,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
09/27/30
......
261
259,238
2,919,820
Machinery
—
0.7%
(a)
Albion
Financing
3
SARL,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
0.00
%
-
10.83
%
,
08/17/26
............
578
579,626
Barnes
Group
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
0.00
%
-
7.83
%
,
08/30/30
..................
264
263,679
Clark
Equipment
Co.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.90
%
,
04/20/29
..................
151
151,560
Columbus
McKinnon
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.39
%
,
05/14/28
(g)
.................
64
64,400
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
10/21/28
..........
352
352,154
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.69
%
,
10/21/28
..........
355
356,036
Gardner
Denver,
Inc.,
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
03/01/27
..................
278
277,866
Gates
Global
LLC,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.93
%
,
03/31/27
..................
400
400,702
Generac
Power
Systems,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
12/13/26
..................
75
74,813
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
03/28/25
..................
726
725,233
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan
B
,
02/01/29
(n)
.................
660
661,370
Indicor
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.30
%
,
11/22/29
..................
688
691,809
Ingersoll-Rand
Services
Co.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.00%
Cap
+
1.75%),
7.18
%
,
03/01/27
............
111
111,417
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Madison
IAQ
LLC,
Term
Loan
,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.69
%
,
06/21/28
..................
USD
843
$
841,063
Osmosis
Buyer
Ltd.,
Delayed
Draw
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
4.25
%
-
9.58
%
,
07/31/28
.......
319
320,669
SPX
Flow,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
04/05/29
..................
452
454,054
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1
,
07/30/27
(n)
....................
753
755,013
Vertiv
Group
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
,
03/02/27
...
670
670,990
WEC
US
Holdings
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/27/31
...
304
303,559
Zurn
LLC,
1st
Lien
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.44
%
,
10/04/28
..................
162
163,044
8,219,057
Media
—
0.2%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.68
%
,
03/03/25
............
311
311,202
Charter
Communications
Operating
LLC,
Term
Loan
B4
,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.30
%
,
12/07/30
..................
304
300,501
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
9.07
%
,
08/21/26
..................
162
161,479
CSC
Holdings
LLC,
Term
Loan
,
(1-mo.
LIBOR
USD
+
2.50%),
7.94
%
,
04/15/27
.......
339
304,835
DirecTV
Financing
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.44
%
,
08/02/27
.................
247
246,768
ECL
Entertainment
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.08
%
,
09/03/30
.................
119
119,728
Learfield
Communications
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
2.00%
Floor
+
5.50%),
10.83
%
06/30/28
.......
292
290,273
Sinclair
Television
Group,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18
%
,
04/21/29
..................
132
105,095
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.32
%
,
05/11/29
(g)
.................
206
206,665
Ziggo
Financing
Partnership,
Facility
Term
Loan
I
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.94
%
,
04/30/28
..................
147
145,077
2,191,623
Oil,
Gas
&
Consumable
Fuels
—
0.3%
(a)
Ecopetrol
SA,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
0.00%),
10.11
%
,
09/06/30
(g)
.....
700
721,000
Freeport
LNG
investments
LLLP,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
12/21/28
............
821
814,412
GIP
Pilot
Acquisition
Partners
LP,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.31
%
,
10/04/30
..................
71
71,160
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
09/19/29
............
98
97,584
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Medallion
Midland
Acquisition
LP,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
10/18/28
..................
USD
390
$
390,659
New
Fortress
Energy
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.32
%
,
10/30/28
.................
448
448,997
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.44
%
,
10/05/28
..
521
522,824
3,066,636
Passenger
Airlines
—
0.2%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.33
%
,
04/20/28
.................
549
569,114
Air
Canada,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
03/14/31
......
241
241,152
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
7.07
%
,
01/29/27
................
362
361,062
(6-mo.
CME
Term
SOFR
+
2.75%),
8.60
%
,
02/15/28
................
309
309,103
(6-mo.
CME
Term
SOFR
+
3.50%),
8.77
%
,
06/04/29
................
354
354,885
Mileage
Plus
Holdings
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.73
%
,
06/21/27
.................
481
495,174
United
AirLines,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
02/22/31
...
343
342,945
WestJet
Airlines
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.43
%
,
12/11/26
..................
45
44,726
2,718,161
Personal
Care
Products
—
0.2%
Rainbow
UK
Holdco
Ltd.,
Facility
Term
Loan
B2
,
(6-mo.
EURIBOR
+
3.25%),
7.16
%
,
02/24/29
(a)
.................
EUR
2,438
2,575,998
Pharmaceuticals
—
0.3%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
5.50%),
10.83
%
,
05/04/28
.................
USD
317
316,394
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.55
%
,
02/28/28
..................
348
348,833
Bausch
Health
Cos.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.68
%
,
02/01/27
.................
268
208,670
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.44
%
,
02/22/28
............
465
464,643
Elanco
Animal
Health,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
1.75%),
0.00
%
-
7.18
%
,
08/01/27
..................
571
569,001
Jazz
Pharmaceuticals
plc,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00
%
-
8.44
%
,
05/05/28
.......
495
497,466
Organon
&
Co.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43
%
,
06/02/28
..................
432
433,037
Perrigo
Co.
plc,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68
%
,
04/20/29
..................
224
222,559
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Precision
Medicine
Group
LLC,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.40
%
,
11/18/27
.............
USD
297
$
293,110
3,353,713
Professional
Services
—
0.6%
(a)
AlixPartners
LLP,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.94
%
,
02/04/28
..................
573
573,742
CoreLogic,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
06/02/28
..................
1,230
1,200,297
Dayforce,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.83
%
,
03/03/31
......
414
413,226
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/18/29
..................
2,216
2,214,485
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%),
9.66
%
,
07/06/29
.......
177
177,211
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.66
%
,
07/06/29
..................
384
383,957
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
04/28/28
..................
457
456,441
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.06
%
,
04/29/29
(g)
...........
212
191,496
Trans
Union
LLC,
Term
Loan
B5
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18
%
,
11/16/26
...
416
415,151
Trans
Union
LLC,
Term
Loan
B7
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.33
%
,
12/01/28
..................
358
357,960
VS
Buyer
LLC,
Term
Loan
,
(6-mo.
CME
Term
SOFR
+
3.25%),
8.58
%
,
02/28/27
......
509
508,837
6,892,803
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan
(a)
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19
%
,
08/21/25
................
19
18,846
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
01/31/30
..........
281
279,787
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
01/31/30
(g)
.........
138
137,827
436,460
Semiconductors
&
Semiconductor
Equipment
—
0.1%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82
%
,
08/17/29
..................
528
527,229
Synaptics,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.84
%
,
12/02/28
..................
189
188,548
715,777
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
—
1.1%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81
%
,
02/24/31
..................
USD
671
$
675,122
Barracuda
Parent
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.81
%
,
08/15/29
............
145
144,143
CCC
Intelligent
Solutions,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.69
%
,
09/21/28
............
503
502,606
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
,
03/21/31
(n)
..................
278
276,090
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.91
%
,
03/30/29
............
1,591
1,582,226
Cloudera,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
10/08/28
..................
183
181,744
Cloudera,
Inc.,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.43
%
,
10/08/29
.................
206
204,259
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.62
%
,
12/01/28
.................
89
89,111
Ellucian
Holdings,
Inc.,
1st
Lien
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
10/09/29
............
706
708,966
Epicor
Software
Corp.,
Term
Loan
C
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.69
%
,
07/30/27
..................
221
221,823
Gen
Digital,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.43
%
,
09/12/29
..................
315
314,938
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan
12/01/27
(n)
......................
696
697,583
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
12/01/27
..........
297
297,930
Helios
Software
Holdings,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
07/18/30
..................
299
296,316
Informatica
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.19
%
,
10/27/28
......
431
430,930
McAfee
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
03/01/29
..................
725
722,292
MH
Sub
I
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58
%
,
05/03/28
...
628
624,061
MH
Sub
I
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.58
%
,
02/23/29
.................
484
464,492
Proofpoint,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.69
%
,
08/31/28
..................
1,050
1,049,869
RealPage,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.44
%
,
04/24/28
..................
1,198
1,164,711
Severin
Acquisition
LLC,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.31
%
,
08/01/27
..................
303
303,156
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
04/16/25
..................
186
185,937
Security
Par
(000)
Par
(000)
Value
Software
(continued)
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4
,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.19
%
,
04/16/25
..................
USD
176
$
175,519
UKG
Inc.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
3.50%),
8.81
%
,
02/10/31
...
678
681,008
UKG,
Inc.,
2nd
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.68
%
,
05/03/27
.................
255
256,641
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.08
%
,
07/20/28
............
76
76,412
12,327,885
Specialty
Retail
—
0.2%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
10.03
%
,
03/31/26
(g)
................
155
154,850
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
..
649
648,957
PetSmart
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/11/28
..................
543
541,539
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.94
%
,
10/20/28
..........
119
116,254
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
10/20/28
..........
178
174,503
RVR
Dealership
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18
%
,
02/08/28
............
46
43,354
1,679,457
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.55
%
-
7.58
%
,
02/20/29
..................
150
149,808
Hanesbrands,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.08
%
,
03/08/30
..................
106
105,748
255,556
Trading
Companies
&
Distributors
—
0.2%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.69
%
,
05/19/28
..................
286
286,344
Core
&
Main
LP,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93
%
-
8.06
%
,
07/27/28
..................
643
642,096
Core
&
Main
LP,
Term
Loan
C
,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.56
%
,
02/09/31
...
177
176,336
Foundation
Building
Materials,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
01/29/31
..................
408
409,428
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
06/02/28
..........
315
316,511
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
06/02/28
..........
368
370,162
TMK
Hawk
Parent
Corp.,
Term
Loan
,
(3-mo.
LIBOR
USD
+
11.00%),
11.00
%
,
12/15/31
(g)
13
10,480
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
TMK
Hawk
Parent
Corp.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.58
%
,
06/30/29
(g)
................
USD
398
$
340,458
2,551,815
Transportation
Infrastructure
—
0.1%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.19
%
,
09/22/28
..........
305
304,949
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
09/22/28
..........
173
173,612
OLA
Netherlands
BV,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
11.68
%
,
12/15/26
(g)
................
176
175,063
Rand
Parent
LLC,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.56
%
,
03/17/30
..................
77
77,269
730,893
Wireless
Telecommunication
Services
—
0.1%
(a)
Gogo
Intermediate
Holdings
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
04/30/28
............
332
331,736
SBA
Senior
Finance
II
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.34
%
,
01/25/31
..................
380
380,308
712,044
Total
Floating
Rate
Loan
Interests
—
13
.0
%
(Cost:
$
147,873,142
)
..............................
147,221,917
Foreign
Agency
Obligations
Argentina
—
0.1%
YPF
SA
,
9.50%
,
01/17/31
(b)
.............
503
511,757
Chile
—
0.1%
Banco
del
Estado
de
Chile
,
2.70%
,
01/09/25
(c)
155
151,222
Empresa
Nacional
del
Petroleo
3.45%
,
09/16/31
(c)
.................
360
305,775
6.15%
,
05/10/33
(b)
.................
290
292,084
749,081
China
—
0.0%
Industrial
&
Commercial
Bank
of
China
Ltd.
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.37%),
3.20%
(a)
(c)
(i)
...
270
255,555
Colombia
—
0.0%
Ecopetrol
SA
,
8.38%
,
01/19/36
..........
450
453,375
Hong
Kong
—
0.0%
Airport
Authority
(a)(c)(i)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
2.10%
200
187,976
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.74%),
2.40%
200
179,000
366,976
Hungary
—
0.1%
Magyar
Export-Import
Bank
Zrt.
,
6.00%
,
05/16/29
(c)
......................
EUR
562
639,851
India
—
0.0%
(c)
Export-Import
Bank
of
India
,
3.38%
,
08/05/26
.
USD
200
191,437
Power
Finance
Corp.
Ltd.
,
3.95%
,
04/23/30
..
300
274,594
466,031
Security
Par
(000)
Par
(000)
Value
Indonesia
—
0.1%
(c)
Pertamina
Persero
PT
3.65%
,
07/30/29
..................
USD
255
$
236,990
2.30%
,
02/09/31
..................
366
302,448
4.18%
,
01/21/50
..................
200
158,625
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
4.38%
,
02/05/50
........
200
158,688
856,751
Italy
—
0.1%
Banca
Monte
dei
Paschi
di
Siena
SpA
,
(3-mo.
EURIBOR
+
3.21%),
6.75%
,
03/02/26
(a)
(c)
..
EUR
646
706,520
Mexico
—
0.2%
Petroleos
Mexicanos
4.25%
,
01/15/25
..................
USD
316
307,064
5.35%
,
02/12/28
..................
140
123,481
8.75%
,
06/02/29
..................
570
555,892
5.95%
,
01/28/31
..................
671
537,739
6.70%
,
02/16/32
..................
388
323,010
1,847,186
Morocco
—
0.0%
OCP
SA
(c)
3.75%
,
06/23/31
..................
223
188,731
5.13%
,
06/23/51
..................
333
250,895
439,626
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA
,
5.13%
,
08/11/61
(b)
.................
225
163,828
Peru
—
0.1%
Corp.
Financiera
de
Desarrollo
SA
,
4.75%
,
07/15/25
(c)
......................
555
548,856
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego
,
6.25%
,
10/31/28
(b)
......................
258
269,301
South
Korea
—
0.0%
Korea
National
Oil
Corp.
,
4.88%
,
04/03/29
(c)
..
200
198,740
Turkey
—
0.0%
Turkiye
Varlik
Fonu
Yonetimi
A/S
,
8.25%
,
02/14/29
(c)
......................
215
219,300
Total
Foreign
Agency
Obligations
—
0
.8
%
(Cost:
$
8,659,490
)
...............................
8,692,734
Foreign
Government
Obligations
Bahrain
—
0.1%
Kingdom
of
Bahrain
(c)
5.45%
,
09/16/32
..................
381
348,972
7.50%
,
09/20/47
..................
334
319,910
668,882
Benin
—
0.0%
Benin
Government
Bond
,
7.96%
,
02/13/38
(b)
..
200
194,812
Brazil
—
0.1%
Federative
Republic
of
Brazil
,
7.13%
,
05/13/54
630
635,040
Chile
—
0.0%
Republic
of
Chile
,
4.34%
,
03/07/42
........
610
532,416
Colombia
—
0.2%
Republic
of
Colombia
4.50%
,
01/28/26
..................
765
746,257
3.88%
,
03/22/26
..................
EUR
170
180,863
3.88%
,
04/25/27
..................
USD
492
462,726
3.13%
,
04/15/31
..................
437
348,507
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Colombia
(continued)
8.00%
,
04/20/33
..................
USD
371
$
391,776
8.00%
,
11/14/35
..................
245
257,250
8.75%
,
11/14/53
..................
200
216,900
2,604,279
Costa
Rica
—
0.1%
Republic
of
Costa
Rica
6.55%
,
04/03/34
(c)
.................
297
307,395
7.30%
,
11/13/54
(b)
.................
312
331,597
638,992
Dominican
Republic
—
0.2%
Dominican
Republic
Government
Bond
6.88%
,
01/29/26
(c)
.................
397
400,772
5.95%
,
01/25/27
(c)
.................
564
560,616
4.50%
,
01/30/30
(b)
.................
641
582,349
7.05%
,
02/03/31
(b)
.................
213
220,588
4.88%
,
09/23/32
(b)
.................
438
392,694
2,157,019
Egypt
—
0.1%
Arab
Republic
of
Egypt
7.63%
,
05/29/32
(c)
.................
375
319,805
8.50%
,
01/31/47
(b)
.................
301
238,919
7.50%
,
02/16/61
(b)
.................
335
240,362
799,086
Guatemala
—
0.2%
Republic
of
Guatemala
5.25%
,
08/10/29
(b)
.................
290
280,808
7.05%
,
10/04/32
(b)
.................
565
599,606
3.70%
,
10/07/33
(c)
.................
266
219,830
6.60%
,
06/13/36
(b)
.................
290
296,253
4.65%
,
10/07/41
(b)
.................
716
575,261
1,971,758
Honduras
—
0.0%
Republic
of
Honduras
,
5.63%
,
06/24/30
(b)
....
288
255,915
Hungary
—
0.1%
Hungary
Government
Bond
5.25%
,
06/16/29
(b)
.................
596
590,040
5.38%
,
09/12/33
(c)
.................
EUR
553
629,190
5.50%
,
03/26/36
(b)
.................
USD
218
211,801
1,431,031
India
—
0.0%
Indian
Railway
Finance
Corp.
Ltd.
,
3.84%
,
12/13/27
(c)
......................
200
189,212
Indonesia
—
0.2%
Perusahaan
Penerbit
SBSN
Indonesia
III
4.40%
,
06/06/27
(b)
.................
310
304,896
2.55%
,
06/09/31
(c)
.................
200
171,375
Republic
of
Indonesia
4.10%
,
04/24/28
..................
609
590,350
6.75%
,
01/15/44
(c)
.................
500
586,406
4.75%
,
07/18/47
(c)
.................
200
188,250
5.45%
,
09/20/52
..................
225
227,320
2,068,597
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
6.38%
,
03/03/28
(c)
.................
1,047
1,033,258
5.88%
,
10/17/31
(c)
.................
EUR
200
199,048
8.25%
,
01/30/37
(b)
.................
USD
201
201,251
1,433,557
Security
Par
(000)
Par
(000)
Value
Kenya
—
0.0%
Republic
of
Kenya
,
9.75%
,
02/16/31
(b)
......
USD
430
$
439,675
Mexico
—
0.2%
United
Mexican
States
3.75%
,
01/11/28
..................
520
494,488
2.66%
,
05/24/31
..................
746
622,164
6.35%
,
02/09/35
..................
685
707,691
6.34%
,
05/04/53
..................
200
197,812
6.40%
,
05/07/54
..................
319
318,701
2,340,856
Mongolia
—
0.0%
State
of
Mongolia
,
3.50%
,
07/07/27
(c)
......
200
180,000
Montenegro
—
0.0%
Republic
of
Montenegro
,
2.88%
,
12/16/27
(c)
..
EUR
315
310,208
Morocco
—
0.1%
Kingdom
of
Morocco
2.38%
,
12/15/27
(c)
.................
USD
329
293,221
5.95%
,
03/08/28
(b)
.................
311
314,499
607,720
Nigeria
—
0.1%
Federal
Republic
of
Nigeria
8.38%
,
03/24/29
(b)
.................
360
351,112
7.63%
,
11/28/47
(c)
.................
956
743,589
1,094,701
North
Macedonia
—
0.0%
Republic
of
North
Macedonia
,
6.96%
,
03/13/27
(c)
......................
EUR
269
303,814
Oman
—
0.1%
(c)
Oman
Government
Bond
6.50%
,
03/08/47
..................
USD
281
283,283
6.75%
,
01/17/48
..................
673
689,405
Oman
Sovereign
Sukuk
SAOC
,
4.40%
,
06/01/24
.......................
309
307,841
1,280,529
Pakistan
—
0.0%
Islamic
Republic
of
Pakistan
,
6.00%
,
04/08/26
(c)
200
178,022
Panama
—
0.0%
Republic
of
Panama
,
6.85%
,
03/28/54
......
510
460,785
Paraguay
—
0.1%
Republic
of
Paraguay
(c)
2.74%
,
01/29/33
..................
588
475,912
5.60%
,
03/13/48
..................
237
215,448
691,360
Peru
—
0.1%
Republic
of
Peru
2.78%
,
01/23/31
..................
553
475,062
1.86%
,
12/01/32
..................
1,054
804,663
1,279,725
Philippines
—
0.0%
Republic
of
Philippines
,
3.70%
,
03/01/41
....
200
165,187
Poland
—
0.1%
Republic
of
Poland
4.88%
,
10/04/33
..................
286
281,439
5.50%
,
04/04/53
..................
437
436,873
718,312
Romania
—
0.2%
Romania
Government
Bond
5.25%
,
11/25/27
(b)
.................
296
291,838
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Romania
(continued)
2.88%
,
03/11/29
(c)
.................
EUR
616
$
612,860
2.50%
,
02/08/30
(c)
.................
649
619,216
2.12%
,
07/16/31
(c)
.................
763
672,935
2,196,849
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.50%
,
04/17/30
(c)
.................
USD
691
677,396
5.00%
,
01/18/53
(b)
.................
633
566,535
1,243,931
Senegal
—
0.0%
Republic
of
Senegal
,
6.25%
,
05/23/33
(c)
.....
351
299,447
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%
,
09/30/29
..................
243
217,789
5.88%
,
04/20/32
..................
469
422,686
5.00%
,
10/12/46
..................
388
260,542
901,017
Sri
Lanka
—
0.0%
Democratic
Socialist
Republic
of
Sri
Lanka
,
6.35%
,
06/28/24
(c)
(e)
(l)
...............
319
187,811
Ukraine
—
0.1%
Ukraine
Government
Bond
(e)(l)
7.75%
,
09/01/25
(c)
.................
345
128,513
8.99%
,
02/01/26
(c)
.................
525
198,187
7.25%
,
03/15/35
(b)
.................
837
243,148
569,848
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
,
5.75%
,
10/28/34
609
642,858
Uzbekistan
—
0.0%
Republic
of
Uzbekistan
International
Bond
,
7.85%
,
10/12/28
(b)
.................
296
309,597
Total
Foreign
Government
Obligations
—
2
.8
%
(Cost:
$
31,204,457
)
...............................
31,982,848
Shares
Shares
Investment
Companies
Invesco
Senior
Loan
ETF
..............
146,000
3,087,900
iShares
Floating
Rate
Bond
ETF
(p)
........
308,079
15,730,514
Total
Investment
Companies
—
1
.7
%
(Cost:
$
18,723,941
)
...............................
18,818,414
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
0.2%
Alternative
Loan
Trust
Series
2006-OA11,
Class
A1B,
(1-mo.
CME
Term
SOFR
at
0.19%
Floor
+
0.49%),
5.82%,
09/25/46
(a)
...............
1,229
1,132,868
Series
2007-3T1,
Class
1A1,
6.00%,
04/25/37
.....................
1,686
786,988
1,919,856
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
—
0.5%
(a)
Commercial
Mortgage
Trust,
Series
2016-
667M,
Class
D,
3.18%,
10/10/36
(b)
......
USD
1,000
$
796,897
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
D,
(1-mo.
LIBOR
USD
+
0.00%),
3.53%,
10/10/34
(b)
.................
990
842,687
Hudson
Yards
Mortgage
Trust,
Series
2019-
55HY,
Class
F,
2.94%,
12/10/41
(b)
.......
1,343
980,187
Velocity
Commercial
Capital
Loan
Trust
(b)
Series
2019-3,
Class
M2,
3.28%,
10/25/49
.
1,882
1,704,215
Series
2019-3,
Class
M3,
3.38%,
10/25/49
.
575
496,316
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
C,
4.49%,
09/15/58
1,000
941,642
5,761,944
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
Benchmark
Mortgage
Trust,
Series
2019-B13,
Class
XA,
1.12%,
08/15/57
...........
25,149
1,027,103
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2016-JP3,
Class
XC,
0.75%,
08/15/49
(b)
.................
8,700
130,330
1,157,433
Total
Non-Agency
Mortgage-Backed
Securities
—
0
.8
%
(Cost:
$
10,329,608
)
...............................
8,839,233
Beneficial
Interest
(000)
Other
Interests
(q)
Capital
Markets
—
0.0%
Millennium
Corp.
Claim
(g)
...............
418
—
Industrial
Conglomerates
—
0.0%
Millennium
Corp.
Claim
(g)
...............
393
—
Total
Other
Interests
—
0.0
%
(Cost:
$
—
)
.....................................
—
Par
(000)
Pa
r
(
000)
Preferred
Securities
Capital
Trusts
—
0.7%
Banks
—
0.5%
PNC
Financial
Services
Group,
Inc.
(The)
(a)(i)
Series
V
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20
%
.......................
52
51,864
Series
W
,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25
%
.......................
5,445
5,277,144
5,329,008
Capital
Markets
—
0.0%
Goldman
Sachs
Group,
Inc.
(The)
,
Series
R
,
(5-
Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.22%),
4.95
%
(a)
(i)
....
36
35,405
Consumer
Finance
—
0.0%
General
Motors
Financial
Co.,
Inc.
,
Series
C
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70
%
(a)
(i)
61
58,490
Electric
Utilities
—
0.0%
(a)(i)
Edison
International
Series
A
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38
%
.......................
84
81,286
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Series
B
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00
%
.......................
USD
81
$
76,740
NRG
Energy,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25
%
(b)
.................
48
51,490
209,516
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)
(i)
......................
183
181,197
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Energy
Transfer
LP
(a)(i)
Series
H
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50
%
.......................
61
59,789
Series
G
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13
%
.......................
2,070
2,020,912
2,080,701
Total
Capital
Trusts
—
0
.7
%
(Cost:
$
7,591,782
)
...............................
7,894,317
Shares
Shares
Preferred
Stocks
—
0.0%
Wireless
Telecommunication
Services
—
0.0%
Ligado
Networks
LLC
,
(Acquired
06/04/21
,
cost
$
57,210
)
(e)
(f)
.....................
58,426
446
Total
Preferred
Stocks
—
0
.0
%
(Cost:
$
57,210
)
.................................
446
Total
Preferred
Securities
—
0
.7
%
(Cost:
$
7,648,992
)
...............................
7,894,763
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Mortgage-Backed
Securities
—
29.3%
Uniform
Mortgage-Backed
Securities
(r)
5.00
%
,
04/25/54
..................
217,175
211,889,650
5.50
%
,
04/25/54
..................
119,950
119,354,601
Total
U.S.
Government
Sponsored
Agency
Securities
—
29
.3
%
(Cost:
$
331,669,764
)
..............................
331,244,251
Shares
Shares
Warrants
Diversified
Consumer
Services
—
0.0
%
Carnelian
Point
Holdings
LP
(Issued/
Exercisable
07/14/22
,
1
Share
for
1
Warrant,
Expires
04/26/27
,
Strike
Price
USD
10.00
)
(e)
(g)
.......................
690
—
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
0
.0
%
California
Resources
Corp.
(Issued/Exercisable
10/23/20
,
1
Share
for
1
Warrant,
Expires
10/27/24
,
Strike
Price
USD
36.00
)
(e)
.....
495
$
9,682
Total
Warrants
—
0
.0
%
(Cost:
$
—
)
.....................................
9,682
Total
Long-Term
Investments
—
111.7%
(Cost:
$
1,277,080,710
)
............................
1,260,561,803
Short-Term
Securities
Money
Market
Funds
—
2.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(p)
(s)
..................
22,469,663
22,469,663
Total
Money
Market
Funds
—
2
.0
%
(Cost:
$
22,469,663
)
...............................
22,469,663
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
14.2%
U.S.
Treasury
Bills
(t)
5.28
%
,
04/11/24
..................
USD
45,000
44,934,512
5.28
%
,
05/02/24
..................
35,000
34,840,882
5.34
%
,
05/09/24
..................
479
476,336
5.32
%
,
05/16/24
..................
35,000
34,771,237
5.31
%
,
05/23/24
..................
40,000
39,696,724
5.25
%
,
09/12/24
..................
5,000
4,883,788
Total
U.S.
Treasury
Obligations
—
14
.2
%
(Cost:
$
159,608,540
)
..............................
159,603,479
Total
Short-Term
Securities
—
16.2%
(Cost:
$
182,078,203
)
..............................
182,073,142
Total
Investments
Before
TBA
Sale
Commitments
—
127
.9
%
(Cost:
$
1,459,158,913
)
............................
1,442,634,945
TBA
Sale
Commitments
Mortgage-Backed
Securities
—
(
1
.2
)
%
Uniform
Mortgage-Backed
Securities
,
5.50
%
,
04/25/54
(r)
.................
(
13,375
)
(
13,308,610
)
Total
TBA
Sale
Commitments
—
(
1
.2
)
%
(Proceeds:
$
(
13,356,714
)
)
..........................
(13,308,610)
Total
Investments
Net
of
TBA
Sale
Commitments
—
126
.7
%
(Cost:
$
1,445,802,199
)
............................
1,429,326,335
Liabilities
in
Excess
of
Other
Assets
—
(
26.7
)
%
............
(
301,082,580
)
Net
Assets
—
100.0%
...............................
$
1,128,243,755
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
57
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
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)
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)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$352,041,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$687,828.
(g)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
Perpetual
security
with
no
stated
maturity
date.
(j)
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)
Convertible
security.
(l)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(m)
Zero-coupon
bond.
(n)
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.
(o)
Rounds
to
less
than
1,000.
(p)
Affiliate
of
the
Fund.
(q)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(r)
Represents
or
includes
a
TBA
transaction.
(s)
Annualized
7-day
yield
as
of
period
end.
(t)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
5,967,132
$
16,502,531
(a)
$
—
$
—
$
—
$
22,469,663
22,469,663
$
472,918
$
—
iShares
0-5
Year
High
Yield
Corporate
Bond
ETF
(b)
...
21,754,106
—
(
22,103,861
)
(
2,562,195
)
2,911,950
—
—
368,742
—
iShares
Floating
Rate
Bond
ETF
................
15,678,140
—
—
—
52,374
15,730,514
308,079
463,925
—
$
(
2,562,195
)
$
2,964,324
$
38,200,177
$
1,305,585
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
58
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10-Year
Note
...................................................
527
06/18/24
$
58,390
$
71,246
U.S.
Treasury
10-Year
Ultra
Note
...............................................
164
06/18/24
18,796
116,405
U.S.
Treasury
Long
Bond
.....................................................
566
06/18/24
68,168
1,290,463
U.S.
Treasury
Ultra
Bond
.....................................................
185
06/18/24
23,865
540,771
U.S.
Treasury
2-Year
Note
....................................................
188
06/28/24
38,443
(
28,285
)
U.S.
Treasury
5-Year
Note
....................................................
3,493
06/28/24
373,806
563,113
2,553,713
Short
Contracts
U.S.
Treasury
10-Year
Note
...................................................
1,265
06/18/24
140,158
(
470,688
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
341
06/18/24
39,082
(
211,884
)
U.S.
Treasury
Long
Bond
.....................................................
615
06/18/24
74,069
(
1,268,494
)
U.S.
Treasury
Ultra
Bond
.....................................................
479
06/18/24
61,791
(
1,393,187
)
U.S.
Treasury
2-Year
Note
....................................................
1,439
06/28/24
294,253
429,978
U.S.
Treasury
5-Year
Note
....................................................
28
06/28/24
2,996
(
9,013
)
(
2,923,288
)
$
(
369,575
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
42,627,318
EUR
39,090,000
Deutsche
Bank
AG
04/15/24
$
433,351
USD
240,213
EUR
220,000
Morgan
Stanley
&
Co.
International
plc
04/15/24
2,744
USD
1,594,407
GBP
1,250,000
Deutsche
Bank
AG
04/15/24
16,608
USD
3,721,126
EUR
3,386,426
BNP
Paribas
SA
05/16/24
61,209
USD
316,759
EUR
290,157
Citibank
NA
05/16/24
3,169
USD
685,656
EUR
627,000
UBS
AG
06/20/24
7,023
USD
105,720
GBP
83,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
917
525,021
USD
215,649
EUR
200,000
Standard
Chartered
Bank
04/15/24
(
232
)
$
524,789
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
06/20/24
USD
3,000
$
20,456
$
(
26,404
)
$
46,860
1-day
SOFR
.......
Quarterly
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
At
Termination
BNP
Paribas
SA
09/20/24
USD
3,500
(
8,798
)
(
496
)
(
8,302
)
$
11,658
$
(
26,900
)
$
38,558
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
59
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
.32
%
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
OTC
Swaps
...................................................................
$
—
$
(
26,900
)
$
46,860
$
(
8,302
)
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)
......
$
—
$
—
$
—
$
—
$
3,011,976
$
—
$
3,011,976
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
525,021
—
—
525,021
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
—
—
46,860
—
46,860
$
—
$
—
$
—
$
525,021
$
3,058,836
$
—
$
3,583,857
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
3,381,551
$
—
$
3,381,551
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
232
—
—
232
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
—
—
35,202
—
35,202
$
—
$
—
$
—
$
232
$
3,416,753
$
—
$
3,416,985
(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).
For
the
period
ended
March
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
.......................
$
—
$
—
$
1,004,866
$
—
$
3,773,251
$
—
$
4,778,117
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
494,009
)
—
—
(
494,009
)
Options
purchased
(a)
.....................
—
—
(
1,634,558
)
—
(
778,612
)
—
(
2,413,170
)
Options
written
........................
—
—
550,859
—
256,488
—
807,347
Swaps
..............................
—
—
—
—
2,562
—
2,562
$
—
$
—
$
(78,833)
$
(494,009)
$
3,253,689
$
—
$
2,680,847
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
485,766
)
$
—
$
(
3,988,414
)
$
—
$
(
4,474,180
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
425,064
—
—
425,064
Options
purchased
(b)
.....................
—
—
(
180,100
)
—
561,006
—
380,906
Options
written
........................
—
—
(
83,573
)
—
(
185,913
)
—
(
269,486
)
Swaps
..............................
—
—
—
—
38,558
—
38,558
$
—
$
—
$
(749,439)
$
425,064
$
(3,574,763)
$
—
$
(3,899,138)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
60
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
(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
..................................................................................
$
607,040,689
Average
notional
value
of
contracts
—
short
.................................................................................
$
553,951,748
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
28,632,553
Average
amounts
sold
—
in
USD
........................................................................................
$
54,379
Options
Average
value
of
option
contracts
purchased
................................................................................
$
156,033
Average
value
of
option
contracts
written
...................................................................................
$
42,153
Total
return
swaps
Average
notional
value
...............................................................................................
$
4,007,279
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
1,173
$
—
Forward
f
oreign
currency
exchange
contracts
.................................................................
525,021
232
Swaps
—
OTC
(a)
.....................................................................................
46,860
35,202
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
573,054
$
35,434
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(
1,173
)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
571,881
$
35,434
(a)
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)
BNP
Paribas
SA
.................................
$
108,069
$
(
35,202
)
$
—
$
—
$
72,867
Citibank
NA
....................................
3,169
—
—
—
3,169
Deutsche
Bank
AG
...............................
449,959
—
—
—
449,959
Morgan
Stanley
&
Co.
International
plc
..................
3,661
—
—
—
3,661
UBS
AG
......................................
7,023
—
—
—
7,023
$
571,881
$
(
35,202
)
$
—
$
—
$
536,679
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)
BNP
Paribas
SA
.................................
$
35,202
$
(
35,202
)
$
—
$
—
$
—
Standard
Chartered
Bank
...........................
232
—
—
—
232
$
35,434
$
(
35,202
)
$
—
$
—
$
232
(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.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
61
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
261,397,315
$
—
$
261,397,315
Common
Stocks
Capital
Markets
........................................
—
95,262
—
95,262
Construction
&
Engineering
................................
—
9,667
—
9,667
Containers
&
Packaging
..................................
29,485
—
—
29,485
Electrical
Equipment
.....................................
22,595
—
—
22,595
Energy
Equipment
&
Services
..............................
—
—
—
—
Financial
Services
......................................
—
—
320,213
320,213
Health
Care
Providers
&
Services
............................
—
—
61,565
61,565
Hotels,
Restaurants
&
Leisure
..............................
23,447
—
—
23,447
Machinery
............................................
—
3
—
3
Media
...............................................
—
—
194,768
194,768
Metals
&
Mining
........................................
68,806
—
—
68,806
Oil,
Gas
&
Consumable
Fuels
...............................
12,465
—
—
12,465
Professional
Services
....................................
—
176,212
—
176,212
Specialized
REITs
......................................
94,583
—
—
94,583
Trading
Companies
&
Distributors
............................
—
—
46,910
46,910
Corporate
Bonds
Aerospace
&
Defense
....................................
—
3,855,558
—
3,855,558
Automobile
Components
..................................
—
3,388,281
—
3,388,281
Automobiles
..........................................
—
8,767,983
—
8,767,983
Banks
...............................................
—
112,550,627
—
112,550,627
Beverages
...........................................
—
463,674
—
463,674
Broadline
Retail
........................................
—
710,809
—
710,809
Building
Products
.......................................
—
372,857
—
372,857
Capital
Markets
........................................
—
54,139,839
—
54,139,839
Chemicals
............................................
—
5,335,275
—
5,335,275
Commercial
Services
&
Supplies
.............................
—
3,434,066
—
3,434,066
Communications
Equipment
................................
—
189,034
—
189,034
Construction
&
Engineering
................................
—
1,260,858
—
1,260,858
Construction
Materials
....................................
—
418,236
—
418,236
Consumer
Finance
......................................
—
12,378,593
—
12,378,593
Consumer
Staples
Distribution
&
Retail
........................
—
538,714
—
538,714
Containers
&
Packaging
..................................
—
915,789
—
915,789
Distributors
...........................................
—
96,166
—
96,166
Diversified
Consumer
Services
..............................
—
367,815
—
367,815
Diversified
REITs
.......................................
—
6,108,750
—
6,108,750
Diversified
Telecommunication
Services
........................
—
12,120,559
—
12,120,559
Electric
Utilities
........................................
—
16,352,261
—
16,352,261
Electrical
Equipment
.....................................
—
74,435
—
74,435
Electronic
Equipment,
Instruments
&
Components
.................
—
85,831
—
85,831
Energy
Equipment
&
Services
..............................
—
1,594,641
—
1,594,641
Entertainment
.........................................
—
129,311
—
129,311
Financial
Services
......................................
—
18,231,038
—
18,231,038
Food
Products
.........................................
—
1,043,884
—
1,043,884
Gas
Utilities
...........................................
—
504,399
—
504,399
Ground
Transportation
...................................
—
561,632
—
561,632
Health
Care
Equipment
&
Supplies
...........................
—
558,358
—
558,358
Health
Care
Providers
&
Services
............................
—
10,724,143
—
10,724,143
Health
Care
Technology
..................................
—
267,762
—
267,762
Hotel
&
Resort
REITs
....................................
—
380,849
—
380,849
Hotels,
Restaurants
&
Leisure
..............................
—
9,220,072
—
9,220,072
Household
Durables
.....................................
—
7,874,879
—
7,874,879
Household
Products
.....................................
—
51,255
—
51,255
Independent
Power
and
Renewable
Electricity
Producers
............
—
559,331
—
559,331
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
62
Level
1
Level
2
Level
3
Total
Industrial
Conglomerates
..................................
$
—
$
1,123,361
$
—
$
1,123,361
Insurance
............................................
—
12,826,501
—
12,826,501
Interactive
Media
&
Services
...............................
—
756,177
—
756,177
IT
Services
...........................................
—
618,545
—
618,545
Leisure
Products
.......................................
—
98,558
—
98,558
Life
Sciences
Tools
&
Services
..............................
—
237,921
—
237,921
Machinery
............................................
—
2,334,468
—
2,334,468
Media
...............................................
—
10,435,963
—
10,435,963
Metals
&
Mining
........................................
—
5,785,149
—
5,785,149
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
79,069
—
79,069
Oil,
Gas
&
Consumable
Fuels
...............................
—
43,549,486
—
43,549,486
Paper
&
Forest
Products
..................................
—
191,800
—
191,800
Passenger
Airlines
......................................
—
939,331
—
939,331
Personal
Care
Products
..................................
—
54,718
—
54,718
Pharmaceuticals
.......................................
—
3,201,684
—
3,201,684
Professional
Services
....................................
—
253,465
—
253,465
Real
Estate
Management
&
Development
.......................
—
5,534,598
—
5,534,598
Retail
REITs
..........................................
—
235,263
—
235,263
Semiconductors
&
Semiconductor
Equipment
....................
—
8,635,784
—
8,635,784
Software
.............................................
—
9,237,972
—
9,237,972
Specialized
REITs
......................................
—
11,943,870
—
11,943,870
Specialty
Retail
........................................
—
7,153,593
—
7,153,593
Technology
Hardware,
Storage
&
Peripherals
....................
—
117,792
—
117,792
Textiles,
Apparel
&
Luxury
Goods
............................
—
679,975
—
679,975
Tobacco
.............................................
—
11,390,579
—
11,390,579
Trading
Companies
&
Distributors
............................
—
908,344
—
908,344
Transportation
Infrastructure
...............................
—
598,925
—
598,925
Wireless
Telecommunication
Services
.........................
—
7,490,607
—
7,490,607
Fixed
Rate
Loan
Interests
Diversified
Telecommunication
Services
........................
—
173,459
174,951
348,410
Health
Care
Technology
..................................
—
280,350
—
280,350
Media
...............................................
—
391,068
243,775
634,843
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
5,203,137
—
5,203,137
Automobile
Components
..................................
—
928,903
594,482
1,523,385
Automobiles
..........................................
—
—
460,550
460,550
Beverages
...........................................
—
1,604,042
—
1,604,042
Broadline
Retail
........................................
—
1,615,746
—
1,615,746
Building
Products
.......................................
—
1,946,513
—
1,946,513
Capital
Markets
........................................
—
3,820,239
—
3,820,239
Chemicals
............................................
—
5,989,589
—
5,989,589
Commercial
Services
&
Supplies
.............................
—
5,539,918
172,991
5,712,909
Communications
Equipment
................................
—
818,902
—
818,902
Construction
&
Engineering
................................
—
1,776,928
—
1,776,928
Construction
Materials
....................................
—
1,943,275
133,343
2,076,618
Consumer
Staples
Distribution
&
Retail
........................
—
358,301
—
358,301
Containers
&
Packaging
..................................
—
1,934,616
—
1,934,616
Distributors
...........................................
—
410,311
—
410,311
Diversified
Consumer
Services
..............................
—
3,227,267
—
3,227,267
Diversified
REITs
.......................................
—
155,721
—
155,721
Diversified
Telecommunication
Services
........................
—
3,904,616
173,970
4,078,586
Electric
Utilities
........................................
—
325,390
—
325,390
Electrical
Equipment
.....................................
—
573,692
—
573,692
Electronic
Equipment,
Instruments
&
Components
.................
—
276,764
—
276,764
Energy
Equipment
&
Services
..............................
—
47,077
8,583
55,660
Entertainment
.........................................
—
6,787,794
—
6,787,794
Financial
Services
......................................
—
5,230,618
358,170
5,588,788
Food
Products
.........................................
—
3,475,083
—
3,475,083
Ground
Transportation
...................................
—
1,130,553
—
1,130,553
Health
Care
Equipment
&
Supplies
...........................
—
2,615,954
—
2,615,954
Health
Care
Providers
&
Services
............................
—
3,108,421
—
3,108,421
Health
Care
Technology
..................................
—
3,922,462
—
3,922,462
Hotels,
Restaurants
&
Leisure
..............................
—
9,711,545
106,111
9,817,656
Household
Durables
.....................................
—
2,479,870
—
2,479,870
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Income
Fund
Schedules
of
Investments
63
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Independent
Power
and
Renewable
Electricity
Producers
............
$
—
$
782,096
$
—
$
782,096
Industrial
Conglomerates
..................................
—
493,091
—
493,091
Insurance
............................................
—
6,466,813
—
6,466,813
Interactive
Media
&
Services
...............................
—
286,308
—
286,308
IT
Services
...........................................
—
4,725,454
—
4,725,454
Leisure
Products
.......................................
—
249,010
—
249,010
Life
Sciences
Tools
&
Services
..............................
—
2,919,820
—
2,919,820
Machinery
............................................
—
8,154,657
64,400
8,219,057
Media
...............................................
—
1,984,958
206,665
2,191,623
Oil,
Gas
&
Consumable
Fuels
...............................
—
2,345,636
721,000
3,066,636
Passenger
Airlines
......................................
—
2,718,161
—
2,718,161
Personal
Care
Products
..................................
—
2,575,998
—
2,575,998
Pharmaceuticals
.......................................
—
3,353,713
—
3,353,713
Professional
Services
....................................
—
6,701,307
191,496
6,892,803
Real
Estate
Management
&
Development
.......................
—
298,633
137,827
436,460
Semiconductors
&
Semiconductor
Equipment
....................
—
715,777
—
715,777
Software
.............................................
—
12,327,885
—
12,327,885
Specialty
Retail
........................................
—
1,524,607
154,850
1,679,457
Textiles,
Apparel
&
Luxury
Goods
............................
—
255,556
—
255,556
Trading
Companies
&
Distributors
............................
—
2,200,877
350,938
2,551,815
Transportation
Infrastructure
...............................
—
555,830
175,063
730,893
Wireless
Telecommunication
Services
.........................
—
712,044
—
712,044
Foreign
Agency
Obligations
.................................
—
8,692,734
—
8,692,734
Foreign
Government
Obligations
..............................
—
31,982,848
—
31,982,848
Investment
Companies
....................................
18,818,414
—
—
18,818,414
Non-Agency
Mortgage-Backed
Securities
........................
—
8,839,233
—
8,839,233
Other
Interests
..........................................
—
—
—
—
Preferred
Securities
.......................................
—
7,894,317
—
7,894,317
U.S.
Government
Sponsored
Agency
Securities
....................
—
331,244,251
—
331,244,251
Warrants
..............................................
9,682
—
—
9,682
Short-Term
Securities
Money
Market
Funds
......................................
22,469,663
—
—
22,469,663
U.S.
Treasury
Obligations
...................................
—
159,603,479
—
159,603,479
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
137
—
137
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
13,308,610
)
—
(
13,308,610
)
$
41,549,140
$
1,382,724,265
$
5,052,621
$
1,429,326,026
Investments
valued
at
NAV
(b)
......................................
446
$
1,429,326,472
Derivative
Financial
Instruments
(c)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
525,021
$
—
$
525,021
Interest
rate
contracts
.......................................
3,011,976
46,860
—
3,058,836
Liabilities
Foreign
currency
exchange
contracts
............................
—
(
232
)
—
(
232
)
Interest
rate
contracts
.......................................
(
3,381,551
)
(
8,302
)
—
(
3,389,853
)
$
(
369,575
)
$
563,347
$
—
$
193,772
(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
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statements
of
Assets
and
Liabilities
(unaudited)

March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
64
BlackRock
GNMA
Portfolio
BlackRock
Impact
Mortgage
Fund
BlackRock
Income
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................................
$
459,967,243‌
$
493,379,886‌
$
1,404,434,768‌
Investments,
at
value
—
affiliated
(b)
............................................................
1,168,886‌
4,742,650‌
38,200,177‌
Cash
...............................................................................
62,229‌
—‌
2,175,445‌
Cash
pledged:
Futures
contracts
......................................................................
1,194,310‌
526,000‌
13,405,000‌
Centrally
cleared
swaps
..................................................................
256,000‌
313,000‌
6,790‌
Foreign
currency,
at
value
(c)
.................................................................
—‌
—‌
3,383,886‌
Receivables:
–‌
–‌
–‌
Investment
s
sold
......................................................................
66,081‌
1,114,871‌
3,184,990‌
Swaps  
............................................................................
—‌
59‌
—‌
TBA
sale
commitments
..................................................................
38,803,451‌
145,386,749‌
13,356,714‌
Capital
shares
sold
.....................................................................
713,947‌
1,074,384‌
2,617,576‌
Dividends
—
unaffiliated
.................................................................
—‌
—‌
24,930‌
Dividends
—
affiliated
...................................................................
9,299‌
12,886‌
66,534‌
Interest
—
unaffiliated
...................................................................
979,293‌
1,350,268‌
10,414,491‌
From
the
Manager
.....................................................................
10,832‌
31,664‌
6,751‌
Variation
margin
on
futures
contracts
.........................................................
753‌
967‌
1,173‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
—‌
525,021‌
OTC
swaps
..........................................................................
—‌
—‌
46,860‌
Unfunded
floating
rate
loan
interests
.........................................................
—‌
—‌
137‌
Prepaid
e
xpenses
.......................................................................
49,950‌
70,596‌
142,842‌
Total
a
ssets
...........................................................................
503,282,274‌
648,003,980‌
1,491,994,085‌
LIABILITIES
Bank
overdraft
..........................................................................
—‌
26,049‌
—‌
Cash
received:
Collateral
—
TBA
commitments
.............................................................
236,488‌
309,000‌
—‌
Options
written,
at
value
(d)
..................................................................
246,839‌
386,257‌
—‌
TBA
sale
commitments,
at
value
(e)
............................................................
38,839,807‌
144,746,019‌
13,308,610‌
Reverse
repurchase
agreements,
at
value
.......................................................
—‌
40,692,926‌
—‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
159,468,715‌
144,909,264‌
344,345,081‌
Accounting
services
fees
.................................................................
34,836‌
40,064‌
202,248‌
Administration
fees
.....................................................................
10,914‌
11,305‌
44,264‌
Proxy
fees
...........................................................................
2,418‌
5,588‌
21,298‌
Capital
shares
redeemed
.................................................................
566,212‌
390,586‌
3,963,882‌
Custodian
fees
........................................................................
12,320‌
24,136‌
43,952‌
Income
dividend
distributions
..............................................................
143,913‌
383,907‌
485,724‌
Investment
advisory
fees
.................................................................
51,550‌
61,889‌
424,269‌
Other
affiliate
fees
.....................................................................
—‌
1,578‌
2,739‌
Professional
fees
......................................................................
35,119‌
34,066‌
53,292‌
Registration
fees
......................................................................
7‌
44‌
9,305‌
Service
and
distribution
fees
...............................................................
25,638‌
52,034‌
48,908‌
Transfer
agent
fees
....................................................................
104,278‌
224,776‌
739,962‌
Other
accrued
expenses
.................................................................
10,801‌
69,883‌
21,362‌
Variation
margin
on
centrally
cleared
swaps
....................................................
4,547‌
6,191‌
—‌
Swap
premiums
received
..................................................................
—‌
—‌
26,900‌
Unrealized
depreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
—‌
232‌
OTC
swaps
..........................................................................
—‌
—‌
8,302‌
Total
li
abilities
..........................................................................
199,794,402‌
332,375,562‌
363,750,330‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
NET
ASSETS
..........................................................................
$
303,487,872‌
$
315,628,418‌
$
1,128,243,755‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2024
65
Financial
Statements
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Impact
Mortgage
Fund
BlackRock
Income
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
456,740,040‌
$
443,582,263‌
$
1,545,043,442‌
Accumulated
loss
.......................................................................
(
153,252,168‌
)
(
127,953,845‌
)
(
416,799,687‌
)
NET
ASSETS
..........................................................................
$
303,487,872‌
$
315,628,418‌
$
1,128,243,755‌
(a)
  Investments,
at
cost
—
unaffiliated
.....................................................
$
487,808,562‌
$
520,378,844‌
$
1,421,026,514‌
(b)
  Investments,
at
cost
—
affiliated
.......................................................
$
1,168,886‌
$
4,742,650‌
$
38,132,399‌
(c)
  Foreign
currency,
at
cost
...........................................................
$
—‌
$
—‌
$
3,414,582‌
(d)
  Premiums
received
...............................................................
$
370,260‌
$
533,616‌
$
—‌
(e)
  Proceeds
received
from
TBA
sale
commitments
.............................................
$
38,803,451‌
$
145,386,749‌
$
13,356,714‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Impact
Mortgage
Fund
BlackRock
Income
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................
$
136,197,796‌
$
100,146,407‌
$
741,088,882‌
Shares
outstanding
..................................................................
17,313,584‌
11,075,960‌
82,954,880‌
Net
asset
value
.....................................................................
$
7.87‌
$
9.04‌
$
8.93‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
A
Net
assets
.........................................................................
$
79,197,636‌
$
197,667,251‌
$
164,086,702‌
Shares
outstanding
..................................................................
10,024,865‌
21,810,851‌
18,368,086‌
Net
asset
value
.....................................................................
$
7.90‌
$
9.06‌
$
8.93‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Investor
C
Net
assets
.........................................................................
$
6,529,852‌
$
4,169,714‌
$
15,680,476‌
Shares
outstanding
..................................................................
830,174‌
460,866‌
1,754,215‌
Net
asset
value
.....................................................................
$
7.87‌
$
9.05‌
$
8.94‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
K
Net
assets
.........................................................................
$
81,562,588‌
$
10,336,394‌
$
207,387,695‌
Shares
outstanding
..................................................................
10,401,300‌
1,143,098‌
23,214,116‌
Net
asset
value
.....................................................................
$
7.84‌
$
9.04‌
$
8.93‌
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.001‌
Class
R
Net
assets
.........................................................................
$
—‌
$
3,308,652‌
$
—‌
Shares
outstanding
..................................................................
—‌
365,080‌
—‌
Net
asset
value
.....................................................................
$
—‌
$
9.06‌
$
—‌
Shares
authorized
...................................................................
—
Unlimited
—
Par
value
.........................................................................
$
—‌
$
0.001‌
$
—‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
March
31,
2024
67
Financial
Statements
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Impact
Mortgage
Fund
BlackRock
Income
Fund
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
—‌
$
—‌
$
139,354‌
Dividends
—
affiliated
...................................................................
64,987‌
70,856‌
1,305,585‌
Interest
—
unaffiliated
...................................................................
5,973,006‌
7,925,350‌
35,711,841‌
Total
investment
income
...................................................................
6,037,993‌
7,996,206‌
37,156,780‌
EXPENSES
Investment
advisory
....................................................................
528,247‌
635,434‌
2,623,234‌
Transfer
agent
—
class
specific
............................................................
146,041‌
312,426‌
250,174‌
Service
and
distribution
—
class
specific
......................................................
134,856‌
282,453‌
277,041‌
Administration
.......................................................................
66,030‌
69,246‌
216,519‌
Professional
.........................................................................
62,990‌
33,619‌
100,837‌
Registration
.........................................................................
35,049‌
77,634‌
65,990‌
Accounting
services
....................................................................
33,945‌
38,377‌
201,617‌
Administration
—
class
specific
............................................................
31,074‌
32,586‌
105,477‌
Printing
and
postage
...................................................................
15,230‌
33,865‌
23,411‌
Custodian
...........................................................................
12,297‌
20,698‌
19,710‌
Trustees
and
Officer
....................................................................
3,385‌
3,744‌
8,837‌
Miscellaneous
........................................................................
35,184‌
38,264‌
75,027‌
Total
expenses
excluding
interest
expense
.......................................................
1,104,328‌
1,578,346‌
3,967,874‌
Interest
expense
......................................................................
9,498‌
1,436,795‌
14,224‌
Total
expenses
.........................................................................
1,113,826‌
3,015,141‌
3,982,098‌
Less:
–‌
–‌
–‌
Administration
fees
waived
...............................................................
—‌
(
949‌
)
—‌
Administration
fees
waived
by
the
Manager
—
class
specific
.........................................
(
31,074‌
)
(
32,586‌
)
(
83,711‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(
204,046‌
)
(
279,836‌
)
(
273,832‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
............................
(
88,763‌
)
(
233,562‌
)
(
64,129‌
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
................................................
789,943‌
2,468,208‌
3,560,426‌
Net
investment
income
....................................................................
5,248,050‌
5,527,998‌
33,596,354‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
13,940,663‌
$
13,556,570‌
$
39,872,746‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
(
1,294,461‌
)
$
(
4,960,632‌
)
$
(
5,606,946‌
)
Investments
—
affiliated
...............................................................
—‌
—‌
(
2,562,195‌
)
Forward
foreign
currency
exchange
contracts
.................................................
—‌
—‌
(
494,009‌
)
Foreign
currency
transactions
...........................................................
—‌
—‌
244,423‌
Futures
contracts
....................................................................
392,881‌
(
309,102‌
)
4,778,117‌
Options
written
.....................................................................
284,505‌
327,777‌
807,347‌
Swaps  
..........................................................................
(
870,965‌
)
(
1,008,165‌
)
2,562‌
(1,488,040‌)
(5,950,122‌)
(2,830,701‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
15,785,914‌
19,078,812‌
43,881,326‌
Investments
—
affiliated
...............................................................
—‌
—‌
2,964,324‌
Forward
foreign
currency
exchange
contracts
.................................................
—‌
—‌
425,064‌
Foreign
currency
translations
............................................................
—‌
—‌
137,704‌
Futures
contracts
....................................................................
(
1,122,592‌
)
(
470,144‌
)
(
4,474,180‌
)
Options
written
.....................................................................
447,241‌
527,826‌
(
269,486‌
)
Swaps  
..........................................................................
318,140‌
370,198‌
38,558‌
Unfunded
floating
rate
loan
interests
.......................................................
—‌
—‌
137‌
15,428,703‌
19,506,692‌
42,703,447‌
Net
realized
and
unrealized
gain
.............................................................
13,940,663‌
13,556,570‌
39,872,746‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................................
$
19,188,713‌
$
19,084,568‌
$
73,469,100‌
Statements
of
Changes
in
Net
Assets

2024
BlackRock
Semi-Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
BlackRock
Impact
Mortgage
Fund
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
5,248,050‌
$
10,122,046‌
$
5,527,998‌
$
14,209,274‌
Net
realized
loss
................................................
(
1,488,040‌
)
(
22,750,049‌
)
(
5,950,122‌
)
(
19,518,264‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
15,428,703‌
11,182,229‌
19,506,692‌
4,568,270‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
19,188,713‌
(1,445,774‌)
19,084,568‌
(740,720‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income:
Institutional
...................................................
(
2,571,216‌
)
(
5,710,194‌
)
(
1,839,431‌
)
(
5,126,984‌
)
Investor
A
....................................................
(
1,352,187‌
)
(
2,724,585‌
)
(
3,211,411‌
)
(
6,773,495‌
)
Investor
C
....................................................
(
88,595‌
)
(
178,293‌
)
(
58,396‌
)
(
162,032‌
)
Class
K
......................................................
(
1,467,637‌
)
(
2,385,650‌
)
(
193,149‌
)
(
421,144‌
)
Class
R
......................................................
—‌
—‌
(
48,500‌
)
(
90,797‌
)
Return
of
capital:
–
–
–
–
Institutional
...................................................
—‌
—‌
—‌
(
711,915‌
)
Investor
A
....................................................
—‌
—‌
—‌
(
940,544‌
)
Investor
C
....................................................
—‌
—‌
—‌
(
22,499‌
)
Class
K
......................................................
—‌
—‌
—‌
(
58,479‌
)
Class
R
......................................................
—‌
—‌
—‌
(
12,608‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(5,479,635‌)
(10,998,722‌)
(5,350,887‌)
(14,320,497‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.................
(24,505,132‌)
(37,308,248‌)
(41,247,762‌)
(125,996,148‌)
NET
ASSETS
Total
decrease
in
net
assets
..........................................
(
10,796,054‌
)
(
49,752,744‌
)
(
27,514,081‌
)
(
141,057,365‌
)
Beginning
of
period
................................................
314,283,926‌
364,036,670‌
343,142,499‌
484,199,864‌
End
of
period
....................................................
$
303,487,872‌
$
314,283,926‌
$
315,628,418‌
$
343,142,499‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
69
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Income
Fund
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
33,596,354‌
$
71,023,698‌
Net
realized
loss
..................................................................................
(
2,830,701‌
)
(
102,090,084‌
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
42,703,447‌
131,621,662‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
73,469,100‌
100,555,276‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income:
Institutional
.....................................................................................
(
22,009,798‌
)
(
39,122,208‌
)
Investor
A
......................................................................................
(
4,844,397‌
)
(
6,882,877‌
)
Investor
C
......................................................................................
(
420,205‌
)
(
651,727‌
)
Class
K
........................................................................................
(
5,958,342‌
)
(
8,611,309‌
)
Return
of
capital:
–
–
Institutional
.....................................................................................
—‌
(
11,498,073‌
)
Investor
A
......................................................................................
—‌
(
2,022,888‌
)
Investor
C
......................................................................................
—‌
(
191,544‌
)
Class
K
........................................................................................
—‌
(
2,530,876‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(33,232,742‌)
(71,511,502‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
46,930,312‌
(761,619,701‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
87,166,670‌
(
732,575,927‌
)
Beginning
of
period
..................................................................................
1,041,077,085‌
1,773,653,012‌
End
of
period
......................................................................................
$
1,128,243,755‌
$
1,041,077,085‌
(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
70
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense would
have
been
0.72%,
0.55%
and
0.42%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.53
‌
$
7.80
‌
$
9.35
‌
$
9.50
‌
$
9.46
‌
$
9.13
‌
Net
investment
income
(a)
...................
0
.13
‌
0
.24
‌
0
.13
‌
0
.09
‌
0
.22
‌
0
.27
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.35
‌
(
0
.25
)
(
1
.49
)
(
0
.04
)
0
.14
‌
0
.41
‌
Net
increase
(decrease)
from
investment
operations
..
0.48
‌
(0.01
)
(1.36
)
0.05
‌
0.36
‌
0.68
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.14
)
(
0
.26
)
(
0
.19
)
(
0
.20
)
(
0
.32
)
(
0
.35
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.14
)
(0.26
)
(0.19
)
(0.20
)
(0.32
)
(0.35
)
Net
asset
value,
end
of
period
................
$
7.87
‌
$
7.53
‌
$
7.80
‌
$
9.35
‌
$
9.50
‌
$
9.46
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.40
%
(e)
(0.29
)%
(14.75
)%
0.47
%
3.86
%
7.55
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.66
%
(g)
1.08
%
0.79
%
(h)
0.57
%
0.65
%
1.14
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.43
%
(g)
0.88
%
0.62
%
(h)
0.43
%
0.48
%
0.95
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.43
%
(g)
0.42
%
0.49
%
(h)
0.43
%
0.42
%
0.42
%
Net
investment
income
.....................
3.45
%
(g)
2.99
%
1.43
%
1.00
%
2.28
%
2.92
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
136,198
‌
$
147,548
‌
$
203,542
‌
$
363,815
‌
$
356,671
‌
$
264,811
‌
Portfolio
turnover
rate
(i)
......................
707
%
983
%
1,368
%
1,443
%
1,380
%
1,482
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
448%
680%
818%
859%
912%
947%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense would
have
been
0.98%,
0.80%
and
0.67%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.56
‌
$
7.84
‌
$
9.39
‌
$
9.54
‌
$
9.50
‌
$
9.17
‌
Net
investment
income
(a)
...................
0
.12
‌
0
.22
‌
0
.11
‌
0
.07
‌
0
.19
‌
0
.25
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.35
‌
(
0
.26
)
(
1
.49
)
(
0
.05
)
0
.15
‌
0
.40
‌
Net
increase
(decrease)
from
investment
operations
..
0.47
‌
(0.04
)
(1.38
)
0.02
‌
0.34
‌
0.65
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.13
)
(
0
.24
)
(
0
.17
)
(
0
.17
)
(
0
.30
)
(
0
.32
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.13
)
(0.24
)
(0.17
)
(0.17
)
(0.30
)
(0.32
)
Net
asset
value,
end
of
period
................
$
7.90
‌
$
7.56
‌
$
7.84
‌
$
9.39
‌
$
9.54
‌
$
9.50
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.25
%
(e)
(0.65
)%
(14.89
)%
0.23
%
3.60
%
7.27
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.92
%
(g)
1.34
%
1.05
%
(h)
0.84
%
0.93
%
1.43
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.68
%
(g)
1.13
%
0.87
%
(h)
0.68
%
0.73
%
1.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.68
%
(g)
0.67
%
0.74
%
(h)
0.68
%
0.67
%
0.67
%
Net
investment
income
.....................
3.20
%
(g)
2.74
%
1.22
%
0.76
%
2.04
%
2.67
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
79,198
‌
$
81,709
‌
$
97,871
‌
$
151,434
‌
$
161,035
‌
$
137,065
‌
Portfolio
turnover
rate
(i)
......................
707
%
983
%
1,368
%
1,443
%
1,380
%
1,482
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
448%
680%
818%
859%
912%
947%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
72
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense would
have
been
1.70%,
1.55%
and
1.42%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
See
notes
to
financial
statements.
BlackRock
GNMA
Portfolio
Investor
C
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.53
‌
$
7.80
‌
$
9.35
‌
$
9.50
‌
$
9.46
‌
$
9.13
‌
Net
investment
income
(a)
...................
0
.10
‌
0
.16
‌
0
.04
‌
0
.01
‌
0
.12
‌
0
.18
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.34
‌
(
0
.25
)
(
1
.49
)
(
0
.06
)
0
.15
‌
0
.40
‌
Net
increase
(decrease)
from
investment
operations
..
0.44
‌
(0.09
)
(1.45
)
(0.05
)
0.27
‌
0.58
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.10
)
(
0
.18
)
(
0
.10
)
(
0
.10
)
(
0
.23
)
(
0
.25
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.10
)
(0.18
)
(0.10
)
(0.10
)
(0.23
)
(0.25
)
Net
asset
value,
end
of
period
................
$
7.87
‌
$
7.53
‌
$
7.80
‌
$
9.35
‌
$
9.50
‌
$
9.46
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
5.88
%
(e)
(1.28
)%
(15.60
)%
(0.53
)%
2.83
%
6.49
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.64
%
(g)
2.07
%
1.77
%
(h)
1.53
%
1.63
%
2.17
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.43
%
(g)
1.88
%
1.62
%
(h)
1.43
%
1.48
%
1.95
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
1.43
%
(g)
1.42
%
1.49
%
(h)
1.43
%
1.42
%
1.42
%
Net
investment
income
.....................
2.46
%
(g)
1.99
%
0.44
%
0.06
%
1.30
%
1.96
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
6,530
‌
$
7,034
‌
$
9,715
‌
$
18,415
‌
$
31,336
‌
$
34,257
‌
Portfolio
turnover
rate
(i)
......................
707
%
983
%
1,368
%
1,443
%
1,380
%
1,482
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
448%
680%
818%
859%
912%
947%
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
non-recurring
expenses
of
proxy costs.
Without
these
costs,
total
expenses,
total
expenses
after
fees
waived
and/or
reimbursed,
and
total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense would
have
been
0.62%,
0.50%
and
0.37%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
GNMA
Portfolio
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
7.50
‌
$
7.78
‌
$
9.32
‌
$
9.47
‌
$
9.43
‌
$
9.10
‌
Net
investment
income
(a)
...................
0
.14
‌
0
.24
‌
0
.15
‌
0
.11
‌
0
.22
‌
0
.27
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.34
‌
(
0
.26
)
(
1
.50
)
(
0
.06
)
0
.14
‌
0
.41
‌
Net
increase
(decrease)
from
investment
operations
..
0.48
‌
(0.02
)
(1.35
)
0.05
‌
0.36
‌
0.68
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.14
)
(
0
.26
)
(
0
.19
)
(
0
.20
)
(
0
.32
)
(
0
.35
)
Return
of
capital
.........................
—
‌
—
‌
—
‌
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.14
)
(0.26
)
(0.19
)
(0.20
)
(0.32
)
(0.35
)
Net
asset
value,
end
of
period
................
$
7.84
‌
$
7.50
‌
$
7.78
‌
$
9.32
‌
$
9.47
‌
$
9.43
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.45
%
(e)
(0.38
)%
(14.65
)%
0.52
%
3.91
%
7.62
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.54
%
(g)
0.98
%
0.67
%
(h)
0.47
%
0.54
%
1.03
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.38
%
(g)
0.83
%
0.55
%
(h)
0.38
%
0.43
%
0.90
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.38
%
(g)
0.37
%
0.42
%
(h)
0.38
%
0.37
%
0.37
%
Net
investment
income
.....................
3.50
%
(g)
3.00
%
1.72
%
1.15
%
2.34
%
2.93
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
81,563
‌
$
77,993
‌
$
52,909
‌
$
30,757
‌
$
67,675
‌
$
45,934
‌
Portfolio
turnover
rate
(i)
......................
707
%
983
%
1,368
%
1,443
%
1,380
%
1,482
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
448%
680%
818%
859%
912%
947%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
74
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Impact
Mortgage
Fund
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.67
‌
$
9.04
‌
$
10.81
‌
$
11.11
‌
$
10.62
‌
$
10.03
‌
Net
investment
income
(a)
...................
0
.16
‌
0
.32
‌
0
.17
‌
0
.12
‌
0
.20
‌
0
.26
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.36
‌
(
0
.37
)
(
1
.75
)
(
0
.25
)
0
.51
‌
0
.62
‌
Net
increase
(decrease)
from
investment
operations
..
0.52
‌
(0.05
)
(1.58
)
(0.13
)
0.71
‌
0.88
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.15
)
(
0
.28
)
(
0
.18
)
(
0
.17
)
(
0
.22
)
(
0
.29
)
Return
of
capital
.........................
—
‌
(
0
.04
)
(
0
.01
)
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.15
)
(0.32
)
(0.19
)
(0.17
)
(0.22
)
(0.29
)
Net
asset
value,
end
of
period
................
$
9.04
‌
$
8.67
‌
$
9.04
‌
$
10.81
‌
$
11.11
‌
$
10.62
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.07
%
(e)
(0.66
)%
(14.77
)%
(1.16
)%
6.72
%
8.86
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.69
%
(g)
1.91
%
0.83
%
0.65
%
0.76
%
1.20
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.34
%
(g)
1.58
%
0.61
%
0.45
%
0.56
%
0.96
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.46
%
(g)
0.45
%
0.45
%
0.45
%
0.45
%
0.45
%
Net
investment
income
.....................
3.57
%
(g)
3.49
%
1.67
%
1.10
%
1.79
%
2.51
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
100,146
‌
$
117,739
‌
$
201,444
‌
$
295,674
‌
$
412,161
‌
$
217,815
‌
Portfolio
turnover
rate
(h)
......................
1,077
%
2,372
%
1,027
%
715
%
745
%
837
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
620%
1,496%
679%
458%
508%
571%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
75
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Impact
Mortgage
Fund
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.69
‌
$
9.06
‌
$
10.83
‌
$
11.14
‌
$
10.65
‌
$
10.06
‌
Net
investment
income
(a)
...................
0
.15
‌
0
.30
‌
0
.15
‌
0
.09
‌
0
.18
‌
0
.24
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.36
‌
(
0
.37
)
(
1
.76
)
(
0
.26
)
0
.50
‌
0
.61
‌
Net
increase
(decrease)
from
investment
operations
..
0.51
‌
(0.07
)
(1.61
)
(0.17
)
0.68
‌
0.85
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.14
)
(
0
.26
)
(
0
.15
)
(
0
.14
)
(
0
.19
)
(
0
.26
)
Return
of
capital
.........................
—
‌
(
0
.04
)
(
0
.01
)
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.14
)
(0.30
)
(0.16
)
(0.14
)
(0.19
)
(0.26
)
Net
asset
value,
end
of
period
................
$
9.06
‌
$
8.69
‌
$
9.06
‌
$
10.83
‌
$
11.14
‌
$
10.65
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
5.93
%
(e)
(0.89
)%
(14.95
)%
(1.49
)%
6.45
%
8.57
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.93
%
(g)
2.16
%
1.09
%
0.91
%
1.02
%
1.47
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.59
%
(g)
1.83
%
0.86
%
0.70
%
0.81
%
1.21
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.71
%
(g)
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
Net
investment
income
.....................
3.31
%
(g)
3.24
%
1.43
%
0.84
%
1.61
%
2.28
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
197,667
‌
$
205,185
‌
$
253,152
‌
$
340,582
‌
$
414,711
‌
$
354,704
‌
Portfolio
turnover
rate
(h)
......................
1,077
%
2,372
%
1,027
%
715
%
745
%
837
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
620%
1,496%
679%
458%
508%
571%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
76
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Impact
Mortgage
Fund
Investor
C
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.68
‌
$
9.05
‌
$
10.81
‌
$
11.12
‌
$
10.63
‌
$
10.04
‌
Net
investment
income
(a)
...................
0
.11
‌
0
.23
‌
0
.07
‌
0
.01
‌
0
.09
‌
0
.16
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.37
‌
(
0
.37
)
(
1
.74
)
(
0
.26
)
0
.51
‌
0
.61
‌
Net
increase
(decrease)
from
investment
operations
..
0.48
‌
(0.14
)
(1.67
)
(0.25
)
0.60
‌
0.77
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.11
)
(
0
.20
)
(
0
.08
)
(
0
.06
)
(
0
.11
)
(
0
.18
)
Return
of
capital
.........................
—
‌
(
0
.03
)
(
0
.01
)
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.11
)
(0.23
)
(0.09
)
(0.06
)
(0.11
)
(0.18
)
Net
asset
value,
end
of
period
................
$
9.05
‌
$
8.68
‌
$
9.05
‌
$
10.81
‌
$
11.12
‌
$
10.63
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
5.55
%
(e)
(1.64
)%
(15.53
)%
(2.23
)%
5.66
%
7.78
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
2.61
%
(g)
2.84
%
1.82
%
1.65
%
1.80
%
2.30
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
2.34
%
(g)
2.58
%
1.61
%
1.45
%
1.56
%
1.96
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
1.46
%
(g)
1.45
%
1.45
%
1.45
%
1.45
%
1.45
%
Net
investment
income
.....................
2.58
%
(g)
2.50
%
0.64
%
0.09
%
0.84
%
1.55
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
4,170
‌
$
5,747
‌
$
8,781
‌
$
14,221
‌
$
25,922
‌
$
26,193
‌
Portfolio
turnover
rate
(h)
......................
1,077
%
2,372
%
1,027
%
715
%
745
%
837
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
620%
1,496%
679%
458%
508%
571%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
77
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Impact
Mortgage
Fund
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.67
‌
$
9.04
‌
$
10.81
‌
$
11.11
‌
$
10.62
‌
$
10.04
‌
Net
investment
income
(a)
...................
0
.16
‌
0
.32
‌
0
.19
‌
0
.12
‌
0
.20
‌
0
.25
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.37
‌
(
0
.36
)
(
1
.77
)
(
0
.24
)
0
.51
‌
0
.62
‌
Net
increase
(decrease)
from
investment
operations
..
0.53
‌
(0.04
)
(1.58
)
(0.12
)
0.71
‌
0.87
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.16
)
(
0
.29
)
(
0
.18
)
(
0
.18
)
(
0
.22
)
(
0
.29
)
Return
of
capital
.........................
—
‌
(
0
.04
)
(
0
.01
)
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.16
)
(0.33
)
(0.19
)
(0.18
)
(0.22
)
(0.29
)
Net
asset
value,
end
of
period
................
$
9.04
‌
$
8.67
‌
$
9.04
‌
$
10.81
‌
$
11.11
‌
$
10.62
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.10
%
(e)
(0.61
)%
(14.73
)%
(1.11
)%
6.78
%
8.81
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.50
%
(g)
1.74
%
0.69
%
0.54
%
0.64
%
1.06
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.29
%
(g)
1.53
%
0.56
%
0.40
%
0.51
%
0.91
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.41
%
(g)
0.40
%
0.40
%
0.40
%
0.40
%
0.40
%
Net
investment
income
.....................
3.62
%
(g)
3.54
%
1.84
%
1.14
%
1.79
%
2.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
10,336
‌
$
11,252
‌
$
17,328
‌
$
16,753
‌
$
17,335
‌
$
5,031
‌
Portfolio
turnover
rate
(h)
......................
1,077
%
2,372
%
1,027
%
715
%
745
%
837
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
620%
1,496%
679%
458%
508%
571%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
78
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Amount
is
greater
than
$(0.005)
per
share.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Impact
Mortgage
Fund
Class
R
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.69
‌
$
9.06
‌
$
10.83
‌
$
11.14
‌
$
10.65
‌
$
10.06
‌
Net
investment
income
(a)
...................
0
.14
‌
0
.27
‌
0
.12
‌
0
.06
‌
0
.16
‌
0
.21
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.36
‌
(
0
.36
)
(
1
.75
)
(
0
.25
)
0
.49
‌
0
.61
‌
Net
increase
(decrease)
from
investment
operations
..
0.50
‌
(0.09
)
(1.63
)
(0.19
)
0.65
‌
0.82
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.13
)
(
0
.25
)
(
0
.13
)
(
0
.12
)
(
0
.16
)
(
0
.23
)
Return
of
capital
.........................
—
‌
(
0
.03
)
(
0
.01
)
—
‌
—
‌
(
0
.00
)
(c)
Total
distributions
.........................
(0.13
)
(0.28
)
(0.14
)
(0.12
)
(0.16
)
(0.23
)
Net
asset
value,
end
of
period
................
$
9.06
‌
$
8.69
‌
$
9.06
‌
$
10.83
‌
$
11.14
‌
$
10.65
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
....................
5.80
%
(e)
(1.14
)%
(15.16
)%
(1.73
)%
6.18
%
8.30
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
2.17
%
(g)
2.44
%
1.45
%
1.23
%
1.36
%
2.11
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.84
%
(g)
2.08
%
1.11
%
0.95
%
1.06
%
1.46
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.96
%
(g)
0.95
%
0.95
%
0.95
%
0.95
%
0.95
%
Net
investment
income
.....................
3.06
%
(g)
2.98
%
1.19
%
0.59
%
1.51
%
2.06
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
3,309
‌
$
3,220
‌
$
3,494
‌
$
4,377
‌
$
5,133
‌
$
13,734
‌
Portfolio
turnover
rate
(h)
......................
1,077
%
2,372
%
1,027
%
715
%
745
%
837
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
620%
1,496%
679%
458%
508%
571%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
79
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)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Income
Fund
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.59
‌
$
8.50
‌
$
10.46
‌
$
10.22
‌
$
10.32
‌
$
10.13
‌
Net
investment
income
(a)
...................
0
.28
‌
0
.49
‌
0
.34
‌
0
.37
‌
0
.44
‌
0
.47
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.34
‌
0
.10
‌
(
1
.75
)
0
.25
‌
(
0
.06
)
0
.24
‌
Net
increase
(decrease)
from
investment
operations
..
0.62
‌
0.59
‌
(1.41
)
0.62
‌
0.38
‌
0.71
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.28
)
(
0
.39
)
(
0
.42
)
(
0
.38
)
(
0
.47
)
(
0
.52
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.13
)
—
‌
(
0
.01
)
—
‌
Return
of
capital
.........................
—
‌
(
0
.11
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.28
)
(0.50
)
(0.55
)
(0.38
)
(0.48
)
(0.52
)
Net
asset
value,
end
of
period
................
$
8.93
‌
$
8.59
‌
$
8.50
‌
$
10.46
‌
$
10.22
‌
$
10.32
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
7.29
%
(d)
6.98
%
(13.95
)%
6.13
%
3.90
%
(e)
7.22
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.70
%
(g)
0.85
%
0.73
%
0.71
%
0.73
%
0.78
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.63
%
(g)
0.62
%
0.62
%
0.62
%
0.62
%
0.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.63
%
(g)
0.62
%
0.62
%
0.62
%
0.62
%
0.62
%
Net
investment
income
.....................
6.42
%
(g)
5.61
%
3.57
%
3.46
%
4.35
%
4.64
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
741,089
‌
$
690,547
‌
$
1,370,526
‌
$
2,622,329
‌
$
1,300,683
‌
$
919,409
‌
Portfolio
turnover
rate
(h)
......................
281
%
571
%
133
%
81
%
92
%
77
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
155%
365%
133%
81%
92%
77%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
80
(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)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Income
Fund
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.59
‌
$
8.50
‌
$
10.45
‌
$
10.22
‌
$
10.32
‌
$
10.13
‌
Net
investment
income
(a)
...................
0
.27
‌
0
.47
‌
0
.32
‌
0
.34
‌
0
.41
‌
0
.44
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.34
‌
0
.10
‌
(
1
.74
)
0
.25
‌
(
0
.05
)
0
.24
‌
Net
increase
(decrease)
from
investment
operations
..
0.61
‌
0.57
‌
(1.42
)
0.59
‌
0.36
‌
0.68
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.27
)
(
0
.37
)
(
0
.40
)
(
0
.36
)
(
0
.45
)
(
0
.49
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.13
)
—
‌
(
0
.01
)
—
‌
Return
of
capital
.........................
—
‌
(
0
.11
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.27
)
(0.48
)
(0.53
)
(0.36
)
(0.46
)
(0.49
)
Net
asset
value,
end
of
period
................
$
8.93
‌
$
8.59
‌
$
8.50
‌
$
10.45
‌
$
10.22
‌
$
10.32
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
7.16
%
(d)
6.71
%
(14.08
)%
5.77
%
3.64
%
(e)
6.96
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.00
%
(g)
0.97
%
0.91
%
0.90
%
0.97
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.88
%
(g)
0.87
%
0.87
%
0.87
%
0.87
%
0.87
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.88
%
(g)
0.87
%
0.87
%
0.87
%
0.87
%
0.87
%
Net
investment
income
.....................
6.17
%
(g)
5.43
%
3.35
%
3.23
%
4.10
%
4.40
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
164,087
‌
$
155,383
‌
$
161,675
‌
$
230,457
‌
$
142,602
‌
$
102,857
‌
Portfolio
turnover
rate
(h)
......................
281
%
571
%
133
%
81
%
92
%
77
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
155%
365%
133%
81%
92%
77%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
81
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)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Income
Fund
Investor
C
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.60
‌
$
8.50
‌
$
10.46
‌
$
10.23
‌
$
10.32
‌
$
10.13
‌
Net
investment
income
(a)
...................
0
.24
‌
0
.40
‌
0
.25
‌
0
.27
‌
0
.34
‌
0
.37
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.34
‌
0
.11
‌
(
1
.75
)
0
.24
‌
(
0
.05
)
0
.23
‌
Net
increase
(decrease)
from
investment
operations
..
0.58
‌
0.51
‌
(1.50
)
0.51
‌
0.29
‌
0.60
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.24
)
(
0
.32
)
(
0
.33
)
(
0
.28
)
(
0
.37
)
(
0
.41
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.13
)
—
‌
(
0
.01
)
—
‌
Return
of
capital
.........................
—
‌
(
0
.09
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.24
)
(0.41
)
(0.46
)
(0.28
)
(0.38
)
(0.41
)
Net
asset
value,
end
of
period
................
$
8.94
‌
$
8.60
‌
$
8.50
‌
$
10.46
‌
$
10.23
‌
$
10.32
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
6.75
%
(d)
6.04
%
(14.81
)%
4.97
%
2.97
%
(e)
6.16
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.75
%
(g)
1.73
%
1.67
%
1.66
%
1.73
%
1.79
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.63
%
(g)
1.62
%
1.62
%
1.62
%
1.62
%
1.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
1.63
%
(g)
1.62
%
1.62
%
1.62
%
1.62
%
1.62
%
Net
investment
income
.....................
5.41
%
(g)
4.64
%
2.58
%
2.52
%
3.37
%
3.66
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
15,680
‌
$
15,840
‌
$
20,598
‌
$
35,555
‌
$
30,905
‌
$
32,197
‌
Portfolio
turnover
rate
(h)
......................
281
%
571
%
133
%
81
%
92
%
77
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
155%
365%
133%
81%
92%
77%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
82
(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)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Income
Fund
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Net
asset
value,
beginning
of
period
...........
$
8.59
‌
$
8.50
‌
$
10.45
‌
$
10.22
‌
$
10.32
‌
$
10.13
‌
Net
investment
income
(a)
...................
0
.28
‌
0
.50
‌
0
.35
‌
0
.37
‌
0
.44
‌
0
.47
‌
Net
realized
and
unrealized
gain
(loss)
..........
0
.34
‌
0
.09
‌
(
1
.74
)
0
.25
‌
(
0
.05
)
0
.24
‌
Net
increase
(decrease)
from
investment
operations
..
0.62
‌
0.59
‌
(1.39
)
0.62
‌
0.39
‌
0.71
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.28
)
(
0
.39
)
(
0
.43
)
(
0
.39
)
(
0
.48
)
(
0
.52
)
From
net
realized
gain
.....................
—
‌
—
‌
(
0
.13
)
—
‌
(
0
.01
)
—
‌
Return
of
capital
.........................
—
‌
(
0
.11
)
—
‌
—
‌
—
‌
—
‌
Total
distributions
.........................
(0.28
)
(0.50
)
(0.56
)
(0.39
)
(0.49
)
(0.52
)
Net
asset
value,
end
of
period
................
$
8.93
‌
$
8.59
‌
$
8.50
‌
$
10.45
‌
$
10.22
‌
$
10.32
‌
Total
Return
(c)
—
—
—
—
—
—
Based
on
net
asset
value
....................
7.31
%
(d)
7.03
%
(13.82
)%
6.09
%
3.95
%
(e)
7.27
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.67
%
(g)
0.65
%
0.58
%
0.57
%
0.65
%
0.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.58
%
(g)
0.57
%
0.56
%
0.56
%
0.57
%
0.57
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.58
%
(g)
0.57
%
0.56
%
0.56
%
0.57
%
0.57
%
Net
investment
income
.....................
6.44
%
(g)
5.70
%
3.65
%
3.52
%
4.40
%
4.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
207,388
‌
$
179,307
‌
$
220,853
‌
$
382,891
‌
$
126,573
‌
$
80,072
‌
Portfolio
turnover
rate
(h)
......................
281
%
571
%
133
%
81
%
92
%
77
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Year
Ended
09/30/21
Year
Ended
09/30/20
Year
Ended
09/30/19
Portfolio
turnover
rate
(excluding
MDRs)
...............................
155%
365%
133%
81%
92%
77%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
83
Notes
to
Financial
Statements
1.
ORGANIZATION 
BlackRock
Funds
V (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
without
a
sales
charge
and
only
to
certain
eligible
investors.
Investor
A,
Investor
C
and
Class
R
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
and
Class
R
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Class
R
Shares
are
sold
without
a
sales
charge
and
only
to
certain
employer-sponsored
retirement
plans.
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
Fixed-Income
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
(the
“trade
dates”)
.
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.
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.  
Bank
Overdraft:
 Certain
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.
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
GNMA
Portfolio
..................................................
GNMA
Diversified
BlackRock
Impact
Mortgage
Fund
.............................................
Impact
Mortgage
Diversified
BlackRock
Income
Fund
....................................................
Income
Fund
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
(“CDSC”)
Conversion
Privilege
Institutional,
Class
K
and
Class
R
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)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
84
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
portion
of
distributions,
if
any,
that
exceeds
a
fund’s
current
and
accumulated
earnings
and
profits,
as
measured
on
a
tax
basis,
constitute
a
non-taxable
return
of
capital.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”), the 
trustees
who
are
not
“interested
persons”
of
the
Funds,
as
defined
in
the
1940
Act
(“Independent
Trustees
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Trustees
.
This
has
the
same
economic
effect
for
the
Independent 
Trustees
as
if
the
Independent 
Trustees
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-Income
Complex.  
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
each
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Trustees’
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as
Trustee
and
Officer
expense
on
the Statements
of
Operations.
The
Trustee
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
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
each
Fund
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.
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.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
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)
85
Notes
to
Financial
Statements
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)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
86
As
of
March
31,
2024,
certain
investments
of
the Income
Fund were fair valued
using
NAV as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
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. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
Notes
to
Financial
Statements
(unaudited)
(continued)
87
Notes
to
Financial
Statements
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
Income
Fund
had
the
following
unfunded
floating
rate
loan
interests: 
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. 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
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedules
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Income
Fund
Osmosis
Buyer
Ltd.,
Delayed
Draw
Term
Loan
.............
$
36,529‌
$
36,529‌
$
36,666‌
$
137‌
$
137‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
88
Mortgage
Dollar
Roll
Transactions
:
The
Funds
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
Reverse
Repurchase
Agreements:
Reverse
repurchase
agreements
are
agreements
with
qualified
third-party
broker
dealers
in
which
a
fund
sells
securities
to
a
bank
or
broker-dealer
and
agrees
to
repurchase
the
same
securities
at
a
mutually
agreed
upon
date
and
price.
A
fund
receives
cash
from
the
sale
to
use
for
other
investment
purposes.
During
the
term
of
the
reverse
repurchase
agreement,
a
fund
continues
to
receive
the
principal
and
interest
payments
on
the
securities
sold.
Certain
agreements
have
no
stated
maturity
and
can
be
terminated
by
either
party
at
any
time.
Interest
on
the
value
of
the
reverse
repurchase
agreements
issued
and
outstanding
is
based
upon
competitive
market
rates
determined
at
the
time
of
issuance.
A
fund
may
utilize
reverse
repurchase
agreements
when
it
is
anticipated
that
the
interest
income
to
be
earned
from
the
investment
of
the
proceeds
of
the
transaction
is
greater
than
the
interest
expense
of
the
transaction.
Reverse
repurchase
agreements
involve
leverage
risk.
If
a
fund
suffers
a
loss
on
its
investment
of
the
transaction
proceeds
from
a
reverse
repurchase
agreement,
a
fund
would
still
be
required
to
pay
the
full
repurchase
price.
Further,
a
fund
remains
subject
to
the
risk
that
the
market
value
of
the
securities
repurchased
declines
below
the
repurchase
price.
In
such
cases,
a
fund
would
be
required
to
return
a
portion
of
the
cash
received
from
the
transaction
or
provide
additional
securities
to
the
counterparty. 
Cash
received
in
exchange
for
securities
delivered
plus
accrued
interest
due
to
the
counterparty
is
recorded
as
a
liability
in
the
Statements
of
Assets
and
Liabilities
at
face
value
including
accrued
interest.
Due
to
the
short-term
nature
of
the
reverse
repurchase
agreements,
face
value
approximates
fair
value.
Interest
payments
made
by
a
fund
to
the
counterparties
are
recorded
as
a
component
of
interest
expense
in
the
Statements
of
Operations.
In
periods
of
increased
demand
for
the
security,
a
fund
may
receive
a
fee
for
the
use
of
the
security
by
the
counterparty,
which
may
result
in
interest
income
to
a
fund.
For
the
six
months
ended
March
31,
2024,
the
average
daily
amount
of
reverse
repurchase
agreements outstanding and
the
weighted
average
interest
rate
for
Impact
Mortgage
were
$52,265,785
and
5.30%,
respectively.
Reverse
repurchase
transactions are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”),
which
permit
a
fund,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
under
the
MRA
with
collateral
held
and/or
posted
to
the
counterparty
and
create
one
single
net
payment
due
to
or
from
a
fund.
With
reverse
repurchase
transactions,
typically
a
fund
and
counterparty
under
an
MRA
are
permitted
to
sell,
re-
pledge,
or
use
the
collateral
associated
with
the
transaction.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
a
fund
receives
or
posts
securities
and
cash
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
paid
or
received
by
a
fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
a
fund
is
considered
an
unsecured
creditor
to
the
extent
that
the
aggregate
market
value
of
the
cash
collateral
and
the
purchased
securities
it
holds
is
less
than
the
repurchase
price.
As
such,
the
receipt
of
any
shortfall
or
any
closeout
amount
owed
to
a
fund
upon
termination
of
the
MRA
could
be
delayed
or
not
received
at
all.
As
of
period
end,
the
following
table
is
a
summary
of the
Fund’s
open
reverse
repurchase
agreements by
counterparty
which
are
subject
to
offset
under
an MRA
on
a
net
basis:
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)
Counterparty
Reverse
Repurchase
Agreements
Fair
Value
of
Non-Cash
Collateral
Pledged
Including
Accrued
Interest
(a)
(a)
Cash
Collateral
Pledged/Received
Net
Amount
(b)
BlackRock
Impact
Mortgage
Fund
Barclays
Bank
plc
...........................
$
(12,465,032‌)
$
12,465,032‌
$
—‌
$
—‌
Canadian
Imperial
Bank
of
Commerce
.............
(19,280,143‌)
19,280,143‌
—‌
—‌
Daiwa
Capital
Markets
America,
Inc.
...............
(8,947,751‌)
8,947,751‌
—‌
—‌
$
(40,692,926‌)
$
40,692,926‌
$
—‌
$
—‌
(a)
Collateral,
if
any,
with
a
value
of
$41,841,402
has
been
pledged
in
connection
with
open
reverse
repurchase
agreements.
Excess
of
collateral
pledged
to
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
Notes
to
Financial
Statements
(unaudited)
(continued)
89
Notes
to
Financial
Statements
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.
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. The
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
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.
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.
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).
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
90
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.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
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.
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
Investment
Advisory
Fees
Average
Daily
Net
Assets
GNMA
Impact
Mortgage
First
$1
billion
...........................................................................................
0.340%
0.390%
$1
billion
-
$3
billion
.......................................................................................
0.320
0.370
$3
billion
-
$5
billion
.......................................................................................
0.310
0.350
$5
billion
-
$10
billion
......................................................................................
0.300
0.340
Greater
than
$10
billion
.....................................................................................
0.280
0.330
Investment
Advisory
Fees
Average
Daily
Net
Assets
Income
Fund
First
$1
billion
.........................................................................................................
0.500%
$1
billion
-
$2
billion
.....................................................................................................
0.450
$2
billion
-
$3
billion
.....................................................................................................
0.425
Greater
than
$3
billion
...................................................................................................
0.400
Notes
to
Financial
Statements
(unaudited)
(continued)
91
Notes
to
Financial
Statements
With
respect
to
Income
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”)
and
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
the
Fund
for
which
BIL
and
BSL,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund
to
the
Manager.
With
respect
to
Impact
Mortgage,
the
Manager
entered
into
a
sub-advisory
agreement
with
BIL,
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of the
Fund for
which
BIL
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by the
Fund to
the
Manager.
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of the
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
March
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
March
31,
2024, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
six
months
 ended March
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
March
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:
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌
%
—‌
Investor
C
.................................................................................................
0.25‌
0.75‌
%
Class
R
..................................................................................................
0.25‌
0.25‌
Fund
Name
Investor
A
Investor
C
Class
R
Total
GNMA
.............................................................................
$
100,844‌
$
34,012‌
$
—‌
$
134,856‌
Impact
Mortgage
......................................................................
250,666‌
23,559‌
8,228‌
282,453‌
Income
Fund
.........................................................................
198,500‌
78,541‌
—‌
277,041‌
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
Class
R
Total
GNMA
.............................................................
$
14,274‌
$
8,068‌
$
680‌
$
8,052‌
$
—‌
$
31,074‌
Impact
Mortgage
......................................................
10,631‌
20,053‌
471‌
1,102‌
329‌
32,586‌
Income
Fund
.........................................................
69,326‌
15,880‌
1,571‌
18,700‌
—‌
105,477‌
Fund
Name
Institutional
Investor
A
Total
GNMA
.........................................................................................
$
4,237‌
$
458‌
$
4,695‌
Impact
Mortgage
..................................................................................
3,090‌
410‌
3,500‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
.............................................................
$
9,366‌
$
1,403‌
$
400‌
$
153‌
$
—‌
$
11,322‌
Impact
Mortgage
......................................................
551‌
13,364‌
68‌
37‌
70‌
14,090‌
Income
Fund
.........................................................
326‌
954‌
140‌
236‌
—‌
1,656‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
92
For
the
six
months ended
March
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 
March
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
March
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
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
limitations
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
March
31,
2024,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of each
Fund’s
assets
invested
in
affiliated
equity
and
fixed-
income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2025.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
These
amount
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
six
months
ended
March
31,
2024,
Income
Fund
waived
$55,816
in
investment
advisory
fees
pursuant
to
these
arrangements.
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
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
March
31,
2024,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
in
the
Statements
of
Operations.
For
the
six
months
ended
March
31,
2024,
the
amounts
were
as
follows:
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
GNMA
.............................................................
$
88,494‌
$
53,523‌
$
3,475‌
$
549‌
$
—‌
$
146,041‌
Impact
Mortgage
......................................................
105,802‌
199,948‌
2,730‌
919‌
3,027‌
312,426‌
Income
Fund
.........................................................
156,695‌
73,247‌
7,249‌
12,983‌
—‌
250,174‌
Fund
Name
Other
Fees
GNMA
................................................................................................................
$
894‌
Impact
Mortgage
.........................................................................................................
91‌
Income
Fund
............................................................................................................
3,219‌
Fund
Name
Investor
A
Investor
C
Impact
Mortgage
..............................................................................................
$
–‌
$
7‌
Income
Fund
.................................................................................................
621‌
2,719‌
Fund
Name
Amounts
Waived
GNMA
............................................................................................................
$
905‌
Impact
Mortgage
.....................................................................................................
1,044‌
Income
Fund
........................................................................................................
6,754‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
GNMA
..................................................................
0.42‌%
0.67‌%
1.42‌%
0.37‌%
N/A‌
Impact
Mortgage
...........................................................
0.45‌
0.70‌
1.45‌
0.40‌
0.95‌%
Income
Fund
..............................................................
0.62‌
0.87‌
1.62‌
0.57‌
N/A‌
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
GNMA
..................................................................................................................
$
203,141‌
Impact
Mortgage
...........................................................................................................
27
8
,7
92‌
Income
Fund
211,262‌
Fund
Name
Administration
Fees
Waived
Impact
Mortgage
...........................................................................................................
$
949‌
Notes
to
Financial
Statements
(unaudited)
(continued)
93
Notes
to
Financial
Statements
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
March
31,
2024,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Each
Fund
is
currently
permitted
to
borrow
and
GNMA
is
permitted
to
lend
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board. 
During the
period
ended
March
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. 
7.
PURCHASES
AND
SALES 
For
the six
months ended
March
31,
2024,
purchases
and
sales
of
investments,
including
paydowns/payups,
mortgage
dollar
rolls and
excluding
short-term
securities,
were
as
follows:
For
the six
months ended
March
31,
2024,
purchases
and
sales
related
to
mortgage
dollar
rolls
were
as
follows:
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
GNMA
Institutional
....................................................................................
$
14,274‌
$
52,956‌
Investor
A
.....................................................................................
8,068‌
33,471‌
Investor
C
.....................................................................................
680‌
1,787‌
Class
K
......................................................................................
8,052‌
549‌
$
31,074‌
$
88,763‌
Impact
Mortgage
Institutional
....................................................................................
10,631‌
79,229‌
Investor
A
.....................................................................................
20,053‌
149,641‌
Investor
C
.....................................................................................
471‌
1,574‌
Class
K
......................................................................................
1,102‌
919‌
Class
R
......................................................................................
329‌
2,199‌
$
32,586‌
$
233,562‌
Income
Fund
Institutional
....................................................................................
47,560‌
12,701‌
Investor
A
.....................................................................................
15,880‌
35,008‌
Investor
C
.....................................................................................
1,571‌
3,437‌
Class
K
......................................................................................
18,700‌
12,983‌
$
83,711‌
$
64,129‌
Other
Securities
Fund
Name
Purchases
Sales
GNMA
.............................................................................................
$
2,619,809,544‌
$
2,625,441,623‌
Impact
Mortgage
......................................................................................
3,908,175,599‌
3,958,118,760‌
Income
Fund
.........................................................................................
3,391,809,398‌
3,307,252,362‌
Fund
Name
Purchases
Sales
GNMA
.............................................................................................
$
962,034,281‌
$
961,466,914‌
Impact
Mortgage
......................................................................................
1,660,428,269‌
1,659,983,297‌
Income
Fund
.........................................................................................
1,481,025,571‌
1,480,451,301‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
94
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
March
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
September
30,
2023, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses as
follows: 
As
of
March
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)
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
March
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. 
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. 
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
Qualified
Late-Year
Ordinary
Losses
GNMA
.............................................................................................
$
(122,515,135‌)
$
—‌
Impact
Mortgage
......................................................................................
(94,327,231‌)
—‌
Income
Fund
.........................................................................................
(392,700,376‌)
(26,639‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
GNMA
.........................................................
$
489,018,792‌
$
2,773,582‌
$
(30,961,059‌)
$
(28,187,477‌)
Impact
Mortgage
..................................................
526,162,115‌
766,269‌
(28,327,100‌)
(27,560,831‌)
Income
Fund
....................................................
1,460,562,370‌
19,343,338‌
(37,028,888‌)
(17,685,550‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
95
Notes
to
Financial
Statements
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.
The
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
the
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. 
The Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
96
11.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Six
Months
Ended
03/31/24
Year
Ended
09/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
GNMA
Institutional
Shares
sold
..........................................
1,241,706‌
$
9,562,723‌
3,753,918‌
$
29,930,487‌
Shares
issued
in
reinvestment
of
distributions
.....................
291,477‌
2,263,184‌
628,757‌
4,958,092‌
Shares
redeemed
......................................
(3,819,518‌)
(29,494,005‌)
(10,862,230‌)
(85,593,753‌)
(2,286,335‌)
$
(17,668,098‌)
(6,479,555‌)
$
(50,705,174‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
266,083‌
$
2,066,723‌
659,446‌
$
5,244,736‌
Shares
issued
in
reinvestment
of
distributions
.....................
160,998‌
1,255,505‌
316,392‌
2,504,533‌
Shares
redeemed
......................................
(1,210,252‌)
(9,405,142‌)
(2,654,687‌)
(21,088,301‌)
(783,171‌)
$
(6,082,914‌)
(1,678,849‌)
$
(13,339,032‌)
Investor
C
Shares
sold
..........................................
25,146‌
$
196,705‌
121,960‌
$
956,650‌
Shares
issued
in
reinvestment
of
distributions
.....................
11,121‌
86,292‌
21,909‌
172,638‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(140,670‌)
(1,086,891‌)
(454,287‌)
(3,586,581‌)
(104,403‌)
$
(803,894‌)
(310,418‌)
$
(2,457,293‌)
Class
K
Shares
sold
..........................................
317,510‌
$
2,447,829‌
4,426,816‌
$
35,668,429‌
Shares
issued
in
reinvestment
of
distributions
.....................
189,120‌
1,465,064‌
303,769‌
2,384,868‌
Shares
redeemed
......................................
(498,993‌)
(3,863,119‌)
(1,137,669‌)
(8,860,046‌)
7,637‌
$
49,774‌
3,592,916‌
$
29,193,251‌
(3,166,272‌)
$
(24,505,132‌)
(4,875,906‌)
$
(37,308,248‌)
Impact
Mortgage
Institutional
Shares
sold
..........................................
1,408,906‌
$
12,594,796‌
16,723,321‌
$
155,631,492‌
Shares
issued
in
reinvestment
of
distributions
.....................
186,369‌
1,661,459‌
558,712‌
5,103,462‌
Shares
redeemed
......................................
(4,099,864‌)
(36,270,151‌)
(25,976,095‌)
(238,359,066‌)
(2,504,589‌)
$
(22,013,896‌)
(8,694,062‌)
$
(77,624,112‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
722,956‌
$
6,502,597‌
1,291,242‌
$
11,852,294‌
Shares
issued
in
reinvestment
of
distributions
.....................
297,811‌
2,663,039‌
704,716‌
6,442,531‌
Shares
redeemed
......................................
(2,821,139‌)
(25,193,484‌)
(6,315,751‌)
(57,954,151‌)
(1,800,372‌)
$
(16,027,848‌)
(4,319,793‌)
$
(39,659,326‌)
Investor
C
Shares
sold
..........................................
2,241‌
$
20,130‌
106,724‌
$
997,937‌
Shares
issued
in
reinvestment
of
distributions
.....................
6,340‌
56,474‌
19,986‌
182,461‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(210,129‌)
(1,832,446‌)
(434,861‌)
(3,983,202‌)
(201,548‌)
$
(1,755,842‌)
(308,151‌)
$
(2,802,804‌)
Class
K
Shares
sold
..........................................
161,193‌
$
1,433,077‌
368,437‌
$
3,364,716‌
Shares
issued
in
reinvestment
of
distributions
.....................
21,621‌
192,921‌
51,702‌
471,176‌
Shares
redeemed
......................................
(337,473‌)
(3,024,688‌)
(1,038,496‌)
(9,605,709‌)
(154,659‌)
$
(1,398,690‌)
(618,357‌)
$
(5,769,817‌)
Class
R
Shares
sold
..........................................
38,148‌
$
341,290‌
85,810‌
$
785,964‌
Shares
issued
in
reinvestment
of
distributions
.....................
5,407‌
48,361‌
11,291‌
103,185‌
Shares
redeemed
......................................
(49,058‌)
(441,137‌)
(112,059‌)
(1,029,238‌)
(5,503‌)
$
(51,486‌)
(14,958‌)
$
(140,089‌)
(4,666,671‌)
$
(41,247,762‌)
(13,955,321‌)
$
(125,996,148‌)
Income
Fund
Institutional
Shares
sold
..........................................
22,752,306‌
$
200,469,026‌
39,905,843‌
$
348,420,135‌
Shares
issued
in
reinvestment
of
distributions
.....................
2,266,450‌
20,003,914‌
5,243,175‌
45,663,953‌
Shares
redeemed
......................................
(22,424,665‌)
(196,631,537‌)
(126,038,981‌)
(1,098,071,700‌)
2,594,091‌
$
23,841,403‌
(80,889,963‌)
$
(703,987,612‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
97
Notes
to
Financial
Statements
12.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
items
were
noted:
Effective
April
11,
2024,
the
364-day
credit
agreement
to
which
the
Trust,
on
behalf
of
the
Funds,
and
the
Participating
Funds
are
party, was
amended
to
(i)
decrease
the
aggregate
commitment
amount
to
$2.40
billion,
and
(ii)
extend
the
termination
date
to
April
2025.
d
Six
Months
Ended
03/31/24
Year
Ended
09/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
2,871,406‌
$
25,327,809‌
4,501,596‌
$
39,286,449‌
Shares
issued
in
reinvestment
of
distributions
.....................
528,487‌
4,664,284‌
969,301‌
8,448,252‌
Shares
redeemed
......................................
(3,114,952‌)
(27,364,994‌)
(6,410,806‌)
(55,786,898‌)
284,941‌
$
2,627,099‌
(939,909‌)
$
(8,052,197‌)
Investor
C
Shares
sold
..........................................
223,591‌
$
1,974,514‌
293,923‌
$
2,558,996‌
Shares
issued
in
reinvestment
of
distributions
.....................
46,207‌
407,843‌
93,765‌
817,685‌
Shares
redeemed
and
automatic
conversion
of
shares
...............
(357,830‌)
(3,144,150‌)
(967,634‌)
(8,426,230‌)
(88,032‌)
$
(761,793‌)
(579,946‌)
$
(5,049,549‌)
Class
K
Shares
sold
..........................................
7,254,190‌
$
64,010,420‌
5,726,523‌
$
49,900,375‌
Shares
issued
in
reinvestment
of
distributions
.....................
672,401‌
5,935,905‌
1,275,551‌
11,115,972‌
Shares
redeemed
......................................
(5,579,372‌)
(48,722,722‌)
(12,120,431‌)
(105,546,690‌)
2,347,219‌
$
21,223,603‌
(5,118,357‌)
$
(44,530,343‌)
5,138,219‌
$
46,930,312‌
(87,528,175‌)
$
(761,619,701‌)
Statement
Regarding
Liquidity
Risk
Management
Program
2024
BlackRock
Semi-Annual
Report
to
Shareholders
98
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
V
(the
"Trust")
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
the
BlackRock
GNMA
Portfolio,
BlackRock
Impact
Mortgage
Fund
and
BlackRock
Income
Fund
(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
14-15,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC,
the
investment
adviser
to
each
Fund,
as
the
program
administrator
for
each
Fund’s
Program.
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
99
Additional
Information
Proxy
Results
BlackRock
Funds
V
A
Special
Meeting
of
Shareholders
was
held
on
November
9,
2023
for
shareholders
of
record
on
September
11,
2023,
to
elect
Trustees
to
the
Trust’s
Board.
Shareholders
elected
the
Trustees*
as
follows:
*
Denotes
Trust-wide
proposal
and
voting
results.
Board
Members
whose
term
of
office
continued
after
the
Special
Meeting
of
Shareholders
because
they
were
not
up
for
election
are
R.
Glenn
Hubbard,
W.
Carl
Kester,
Cynthia
L.
Egan,
Frank
J.
Fabozzi,
Catherine
A.
Lynch,
Robert
Fairbairn
and
John
M.
Perlowski.
Frank
J.
Fabozzi's
term
as
a
Board
Member
of
the
Funds
ended
on
December
31,
2023.
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
;
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(3)
on
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SEC’s
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at
sec.gov
.
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Votes
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Lorenzo
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6,098,355,552
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Additional
Information
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
100
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
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least
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Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
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IRAs,
SEP
IRAs
and
403(b)
Plans.
BlackRock
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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
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The
following
information
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provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
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information
and
why
in
certain
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we
share
such
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BlackRock
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different
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including
the
following:
(i)
information
we
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from
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or,
if
applicable,
your
financial
intermediary,
on
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or
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information
about
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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
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respond
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requests
or
to
service
Client
accounts.
These
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third
parties
are
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protect
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confidentiality
and
security
of
this
information
and
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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
International
Limited
(a)
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(b)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Income
Fund
and
BlackRock
Impact
Mortgage
Fund.
(b)
For
BlackRock
Income
Fund.
Glossary
of
Terms
Used
in
this
Report
101
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Portfolio
Abbreviation
ABS
Asset-Backed
Security
CLO
Collateralized
Loan
Obligation
DAC
Designated
Activity
Company
EFFR
Effective
Federal
Funds
Rate
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
LIBOR
London
Interbank
Offered
Rate
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
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.
TaxableCGU-3/24-SAR
MARCH
31,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
V
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Bond
Fund,
Inc.
BlackRock
Sustainable
Total
Return
Fund
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
March
31,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
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
has
had
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’
advance
was
slower
but
still
robust.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-
year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
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
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
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
rapid
interest
rate
cuts,
as
reflected
in
the
ongoing
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
March
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
23.48
%
29.88
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.94
19.71
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
16.81
15.32
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
10.42
8.15
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.68
5.24
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.88
(2.44
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
5.99
1.70
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.48
3.13
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.73
11.15
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
.................................................................................................
10
Disclosure
of
Expenses
...................................................................................................
11
Derivative
Financial
Instruments
.............................................................................................
11
Financial
Statements:
Schedules
of
Investments
...............................................................................................
12
Statements
of
Assets
and
Liabilities
.........................................................................................
49
Statements
of
Operations
................................................................................................
52
Statements
of
Changes
in
Net
Assets
........................................................................................
53
Financial
Highlights
.....................................................................................................
55
Notes
to
Financial
Statements
...............................................................................................
64
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
78
Additional
Information
....................................................................................................
79
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
81
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
Sustainable
High
Yield
Bond
Fund
Investment
Objective
BlackRock
Sustainable
High
Yield
Bond
Fund's
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return,
consistent
with
income
generation
and
prudent
investment
management,
while
seeking
to
maintain
certain
environmental,
governance
and
social
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
underperformed
its
benchmark,
the
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index.
What
factors
influenced
performance?
An
underweight
and
security
selection
in
retailers
detracted
from
performance.
The
Fund
was
also
hurt
by
security
selection
in
BB
rated
issues
and
the
healthcare
sector.
An
underweight
in
CC
rated
securities
was
a
further
detractor,
as
was
an
overweight
in
bank
loans.
On
the
other
hand,
security
selection
in
B
rated
issues
contributed,
as
did
selection
in
the
information
technology
and
wireless
telecommunications
sectors.
An
underweight
in
the
wireless
sector
also
helped
results.
The
Fund
used
derivatives,
including
credit
default
swaps,
index
credit
default
swaps,
and
index
futures,
to
add
or
reduce
the
portfolio’s
risk
exposure
or
express
credit
views.
The
use
of
derivatives
contributed
to
performance
in
the
semi-annual
period.
Describe
recent
portfolio
activity.
The
Fund’s
allocation
to
investment-grade
bonds
decreased
from
about
4%
of
assets
to
2%.
The
Fund
reduced
its
weighting
in
BB
rated
bonds
from
34%
to
27%,
increasing
the
extent
of
its
underweight
in
this
area.
It
added
to
the
overweight
in
B
rated
issues,
moving
the
allocation
from
50%
to
55%.
Describe
portfolio
positioning
at
period
end.
The
Fund
was
underweight
in
BBs
(47%
versus
27%
for
the
index),
overweight
in
Bs
(55%
to
39%)
and
slightly
overweight
in
CCCs
(13%
versus
12%).
It
remained
underweight
in
high
yield
bonds
to
fund
the
allocation
to
bank
loans
and
the
modest
weighting
in
investment-grade
corporates.
At
the
sector
level,
the
Fund
was
overweight
in
information
technology,
insurance,
and
wireline
telecommunications,
and
it
was
underweight
in
midstream
energy,
independent
energy,
and
retailers.
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.
Performance
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
7.07‌%
6.22‌%
8.63‌%
9.89‌%
N/A‌
0.83‌%
N/A‌
Investor
A
.......................................
6.54‌
5.56‌
8.50‌
9.61‌
5.23‌%
0.58‌
(0.93‌)%
Class
K
........................................
7.12‌
6.24‌
8.66‌
9.94‌
N/A‌
0.88‌
N/A‌
Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index
(d)
—‌
—‌
8.73‌
11.15‌
N/A‌
1.33‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
invests
primarily
in
non-investment
grade
bonds
with
maturities
of
ten
years
or
less.
The
Fund
normally
invests
at
least
80%
of
its
net
assets,
plus
the
amount
of
any
borrowings
for
investment
purposes,
in
high
yield
bonds.
(c)
The
Fund
commenced
operations
on
July
22,
2021.
(d)
An
unmanaged
index
comprised
of
issuers
that
meet
the
following
criteria:
at
least
$150
million
par
value
outstanding;
maximum
credit
rating
of
Ba1;
at
least
one
year
to
maturity;
and
no
issuer
represents
more
than
2%
of
the
index.
Fund
Summary
as
of
March
31,
2024
(continued)
5
Fund
Summary
BlackRock
Sustainable
High
Yield
Bond
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,086.30‌
$
3.03‌
$
1,000.00‌
$
1,022.10‌
$
2.93‌
0.58‌%
Investor
A
................................
1,000.00‌
1,085.00‌
4.38‌
1,000.00‌
1,020.80‌
4.24‌
0.84‌
Class
K
..................................
1,000.00‌
1,086.60‌
2.82‌
1,000.00‌
1,022.30‌
2.73‌
0.54‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
91.6‌
%
Floating
Rate
Loan
Interests
...........................
7.1‌
Fixed
Rate
Loan
Interests
.............................
0.5‌
Common
Stocks
...................................
0.4‌
Preferred
Securities
.................................
0.4‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AA/Aa
.........................................
0.5‌
%
BBB/Baa
.......................................
2.1‌
BB/Ba
.........................................
35.6‌
B
............................................
49.8‌
CCC/
Caa
.......................................
10.0‌
NR
...........................................
2.0‌
(a)
Excludes
short-term
securities.
(b)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
6
BlackRock
Sustainable
Low
Duration
Bond
Fund
Investment
Objective
BlackRock
Sustainable
Low
Duration
Bond
Fund's
(the
“Fund”)
investment
objective
is
to
seek
total
return
in
excess
of
the
reference
benchmark
in
a
manner
that
is
consistent
with
preservation
of
capital
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Fund’s
benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index.
What
factors
influenced
performance?
Positioning
in
investment-grade
corporate
bonds,
asset-backed
securities
(“ABS”),
and
commercial
mortgage-backed
securities
(“CMBS”)
had
the
largest
positive
impact
on
performance,
followed
by
positioning
in
high
yield
bonds
and
agency
mortgage-backed
securities
(“MBS”).
Duration
and
yield
curve
positioning
was
an
additional
contributor.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
Positioning
in
non-agency
MBS
and
U.S.
Treasuries
contributed
to
a
lesser
extent,
while
positioning
in
emerging
market
bonds
detracted.
The
Fund
held
derivatives
during
the
reporting
period.
Specifically,
it
used
futures
and
interest
rate
swaps
to
manage
its
duration
and
yield
curve
positioning.
It
also
used
currency
forward
contracts
to
manage
currency
risk.
In
the
aggregate,
the
Fund’s
use
of
derivatives
detracted
from
performance.
The
Fund’s
cash
position
had
no
material
impact
on
performance.
Describe
recent
portfolio
activity.
Within
investment-grade
corporates,
the
investment
adviser
initially
favored
the
industrials
sector,
particularly
consumer
cyclicals.
It
also
took
advantage
of
pockets
of
opportunity
in
financials,
with
a
focus
on
larger,
well-capitalized
institutions.
As
spreads
tightened,
the
investment
adviser
reduced
the
Fund’s
allocations
to
these
areas.
While
it
continued
to
see
strong
fundamentals
in
corporates
in
the
latter
half
of
the
period,
it
sought
to
reduce
risk
given
that
spreads
had
declined
near
previous
historic
lows.
The
investment
adviser
also
moved
up
in
quality
within
high
yield.
In
ABS,
the
investment
adviser
favored
high-quality,
consumer-oriented
securities
such
as
autos,
credit
cards,
and
private
student
loans.
It
also
maintained
an
allocation
to
collateralized
loan
obligations,
where
it
saw
an
attractive
risk
and
return
profile.
As
the
period
progressed,
the
investment
adviser
actively
adjusted
the
portfolio’s
positioning
in
ABS
by
reducing
risk
in
strong-performing
sectors,
such
as
credit
cards
and
consumer
loans.
The
investment
adviser
maintained
a
muted
allocation
to
CMBS
in
response
to
fundamental
pressures
posed
by
the
high-rate
environment
and
the
changes
in
consumer
and
business
behavior
brought
about
by
COVID-19.
The
investment
adviser
added
to
agency
MBS
in
the
fourth
quarter
of
2023
as
selling
pressure
from
banks
caused
valuations
to
fall
to
more
attractive
levels.
It
continued
to
add
to
the
category
in
early
2024,
but
it
subsequently
reduced
the
position
as
yield
spreads
tightened.
The
Fund
continued
to
have
a
position
in
U.S.
agency
callable
debt
based
on
the
category’s
compelling
risk-adjusted
yields
and
floating-rate
characteristics.
The
Fund
entered
the
reporting
period
with
a
long
duration
bias.
The
investment
adviser
continued
to
increase
duration
as
the
market
weakened,
but
it
took
advantage
of
the
November-December
2023
rally
to
reduce
duration
to
neutral.
It
moved
to
a
slightly
short
duration
stance
in
response
to
the
hawkish
tone
of
the
January
2024
meeting
of
the
Federal
Open
Market
Committee,
before
shifting
back
to
a
long
duration
as
the
first
quarter
progressed.
Describe
portfolio
positioning
at
period
end.
The
Fund’s
duration
was
longer
than
that
of
the
benchmark.
The
investment
adviser
remained
cautious
with
respect
to
market
segments
that
could
face
fundamental
pressure
because
of
a
slowing
economy,
as
well
as
those
subject
to
unique
headwinds.
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
March
31,
2024
(continued)
7
Fund
Summary
BlackRock
Sustainable
Low
Duration
Bond
Fund
Performance
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
4.50‌%
3.76‌%
3.57‌%
3.97‌%
N/A‌
0.17‌%
N/A‌
Investor
A
.......................................
4.14‌
3.39‌
3.55‌
3.81‌
1.47‌%
(0.04‌)
(0.97‌)%
Class
K
........................................
4.54‌
3.77‌
3.70‌
4.12‌
N/A‌
0.25‌
N/A‌
ICE
BofA
1-3
Year
U.S.
Corporate
&
Government
Index
(d)
.....
—‌
—‌
3.11‌
3.56‌
N/A‌
0.34‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
normally
invests
at
least
80%
of
its
assets
in
bonds.
The
Fund
may
invest
up
to
20%
of
its
assets
in
non-investment
grade
bonds
(commonly
called
“high
yield”
or
“junk
bonds”).
(c)
The
Fund
commenced
operations
on
October
18,
2021.
(d)
An
unmanaged
index
comprised
of
investment
grade
corporate
bonds
and
U.S.
Government
Agency
and
U.S.
Treasury
securities
with
a
maturity
ranging
from
one
to
three
years.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,035.70‌
$
1.93‌
$
1,000.00‌
$
1,023.10‌
$
1.92‌
0.38‌%
Investor
A
................................
1,000.00‌
1,035.50‌
3.36‌
1,000.00‌
1,021.70‌
3.34‌
0.66‌
Class
K
..................................
1,000.00‌
1,037.00‌
1.83‌
1,000.00‌
1,023.20‌
1.82‌
0.36‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
35.2‌
%
U.S.
Treasury
Obligations
.............................
26.3‌
Asset-Backed
Securities
..............................
17.4‌
U.S.
Government
Sponsored
Agency
Securities
..............
10.7‌
Non-Agency
Mortgage-Backed
Securities
..................
6.7‌
Foreign
Agency
Obligations
............................
3.7‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AAA/Aaa
(c)
......................................
61.8‌
%
AA/Aa
.........................................
0.8‌
A
.............................................
15.1‌
BBB/Baa
.......................................
12.4‌
BB/Ba
.........................................
3.9‌
B
............................................
3.0‌
CCC/Caa
.......................................
0.0‌
(d)
NR
...........................................
3.0‌
(a)
Excludes
short-term
securities
and
TBA
sale
commitments.
(b)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
(d)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
Fund
Summary
as
of
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
8
BlackRock
Sustainable
Total
Return
Fund
Investment
Objective
BlackRock
Sustainable
Total
Return
Fund’s
(the
“Fund”)
investment
objective
is
to
realize
a
total
return
that
exceeds
that
of
the
Bloomberg
U.S.
Aggregate
Bond
Index
(the
“Benchmark”)
while
seeking
to
maintain
certain
environmental,
social
and
governance
(“ESG”)
characteristics,
climate
risk
exposure
and
climate
opportunities
relative
to
the
Benchmark.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
March
31,
2024,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
with
the
exception
of
its
Investor
A
shares
which
performed
in
line.
What
factors
influenced
performance?
The
Fund’s
duration/yield
curve
positioning
detracted
from
relative
performance
during
the
reporting
period.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
Positions
in
structured
products,
agency
mortgage-backed
securities
(“MBS”),
and
high
yield
bonds
contributed
positively.
Describe
recent
portfolio
activity.
The
bond
market
staged
a
significant
rally
in
the
final
two
months
of
2023
on
expectations
for
a
favorable
shift
in
Fed
policy.
The
rally
subsequently
stalled
in
the
first
quarter
of
2024
as
investors
shifted
to
the
view
that
sticky
inflation
and
better-than-expected
growth
would
cause
the
Fed
to
maintain
a
restrictive
policy
for
longer
than
expected.
The
investment
adviser
responded
to
these
shifts
by
actively
adjusting
the
Fund’s
duration
and
yield
curve
positioning.
The
investment
adviser
modestly
added
to
U.S.
investment-grade
corporates
in
the
fourth
quarter
of
2023
before
reducing
the
position
somewhat
in
the
latter
half
of
the
reporting
period.
It
continued
to
prefer
utilities
and
financials
over
industrials,
and
it
added
to
the
portfolio’s
position
in
European
corporates.
The
Fund
maintained
an
overweight
in
agency
MBS,
based
on
the
view
that
the
category
can
benefit
from
a
decline
in
market
volatility.
The
Fund
maintained
a
sizable
allocation
to
securitized
assets.
The
investment
adviser
favored
securities
high
in
issuers’
capital
structures,
with
a
preference
for
industrials,
multi-family
properties,
hotels,
higher-quality
collateralized
loan
obligations
with
structural
protections,
and
select
office
properties
in
commercial
mortgage-backed
securities.
It
remained
cautious
on
non-agency
residential
MBS
given
declining
fundamentals
and
supply-and-demand
headwinds.
The
investment
adviser
added
a
modest
allocation
to
emerging
market
bonds,
favoring
select
Latin
American
countries.
Describe
portfolio
positioning
at
period
end.
The
Fund’s
duration
was
below
that
of
the
index.
It
was
overweight
in
the
front
end
of
the
yield
curve
and
underweight
in
intermediate-
and
longer-term
bonds.
The
Fund
was
overweight
in
investment-grade
corporates,
and
it
maintained
an
allocation
to
high
yield
on
the
view
that
yields
remained
attractive
in
a
low-default
environment.
However,
the
adviser
continued
to
exercise
caution
with
respect
to
lower-quality
debt.
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.
Performance
N/A
-
Not
applicable
as
share
class
and
index
do
not
have
a
sales
charge.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
may
include
adjustments
made
for
financial
reporting
purposes
in
accordance
with
U.S.
generally
accepted
accounting
principles.
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
6-Month
Total
Returns
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
......................................
4.39‌%
3.08‌%
6.15‌%
1.82‌%
N/A‌
(4.13‌)%
N/A‌
Investor
A
.......................................
3.90‌
2.55‌
5.98‌
1.51‌
(2.56‌)%
(4.40‌)
(5.98‌)%
Class
K
........................................
4.42‌
3.10‌
6.17‌
1.85‌
N/A‌
(4.09‌)
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
(d)
................
—‌
—‌
5.99‌
1.70‌
N/A‌
(3.66‌)
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees.
(b)
The
Fund
typically
invests
more
than
90%
of
its
assets
in
a
diversified
portfolio
of
fixed-income
securities.
(c)
The
Fund
commenced
operations
on
October
18,
2021.
(d)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Fund
Summary
as
of
March
31,
2024
(continued)
9
Fund
Summary
BlackRock
Sustainable
Total
Return
Fund
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Portfolio
Information
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,061.50‌
$
2.16‌
$
1,000.00‌
$
1,022.90‌
$
2.12‌
0.42‌%
Investor
A
................................
1,000.00‌
1,059.80‌
3.91‌
1,000.00‌
1,021.20‌
3.84‌
0.76‌
Class
K
..................................
1,000.00‌
1,061.70‌
2.06‌
1,000.00‌
1,023.00‌
2.02‌
0.40‌
(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
183/366
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
U.S.
Government
Sponsored
Agency
Securities
..............
41.1‌
%
Corporate
Bonds
...................................
26.0‌
U.S.
Treasury
Obligations
.............................
16.7‌
Asset-Backed
Securities
..............................
9.4‌
Non-Agency
Mortgage-Backed
Securities
..................
4.0‌
Foreign
Government
Obligations
........................
1.6‌
Foreign
Agency
Obligations
............................
0.7‌
Municipal
Bonds
...................................
0.5‌
CREDIT
QUALITY
ALLOCATION
Credit
Rating
(b)
Percent
of
Total
Investments
(a)
AAA/
Aaa
(c)
......................................
62.8‌
%
AA/Aa
.........................................
3.5‌
A
.............................................
10.9‌
BBB/Baa
.......................................
16.6‌
BB/Ba
.........................................
0.1‌
CCC/
Caa
.......................................
0.2‌
CC/Ca
.........................................
0.5‌
NR
...........................................
5.4‌
(a)
Excludes
short-term
securities,
options
purchased,
options
written,
TBA
sale
commitments
and
investments
sold
short.
(b)
For
financial
reporting
purposes,
credit
quality
ratings
shown
above
reflect
the
highest
rating
assigned
by
either
S&P
Global
Ratings
or
Moody’s
Investors
Service
if
ratings
differ.
These
rating
agencies
are
independent,
nationally
recognized
statistical
rating
organizations
and
are
widely
used.
Investment
grade
ratings
are
credit
ratings
of
BBB/Baa
or
higher.
Below
investment
grade
ratings
are
credit
ratings
of
BB/Ba
or
lower.
Investments
designated
NR
are
not
rated
by
either
rating
agency.
Unrated
investments
do
not
necessarily
indicate
low
credit
quality.
Credit
quality
ratings
are
subject
to
change.
(c)
The
investment
adviser
evaluates
the
credit
quality
of
unrated
investments
based
upon
certain
factors
including,
but
not
limited
to,
credit
ratings
for
similar
investments
and
financial
analysis
of
sectors,
individual
investments
and/or
issuers.
Using
this
approach,
the
investment
adviser
has
deemed
unrated
U.S.
Government
Sponsored
Agency
Securities
and
U.S.
Treasury
Obligations
to
be
of
similar
credit
quality
as
investments
rated
AAA/Aaa.
About
Fund
Performance
2024
BlackRock
Semi-Annual
Report
to
Shareholders
10
Institutional and
Class
K
Shares
 are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Investor
A
Shares
 are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of
4.00%
for
BlackRock
Sustainable
High
Yield
Bond
Fund
and
BlackRock
Sustainable
Total
Return
Fund
and
2.25%
for
BlackRock
Sustainable
Low
Duration
Bond
Fund
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund’s
performance
would
have
been
lower.
With
respect
to
each
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
11
Disclosure
of
Expenses
/
Derivative
Financial
Instruments
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.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Containers
&
Packaging
—
0.2%
Crown
Holdings,
Inc.
.................
912
$
72,285
Electrical
Equipment
—
0.1%
Sensata
Technologies
Holding
plc
.........
1,867
68,594
Hotels,
Restaurants
&
Leisure
—
0.1%
Aramark
..........................
1,164
37,853
Total
Common
Stocks
—
0
.4
%
(Cost:
$
166,589
)
.................................
178,732
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
3.8%
(a)
Bombardier,
Inc.
7.88%
,
04/15/27
..................
USD
52
52,036
6.00%
,
02/15/28
..................
88
86,564
7.50%
,
02/01/29
..................
31
31,922
8.75%
,
11/15/30
..................
102
108,913
7.25%
,
07/01/31
..................
62
62,126
TransDigm,
Inc.
6.38%
,
03/01/29
..................
555
556,728
7.13%
,
12/01/31
..................
173
178,286
6.63%
,
03/01/32
..................
429
433,415
Triumph
Group,
Inc.,
9.00%,
03/15/28
.....
184
193,979
1,703,969
Automobile
Components
—
1.5%
Champions
Financing,
Inc.,
8.75%,
02/15/29
(a)
62
64,954
Clarios
Global
LP
(a)
8.50%
,
05/15/27
..................
393
393,595
6.75%
,
05/15/28
..................
147
149,003
Goodyear
Tire
&
Rubber
Co.
(The),
5.63%,
04/30/33
......................
2
1,826
Phinia,
Inc.,
6.75%,
04/15/29
(a)
..........
32
32,309
Tenneco,
Inc.,
8.00%,
11/17/28
(a)
........
42
38,322
680,009
Automobiles
—
0.1%
Ford
Motor
Co.,
6.10%,
08/19/32
........
36
36,479
Banks
—
0.5%
BNP
Paribas
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.35%),
8.50%
(a)
(b)
(c)
...............
200
209,050
Broadline
Retail
—
0.1%
(a)
ANGI
Group
LLC,
3.88%,
08/15/28
.......
36
31,248
Match
Group
Holdings
II
LLC,
3.63%,
10/01/31
17
14,446
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
....
25
24,482
70,176
Building
Products
—
1.0%
(a)
Advanced
Drainage
Systems,
Inc.,
6.38%,
06/15/30
......................
107
107,554
Builders
FirstSource,
Inc.,
6.38%,
03/01/34
..
43
43,178
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
......................
60
61,635
Standard
Industries,
Inc.
5.00%
,
02/15/27
..................
8
7,760
4.75%
,
01/15/28
..................
9
8,590
4.38%
,
07/15/30
..................
55
49,420
3.38%
,
01/15/31
..................
56
46,954
Summit
Materials
LLC,
7.25%,
01/15/31
....
102
106,017
431,108
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.2%
(a)
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
USD
33
$
34,162
Aretec
Group,
Inc.,
10.00%,
08/15/30
.....
25
27,307
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
.................
47
44,656
106,125
Chemicals
—
2.0%
Chemours
Co.
(The)
5.38%
,
05/15/27
..................
23
22,049
5.75%
,
11/15/28
(a)
.................
47
43,339
4.63%
,
11/15/29
(a)
.................
36
31,034
Element
Solutions,
Inc.,
3.88%,
09/01/28
(a)
..
281
257,775
HB
Fuller
Co.,
4.00%,
02/15/27
.........
47
44,868
Herens
Holdco
SARL,
4.75%,
05/15/28
(a)
...
200
174,543
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)
..
60
48,495
WR
Grace
Holdings
LLC
(a)
4.88%
,
06/15/27
..................
24
22,809
5.63%
,
08/15/29
..................
235
210,299
7.38%
,
03/01/31
..................
32
32,402
887,613
Commercial
Services
&
Supplies
—
3.6%
ADT
Security
Corp.
(The)
(a)
4.13%
,
08/01/29
..................
3
2,748
4.88%
,
07/15/32
..................
53
47,973
Allied
Universal
Holdco
LLC
(a)
6.63%
,
07/15/26
..................
74
73,951
9.75%
,
07/15/27
..................
172
172,517
4.63%
,
06/01/28
..................
200
182,634
7.88%
,
02/15/31
..................
203
205,598
APi
Group
DE,
Inc.
(a)
4.13%
,
07/15/29
..................
19
17,119
4.75%
,
10/15/29
..................
24
22,119
APX
Group,
Inc.
(a)
6.75%
,
02/15/27
..................
13
13,053
5.75%
,
07/15/29
..................
80
76,920
Aramark
Services,
Inc.,
5.00%,
02/01/28
(a)
...
103
99,413
Covanta
Holding
Corp.
4.88%
,
12/01/29
(a)
.................
20
17,925
5.00%
,
09/01/30
..................
40
35,251
Garda
World
Security
Corp.
(a)
4.63%
,
02/15/27
..................
48
45,993
9.50%
,
11/01/27
..................
29
29,070
7.75%
,
02/15/28
..................
99
101,523
6.00%
,
06/01/29
..................
14
12,531
GFL
Environmental,
Inc.
(a)
3.75%
,
08/01/25
..................
5
4,870
4.00%
,
08/01/28
..................
37
34,102
3.50%
,
09/01/28
..................
4
3,664
4.75%
,
06/15/29
..................
84
78,997
4.38%
,
08/15/29
..................
16
14,740
6.75%
,
01/15/31
..................
61
62,514
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(a)
..
52
49,170
Prime
Security
Services
Borrower
LLC,
6.25%,
01/15/28
(a)
.....................
57
55,836
Stericycle,
Inc.,
3.88%,
01/15/29
(a)
........
21
19,035
Williams
Scotsman,
Inc.
(a)
4.63%
,
08/15/28
..................
38
35,939
7.38%
,
10/01/31
..................
81
84,188
1,599,393
Communications
Equipment
—
0.5%
(a)
CommScope
Technologies
LLC,
6.00%,
06/15/25
......................
49
42,615
CommScope,
Inc.
6.00%
,
03/01/26
..................
41
37,515
4.75%
,
09/01/29
..................
24
17,280
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Communications
Equipment
(continued)
Viasat,
Inc.
5.63%
,
09/15/25
..................
USD
39
$
38,017
5.63%
,
04/15/27
..................
49
46,401
7.50%
,
05/30/31
..................
12
8,695
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
.....
17
14,586
205,109
Construction
&
Engineering
—
0.1%
(a)
Dycom
Industries,
Inc.,
4.50%,
04/15/29
....
31
28,978
MasTec,
Inc.,
4.50%,
08/15/28
..........
10
9,509
Pike
Corp.,
8.63%,
01/31/31
...........
20
21,253
59,740
Consumer
Finance
—
1.0%
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(a)
.....................
31
32,261
Navient
Corp.,
9.38%,
07/25/30
.........
79
84,513
OneMain
Finance
Corp.
6.63%
,
01/15/28
..................
20
20,064
9.00%
,
01/15/29
..................
101
107,172
7.88%
,
03/15/30
..................
87
89,747
4.00%
,
09/15/30
..................
107
91,576
SLM
Corp.,
3.13%,
11/02/26
...........
41
38,079
463,412
Consumer
Staples
Distribution
&
Retail
—
0.9%
Albertsons
Cos.,
Inc.
(a)
4.63%
,
01/15/27
..................
8
7,742
6.50%
,
02/15/28
..................
44
44,467
3.50%
,
03/15/29
..................
49
43,982
4.88%
,
02/15/30
..................
113
107,511
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(a)
51
42,361
US
Foods,
Inc.
(a)
4.75%
,
02/15/29
..................
47
44,615
4.63%
,
06/01/30
..................
5
4,638
7.25%
,
01/15/32
..................
67
69,729
Walgreens
Boots
Alliance,
Inc.
3.20%
,
04/15/30
..................
4
3,477
4.80%
,
11/18/44
..................
12
10,094
4.10%
,
04/15/50
..................
20
14,665
393,281
Containers
&
Packaging
—
3.2%
Ardagh
Metal
Packaging
Finance
USA
LLC
(a)
6.00%
,
06/15/27
..................
200
194,154
4.00%
,
09/01/29
..................
200
161,210
Clydesdale
Acquisition
Holdings,
Inc.
(a)
6.63%
,
04/15/29
..................
91
90,927
8.75%
,
04/15/30
..................
93
91,376
Crown
Americas
LLC,
4.25%,
09/30/26
....
68
65,876
Graphic
Packaging
International
LLC,
3.50%,
03/15/28
(a)
.....................
27
24,927
Mauser
Packaging
Solutions
Holding
Co.
(a)
7.88%
,
08/15/26
..................
516
525,676
9.25%
,
04/15/27
..................
9
8,928
Owens-Brockway
Glass
Container,
Inc.,
7.25%,
05/15/31
(a)
.....................
163
166,016
Sealed
Air
Corp.
(a)
4.00%
,
12/01/27
..................
70
65,611
5.00%
,
04/15/29
..................
8
7,679
7.25%
,
02/15/31
..................
16
16,635
1,419,015
Distributors
—
0.2%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
..............
12
10,787
Resideo
Funding,
Inc.,
4.00%,
09/01/29
....
8
7,153
Security
Par
(000)
Par
(000)
Value
Distributors
(continued)
Ritchie
Bros
Holdings,
Inc.,
7.75%,
03/15/31
.
USD
59
$
61,728
79,668
Diversified
Consumer
Services
—
0.7%
(a)
Sotheby's,
5.88%,
06/01/29
............
200
168,103
Wand
NewCo
3,
Inc.,
7.63%,
01/30/32
.....
134
138,586
306,689
Diversified
REITs
—
0.5%
(a)
HAT
Holdings
I
LLC
3.38%
,
06/15/26
..................
106
99,842
8.00%
,
06/15/27
..................
59
61,519
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
........
76
69,409
230,770
Diversified
Telecommunication
Services
—
6.4%
CCO
Holdings
LLC
(a)
5.00%
,
02/01/28
..................
73
67,956
5.38%
,
06/01/29
..................
9
8,239
6.38%
,
09/01/29
..................
168
159,379
4.75%
,
03/01/30
..................
27
23,183
4.25%
,
02/01/31
..................
116
94,731
7.38%
,
03/01/31
..................
155
152,006
4.75%
,
02/01/32
..................
35
28,565
4.25%
,
01/15/34
..................
62
46,801
Frontier
Communications
Holdings
LLC
(a)
5.88%
,
10/15/27
..................
71
68,738
5.00%
,
05/01/28
..................
49
45,482
8.75%
,
05/15/30
..................
224
229,202
8.63%
,
03/15/31
..................
44
44,938
Iliad
Holding
SASU
(a)
6.50%
,
10/15/26
..................
200
198,127
7.00%
,
10/15/28
..................
294
290,975
Level
3
Financing,
Inc.
(a)
10.50%
,
04/15/29
.................
128
130,560
4.88%
,
06/15/29
..................
134
89,445
11.00%
,
11/15/29
.................
102
106,418
10.50%
,
05/15/30
.................
201
205,522
3.88%
,
10/15/30
..................
12
7,080
Lumen
Technologies,
Inc.
(a)
4.13%
,
04/15/29
..................
25
15,530
4.13%
,
04/15/30
..................
25
15,283
Telecom
Italia
Capital
SA
6.38%
,
11/15/33
..................
36
34,058
6.00%
,
09/30/34
..................
93
85,063
7.20%
,
07/18/36
..................
7
6,833
7.72%
,
06/04/38
..................
2
2,003
Uniti
Group
LP,
10.50%,
02/15/28
(a)
.......
224
232,227
Windstream
Escrow
LLC,
7.75%,
08/15/28
(a)
.
15
13,884
Zayo
Group
Holdings,
Inc.
(a)
4.00%
,
03/01/27
..................
433
356,421
6.13%
,
03/01/28
..................
116
81,173
2,839,822
Electric
Utilities
—
1.7%
(a)
Alexander
Funding
Trust
II,
7.47%,
07/31/28
.
100
105,730
NextEra
Energy
Operating
Partners
LP
4.25%
,
09/15/24
..................
233
224,844
7.25%
,
01/15/29
..................
48
49,112
NRG
Energy,
Inc.,
7.00%,
03/15/33
.......
45
48,018
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
249
232,104
PG&E
Corp.,
4.25%,
12/01/27
(d)
.........
114
114,513
774,321
Electrical
Equipment
—
0.2%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(a)
.....
109
101,418
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electronic
Equipment,
Instruments
&
Components
—
0.2%
Sensata
Technologies,
Inc.
(a)
4.38%
,
02/15/30
..................
USD
71
$
64,620
3.75%
,
02/15/31
..................
18
15,570
80,190
Entertainment
—
0.3%
(a)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
......................
48
36,722
Live
Nation
Entertainment,
Inc.
4.75%
,
10/15/27
..................
70
66,838
3.75%
,
01/15/28
..................
37
34,230
Playtika
Holding
Corp.,
4.25%,
03/15/29
....
10
8,657
146,447
Financial
Services
—
3.5%
Block,
Inc.
2.75%
,
06/01/26
..................
89
83,703
3.50%
,
06/01/31
..................
258
224,549
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(a)
....
54
53,989
GGAM
Finance
Ltd.
(a)
7.75%
,
05/15/26
..................
10
10,206
8.00%
,
02/15/27
..................
90
92,927
8.00%
,
06/15/28
..................
28
29,241
6.88%
,
04/15/29
..................
50
50,188
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
22
21,371
Nationstar
Mortgage
Holdings,
Inc.
(a)
5.00%
,
02/01/26
..................
194
189,849
6.00%
,
01/15/27
..................
27
26,617
5.13%
,
12/15/30
..................
15
13,609
5.75%
,
11/15/31
..................
40
36,894
7.13%
,
02/01/32
..................
165
163,870
NCR
Atleos
Corp.,
9.50%,
04/01/29
(a)
......
51
54,550
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(a)
.....................
62
63,708
Rocket
Mortgage
LLC
(a)
2.88%
,
10/15/26
..................
116
107,175
3.88%
,
03/01/31
..................
46
40,075
4.00%
,
10/15/33
..................
8
6,777
Shift4
Payments
LLC,
4.63%,
11/01/26
(a)
....
80
77,348
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(a)
..
208
208,584
1,555,230
Food
Products
—
1.3%
(a)
Chobani
LLC
4.63%
,
11/15/28
..................
173
161,329
7.63%
,
07/01/29
..................
247
250,396
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
...
118
116,939
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
....
33
34,079
562,743
Gas
Utilities
—
0.0%
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(a)
.....................
16
14,587
Ground
Transportation
—
0.6%
(a)
Avis
Budget
Car
Rental
LLC,
8.00%,
02/15/31
52
51,915
GN
Bondco
LLC,
9.50%,
10/15/31
.......
75
74,866
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
...
48
45,413
Uber
Technologies,
Inc.,
4.50%,
08/15/29
...
99
93,933
266,127
Health
Care
Equipment
&
Supplies
—
1.9%
Avantor
Funding,
Inc.,
3.88%,
11/01/29
(a)
...
24
21,635
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(a)
...
321
332,126
Medline
Borrower
LP
(a)
3.88%
,
04/01/29
..................
30
27,306
6.25%
,
04/01/29
..................
91
91,407
5.25%
,
10/01/29
..................
289
273,154
Neogen
Food
Safety
Corp.,
8.63%,
07/20/30
(a)
46
49,554
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Teleflex,
Inc.
4.63%
,
11/15/27
..................
USD
3
$
2,885
4.25%
,
06/01/28
(a)
.................
44
41,288
839,355
Health
Care
Providers
&
Services
—
3.0%
Acadia
Healthcare
Co.,
Inc.
(a)
5.50%
,
07/01/28
..................
26
25,311
5.00%
,
04/15/29
..................
5
4,751
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(a)
.
115
104,650
Community
Health
Systems,
Inc.
(a)
5.63%
,
03/15/27
..................
6
5,522
6.00%
,
01/15/29
..................
157
137,155
5.25%
,
05/15/30
..................
124
101,111
4.75%
,
02/15/31
..................
89
68,686
Encompass
Health
Corp.,
4.63%,
04/01/31
..
18
16,366
HealthEquity,
Inc.,
4.50%,
10/01/29
(a)
......
106
97,800
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(a)
40
38,117
LifePoint
Health,
Inc.
(a)
9.88%
,
08/15/30
..................
35
36,611
11.00%
,
10/15/30
.................
116
123,980
Molina
Healthcare,
Inc.
(a)
4.38%
,
06/15/28
..................
30
28,201
3.88%
,
11/15/30
..................
10
8,890
3.88%
,
05/15/32
..................
8
6,966
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(a)
..
56
51,344
Pediatrix
Medical
Group,
Inc.,
5.38%,
02/15/30
(a)
.....................
72
65,415
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(a)
.....................
5
4,973
RegionalCare
Hospital
Partners
Holdings,
Inc.,
9.75%,
12/01/26
(a)
................
12
12,016
Surgery
Center
Holdings,
Inc.
(a)
6.75%
,
07/01/25
..................
55
55,006
10.00%
,
04/15/27
.................
76
76,140
7.25%
,
04/15/32
..................
118
118,916
Tenet
Healthcare
Corp.
6.13%
,
06/15/30
..................
20
19,954
6.75%
,
05/15/31
(a)
.................
132
134,406
1,342,287
Health
Care
Technology
—
0.7%
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(a)
.
363
332,007
Hotels,
Restaurants
&
Leisure
—
5.1%
1011778
BC
ULC,
4.00%,
10/15/30
(a)
......
62
55,242
Boyne
USA,
Inc.,
4.75%,
05/15/29
(a)
......
112
103,821
Caesars
Entertainment,
Inc.
(a)
4.63%
,
10/15/29
..................
61
55,624
7.00%
,
02/15/30
..................
175
179,635
6.50%
,
02/15/32
..................
191
192,682
Churchill
Downs,
Inc.
(a)
4.75%
,
01/15/28
..................
22
20,943
5.75%
,
04/01/30
..................
187
180,512
6.75%
,
05/01/31
..................
91
91,508
Fertitta
Entertainment
LLC
(a)
4.63%
,
01/15/29
..................
188
172,392
6.75%
,
01/15/30
..................
21
18,856
Hilton
Domestic
Operating
Co.,
Inc.
5.88%
,
04/01/29
(a)
.................
163
163,270
3.75%
,
05/01/29
(a)
.................
18
16,513
4.88%
,
01/15/30
..................
52
49,858
3.63%
,
02/15/32
(a)
.................
10
8,610
6.13%
,
04/01/32
(a)
.................
56
56,238
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
6.63%,
01/15/32
(a)
................
51
51,206
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Light
&
Wonder
International,
Inc.
(a)
7.25%
,
11/15/29
..................
USD
44
$
45,169
7.50%
,
09/01/31
..................
60
62,394
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(a)
.....................
55
58,160
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(a)
.
91
91,704
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(a)
76
71,279
MGM
China
Holdings
Ltd.,
5.88%,
05/15/26
(a)
.
200
197,250
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(a)
.....................
38
35,186
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(a)
.....................
161
163,111
Station
Casinos
LLC,
6.63%,
03/15/32
(a)
....
44
44,447
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(a)
.....................
71
66,003
Wynn
Resorts
Finance
LLC,
7.13%,
02/15/31
(a)
43
44,501
2,296,114
Household
Durables
—
0.6%
Ashton
Woods
USA
LLC,
4.63%,
08/01/29
(a)
.
25
23,060
Beazer
Homes
USA,
Inc.,
7.50%,
03/15/31
(a)
.
19
19,188
Brookfield
Residential
Properties,
Inc.,
5.00%,
06/15/29
(a)
.....................
97
87,992
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
(a)
26
27,142
LGI
Homes,
Inc.,
8.75%,
12/15/28
(a)
.......
25
26,378
New
Home
Co.,
Inc.
(The)
(a)
8.25%
,
10/15/27
(e)
.................
4
3,729
9.25%
,
10/01/29
..................
47
47,235
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(a)
.
22
16,270
TRI
Pointe
Homes,
Inc.,
5.25%,
06/01/27
...
22
21,488
272,482
Household
Products
—
0.1%
Spectrum
Brands,
Inc.
(a)
5.00%
,
10/01/29
..................
18
17,641
3.88%
,
03/15/31
..................
9
8,669
26,310
Independent
Power
and
Renewable
Electricity
Producers
—
1.4%
Clearway
Energy
Operating
LLC
(a)
4.75%
,
03/15/28
..................
240
228,130
3.75%
,
01/15/32
..................
101
84,909
NextEra
Energy
Partners
LP
(a)(d)
0.00%
,
11/15/25
(f)
.................
32
28,400
2.50%
,
06/15/26
..................
32
28,799
TransAlta
Corp.,
7.75%,
11/15/29
........
238
247,398
617,636
Industrial
Conglomerates
—
1.0%
EMRLD
Borrower
LP,
6.63%,
12/15/30
(a)
....
456
460,374
Insurance
—
10.5%
(a)
Alliant
Holdings
Intermediate
LLC
4.25%
,
10/15/27
..................
172
161,931
6.75%
,
10/15/27
..................
312
307,390
6.75%
,
04/15/28
..................
123
123,868
5.88%
,
11/01/29
..................
216
200,662
7.00%
,
01/15/31
..................
173
174,733
AmWINS
Group,
Inc.
6.38%
,
02/15/29
..................
31
31,167
4.88%
,
06/30/29
..................
33
30,802
Ardonagh
Finco
Ltd.,
7.75%,
02/15/31
.....
200
199,097
Ardonagh
Group
Finance
Ltd.,
8.88%,
02/15/32
200
197,465
AssuredPartners,
Inc.,
7.50%,
02/15/32
....
83
81,560
Howden
UK
Refinance
plc
7.25%
,
02/15/31
..................
372
373,405
8.13%
,
02/15/32
..................
207
208,757
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
HUB
International
Ltd.
7.25%
,
06/15/30
..................
USD
582
$
598,120
7.38%
,
01/31/32
..................
613
617,128
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%
,
03/15/30
..................
118
123,001
10.50%
,
12/15/30
.................
58
61,203
NFP
Corp.
4.88%
,
08/15/28
..................
66
66,150
6.88%
,
08/15/28
..................
298
301,803
7.50%
,
10/01/30
..................
24
25,284
8.50%
,
10/01/31
..................
45
49,525
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
.
600
610,026
Ryan
Specialty
LLC,
4.38%,
02/01/30
.....
27
25,235
USI,
Inc.,
7.50%,
01/15/32
............
99
99,182
4,667,494
IT
Services
—
1.0%
Boost
Newco
Borrower
LLC,
7.50%,
01/15/31
(a)
224
234,486
Central
Parent
LLC,
8.00%,
06/15/29
(a)
.....
93
96,407
Twilio,
Inc.
3.63%
,
03/15/29
..................
18
16,190
3.88%
,
03/15/31
..................
95
82,934
430,017
Leisure
Products
—
0.3%
Acushnet
Co.,
7.38%,
10/15/28
(a)
........
19
19,689
Amer
Sports
Co.,
6.75%,
02/16/31
(a)
......
84
83,354
Mattel,
Inc.,
6.20%,
10/01/40
...........
30
29,962
133,005
Life
Sciences
Tools
&
Services
—
0.7%
(a)
Charles
River
Laboratories
International,
Inc.
4.25%
,
05/01/28
..................
32
30,180
4.00%
,
03/15/31
..................
14
12,510
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
....
44
45,420
Star
Parent,
Inc.,
9.00%,
10/01/30
........
218
230,711
318,821
Machinery
—
1.4%
Madison
IAQ
LLC
(a)
4.13%
,
06/30/28
..................
30
27,747
5.88%
,
06/30/29
..................
120
109,786
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(a)
43
39,002
Terex
Corp.,
5.00%,
05/15/29
(a)
.........
63
59,478
Titan
International,
Inc.,
7.00%,
04/30/28
...
9
8,881
TK
Elevator
Holdco
GmbH,
7.63%,
07/15/28
(a)
200
196,086
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(a)
200
193,218
634,198
Media
—
6.2%
Altice
Financing
SA,
5.75%,
08/15/29
(a)
.....
200
160,248
Cable
One,
Inc.
0.00%
,
03/15/26
(d)
(f)
................
22
19,162
1.13%
,
03/15/28
(d)
.................
147
110,338
4.00%
,
11/15/30
(a)
.................
87
67,897
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
5.13%
,
08/15/27
..................
43
40,533
7.75%
,
04/15/28
..................
28
24,523
9.00%
,
09/15/28
..................
218
227,072
7.50%
,
06/01/29
..................
102
84,358
7.88%
,
04/01/30
..................
168
167,018
CSC
Holdings
LLC
(a)
11.25%
,
05/15/28
.................
200
198,189
11.75%
,
01/31/29
.................
200
200,312
4.13%
,
12/01/30
..................
200
143,010
DirecTV
Financing
LLC
(a)
5.88%
,
08/15/27
..................
155
146,636
8.88%
,
02/01/30
..................
34
33,918
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
GCI
LLC,
4.75%,
10/15/28
(a)
...........
USD
8
$
7,335
Gray
Television,
Inc.
(a)
5.88%
,
07/15/26
..................
31
30,191
7.00%
,
05/15/27
..................
72
66,962
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
14
11,652
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(a)
.....
18
17,268
Outfront
Media
Capital
LLC
(a)
5.00%
,
08/15/27
..................
111
106,833
4.25%
,
01/15/29
..................
23
20,837
4.63%
,
03/15/30
..................
79
70,850
7.38%
,
02/15/31
..................
58
60,751
Radiate
Holdco
LLC
(a)
4.50%
,
09/15/26
..................
77
61,227
6.50%
,
09/15/28
..................
57
27,185
Sirius
XM
Radio,
Inc.
(a)
3.13%
,
09/01/26
..................
97
90,862
5.00%
,
08/01/27
..................
51
49,066
4.00%
,
07/15/28
..................
12
10,979
Univision
Communications,
Inc.
(a)
6.63%
,
06/01/27
..................
54
52,814
8.00%
,
08/15/28
..................
229
233,296
7.38%
,
06/30/30
..................
37
36,587
Videotron
Ltd.,
3.63%,
06/15/29
(a)
........
5
4,519
Ziggo
Bond
Co.
BV,
5.13%,
02/28/30
(a)
.....
200
171,280
2,753,708
Metals
&
Mining
—
4.3%
(a)
Big
River
Steel
LLC,
6.63%,
01/31/29
.....
681
684,830
Constellium
SE
5.63%
,
06/15/28
..................
250
243,041
3.75%
,
04/15/29
..................
250
224,925
First
Quantum
Minerals
Ltd.,
9.38%,
03/01/29
200
207,476
Novelis
Corp.
3.25%
,
11/15/26
..................
392
365,258
4.75%
,
01/30/30
..................
18
16,607
3.88%
,
08/15/31
..................
207
177,814
1,919,951
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Starwood
Property
Trust,
Inc.
(a)
4.38%
,
01/15/27
..................
9
8,466
7.25%
,
04/01/29
..................
36
36,286
44,752
Oil,
Gas
&
Consumable
Fuels
—
0.4%
EnLink
Midstream
Partners
LP,
5.60%,
04/01/44
47
41,846
ITT
Holdings
LLC,
6.50%,
08/01/29
(a)
......
98
89,435
New
Fortress
Energy,
Inc.,
6.75%,
09/15/25
(a)
.
32
31,782
163,063
Passenger
Airlines
—
0.9%
(a)
American
Airlines,
Inc.
5.75%
,
04/20/29
..................
128
125,923
8.50%
,
05/15/29
..................
132
139,452
United
Airlines,
Inc.,
4.63%,
04/15/29
......
142
132,060
397,435
Personal
Care
Products
—
0.2%
(a)
Coty,
Inc.,
6.63%,
07/15/30
............
74
75,146
Prestige
Brands,
Inc.,
3.75%,
04/01/31
.....
17
14,801
89,947
Pharmaceuticals
—
0.9%
1375209
BC
Ltd.,
9.00%,
01/30/28
(a)
......
31
30,380
Catalent
Pharma
Solutions,
Inc.
(a)
5.00%
,
07/15/27
..................
37
36,435
3.13%
,
02/15/29
..................
106
101,291
3.50%
,
04/01/30
..................
25
23,810
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
..............
USD
211
$
196,688
388,604
Professional
Services
—
0.8%
(a)
AMN
Healthcare,
Inc.
4.63%
,
10/01/27
..................
25
23,745
4.00%
,
04/15/29
..................
73
65,560
CoreLogic,
Inc.,
4.50%,
05/01/28
........
189
169,469
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
104
95,998
354,772
Real
Estate
Management
&
Development
—
0.9%
Anywhere
Real
Estate
Group
LLC
Series
AI
,
7.00%
,
04/15/30
...........
61
54,138
7.00%
,
04/15/30
(a)
.................
88
78,013
Cushman
&
Wakefield
US
Borrower
LLC
(a)
6.75%
,
05/15/28
..................
154
152,072
8.88%
,
09/01/31
..................
72
76,087
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
(a)
62
59,469
419,779
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(a)
.....................
39
35,597
Semiconductors
&
Semiconductor
Equipment
—
0.7%
(a)
Entegris,
Inc.,
4.75%,
04/15/29
.........
262
251,089
Synaptics,
Inc.,
4.00%,
06/15/29
.........
63
56,700
307,789
Software
—
7.3%
(a)
Boxer
Parent
Co.,
Inc.,
9.13%,
03/01/26
....
79
78,971
Camelot
Finance
SA,
4.50%,
11/01/26
.....
31
29,827
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
...
69
71,597
Central
Parent,
Inc.,
7.25%,
06/15/29
......
113
115,351
Clarivate
Science
Holdings
Corp.
3.88%
,
07/01/28
..................
253
234,074
4.88%
,
07/01/29
..................
200
185,026
Cloud
Software
Group,
Inc.
6.50%
,
03/31/29
..................
679
644,345
9.00%
,
09/30/29
..................
367
351,996
Elastic
NV,
4.13%,
07/15/29
...........
102
91,790
Fair
Isaac
Corp.,
4.00%,
06/15/28
........
127
118,625
Gen
Digital,
Inc.,
6.75%,
09/30/27
........
68
68,974
McAfee
Corp.,
7.38%,
02/15/30
.........
100
91,705
MicroStrategy,
Inc.,
6.13%,
06/15/28
......
102
98,402
Sabre
GLBL,
Inc.
8.63%
,
06/01/27
..................
88
77,222
11.25%
,
12/15/27
.................
2
1,877
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
..
112
109,509
UKG,
Inc.,
6.88%,
02/01/31
............
586
596,974
Veritas
US,
Inc.,
7.50%,
09/01/25
........
57
52,261
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
240
216,042
3,234,568
Specialized
REITs
—
0.3%
Iron
Mountain,
Inc.,
5.63%,
07/15/32
(a)
.....
24
22,670
SBA
Communications
Corp.
3.88%
,
02/15/27
..................
21
19,973
3.13%
,
02/01/29
..................
101
89,133
131,776
Specialty
Retail
—
1.2%
Arko
Corp.,
5.13%,
11/15/29
(a)
..........
33
27,313
Asbury
Automotive
Group,
Inc.
4.50%
,
03/01/28
..................
2
1,904
5.00%
,
02/15/32
(a)
.................
40
36,242
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Carvana
Co.
(a)(g)
12.00%
,
(
12.00
%
Cash
or
12.00
%
PIK),
12/01/28
.....................
USD
30
$
28,112
13.00%
,
(
13.00
%
Cash
or
13.00
%
PIK),
06/01/30
.....................
18
16,761
14.00%
,
(
14.00
%
Cash
or
14.00
%
PIK),
06/01/31
.....................
45
43,096
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(a)
...
117
108,772
PetSmart,
Inc.,
7.75%,
02/15/29
(a)
........
250
243,386
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(a)
................
14
13,906
519,492
Technology
Hardware,
Storage
&
Peripherals
—
0.6%
Seagate
HDD
Cayman
(a)
8.25%
,
12/15/29
..................
115
123,563
8.50%
,
07/15/31
..................
129
139,406
262,969
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
(a)
Crocs,
Inc.
4.25%
,
03/15/29
..................
34
31,083
4.13%
,
08/15/31
..................
4
3,466
Hanesbrands,
Inc.,
4.88%,
05/15/26
......
23
22,393
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
.....
30
26,927
Levi
Strauss
&
Co.,
3.50%,
03/01/31
......
60
52,638
136,507
Trading
Companies
&
Distributors
—
2.6%
(a)
Beacon
Roofing
Supply,
Inc.
4.13%
,
05/15/29
..................
22
19,954
6.50%
,
08/01/30
..................
56
56,825
Boise
Cascade
Co.,
4.88%,
07/01/30
......
61
56,592
Fortress
Transportation
&
Infrastructure
Investors
LLC
9.75%
,
08/01/27
..................
62
64,197
5.50%
,
05/01/28
..................
6
5,813
7.88%
,
12/01/30
..................
113
118,663
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
......................
23
21,150
Herc
Holdings,
Inc.,
5.50%,
07/15/27
......
105
103,130
Imola
Merger
Corp.,
4.75%,
05/15/29
......
57
53,446
SRS
Distribution,
Inc.
4.63%
,
07/01/28
..................
110
110,804
6.13%
,
07/01/29
..................
109
111,153
6.00%
,
12/01/29
..................
120
122,581
United
Rentals
North
America,
Inc.
6.00%
,
12/15/29
..................
132
132,875
6.13%
,
03/15/34
..................
66
66,082
WESCO
Distribution,
Inc.
6.38%
,
03/15/29
..................
49
49,504
6.63%
,
03/15/32
..................
49
49,793
1,142,562
Wireless
Telecommunication
Services
—
1.0%
(a)
Connect
Finco
SARL,
6.75%,
10/01/26
.....
200
196,055
Vmed
O2
UK
Financing
I
plc,
4.75%,
07/15/31
296
255,118
451,173
Total
Corporate
Bonds
—
90
.6
%
(Cost:
$
40,758,631
)
...............................
40,347,035
Security
Par
(000)
Par
(000)
Value
Fixed
Rate
Loan
Interests
Diversified
Telecommunication
Services
—
0.0%
Level
3
Financing,
Inc.,
Term
Loan
B1
,
11.89
%
,
04/15/29
.................
USD
7
$
7,407
Level
3
Financing,
Inc.,
Term
Loan
B2
,
11.89
%
,
04/15/30
(h)
................
8
7,471
14,878
Media
—
0.5%
Clear
Channel
International
BV,
Term
Loan
,
08/12/27
(h)
(i)
......................
216
214,920
Total
Fixed
Rate
Loan
Interests
—
0
.5
%
(Cost:
$
228,270
)
.................................
229,798
Floating
Rate
Loan
Interests
Air
Freight
&
Logistics
—
0.1%
GN
Loanco
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.50%),
9.83
%
,
12/19/30
(c)
.................
43
42,067
Automobile
Components
—
0.1%
Champions
Holdco,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.07
%
,
02/23/29
(c)
(h)
...............
53
53,133
Chemicals
—
0.1%
(c)
Aruba
Investments
Holdings
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
13.18
%
,
11/24/28
(h)
.
12
11,979
Chemours
Co.,
(The),
Term
Loan
B3
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
08/18/28
..................
49
48,905
60,884
Commercial
Services
&
Supplies
—
0.1%
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
0.00
%
-
9.82
%
,
12/15/28
(c)
38
28,746
Communications
Equipment
—
0.1%
ViaSat,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.93
%
,
05/30/30
(c)
.................
51
48,921
Diversified
Consumer
Services
—
0.5%
(c)
Ascend
Learning
LLC,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93
%
,
12/11/28
.............
20
20,074
Ascend
Learning
LLC,
2nd
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
11.18
%
,
12/10/29
............
29
28,483
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
0.00
%
-
9.08
%
,
01/30/31
..................
171
171,400
219,957
Diversified
Telecommunication
Services
—
1.0%
(c)
Altice
France
SA,
Term
Loan
B14
,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.81
%
,
08/15/28
..
186
146,750
Connect
Finco
SARL,
Term
Loan
B
,
09/13/29
(i)
38
37,344
Frontier
Communications
Holdings
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
10/08/27
.......
103
102,253
Lumen
Technologies,
Inc.,
Term
Loan
,
01/01/28
(h)
(i)
......................
9
7,451
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Radiate
Holdco
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
0.00
%
-
8.69
%
,
09/25/26
.................
USD
160
$
133,640
Zayo
Group
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.44
%
,
03/09/27
..................
3
2,950
430,388
Entertainment
—
0.1%
Motion
Acquisition
Ltd.,
Facility
Term
Loan
B
,
11/12/29
(c)
(i)
......................
40
39,910
Food
Products
—
0.1%
Chobani
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.08
%
,
10/25/27
(c)
.....
52
52,129
Health
Care
Equipment
&
Supplies
—
0.2%
Bausch
+
Lomb
Corp.,
Term
Loan
(c)
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68
%
,
05/10/27
..........
62
60,727
(1-mo.
CME
Term
SOFR
+
4.00%),
9.33
%
,
09/29/28
................
45
44,691
105,418
Health
Care
Providers
&
Services
—
0.1%
(c)
LifePoint
Health,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
5.50%),
11.09
%
,
11/16/28
..
13
13,323
Surgery
Center
Holdings,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.83
%
,
12/19/30
..................
13
13,081
26,404
Health
Care
Technology
—
1.5%
(c)
Athenahealth
Group,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.58
%
,
02/15/29
..................
355
351,355
Verscend
Holding
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.44
%
,
08/27/25
..................
333
332,887
684,242
Household
Durables
—
0.2%
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.44
%
,
10/06/28
(c)
...........
72
65,518
Insurance
—
0.3%
(c)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B6
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.83
%
,
11/06/30
...........
27
26,778
Truist
Insurance
Holdings,
LLC,
Term
Loan
B
,
03/24/31
(i)
.......................
114
113,810
140,588
Life
Sciences
Tools
&
Services
—
0.2%
Star
Parent,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
09/27/30
(c)
.....
84
83,337
Machinery
—
0.5%
(c)
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1
,
07/30/27
(i)
....................
183
183,533
WEC
US
Holdings
Ltd.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.08
%
,
01/27/31
...
32
31,953
215,486
Security
Par
(000)
Par
(000)
Value
Media
—
0.6%
(c)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
+
3.50%),
9.07
%
,
08/21/26
..................
USD
153
$
152,591
DirecTV
Financing
LLC,
Term
Loan
B
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.25%),
10.69
%
,
08/02/29
.................
108
107,341
259,932
Passenger
Airlines
—
0.0%
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.33
%
,
04/20/28
(c)
................
2
1,718
Professional
Services
—
0.0%
CoreLogic,
Inc.,
1st
Lien
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
06/02/28
(c)
.................
14
13,518
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.33
%
,
01/31/30
(c)
(h)
.....
18
17,913
Software
—
1.1%
(c)
Boxer
Parent
Co.,
Inc.,
Term
Loan
,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.58
%
,
12/29/28
...
164
164,906
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
,
03/21/31
(i)
..................
81
80,443
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B
,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.91
%
,
03/30/29
............
156
155,411
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan
,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.19
%
,
12/01/27
.......
55
55,172
McAfee
Corp.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.18
%
,
03/01/29
..................
36
36,238
Sabre
GLBL,
Inc.,
Term
Loan
B1
,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.94
%
,
12/17/27
..................
7
5,704
Sabre
GLBL,
Inc.,
Term
Loan
B2
,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.94
%
,
12/17/27
..................
11
8,984
506,858
Trading
Companies
&
Distributors
—
0.1%
Foundation
Building
Materials,
Inc.,
Term
Loan
,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.31
%
,
01/29/31
(c)
.................
19
19,067
Total
Floating
Rate
Loan
Interests
—
7
.0
%
(Cost:
$
3,167,181
)
...............................
3,116,134
Preferred
Securities
Capital
Trusts
—
0.4%
Electric
Utilities
—
0.2%
NRG
Energy,
Inc.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25
%
(a)
(b)
(c)
...............
103
110,489
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Vistra
Corp.
,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00
%
(a)
(b)
(c)
......................
USD
67
$
66,340
Total
Preferred
Securities
—
0
.4
%
(Cost:
$
169,910
)
.................................
176,829
Total
Long-Term
Investments
—
98.9%
(Cost:
$
44,490,581
)
...............................
44,048,528
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
3.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(j)
(k)
...................
1,594,611
$
1,594,611
Total
Short-Term
Securities
—
3
.6
%
(Cost:
$
1,594,611
)
...............................
1,594,611
Total
Investments
—
102
.5
%
(Cost:
$
46,085,192
)
...............................
45,643,139
Liabilities
in
Excess
of
Other
Assets
—
(
2.5
)
%
.............
(
1,101,760
)
Net
Assets
—
100.0%
...............................
$
44,541,379
(a)
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.
(b)
Perpetual
security
with
no
stated
maturity
date.
(c)
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.
(d)
Convertible
security.
(e)
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.
(f)
Zero-coupon
bond.
(g)
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.
(h)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(i)
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.
(j)
Affiliate
of
the
Fund.
(k)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
84,681
$
1,509,930
(a)
$
—
$
—
$
—
$
1,594,611
1,594,611
$
23,391
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
20
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
5-Year
Note
....................................................
6
06/28/24
$
642
$
1,904
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)
......
$
—
$
—
$
—
$
—
$
1,904
$
—
$
1,904
(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).
For
the
period
ended
March
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
.......................
$
—
$
—
$
(
533
)
$
—
$
(
1,995
)
$
—
$
(
2,528
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
6,806
$
—
$
6,806
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
647,368
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
178,732
$
—
$
—
$
178,732
Corporate
Bonds
........................................
—
40,347,035
—
40,347,035
Fixed
Rate
Loan
Interests
Diversified
Telecommunication
Services
........................
—
7,407
7,471
14,878
Media
...............................................
—
—
214,920
214,920
Floating
Rate
Loan
Interests
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
High
Yield
Bond
Fund
Schedules
of
Investments
21
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Air
Freight
&
Logistics
....................................
$
—
$
42,067
$
—
$
42,067
Automobile
Components
..................................
—
—
53,133
53,133
Chemicals
............................................
—
48,905
11,979
60,884
Commercial
Services
&
Supplies
.............................
—
28,746
—
28,746
Communications
Equipment
................................
—
48,921
—
48,921
Diversified
Consumer
Services
..............................
—
219,957
—
219,957
Diversified
Telecommunication
Services
........................
—
422,937
7,451
430,388
Entertainment
.........................................
—
39,910
—
39,910
Food
Products
.........................................
—
52,129
—
52,129
Health
Care
Equipment
&
Supplies
...........................
—
105,418
—
105,418
Health
Care
Providers
&
Services
............................
—
26,404
—
26,404
Health
Care
Technology
..................................
—
684,242
—
684,242
Household
Durables
.....................................
—
65,518
—
65,518
Insurance
............................................
—
140,588
—
140,588
Life
Sciences
Tools
&
Services
..............................
—
83,337
—
83,337
Machinery
............................................
—
215,486
—
215,486
Media
...............................................
—
259,932
—
259,932
Passenger
Airlines
......................................
—
1,718
—
1,718
Professional
Services
....................................
—
13,518
—
13,518
Real
Estate
Management
&
Development
.......................
—
—
17,913
17,913
Software
.............................................
—
506,858
—
506,858
Trading
Companies
&
Distributors
............................
—
19,067
—
19,067
Preferred
Securities
.......................................
—
176,829
—
176,829
Short-Term
Securities
Money
Market
Funds
......................................
1,594,611
—
—
1,594,611
$
1,773,343
$
43,556,929
$
312,867
$
45,643,139
Derivative
Financial
Instruments
(a)
Assets
Interest
rate
contracts
.......................................
$
1,904
$
—
$
—
$
1,904
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/20/33
(a)
(b)
.....
USD
250
$
250,055
Anchorage
Capital
CLO
3-R
Ltd.,
Series
2014-
3RA,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.05%
Floor
+
1.31%),
6.63%,
01/28/31
(a)
(b)
175
174,800
Ares
LVI
CLO
Ltd.,
Series
2020-56A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.75%,
10/25/34
(a)
(b)
..........
250
250,186
BA
Credit
Card
Trust,
Series
2023-A2,
Class
A2,
4.98%,
11/15/28
................
72
72,173
Barings
CLO
Ltd.,
Series
2019-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/20/31
(a)
(b)
..........
250
250,164
BMW
Vehicle
Owner
Trust,
Series
2022-A,
Class
A3,
3.21%,
08/25/26
...........
188
185,385
Capital
One
Multi-Asset
Execution
Trust
Series
2022-A2,
Class
A,
3.49%,
05/15/27
.
24
23,518
Series
2023-A1,
Class
A,
4.42%,
05/15/28
.
111
109,609
Chesapeake
Funding
II
LLC,
Series
2023-2A,
Class
A1,
6.16%,
10/15/35
(b)
..........
116
116,509
CIFC
Funding
Ltd.,
Series
2021-5A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.72%,
07/15/34
(a)
(b)
..........
250
250,478
CNH
Equipment
Trust,
Series
2024-A,
Class
A3,
4.77%,
06/15/29
...............
51
50,307
College
Avenue
Student
Loans
LLC
(a)(b)
Series
2021-C,
Class
A1,
(1-mo.
CME
Term
SOFR
+
1.01%),
6.34%,
07/26/55
....
69
67,399
Series
2023-A,
Class
A1,
(SOFR
30
day
Average
at
1.90%
Floor
+
1.90%),
7.22%,
05/25/55
.....................
89
89,997
Enterprise
Fleet
Financing
LLC
(b)
Series
2022-4,
Class
A2,
5.76%,
10/22/29
.
169
169,544
Series
2023-1,
Class
A2,
5.51%,
01/22/29
.
76
76,310
Series
2023-2,
Class
A2,
5.56%,
04/22/30
.
140
139,651
Series
2023-3,
Class
A2,
6.40%,
03/20/30
.
80
81,224
Series
2024-1,
Class
A2,
5.23%,
03/20/30
.
50
49,917
Ford
Credit
Auto
Owner
Trust
Series
2022-B,
Class
A4,
3.93%,
08/15/27
.
44
43,066
Series
2023-1,
Class
A,
4.85%,
08/15/35
(b)
.
145
144,169
Series
2023-2,
Class
A,
5.28%,
02/15/36
(b)
.
170
172,005
Series
2024-1,
Class
A,
4.87%,
08/15/36
(b)
.
130
129,734
Ford
Credit
Floorplan
Master
Owner
Trust
A
(b)
Series
2023-1,
Class
A1,
4.92%,
05/15/28
.
155
154,236
Series
2023-1,
Class
A2,
(SOFR
30
day
Average
+
1.25%),
6.57%,
05/15/28
(a)
..
100
101,455
FS
Rialto
Issuer
LLC,
Series
2022-FL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.63%,
06/19/37
(a)
(b)
..........
100
99,999
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2022-3,
Class
A3,
3.64%,
04/16/27
..................
54
53,135
GM
Financial
Revolving
Receivables
Trust
(b)
Series
2023-2,
Class
A,
5.77%,
08/11/36
..
111
114,593
Series
2024-1,
Class
A,
4.98%,
12/11/36
..
33
33,140
GoodLeap
Sustainable
Home
Solutions
Trust
(b)
Series
2021-3CS,
Class
A,
2.10%,
05/20/48
147
115,174
Series
2021-5CS,
Class
A,
2.31%,
10/20/48
37
29,636
Series
2022-1GS,
Class
A,
2.70%,
01/20/49
40
33,045
Series
2022-2CS,
Class
A,
4.00%,
04/20/49
22
19,385
Series
2022-3CS,
Class
A,
4.95%,
07/20/49
29
27,461
Honda
Auto
Receivables
Owner
Trust,
Series
2023-1,
Class
A3,
5.04%,
04/21/27
......
65
64,832
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Hyundai
Auto
Receivables
Trust,
Series
2022-
B,
Class
A3,
3.72%,
11/16/26
..........
USD
55
$
54,261
John
Deere
Owner
Trust
Series
2023-B,
Class
A3,
5.18%,
03/15/28
.
34
34,006
Series
2024-A,
Class
A3,
4.96%,
11/15/28
.
84
83,987
Loanpal
Solar
Loan
Ltd.,
Series
2021-1GS,
Class
A,
2.29%,
01/20/48
(b)
...........
122
98,139
MMAF
Equipment
Finance
LLC,
Series
2024-A,
Class
A3,
4.95%,
07/14/31
(b)
..........
16
16,032
Mosaic
Solar
Loan
Trust,
Series
2021-1A,
Class
A,
1.51%,
12/20/46
(b)
...............
83
68,389
Mosaic
Solar
Loans
LLC,
Series
2017-2A,
Class
C,
2.00%,
06/22/43
(b)
...........
3
2,655
Navient
Private
Education
Refi
Loan
Trust
(b)
Series
2020-CA,
Class
A2B,
(1-mo.
CME
Term
SOFR
+
1.71%),
7.04%,
11/15/68
(a)
162
163,453
Series
2021-CA,
Class
A,
1.06%,
10/15/69
160
140,460
Series
2021-EA,
Class
A,
0.97%,
12/16/69
.
82
70,657
Series
2021-GA,
Class
A,
1.58%,
04/15/70
85
74,671
Series
2022-A,
Class
A,
2.23%,
07/15/70
..
112
99,061
Series
2022-BA,
Class
A,
4.16%,
10/15/70
.
97
92,261
Navistar
Financial
Dealer
Note
Master
Owner
Trust
II,
Series
2023-1,
Class
A,
6.18%,
08/25/28
(b)
......................
18
18,141
Nelnet
Student
Loan
Trust
(b)
Series
2021-DA,
Class
AFX,
1.63%,
04/20/62
.....................
83
75,472
Series
2023-PL1A,
Class
A1B,
7.15%,
11/25/53
.....................
89
88,627
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
0.92%
Floor
+
1.18%),
6.48%,
10/18/30
(a)
(b)
................
235
234,909
Octagon
Investment
Partners
XV
Ltd.,
Series
2013-1A,
Class
A1RR,
(3-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.23%),
6.54%,
07/19/30
(a)
(b)
.....................
207
206,789
OneMain
Financial
Issuance
Trust
(b)
Series
2023-1A,
Class
A,
5.50%,
06/14/38
.
100
101,496
Series
2023-2A,
Class
A2,
(SOFR
30
day
Average
+
1.50%),
6.82%,
09/15/36
(a)
..
120
121,918
PFS
Financing
Corp.,
Series
2023-A,
Class
A,
5.80%,
03/15/28
(b)
.................
125
126,334
Porsche
Financial
Auto
Securitization
Trust,
Series
2023-1A,
Class
A3,
4.81%,
09/22/28
(b)
......................
125
124,299
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.36%),
6.69%,
07/25/51
(a)
(b)
.....................
56
56,006
Romark
CLO
II
Ltd.,
Series
2018-2A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.18%
Floor
+
1.44%),
6.76%,
07/25/31
(a)
(b)
..........
220
220,918
Santander
Drive
Auto
Receivables
Trust,
Series
2023-5,
Class
A3,
6.02%,
09/15/28
......
95
96,007
SMB
Private
Education
Loan
Trust
(a)(b)
Series
2022-B,
Class
A1B,
(SOFR
30
day
Average
+
1.45%),
6.77%,
02/16/55
...
135
135,497
Series
2023-B,
Class
A1B,
(SOFR
30
day
Average
at
1.80%
Floor
+
1.80%),
7.12%,
10/16/56
.....................
89
90,470
Series
2024-A,
Class
A1B,
(SOFR
30
day
Average
at
1.45%
Floor
+
1.45%),
6.77%,
03/15/56
.....................
120
120,492
SoFi
Personal
Loan
Trust,  
6.00%,
11/12/30
(b)
86
86,288
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
SoFi
Professional
Loan
Program
LLC
(b)
Series
2019-A,
Class
A2FX,
3.69%,
06/15/48
.....................
USD
109
$
105,169
Series
2019-B,
Class
A2FX,
3.09%,
08/17/48
.....................
27
25,490
SoFi
Professional
Loan
Program
Trust
(b)
Series
2020-A,
Class
A2FX,
2.54%,
05/15/46
.....................
49
45,640
Series
2021-B,
Class
AFX,
1.14%,
02/15/47
99
84,473
Sunnova
Sol
IV
Issuer
LLC,
Series
2022-A,
Class
A,
2.79%,
02/22/49
(b)
...........
87
78,316
Toyota
Auto
Loan
Extended
Note
Trust,
Series
2023-1A,
Class
A,
4.93%,
06/25/36
(b)
....
100
100,155
Trestles
CLO
III
Ltd.,
Series
2020-3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.33%
Floor
+
1.59%),
6.91%,
01/20/33
(a)
(b)
..........
250
250,028
Trestles
CLO
IV
Ltd.,
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.75%,
07/21/34
(a)
(b)
..........
250
250,000
Whitebox
CLO
II
Ltd.,
Series
2020-2A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.80%,
10/24/34
(a)
(b)
.....
250
249,875
Total
Asset-Backed
Securities
—
16
.9
%
(Cost:
$
7,964,199
)
...............................
7,833,132
Corporate
Bonds
Aerospace
&
Defense
—
0.2%
(b)
Bombardier,
Inc.
7.13%
,
06/15/26
..................
14
14,202
7.88%
,
04/15/27
..................
9
9,006
8.75%
,
11/15/30
..................
10
10,678
7.25%
,
07/01/31
..................
5
5,010
TransDigm,
Inc.
6.75%
,
08/15/28
..................
24
24,317
6.38%
,
03/01/29
..................
41
41,127
104,340
Automobile
Components
—
0.2%
(b)
Champions
Financing,
Inc.,
8.75%,
02/15/29
.
7
7,334
Clarios
Global
LP
6.25%
,
05/15/26
..................
45
44,977
6.75%
,
05/15/28
..................
13
13,177
Phinia,
Inc.,
6.75%,
04/15/29
...........
3
3,029
68,517
Automobiles
—
0.5%
(b)
BMW
US
Capital
LLC,
5.05%,
08/11/28
....
100
100,789
Nissan
Motor
Acceptance
Co.
LLC,
2.00%,
03/09/26
......................
165
152,788
253,577
Banks
—
7.2%
Banco
de
Sabadell
SA,
(1-Year
EUR
Swap
Annual
+
1.60%),
4.00%,
01/15/30
(a)
(c)
....
EUR
100
109,324
Bank
of
America
Corp.
(a)
(1-day
SOFR
+
0.91%),
0.98%
,
09/25/25
.
USD
200
195,366
(3-mo.
CME
Term
SOFR
+
1.13%),
2.46%
,
10/22/25
.....................
200
196,406
(1-day
SOFR
+
0.65%),
1.53%
,
12/06/25
.
240
233,255
(1-day
SOFR
+
1.57%),
5.82%
,
09/15/29
.
93
95,357
Barclays
plc,
(1-Year
EUR
Swap
Annual
+
1.75%),
4.92%,
08/08/30
(a)
(c)
..........
EUR
100
112,630
Citigroup,
Inc.
(a)
(1-day
SOFR
+
0.53%),
1.28%
,
11/03/25
.
USD
35
34,047
(1-day
SOFR
+
1.53%),
3.29%
,
03/17/26
.
260
254,092
(1-day
SOFR
+
1.55%),
5.61%
,
09/29/26
.
110
110,175
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(1-day
SOFR
+
0.77%),
1.46%
,
06/09/27
.
USD
60
$
55,112
(3-mo.
EURIBOR
+
1.25%),
3.71%
,
09/22/28
(c)
....................
EUR
100
108,593
HSBC
Holdings
plc
(a)
(3-mo.
CME
Term
SOFR
+
1.40%),
2.63%
,
11/07/25
.....................
USD
200
196,074
(1-day
SOFR
+
1.93%),
2.10%
,
06/04/26
.
200
191,810
JPMorgan
Chase
&
Co.
(a)
(3-mo.
CME
Term
SOFR
+
1.51%),
3.96%
,
01/29/27
.....................
86
83,947
(1-day
SOFR
+
1.33%),
6.07%
,
10/22/27
.
105
107,134
(3-mo.
CME
Term
SOFR
+
1.60%),
3.78%
,
02/01/28
.....................
215
207,054
(1-day
SOFR
+
1.45%),
5.30%
,
07/24/29
.
61
61,453
KBC
Group
NV,
(3-mo.
EURIBOR
+
1.30%),
4.25%,
11/28/29
(a)
(c)
...............
EUR
100
110,445
Royal
Bank
of
Canada,
6.00%,
11/01/27
....
USD
121
125,055
Toronto-Dominion
Bank
(The),
1.25%,
12/13/24
335
325,219
Truist
Financial
Corp.
(a)
(1-day
SOFR
+
2.05%),
6.05%
,
06/08/27
.
190
192,564
(1-day
SOFR
+
1.62%),
5.44%
,
01/24/30
.
20
19,977
US
Bancorp,
(1-day
SOFR
+
1.56%),
5.38%,
01/23/30
(a)
.....................
35
35,155
Westpac
Banking
Corp.,
4.18%,
05/22/28
(b)
..
200
195,482
3,355,726
Biotechnology
—
1.4%
Amgen,
Inc.,
5.15%,
03/02/28
..........
140
140,897
Gilead
Sciences,
Inc.
3.70%
,
04/01/24
..................
385
385,000
2.95%
,
03/01/27
..................
110
104,588
630,485
Broadline
Retail
—
0.1%
(b)
Go
Daddy
Operating
Co.
LLC,
3.50%,
03/01/29
8
7,215
Match
Group
Holdings
II
LLC,
4.63%,
06/01/28
19
17,931
25,146
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.
(b)
5.00%
,
09/30/27
..................
8
7,761
6.38%
,
06/15/30
..................
11
11,057
Carrier
Global
Corp.,
2.24%,
02/15/25
.....
36
34,916
Standard
Industries,
Inc.
(b)
4.75%
,
01/15/28
..................
20
19,087
4.38%
,
07/15/30
..................
3
2,696
75,517
Capital
Markets
—
3.9%
Aretec
Group,
Inc.,
10.00%,
08/15/30
(b)
....
5
5,462
Charles
Schwab
Corp.
(The),
5.88%,
08/24/26
53
53,883
Credit
Suisse
AG,
5.00%,
07/09/27
.......
250
247,722
Deutsche
Bank
AG,
(1-day
SOFR
+
2.58%),
3.96%,
11/26/25
(a)
................
150
147,952
Goldman
Sachs
Group,
Inc.
(The)
(a)
(1-day
SOFR
+
1.51%),
4.39%
,
06/15/27
.
155
152,005
(1-day
SOFR
+
1.11%),
2.64%
,
02/24/28
.
156
145,296
Morgan
Stanley
(a)
(1-day
SOFR
+
0.56%),
1.16%
,
10/21/25
.
275
267,765
(3-mo.
EURIBOR
+
0.83%),
1.34%
,
10/23/26
.....................
EUR
100
103,940
(1-day
SOFR
+
1.73%),
5.12%
,
02/01/29
.
USD
250
249,390
(1-day
SOFR
+
1.63%),
5.45%
,
07/20/29
.
70
70,614
Nasdaq,
Inc.,
5.35%,
06/28/28
..........
100
101,290
State
Street
Corp.,
(1-day
SOFR
+
1.35%),
5.75%,
11/04/26
(a)
................
70
70,469
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
UBS
Group
AG,
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
0.85%),
1.49%,
08/10/27
(a)
(b)
..........
USD
200
$
181,860
1,797,648
Chemicals
—
0.2%
Chemours
Co.
(The)
(b)
5.75%
,
11/15/28
..................
2
1,844
4.63%
,
11/15/29
..................
2
1,724
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
..
45
41,281
HB
Fuller
Co.
4.00%
,
02/15/27
..................
13
12,410
4.25%
,
10/15/28
..................
7
6,487
WR
Grace
Holdings
LLC
(b)
4.88%
,
06/15/27
..................
8
7,603
5.63%
,
08/15/29
..................
15
13,423
84,772
Commercial
Services
&
Supplies
—
0.9%
ADT
Security
Corp.
(The),
4.13%,
08/01/29
(b)
.
8
7,330
Allied
Universal
Holdco
LLC
(b)
6.63%
,
07/15/26
..................
14
13,991
7.88%
,
02/15/31
..................
33
33,422
APX
Group,
Inc.,
6.75%,
02/15/27
(b)
.......
8
8,033
Aramark
Services,
Inc.,
5.00%,
02/01/28
(b)
...
19
18,338
Covanta
Holding
Corp.,
4.88%,
12/01/29
(b)
..
5
4,481
Elis
SA,
3.75%,
03/21/30
(c)
............
EUR
100
107,379
Garda
World
Security
Corp.
(b)
4.63%
,
02/15/27
..................
USD
7
6,707
7.75%
,
02/15/28
..................
6
6,153
GFL
Environmental,
Inc.
(b)
4.00%
,
08/01/28
..................
7
6,452
6.75%
,
01/15/31
..................
11
11,273
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
.....................
6
5,944
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
..
4
3,782
Prime
Security
Services
Borrower
LLC,
6.25%,
01/15/28
(b)
.....................
12
11,755
Republic
Services,
Inc.,
3.38%,
11/15/27
....
150
142,567
Williams
Scotsman,
Inc.,
4.63%,
08/15/28
(b)
..
17
16,078
403,685
Communications
Equipment
—
0.1%
(b)
CommScope,
Inc.,
6.00%,
03/01/26
.......
8
7,320
Viasat,
Inc.,
5.63%,
04/15/27
...........
15
14,204
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
.....
2
1,716
23,240
Consumer
Finance
—
1.8%
American
Express
Co.
2.55%
,
03/04/27
..................
190
177,453
(1-day
SOFR
+
1.00%),
5.10%
,
02/16/28
(a)
20
19,969
Bread
Financial
Holdings,
Inc.,
9.75%,
03/15/29
(b)
.....................
3
3,122
General
Motors
Financial
Co.,
Inc.
3.50%
,
11/07/24
..................
100
98,697
6.05%
,
10/10/25
..................
100
100,740
5.40%
,
05/08/27
..................
60
60,157
John
Deere
Capital
Corp.
5.15%
,
09/08/26
..................
65
65,367
4.95%
,
07/14/28
..................
35
35,264
OneMain
Finance
Corp.
6.88%
,
03/15/25
..................
2
2,021
7.13%
,
03/15/26
..................
7
7,127
9.00%
,
01/15/29
..................
7
7,428
7.88%
,
03/15/30
..................
7
7,221
SLM
Corp.,
3.13%,
11/02/26
...........
7
6,501
Synchrony
Financial,
4.88%,
06/13/25
.....
125
123,140
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Toyota
Motor
Credit
Corp.,
5.40%,
11/10/25
..
USD
100
$
100,504
814,711
Consumer
Staples
Distribution
&
Retail
—
0.1%
(b)
Albertsons
Cos.,
Inc.
3.25%
,
03/15/26
..................
4
3,815
5.88%
,
02/15/28
..................
34
33,661
6.50%
,
02/15/28
..................
3
3,032
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
.
6
4,983
US
Foods,
Inc.
6.88%
,
09/15/28
..................
10
10,237
4.75%
,
02/15/29
..................
2
1,898
57,626
Containers
&
Packaging
—
0.3%
Clydesdale
Acquisition
Holdings,
Inc.,
6.63%,
04/15/29
(b)
.....................
10
9,992
Crown
Americas
LLC,
4.25%,
09/30/26
....
30
29,063
Graphic
Packaging
International
LLC,
3.50%,
03/15/28
(b)
.....................
13
12,002
Mauser
Packaging
Solutions
Holding
Co.,
7.88%,
08/15/26
(b)
................
47
47,881
Owens-Brockway
Glass
Container,
Inc.,
6.63%,
05/13/27
(b)
.....................
8
8,005
Sealed
Air
Corp.
(b)
4.00%
,
12/01/27
..................
20
18,746
6.13%
,
02/01/28
..................
3
3,006
128,695
Diversified
REITs
—
0.2%
HAT
Holdings
I
LLC
(b)
3.38%
,
06/15/26
..................
13
12,245
8.00%
,
06/15/27
..................
5
5,213
Prologis
LP,
4.88%,
06/15/28
...........
85
85,092
102,550
Diversified
Telecommunication
Services
—
0.7%
CCO
Holdings
LLC
(b)
5.13%
,
05/01/27
..................
15
14,292
5.00%
,
02/01/28
..................
19
17,687
6.38%
,
09/01/29
..................
12
11,384
Frontier
Communications
Holdings
LLC
(b)
5.88%
,
10/15/27
..................
17
16,458
5.00%
,
05/01/28
..................
7
6,498
8.75%
,
05/15/30
..................
6
6,139
Level
3
Financing,
Inc.
(b)
10.50%
,
04/15/29
.................
12
12,240
4.88%
,
06/15/29
..................
8
5,340
11.00%
,
11/15/29
.................
7
7,247
10.50%
,
05/15/30
.................
9
9,202
3.88%
,
10/15/30
..................
1
590
Uniti
Group
LP,
10.50%,
02/15/28
(b)
.......
9
9,331
Verizon
Communications,
Inc.
2.10%
,
03/22/28
..................
190
171,050
4.33%
,
09/21/28
..................
18
17,599
Zayo
Group
Holdings,
Inc.,
4.00%,
03/01/27
(b)
47
38,688
343,745
Electric
Utilities
—
2.0%
Eurogrid
GmbH,
3.92%,
02/01/34
(c)
.......
EUR
100
109,943
Eversource
Energy,
5.45%,
03/01/28
......
USD
55
55,679
Exelon
Corp.,
5.15%,
03/15/28
..........
150
150,367
NextEra
Energy
Capital
Holdings,
Inc.
4.20%
,
06/20/24
..................
230
229,204
6.05%
,
03/01/25
..................
75
75,285
4.90%
,
02/28/28
..................
50
49,843
NextEra
Energy
Operating
Partners
LP
(b)
4.25%
,
07/15/24
..................
13
12,885
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
7.25%
,
01/15/29
..................
USD
4
$
4,093
NRG
Energy,
Inc.,
5.75%,
01/15/28
.......
29
28,840
Pacific
Gas
&
Electric
Co.,
6.10%,
01/15/29
..
85
87,590
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
.....................
46
42,879
Texas
Electric
Market
Stabilization
Funding
N
LLC,
Series
A-1,
4.27%,
08/01/34
(b)
.....
91
87,595
934,203
Electrical
Equipment
—
0.0%
(b)
Sensata
Technologies
BV,
4.00%,
04/15/29
..
3
2,739
Vertiv
Group
Corp.,
4.13%,
11/15/28
......
20
18,609
21,348
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Sensata
Technologies,
Inc.,
4.38%,
02/15/30
(b)
18
16,383
Entertainment
—
0.1%
(b)
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
......................
3
2,295
Live
Nation
Entertainment,
Inc.
6.50%
,
05/15/27
..................
2
2,022
4.75%
,
10/15/27
..................
13
12,413
3.75%
,
01/15/28
..................
23
21,278
38,008
Financial
Services
—
0.9%
Block,
Inc.,
2.75%,
06/01/26
...........
29
27,274
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
....
13
12,997
Fidelity
National
Information
Services,
Inc.,
1.15%,
03/01/26
.................
200
185,162
GGAM
Finance
Ltd.
(b)
8.00%
,
02/15/27
..................
9
9,293
8.00%
,
06/15/28
..................
2
2,088
6.88%
,
04/15/29
..................
4
4,015
MGIC
Investment
Corp.,
5.25%,
08/15/28
...
10
9,714
Nationstar
Mortgage
Holdings,
Inc.
(b)
5.00%
,
02/01/26
..................
20
19,572
6.00%
,
01/15/27
..................
3
2,958
NCR
Atleos
Corp.,
9.50%,
04/01/29
(b)
......
4
4,278
PayPal
Holdings,
Inc.,
2.65%,
10/01/26
....
110
103,835
PennyMac
Financial
Services,
Inc.,
7.88%,
12/15/29
(b)
.....................
5
5,138
Rocket
Mortgage
LLC
(b)
2.88%
,
10/15/26
..................
15
13,859
3.88%
,
03/01/31
..................
2
1,742
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
....
15
14,503
416,428
Food
Products
—
0.4%
Chobani
LLC,
4.63%,
11/15/28
(b)
.........
14
13,056
Fiesta
Purchaser,
Inc.,
7.88%,
03/01/31
(b)
...
4
4,131
General
Mills,
Inc.,
5.24%,
11/18/25
.......
95
94,701
Kraft
Heinz
Foods
Co.,
3.00%,
06/01/26
....
100
95,717
207,605
Ground
Transportation
—
0.1%
Uber
Technologies,
Inc.
(b)
6.25%
,
01/15/28
..................
28
28,115
4.50%
,
08/15/29
..................
10
9,488
37,603
Health
Care
Equipment
&
Supplies
—
0.2%
Avantor
Funding,
Inc.,
4.63%,
07/15/28
(b)
...
26
24,638
Bausch
+
Lomb
Corp.,
8.38%,
10/01/28
(b)
...
26
26,901
Hologic,
Inc.,
4.63%,
02/01/28
(b)
.........
9
8,665
Medline
Borrower
LP
(b)
3.88%
,
04/01/29
..................
14
12,743
6.25%
,
04/01/29
..................
8
8,036
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
5.25%
,
10/01/29
..................
USD
14
$
13,232
Teleflex,
Inc.
4.63%
,
11/15/27
..................
2
1,924
4.25%
,
06/01/28
(b)
.................
12
11,260
107,399
Health
Care
Providers
&
Services
—
1.8%
Community
Health
Systems,
Inc.
(b)
6.00%
,
01/15/29
..................
19
16,598
5.25%
,
05/15/30
..................
6
4,893
CVS
Health
Corp.,
6.25%,
06/01/27
.......
50
52,068
Elevance
Health,
Inc.,
5.35%,
10/15/25
....
225
225,119
Encompass
Health
Corp.,
4.50%,
02/01/28
..
34
32,382
HCA,
Inc.
5.25%
,
04/15/25
..................
50
49,791
5.88%
,
02/15/26
..................
155
155,662
5.25%
,
06/15/26
..................
43
42,875
5.63%
,
09/01/28
..................
75
75,932
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
......
19
17,530
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
2
1,906
LifePoint
Health,
Inc.,
11.00%,
10/15/30
(b)
...
11
11,757
Molina
Healthcare,
Inc.,
4.38%,
06/15/28
(b)
..
22
20,681
Tenet
Healthcare
Corp.,
6.13%,
06/15/30
...
26
25,940
UnitedHealth
Group,
Inc.,
2.95%,
10/15/27
..
100
94,105
827,239
Health
Care
REITs
—
0.3%
Healthpeak
OP
LLC,
1.35%,
02/01/27
.....
100
90,242
Welltower
OP
LLC,
4.00%,
06/01/25
......
50
49,151
139,393
Hotels,
Restaurants
&
Leisure
—
0.3%
(b)
1011778
BC
ULC
3.88%
,
01/15/28
..................
8
7,518
4.38%
,
01/15/28
..................
35
33,108
4.00%
,
10/15/30
..................
10
8,910
Cedar
Fair
LP,
5.50%,
05/01/25
.........
9
8,963
Hilton
Domestic
Operating
Co.,
Inc.
5.75%
,
05/01/28
..................
58
57,914
5.88%
,
04/01/29
..................
12
12,020
3.75%
,
05/01/29
..................
2
1,834
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
......................
4
4,230
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
..
12
12,093
Six
Flags
Entertainment
Corp.,
5.50%,
04/15/27
6
5,861
Vail
Resorts,
Inc.,
6.25%,
05/15/25
.......
7
7,002
159,453
Household
Durables
—
0.0%
(b)
Beazer
Homes
USA,
Inc.,
7.50%,
03/15/31
..
2
2,020
Dream
Finders
Homes,
Inc.,
8.25%,
08/15/28
.
2
2,088
LGI
Homes,
Inc.,
8.75%,
12/15/28
........
2
2,110
New
Home
Co.,
Inc.
(The),
9.25%,
10/01/29
.
4
4,020
10,238
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
.....................
61
57,983
TransAlta
Corp.,
7.75%,
11/15/29
........
20
20,790
78,773
Industrial
Conglomerates
—
0.1%
EMRLD
Borrower
LP,
6.63%,
12/15/30
(b)
....
38
38,365
Insurance
—
0.6%
(b)
Alliant
Holdings
Intermediate
LLC
4.25%
,
10/15/27
..................
77
72,493
6.75%
,
04/15/28
..................
4
4,028
7.00%
,
01/15/31
..................
10
10,100
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
AmWINS
Group,
Inc.
6.38%
,
02/15/29
..................
USD
2
$
2,011
4.88%
,
06/30/29
..................
3
2,800
Howden
UK
Refinance
plc,
7.25%,
02/15/31
.
28
28,106
HUB
International
Ltd.,
7.25%,
06/15/30
....
63
64,745
Jones
Deslauriers
Insurance
Management,
Inc.,
8.50%,
03/15/30
.................
10
10,424
NFP
Corp.,
4.88%,
08/15/28
...........
52
52,117
Panther
Escrow
Issuer
LLC,
7.13%,
06/01/31
.
48
48,802
295,626
IT
Services
—
0.1%
Central
Parent
LLC,
8.00%,
06/15/29
(b)
.....
10
10,366
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
....
22
22,497
Twilio,
Inc.,
3.63%,
03/15/29
...........
23
20,687
53,550
Leisure
Products
—
0.0%
(b)
Acushnet
Co.,
7.38%,
10/15/28
.........
2
2,073
Amer
Sports
Co.,
6.75%,
02/16/31
.......
7
6,946
9,019
Life
Sciences
Tools
&
Services
—
0.1%
(b)
Charles
River
Laboratories
International,
Inc.,
4.25%,
05/01/28
.................
32
30,181
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
....
4
4,129
Star
Parent,
Inc.,
9.00%,
10/01/30
........
17
17,991
52,301
Machinery
—
0.1%
(b)
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
6
5,442
Wabash
National
Corp.,
4.50%,
10/15/28
...
18
16,507
21,949
Media
—
0.3%
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%
,
08/15/27
..................
17
16,025
9.00%
,
09/15/28
..................
39
40,623
7.88%
,
04/01/30
..................
15
14,912
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
..
19
17,975
GCI
LLC,
4.75%,
10/15/28
(b)
...........
2
1,834
Hughes
Satellite
Systems
Corp.,
5.25%,
08/01/26
......................
4
3,329
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
.....
3
2,878
Outfront
Media
Capital
LLC
(b)
5.00%
,
08/15/27
..................
13
12,512
4.25%
,
01/15/29
..................
2
1,812
7.38%
,
02/15/31
..................
4
4,189
Radiate
Holdco
LLC,
4.50%,
09/15/26
(b)
....
2
1,590
Sirius
XM
Radio,
Inc.
(b)
3.13%
,
09/01/26
..................
7
6,557
5.00%
,
08/01/27
..................
2
1,924
4.00%
,
07/15/28
..................
2
1,830
Univision
Communications,
Inc.
(b)
6.63%
,
06/01/27
..................
6
5,868
8.00%
,
08/15/28
..................
23
23,432
157,290
Metals
&
Mining
—
0.4%
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
....
61
61,343
Novelis
Corp.
(b)
3.25%
,
11/15/26
..................
37
34,476
3.88%
,
08/15/31
..................
21
18,039
Steel
Dynamics,
Inc.,
2.40%,
06/15/25
.....
50
48,146
162,004
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.,
7.25%,
04/01/29
(b)
.....................
3
3,024
Security
Par
(000)
Par
(000)
Value
Multi-Utilities
—
0.9%
Consumers
Energy
Co.,
4.60%,
05/30/29
...
USD
135
$
133,430
E.ON
SE,
0.88%,
01/08/25
(c)
...........
EUR
30
31,660
Engie
SA,
3.88%,
03/06/36
(c)
...........
100
109,905
San
Diego
Gas
&
Electric
Co.,
4.95%,
08/15/28
USD
95
95,356
Sempra,
3.30%,
04/01/25
.............
50
48,918
419,269
Oil,
Gas
&
Consumable
Fuels
—
0.6%
Enbridge,
Inc.,
6.00%,
11/15/28
.........
40
41,589
Eni
SpA,
1.00%,
03/14/25
(c)
............
EUR
100
105,168
Kinder
Morgan,
Inc.,
5.00%,
02/01/29
.....
USD
45
44,815
Targa
Resources
Corp.,
5.20%,
07/01/27
...
57
56,918
Western
Midstream
Operating
LP,
6.35%,
01/15/29
......................
25
25,927
274,417
Passenger
Airlines
—
0.1%
(b)
American
Airlines,
Inc.
5.50%
,
04/20/26
..................
10
9,858
5.75%
,
04/20/29
..................
4
3,932
8.50%
,
05/15/29
..................
11
11,621
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
.
—
(d)
1
United
Airlines,
Inc.
4.38%
,
04/15/26
..................
40
38,669
4.63%
,
04/15/29
..................
3
2,790
66,871
Personal
Care
Products
—
0.0%
Coty,
Inc.,
6.63%,
07/15/30
(b)
...........
6
6,093
Pharmaceuticals
—
0.4%
Bristol-Myers
Squibb
Co.,
4.90%,
02/22/29
..
50
50,210
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%
,
07/15/27
..................
11
10,832
3.13%
,
02/15/29
..................
2
1,911
3.50%
,
04/01/30
..................
4
3,810
Pfizer
Investment
Enterprises
Pte.
Ltd.,
4.45%,
05/19/28
......................
111
109,421
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
..............
21
19,575
195,759
Professional
Services
—
0.1%
(b)
AMN
Healthcare,
Inc.,
4.63%,
10/01/27
....
11
10,448
CoreLogic,
Inc.,
4.50%,
05/01/28
........
11
9,863
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
9
8,308
28,619
Real
Estate
Management
&
Development
—
0.1%
Anywhere
Real
Estate
Group
LLC
Series
AI
,
7.00%
,
04/15/30
...........
6
4,986
7.00%
,
04/15/30
(b)
.................
5
4,452
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
................
16
15,800
Howard
Hughes
Corp.
(The),
5.38%,
08/01/28
(b)
12
11,510
36,748
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
.....................
4
3,651
Semiconductors
&
Semiconductor
Equipment
—
1.5%
Broadcom
Corp.,
3.88%,
01/15/27
.......
20
19,389
Entegris,
Inc.
(b)
4.38%
,
04/15/28
..................
8
7,519
4.75%
,
04/15/29
..................
27
25,875
Intel
Corp.,
4.88%,
02/10/28
...........
70
70,173
Lam
Research
Corp.
3.80%
,
03/15/25
..................
6
5,914
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
3.75%
,
03/15/26
..................
USD
143
$
139,671
NXP
BV,
2.70%,
05/01/25
.............
330
319,862
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
........
5
4,500
Texas
Instruments,
Inc.,
4.60%,
02/15/28
...
100
100,035
692,938
Software
—
1.7%
Boxer
Parent
Co.,
Inc.,
7.13%,
10/02/25
(b)
...
6
6,005
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
..
5
5,188
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
.....
8
8,166
Clarivate
Science
Holdings
Corp.
(b)
3.88%
,
07/01/28
..................
43
39,783
4.88%
,
07/01/29
..................
18
16,653
Cloud
Software
Group,
Inc.,
6.50%,
03/31/29
(b)
75
71,172
Elastic
NV,
4.13%,
07/15/29
(b)
..........
18
16,198
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
.......
12
11,209
Gen
Digital,
Inc.,
6.75%,
09/30/27
(b)
.......
10
10,143
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
.....
7
6,753
Oracle
Corp.
1.65%
,
03/25/26
..................
45
42,000
2.65%
,
07/15/26
..................
172
162,753
PTC,
Inc.,
4.00%,
02/15/28
(b)
...........
14
13,084
Sabre
GLBL,
Inc.,
8.63%,
06/01/27
(b)
......
7
6,143
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
.
25
24,444
UKG,
Inc.,
6.88%,
02/01/31
(b)
...........
48
48,899
VMware
LLC
1.40%
,
08/15/26
..................
155
141,555
3.90%
,
08/21/27
..................
55
52,678
Workday,
Inc.,
3.50%,
04/01/27
.........
80
76,605
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
22
19,804
779,235
Specialized
REITs
—
1.2%
American
Tower
Corp.,
3.55%,
07/15/27
....
50
47,530
Crown
Castle,
Inc.
3.20%
,
09/01/24
..................
50
49,490
1.05%
,
07/15/26
..................
153
139,072
Equinix,
Inc.
1.00%
,
09/15/25
..................
200
187,038
1.55%
,
03/15/28
..................
65
56,379
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(b)
.....
29
29,553
SBA
Communications
Corp.
3.88%
,
02/15/27
..................
22
20,924
3.13%
,
02/01/29
..................
6
5,295
535,281
Specialty
Retail
—
0.1%
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
...
8
7,437
Home
Depot,
Inc.
(The),
2.88%,
04/15/27
...
55
52,182
59,619
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Seagate
HDD
Cayman,
8.25%,
12/15/29
(b)
..
15
16,117
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
(b)
Crocs,
Inc.,
4.25%,
03/15/29
...........
10
9,142
Hanesbrands,
Inc.,
4.88%,
05/15/26
......
11
10,710
William
Carter
Co.
(The),
5.63%,
03/15/27
...
14
13,905
33,757
Trading
Companies
&
Distributors
—
0.6%
Beacon
Roofing
Supply,
Inc.,
6.50%,
08/01/30
(b)
4
4,059
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
9.75%
,
08/01/27
..................
2
2,071
5.50%
,
05/01/28
..................
5
4,845
7.88%
,
12/01/30
..................
13
13,651
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
.....
14
13,751
IMCD
NV,
4.88%,
09/18/28
(c)
...........
EUR
100
111,883
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
(continued)
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
.....
USD
4
$
3,750
SRS
Distribution,
Inc.,
4.63%,
07/01/28
(b)
...
42
42,307
United
Rentals
North
America,
Inc.
4.88%
,
01/15/28
..................
21
20,436
6.00%
,
12/15/29
(b)
.................
15
15,100
WESCO
Distribution,
Inc.
(b)
7.25%
,
06/15/28
..................
24
24,502
6.38%
,
03/15/29
..................
10
10,103
266,458
Wireless
Telecommunication
Services
—
0.9%
Rogers
Communications,
Inc.,
3.20%,
03/15/27
145
137,645
Sprint
LLC,
7.63%,
03/01/26
...........
23
23,762
T-Mobile
USA,
Inc.
2.25%
,
02/15/26
..................
23
21,764
2.63%
,
04/15/26
..................
270
256,473
439,644
Total
Corporate
Bonds
—
34
.3
%
(Cost:
$
16,056,347
)
...............................
15,911,657
Foreign
Agency
Obligations
Canada
—
0.8%
CDP
Financial,
Inc.
,
1.00%
,
05/26/26
(b)
.....
400
369,042
Germany
—
0.4%
Kreditanstalt
fuer
Wiederaufbau
,
0.00%
,
09/15/28
(c)
......................
EUR
200
191,687
Netherlands
—
2.4%
Nederlandse
Waterschapsbank
NV
2.38%
,
03/24/26
(c)
.................
USD
300
286,529
2.38%
,
03/24/26
(b)
.................
400
382,038
1.00%
,
05/28/30
(c)
.................
550
448,261
1,116,828
Total
Foreign
Agency
Obligations
—
3
.6
%
(Cost:
$
1,713,318
)
...............................
1,677,557
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
3.1%
(b)
Angel
Oak
Mortgage
Trust,
Series
2022-2,
Class
A1,
3.35%,
01/25/67
(a)
..........
40
36,346
Barclays
Mortgage
Loan
Trust,
Series
2024-
NQM1,
Class
A1,
5.90%,
01/25/64
(e)
.....
99
98,511
BRAVO
Residential
Funding
Trust,
Series
2023-
NQM6,
Class
A1,
6.60%,
09/25/63
(e)
.....
94
94,183
COLT
Mortgage
Loan
Trust,
Series
2022-3,
Class
A1,
3.90%,
02/25/67
(a)
..........
82
77,825
CSMC
Trust,
Series
2021-NQM8,
Class
A1,
1.84%,
10/25/66
(a)
.................
76
65,653
Deephaven
Residential
Mortgage
Trust,
Series
2021-4,
Class
A1,
1.93%,
11/25/66
(a)
.....
73
62,903
Flagstar
Mortgage
Trust,
Series
2021-12,
Class
A19,
5.00%,
11/25/51
(a)
..............
108
103,675
GCAT
Trust,
Series
2021-NQM7,
Class
A1,
1.91%,
08/25/66
(a)
.................
56
48,657
J.P.
Morgan
Mortgage
Trust
Series
2021-15,
Class
A4,
2.50%,
06/25/52
(a)
138
119,607
Series
2021-7,
Class
A3,
2.50%,
11/25/51
(a)
104
83,527
Series
2024-2,
Class
A3,
6.00%,
08/25/54
.
38
38,039
MFA
Trust,
Series
2023-INV2,
Class
A1,
6.77%,
10/25/58
(e)
......................
98
98,222
Mill
City
Mortgage
Loan
Trust,
Series
2017-3,
Class
A1,
2.75%,
01/25/61
(a)
..........
16
15,469
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
OBX
Trust,
Series
2023-NQM6,
Class
A1,
6.52%,
07/25/63
(e)
.................
USD
98
$
98,595
PRKCM
Trust,
Series
2023-AFC3,
Class
A1,
6.58%,
09/25/58
(e)
.................
90
90,437
RCKT
Mortgage
Trust,
Series
2022-4,
Class
A2,
3.50%,
06/25/52
(a)
.................
89
77,657
Towd
Point
Mortgage
Trust
(a)
Series
2015-1,
Class
A5,
4.53%,
10/25/53
.
94
93,079
Series
2018-1,
Class
A1,
3.00%,
01/25/58
.
47
45,872
Series
2018-2,
Class
A1,
3.25%,
03/25/58
.
49
47,688
Series
2018-6,
Class
A1A,
3.75%,
03/25/58
69
67,031
1,462,976
Commercial
Mortgage-Backed
Securities
—
3.4%
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2015-200P,
Class
A,
3.22%,
04/14/33
(b)
......................
100
96,282
BBCMS
Mortgage
Trust,
Series
2023-C19,
Class
A2B,
5.75%,
04/15/56
..........
50
50,326
Benchmark
Mortgage
Trust
Series
2023-V3,
Class
A3,
6.36%,
07/15/56
(a)
....................
50
52,256
Series
2024-V5,
Class
A3,
5.81%,
01/10/57
40
41,188
BX
Commercial
Mortgage
Trust,
Series
2024-
XL5,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.69%,
03/15/41
(a)
(b)
100
100,050
BX
Trust
(a)(b)
Series
2024-PAT,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.09%
Floor
+
2.09%),
7.34%,
03/15/26
.....................
30
29,985
Series
2024-PAT,
Class
B,
(1-mo.
CME
Term
SOFR
at
3.04%
Floor
+
3.04%),
8.29%,
03/15/26
.....................
10
9,994
CENT
Trust,
Series
2023-CITY,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.62%
Floor
+
2.62%),
7.95%,
09/15/38
(a)
(b)
................
40
40,400
Commercial
Mortgage
Trust,
Series
2015-
CR22,
Class
A5,
3.31%,
03/10/48
.......
200
195,219
CSAIL
Commercial
Mortgage
Trust,
Series
2016-C5,
Class
A5,
3.76%,
11/15/48
.....
200
194,279
Grace
Trust,
Series
2020-GRCE,
Class
A,
2.35%,
12/10/40
(b)
.................
150
121,950
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(b)
Series
2021-NYAH,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.76%
Floor
+
0.87%),
6.20%,
06/15/38
(a)
...............
100
98,500
Series
2022-OPO,
Class
A,
3.02%,
01/05/39
100
88,468
MAD
Mortgage
Trust,
Series
2017-330M,
Class
A,
3.08%,
08/15/34
(a)
(b)
..............
100
92,375
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C20,
Class
A4,
3.25%,
02/15/48
.......................
180
176,359
MSWF
Commercial
Mortgage
Trust,
Series
2023-2,
Class
A5,
6.01%,
12/15/56
(a)
.....
35
37,443
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.51%,
05/15/37
(a)
(b)
................
100
100,750
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2016-LC25,
Class
A4,
3.64%,
12/15/59
...
50
47,796
1,573,620
Total
Non-Agency
Mortgage-Backed
Securities
—
6
.5
%
(Cost:
$
3,162,439
)
...............................
3,036,596
Security
Par
(000)
Par
(000)
Value
U.S.
Government
Sponsored
Agency
Securities
Agency
Obligations
—
2.7%
Federal
Farm
Credit
Bank
Bonds
1.30
%
,
02/03/31
..................
USD
150
$
120,561
1.68
%
,
09/17/35
..................
220
160,054
2.17
%
,
10/29/29
..................
80
71,025
2.25
%
,
08/15/29
..................
150
133,922
Federal
Home
Loan
Bank
Bonds
0.60
%
,
12/30/26
..................
120
107,094
2.06
%
,
09/27/29
..................
150
132,693
2.18
%
,
11/06/29
..................
100
88,047
Federal
Home
Loan
Mortgage
Corp.
0.65
%
,
05/28/26
..................
120
109,829
4.20
%
,
08/28/25
..................
150
148,398
Federal
National
Mortgage
Association
0.74
%
,
08/25/27
..................
120
105,608
0.81
%
,
09/25/28
..................
120
102,271
1,279,502
Collateralized
Mortgage
Obligations
—
0.2%
Federal
National
Mortgage
Association
,
Series
2020-79
,
1.50
%
,
11/25/50
............
49
42,992
Government
National
Mortgage
Association
,
Series
2020-127
,
Class
LP
,
1.50
%
,
06/20/50
81
63,038
106,030
Mortgage-Backed
Securities
—
7.5%
Federal
Home
Loan
Mortgage
Corp.
,
2.50
%
,
10/01/31
..................
136
126,926
Government
National
Mortgage
Association
2.50
%
,
10/20/51
..................
195
164,686
3.00
%
,
10/20/51
..................
950
837,497
Uniform
Mortgage-Backed
Securities
2.50
%
,
02/01/35
-
11/01/51
...........
451
404,472
3.00
%
,
11/01/51
..................
246
216,279
3.50
%
,
11/01/51
..................
914
839,931
4.50
%
,
04/25/54
(f)
.................
455
433,261
6.50
%
,
11/01/53
..................
429
438,740
3,461,792
Total
U.S.
Government
Sponsored
Agency
Securities
—
10
.4
%
(Cost:
$
5,253,946
)
...............................
4,847,324
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
3.88
%
,
01/15/26
..................
350
344,996
4.00
%
,
02/15/26
-
01/15/27
...........
1,510
1,491,702
4.63
%
,
03/15/26
-
11/15/26
...........
3,545
3,551,278
3.75
%
,
04/15/26
..................
1,560
1,533,066
3.63
%
,
05/15/26
..................
555
543,987
4.50
%
,
07/15/26
..................
900
898,664
4.38
%
,
08/15/26
-
12/15/26
...........
1,585
1,580,334
4.13
%
,
02/15/27
..................
1,170
1,160,128
4.25
%
,
03/15/27
..................
790
786,359
Total
U.S.
Treasury
Obligations
—
25
.6
%
(Cost:
$
11,944,512
)
...............................
11,890,514
Total
Long-Term
Investments
—
97.3%
(Cost:
$
46,094,761
)
...............................
45,196,780
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Par
(000)
Par
(000)
Value
Short-Term
Securities
Commercial
Paper
—
0.5%
HSBC
USA,
Inc.
,
6.55%
,
06/24/24
(g)
.......
USD
250
$
246,657
Total
Commercial
Paper
—
0
.5
%
(Cost:
$
246,412
)
.................................
246,657
Shares
Shares
Money
Market
Funds
—
3.5%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(h)
(i)
..................
1,622,948
1,622,948
Total
Money
Market
Funds
—
3
.5
%
(Cost:
$
1,622,948
)
...............................
1,622,948
Total
Short-Term
Securities
—
4.0%
(Cost:
$
1,869,360
)
...............................
1,869,605
Total
Investments
Before
TBA
Sale
Commitments
—
101
.3
%
(Cost:
$
47,964,121
)
...............................
47,066,385
Security
Par
(000)
Pa
r
(
000)
Value
TBA
Sale
Commitments
Mortgage-Backed
Securities
—
(
0
.9
)
%
Uniform
Mortgage-Backed
Securities
,
4.50
%
,
04/25/54
(f)
.................
USD
(
455
)
$
(
433,261
)
Total
TBA
Sale
Commitments
—
(
0
.9
)
%
(Proceeds:
$
(
436,125
)
)
............................
(433,261)
Total
Investments
Net
of
TBA
Sale
Commitments
—
100
.4
%
(Cost:
$
47,527,996
)
...............................
46,633,124
Liabilities
in
Excess
of
Other
Assets
—
(
0.4
)
%
.............
(
205,198
)
Net
Assets
—
100.0%
...............................
$
46,427,926
(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)
Rounds
to
less
than
1,000.
(e)
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.
(f)
Represents
or
includes
a
TBA
transaction.
(g)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
(h)
Affiliate
of
the
Fund.
(i)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
933,595
$
689,353
(a)
$
—
$
—
$
—
$
1,622,948
1,622,948
$
24,286
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
30
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
2-Year
Note
....................................................
81
06/28/24
$
16,563
$
(
12,966
)
Short
Contracts
Euro-Bobl
...............................................................
6
06/06/24
765
(
2,323
)
Euro-Bund
..............................................................
2
06/06/24
288
(
3,220
)
Euro-Schatz
.............................................................
2
06/06/24
228
(
172
)
U.S.
Treasury
10-Year
Note
...................................................
16
06/18/24
1,773
1,463
U.S.
Treasury
10-Year
Ultra
Note
...............................................
10
06/18/24
1,146
(
6,214
)
U.S.
Treasury
Long
Bond
.....................................................
5
06/18/24
602
(
11,377
)
U.S.
Treasury
Ultra
Bond
.....................................................
2
06/18/24
258
(
5,817
)
U.S.
Treasury
5-Year
Note
....................................................
52
06/28/24
5,565
(
6,581
)
(
34,241
)
$
(
47,207
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
942,740
EUR
862,000
BNP
Paribas
SA
06/20/24
$
9,755
USD
106,859
EUR
98,000
JPMorgan
Chase
Bank
NA
06/20/24
788
$
10,543
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
1,980
$
(
148,245
)
$
(
32,767
)
$
(
115,478
)
Markit
CDX
North
American
Investment
Grade
Index
Series
42.V1
................
1
.00
Quarterly
06/20/29
USD
990
(
22,610
)
(
21,477
)
(
1,133
)
$
(
170,855
)
$
(
54,244
)
$
(
116,611
)
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.23%
Annual
1-day
TONAR
Annual
11/24/25
JPY
158,506
$
(
198
)
$
—
$
(
198
)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
TONAR
........................................
Tokyo
Overnight
Average
Rate
0
.07
%
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
31
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
..........................................................
$
—
$
(
54,244
)
$
—
$
(
116,809
)
(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)
......
$
—
$
—
$
—
$
—
$
1,463
$
—
$
1,463
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
10,543
—
—
10,543
$
—
$
—
$
—
$
10,543
$
1,463
$
—
$
12,006
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
48,670
$
—
$
48,670
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
116,611
—
—
198
—
116,809
$
—
$
116,611
$
—
$
—
$
48,868
$
—
$
165,479
(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).
For
the
period
ended
March
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
.......................
$
—
$
—
$
—
$
—
$
(
22,862
)
$
—
$
(
22,862
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
36,494
)
—
—
(
36,494
)
Options
purchased
(a)
.....................
—
—
—
—
(
9,806
)
—
(
9,806
)
Options
written
........................
—
—
—
—
5,540
—
5,540
Swaps
..............................
—
(
21,880
)
—
—
(
869
)
—
(
22,749
)
$
—
$
(21,880)
$
—
$
(36,494)
$
(27,997)
$
—
$
(86,371)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
—
$
—
$
(
137,775
)
$
—
$
(
137,775
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
19,949
)
—
—
(
19,949
)
Options
purchased
(b)
.....................
—
—
—
—
6,431
—
6,431
Options
written
........................
—
—
—
—
(
3,853
)
—
(
3,853
)
Swaps
..............................
—
(
138,481
)
—
—
(
198
)
—
(
138,679
)
$
—
$
(138,481)
$
—
$
(19,949)
$
(135,395)
$
—
$
(293,825)
(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)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
32
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
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.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
16,209,309
Average
notional
value
of
contracts
—
short
.................................................................................
$
10,563,480
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
1,663,726
Options
Average
value
of
option
contracts
purchased
................................................................................
$
—
(a)
Average
value
of
option
contracts
written
...................................................................................
$
—
(a)
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
2,721,100
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
1,085,615
(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
....................................................................................
$
—
$
869
Forward
f
oreign
currency
exchange
contracts
.................................................................
10,543
—
Swaps
—
centrally
cleared
..............................................................................
—
9,260
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
10,543
$
10,129
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(
10,129
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
10,543
$
—
The
following
table
presents
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
by
the
Fund:
Counterparty
Derivative
Assets
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
Non-cash
Collateral
Received
Cash
Collateral
Received
Net
Amount
of
Derivative
Assets
(a)(b)
BNP
Paribas
SA
.................................
$
9,755
$
—
$
—
$
—
$
9,755
JPMorgan
Chase
Bank
NA
..........................
788
—
—
—
788
$
10,543
$
—
$
—
$
—
$
10,543
(a)
Net
amount
may
also
include
forward
foreign
currency
exchange
contracts
that
are
not
required
to
be
collateralized.
(b)
Net
amount
represents
the
net
amount
receivable
from
the
counterparty
in
the
event
of
default.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
7,833,132
$
—
$
7,833,132
Corporate
Bonds
........................................
—
15,911,657
—
15,911,657
Foreign
Agency
Obligations
.................................
—
1,677,557
—
1,677,557
Non-Agency
Mortgage-Backed
Securities
........................
—
3,036,596
—
3,036,596
U.S.
Government
Sponsored
Agency
Securities
....................
—
4,847,324
—
4,847,324
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Low
Duration
Bond
Fund
Schedules
of
Investments
33
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
U.S.
Treasury
Obligations
...................................
$
—
$
11,890,514
$
—
$
11,890,514
Short-Term
Securities
Commercial
Paper
.......................................
—
246,657
—
246,657
Money
Market
Funds
......................................
1,622,948
—
—
1,622,948
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
433,261
)
—
(
433,261
)
$
1,622,948
$
45,010,176
$
—
$
46,633,124
Derivative
Financial
Instruments
(a)
Assets
Foreign
currency
exchange
contracts
............................
$
—
$
10,543
$
—
$
10,543
Interest
rate
contracts
.......................................
1,463
—
—
1,463
Liabilities
Credit
contracts
...........................................
—
(
116,611
)
—
(
116,611
)
Interest
rate
contracts
.......................................
(
48,670
)
(
198
)
—
(
48,868
)
$
(
47,207
)
$
(
106,266
)
$
—
$
(
153,473
)
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Asset-Backed
Securities
Cayman
Islands
—
6.4%
(a)(b)
AGL
Core
CLO
4
Ltd.,
Series
2020-4A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.07%
Floor
+
1.33%),
6.65%,
04/20/33
.................
USD
250
$
250,055
Anchorage
Capital
CLO
8
Ltd.,
Series
2016-8A,
Class
BR2,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
2.06%),
7.38%,
10/27/34
.......
250
249,002
Bridge
Street
CLO
II
Ltd.,
Series
2021-
1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.23%
Floor
+
1.49%),
6.81%,
07/20/34
............
250
250,188
CIFC
Funding
Ltd.,
Series
2020-3A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.39%
Floor
+
1.39%),
6.71%,
10/20/34
.................
250
250,134
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.77%,
10/15/30
.................
168
167,832
Madison
Park
Funding
XIX
Ltd.,
Series
2015-19A,
Class
AR3,
(3-mo.
CME
Term
SOFR
at
1.60%
Floor
+
1.60%),
6.92%,
01/22/37
.......
250
250,795
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.30%),
7.64%,
01/19/33
.
250
252,366
Palmer
Square
CLO
Ltd.,
Series
2021-
3A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.41%
Floor
+
1.41%),
6.73%,
01/15/35
............
250
250,575
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
.................
250
249,824
TCW
CLO
AMR
Ltd.,
Series
2019-1A,
Class
ASNR,
(3-mo.
CME
Term
SOFR
at
1.22%
Floor
+
1.48%),
6.81%,
08/16/34
............
250
249,397
Trimaran
CAVU
Ltd.,
Series
2021-2A,
Class
D1,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.51%),
8.84%,
10/25/34
.................
250
247,078
2,667,246
Ireland
—
0.3%
Prodigy
Finance
DAC,
Series
2021-1A,
Class
A,
(1-mo.
CME
Term
SOFR
+
1.36%),
6.69%,
07/25/51
(a)
(b)
....
118
117,388
United
States
—
5.2%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2021-FL1,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.97%
Floor
+
1.08%),
6.41%,
12/15/35
(a)
(b)
...............
58
57,632
Diameter
Capital
CLO
1
Ltd.,
Series
2021-1A,
Class
A1A,
(3-mo.
CME
Term
SOFR
at
1.50%
Floor
+
1.50%),
6.82%,
07/15/36
(a)
(b)
....
250
250,150
Home
Partners
of
America
Trust,
Series
2021-2,
Class
F,
3.80%,
12/17/26
(a)
481
429,803
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Legacy
Mortgage
Asset
Trust,
Series
2019-SL2,
Class
M,
4.25%,
02/25/59
(a)
(b)
...............
USD
215
$
171,336
Lendmark
Funding
Trust,
Series
2022-
1A,
Class
A,
5.12%,
07/20/32
(a)
..
100
98,836
Long
Beach
Mortgage
Loan
Trust,
Series
2006-2,
Class
1A,
(1-mo.
CME
Term
SOFR
at
0.18%
Floor
+
0.47%),
5.80%,
03/25/46
(b)
.....
125
97,115
MF1
LLC,
Series
2023-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.07%
Floor
+
2.07%),
7.39%,
10/19/38
(a)
(b)
100
99,713
Mosaic
Solar
Loans
LLC,
Series
2017-
2A,
Class
C,
2.00%,
06/22/43
(a)
..
9
8,849
Navient
Private
Education
Loan
Trust,
Series
2015-AA,
Class
A3,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.81%),
7.14%,
11/15/30
(a)
(b)
....
66
66,298
PRET
LLC,
Series
2021-NPL6,
Class
A1,
2.49%,
07/25/51
(a)
(c)
.......
183
176,607
Progress
Residential
Trust,
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
(a)
................
493
435,188
Ready
Capital
Mortgage
Financing
LLC,
Series
2023-FL11,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.37%
Floor
+
2.37%),
7.70%,
10/25/39
(a)
(b)
46
45,857
Redwood
Funding
Trust,
Series
2023-1,
Class
A,
7.50%,
07/25/59
(a)
(c)
....
95
94,810
Regional
Management
Issuance
Trust
(a)
Series
2020-1,
Class
A,
2.34%,
10/15/30
...............
50
49,078
Series
2021-1,
Class
A,
1.68%,
03/17/31
...............
92
88,889
2,170,161
Total
Asset-Backed
Securities
—
11.9%
(Cost:
$
5,054,407
)
..............................
4,954,795
Corporate
Bonds
Belgium
—
0.2%
KBC
Group
NV
,
(3-mo.
EURIBOR
+
0.72%),
0.38%
,
06/16/27
(b)
(d)
....
EUR
100
100,677
Canada
—
0.2%
Algonquin
Power
&
Utilities
Corp.
,
5.37%
,
06/15/26
(c)
...........
USD
30
29,838
Rogers
Communications,
Inc.
,
5.30%
,
02/15/34
.................
51
50,545
80,383
China
—
0.1%
NXP
BV
5.55%
,
12/01/28
............
32
32,473
3.40%
,
05/01/30
............
5
4,533
37,006
France
—
1.8%
(d)
Banque
Federative
du
Credit
Mutuel
SA
0.10%
,
10/08/27
............
EUR
100
96,518
4.13%
,
09/18/30
............
200
225,041
BNP
Paribas
SA
(b)
(3-mo.
EURIBOR
+
0.80%),
0.38%
,
10/14/27
...............
100
99,513
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
France
(continued)
(3-mo.
EURIBOR
+
1.60%),
4.75%
,
11/13/32
...............
EUR
100
$
114,402
Elis
SA
,
3.75%
,
03/21/30
........
100
107,379
Engie
SA
,
1.75%
,
03/27/28
.......
100
101,497
744,350
Germany
—
1.2%
Deutsche
Bank
AG
,
5.37%
,
09/09/27
USD
150
150,776
E.ON
SE
,
1.00%
,
10/07/25
(d)
......
EUR
100
104,123
Eurogrid
GmbH
,
3.92%
,
02/01/34
(d)
..
100
109,943
Sartorius
Finance
BV
,
4.50%
,
09/14/32
(d)
................
100
113,614
478,456
Italy
—
0.5%
(d)
Iren
SpA
,
1.95%
,
09/19/25
.......
100
105,107
Snam
SpA
,
3.38%
,
02/19/28
......
100
107,882
212,989
South
Africa
—
0.5%
Anglo
American
Capital
plc
,
2.63%
,
09/10/30
(a)
................
USD
258
218,574
Spain
—
0.5%
(b)(d)
Banco
de
Sabadell
SA
,
(1-Year
EUR
Swap
Annual
+
1.60%),
4.00%
,
01/15/30
.................
EUR
100
109,324
CaixaBank
SA
,
(3-mo.
EURIBOR
+
0.85%),
0.38%
,
11/18/26
.......
100
102,037
211,361
Switzerland
—
2.4%
Credit
Suisse
AG
4.75%
,
08/09/24
............
USD
250
249,087
0.45%
,
05/19/25
(d)
...........
EUR
100
104,174
UBS
AG
,
0.01%
,
06/29/26
(d)
.......
200
200,482
UBS
Group
AG
(b)
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%
,
03/01/29
(d)
..
100
123,006
(1-day
SOFR
+
5.02%),
9.02%
,
11/15/33
(a)
..............
USD
250
303,337
980,086
United
Kingdom
—
0.5%
National
Grid
plc
,
0.25%
,
09/01/28
(d)
.
EUR
100
93,831
RELX
Capital,
Inc.
,
3.00%
,
05/22/30
.
USD
18
16,155
SSE
plc
,
0.88%
,
09/06/25
(d)
.......
EUR
100
103,791
213,777
United
States
—
25.0%
AbbVie,
Inc.
5.05%
,
03/15/34
............
USD
23
23,285
4.55%
,
03/15/35
............
59
57,026
4.70%
,
05/14/45
............
69
64,522
5.40%
,
03/15/54
............
5
5,146
AEP
Texas,
Inc.
3.95%
,
06/01/28
............
64
61,066
5.25%
,
05/15/52
............
22
20,652
Agilent
Technologies,
Inc.
,
3.05%
,
09/22/26
.................
37
35,245
American
International
Group,
Inc.
,
4.75%
,
04/01/48
............
8
7,393
American
Tower
Corp.
,
3.80%
,
08/15/29
.................
355
331,308
Amgen,
Inc.
4.05%
,
08/18/29
............
177
170,129
5.25%
,
03/02/30
............
40
40,608
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
4.40%
,
02/22/62
............
USD
30
$
24,716
5.75%
,
03/02/63
............
59
60,177
Aon
Corp.
2.80%
,
05/15/30
............
34
29,949
2.05%
,
08/23/31
............
5
4,079
Aon
North
America,
Inc.
,
5.75%
,
03/01/54
.................
14
14,353
AT&T,
Inc.
2.75%
,
06/01/31
............
28
24,118
2.25%
,
02/01/32
............
16
13,004
5.40%
,
02/15/34
............
67
67,879
5.25%
,
03/01/37
............
17
16,713
4.75%
,
05/15/46
............
59
52,837
4.50%
,
03/09/48
............
51
43,379
3.50%
,
09/15/53
............
20
14,110
3.65%
,
09/15/59
............
73
50,824
Atmos
Energy
Corp.
2.85%
,
02/15/52
............
10
6,482
6.20%
,
11/15/53
............
4
4,506
Autodesk,
Inc.
,
2.85%
,
01/15/30
....
19
16,977
Baltimore
Gas
&
Electric
Co.
3.50%
,
08/15/46
............
74
55,257
5.40%
,
06/01/53
............
27
26,853
Bank
of
America
Corp.
(b)
(1-day
SOFR
+
1.99%),
6.20%
,
11/10/28
...............
50
51,723
(1-day
SOFR
+
1.57%),
5.82%
,
09/15/29
...............
217
222,498
(3-mo.
CME
Term
SOFR
+
1.25%),
2.50%
,
02/13/31
..........
38
32,735
Series
N
,
(1-day
SOFR
+
1.22%),
2.65%
,
03/11/32
..........
79
66,754
(1-day
SOFR
+
1.33%),
2.97%
,
02/04/33
...............
21
17,859
(1-day
SOFR
+
1.84%),
5.87%
,
09/15/34
...............
101
104,754
(1-day
SOFR
+
1.65%),
5.47%
,
01/23/35
...............
50
50,326
Becton
Dickinson
&
Co.
,
4.67%
,
06/06/47
.................
12
10,753
Berry
Global,
Inc.
,
1.65%
,
01/15/27
..
44
39,943
Bristol-Myers
Squibb
Co.
5.10%
,
02/22/31
............
15
15,145
6.25%
,
11/15/53
............
11
12,391
Broadcom,
Inc.
4.30%
,
11/15/32
............
30
28,188
2.60%
,
02/15/33
(a)
...........
56
45,481
3.42%
,
04/15/33
(a)
...........
61
52,881
3.14%
,
11/15/35
(a)
...........
32
25,853
Burlington
Northern
Santa
Fe
LLC
5.40%
,
06/01/41
............
19
19,336
3.30%
,
09/15/51
............
33
23,727
Cameron
LNG
LLC
,
3.30%
,
01/15/35
(a)
199
165,590
CenterPoint
Energy
Houston
Electric
LLC
Series
AE
,
2.35%
,
04/01/31
....
10
8,474
Series
AF
,
3.35%
,
04/01/51
....
9
6,524
Charter
Communications
Operating
LLC
5.13%
,
07/01/49
............
8
6,199
4.80%
,
03/01/50
............
108
79,943
3.90%
,
06/01/52
............
62
39,430
Cisco
Systems,
Inc.
,
4.95%
,
02/26/31
40
40,353
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Citigroup,
Inc.
(b)
(1-day
SOFR
+
1.28%),
3.07%
,
02/24/28
...............
USD
17
$
15,991
(3-mo.
CME
Term
SOFR
+
1.41%),
3.52%
,
10/27/28
..........
29
27,345
(1-day
SOFR
+
1.18%),
2.52%
,
11/03/32
...............
44
36,083
(1-day
SOFR
+
1.35%),
3.06%
,
01/25/33
...............
5
4,251
(1-day
SOFR
+
2.09%),
4.91%
,
05/24/33
...............
35
33,742
(1-day
SOFR
+
2.34%),
6.27%
,
11/17/33
...............
36
38,022
CNH
Industrial
Capital
LLC
,
3.95%
,
05/23/25
.................
350
343,729
Comcast
Corp.
4.65%
,
02/15/33
............
34
33,366
3.75%
,
04/01/40
............
5
4,156
2.89%
,
11/01/51
............
18
11,684
2.94%
,
11/01/56
............
37
23,295
2.99%
,
11/01/63
............
48
29,479
5.50%
,
05/15/64
............
25
25,032
Consolidated
Edison
Co.
of
New
York,
Inc.
,
Series
07-A
,
6.30%
,
08/15/37
17
18,365
Crown
Castle,
Inc.
,
3.10%
,
11/15/29
.
304
271,296
CVS
Health
Corp.
4.78%
,
03/25/38
............
40
36,939
5.05%
,
03/25/48
............
12
10,898
Dell
International
LLC
,
4.90%
,
10/01/26
78
77,519
Edison
International
5.75%
,
06/15/27
............
34
34,448
5.25%
,
11/15/28
............
27
26,905
6.95%
,
11/15/29
............
46
49,281
Elevance
Health,
Inc.
,
4.55%
,
03/01/48
29
25,492
Equinix,
Inc.
3.20%
,
11/18/29
............
128
114,589
2.15%
,
07/15/30
............
6
4,973
Eversource
Energy
,
5.45%
,
03/01/28
35
35,432
Extra
Space
Storage
LP
,
5.50%
,
07/01/30
.................
10
10,102
FactSet
Research
Systems,
Inc.
,
3.45%
,
03/01/32
............
69
60,922
FirstEnergy
Transmission
LLC
,
4.55%
,
04/01/49
(a)
................
36
30,462
Gilead
Sciences,
Inc.
1.65%
,
10/01/30
............
40
32,950
4.00%
,
09/01/36
............
38
34,089
2.60%
,
10/01/40
............
25
17,643
4.80%
,
04/01/44
............
49
45,616
Global
Payments,
Inc.
,
5.30%
,
08/15/29
.................
36
35,828
Goldman
Sachs
Group,
Inc.
(The)
(b)
(1-day
SOFR
+
1.11%),
2.64%
,
02/24/28
...............
4
3,726
(1-day
SOFR
+
1.85%),
3.62%
,
03/15/28
...............
4
3,826
(1-day
SOFR
+
1.73%),
4.48%
,
08/23/28
...............
25
24,441
(3-mo.
CME
Term
SOFR
+
1.42%),
3.81%
,
04/23/29
..........
103
97,641
(1-day
SOFR
+
1.77%),
6.48%
,
10/24/29
...............
18
18,938
(1-day
SOFR
+
1.25%),
2.38%
,
07/21/32
...............
56
45,940
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-day
SOFR
+
1.26%),
2.65%
,
10/21/32
...............
USD
108
$
89,858
(1-day
SOFR
+
1.95%),
6.56%
,
10/24/34
...............
70
76,370
Hartford
Financial
Services
Group,
Inc.
(The)
,
2.90%
,
09/15/51
........
7
4,574
HCA,
Inc.
5.38%
,
09/01/26
............
4
3,999
3.50%
,
09/01/30
............
184
166,402
5.50%
,
06/15/47
............
22
20,914
Hewlett
Packard
Enterprise
Co.
5.90%
,
10/01/24
............
130
130,194
5.25%
,
07/01/28
............
5
5,042
Humana,
Inc.
,
5.50%
,
03/15/53
....
10
9,730
Intel
Corp.
5.15%
,
02/21/34
............
25
25,057
4.75%
,
03/25/50
............
6
5,435
Invitation
Homes
Operating
Partnership
LP
5.45%
,
08/15/30
............
15
15,045
4.15%
,
04/15/32
............
20
18,304
JPMorgan
Chase
&
Co.
(b)
(1-day
SOFR
+
1.33%),
6.07%
,
10/22/27
...............
53
54,077
(3-mo.
CME
Term
SOFR
+
1.52%),
4.20%
,
07/23/29
..........
4
3,856
(1-day
SOFR
+
1.57%),
6.09%
,
10/23/29
...............
14
14,555
(1-day
SOFR
+
1.31%),
5.01%
,
01/23/30
...............
24
23,902
(3-mo.
CME
Term
SOFR
+
1.51%),
2.74%
,
10/15/30
..........
33
29,224
(3-mo.
CME
Term
SOFR
+
3.79%),
4.49%
,
03/24/31
..........
56
54,141
(3-mo.
EURIBOR
+
1.28%),
4.46%
,
11/13/31
(d)
..............
EUR
100
114,035
(1-day
SOFR
+
1.81%),
6.25%
,
10/23/34
...............
USD
44
47,009
(1-day
SOFR
+
1.62%),
5.34%
,
01/23/35
...............
15
15,059
Juniper
Networks,
Inc.
,
3.75%
,
08/15/29
.................
16
14,895
KeyCorp
,
(SOFR
Index
+
2.42%),
6.40%
,
03/06/35
(b)
...........
5
5,106
KLA
Corp.
,
3.30%
,
03/01/50
......
48
35,233
Lowe's
Cos.,
Inc.
2.63%
,
04/01/31
............
32
27,536
2.80%
,
09/15/41
............
72
51,176
Marriott
International,
Inc.
,
5.30%
,
05/15/34
.................
62
61,322
Marsh
&
McLennan
Cos.,
Inc.
,
5.45%
,
03/15/53
.................
11
11,072
Meta
Platforms,
Inc.
4.65%
,
08/15/62
............
13
11,673
5.75%
,
05/15/63
............
38
40,737
MidAmerican
Energy
Co.
,
5.85%
,
09/15/54
.................
50
53,349
Moody's
Corp.
,
3.25%
,
01/15/28
....
39
37,080
Morgan
Stanley
(b)
(1-day
SOFR
+
0.88%),
1.59%
,
05/04/27
...............
44
40,700
(1-day
SOFR
+
2.24%),
6.30%
,
10/18/28
...............
21
21,725
(1-day
SOFR
+
1.63%),
5.45%
,
07/20/29
...............
228
229,999
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-day
SOFR
+
1.83%),
6.41%
,
11/01/29
...............
USD
159
$
166,721
(1-day
SOFR
+
1.14%),
2.70%
,
01/22/31
...............
66
57,663
(1-day
SOFR
+
3.12%),
3.62%
,
04/01/31
...............
192
176,088
(1-day
SOFR
+
1.73%),
5.47%
,
01/18/35
...............
10
10,089
Motorola
Solutions,
Inc.
,
5.60%
,
06/01/32
.................
105
106,432
Nasdaq,
Inc.
5.55%
,
02/15/34
............
55
55,928
6.10%
,
06/28/63
............
9
9,596
National
Grid
North
America,
Inc.
,
4.67%
,
09/12/33
(d)
...........
EUR
100
114,584
Newmont
Corp.
,
2.80%
,
10/01/29
...
USD
21
18,841
NNN
REIT,
Inc.
3.50%
,
04/15/51
............
6
4,343
3.00%
,
04/15/52
............
13
8,367
Norfolk
Southern
Corp.
4.15%
,
02/28/48
............
33
27,380
5.35%
,
08/01/54
............
4
3,971
Northern
States
Power
Co.
4.50%
,
06/01/52
............
10
8,783
5.40%
,
03/15/54
............
4
4,028
Ohio
Power
Co.
Series
P
,
2.60%
,
04/01/30
.....
5
4,352
Series
Q
,
1.63%
,
01/15/31
.....
58
46,267
5.00%
,
06/01/33
............
35
34,343
Series
R
,
2.90%
,
10/01/51
.....
61
39,165
Omnicom
Group,
Inc.
3.60%
,
04/15/26
............
82
79,644
2.60%
,
08/01/31
............
5
4,235
ONE
Gas,
Inc.
,
5.10%
,
04/01/29
....
4
4,026
Oracle
Corp.
3.60%
,
04/01/40
............
122
96,169
4.00%
,
07/15/46
............
41
32,298
4.00%
,
11/15/47
............
4
3,123
3.60%
,
04/01/50
............
10
7,225
5.55%
,
02/06/53
............
16
15,652
4.38%
,
05/15/55
............
5
4,024
Otis
Worldwide
Corp.
,
5.25%
,
08/16/28
49
49,637
Owens
Corning
,
3.95%
,
08/15/29
...
9
8,509
Pacific
Gas
&
Electric
Co.
4.95%
,
07/01/50
............
45
38,708
3.50%
,
08/01/50
............
89
60,810
Paramount
Global
5.85%
,
09/01/43
............
9
7,292
5.25%
,
04/01/44
............
5
3,718
4.90%
,
08/15/44
............
3
2,145
4.60%
,
01/15/45
............
2
1,378
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%
,
03/30/62
(b)
...
3
2,772
PECO
Energy
Co.
3.90%
,
03/01/48
............
34
27,557
2.80%
,
06/15/50
............
6
3,924
2.85%
,
09/15/51
............
29
18,721
4.60%
,
05/15/52
............
26
23,422
4.38%
,
08/15/52
............
5
4,341
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.75%
,
05/19/33
............
38
37,414
5.30%
,
05/19/53
............
46
45,735
Piedmont
Natural
Gas
Co.,
Inc.
,
2.50%
,
03/15/31
.................
11
9,277
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
Prologis
LP
,
4.38%
,
09/15/48
......
USD
12
$
10,469
Public
Service
Co.
of
New
Hampshire
,
5.15%
,
01/15/53
............
32
31,292
Public
Service
Electric
&
Gas
Co.
3.70%
,
05/01/28
............
63
60,492
5.45%
,
08/01/53
............
56
57,523
5.45%
,
03/01/54
............
16
16,498
Realty
Income
Corp.
,
3.10%
,
12/15/29
9
8,170
Republic
Services,
Inc.
,
3.95%
,
05/15/28
.................
52
50,283
RPM
International,
Inc.
,
2.95%
,
01/15/32
.................
25
21,159
Ryder
System,
Inc.
,
4.30%
,
06/15/27
4
3,897
San
Diego
Gas
&
Electric
Co.
,
5.35%
,
04/01/53
.................
45
44,322
Santander
Holdings
USA,
Inc.
,
(1-day
SOFR
+
2.50%),
6.17%
,
01/09/30
(b)
10
10,090
Solventum
Corp.
(a)
5.45%
,
02/25/27
............
119
119,411
6.00%
,
05/15/64
............
12
11,895
Southern
California
Edison
Co.
5.30%
,
03/01/28
............
23
23,256
5.65%
,
10/01/28
............
10
10,287
Series
A
,
4.20%
,
03/01/29
.....
14
13,496
2.85%
,
08/01/29
............
52
46,827
2.25%
,
06/01/30
............
82
69,680
5.95%
,
11/01/32
............
112
117,449
Spire
Missouri,
Inc.
,
3.30%
,
06/01/51
6
4,173
Sprint
LLC
7.13%
,
06/15/24
............
96
96,164
7.63%
,
02/15/25
............
561
567,631
7.63%
,
03/01/26
............
193
199,396
Texas
Instruments,
Inc.
4.15%
,
05/15/48
............
5
4,305
5.00%
,
03/14/53
............
12
11,773
Thermo
Fisher
Scientific,
Inc.
,
4.95%
,
11/21/32
..................
101
101,435
T-Mobile
USA,
Inc.
4.75%
,
02/01/28
............
576
568,356
3.88%
,
04/15/30
............
11
10,305
3.50%
,
04/15/31
............
15
13,546
5.20%
,
01/15/33
............
41
41,046
Union
Electric
Co.
,
2.63%
,
03/15/51
.
15
9,227
Union
Pacific
Corp.
3.84%
,
03/20/60
............
20
15,356
3.55%
,
05/20/61
............
40
28,708
3.80%
,
04/06/71
............
8
5,941
UnitedHealth
Group,
Inc.
4.25%
,
04/15/47
............
51
43,981
6.05%
,
02/15/63
............
16
17,594
Verizon
Communications,
Inc.
4.02%
,
12/03/29
............
52
49,614
2.55%
,
03/21/31
............
50
42,716
2.36%
,
03/15/32
............
241
198,053
5.25%
,
03/16/37
............
31
31,341
2.65%
,
11/20/40
............
6
4,228
3.70%
,
03/22/61
............
16
11,699
Waste
Management,
Inc.
4.15%
,
04/15/32
............
27
25,790
4.88%
,
02/15/34
............
11
10,925
Wells
Fargo
&
Co.
(b)
(1-day
SOFR
+
1.74%),
5.57%
,
07/25/29
...............
34
34,403
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
(1-day
SOFR
+
1.79%),
6.30%
,
10/23/29
...............
USD
4
$
4,166
(1-day
SOFR
+
1.50%),
5.20%
,
01/23/30
...............
27
26,943
(1-day
SOFR
+
2.02%),
5.39%
,
04/24/34
...............
51
50,683
(1-day
SOFR
+
1.99%),
5.56%
,
07/25/34
...............
111
111,429
(1-day
SOFR
+
2.06%),
6.49%
,
10/23/34
...............
4
4,290
10,432,684
Total
Corporate
Bonds
—
32.9%
(Cost:
$
13,910,848
)
..............................
13,710,343
Foreign
Agency
Obligations
France
—
0.3%
Electricite
de
France
SA
,
3.75%
,
06/05/27
(d)
................
EUR
100
108,431
Italy
—
0.2%
ACEA
SpA
,
0.00%
,
09/28/25
(d)
.....
100
101,834
Supranational
—
0.4%
European
Union
,
2.50%
,
10/04/52
(d)
.
170
158,015
Total
Foreign
Agency
Obligations
—
0.9%
(Cost:
$
356,004
)
................................
368,280
Foreign
Government
Obligations
Belgium
—
0.4%
Kingdom
of
Belgium
,
3.30%
,
06/22/54
(a)
(d)
...............
139
148,607
France
—
0.3%
French
Republic
,
3.00%
,
05/25/54
(a)
(d)
141
143,936
Mexico
—
0.8%
United
Mexican
States
8.50%
,
03/01/29
............
MXN
10
58,225
8.50%
,
05/31/29
............
20
116,620
2.66%
,
05/24/31
............
USD
200
166,800
341,645
Panama
—
0.4%
Republic
of
Panama
,
3.88%
,
03/17/28
200
182,250
Peru
—
0.1%
Republic
of
Peru
,
3.55%
,
03/10/51
..
35
25,217
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay
,
5.10%
,
06/18/50
.................
25
24,180
Total
Foreign
Government
Obligations
—
2.1%
(Cost:
$
932,975
)
................................
865,835
Security
Par
(000)
Pa
r
(
000)
Value
Municipal
Bonds
California
-
0
.4
%
Bay
Area
Toll
Authority
,
Series
2010S-1
,
RB
,
7.04
%
,
04/01/50
.........
USD
20
$
24,002
Los
Angeles
Community
College
District
,
Series
2010E
,
GO
,
6.60
%
,
08/01/42
............
5
5,645
Los
Angeles
Unified
School
District
,
Series
2010RY
,
GO
,
6.76
%
,
07/01/34
............
20
22,026
State
of
California
,
Series
2018
,
GO
,
4.60
%
,
04/01/38
............
70
67,617
University
of
California
,
Series
2012AD
,
RB
,
4.86
%
,
05/15/2112
........
15
13,912
133,202
Illinois
-
0
.1
%
State
of
Illinois
,
Series
2003
,
GO
,
5.10
%
,
06/01/33
............
40
39,664
New
Jersey
-
0
.0
%
New
Jersey
Turnpike
Authority
,
Series
2009F
,
RB
,
7.41
%
,
01/01/40
....
8
9,620
New
York
-
0
.1
%
Metropolitan
Transportation
Authority
Series
2009A-1
,
RB
,
5.87
%
,
11/15/39
..........
10
10,272
Series
2010A
,
RB
,
6.67
%
,
11/15/39
10
11,007
New
York
City
Municipal
Water
Finance
Authority
,
Series
2010EE
,
RB
,
6.01
%
,
06/15/42
............
5
5,365
Port
Authority
of
New
York
&
New
Jersey
,
Series
2011-168
,
RB
,
4.93
%
,
10/01/51
............
15
14,739
41,383
Ohio
-
0
.0
%
American
Municipal
Power,
Inc.
,
Series
2010A
,
RB
,
8.08
%
,
02/15/50
....
10
13,380
Texas
-
0
.0
%
City
of
San
Antonio
Electric
&
Gas
Systems
,
Series
2010A
,
RB
,
5.81
%
,
02/01/41
............
10
10,535
State
of
Texas
,
Series
2009A
,
GO
,
5.52
%
,
04/01/39
............
15
15,512
26,047
Total
Municipal
Bonds
—
0.6%
(Cost:
$
324,115
)
................................
263,296
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1
.1
%
United
States
—
1.1%
Alternative
Loan
Trust
(b)
Series
2006-OA6,
Class
1A1A,
(1-
mo.
CME
Term
SOFR
at
0.42%
Floor
+
0.53%),
5.86%,
07/25/46
16
14,213
Series
2006-OC10,
Class
2A3,
(1-
mo.
CME
Term
SOFR
at
0.46%
Floor
+
0.57%),
5.90%,
11/25/36
189
152,047
Impac
Secured
Assets
Trust,
Series
2006-2,
Class
1A2B,
(1-mo.
CME
Term
SOFR
at
0.17%
Floor
and
11.50%
Cap
+
0.45%),
5.78%,
08/25/36
(b)
................
98
97,827
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
United
States
(continued)
RFMSI
Trust,
Series
2007-SA4,
Class
3A1,
5.42%,
10/25/37
(b)
........
USD
130
$
77,830
TVC
Mortgage
Trust,
Series
2023-
RTL1,
Class
A1,
8.25%,
11/25/27
(a)
(c)
100
100,065
441,982
Commercial
Mortgage-Backed
Securities
—
3
.9
%
Cayman
Islands
—
0.3%
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)
...............
125
117,251
United
States
—
3.6%
1211
Avenue
of
the
Americas
Trust,
Series
2015-1211,
Class
A1A2,
3.90%,
08/10/35
(a)
...........
250
240,853
BANK,
Series
2022-BNK41,
Class
A4,
3.79%,
04/15/65
(b)
...........
80
73,409
Beast
Mortgage
Trust,
Series
2021-
SSCP,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
0.86%),
6.19%,
04/15/36
(a)
(b)
..........
29
28,708
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2020-VKNG,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.93%
Floor
+
1.04%),
6.37%,
10/15/37
...
111
110,913
Series
2022-LP2,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.01%
Floor
+
1.01%),
6.34%,
02/15/39
...
48
48,064
BX
Trust,
Series
2022-IND,
Class
A,
(1-mo.
CME
Term
SOFR
at
1.49%
Floor
+
1.49%),
6.82%,
04/15/37
(a)
(b)
46
45,988
Commercial
Mortgage
Trust,
Series
2013-300P,
Class
D,
4.39%,
08/10/30
(a)
(b)
...............
25
20,318
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2019-ICE4,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.98%
Floor
+
1.03%),
6.35%,
05/15/36
(a)
(b)
...............
60
59,851
Grace
Trust,
Series
2020-GRCE,
Class
D,
2.68%,
12/10/40
(a)
(b)
........
250
189,758
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2021-MHC,
Class
D,
(1-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.81%),
7.14%,
04/15/38
...
250
248,281
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
...............
80
57,636
Morgan
Stanley
Capital
I
Trust,
Series
2017-ASHF,
Class
G,
(1-mo.
CME
Term
SOFR
at
6.90%
Floor
+
7.20%),
12.52%,
11/15/34
(a)
(b)
....
20
18,580
SUMIT
Mortgage
Trust,
Series
2022-
BVUE,
Class
D,
2.89%,
02/12/41
(a)
(b)
40
27,400
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-4,
Class
M4,
4.48%,
12/26/51
(a)
(b)
..........
452
338,452
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C26,
Class
AS,
3.58%,
02/15/48
............
20
19,452
1,527,663
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0
.0
%
United
States
—
0.0%
BMO
Mortgage
Trust,
Series
2023-C5,
Class
XA,
0.73%,
06/15/56
(b)
....
USD
199
$
10,204
Total
Non-Agency
Mortgage-Backed
Securities
—
5.0%
(Cost:
$
2,308,207
)
..............................
2,097,100
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.1%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
,
Series
2018-
W5FX
,
Class
CFX
,
(1-mo.
LIBOR
USD
+
0.00%),
3.54
%
,
04/25/28
(a)
(b)
50
42,891
Interest
Only
Collateralized
Mortgage
Obligations
—
0.3%
Federal
Home
Loan
Mortgage
Corp.
,
Series
389
,
Class
C45
,
3.00
%
,
10/15/52
............
246
40,517
Federal
National
Mortgage
Association
Series
428
,
Class
C16
,
3.00
%
,
03/25/50
........
91
15,476
Series
437
,
Class
C11
,
3.00
%
,
07/25/52
........
96
16,252
Government
National
Mortgage
Association
Series
2021-58
,
Class
IY
,
3.00
%
,
02/20/51
........
68
10,816
Series
2021-78
,
Class
IP
,
3.00
%
,
05/20/51
........
72
11,372
Series
2021-97
,
Class
LI
,
3.00
%
,
08/20/50
........
61
9,705
Series
2022-78
,
Class
D
,
3.00
%
,
08/20/51
........
150
23,484
Series
2022-85
,
Class
IK
,
3.00
%
,
05/20/51
........
79
12,477
140,099
Mortgage-Backed
Securities
—
51.7%
Federal
National
Mortgage
Association
,
3.00
%
,
12/01/50
............
625
550,154
Government
National
Mortgage
Association
2.00
%
,
08/20/50
-
11/20/50
...
104
84,983
2.50
%
,
10/20/51
-
12/20/51
...
87
74,326
3.00
%
,
03/20/52
..........
276
243,555
3.50
%
,
03/20/52
..........
59
54,127
4.00
%
,
03/20/52
..........
14
12,941
2.00
%
,
04/15/54
(e)
.........
452
369,993
2.50
%
,
04/15/54
(e)
.........
482
410,479
3.00
%
,
04/15/54
(e)
.........
142
124,947
3.50
%
,
04/15/54
(e)
.........
2,092
1,903,191
4.00
%
,
04/15/54
(e)
.........
197
183,863
5.00
%
,
04/15/54
(e)
.........
156
153,310
6.00
%
,
04/15/54
(e)
.........
103
103,900
6.50
%
,
04/15/54
(e)
.........
89
90,484
Uniform
Mortgage-Backed
Securities
1.50
%
,
04/25/39
-
04/25/54
(e)
..
631
509,378
2.00
%
,
04/25/39
(e)
.........
471
417,328
2.50
%
,
04/25/39
(e)
.........
188
171,037
3.00
%
,
04/25/39
-
04/25/54
(e)
..
261
232,263
3.50
%
,
04/25/39
-
04/25/54
(e)
..
709
636,747
4.00
%
,
04/25/39
-
04/25/54
(e)
..
207
192,489
4.50
%
,
04/25/39
-
04/25/54
(e)
..
1,071
1,020,992
4.00
%
,
04/01/47
-
06/01/52
...
1,353
1,264,293
4.50
%
,
06/01/50
..........
199
192,665
2.00
%
,
10/01/51
-
11/01/51
...
2,634
2,090,626
2.50
%
,
11/01/51
-
12/01/51
...
2,898
2,410,211
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Mortgage-Backed
Securities
(continued)
3.00
%
,
11/01/51
..........
USD
246
$
216,279
3.50
%
,
11/01/51
..........
914
839,931
5.00
%
,
04/01/53
..........
123
120,464
5.50
%
,
09/01/53
..........
294
292,386
6.00
%
,
09/01/53
-
01/01/54
...
354
357,666
6.50
%
,
10/01/53
-
01/01/54
...
341
349,657
7.00
%
,
12/01/53
-
01/01/54
...
152
156,778
7.50
%
,
12/01/53
-
01/01/54
...
20
21,042
5.00
%
,
04/25/54
(e)
.........
1,300
1,268,643
5.50
%
,
04/25/54
(e)
.........
2,117
2,106,372
6.50
%
,
04/25/54
(e)
.........
897
915,983
7.00
%
,
04/25/54
-
05/25/54
(e)
..
1,356
1,396,748
21,540,231
Total
U.S.
Government
Sponsored
Agency
Securities
—
52
.1
%
(Cost:
$
22,889,243
)
..............................
21,723,221
U.S.
Treasury
Obligations
U.S.
Treasury
Bonds
4.50
%
,
08/15/39
............
142
145,899
1.13
%
,
05/15/40
-
08/15/40
.....
280
174,136
4.38
%
,
05/15/40
-
05/15/41
.....
92
92,003
1.38
%
,
11/15/40
............
140
90,027
4.25
%
,
11/15/40
-
02/15/54
.....
156
153,773
4.75
%
,
02/15/41
-
11/15/53
.....
255
268,093
1.75
%
,
08/15/41
............
140
94,478
2.00
%
,
11/15/41
-
08/15/51
.....
173
117,288
3.00
%
,
05/15/42
-
08/15/52
.....
597
470,535
4.00
%
,
11/15/42
-
11/15/52
.....
142
133,626
3.88
%
,
02/15/43
............
605
558,901
3.63
%
,
08/15/43
-
05/15/53
.....
150
132,167
3.75
%
,
11/15/43
............
75
67,843
2.75
%
,
11/15/47
............
198
147,943
2.88
%
,
05/15/49
-
05/15/52
.....
233
176,529
2.25
%
,
08/15/49
-
02/15/52
.....
145
96,111
2.38
%
,
05/15/51
............
107
72,775
1.88
%
,
11/15/51
............
78
46,598
4.13
%
,
08/15/53
............
178
170,882
U.S.
Treasury
Inflation
Linked
Notes
,
2.38
%
,
10/15/28
............
910
931,353
U.S.
Treasury
Notes
2.63
%
,
04/15/25
............
142
138,974
0.38
%
,
04/30/25
-
09/30/27
.....
353
330,728
2.88
%
,
06/15/25
-
04/30/29
.....
192
186,140
0.25
%
,
06/30/25
-
07/31/25
.....
220
207,195
3.50
%
,
09/15/25
-
01/31/28
.....
154
151,103
0.50
%
,
02/28/26
-
05/31/27
.....
447
402,153
4.63
%
,
02/28/26
-
09/30/30
.....
80
79,957
0.75
%
,
03/31/26
............
424
392,955
0.88
%
,
06/30/26
-
09/30/26
.....
217
199,691
0.63
%
,
07/31/26
............
52
47,523
1.13
%
,
10/31/26
............
42
38,574
1.63
%
,
11/30/26
-
05/15/31
.....
234
205,315
4.38
%
,
12/15/26
............
1
998
1.50
%
,
01/31/27
............
5
4,611
4.13
%
,
02/15/27
-
11/15/32
.....
113
112,137
1.88
%
,
02/28/27
-
02/28/29
.....
149
138,536
4.25
%
,
03/15/27
-
02/28/31
.....
237
236,204
2.75
%
,
04/30/27
-
08/15/32
.....
210
196,153
1.25
%
,
03/31/28
-
08/15/31
.....
724
618,060
3.63
%
,
03/31/28
............
423
412,651
4.00
%
,
06/30/28
-
02/15/34
.....
588
579,503
1.75
%
,
01/31/29
............
8
7,136
4.88
%
,
10/31/30
............
3
3,109
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
3.38
%
,
05/15/33
............
USD
7
$
6,558
Total
U.S.
Treasury
Obligations
—
21.2%
(Cost:
$
9,268,407
)
..............................
8,836,924
Total
Long-Term
Investments
—
126
.7
%
(Cost:
$
55,044,206
)
..............................
52,819,794
Shares
Shares
Short-Term
Securities
Money
Market
Funds
—
2.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.19
%
(f)
(g)
....
923,213
923,213
Total
Short-Term
Securities
—
2
.2
%
(Cost:
$
923,213
)
................................
923,213
Total
Options
Purchased
—
0
.0
%
(Cost:
$
9,637
)
.................................
10,566
Total
Investments
Before
Options
Written
and
TBA
Sale
Commitments
—
128.9%
(Cost:
$
55,977,056
)
..............................
53,753,573
Total
Options
Written
—
(
0
.1
)
%
(Premiums
Received
—
$
(
37,173
)
)
...................
(
31,842
)
Par
(000)
Pa
r
(
000)
TBA
Sale
Commitments
(e)
Government
National
Mortgage
Association
4.50
%
,
04/15/54
............
(
133
)
(
127,790
)
5.50
%
,
04/15/54
............
(
158
)
(
157,852
)
Uniform
Mortgage-Backed
Securities
1.50
%
,
04/25/39
............
(
3
)
(
2,598
)
2.00
%
,
04/25/39
-
04/25/54
.....
(
272
)
(
215,719
)
2.50
%
,
04/25/39
-
04/25/54
.....
(
1,139
)
(
941,588
)
3.50
%
,
04/25/39
-
05/25/54
.....
(
1,835
)
(
1,642,937
)
4.00
%
,
04/25/54
-
05/25/54
.....
(
1,016
)
(
941,134
)
4.50
%
,
04/25/54
............
(
24
)
(
22,853
)
5.00
%
,
04/25/54
............
(
640
)
(
624,425
)
5.50
%
,
04/25/54
............
(
1,053
)
(
1,047,773
)
6.00
%
,
04/25/54
............
(
65
)
(
65,592
)
6.50
%
,
04/25/54
-
05/25/54
.....
(
1,911
)
(
1,951,519
)
7.00
%
,
04/25/54
............
(
400
)
(
412,284
)
Total
TBA
Sale
Commitments
—
(
19
.5
)
%
(Proceeds:
$
(
8,161,737
)
)
..........................
(
8,154,064
)
Total
Investments
Net
of
Options
Written
and
TBA
Sale
Commitments
—
109
.3
%
(Cost:
$
47,778,146
)
..............................
45,567,667
Liabilities
in
Excess
of
Other
Assets
—
(
9.3
)
%
............
(
3,878,849
)
Net
Assets
—
100.0%
..............................
$
41,688,818
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
March
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
evel
(a)
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.
(b)
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.
(c)
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.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Represents
or
includes
a
TBA
transaction.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
09/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
03/31/24
Shares
Held
at
03/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
2,232,587
$
—
$
(
1,313,034
)
(a)
$
3,660
$
—
$
923,213
923,213
$
41,204
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
42
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
U.S.
Treasury
10-Year
Note
...................................................
8
06/18/24
$
886
$
(
196
)
U.S.
Treasury
Long
Bond
.....................................................
3
06/18/24
361
3,378
U.S.
Treasury
Ultra
Bond
.....................................................
3
06/18/24
387
5,430
U.S.
Treasury
2-Year
Note
....................................................
14
06/28/24
2,863
(
3,373
)
U.S.
Treasury
5-Year
Note
....................................................
14
06/28/24
1,498
(
858
)
4,381
Short
Contracts
Euro-Bobl
...............................................................
7
06/06/24
893
(
4,987
)
Euro-Bund
..............................................................
4
06/06/24
576
(
6,384
)
Euro-Schatz
.............................................................
6
06/06/24
684
(
517
)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
10
06/18/24
1,146
(
4,714
)
(
16,602
)
$
(
12,221
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
2,178
EUR
2,000
Deutsche
Bank
AG
06/20/24
$
13
USD
7,633
EUR
7,000
JPMorgan
Chase
Bank
NA
06/20/24
57
USD
125,318
EUR
115,000
Morgan
Stanley
&
Co.
International
plc
06/20/24
848
USD
13,031
EUR
12,000
State
Street
Bank
and
Trust
Co.
06/20/24
43
USD
2,960,822
EUR
2,707,700
UBS
AG
06/20/24
30,142
$
31,103
OTC
Currency
Options
Purchased
Description
Counterparty
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Call
USD
Currency
...........................
Bank
of
America
NA
03/06/26
CNH
7.75
USD
1,154
$
10,307
OTC
Interest
Rate
Swaptions
Purchased
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.33%
Annual
Bank
of
America
NA
04/05/24
3
.33
%
USD
124
$
—
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.28%
Annual
Bank
of
America
NA
04/12/24
3
.28
USD
123
1
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.51%
Annual
Deutsche
Bank
AG
04/19/24
3
.51
USD
121
59
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.43%
Annual
JPMorgan
Chase
Bank
NA
04/26/24
3
.43
USD
114
57
117
Put
10-Year
Interest
Rate
Swap
(a)
4.13%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/05/24
4
.13
USD
124
6
10-Year
Interest
Rate
Swap
(a)
4.08%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/12/24
4
.08
USD
123
62
10-Year
Interest
Rate
Swap
(a)
4.31%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
04/19/24
4
.31
USD
121
16
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
43
OTC
Interest
Rate
Swaptions
Purchased
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
4.23%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/26/24
4
.23
%
USD
114
$
58
142
$
259
(a)
Forward
settling
swaption.
OTC
Interest
Rate
Swaptions
Written
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
Call
10-Year
Interest
Rate
Swap
(a)
3.53%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/05/24
3
.53
%
USD
124
$
(
3
)
10-Year
Interest
Rate
Swap
(a)
3.48%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
04/12/24
3
.48
USD
123
(
15
)
10-Year
Interest
Rate
Swap
(a)
3.71%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
04/19/24
3
.71
USD
121
(
359
)
10-Year
Interest
Rate
Swap
(a)
3.63%
Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
04/26/24
3
.63
USD
114
(
276
)
10-Year
Interest
Rate
Swap
(a)
4.48%
Semi-Annual
1-day
SOFR
Annual
JPMorgan
Chase
Bank
NA
10/20/25
4
.48
USD
17
(
1,346
)
10-Year
Interest
Rate
Swap
(a)
3.96%
Semi-Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
11/17/25
3
.96
USD
6
(
287
)
10-Year
Interest
Rate
Swap
(a)
4.00%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/17/25
4
.00
USD
31
(
1,652
)
10-Year
Interest
Rate
Swap
(a)
3.97%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/20/25
3
.97
USD
38
(
1,956
)
10-Year
Interest
Rate
Swap
(a)
3.84%
Semi-Annual
1-day
SOFR
Annual
Bank
of
America
NA
11/28/25
3
.84
USD
37
(
1,677
)
10-Year
Interest
Rate
Swap
(a)
3.96%
Semi-Annual
1-day
SOFR
Annual
Citibank
NA
11/28/25
3
.96
USD
22
(
1,116
)
10-Year
Interest
Rate
Swap
(a)
3.40%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
12/15/25
3
.40
USD
6
(
175
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3
.55
USD
39
(
1,444
)
10-Year
Interest
Rate
Swap
(a)
3.59%
Annual
1-day
SOFR
Annual
Deutsche
Bank
AG
03/06/26
3
.59
USD
29
(
1,116
)
10-Year
Interest
Rate
Swap
(a)
3.54%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3
.54
USD
46
(
1,676
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Citibank
NA
03/09/26
3
.55
USD
37
(
1,359
)
10-Year
Interest
Rate
Swap
(a)
3.55%
Annual
1-day
SOFR
Annual
Goldman
Sachs
International
03/11/26
3
.55
USD
23
(
851
)
10-Year
Interest
Rate
Swap
(a)
3.64%
Annual
1-day
SOFR
Annual
Bank
of
America
NA
03/13/26
3
.64
USD
38
(
1,560
)
(
16,868
)
Put
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.93%
Annual
Bank
of
America
NA
04/05/24
3
.93
USD
124
(
165
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.88%
Annual
Bank
of
America
NA
04/12/24
3
.88
USD
123
(
452
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.11%
Annual
Deutsche
Bank
AG
04/19/24
4
.11
USD
121
(
99
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.03%
Annual
JPMorgan
Chase
Bank
NA
04/26/24
4
.03
USD
114
(
242
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.48%
Semi-Annual
JPMorgan
Chase
Bank
NA
10/20/25
4
.48
USD
17
(
290
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.96%
Semi-Annual
Deutsche
Bank
AG
11/17/25
3
.96
USD
6
(
166
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
4.00%
Semi-Annual
Bank
of
America
NA
11/17/25
4
.00
USD
31
(
878
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.97%
Semi-Annual
Citibank
NA
11/20/25
3
.97
USD
38
(
1,112
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.84%
Semi-Annual
Bank
of
America
NA
11/28/25
3
.84
USD
37
(
1,216
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.96%
Semi-Annual
Citibank
NA
11/28/25
3
.96
USD
22
(
647
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.40%
Annual
Morgan
Stanley
&
Co.
International
plc
12/15/25
3
.40
USD
6
(
292
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Morgan
Stanley
&
Co.
International
plc
03/06/26
3
.55
USD
39
(
1,753
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.59%
Annual
Deutsche
Bank
AG
03/06/26
3
.59
USD
29
(
1,263
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.54%
Annual
Citibank
NA
03/09/26
3
.54
USD
46
(
2,096
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Citibank
NA
03/09/26
3
.55
USD
37
(
1,658
)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
44
OTC
Interest
Rate
Swaptions
Written
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
(000)
Value
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.55%
Annual
Goldman
Sachs
International
03/11/26
3
.55
%
USD
23
$
(
1,037
)
10-Year
Interest
Rate
Swap
(a)
1-day
SOFR
Annual
3.64%
Annual
Bank
of
America
NA
03/13/26
3
.64
USD
38
(
1,608
)
(
14,974
)
$
(
31,842
)
(a)
Forward
settling
swaption.
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
High
Yield
Index
Series
42.V1
...........
5
.00
%
Quarterly
06/20/29
B+
USD
707
$
52,203
$
51,328
$
875
(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.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
4.17%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
03/22/26
CAD
592
$
125
$
—
$
125
1-day
SOFR
Annual
4.52%
Annual
03/26/26
USD
434
(
290
)
—
(
290
)
2.49%
Annual
6-mo.
EURIBOR
Semi-Annual
02/19/54
EUR
90
(
3,066
)
—
(
3,066
)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
02/20/54
EUR
126
(
4,973
)
—
(
4,973
)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
02/20/54
EUR
90
(
3,402
)
—
(
3,402
)
2.51%
Annual
6-mo.
EURIBOR
Semi-Annual
03/01/54
EUR
45
(
1,771
)
—
(
1,771
)
2.46%
Annual
6-mo.
EURIBOR
Semi-Annual
03/22/54
EUR
19
(
544
)
—
(
544
)
$
(
13,921
)
$
—
$
(
13,921
)
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)
Abbott
Laboratories
........
1
.00
%
Quarterly
JPMorgan
Chase
Bank
NA
06/20/29
USD
17
$
(
455
)
$
(
404
)
$
(
51
)
$
–
$
–
$
–
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
5
.05
%
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.32
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3
.85
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
45
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)
............................................
$
51,328
$
—
$
1,000
$
(
14,046
)
$
—
OTC
Swaps
.....................................................
—
(
404
)
—
(
51
)
—
Options
Written
...................................................
N/A
N/A
6,481
(
1,150
)
(
31,842
)
(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)
......
$
—
$
—
$
—
$
—
$
8,808
$
—
$
8,808
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
31,103
—
—
31,103
Options
purchased
(b)
Investments
at
value
—
unaffiliated
(c)
............
—
—
—
10,307
259
—
10,566
Swaps
—
centrally
cleared
Unrealized
appreciation
on
centrally
cleared
swaps
(a)
.
—
875
—
—
125
—
1,000
$
—
$
875
$
—
$
41,410
$
9,192
$
—
$
51,477
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
—
$
21,029
$
—
$
21,029
Options
written
(b)
Options
written
at
value
.....................
—
—
—
—
31,842
—
31,842
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
—
—
—
14,046
—
14,046
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
455
—
—
—
—
455
$
—
$
455
$
—
$
—
$
66,917
$
—
$
67,372
(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
forward
settling
swaptions.
(c)
Includes
options
purchased
at
value
as
reported
in
the
Schedule
of
Investments.
For
the
period
ended
March
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
.......................
$
—
$
—
$
—
$
—
$
(
11,043
)
$
—
$
(
11,043
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(
34,519
)
—
—
(
34,519
)
Options
purchased
(a)
.....................
—
—
—
(
5,430
)
(
179,217
)
—
(
184,647
)
Options
written
........................
—
—
—
1,274
134,359
—
135,633
Swaps
..............................
—
20,732
—
—
(
33,464
)
4,624
(
8,108
)
$
—
$
20,732
$
—
$
(38,675)
$
(89,365)
$
4,624
$
(102,684)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
46
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
.......................
$
—
$
—
$
—
$
—
$
(
7,712
)
$
—
$
(
7,712
)
Forward
foreign
currency
exchange
contracts
....
—
—
—
10,188
—
—
10,188
Options
purchased
(b)
.....................
—
—
—
1,883
(
68,859
)
—
(
66,976
)
Options
written
........................
—
—
—
—
103,384
—
103,384
Swaps
..............................
—
902
—
—
(
21,182
)
(
1,888
)
(
22,168
)
$
—
$
902
$
—
$
12,071
$
5,631
$
(1,888)
$
16,716
(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
..................................................................................
$
6,950,428
Average
notional
value
of
contracts
—
short
.................................................................................
$
7,879,641
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
2,673,216
Options
Average
value
of
option
contracts
purchased
................................................................................
$
14,294
Average
value
of
option
contracts
written
...................................................................................
$
9,282
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
1,604,701
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
4,981,897
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
17,000
Average
notional
value
—
sell
protection
...................................................................................
$
353,500
Interest
rate
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
777,316
Average
notional
value
—
receives
fixed
rate
................................................................................
$
1,131,561
Inflation
swaps
Average
notional
value
—
pays
fixed
rate
...................................................................................
$
—
(a)
Average
notional
value
—
receives
fixed
rate
................................................................................
$
—
(a)
(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
....................................................................................
$
—
$
2,823
Forward
f
oreign
currency
exchange
contracts
.................................................................
31,103
—
Options
(a)
(b)
........................................................................................
10,566
31,842
Swaps
—
centrally
cleared
..............................................................................
—
6,033
Swaps
—
OTC
(c)
.....................................................................................
—
455
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
41,669
$
41,153
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
—
(
8,856
)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
41,669
$
32,297
(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
forward
settling
swaptions.
(c)
Includes
unrealized
appreciation
(depreciation)
on
OTC
swaps
and
swap
premiums
(paid/received)
in
the
Statements
of
Assets
and
Liabilities.
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
Schedules
of
Investments
47
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
..............................
$
10,376
$
(
9,226
)
$
—
$
—
$
1,150
Deutsche
Bank
AG
...............................
88
(
88
)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
172
(
172
)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
848
(
848
)
—
—
—
State
Street
Bank
and
Trust
Co.
......................
43
—
—
—
43
UBS
AG
......................................
30,142
—
—
—
30,142
$
41,669
$
(
10,334
)
$
—
$
—
$
31,335
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
..............................
$
9,226
$
(
9,226
)
$
—
$
—
$
—
Citibank
NA
....................................
11,620
—
—
—
11,620
Deutsche
Bank
AG
...............................
3,290
(
88
)
—
—
3,202
Goldman
Sachs
International
........................
1,888
—
—
—
1,888
JPMorgan
Chase
Bank
NA
..........................
2,609
(
172
)
—
—
2,437
Morgan
Stanley
&
Co.
International
plc
..................
3,664
(
848
)
—
—
2,816
$
32,297
$
(
10,334
)
$
—
$
—
$
21,963
(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.
2024
BlackRock
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
March
31,
2024
BlackRock
Sustainable
Total
Return
Fund
48
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
4,954,795
$
—
$
4,954,795
Corporate
Bonds
........................................
—
13,710,343
—
13,710,343
Foreign
Agency
Obligations
.................................
—
368,280
—
368,280
Foreign
Government
Obligations
..............................
—
865,835
—
865,835
Municipal
Bonds
.........................................
—
263,296
—
263,296
Non-Agency
Mortgage-Backed
Securities
........................
—
2,097,100
—
2,097,100
U.S.
Government
Sponsored
Agency
Securities
....................
—
21,723,221
—
21,723,221
U.S.
Treasury
Obligations
...................................
—
8,836,924
—
8,836,924
Short-Term
Securities
Money
Market
Funds
......................................
923,213
—
—
923,213
Options
Purchased
Foreign
currency
exchange
contracts
...........................
—
10,307
—
10,307
Interest
rate
contracts
......................................
—
259
—
259
Liabilities
Investments
TBA
Sale
Commitments
....................................
—
(
8,154,064
)
—
(
8,154,064
)
$
923,213
$
44,676,296
$
—
$
45,599,509
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
875
$
—
$
875
Foreign
currency
exchange
contracts
............................
—
31,103
—
31,103
Interest
rate
contracts
.......................................
8,808
125
—
8,933
Liabilities
Credit
contracts
...........................................
—
(
51
)
—
(
51
)
Interest
rate
contracts
.......................................
(
21,029
)
(
45,888
)
—
(
66,917
)
$
(
12,221
)
$
(
13,836
)
$
—
$
(
26,057
)
(a)
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.
Statements
of
Assets
and
Liabilities
(unaudited)

March
31,
2024
49
Financial
Statements
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
..........................................................
$
44,048,528‌
$
45,443,437‌
$
52,830,360‌
Investments,
at
value
—
affiliated
(b)
............................................................
1,594,611‌
1,622,948‌
923,213‌
Cash
...............................................................................
24,361‌
9,434‌
—‌
Cash
pledged:
Futures
contracts
......................................................................
10,000‌
210,000‌
105,000‌
Centrally
cleared
swaps
..................................................................
—‌
118,000‌
122,000‌
Foreign
currency,
at
value
(c)
.................................................................
—‌
22,964‌
165,670‌
Receivables:
–‌
–‌
–‌
Investment
s
sold
......................................................................
162,182‌
115,652‌
216,743‌
Swaps  
............................................................................
—‌
—‌
51,847‌
TBA
sale
commitments
..................................................................
—‌
436,125‌
8,161,737‌
Dividends
—
affiliated
...................................................................
3,736‌
6,187‌
3,227‌
Interest
—
unaffiliated
...................................................................
679,159‌
355,838‌
361,636‌
From
the
Manager
.....................................................................
11,875‌
15,995‌
31,877‌
Unrealized
appreciation
on:
–‌
–‌
–‌
Forward
foreign
currency
exchange
contracts
...................................................
—‌
10,543‌
31,103‌
Prepaid
e
xpenses
.......................................................................
31,793‌
37,285‌
58,659‌
Total
a
ssets
...........................................................................
46,566,245‌
48,404,408‌
63,063,072‌
LIABILITIES
Bank
overdraft
..........................................................................
—‌
—‌
6,838‌
Options
written,
at
value
(d)
..................................................................
—‌
—‌
31,842‌
TBA
sale
commitments,
at
value
(e)
............................................................
—‌
433,261‌
8,154,064‌
Payables:
–‌
–‌
–‌
Investments
purchased
..................................................................
1,658,630‌
1,287,555‌
12,784,336‌
Swaps  
............................................................................
—‌
—‌
51,366‌
Accounting
services
fees
.................................................................
43,350‌
25,031‌
42,228‌
Administration
fees
.....................................................................
4‌
3‌
9‌
Capital
shares
redeemed
.................................................................
—‌
217‌
652‌
Custodian
fees
........................................................................
6,252‌
6,485‌
10,395‌
Income
dividend
distributions
..............................................................
247,921‌
158,452‌
151,884‌
Interest
expense
......................................................................
116‌
3,232‌
45,182‌
Professional
fees
......................................................................
54,939‌
34,413‌
46,697‌
Registration
fees
......................................................................
1,376‌
—‌
6‌
Service
fees
.........................................................................
19‌
22‌
27‌
Transfer
agent
fees
....................................................................
388‌
1,545‌
285‌
Other
accrued
expenses
.................................................................
11,474‌
16,137‌
39,132‌
Variation
margin
on
futures
contracts
.........................................................
397‌
869‌
2,823‌
Variation
margin
on
centrally
cleared
swaps
....................................................
—‌
9,260‌
6,033‌
Swap
premiums
received
..................................................................
—‌
—‌
404‌
Unrealized
depreciation
on:
–‌
–‌
–‌
OTC
swaps
..........................................................................
—‌
—‌
51‌
Total
li
abilities
..........................................................................
2,024,866‌
1,976,482‌
21,374,254‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
NET
ASSETS
..........................................................................
$
44,541,379‌
$
46,427,926‌
$
41,688,818‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
50
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................................
$
50,066,743‌
$
50,125,682‌
$
50,404,460‌
Accumulated
loss
.......................................................................
(
5,525,364‌
)
(
3,697,756‌
)
(
8,715,642‌
)
NET
ASSETS
..........................................................................
$
44,541,379‌
$
46,427,926‌
$
41,688,818‌
(a)
  Investments,
at
cost
—
unaffiliated
.....................................................
$
44,490,581‌
$
46,341,173‌
$
55,053,843‌
(b)
  Investments,
at
cost
—
affiliated
.......................................................
$
1,594,611‌
$
1,622,948‌
$
923,213‌
(c)
  Foreign
currency,
at
cost
...........................................................
$
—‌
$
23,848‌
$
166,418‌
(d)
  Premiums
received
...............................................................
$
—‌
$
—‌
$
37,173‌
(e)
  Proceeds
received
from
TBA
sale
commitments
.............................................
$
—‌
$
436,125‌
$
8,161,737‌
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
March
31,
2024
51
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................
$
235,016‌
$
205,432‌
$
512,886‌
Shares
outstanding
..................................................................
26,475‌
22,225‌
62,225‌
Net
asset
value
.....................................................................
$
8.88‌
$
9.24‌
$
8.24‌
Shares
authorized
...................................................................
Unlimited
Unlimited
500
million
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.10‌
Investor
A
Net
assets
.........................................................................
$
99,584‌
$
109,246‌
$
134,267‌
Shares
outstanding
..................................................................
11,219‌
11,816‌
16,290‌
Net
asset
value
.....................................................................
$
8.88‌
$
9.25‌
$
8.24‌
Shares
authorized
...................................................................
Unlimited
Unlimited
300
million
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.10‌
Class
K
Net
assets
.........................................................................
$
44,206,779‌
$
46,113,248‌
$
41,041,665‌
Shares
outstanding
..................................................................
4,980,000‌
4,987,788‌
4,980,000‌
Net
asset
value
.....................................................................
$
8.88‌
$
9.25‌
$
8.24‌
Shares
authorized
...................................................................
Unlimited
Unlimited
500
million
Par
value
.........................................................................
$
0.001‌
$
0.001‌
$
0.10‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
March
31,
2024
2024
BlackRock
Semi-Annual
Report
to
Shareholders
52
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
BlackRock
Sustainable
Total
Return
Fund
INVESTMENT
INCOME
–
–
–
Dividends
—
unaffiliated
.................................................................
$
731‌
$
—‌
$
—‌
Dividends
—
affiliated
...................................................................
23,391‌
24,286‌
41,204‌
Interest
—
unaffiliated
...................................................................
1,529,231‌
1,023,229‌
940,358‌
Total
investment
income
...................................................................
1,553,353‌
1,047,515‌
981,562‌
EXPENSES
Investment
advisory
....................................................................
108,911‌
71,555‌
80,084‌
Professional
.........................................................................
70,883‌
70,441‌
101,833‌
Accounting
services
....................................................................
43,351‌
24,833‌
42,274‌
Registration
.........................................................................
29,107‌
28,651‌
38,858‌
Printing
and
postage
...................................................................
25,471‌
27,346‌
31,168‌
Administration
.......................................................................
9,257‌
9,810‌
8,727‌
Custodian
...........................................................................
5,839‌
6,398‌
11,749‌
Administration
—
class
specific
............................................................
4,357‌
4,616‌
4,107‌
Directors
and
Officer
...................................................................
818‌
821‌
816‌
Service
and
distribution
—
class
specific
......................................................
124‌
136‌
165‌
Transfer
agent
—
class
specific
............................................................
111‌
405‌
143‌
Miscellaneous
........................................................................
5,580‌
9,830‌
21,834‌
Total
expenses
excluding
interest
expense
.......................................................
303,809‌
254,842‌
341,758‌
Interest
expense
......................................................................
—‌
13‌
301‌
Total
e
xpenses
.........................................................................
303,809‌
254,855‌
342,059‌
Less:
–‌
–‌
–‌
Administration
fees
waived
...............................................................
(
9,257‌
)
(
9,810‌
)
(
8,727‌
)
Administration
fees
waived
by
the
Manager
—
class
specific
.........................................
(
4,329‌
)
(
4,597‌
)
(
4,057‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
.................................................
(
173,030‌
)
(
157,602‌
)
(
247,066‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
............................
(
69‌
)
(
368‌
)
(
59‌
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
................................................
117,124‌
82,478‌
82,150‌
Net
investment
income
....................................................................
1,436,229‌
965,037‌
899,412‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
2,182,673‌
$
698,394‌
$
1,564,795‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................................
$
(
690,723‌
)
$
(
304,236‌
)
$
(
650,935‌
)
Investments
—
affiliated
...............................................................
—‌
—‌
3,660‌
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(
36,494‌
)
(
34,519‌
)
Foreign
currency
transactions
...........................................................
—‌
850‌
8,484‌
Futures
contracts
....................................................................
(
2,528‌
)
(
22,862‌
)
(
11,043‌
)
Options
written
.....................................................................
—‌
5,540‌
135,633‌
Swaps  
..........................................................................
—‌
(
22,749‌
)
(
8,108‌
)
(693,251‌)
(379,951‌)
(556,828‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................................
2,869,118‌
1,378,544‌
2,039,131‌
Forward
foreign
currency
exchange
contracts
.................................................
—‌
(
19,949‌
)
10,188‌
Foreign
currency
translations
............................................................
—‌
59‌
(
1,200‌
)
Futures
contracts
....................................................................
6,806‌
(
137,775‌
)
(
7,712‌
)
Options
written
.....................................................................
—‌
(
3,853‌
)
103,384‌
Swaps  
..........................................................................
—‌
(
138,679‌
)
(
22,168‌
)
2,875,924‌
1,078,347‌
2,121,623‌
Net
realized
and
unrealized
gain
.............................................................
2,182,673‌
698,396‌
1,564,795‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................................
$
3,618,902‌
$
1,663,433‌
$
2,464,207‌
Statements
of
Changes
in
Net
Assets

53
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Sustainable
High
Yield
Bond
Fund
BlackRock
Sustainable
Low
Duration
Bond
Fund
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
1,436,229‌
$
2,417,720‌
$
965,037‌
$
1,621,253‌
Net
realized
loss
................................................
(
693,251‌
)
(
2,434,185‌
)
(
379,951‌
)
(
1,831,988‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
2,875,924‌
3,804,030‌
1,078,347‌
1,754,115‌
Net
increase
in
net
assets
resulting
from
operations
...........................
3,618,902‌
3,787,565‌
1,663,433‌
1,543,380‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
7,279‌
)
(
6,726‌
)
(
3,836‌
)
(
4,614‌
)
Investor
A
....................................................
(
3,057‌
)
(
5,049‌
)
(
2,018‌
)
(
5,191‌
)
Class
K
......................................................
(
1,402,589‌
)
(
2,511,492‌
)
(
920,502‌
)
(
2,302,577‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(1,412,925‌)
(2,523,267‌)
(926,356‌)
(2,312,382‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
(355‌)
148,952‌
131,175‌
51,755‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
2,205,622‌
1,413,250‌
868,252‌
(
717,247‌
)
Beginning
of
period
................................................
42,335,757‌
40,922,507‌
45,559,674‌
46,276,921‌
End
of
period
....................................................
$
44,541,379‌
$
42,335,757‌
$
46,427,926‌
$
45,559,674‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
54
See
notes
to
financial
statements.
BlackRock
Sustainable
Total
Return
Fund
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
899,412‌
$
1,526,865‌
Net
realized
loss
..................................................................................
(
556,828‌
)
(
2,947,064‌
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
2,121,623‌
2,026,803‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
2,464,207‌
606,604‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
9,293‌
)
(
4,251‌
)
Investor
A
......................................................................................
(
2,618‌
)
(
5,248‌
)
Class
K
........................................................................................
(
875,728‌
)
(
2,103,823‌
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(887,639‌)
(2,113,322‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
316,197‌
146,033‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
1,892,765‌
(
1,360,685‌
)
Beginning
of
period
..................................................................................
39,796,053‌
41,156,738‌
End
of
period
......................................................................................
$
41,688,818‌
$
39,796,053‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
55
Financial
Highlights
BlackRock
Sustainable
High
Yield
Bond
Fund
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.......................................
$
8.44
‌
$
8.18
‌
$
9.94
‌
$
10.00
‌
Net
investment
income
(b)
...............................................
0
.28
‌
0
.49
‌
0
.37
‌
0
.05
‌
Net
realized
and
unrealized
gain
(loss)
......................................
0
.44
‌
0
.27
‌
(
1
.72
)
(
0
.05
)
Net
increase
(decrease)
from
investment
operations
..............................
0.72
‌
0.76
‌
(1.35
)
0.00
‌
Distributions
from
net
investment
income
(c)
..................................
(0.28
)
(0.50
)
(0.41
)
(0.06
)
Net
asset
value,
end
of
period
............................................
$
8.88
‌
$
8.44
‌
$
8.18
‌
$
9.94
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
................................................
8.63
%
(e)
9.40
%
(13.97
)%
0.01
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.......................................................
1.41
%
(g)
1.56
%
1.75
%
1.32
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................
0.58
%
(g)
0.58
%
0.57
%
0.58
%
(g)
Net
investment
income
.................................................
6.55
%
(g)
5.70
%
3.96
%
2.80
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................
$
235
‌
$
217
‌
$
83
‌
$
99
‌
Portfolio
turnover
rate
...................................................
37
%
37
%
47
%
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.40%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
56
BlackRock
Sustainable
High
Yield
Bond
Fund
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
........................................
$
8.44
‌
$
8.18
‌
$
9.94
‌
$
10.00
‌
Net
investment
income
(b)
................................................
0
.27
‌
0
.46
‌
0
.34
‌
0
.05
‌
Net
realized
and
unrealized
gain
(loss)
.......................................
0
.44
‌
0
.28
‌
(
1
.72
)
(
0
.05
)
Net
increase
(decrease)
from
investment
operations
...............................
0.71
‌
0.74
‌
(1.38
)
0.00
‌
Distributions
from
net
investment
income
(c)
...................................
(0.27
)
(0.48
)
(0.38
)
(0.06
)
Net
asset
value,
end
of
period
.............................................
$
8.88
‌
$
8.44
‌
$
8.18
‌
$
9.94
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
.................................................
8.50
%
(e)
9.13
%
(14.18
)%
(0.03
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
........................................................
1.72
%
(g)
1.83
%
2.00
%
1.58
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................
0.84
%
(g)
0.83
%
0.82
%
0.83
%
(g)
Net
investment
income
..................................................
6.29
%
(g)
5.39
%
3.71
%
2.55
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
.............................................
$
100
‌
$
101
‌
$
84
‌
$
99
‌
Portfolio
turnover
rate
....................................................
37
%
37
%
47
%
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.65%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
57
Financial
Highlights
BlackRock
Sustainable
High
Yield
Bond
Fund
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Year
Ended
09/30/22
Period
from
07/22/21
(a)
to
09/30/21
Net
asset
value,
beginning
of
period
.......................................
$
8.44
‌
$
8.18
‌
$
9.94
‌
$
10.00
‌
Net
investment
income
(b)
...............................................
0
.29
‌
0
.48
‌
0
.37
‌
0
.05
‌
Net
realized
and
unrealized
gain
(loss)
......................................
0
.43
‌
0
.28
‌
(
1
.72
)
(
0
.05
)
Net
increase
(decrease)
from
investment
operations
..............................
0.72
‌
0.76
‌
(1.35
)
0.00
‌
Distributions
from
net
investment
income
(c)
..................................
(0.28
)
(0.50
)
(0.41
)
(0.06
)
Net
asset
value,
end
of
period
............................................
$
8.88
‌
$
8.44
‌
$
8.18
‌
$
9.94
‌
Total
Return
(d)
—
—
—
—
Based
on
net
asset
value
................................................
8.66
%
(e)
9.44
%
(13.93
)%
0.02
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.......................................................
1.39
%
(g)
1.52
%
1.46
%
0.96
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................
0.54
%
(g)
0.53
%
0.53
%
0.53
%
(g)
Net
investment
income
.................................................
6.59
%
(g)
5.67
%
4.00
%
2.85
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................
$
44,207
‌
$
42,017
‌
$
40,755
‌
$
49,509
‌
Portfolio
turnover
rate
...................................................
37
%
37
%
47
%
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
2.04%.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
58
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.34%
and
0.39%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Low
Duration
Bond
Fund
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
.......................................................
$
9.10
‌
$
9.25
‌
$
10.00
‌
Net
investment
income
(b)
...............................................................
0
.19
‌
0
.32
‌
0
.11
‌
Net
realized
and
unrealized
gain
(loss)
......................................................
0
.13
‌
(
0
.01
)
(
0
.73
)
Net
increase
(decrease)
from
investment
operations
..............................................
0.32
‌
0.31
‌
(0.62
)
Distributions
from
net
investment
income
(c)
..................................................
(0.18
)
(0.46
)
(0.13
)
Net
asset
value,
end
of
period
............................................................
$
9.24
‌
$
9.10
‌
$
9.25
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
................................................................
3.57
%
(e)
3.40
%
(6.24
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.......................................................................
1.09
%
(g)
1.14
%
1.31
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................
0.38
%
(g)
0.39
%
0.37
%
(g)
(h)
Net
investment
income
.................................................................
4.13
%
(g)
3.49
%
1.24
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................
$
205
‌
$
140
‌
$
93
‌
Portfolio
turnover
rate
(i)
..................................................................
58
%
201
%
178
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
..................................................................
49%
174%
167%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
59
Financial
Highlights
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.50%
and
0.64%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Low
Duration
Bond
Fund
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
.......................................................
$
9.10
‌
$
9.25
‌
$
10.00
‌
Net
investment
income
(b)
...............................................................
0
.18
‌
0
.30
‌
0
.10
‌
Net
realized
and
unrealized
gain
(loss)
......................................................
0
.14
‌
(
0
.01
)
(
0
.74
)
Net
increase
(decrease)
from
investment
operations
..............................................
0.32
‌
0.29
‌
(0.64
)
Distributions
from
net
investment
income
(c)
..................................................
(0.17
)
(0.44
)
(0.11
)
Net
asset
value,
end
of
period
............................................................
$
9.25
‌
$
9.10
‌
$
9.25
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
................................................................
3.55
%
(e)
3.14
%
(6.46
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.......................................................................
1.97
%
(g)
2.72
%
1.48
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................
0.66
%
(g)
0.65
%
0.62
%
(g)
(h)
Net
investment
income
.................................................................
3.88
%
(g)
3.23
%
1.08
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................
$
109
‌
$
107
‌
$
110
‌
Portfolio
turnover
rate
(i)
..................................................................
58
%
201
%
178
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
..................................................................
49%
174%
167%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
60
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.07%
and
0.35%,
respectively.
(i)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Low
Duration
Bond
Fund
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
.......................................................
$
9.10
‌
$
9.25
‌
$
10.00
‌
Net
investment
income
(b)
...............................................................
0
.19
‌
0
.32
‌
0
.12
‌
Net
realized
and
unrealized
gain
(loss)
......................................................
0
.14
‌
(
0
.01
)
(
0
.74
)
Net
increase
(decrease)
from
investment
operations
..............................................
0.33
‌
0.31
‌
(0.62
)
Distributions
from
net
investment
income
(c)
..................................................
(0.18
)
(0.46
)
(0.13
)
Net
asset
value,
end
of
period
............................................................
$
9.25
‌
$
9.10
‌
$
9.25
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
................................................................
3.70
%
(e)
3.44
%
(6.20
)%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
.......................................................................
1.10
%
(g)
1.09
%
1.04
%
(g)
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................
0.36
%
(g)
0.35
%
0.33
%
(g)
(h)
Net
investment
income
.................................................................
4.18
%
(g)
3.53
%
1.28
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................
$
46,113
‌
$
45,312
‌
$
46,074
‌
Portfolio
turnover
rate
(i)
..................................................................
58
%
201
%
178
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
..................................................................
49%
174%
167%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
61
Financial
Highlights
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.61%
and
0.43%,
respectively.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Total
Return
Fund
Institutional
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
......................................................
$
7.93
‌
$
8.23
‌
$
10.00
‌
Net
investment
income
(b)
..............................................................
0
.18
‌
0
.30
‌
0
.16
‌
Net
realized
and
unrealized
gain
(loss)
.....................................................
0
.30
‌
(
0
.18
)
(
1
.76
)
Net
increase
(decrease)
from
investment
operations
.............................................
0.48
‌
0.12
‌
(1.60
)
Distributions
from
net
investment
income
(c)
.................................................
(0.17
)
(0.42
)
(0.17
)
Net
asset
value,
end
of
period
...........................................................
$
8.24
‌
$
7.93
‌
$
8.23
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...............................................................
6.15
%
(e)
1.33
%
(16.16
)%
(e)
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
......................................................................
1.62
%
(h)
1.80
%
1.58
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.............................................
0.42
%
(h)
0.43
%
0.40
%
(h)
(i)
Net
investment
income
................................................................
4.29
%
(h)
3.64
%
1.80
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................
$
513
‌
$
182
‌
$
82
‌
Portfolio
turnover
rate
(j)
.................................................................
443
%
704
%
604
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
..................................................................
271%
434%
360%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
62
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.84%
and
0.73%,
respectively.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Total
Return
Fund
Investor
A
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
......................................................
$
7.93
‌
$
8.23
‌
$
10.00
‌
Net
investment
income
(b)
..............................................................
0
.16
‌
0
.28
‌
0
.13
‌
Net
realized
and
unrealized
gain
(loss)
.....................................................
0
.31
‌
(
0
.18
)
(
1
.76
)
Net
increase
(decrease)
from
investment
operations
.............................................
0.47
‌
0.10
‌
(1.63
)
Distributions
from
net
investment
income
(c)
.................................................
(0.16
)
(0.40
)
(0.14
)
Net
asset
value,
end
of
period
...........................................................
$
8.24
‌
$
7.93
‌
$
8.23
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...............................................................
5.98
%
(e)
1.06
%
(16.38
)%
(e)
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
......................................................................
2.04
%
(h)
2.05
%
1.81
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.............................................
0.76
%
(h)
0.71
%
0.70
%
(h)
(i)
Net
investment
income
................................................................
4.02
%
(h)
3.42
%
1.53
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................
$
134
‌
$
128
‌
$
92
‌
Portfolio
turnover
rate
(j)
.................................................................
443
%
704
%
604
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
..................................................................
271%
434%
360%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
63
Financial
Highlights
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering,
organization
and
printing
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
and
total
expenses
after
fees
waived
and/or
reimbursed
would
have
been
1.33%
and
0.39%,
respectively.
(j)
Includes
mortgage
dollar
roll
transactions
("MDRs").
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
BlackRock
Sustainable
Total
Return
Fund
Class
K
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
(a)
to
09/30/22
Net
asset
value,
beginning
of
period
......................................................
$
7.93
‌
$
8.23
‌
$
10.00
‌
Net
investment
income
(b)
..............................................................
0
.18
‌
0
.31
‌
0
.16
‌
Net
realized
and
unrealized
gain
(loss)
.....................................................
0
.31
‌
(
0
.19
)
(
1
.76
)
Net
increase
(decrease)
from
investment
operations
.............................................
0.49
‌
0.12
‌
(1.60
)
Distributions
from
net
investment
income
(c)
.................................................
(0.18
)
(0.42
)
(0.17
)
Net
asset
value,
end
of
period
...........................................................
$
8.24
‌
$
7.93
‌
$
8.23
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...............................................................
6.17
%
(e)
1.37
%
(16.12
)%
(e)
(f)
Ratios
to
Average
Net
Assets
(g)
Total
expen
ses
......................................................................
1.67
%
(h)
1.68
%
1.30
%
(h)
(i)
Total
expenses
after
fees
waived
and/or
reimbursed
.............................................
0.40
%
(h)
0.39
%
0.36
%
(h)
(i)
Net
investment
income
................................................................
4.38
%
(h)
3.68
%
1.84
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................
$
41,042
‌
$
39,486
‌
$
40,982
‌
Portfolio
turnover
rate
(j)
.................................................................
443
%
704
%
604
%
Six
Months
Ended
03/31/24
(unaudited)
Year
Ended
09/30/23
Period
from
10/18/21
to
09/30/22
Portfolio
turnover
rate
(excluding
MDRs)
..................................................................
271%
434%
360%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
64
1.
ORGANIZATION 
BlackRock
Funds
V
(the
“Trust”) and
BlackRock
Bond
Fund,
Inc.
(the
“Corporation”)
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as open-end
management
investment
companies.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
Corporation
is
organized
as
a
Maryland
corporation.
The
following
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
without
a
sales
charge
and
only
to
certain
eligible
investors.
Investor
A
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares.
Investor
A
Shares
are
generally available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures.
(a)
 Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
The
Board
of
Trustees
of
BlackRock
Funds
V
and
Board
of
Directors
of
BlackRock
Bond
Fund,
Inc.
are
collectively
referred
to
throughout
this
report
as
the
“Board”,
and
the
directors/trustees
thereof
are
collectively
referred
to
throughout
this
report
as
“Directors”.
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
Fixed-Income
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
(the
“trade
dates”).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.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
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.
Bank
Overdraft:
 Certain
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
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.
Registrant
Name
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Funds
V
.....................
BlackRock
Sustainable
High
Yield
Bond
Fund
Sustainable
High
Yield
Bond
Diversified
BlackRock
Funds
V
.....................
BlackRock
Sustainable
Low
Duration
Bond
Fund
Sustainable
Low
Duration
Bond
Diversified
BlackRock
Bond
Fund,
Inc.
................
BlackRock
Sustainable
Total
Return
Fund
Sustainable
Total
Return
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
Notes
to
Financial
Statements
(unaudited)
(continued)
65
Notes
to
Financial
Statements
Deferred
Compensation
Plan:
Under
the
Deferred
Compensation
Plan
(the
“Plan”)
approved
by the
Board,
the
Directors
who
are
not
“interested
persons”
of
the
Funds,
as
defined
in
the
1940
Act
(“Independent
Directors
”),
may
defer
a
portion
of
their
annual
complex-wide
compensation.
Deferred
amounts
earn
an
approximate
return
as
though
equivalent
dollar
amounts
had
been
invested
in
common
shares
of
certain
funds
in
the
BlackRock
Fixed-Income
Complex
selected
by
the
Independent
Directors
.
This
has
the
same
economic
effect
for
the
Independent 
Directors
as
if
the
Independent 
Directors
had
invested
the
deferred
amounts
directly
in
certain
funds
in
the
BlackRock
Fixed-
Income
Complex.
The
Plan
is
not
funded
and
obligations
thereunder
represent
general
unsecured
claims
against
the
general
assets
of
each
Fund,
as
applicable.
Deferred
compensation
liabilities,
if
any, are
included
in
the
Directors’
and
Officer’s
fees
payable
in
the
Statements
of
Assets
and
Liabilities
and
will
remain
as
a
liability
of
the
Funds
until
such
amounts
are
distributed
in
accordance
with
the
Plan. Net
appreciation
(depreciation)
in
the
value
of
participants’
deferral
accounts
is
allocated
among
the
participating
funds
in
the
BlackRock
Fixed-Income
Complex
and
reflected
as Directors
and
Officer
expense
on
the
Statements
of
Operations.
The Directors
and
Officer
expense
may
be
negative
as
a
result
of
a
decrease
in
value
of
the
deferred
accounts.
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
each
Fund
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”).
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
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
66
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.
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
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)
67
Notes
to
Financial
Statements
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. 
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
68
(“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.
TBA
Commitments:
TBA
commitments
are
forward
agreements
for
the
purchase
or
sale
of
securities,
including
mortgage-backed
securities
for
a
fixed
price,
with
payment
and
delivery
on
an
agreed
upon
future
settlement
date.
The
specific
securities
to
be
delivered
are
not
identified
at
the
trade
date.
However,
delivered
securities
must
meet
specified
terms,
including
issuer,
rate
and
mortgage
terms.
When
entering
into
TBA
commitments,
a
fund
may
take
possession
of
or
deliver
the
underlying
mortgage-backed
securities
but
can
extend
the
settlement
or
roll
the
transaction.
TBA
commitments
involve
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
or
sold
declines
or
increases,
respectively,
prior
to
settlement
date,
if
there
are
expenses
or
delays
in
connection
with
the
TBA
transactions,
or
if
the
counterparty
fails
to
complete
the
transaction.
In
order
to
better
define
contractual
rights
and
to
secure
rights
that
will
help
a
fund
mitigate its
counterparty
risk,
TBA
commitments
may
be
entered
into
by
a
fund
under
Master
Securities
Forward
Transaction
Agreements
(each,
an
“MSFTA”).
An
MSFTA
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
default
and/or
termination
event. 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
the
collateral
currently
pledged
by
a
fund
and
the
counterparty. Cash
collateral
that
has
been
pledged
to
cover
the
obligations
of
a
fund
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
for
TBA
commitments
or
cash
received
as
collateral
for
TBA
commitments,
respectively.
Non-cash
collateral
pledged
by
a
fund,
if
any,
is
noted
in
the
Schedules
of
Investments. Typically,
a
fund
is
permitted
to
sell,
re-pledge
or
use
the
collateral
it
receives;
however,
the
counterparty
is
not
permitted
to
do
so.
To
the
extent
amounts
due
to
a
fund
are
not
fully
collateralized,
contractually
or
otherwise,
a
fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Mortgage
Dollar
Roll
Transactions
:
The
Funds
may
sell
TBA
mortgage-backed
securities
and
simultaneously
contract
to
repurchase
substantially
similar
(i.e.,
same
type,
coupon
and
maturity)
securities
on
a
specific
future
date
at
an
agreed
upon
price.
During
the
period
between
the
sale
and
repurchase,
a
fund
is
not
entitled
to
receive
interest
and
principal
payments
on
the
securities
sold.
Mortgage
dollar
roll
transactions
are
treated
as
purchases
and
sales
and
a
fund realizes
gains
and
losses
on
these
transactions.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
that
a
fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities. 
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.
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).
Notes
to
Financial
Statements
(unaudited)
(continued)
69
Notes
to
Financial
Statements
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. The
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
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
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
70
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.
Interest
rate
swaps
—
Interest
rate
swaps
are
entered
into
to
gain
or
reduce
exposure
to
interest
rates
or
to
manage
duration,
the
yield
curve
or
interest
rate
(interest
rate
risk).
Interest
rate
swaps
are
agreements
in
which
one
party
pays
a
stream
of
interest
payments,
either
fixed
or
floating,
in
exchange
for
another
party’s
stream
of
interest
payments,
either
fixed
or
floating,
on
the
same
notional
amount
for
a
specified
period
of
time.
In
more
complex
interest
rate
swaps,
the
notional
principal
amount
may
decline
(or
amortize)
over
time.
Forward
swaps
— The
Funds
may enter
into
forward
interest
rate
swaps
and
forward
total
return
swaps.
In
a
forward
swap,
each
Fund
and
the
counterparty
agree
to
make
periodic
net
payments
beginning
on
a
specified
date
or
a
net
payment
at
termination.
Inflation
swaps
—
Inflation
swaps
are
entered
into
to
gain
or
reduce
exposure
to
inflation
(inflation
risk).
In
an
inflation
swap,
one
party
makes
fixed
interest
payments
on
a
notional
principal
amount
in
exchange
for
another
party’s
variable
payments
based
on
an
inflation
index,
such
as
the
Consumer
Price
Index.
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
Corporation
and
the
Trust,
on
behalf
of the
applicable 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
and
administrative
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)
71
Notes
to
Financial
Statements
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund’s
net
assets:
With
respect
to
each
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
and
with
respect
to
Sustainable
Low
Duration
Bond
and
Sustainable
Total
Return,
BlackRock
(Singapore)
Limited
(“BSL”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
and
BSL
for
services
they
provide
for
that
portion
of
each
Fund
for
which
BIL
and
BSL,
as
applicable,
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
Service
Fees:
The
Corporation
and
the 
Trust
,
on behalf
of the
applicable 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 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
to
the
Funds.
The
ongoing
service
fee compensates
BRIL
and
each
broker-
dealer
for
providing
shareholder
servicing related
services
to
shareholders.
For
the six
months
ended
March
31,
2024,
the
following
table
shows
the
class
specific
service
borne
directly
by
each
share
class
of
each
Fund:
Administration:
The
Corporation
and
the
Trust,
on
behalf
of the
applicable
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
March
31,
2024, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the 
six
months
 ended March
31,
2024,
the
Funds 
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
Investment
Advisory
Fees
Average
Daily
Net
Assets
Sustainable
High
Yield
Bond
Sustainable
Low
Duration
Bond
Sustainable
Total
Return
First
$1
billion
.............................................................................
0.500%
0.310%
0.390%
$1
billion
-
$3
billion
.........................................................................
0.470
0.290
0.370
$3
billion
-
$5
billion
.........................................................................
0.450
0.280
0.350
$5
billion
-
$10
billion
........................................................................
0.440
0.270
0.340
Greater
than
$10
billion
.......................................................................
0.430
0.260
0.330
Share
Class
Service
Fees
Investor
A
..............................................................................................................
0.25‌
%
Fund
Name
Investor
A
Sustainable
High
Yield
Bond
..................................................................................................
$
124‌
Sustainable
Low
Duration
Bond
................................................................................................
136‌
Sustainable
Total
Return
.....................................................................................................
165‌
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
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
23‌
$
10‌
$
4,324‌
$
4,357‌
Sustainable
Low
Duration
Bond
.................................................................
19‌
11‌
4,586‌
4,616‌
Sustainable
Total
Return
......................................................................
44‌
13‌
4,050‌
4,107‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
72
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
March
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
March
31,
2024,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Expense
Limitations,
Waivers,
Reimbursements
and
Recoupments:
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
Independent
Directors,
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
period
ended
March
31,
2024,
the
amounts
waived
were
as
follows: 
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of each
Fund’s
assets
invested
in
affiliated
equity
and
fixed-
income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2025.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Directors,
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
March
31,
2024,
Sustainable
Total
Return
Fund
waived
$83
in
investment
advisory
fees
pursuant
to
these
arrangements.
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2025,
unless
approved
by
the
Board,
including
a
majority
of
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the six
months
ended
March
31,
2024,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
The
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
Administration
fees
waived
by
the
Manager
in
the
Statements
of
Operations.
For
the six
months
ended
March
31,
2024,
the
amounts
waived
were
as
follows:
Fund
Name
Institutional
Investor
A
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
24‌
$
21‌
$
50‌
$
95‌
Sustainable
Low
Duration
Bond
.................................................................
8‌
17‌
61‌
86‌
Sustainable
Total
Return
......................................................................
8‌
28‌
39‌
75‌
Fund
Name
Institutional
Investor
A
Class
K
Total
Sustainable
High
Yield
Bond
...................................................................
$
24‌
$
37‌
$
50‌
$
111‌
Sustainable
Low
Duration
Bond
.................................................................
10‌
334‌
61‌
405‌
Sustainable
Total
Return
......................................................................
19‌
85‌
39‌
143‌
Fund
Name
Amounts
Waived
Sustainable
High
Yield
Bond
.............................................................................................
$
338
Sustainable
Low
Duration
Bond
...........................................................................................
354
Sustainable
Total
Return
................................................................................................
570
Fund
Name
Institutional
Investor
A
Class
K
Sustainable
High
Yield
Bond
..........................................................................
0.58‌%
0.83‌%
0.53‌%
Sustainable
Low
Duration
Bond
........................................................................
0.40‌
0.65‌
0.35‌
Sustainable
Total
Return
.............................................................................
0.44‌
0.75‌
0.39‌
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Sustainable
High
Yield
Bond
...................................................................................................
$
172,692
Sustainable
Low
Duration
Bond
.................................................................................................
157,248
Sustainable
Total
Return
......................................................................................................
246,413
Fund
Name
Administration
fees
waived
Sustainable
High
Yield
Bond
...................................................................................................
$
9,257
Sustainable
Low
Duration
Bond
.................................................................................................
9,810
Sustainable
Total
Return
......................................................................................................
8,727
Notes
to
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Financial
Statements
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
March
31,
2024,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
With
respect
to
the
contractual
expense
limitation,
if
during
a
Fund’s
fiscal
year
the
operating
expenses
of
a
share
class,
that
at
any
time
during
the
prior
two
fiscal
years
received
a
waiver
and/or
reimbursement
from
the
Manager,
are
less
than
the
current
expense
limitation
for
that
share
class,
the
Manager
is
entitled
to
be
reimbursed
by
such
share
class
up
to
the
lesser
of:
(a)
the
amount
of
fees
waived
and/or
expenses
reimbursed
during
those
prior
two
fiscal
years
under
the
agreement
and
(b)
an
amount
not
to
exceed
either
the
current
expense
limitation
of
that
share
class
or
the
expense
limitation
of
the
share
class
in
effect
at
the
time
that
the
share
class
received
the
applicable
waiver
and/or
reimbursement,
provided
that:
(1)
each
Fund,
of
which
the
share
class
is
a
part,
has
more
than
$50
million
in
assets
for
the
fiscal
year,
and  
(2)
the
Manager
or
an
affiliate
continues
to
serve
as
a
Fund’s
investment
adviser
or
administrator.
This
repayment
applies
only
to
the
contractual
expense
limitation
on
net
expenses
and
does
not
apply
to
the
contractual
investment
advisory
fee
waiver
described
above
or
any
voluntary
waivers
that
may
be
in
effect
from
time
to
time.
Effective
July
22,
2028,
the
repayment
arrangement
between
Sustainable
High
Yield
Bond
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under the
Fund’s
contractual
caps
on
net
expenses
will
be
terminated.
Effective
October
19,
2028,
the
repayment
arrangement
between
Sustainable
Low
Duration
Bond
and
Sustainable
Total
Return
and
the
Manager
pursuant
to
which
such
Fund
may
be
required
to
repay
amounts
waived
and/or
reimbursed
under
each
Fund's
contractual
caps
on
net
expenses
will
be
terminated.
As
of March
31,
2024,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement were
as
follows:  
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
(“SEC”),
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by each
Fund’s
investment
policies
and
restrictions. Each
Fund
is
currently
permitted
to
borrow
and
lend
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Sustainable
High
Yield
Bond
Investor
A
.....................................................................................
$
5‌
$
19‌
Class
K
......................................................................................
4,324‌
50‌
$
4,329‌
$
69‌
Sustainable
Low
Duration
Bond
Investor
A
.....................................................................................
$
11‌
$
307‌
Class
K
......................................................................................
4,586‌
61‌
$
4,597‌
$
368‌
Sustainable
Total
Return
Investor
A
.....................................................................................
7‌
20‌
Class
K
......................................................................................
4,050‌
39‌
$
4,057‌
$
59‌
Expiring
September
30,
2024
2025
2026
Sustainable
High
Yield
Bond
.........................................................
Fund
Level
...................................................................
$
419,665‌
$
409,708‌
$
181,949‌
Institutional
...................................................................
246‌
43‌
—‌
Investor
A
....................................................................
246‌
41‌
24‌
Class
K
......................................................................
9,456‌
8,681‌
4,374‌
Sustainable
Low
Duration
Bond
Fund
Level
...................................................................
300,554‌
330,205‌
167,058‌
Institutional
...................................................................
229‌
10‌
—‌
Investor
A
....................................................................
221‌
1,487‌
31
8‌
Class
K
......................................................................
9,414‌
9,333‌
4,647‌
Sustainable
Total
Return
Fund
Level
...................................................................
381,248‌
523,479‌
255,140‌
Institutional
...................................................................
231‌
14‌
—‌
Investor
A
....................................................................
187‌
27‌
27‌
Class
K
......................................................................
9,014‌
8,451‌
4,089‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
74
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
March
31,
2024,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Directors
and
Officers:
Certain
directors
and/or
officers
of
the Corporation
and
the
Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust’s
Chief
Compliance
Officer,
which
is
included
in 
Directors
 and
Officer
in
the
Statements
of
Operations. 
7.
PURCHASES
AND
SALES 
For
the six
months ended
March
31,
2024,
purchases
and
sales
of
investments,
including
paydowns,
mortgage
dollar
rolls
and
excluding
short-term
securities,
were
as
follows:
For
the six
months ended
March
31,
2024,
purchases
and
sales
related
to
mortgage
dollar
rolls
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
March
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
September
30,
2023, the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
and
qualified
late-year
losses as
follows: 
As
of
March
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
Corporation
and
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)
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
March
31,
2024,
the
Funds
did
not
borrow
under
the
credit
agreement.
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Sustainable
High
Yield
Bond
..............................................
$
—‌
$
—‌
$
15,915,670‌
$
16,372,215‌
Sustainable
Low
Duration
Bond
............................................
6,309,825‌
4,379,114‌
19,335,770‌
22,995,597‌
Sustainable
Total
Return
.................................................
17,324,311‌
17,765,874‌
176,528,154‌
177,398,774‌
Fund
Name
Purchases
Sales
Sustainable
Low
Duration
Bond
............................................................................
$
4,168,275‌
$
4,166,773‌
Sustainable
Total
Return
.................................................................................
75,125,255‌
75,113,060‌
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
Qualified
Late-Year
Ordinary
Losses
Total
Sustainable
High
Yield
Bond
..............................................................
$
(4,188,151‌)
$
—‌
$
(4,188,151‌)
Sustainable
Low
Duration
Bond
............................................................
(1,735,629‌)
(390,499‌)
(
2,126,128‌
)
Sustainable
Total
Return
.................................................................
(5,592,301‌)
(307,362‌)
(
5,899,663‌
)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Sustainable
High
Yield
Bond
..........................................
$
46,240,078‌
$
647,313‌
$
(1,242,348‌)
$
(595,035‌)
Sustainable
Low
Duration
Bond
........................................
48,030,021‌
175,600‌
(1,289,846‌)
(1,114,246‌)
Sustainable
Total
Return
............................................
56,036,385‌
312,909‌
(2,576,932‌)
(2,264,023‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
75
Notes
to
Financial
Statements
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. 
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.
Municipal
securities
are
subject
to
the
risk
that
litigation,
legislation
or
other
political
events,
local
business
or
economic
conditions,
credit
rating
downgrades,
or
the
bankruptcy
of
the
issuer
could
have
a
significant
effect
on
an
issuer’s
ability
to
make
payments
of
principal
and/or
interest
or
otherwise
affect
the
value
of
such
securities.
Municipal
securities
can
be
significantly
affected
by
political
or
economic
changes,
including
changes
made
in
the
law
after
issuance
of
the
securities,
as
well
as
uncertainties
in
the
municipal
market
related
to,
taxation,
legislative
changes
or
the
rights
of
municipal
security
holders,
including
in
connection
with
an
issuer
insolvency.
Municipal
securities
backed
by
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
can
be
negatively
affected
by
the
discontinuance
of
the
tax
benefits
supporting
the
project
or
assets
or
the
inability
to
collect
revenues
for
the
project
or
from
the
assets.
Municipal
securities
may
be
less
liquid
than
taxable
bonds,
and
there
may
be
less
publicly
available
information
on
the
financial
condition
of
municipal
security
issuers
than
for
issuers
of
other
securities.
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.
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
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
76
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. 
Certain
Funds
invest
a
significant
portion
of their
assets
in
securities
backed
by
commercial
or
residential
mortgage
loans
or
in
issuers
that
hold
mortgage
and
other
asset-
backed
securities.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
a
greater
risk
of
prepayment
or
payment
extension
by
securities
issuers.
Changes
in
economic
conditions,
including
delinquencies
and/or
defaults
on
assets
underlying
these
securities,
can
affect
the
value,
income
and/or
liquidity
of
such
positions.
Investment
percentages
in
these
securities
are
presented
in
the
Schedules
of
Investments.
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
03/31/24
Year
Ended
09/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Sustainable
High
Yield
Bond
Institutional
Shares
sold
..........................................
183‌
$
1,624‌
15,390‌
$
132,950‌
Shares
issued
in
reinvestment
of
distributions
.....................
514‌
4,480‌
201‌
1,720‌
697‌
$
6,104‌
15,591‌
$
134,670‌
Investor
A
Shares
sold
..........................................
610‌
$
5,400‌
1,631‌
$
14,027‌
Shares
issued
in
reinvestment
of
distributions
.....................
40‌
348‌
30‌
255‌
Shares
redeemed
......................................
(1,381‌)
(12,207‌)
—‌
—‌
(731‌)
$
(6,459‌)
1,661‌
$
14,282‌
(34‌)
$
(355‌)
17,252‌
$
148,952‌
Sustainable
Low
Duration
Bond
Institutional
Shares
sold
..........................................
9,004‌
$
82,672‌
5,438‌
$
49,487‌
Shares
issued
in
reinvestment
of
distributions
.....................
217‌
2,004‌
3‌
26‌
Shares
redeemed
......................................
(2,437‌)
(22,517‌)
—‌
—‌
6,784‌
$
62,159‌
5,441‌
$
49,513‌
Investor
A
Shares
sold
..........................................
—‌
$
—‌
30‌
$
271‌
Shares
issued
in
reinvestment
of
distributions
.....................
33‌
307‌
91‌
835‌
Shares
redeemed
......................................
(30‌)
(274‌)
(212‌)
(1,927‌)
3‌
$
33‌
(91‌)
$
(821‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
77
Notes
to
Financial
Statements
As
of
March
31,
2024,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Funds,
were
as
follows:
12.
SUBSEQUENT
EVENTS 
Management’s
evaluation
of
the
impact
of
all
subsequent
events
on
the
Funds’
financial
statements
was
completed
through
the
date
the
financial
statements
were
issued
and
the
following
item
was
noted:
Effective
April
11,
2024,
the
364-day
credit
agreement
to
which
the
Trust,
on
behalf
of
the
Funds,
and
the
Participating
Funds
are
party,
was
amended
to
(i)
decrease
the
aggregate
commitment
amount
to
$2.40
billion,
and
(ii)
extend
the
termination
date
to
April
2025.
d
Six
Months
Ended
03/31/24
Year
Ended
09/30/23
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
K
Shares
sold
..........................................
7,505‌
$
69,471‌
329‌
$
3,000‌
Shares
issued
in
reinvestment
of
distributions
.....................
64‌
595‌
7‌
63‌
Shares
redeemed
......................................
(117‌)
(1,083‌)
—‌
—‌
7,452‌
$
68,983‌
336‌
$
3,063‌
14,239‌
$
131,175‌
5,686‌
$
51,755‌
Sustainable
Total
Return
Institutional
Shares
sold
..........................................
41,494‌
$
332,939‌
12,913‌
$
103,566‌
Shares
issued
in
reinvestment
of
distributions
.....................
919‌
7,547‌
8‌
60‌
Shares
redeemed
......................................
(3,109‌)
(25,007‌)
—‌
—‌
39,304‌
$
315,479‌
12,921‌
$
103,626‌
Investor
A
Shares
sold
..........................................
—‌
$
—‌
5,978‌
$
50,290‌
Shares
issued
in
reinvestment
of
distributions
.....................
124‌
1,004‌
151‌
1,251‌
Shares
redeemed
......................................
(37‌)
(286‌)
(1,118‌)
(9,134‌)
87‌
$
718‌
5,011‌
$
42,407‌
39,391‌
$
316,197‌
17,932‌
$
146,033‌
Institutional
Investor
A
Class
K
Sustainable
High
Yield
Bond
..........................................................................
10,000‌
10,000‌
4,980,000‌
Sustainable
Low
Duration
Bond
........................................................................
10,000‌
10,000‌
4,980,000‌
Sustainable
Total
Return
.............................................................................
10,000‌
10,000‌
4,980,000‌
Statement
Regarding
Liquidity
Risk
Management
Program
2024
BlackRock
Semi-Annual
Report
to
Shareholders
78
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
V
(the
“Trust”)
and
BlackRock
Bond
Fund,
Inc.
(the
“Corporation”)
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
the
BlackRock
Sustainable
High
Yield
Bond
Fund,
BlackRock
Sustainable
Low
Duration
Bond
Fund
and
BlackRock
Sustainable
Total
Return
Fund
(the
“Funds”),
each
a
series
of
the
Trust
or
the
Corporation,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Directors/Trustees
(the
“Board”),
as
applicable,
of
the
Trust
and
the
Corporation,
on
behalf
of
the
Funds
met
on
November
14-15,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
("BlackRock"),
the
investment
adviser
to
each
Fund,
as
the
program
administrator
for
each
Fund’s
Program.
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
79
Additional
Information
Proxy
Results
BlackRock
Funds
V
A
Special
Meeting
of
Shareholders
was
held
on
November
9,
2023
for
shareholders
of
record
on
September
11,
2023,
to
elect
Trustees
to
the
Trust's
Board.
Shareholders
elected
the
Trustees*
as
follows:
*
Denotes
Trust-wide
proposal
and
voting
results.
Board
Members
whose
term
of
office
continued
after
the
Special
Meeting
of
Shareholders
because
they
were
not
up
for
election
are
R.
Glenn
Hubbard,
W.
Carl
Kester,
Cynthia
L.
Egan,
Frank
J.
Fabozzi,
Catherine
A.
Lynch,
Robert
Fairbairn
and
John
M.
Perlowski.
Frank
J.
Fabozzi's
term
as
a
Board
Member
of
the
Funds
ended
on
December
31,
2023.
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.
Votes
For
Votes
Withheld
Lorenzo
A.
Flores
6,098,355,552
50,013,664
Stayce
D.
Harris
6,100,362,778
48,006,437
J.
Phillip
Holloman
6,094,339,498
54,029,718
Arthur
P.
Steinmetz
6,096,630,633
51,738,582
Additional
Information
(continued)
2024
BlackRock
Semi-Annual
Report
to
Shareholders
80
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.
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
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
BlackRock
(Singapore)
Limited
(a)
079912
Singapore
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02116
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Willkie
Farr
&
Gallagher
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
Sustainable
Low
Duration
Bond
Fund
and
BlackRock
Sustainable
Total
Return
Fund.
Glossary
of
Terms
Used
in
this
Report
81
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
CAD
Canadian
Dollar
CNH
Chinese
Yuan
Offshore
EUR
Euro
JPY
Japanese
Yen
MXN
Mexican
Peso
USD
United
States
Dollar
Portfolio
Abbreviation
CLO
Collateralized
Loan
Obligation
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
EURIBOR
Euro
Interbank
Offered
Rate
GO
General
Obligation
Bonds
LIBOR
London
Interbank
Offered
Rate
OTC
Over-the-counter
PIK
Payment-In-Kind
RB
Revenue
Bonds
REIT
Real
Estate
Investment
Trust
REPO_CORRA
Canadian
Overnight
Repo
Rate
SOFR
Secured
Overnight
Financing
Rate
TBA
To-be-announced
TONAR
Tokyo
Overnight
Average
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.
SHYB-03/24-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 V
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds V
 
Date: May 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 V
 
 
Date: May 22, 2024
 
By:     /s/ Trent Walker
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds V
 
Date: May 22, 2024