N-CSR 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-22061
 
Name of Fund:  BlackRock Funds II
                                    BlackRock Dynamic High Income Portfolio
BlackRock Multi-Asset Income Portfolio
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 07/31/2023
 
Date of reporting period: 07/31/2023
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
 
(b)
 
 Not Applicable
JULY
31,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Annual
Report
BlackRock
Funds
II
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
Dear
Shareholder,
Despite
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
July
31,
2023,
the
resilience
of
the
U.S.
economy
in
the
face
of
ever
tighter
financial
conditions
provided
an
encouraging
backdrop
for
investors.
While
inflation
was
near
multi-decade
highs
at
the
beginning
of
the
period,
it
declined
precipitously
as
commodity
prices
dropped.
Labor
shortages
also
moderated,
although
wages
continued
to
grow
and
unemployment
rates
reached
the
lowest
levels
in
decades.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
Equity
returns
were
solid,
as
the
durability
of
consumer
sentiment
eased
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
Most
major
classes
of
equities
advanced,
including
large-
and
small-capitalization
U.S.
stocks
and
equities
from
developed
and
emerging
markets.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-
grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times
during
the
12-month
period
ended
July
31,
2023.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
its
June
2023
meeting,
the
first
time
it
paused
its
tightening
in
the
current
cycle,
before
again
raising
rates
in
July
2023.
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
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
a
pause,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
position
to
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near-term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
in
the
near-term
as
growth
trends
for
emerging
markets
appear
brighter.
We
also
believe
that
stocks
with
an
A.I.
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
We
are
neutral
on
credit
overall
amid
tightening
credit
and
financial
conditions;
however,
there
are
selective
opportunities
in
the
near
term.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
U.S.
mortgage-backed
securities,
and
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
July
31,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
13.52%
13.02%
U.S.
small
cap
equities
(Russell
2000
®
Index)
4.51
7.91
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
6.65
16.79
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
3.26
8.35
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.34
3.96
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(2.08)
(7.56)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(1.02)
(3.37)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.20
0.93
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.92
4.42
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summary
........................................................................................................
4
Portfolio
Information
.....................................................................................................
10
About
Fund
Performance
..................................................................................................
11
Disclosure
of
Expenses
...................................................................................................
12
Derivative
Financial
Instruments
.............................................................................................
12
Financial
Statements:
Schedules
of
Investments
...............................................................................................
13
Statements
of
Assets
and
Liabilities
.........................................................................................
137
Statements
of
Operations
................................................................................................
140
Statements
of
Changes
in
Net
Assets
........................................................................................
141
Financial
Highlights
.....................................................................................................
142
Notes
to
Financial
Statements
...............................................................................................
150
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
165
Important
Tax
Information
.................................................................................................
166
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
..................................................................
167
Trustee
and
Officer
Information
..............................................................................................
171
Additional
Information
....................................................................................................
175
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
177
Fund
Summary
as
of
July
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
Dynamic
High
Income
Portfolio
Investment
Objective
BlackRock
Dynamic
High
Income
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
high
current
income
with
consideration
for
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
July
31,
2023,
all
of
the
Fund’s
share
classes
underperformed
the
Fund’s
custom
benchmark,
a
blend
of
70%
MSCI
World
Index/30%
Bloomberg
U.S.
Aggregate
Bond
Index.
The
Fund
seeks
to
earn
a
high
level
of
current
income
by
tactically
managing
a
diversified
portfolio
of
non-traditional
sources
of
yield.
The
Fund
has
the
flexibility
to
invest
across
all
asset
classes
and
is
managed
within
a
risk-controlled
framework,
seeking
to
maintain
competitive
yield
with
a
risk
profile
similar
to
or
below
that
of
the
custom
benchmark.
The
Fund’s
performance
is
reviewed
on
an
absolute
basis
due
to
the
nature
of
its
strategy.
What
factors
influenced
performance?
The
Fund’s
allocation
to
global
equities
was
the
primary
contributor
to
returns
given
the
relatively
favorable
backdrop
for
risk
assets
in
the
latter
half
of
the
period.
Holdings
in
floating-rate
securities,
such
as
bank
loans
and
collateralized
loan
obligations
(“CLOs”),
also
contributed
in
the
rising-rate
environment.
Equity
covered
calls
further
contributed
to
returns
due
to
strong
income
generation
driven
by
elevated
market
volatility
over
much
of
the
period.
The
Fund’s
effort
to
manage
duration
(interest
rate
risk)
was
the
largest
detractor
from
performance.
(Prices
and
yields
move
in
opposite
directions.)
Holdings
in
real
estate
investment
trusts
(“REITs”)
also
weighed
on
returns,
as
the
sector
experienced
weakness
amid
higher
rates,
slowing
economic
growth
and
challenges
brought
about
by
COVID-19.
An
allocation
to
infrastructure
equities
also
detracted,
driven
in
part
by
weakness
within
telecommunication-related
stocks.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance.
The
Fund
used
derivatives
as
part
of
its
investment
strategy.
In
addition
to
using
U.S.
Treasury
futures
to
manage
duration
positioning,
the
Fund
held
equity
futures,
equity
options
and
currency
futures
to
adjust
its
risk
profile.
Additionally,
it
used
equity
covered
calls
to
provide
an
alternative
source
of
income.
The
effect
of
holding
Treasury
futures
and
currency
futures
detracted,
while
equity
futures,
equity
options
and
covered
calls
were
beneficial.
Describe
recent
portfolio
activity.
The
investment
adviser
made
a
number
of
changes
to
adjust
the
Fund’s
positioning
throughout
the
period
in
response
to
the
dynamic
environment.
The
Fund
ended
the
period
with
a
modestly
lower
risk
profile
than
it
had
one
year
ago,
as
the
investment
adviser
reduced
the
Fund’s
positions
in
bank
loans,
high
yield
bonds
and
preferred
stocks.
The
investment
advisor
decreased
the
Fund’s
weighting
in
REITs
given
the
increasing
headwinds
for
the
sector.
The
investment
advisor
also
significantly
reduced
the
allocation
to
Asian
high
yield
bonds
due
to
troubles
in
the
region’s
property
sector.
At
times
the
investment
advisor
used
the
proceeds
from
these
reductions
to
add
to
short-term
investment
grade
bonds
and
cash
in
an
effort
to
capitalize
on
the
attractive
yield
opportunities
in
higher-quality
market
segments.
Describe
portfolio
positioning
at
period
end.
The
Fund’s
cash
position
was
somewhat
elevated
as
the
investment
adviser
was
judicious
in
the
portfolio’s
overall
level
of
risk
following
a
period
of
strong
market
performance.
In
addition,
cash
offered
more
attractive
yields
following
the
substantial
increase
in
interest
rates.
The
Fund
was
allocated
across
a
number
of
diverse
asset
classes,
including
investment-grade
corporate
bonds,
senior
loans,
mortgage-backed
securities,
high
yield
bonds,
global
equities,
preferred
stocks,
equity
covered
calls
and
cash.
The
Fund’s
duration
was
approximately
1.9
years.
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
July
31,
2023
(continued)
5
Fund
Summary
BlackRock
Dynamic
High
Income
Portfolio
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
November
3,
2014.
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.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund
may
invest
up
to
100%
of
its
assets
in
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
The
Fund
may
also
gain
exposure
to
such
equity
securities
and
fixed-
income
securities
by
investing
in
BlackRock
equity
and/or
fixed-income
mutual
funds
and
affiliated
and
unaffiliated
exchange-traded
funds
(“ETFs”).
The
Fund
may
also
invest
up
to
50%
of
its
assets
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
The
Fund
compares
its
performance
to
that
of
a
customized
weighted
index
comprised
of
the
returns
of
the
MSCI
World
Index
(70%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(30%).
(d)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
Since
Inception
(b)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................
6.62‌%
6.44‌%
4.18‌%
N/A‌
2.87‌%
N/A‌
4.19‌%
N/A‌
Investor
A
...........................
6.02‌
5.90‌
4.04‌
(1.42‌)%
2.63‌
1.53‌%
3.95‌
3.31‌%
Investor
C
...........................
5.61‌
5.45‌
3.27‌
2.29‌
1.88‌
1.88‌
3.23‌
3.23‌
Class
K
............................
6.67‌
6.52‌
4.35‌
N/A‌
2.92‌
N/A‌
4.25‌
N/A‌
70%
MSCI
World
Index/30%
Bloomberg
U.S.
Aggregate
Bond
Index
...............
—‌
—‌
8.35‌
N/A‌
6.86‌
N/A‌
6.75‌
N/A‌
MSCI
World
Index
....................
—‌
—‌
13.48‌
N/A‌
9.12‌
N/A‌
8.91‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
.....
—‌
—‌
(3.37‌)
N/A‌
0.75‌
N/A‌
1.11‌
N/A‌
(a)
Assuming
maximum
sales
charges,
if
any.
Average
annual
total
returns
with
and
without
sales
charges
reflect
reductions
for
distribution
and
service
fees.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
sales
charges
and
fees,
and
how
performance
was
calculated
for
certain
share
classes.
(b)
The
Fund
commenced
operations
on
November
3,
2014.
Fund
Summary
as
of
July
31,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
Dynamic
High
Income
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(02/01/23)
Ending
Account
Value
(07/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/23)
Ending
Account
Value
(07/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,033.80‌
$
3.28‌
$
1,000.00‌
$
1,021.57‌
$
3.26‌
0.65‌%
Investor
A
................................
1,000.00‌
1,033.70‌
4.54‌
1,000.00‌
1,020.33‌
4.51‌
0.90‌
Investor
C
................................
1,000.00‌
1,030.00‌
8.30‌
1,000.00‌
1,016.61‌
8.25‌
1.65‌
Class
K
..................................
1,000.00‌
1,035.30‌
3.03‌
1,000.00‌
1,021.82‌
3.01‌
0.60‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Fund
Summary
as
of
July
31,
2023
7
Fund
Summary
BlackRock
Multi-Asset
Income
Portfolio
Investment
Objective
BlackRock
Multi-Asset
Income
Portfolio’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
with
consideration
for
capital
appreciation.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
July
31,
2023,
all
of
the
Fund’s
share
classes
underperformed
the
Fund’s
custom
benchmark,
a
blend
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index.
The
Fund
employs
an
unconstrained
strategy
(i.e.,
one
with
the
flexibility
to
invest
across
all
asset
classes)
that
is
managed
within
a
risk-controlled
framework
and
seeks
to
maintain
a
competitive
yield
with
a
risk
profile
less
than
or
equal
to
the
50/50
custom
benchmark.
The
Fund
may
use
derivatives
to
manage
the
portfolio’s
positioning
and
to
provide
an
element
of
protection
during
periods
of
market
distress.
The
following
discussion
relates
to
absolute
performance
due
to
the
nature
of
the
Fund’s
strategy.
What
factors
influenced
performance?
The
Fund’s
allocation
to
global
equities
was
the
primary
contributor
to
returns
given
the
relatively
favorable
backdrop
for
risk
assets
in
the
latter
half
of
the
period.
Holdings
in
floating-rate
securities,
such
as
bank
loans
and
collateralized
loan
obligations
(“CLOs”),
also
contributed
in
the
rising-rate
environment.
Equity
covered
calls
further
contributed
to
returns
due
to
strong
income
generation
driven
by
elevated
market
volatility
over
much
of
the
period.
The
investment
adviser’s
decision
to
increase
duration
by
adding
to
the
Fund’s
allocation
to
higher-quality
bonds—which
reflected
its
view
that
rising
interest
rates
and
the
potential
for
a
recession
warranted
the
addition
of
portfolio
ballast—detracted
given
that
yields
rose
more
than
expected.
(Prices
and
yields
move
in
opposite
directions).
Holdings
in
real
estate
investment
trusts
(“REITs”)
further
weighed
on
returns,
as
the
sector
experienced
weakness
amid
higher
rates,
slowing
economic
growth
and
challenges
brought
about
by
COVID-19.
The
Fund’s
currency
management
efforts
modestly
detracted
as
the
U.S.
dollar
generally
weakened
relative
to
key
foreign
currencies.
The
Fund’s
cash
position
did
not
have
a
material
impact
on
performance.
The
Fund
used
derivatives
as
part
of
its
investment
strategy.
In
addition
to
using
U.S.
Treasury
futures
to
manage
duration
positioning,
the
Fund
held
equity
futures,
equity
options
and
currency
futures
to
adjust
its
risk
profile.
Additionally,
it
used
equity
covered
calls
to
provide
an
alternative
source
of
income.
The
effect
of
holding
Treasury
futures
and
currency
futures
detracted,
while
equity
futures,
equity
options
and
covered
calls
were
beneficial.
Describe
recent
portfolio
activity.
The
investment
adviser
made
a
number
of
changes
to
adjust
the
Fund’s
positioning
throughout
the
period
in
response
to
the
dynamic
environment.
The
investment
adviser
reduced
overall
risk
early
in
the
period
given
the
broad
market
weakness
and
uncertainty
that
characterized
much
of
2022.
More
recently,
the
investment
adviser
modestly
increased
the
Fund’s
allocation
to
stocks
due
to
the
more
favorable
backdrop.
The
investment
adviser
also
reduced
the
Fund’s
weighting
in
lower-quality
fixed
income
in
favor
of
investment-grade
corporate
bonds,
high-quality
mortgages,
and
investment-grade
CLOs
as
well
as
significantly
reducing
the
allocation
to
Asian
high
yield
bonds
due
to
troubles
in
the
region’s
property
sector.
The
investment
adviser
believed
there
was
a
wide
range
of
potential
outcomes
for
the
world
economy,
signaling
potential
vulnerability
for
risk
assets
following
a
long
stretch
of
positive
market
performance.
While
it
positioned
the
Fund
to
participate
in
additional
potential
upside
through
holdings
in
stocks
and
lower-quality
bonds,
it
balanced
these
positions
with
increased
allocations
to
high-quality
bonds
that
offered
attractive
yields
and
lower
downside
risk.
The
Fund’s
cash
position
was
modestly
elevated
at
the
end
of
the
period,
as
the
investment
adviser
was
judicious
in
managing
the
portfolio’s
overall
level
of
risk
given
the
backdrop
of
elevated
asset
prices
and
attractive
yields.
In
addition,
cash
offered
more
attractive
yields
following
the
substantial
increase
in
interest
rates.
Describe
portfolio
positioning
at
period
end.
The
Fund
was
allocated
across
a
number
of
diverse
asset
classes,
including
investment-grade
corporate
bonds,
senior
loans,
mortgage-backed
securities,
high
yield
bonds,
global
equities,
preferred
stocks,
equity
covered
calls
and
cash.
The
Fund’s
duration
was
approximately
3.4
years.
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
July
31,
2023
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
Multi-Asset
Income
Portfolio
GROWTH
OF
$10,000
INVESTMENT
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.
(a)
Assuming
maximum
sales
charges,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund
may
invest
up
to
60%
of
its
assets
in
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
In
addition,
the
Fund
may
invest
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
The
Fund
compares
its
performance
to
that
of
a
customized
weighted
index
comprised
of
the
returns
of
the
MSCI
World
Index
(50%)
and
Bloomberg
U.S.
Aggregate
Bond
Index
(50%).
(d)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(e)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
Average
Annual
Total
Returns
(a)
1
Year
5
Years
10
Years
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..........................
5.95‌%
5.84‌%
3.77‌%
N/A‌
3.31‌%
N/A‌
4.10‌%
N/A‌
Investor
A
...........................
5.39‌
5.31‌
3.51‌
(1.93‌)%
3.05‌
1.95‌%
3.84‌
3.28‌%
Investor
C
...........................
4.94‌
4.83‌
2.63‌
1.65‌
2.26‌
2.26‌
3.20‌
3.20‌
Class
K
............................
6.00‌
5.91‌
3.71‌
N/A‌
3.34‌
N/A‌
4.12‌
N/A‌
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index
...............
—‌
—‌
4.97‌
N/A‌
5.23‌
N/A‌
5.59‌
N/A‌
MSCI
World
Index
....................
—‌
—‌
13.48‌
N/A‌
9.12‌
N/A‌
9.30‌
N/A‌
Bloomberg
U.S.
Aggregate
Bond
Index
.....
—‌
—‌
(3.37‌)
N/A‌
0.75‌
N/A‌
1.50‌
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.
Fund
Summary
as
of
July
31,
2023
(continued)
9
Fund
Summary
BlackRock
Multi-Asset
Income
Portfolio
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(02/01/23)
Ending
Account
Value
(07/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(02/01/23)
Ending
Account
Value
(07/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,015.80‌
$
2.75‌
$
1,000.00‌
$
1,022.07‌
$
2.76‌
0.55‌%
Investor
A
................................
1,000.00‌
1,014.50‌
4.00‌
1,000.00‌
1,020.83‌
4.01‌
0.80‌
Investor
C
................................
1,000.00‌
1,009.70‌
7.72‌
1,000.00‌
1,017.11‌
7.75‌
1.55‌
Class
K
..................................
1,000.00‌
1,015.00‌
2.50‌
1,000.00‌
1,022.32‌
2.51‌
0.50‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Portfolio
Information
July
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
'
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
Core
Dividend
Growth
ETF
.....................
4.8‌
%
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.............
3.4‌
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
..........
2.4‌
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
......
1.0‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..............
0.6‌
Microsoft
Corp.
...................................
0.5‌
Royal
Bank
of
Canada
(UnitedHealth
Group,
Inc.),
7.31%, 08/31/23
0.4‌
Clover
CLO
LLC,
7.34%, 07/20/34
......................
0.4‌
Royal
Bank
of
Canada
(Alphabet,
Inc.),
14.17%, 09/15/23
......
0.4‌
OHA
Credit
Funding
3
Ltd.,
7.24%, 07/02/35
...............
0.3‌
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Common
Stocks
...................................
26.1‌
%
Corporate
Bonds
...................................
17.5‌
Equity-Linked
Notes
.................................
15.7‌
Asset-Backed
Securities
..............................
13.4‌
Investment
Companies
...............................
11.7‌
Floating
Rate
Loan
Interests
...........................
6.2‌
Non-Agency
Mortgage-Backed
Securities
..................
4.6‌
Preferred
Securities
.................................
2.2‌
Foreign
Government
Obligations
........................
2.0‌
Foreign
Agency
Obligations
............................
0.6‌
U.S.
Government
Sponsored
Agency
Securities
..............
0.0‌
(b)
Fixed
Rate
Loan
Interests
.............................
0.0‌
(b)
Warrants
........................................
0.0‌
(b)
(a)
Excludes
short-term
securities.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
iShares
MBS
ETF
.................................
3.1‌
%
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
........
1.4‌
iShares
Core
Dividend
Growth
ETF
.....................
0.8‌
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..............
0.5‌
Microsoft
Corp.
...................................
0.4‌
AstraZeneca
plc
..................................
0.3‌
Sanofi
.........................................
0.3‌
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.............
0.3‌
PFP
Ltd.,
7.48%, 08/19/35
............................
0.3‌
Houston
Center,
Term
Loan,
0.00%, 01/24/24
...............
0.3‌
PORTFOLIO
COMPOSITION
Asset
Type
Percent
of
at
Total
Investments
(a)
Corporate
Bonds
...................................
27.4‌
%
Common
Stocks
...................................
25.9‌
Asset-Backed
Securities
..............................
14.7‌
Equity-Linked
Notes
.................................
8.6‌
Non-Agency
Mortgage-Backed
Securities
..................
7.4‌
Floating
Rate
Loan
Interests
...........................
6.7‌
Investment
Companies
...............................
5.7‌
Preferred
Securities
.................................
1.9‌
Foreign
Government
Obligations
........................
1.1‌
Foreign
Agency
Obligations
............................
0.6‌
U.S.
Government
Sponsored
Agency
Securities
..............
0.0‌
(b)
Fixed
Rate
Loan
Interests
.............................
0.0‌
(b)
Warrants
........................................
0.0‌
(b)
(a)
Excludes
short-term
securities.
(b)
Represents
less
than
0.1%
of
the
Fund's
total
investments.
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
Class
K
Shares
inception
date
of
March
28,
2016
for
BlackRock
Dynamic
High
Income
Portfolio
and
the
Class
K
Shares
inception
date
of
February
3,
2017
for
the
BlackRock
Multi-Asset
Income
Portfolio
is
that
of
Institutional
Shares.
The
performance
of
each
Fund’s
Class
K
Shares
would
be
substantially
similar
to
Institutional
Shares
because
Class
K
Shares
and
Institutional
Shares
invest
in
the
same
portfolio
of
securities
and
performance
would
only
differ
to
the
extent
that
Class
K
Shares
and
Institutional
Shares
have
different
expenses.
The
actual
returns
of
Class
K
Shares
would
have
been
higher
than
those
of
Institutional
Shares
because
Class
K
Shares
have
lower
expenses
than
the
Institutional
Shares.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of 
5.25
%
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
 are
subject
to
a 1.00%
CDSC
if
redeemed
within
one
year
of
purchase.
In
addition,
these
shares
are
subject
to
a
distribution
fee
of
0.75
%
per
year
and
a
service
fee
of 
0.25%
per
year.
These
shares
are
generally
available
through
financial
intermediaries.
These
shares
automatically
convert
to
Investor
A
Shares
after
approximately eight
years.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund’s
performance
would
have
been
lower.
With
respect
to
each
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
2023
BlackRock
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
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AGL
CLO
11
Ltd.,
Series
2021-11A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.31%),
7.62%,
04/15/34
(a)(b)
.........
USD
500
$
489,877
AGL
CLO
17
Ltd.,
Series
2022-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.43%,
01/21/35
(a)(b)
.........
1,000
965,213
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
10/17/34
....................
1,000
981,373
Series
2015-AA,
Class
DR2,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.62%,
10/17/34
....................
1,000
974,636
AIMCO
CLO
14
Ltd.,
Series
2021-14A,
Class
D,
(3-mo.
CME
Term
SOFR
at
2.90%
Floor
+
3.16%),
8.49%,
04/20/34
(a)(b)
........
865
812,164
AMSR
Trust
(b)
Series
2019-SFR1,
Class
G,
4.86%,
01/19/39
....................
100
90,502
Series
2019-SFR1,
Class
H,
6.04%,
01/19/39
....................
100
93,526
Series
2020-SFR3,
Class
H,
6.50%,
09/17/37
....................
100
95,593
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-
4RA,
Class
D,
(3-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
8.23%,
01/28/31
(a)(b)
....
250
233,081
Anchorage
Capital
CLO
Ltd.,
Series
2018-1RA,
Class
E,
(3-mo.
LIBOR
USD
at
5.76%
Floor
+
5.50%),
11.06%,
04/13/31
(a)(b)
.......
1,000
913,114
Apidos
CLO
XXXI,
Series
2019-31A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.67%,
04/15/31
(a)(b)
....
3,000
2,968,752
Ares
LIII
CLO
Ltd.,
Series
2019-53A,
Class
C,
(3-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
8.26%,
04/24/31
(a)(b)
.........
500
500,533
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
0.00%,
04/15/30
(a)(b)
...........
500
163,258
Atrium
XIV
LLC,
Series
14A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.52%,
08/23/30
(a)(b)
...............
250
244,614
Bain
Capital
Credit
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.67%,
10/17/32
(a)(b)
....
1,000
975,030
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
7.38%,
08/19/38
(a)(b)
...............
970
968,176
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2004-HE3,
Class
M2,
(1-mo.
LIBOR
USD
at
1.73%
Floor
+
1.73%),
5.47%,
04/25/34
(a)
.....................
47
45,473
Benefit
Street
Partners
CLO
XIX
Ltd.,
Series
2019-19A,
Class
A,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.92%,
01/15/33
(a)(b)
700
696,157
Benefit
Street
Partners
CLO
XXI
Ltd.,
Series
2020-21A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.17%
Floor
+
1.17%),
6.74%,
10/15/34
(a)(b)
3,500
3,457,125
Bethpage
Park
CLO
Ltd.,
Series
2021-1A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.13%
Floor
+
1.39%),
6.70%,
01/15/35
(a)(b)
....
3,000
2,972,985
Buckhorn
Park
CLO
Ltd.,
Series
2019-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.12%
Floor
+
1.38%),
6.69%,
07/18/34
(a)(b)
....
2,115
2,082,850
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.96%),
7.27%,
07/15/31
....................
500
493,026
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.47%,
07/15/31
....................
USD
1,000
$
968,935
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.72%,
07/15/34
....................
500
445,191
Series
2020-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.50%
Floor
+
2.50%),
8.07%,
01/15/34
....................
500
494,002
Series
2021-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.74%,
10/15/34
....................
3,000
2,965,567
Carlyle
US
CLO
Ltd.,
Series
2021-1A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
6.71%,
04/15/34
(a)(b)
.........
3,000
2,978,466
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
LIBOR
USD
+
2.89%),
8.46%,
07/16/31
(a)(b)
....................
1,000
962,027
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
+
3.70%),
9.29%,
04/20/29
(a)(b)
....................
250
244,218
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)(b)
.......
1,000
393,163
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
DRR,
(3-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.42%,
04/27/31
....................
500
488,329
Series
2014-5A,
Class
DR2,
(3-mo.
CME
Term
SOFR
at
3.40%
Floor
+
3.66%),
8.97%,
10/17/31
...............
500
452,759
Series
2015-3A,
Class
CR,
(3-mo.
CME
Term
SOFR
+
1.91%),
7.23%,
04/19/29
250
244,043
Series
2017-1A,
Class
D,
(3-mo.
LIBOR
USD
+
3.50%),
9.10%,
04/23/29
....
500
505,574
Series
2019-5A,
Class
A2RS,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
01/15/35
....................
3,000
2,951,717
Series
2020-4A,
Class
A,
(3-mo.
CME
Term
SOFR
at
1.58%
Floor
+
1.58%),
6.89%,
01/15/34
....................
3,000
3,005,268
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.06%
Floor
+
1.80%),
7.41%,
04/25/33
....................
3,500
3,408,077
Series
2021-4A,
Class
C,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.42%,
07/15/33
....................
2,935
2,861,146
Series
2021-6A,
Class
A,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.14%),
6.71%,
10/15/34
....................
1,750
1,725,589
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.31%
Floor
+
2.05%),
7.64%,
04/20/32
....................
500
488,252
Series
2018-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.36%
Floor
+
3.10%),
8.69%,
04/20/32
....................
500
479,560
Series
2020-1A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.73%,
04/15/34
...............
4,000
3,959,708
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.57%,
04/15/34
....................
900
884,569
Series
2021-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.86%
Floor
+
6.86%),
12.21%,
04/22/34
....................
2,000
1,918,685
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.34%,
07/20/34
....................
USD
4,700
$
4,661,109
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.64%,
07/20/34
....................
500
493,476
Dryden
75
CLO
Ltd.,
Series
2019-75A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.60%
Floor
+
6.86%),
12.17%,
04/15/34
(a)(b)
...
350
317,973
Elmwood
CLO
II
Ltd.,
Series
2019-2A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.74%,
04/20/34
(a)(b)
.........
3,000
2,978,092
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
A,
(3-mo.
LIBOR
USD
at
1.39%
Floor
+
1.39%),
6.96%,
01/17/34
(a)(b)
.........
2,750
2,745,410
Elmwood
CLO
XI
Ltd.
(a)(b)
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.54%,
10/20/34
....................
1,500
1,445,157
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.59%,
10/20/34
....................
1,250
1,195,206
Elmwood
CLO
XII
Ltd.,
Series
2021-5A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.29%,
01/20/35
(a)(b)
.........
2,000
1,984,721
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-
1X,
Class
D,
9.68%,
08/15/36
(a)(c)(d)
.....
EUR
150
163,986
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2006-FF9,
Class
2A4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
0.50%),
5.91%,
06/25/36
....................
USD
1,750
1,539,484
Series
2006-FF13,
Class
A1,
(1-mo.
LIBOR
USD
at
0.24%
Floor
+
0.24%),
5.65%,
10/25/36
....................
50
32,385
Series
2006-FF13,
Class
A2C,
(1-mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.73%,
10/25/36
...............
29
19,347
Flatiron
CLO
21
Ltd.,
Series
2021-1A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.11%
Floor
+
1.11%),
6.69%,
07/19/34
(a)(b)
.........
3,875
3,819,053
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.14%,
10/19/39
(a)(b)
.........
1,500
1,496,124
Galaxy
XXVI
CLO
Ltd.,
Series
2018-26A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.08%,
11/22/31
(a)(b)
.........
2,500
2,472,500
Generate
CLO
2
Ltd.,
Series
3A,
Class
DR,
(3-mo.
LIBOR
USD
+
3.60%),
9.19%,
10/20/29
(a)(b)
....................
500
496,764
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.37%
Floor
+
1.37%),
6.98%,
01/22/33
(a)(b)
.........
1,000
986,097
Golub
Capital
Partners
CLO
66B
Ltd.,
Series
2023-66A,
Class
C,
(3-mo.
CME
Term
SOFR
at
3.30%
Floor
+
3.30%),
8.28%,
04/25/36
(a)(b)
....................
2,000
2,006,900
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
CME
Term
SOFR
+
2.76%),
8.07%,
04/15/31
(a)(b)
...............
650
603,112
Greywolf
CLO
V
Ltd.,
Series
2015-1A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.00%
Floor
+
2.26%),
7.61%,
01/27/31
(a)(b)
........
500
487,532
GSAA
Home
Equity
Trust
(a)
Series
2005-14,
Class
1A2,
(1-mo.
LIBOR
USD
at
0.70%
Floor
+
0.70%),
6.11%,
12/25/35
....................
30
12,656
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2006-5,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.77%,
03/25/36
....................
USD
56
$
17,330
GSAMP
Trust,
Series
2006-FM3,
Class
A1,
(1-
mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.55%,
11/25/36
(a)
................
103
47,767
Gulf
Stream
Meridian
Ltd.,
Series
2021-6A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.19%
Floor
+
1.45%),
6.76%,
01/15/37
(a)(b)
....
2,300
2,279,021
Invesco
CLO
Ltd.
(a)(b)
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.38%,
04/20/35
....................
750
703,597
Series
2022-1A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.30%
Floor
+
6.30%),
11.63%,
04/20/35
....................
500
445,930
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(1-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.44%,
01/17/38
(a)(b)
........
246
244,981
Jay
Park
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.91%),
8.24%,
10/20/27
(a)(b)
.........
250
248,310
Long
Beach
Mortgage
Loan
Trust,
Series
2006-
4,
Class
1A,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.71%,
05/25/36
(a)
.....
348
197,531
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(3-
mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
9.17%,
01/15/33
(a)(b)
...............
500
481,995
Madison
Park
Funding
XIII
Ltd.,
Series
2014-
13A,
Class
CR2,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.48%,
04/19/30
(a)(b)
.........
500
492,405
Madison
Park
Funding
XXVII
Ltd.,
Series
2018-
27A,
Class
C,
(3-mo.
LIBOR
USD
at
0.26%
Floor
+
2.60%),
8.19%,
04/20/30
(a)(b)
....
500
476,539
Madison
Park
Funding
XXXIII
Ltd.,
Series
2019-33A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.41%,
10/15/32
(a)(b)
....................
1,000
977,956
MASTR
Asset-Backed
Securities
Trust,
Series
2007-HE1,
Class
A4,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.69%,
05/25/37
(a)
650
501,750
MF1
Ltd.,
Series
2021-FL7,
Class
A,
(1-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
6.42%,
10/16/36
(a)(b)
...............
523
515,155
Neuberger
Berman
CLO
XVIII
Ltd.,
Series
2014-18A,
Class
CR2,
(3-mo.
LIBOR
USD
+
3.00%),
8.60%,
10/21/30
(a)(b)
.........
250
231,804
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
D,
(3-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
8.22%,
10/18/30
(a)(b)
....................
1,000
965,797
Neuberger
Berman
Loan
Advisers
CLO
27
Ltd.,
Series
2018-27A,
Class
D,
(3-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
8.17%,
01/15/30
(a)(b)
....................
500
482,590
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd.,
Series
2019-34A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.75%
Floor
+
1.75%),
7.08%,
01/20/35
(a)(b)
...............
4,000
3,920,586
Neuberger
Berman
Loan
Advisers
CLO
38
Ltd.,
Series
2020-38A,
Class
AR,
(3-mo.
CME
Term
SOFR
at
1.14%
Floor
+
1.40%),
6.73%,
10/20/35
(a)(b)
...............
1,900
1,881,238
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
CLO
Ltd.,
Series
2021-44A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.00%
Floor
+
6.26%),
11.57%,
10/16/34
(a)(b)
..............
USD
2,000
$
1,906,911
Oaktree
CLO
Ltd.,
Series
2021-1A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.16%
Floor
+
1.42%),
6.73%,
07/15/34
(a)(b)
.........
1,875
1,834,115
Oakwood
Mortgage
Investors,
Inc.,
Series
1998-D,
Class
M1,
7.42%,
01/15/29
(b)
...
147
138,734
OCP
CLO
Ltd.,
Series
2015-10A,
Class
ER2,
(3-mo.
CME
Term
SOFR
at
6.76%
Floor
+
6.76%),
12.11%,
01/26/34
(a)(b)
.........
1,000
914,490
Octagon
Investment
Partners
33
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
0.26%
Floor
+
3.01%),
8.34%,
01/20/31
(a)
(b)
...........................
500
448,835
Octagon
Investment
Partners
XVI
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
2.11%),
7.42%,
07/17/30
(a)(b)
....................
250
241,375
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.24%,
07/02/35
(a)(b)
....
4,000
3,962,400
OHA
Credit
Funding
5
Ltd.,
Series
2020-5A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
1.17%
Floor
+
1.43%),
6.74%,
04/18/33
(a)(b)
....
500
498,722
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.28%,
02/20/34
(a)(b)
....
1,000
985,316
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(3-mo.
LIBOR
USD
at
2.11%
Floor
+
1.85%),
7.42%,
10/17/31
....................
800
781,508
Series
2015-1A,
Class
CR4,
(3-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.23%,
05/21/34
....................
500
483,818
Series
2015-2A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.21%),
7.54%,
07/20/30
750
734,739
Series
2019-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.32%,
11/14/34
....................
500
484,943
Series
2021-4A,
Class
A,
(3-mo.
LIBOR
USD
at
1.43%
Floor
+
1.17%),
6.74%,
10/15/34
....................
3,000
2,973,963
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
3.21%
Floor
+
2.95%),
8.52%,
10/15/34
....................
3,000
2,921,981
Series
2021-4A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.31%
Floor
+
6.31%),
11.62%,
10/15/34
....................
3,000
2,868,112
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.38%,
04/20/35
....................
1,500
1,445,783
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.38%,
04/20/35
....................
1,000
983,719
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.48%,
08/19/35
(a)(b)
...............
2,750
2,746,562
PPM
CLO
4
Ltd.,
Series
2020-4A,
Class
AR,
(3-
mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.76%,
10/18/34
(a)(b)
...............
1,000
990,459
Prima
Capital
CRE
Securitization
Ltd.,
Series
2016-6A,
Class
C,
4.00%,
08/24/40
(b)
...
2,000
1,740,464
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Rad
CLO
12
Ltd.,
Series
2021-12A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.68%,
10/30/34
(a)(b)
.........
USD
1,500
$
1,398,102
Rad
CLO
14
Ltd.,
Series
2021-14A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.57%,
01/15/35
(a)(b)
.........
1,000
940,082
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.86%,
10/25/39
(a)(b)
....................
2,496
2,495,038
Regatta
Funding
LP,
Series
2013-2A,
Class
CR2,
(3-mo.
LIBOR
USD
+
3.70%),
9.27%,
01/15/29
(a)(b)
....................
500
495,426
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.74%,
04/20/34
(a)(b)
.........
250
244,416
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
LIBOR
USD
+
2.10%),
7.67%,
07/15/31
(a)(b)
...............
500
492,122
Regatta
XV
Funding
Ltd.
(a)(b)
Series
2018-4A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.46%,
10/25/31
....................
285
280,887
Series
2018-4A,
Class
C,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.91%,
10/25/31
....................
250
240,029
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.90%
Floor
+
3.90%),
9.47%,
01/15/33
(a)(b)
........
500
490,042
Regatta
XXIII
Funding
Ltd.,
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.64%,
01/20/35
(a)(b)
........
1,000
962,534
Rockfield
Park
CLO
DAC,
Series
1X,
Class
C,
6.18%,
07/16/34
(a)(d)
...............
EUR
150
152,756
Rockford
Tower
CLO
Ltd.,
Series
2018-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.79%,
10/20/31
(a)(b)
........
USD
300
294,473
Signal
Peak
CLO
4
Ltd.,
Series
2017-4A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.46%
Floor
+
3.20%),
8.81%,
10/26/34
(a)(b)
.........
1,000
846,250
Signal
Peak
CLO
7
Ltd.,
Series
2019-1A,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.63%,
04/30/32
(a)(b)
.........
500
494,159
Silver
Creek
CLO
Ltd.,
Series
2014-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.94%,
07/20/30
(a)(b)
.........
500
496,909
Sixth
Street
CLO
XVI
Ltd.,
Series
2020-16A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.32%
Floor
+
1.32%),
6.91%,
10/20/32
(a)(b)
....
1,000
998,000
Symphony
CLO
XIX
Ltd.,
Series
2018-19A,
Class
C,
(3-mo.
CME
Term
SOFR
+
2.01%),
7.32%,
04/16/31
(a)(b)
...............
500
482,766
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.21%
Floor
+
1.95%),
7.54%,
04/20/34
(a)(b)
.........
500
488,070
TCI-Flatiron
CLO
Ltd.,
Series
2018-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.38%,
01/29/32
(a)(b)
.........
1,000
982,410
TICP
CLO
VI
Ltd.,
Series
2016-6A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.69%,
01/15/34
(a)(b)
.........
4,000
3,956,042
TICP
CLO
VII
Ltd.,
Series
2017-7A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.72%,
04/15/33
(a)(b)
.........
500
489,587
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
TICP
CLO
XI
Ltd.,
Series
2018-11A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.64%,
10/20/31
(a)(b)
.........
USD
300
$
295,951
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
2.90%),
8.49%,
04/20/31
(a)(b)
....................
500
462,456
Whetstone
Park
CLO
Ltd.,
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.49%,
01/20/35
(a)(b)
........
1,000
934,535
Whitebox
CLO
II
Ltd.,
Series
2020-2A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.83%,
10/24/34
(a)(b)
.........
2,500
2,473,388
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.79%,
10/15/34
(a)(b)
.........
1,000
993,284
Whitebox
CLO
IV
Ltd.,
Series
2023-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
9.93%,
04/20/36
(a)(b)
........
1,000
1,001,674
Total
Asset-Backed
Securities
—
12.8%
(Cost:
$155,561,699)
.............................
153,079,606
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.2%
L3Harris
Technologies,
Inc.
............
7,599
1,439,934
RTX
Corp.
.......................
11,700
1,028,781
2,468,715
Air
Freight
&
Logistics
—
0.1%
United
Parcel
Service,
Inc.,
Class
B
......
8,732
1,634,019
1,634,019
Automobile
Components
—
0.1%
Lear
Corp.
.......................
6,570
1,016,773
Automobiles
—
0.2%
General
Motors
Co.
.................
23,380
897,091
Maruti
Suzuki
India
Ltd.
..............
7,643
913,361
1,810,452
Banks
—
1.7%
Absa
Group
Ltd.
...................
65,828
697,674
Abu
Dhabi
Commercial
Bank
PJSC
......
201,503
481,689
Axis
Bank
Ltd.
.....................
90,013
1,045,005
Bank
of
China
Ltd.,
Class
H
............
2,296,000
851,582
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
4,400,594
1,647,600
Citigroup,
Inc.
.....................
40,664
1,938,046
Citizens
Financial
Group,
Inc.
..........
68,238
2,201,358
Commercial
International
Bank
Egypt
SAE
..
116,034
149,581
DBS
Group
Holdings
Ltd.
.............
40,300
1,039,621
First
Citizens
BancShares,
Inc.,
Class
A
....
959
1,372,617
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
155,134
1,471,017
HDFC
Bank
Ltd.
...................
73,516
1,475,914
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.......................
1,426,000
696,355
M&T
Bank
Corp.
...................
9,070
1,268,530
OTP
Bank
Nyrt.
....................
20,214
735,105
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
..........................
108,184
1,097,638
Sberbank
of
Russia
PJSC
(c)
............
98,136
11
TCS
Group
Holding
plc,
GDR,
Class
A
(c)(d)(e)
.
8,849
89
Wells
Fargo
&
Co.
..................
46,754
2,158,165
20,327,597
Security
Shares
Shares
Value
Beverages
—
0.2%
Ambev
SA
.......................
275,667
$
863,363
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
3,556
938,515
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
29,649
753,058
2,554,936
Biotechnology
—
0.2%
AbbVie,
Inc.
......................
13,795
2,063,456
Broadline
Retail
—
0.3%
(e)
Alibaba
Group
Holding
Ltd.
............
150,600
1,924,575
Alibaba
Group
Holding
Ltd.,
ADR
........
4,792
489,551
Prosus
NV
.......................
13,867
1,096,983
3,511,109
Building
Products
—
0.1%
Carrier
Global
Corp.
.................
28,605
1,703,428
Capital
Markets
—
0.5%
B3
SA
-
Brasil
Bolsa
Balcao
............
371,255
1,171,372
Carlyle
Group,
Inc.
(The)
..............
31,120
1,109,428
FactSet
Research
Systems,
Inc.
.........
589
256,238
GF
Securities
Co.
Ltd.,
Class
H
.........
435,000
696,013
Intercontinental
Exchange,
Inc.
.........
16,951
1,945,975
MSCI,
Inc.
.......................
527
288,838
Raymond
James
Financial,
Inc.
.........
7,330
806,813
State
Street
Corp.
..................
3,173
229,852
6,504,529
Chemicals
—
0.4%
Air
Liquide
SA
.....................
6,962
1,251,725
Hansol
Chemical
Co.
Ltd.
.............
3,747
575,918
International
Flavors
&
Fragrances,
Inc.
....
24,816
2,099,682
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
9,627
709,414
4,636,739
Commercial
Services
&
Supplies
—
0.2%
Cintas
Corp.
......................
274
137,559
Republic
Services,
Inc.
...............
8,987
1,358,026
Waste
Management,
Inc.
..............
1,537
251,745
1,747,330
Communications
Equipment
—
0.2%
Accton
Technology
Corp.
.............
63,000
768,623
Cisco
Systems,
Inc.
.................
26,348
1,371,150
Nokia
OYJ,
ADR
...................
69,097
272,242
2,412,015
Construction
&
Engineering
—
0.0%
Eiffage
SA
.......................
1,455
151,375
Consumer
Finance
—
0.3%
American
Express
Co.
...............
7,311
1,234,682
Capital
One
Financial
Corp.
............
2,212
258,848
Kaspi.KZ
JSC,
GDR
(d)
................
9,580
878,144
SBI
Cards
&
Payment
Services
Ltd.
......
55,984
582,797
Synchrony
Financial
.................
23,066
796,700
3,751,171
Consumer
Staples
Distribution
&
Retail
—
0.4%
Costco
Wholesale
Corp.
..............
574
321,824
CP
ALL
PCL,
NVDR
.................
434,200
805,967
Dollar
General
Corp.
................
6,460
1,090,836
Fix
Price
Group
plc,
GDR
(b)(c)(d)(e)
.........
142,398
291,916
Sendas
Distribuidora
SA
..............
302,608
869,028
Wal-Mart
de
Mexico
SAB
de
CV
.........
369,447
1,538,903
Walmart,
Inc.
......................
1,945
310,928
X5
Retail
Group
NV,
GDR
(c)(d)(e)
..........
21,432
214
5,229,616
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Containers
&
Packaging
—
0.2%
Amcor
plc
........................
2,824
$
28,974
Avery
Dennison
Corp.
................
1,325
243,813
Ball
Corp.
........................
4,336
254,480
Packaging
Corp.
of
America
...........
1,274
195,368
Sealed
Air
Corp.
...................
35,459
1,617,639
WestRock
Co.
.....................
2,785
92,713
2,432,987
Diversified
REITs
—
0.2%
Cromwell
European
REIT
(d)
............
460,703
815,534
Fibra
Uno
Administracion
SA
de
CV
......
496,006
745,564
LXI
REIT
plc
(d)
.....................
942,972
1,151,470
2,712,568
Diversified
Telecommunication
Services
—
0.5%
AT&T,
Inc.
........................
27,617
400,999
Cellnex
Telecom
SA
(b)(d)
...............
50,476
2,061,394
Koninklijke
KPN
NV
.................
346,912
1,255,216
TELUS
Corp.
.....................
86,807
1,545,693
Verizon
Communications,
Inc.
..........
35,573
1,212,328
6,475,630
Electric
Utilities
—
0.9%
Alliant
Energy
Corp.
.................
15,054
809,002
American
Electric
Power
Co.,
Inc.
........
10,496
889,431
CLP
Holdings
Ltd.
..................
64,000
521,673
Duke
Energy
Corp.
.................
17,004
1,591,914
Edison
International
.................
5,314
382,395
Entergy
Corp.
.....................
8,157
837,724
Eversource
Energy
.................
10,802
781,309
Exelon
Corp.
......................
42,710
1,787,841
NextEra
Energy,
Inc.
................
17,274
1,266,184
PG&E
Corp.
(e)
.....................
46,024
810,483
Southern
Co.
(The)
.................
8,174
591,307
SSE
plc
.........................
9,577
207,085
Terna
-
Rete
Elettrica
Nazionale
.........
50,357
425,466
Xcel
Energy,
Inc.
...................
4,688
294,078
11,195,892
Electronic
Equipment,
Instruments
&
Components
—
0.3%
Amphenol
Corp.,
Class
A
.............
2,871
253,538
CDW
Corp.
.......................
697
130,388
Delta
Electronics,
Inc.
................
55,000
642,054
Lotes
Co.
Ltd.
.....................
24,000
571,853
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
30,420
513,135
Samsung
SDI
Co.
Ltd.
...............
844
440,572
TE
Connectivity
Ltd.
.................
8,469
1,215,217
3,766,757
Energy
Equipment
&
Services
—
0.2%
Baker
Hughes
Co.
..................
710
25,411
Baker
Hughes
Co.,
Class
A
............
46,058
1,648,416
Halliburton
Co.
....................
6,642
259,569
Schlumberger
NV
..................
5,028
293,334
2,226,730
Entertainment
—
0.1%
Walt
Disney
Co.
(The)
(e)
..............
17,040
1,514,686
Financial
Services
—
0.3%
Equitable
Holdings,
Inc.
..............
23,497
674,129
Fidelity
National
Information
Services,
Inc.
..
24,564
1,483,174
Jack
Henry
&
Associates,
Inc.
..........
590
98,866
Visa,
Inc.,
Class
A
..................
2,958
703,206
2,959,375
Security
Shares
Shares
Value
Food
Products
—
0.5%
China
Mengniu
Dairy
Co.
Ltd.
..........
216,000
$
820,409
Danone
SA
.......................
4,885
298,311
Kraft
Heinz
Co.
(The)
................
47,610
1,722,530
Mondelez
International,
Inc.,
Class
A
......
31,119
2,306,851
Nestle
SA
(Registered)
...............
2,652
324,921
5,473,022
Gas
Utilities
—
0.1%
ENN
Energy
Holdings
Ltd.
.............
61,100
742,658
Tokyo
Gas
Co.
Ltd.
.................
12,500
283,451
1,026,109
Ground
Transportation
—
0.2%
Canadian
Pacific
Kansas
City
Ltd.
.......
7,613
626,423
CSX
Corp.
.......................
15,956
531,654
Norfolk
Southern
Corp.
...............
2,431
567,857
Union
Pacific
Corp.
.................
1,781
413,228
West
Japan
Railway
Co.
..............
3,700
152,012
2,291,174
Health
Care
Equipment
&
Supplies
—
0.8%
Baxter
International,
Inc.
..............
37,450
1,693,864
EssilorLuxottica
SA
.................
8,388
1,687,458
Koninklijke
Philips
NV
(e)
...............
28,715
596,515
Medtronic
plc
.....................
36,875
3,236,150
ResMed,
Inc.
.....................
1,036
230,355
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....................
13,700
568,499
Zimmer
Biomet
Holdings,
Inc.
..........
8,236
1,137,803
9,150,644
Health
Care
Providers
&
Services
—
0.8%
AmerisourceBergen
Corp.
.............
1,277
238,671
Cardinal
Health,
Inc.
.................
14,260
1,304,362
Cigna
Group
(The)
..................
4,078
1,203,418
Elevance
Health,
Inc.
................
1,984
935,714
Hapvida
Participacoes
e
Investimentos
SA
(b)(d)(e)
939,827
959,950
HCA
Healthcare,
Inc.
................
843
229,979
Humana,
Inc.
.....................
595
271,814
Laboratory
Corp.
of
America
Holdings
.....
7,996
1,710,584
McKesson
Corp.
...................
614
247,074
UnitedHealth
Group,
Inc.
..............
5,022
2,542,990
Universal
Health
Services,
Inc.,
Class
B
...
1,581
219,696
9,864,252
Health
Care
REITs
—
0.9%
Assura
plc
.......................
3,978,160
2,417,904
Community
Healthcare
Trust,
Inc.
........
14,111
497,272
Healthpeak
Properties,
Inc.
............
68,575
1,496,992
Omega
Healthcare
Investors,
Inc.
........
59,451
1,896,487
Physicians
Realty
Trust
...............
136,515
2,012,231
Target
Healthcare
REIT
plc
............
1,309,846
1,235,528
Ventas,
Inc.
......................
17,427
845,558
Welltower,
Inc.
.....................
10,377
852,471
11,254,443
Hotels,
Restaurants
&
Leisure
—
0.3%
Domino's
Pizza,
Inc.
.................
319
126,560
OPAP
SA,
Class
R
..................
37,159
653,536
Sands
China
Ltd.
(e)
..................
248,400
956,964
Wynn
Macau
Ltd.
(e)(f)
.................
720,400
753,397
Yum
China
Holdings,
Inc.
.............
16,484
1,005,854
3,496,311
Household
Durables
—
0.4%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
...................
187,557
947,949
JS
Global
Lifestyle
Co.
Ltd.
(b)(d)(e)(f)
........
523,500
93,258
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Durables
(continued)
Newell
Brands,
Inc.
.................
48,509
$
541,360
SharkNinja,
Inc.
(e)
...................
20,940
885,971
Sony
Group
Corp.,
ADR
..............
7,010
656,136
Taylor
Wimpey
plc
..................
1,031,310
1,513,819
4,638,493
Household
Products
—
0.2%
Reckitt
Benckiser
Group
plc
............
29,789
2,231,558
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Boralex,
Inc.,
Class
A
................
5,411
140,009
Industrial
Conglomerates
—
0.1%
Astra
International
Tbk.
PT
............
1,877,800
853,356
Siemens
AG
(Registered)
.............
1,871
318,897
1,172,253
Industrial
REITs
—
0.8%
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
411,882
1,281,464
Goodman
Group
...................
104,675
1,447,358
LondonMetric
Property
plc
.............
436,157
1,034,730
Prologis,
Inc.
......................
23,691
2,955,452
Rexford
Industrial
Realty,
Inc.
..........
32,284
1,778,526
Warehouses
De
Pauw
CVA
............
46,668
1,378,912
9,876,442
Insurance
—
0.8%
American
International
Group,
Inc.
.......
20,693
1,247,374
Assurant,
Inc.
.....................
9,144
1,229,959
Brown
&
Brown,
Inc.
.................
627
44,172
Fidelity
National
Financial,
Inc.,
Class
A
....
37,829
1,481,762
Globe
Life,
Inc.
....................
2,161
242,399
Prudential
plc
.....................
189,061
2,625,364
Travelers
Cos.,
Inc.
(The)
.............
1,383
238,720
Willis
Towers
Watson
plc
..............
3,413
721,269
Zurich
Insurance
Group
AG
............
3,233
1,563,151
9,394,170
Interactive
Media
&
Services
—
0.1%
Alphabet,
Inc.,
Class
C
(e)
..............
2,240
298,167
Meta
Platforms,
Inc.,
Class
A
(e)
..........
1,052
335,167
Tencent
Holdings
Ltd.
................
4,500
206,825
840,159
IT
Services
—
0.7%
Accenture
plc,
Class
A
...............
7,461
2,360,287
Cognizant
Technology
Solutions
Corp.,
Class
A
31,774
2,098,037
Infosys
Ltd.,
ADR
...................
41,119
685,043
NEXTDC
Ltd.
(e)
....................
163,157
1,400,298
SUNeVision
Holdings
Ltd.
.............
2,094,000
1,088,330
Tata
Consultancy
Services
Ltd.
.........
23,068
960,990
8,592,985
Life
Sciences
Tools
&
Services
—
0.2%
Agilent
Technologies,
Inc.
.............
2,000
243,540
Fortrea
Holdings,
Inc.
(e)
...............
7,996
255,552
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
..
7,280
28,637
Lonza
Group
AG
(Registered)
..........
2,434
1,414,242
1,941,971
Machinery
—
0.3%
Komatsu
Ltd.
.....................
65,400
1,832,145
Otis
Worldwide
Corp.
................
20,452
1,860,314
Xylem,
Inc.
.......................
702
79,150
3,771,609
Media
—
0.2%
Comcast
Corp.,
Class
A
..............
32,490
1,470,497
Fox
Corp.,
Class
A
..................
16,541
553,297
Security
Shares
Shares
Value
Media
(continued)
SES
SA,
ADR
.....................
29,790
$
192,994
2,216,788
Metals
&
Mining
—
0.2%
Barrick
Gold
Corp.
..................
30,047
519,513
Gold
Fields
Ltd.
....................
25,875
401,300
Gold
Fields
Ltd.,
ADR
................
9,065
140,236
Zijin
Mining
Group
Co.
Ltd.,
Class
H
......
500,000
863,562
1,924,611
Multi-Utilities
—
0.6%
Ameren
Corp.
.....................
7,117
609,713
CenterPoint
Energy,
Inc.
..............
13,632
410,187
CMS
Energy
Corp.
..................
14,162
864,873
Dominion
Energy,
Inc.
................
6,798
364,033
DTE
Energy
Co.
...................
6,125
700,088
National
Grid
plc
...................
83,645
1,108,700
NiSource,
Inc.
.....................
29,763
828,602
Public
Service
Enterprise
Group,
Inc.
.....
4,752
299,946
Sempra
.........................
11,147
1,661,126
6,847,268
Office
REITs
—
0.5%
Alexandria
Real
Estate
Equities,
Inc.
......
24,147
3,034,795
Boston
Properties,
Inc.
...............
24,834
1,654,690
SL
Green
Realty
Corp.
...............
29,371
1,107,580
5,797,065
Oil,
Gas
&
Consumable
Fuels
—
1.1%
BP
plc
..........................
277,235
1,720,091
Cheniere
Energy,
Inc.
................
3,677
595,159
ConocoPhillips
....................
4,006
471,586
DT
Midstream,
Inc.
..................
6,328
338,675
Ecopetrol
SA,
ADR
..................
38,016
445,547
Enbridge,
Inc.
.....................
18,360
675,003
Exxon
Mobil
Corp.
..................
2,969
318,396
Koninklijke
Vopak
NV
................
4,293
161,854
Kosmos
Energy
Ltd.
(e)
................
108,150
767,865
LUKOIL
PJSC
(c)
....................
44,196
5
MOL
Hungarian
Oil
&
Gas
plc
..........
73,424
579,660
Novatek
PJSC
(c)
...................
80
—
Pembina
Pipeline
Corp.
..............
18,270
578,450
Shell
plc
.........................
105,669
3,225,160
S-Oil
Corp.
.......................
12,130
713,052
Targa
Resources
Corp.
...............
8,807
722,086
TC
Energy
Corp.
...................
7,235
259,300
Williams
Cos.,
Inc.
(The)
..............
36,108
1,243,921
12,815,810
Passenger
Airlines
—
0.1%
InterGlobe
Aviation
Ltd.
(b)(d)(e)
...........
24,386
769,414
Personal
Care
Products
—
0.1%
Godrej
Consumer
Products
Ltd.
(e)
........
52,623
663,404
Unilever
plc,
ADR
..................
13,547
727,880
1,391,284
Pharmaceuticals
—
0.8%
AstraZeneca
plc
...................
21,247
3,052,690
Bayer
AG
(Registered)
...............
17,081
998,956
Eli
Lilly
&
Co.
.....................
896
407,277
Novo
Nordisk
A/S,
Class
B
............
9,151
1,475,619
Novo
Nordisk
A/S,
ADR
..............
1,549
249,544
Sanofi
..........................
29,523
3,149,648
9,333,734
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
—
0.7%
Dun
&
Bradstreet
Holdings,
Inc.
.........
90,110
$
1,065,100
Leidos
Holdings,
Inc.
................
19,828
1,854,513
NMG,
Inc.
(e)
.......................
602
69,230
Paychex,
Inc.
.....................
16,979
2,130,355
RELX
plc
........................
50,677
1,702,822
Robert
Half,
Inc.
...................
2,252
166,986
SS&C
Technologies
Holdings,
Inc.
.......
21,206
1,235,250
8,224,256
Real
Estate
Management
&
Development
—
0.5%
CK
Asset
Holdings
Ltd.
...............
208,500
1,207,439
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
ADR
..
16,543
600,015
Hang
Lung
Properties
Ltd.
.............
443,000
691,323
Hulic
Co.
Ltd.
.....................
134,400
1,144,309
VGP
NV
.........................
5,469
583,887
Vonovia
SE
.......................
65,959
1,536,844
5,763,817
Residential
REITs
—
0.4%
Mid-America
Apartment
Communities,
Inc.
..
262
39,211
Sun
Communities,
Inc.
...............
16,564
2,158,289
UDR,
Inc.
........................
66,489
2,718,070
4,915,570
Retail
REITs
—
0.3%
Link
REIT
........................
367,700
2,066,900
Spirit
Realty
Capital,
Inc.
..............
48,785
1,967,499
4,034,399
Semiconductors
&
Semiconductor
Equipment
—
0.7%
Intel
Corp.
.......................
9,441
337,705
MediaTek,
Inc.
.....................
50,000
1,100,246
Monolithic
Power
Systems,
Inc.
.........
160
89,518
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
363,000
6,554,910
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.........................
5,284
523,909
8,606,288
Software
—
0.6%
Microsoft
Corp.
....................
15,627
5,249,422
Oracle
Corp.
......................
16,156
1,893,968
7,143,390
Specialized
REITs
—
1.0%
American
Tower
Corp.
...............
15,674
2,982,919
Crown
Castle,
Inc.
..................
13,633
1,476,317
Digital
Realty
Trust,
Inc.
..............
9,318
1,161,209
EPR
Properties
....................
38,568
1,721,675
Equinix,
Inc.
......................
1,611
1,304,781
SBA
Communications
Corp.
...........
4,188
916,963
VICI
Properties,
Inc.
.................
87,120
2,742,538
12,306,402
Specialty
Retail
—
0.2%
Advance
Auto
Parts,
Inc.
..............
2,154
160,236
Best
Buy
Co.,
Inc.
..................
1,430
118,762
Home
Depot,
Inc.
(The)
..............
1,116
372,565
Industria
de
Diseno
Textil
SA
...........
20,154
771,451
Tractor
Supply
Co.
..................
410
91,836
Truworths
International
Ltd.
............
226,421
908,913
2,423,763
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Apple,
Inc.
.......................
14,338
2,816,700
HP,
Inc.
.........................
11,270
369,994
Samsung
Electronics
Co.
Ltd.
..........
5,020
274,859
Samsung
Electronics
Co.
Ltd.,
GDR
(b)(d)
....
1,355
1,845,980
5,307,533
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Kering
SA
........................
1,813
$
1,040,961
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
947
879,543
Ralph
Lauren
Corp.,
Class
A
...........
1,936
254,255
2,174,759
Tobacco
—
0.3%
British
American
Tobacco
plc
...........
39,100
1,314,860
Philip
Morris
International,
Inc.
..........
19,578
1,952,318
3,267,178
Trading
Companies
&
Distributors
—
0.2%
BOC
Aviation
Ltd.
(b)(d)
................
98,300
823,967
Fastenal
Co.
......................
3,600
210,996
Ferguson
plc
......................
8,107
1,303,772
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
3,380
341,109
2,679,844
Transportation
Infrastructure
—
0.6%
Aena
SME
SA
(b)(d)
...................
6,780
1,082,713
Aeroports
de
Paris
..................
5,774
797,343
Atlas
Arteria
Ltd.
(g)
..................
138,933
587,291
Auckland
International
Airport
Ltd.
(e)
......
80,152
418,414
Flughafen
Zurich
AG
(Registered)
........
3,525
746,233
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(e)
....................
8,154
430,816
Getlink
SE
.......................
10,604
186,390
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
43,771
832,812
Japan
Airport
Terminal
Co.
Ltd.
.........
3,500
163,102
Salik
Co.
PJSC
....................
198,804
169,969
Transurban
Group
(g)
.................
200,186
1,932,805
7,347,888
Water
Utilities
—
0.0%
United
Utilities
Group
plc
..............
21,661
277,771
Wireless
Telecommunication
Services
—
0.2%
KDDI
Corp.
.......................
35,700
1,050,712
Rogers
Communications,
Inc.,
Class
B
....
15,362
672,659
Vodafone
Group
plc
.................
876,390
833,676
2,557,047
Total
Common
Stocks
—
24.9%
(Cost:
$283,085,603)
.............................
298,089,368
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.5%
Bombardier,
Inc.
(b)
7.50%,
03/15/25
.................
USD
9
9,032
7.13%,
06/15/26
.................
951
943,492
7.88%,
04/15/27
.................
493
491,430
6.00%,
02/15/28
.................
272
255,732
7.45%,
05/01/34
.................
190
217,930
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
....................
13
11,993
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(b)
....................
570
576,042
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
200
183,846
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
570
561,715
Spirit
AeroSystems,
Inc.
(b)
7.50%,
04/15/25
.................
9
8,996
9.38%,
11/30/29
.................
268
286,880
TransDigm,
Inc.
6.25%,
03/15/26
(b)
................
1,021
1,015,503
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
6.38%,
06/15/26
.................
USD
46
$
45,530
7.50%,
03/15/27
.................
69
68,972
6.75%,
08/15/28
(b)
................
690
692,059
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
...
426
437,559
Wesco
Aircraft
Holdings,
Inc.,
9.00%,
11/15/26
(b)
....................
84
7,980
5,814,691
Automobile
Components
—
0.4%
Clarios
Global
LP
6.75%,
05/15/25
(b)
................
288
288,662
4.38%,
05/15/26
(d)
................
EUR
100
106,652
6.25%,
05/15/26
(b)
................
USD
564
563,581
8.50%,
05/15/27
(b)
................
1,715
1,736,415
Dana
Financing
Luxembourg
SARL,
8.50%,
07/15/31
(d)
....................
EUR
200
230,895
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
219
201,409
Forvia
(d)
7.25%,
06/15/26
.................
EUR
100
115,310
2.75%,
02/15/27
.................
200
203,407
3.75%,
06/15/28
.................
200
205,057
Goodyear
Tire
&
Rubber
Co.
(The)
9.50%,
05/31/25
.................
USD
66
67,650
5.00%,
07/15/29
.................
38
35,040
5.63%,
04/30/33
.................
39
34,926
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
296
277,482
5.25%,
05/15/27
.................
372
327,918
4.38%,
02/01/29
.................
103
83,543
IHO
Verwaltungs
GmbH,
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)(d)(h)
........
EUR
175
201,552
ZF
Europe
Finance
BV,
2.00%,
02/23/26
(d)
..
300
305,410
4,984,909
Automobiles
—
0.1%
(d)
Jaguar
Land
Rover
Automotive
plc
6.88%,
11/15/26
.................
100
113,523
4.50%,
07/15/28
.................
100
101,739
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)
..........
600
616,951
ZF
Finance
GmbH,
2.25%,
05/03/28
.....
100
95,657
927,870
Banks
—
1.5%
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EUR
Swap
Annual
+
6.04%),
6.00%
(a)(d)(i)
.
200
216,360
Banco
BPM
SpA
(a)(d)
(3-mo.
EURIBOR
+
2.80%),
6.00%,
06/14/28
....................
150
166,171
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%,
06/29/31
...............
300
291,333
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%,
01/19/32
...............
200
193,538
Banco
de
Sabadell
SA
(a)(d)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(i)
.....................
200
193,446
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%,
02/07/29
...............
100
109,968
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%,
01/17/30
...............
200
203,213
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
...............
200
195,689
Banco
do
Brasil
SA,
6.25%,
04/18/30
(b)
....
USD
347
345,569
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)(b)(i)
........
217
186,077
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Bank
Leumi
Le-Israel
BM,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.47%),
7.13%,
07/18/33
(a)(b)(d)
........
USD
231
$
227,022
Bank
of
Ireland
Group
plc
(a)(d)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(i)
.....................
EUR
200
217,701
(5-Year
EUR
Swap
Annual
+
2.80%),
2.38%,
10/14/29
...............
100
105,629
Barclays
plc
(a)(i)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
USD
200
196,936
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
1,650
1,507,298
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
1,265
1,176,450
BNP
Paribas
SA
(a)(i)
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(d)
200
197,520
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(b)
.....................
825
630,901
CaixaBank
SA,
(5-Year
EUR
Swap
Annual
+
6.50%),
6.75%
(a)(d)(i)
..............
EUR
200
216,905
Commerzbank
AG
(a)(d)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(i)
.....................
200
203,407
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
....................
GBP
100
127,625
Credit
Agricole
SA,
(5-Year
USD
Swap
Semi
+
6.19%),
8.13%
(a)(b)(i)
..............
USD
675
677,025
Danske
Bank
A/S,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.13%),
7.00%
(a)(d)(i)
..............
1,805
1,727,519
HSBC
Holdings
plc
(a)(i)
(5-Year
USD
Swap
Rate
+
4.37%),
6.38%
718
693,175
(5-Year
USD
Swap
Rate
+
3.75%),
6.00%
487
445,390
Intercorp
Peru
Ltd.,
3.88%,
08/15/29
(b)
....
317
270,344
Intesa
Sanpaolo
SpA
(a)(d)(i)
(5-Year
EUR
Swap
Annual
+
6.07%),
5.88%
EUR
200
210,419
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
250
237,866
JPMorgan
Chase
&
Co.,
Series
W,
(3-mo.
LIBOR
USD
+
1.00%),
6.32%,
05/15/47
(a)
.
USD
1,492
1,251,987
Lloyds
Banking
Group
plc
(a)(i)
(5-Year
USD
Swap
Semi
+
4.50%),
7.50%
380
359,195
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
485
451,212
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
450
421,200
Nordea
Bank
Abp
(a)(b)(i)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.11%),
6.63%
1,075
1,039,385
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.75%
560
429,208
Societe
Generale
SA
(a)(i)
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(b)
1,050
1,028,475
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(d)
.....................
EUR
200
216,876
Standard
Chartered
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
4.30%
(a)(b)(i)
..............
USD
850
663,765
UniCredit
SpA
(a)(d)
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(i)
...............
EUR
200
220,866
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%,
01/15/32
...............
EUR
200
$
194,277
17,446,942
Biotechnology
—
0.0%
(d)
Cidron
Aida
Finco
SARL,
6.25%,
04/01/28
..
GBP
100
111,972
Grifols
SA
1.63%,
02/15/25
.................
EUR
100
105,882
3.88%,
10/15/28
.................
100
94,619
312,473
Broadline
Retail
—
0.0%
(b)
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
.....................
USD
119
120,886
Match
Group
Holdings
II
LLC
5.63%,
02/15/29
.................
83
78,865
3.63%,
10/01/31
.................
50
41,160
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
76
71,031
311,942
Building
Products
—
0.1%
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
....................
155
151,169
HT
Troplast
GmbH,
9.38%,
07/15/28
(d)
....
EUR
111
121,859
JELD-WEN,
Inc.,
4.63%,
12/15/25
(b)
.....
USD
12
11,717
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
66
61,380
9.75%,
07/15/28
.................
73
71,845
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
....................
556
529,985
Standard
Industries,
Inc.
(b)
4.38%,
07/15/30
.................
95
82,468
3.38%,
01/15/31
.................
13
10,498
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
38
35,849
1,076,770
Capital
Markets
—
0.5%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
135
139,198
Blue
Owl
Credit
Income
Corp.
5.50%,
03/21/25
.................
159
153,939
7.75%,
09/16/27
(b)
................
61
60,857
Castor
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.78%,
02/15/29
(a)(d)
.........
EUR
100
104,200
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
USD
165
150,217
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
.
314
302,225
State
Street
Corp.,
(3-mo.
LIBOR
USD
+
1.00%),
6.55%,
06/15/47
(a)
..........
3,250
2,682,290
SURA
Asset
Management
SA,
4.88%,
04/17/24
(d)
....................
451
442,260
UBS
Group
AG
(a)
(5-Year
USD
Swap
Semi
+
4.34%),
7.00%
(b)
(i)
..........................
351
343,576
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(d)
(i)
..........................
677
651,423
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%,
03/01/29
(d)
........
EUR
100
122,526
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(b)(i)
....................
USD
430
320,802
5,473,513
Chemicals
—
0.7%
Avient
Corp.,
7.13%,
08/01/30
(b)
........
112
112,903
Axalta
Coating
Systems
LLC
(b)
4.75%,
06/15/27
.................
188
179,295
3.38%,
02/15/29
.................
214
183,148
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Braskem
Idesa
SAPI,
6.99%,
02/20/32
(b)
...
USD
450
$
285,759
Braskem
Netherlands
Finance
BV
(b)
7.25%,
02/13/33
.................
375
367,931
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
8.22%),
8.50%,
01/23/81
(a)
...................
200
200,965
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
.................
89
81,658
4.63%,
11/15/29
.................
37
31,231
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
615
543,516
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(d)
....................
EUR
100
102,198
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
USD
122
120,480
HB
Fuller
Co.,
4.25%,
10/15/28
........
195
173,712
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
600
456,522
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
462
422,263
INEOS
Finance
plc,
6.63%,
05/15/28
(d)
....
EUR
100
107,339
INEOS
Quattro
Finance
2
plc,
2.50%,
01/15/26
(d)
....................
300
292,502
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)(b)
USD
281
196,700
Kronos
International,
Inc.,
3.75%,
09/15/25
(d)
EUR
200
200,950
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
USD
107
89,342
MEGlobal
BV
4.25%,
11/03/26
(d)
................
230
220,035
2.63%,
04/28/28
(d)
................
259
226,379
2.63%,
04/28/28
(b)
................
200
174,810
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
65
60,074
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(d)
EUR
100
107,680
Olympus
Water
US
Holding
Corp.
9.63%,
11/15/28
(d)
................
100
106,071
9.75%,
11/15/28
(b)
................
USD
327
316,373
Sasol
Financing
USA
LLC
4.38%,
09/18/26
.................
200
180,836
6.50%,
09/27/28
.................
255
234,485
8.75%,
05/03/29
(b)
................
555
553,612
5.50%,
03/18/31
.................
270
222,753
SCIL
IV
LLC,
9.50%,
07/15/28
(d)
........
EUR
100
111,914
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
USD
200
158,546
Synthomer
plc,
3.88%,
07/01/25
(d)
.......
EUR
150
148,078
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
USD
259
244,140
5.63%,
08/15/29
.................
659
556,123
7.38%,
03/01/31
.................
67
66,724
7,837,047
Commercial
Services
&
Supplies
—
0.6%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
173
148,564
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(b)
................
666
635,974
9.75%,
07/15/27
(b)
................
349
320,064
3.63%,
06/01/28
(d)
................
EUR
100
87,795
4.63%,
06/01/28
(b)
................
USD
753
639,479
6.00%,
06/01/29
(b)
................
605
461,509
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
108
93,618
4.75%,
10/15/29
.................
82
73,024
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
128
124,800
5.75%,
07/15/29
.................
180
156,261
Aramark
Services,
Inc.
(b)
6.38%,
05/01/25
.................
184
184,003
5.00%,
02/01/28
.................
267
250,981
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
123
108,623
5.00%,
09/01/30
.................
49
42,385
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
USD
22
$
20,321
9.50%,
11/01/27
.................
40
39,154
7.75%,
02/15/28
.................
203
201,932
GFL
Environmental,
Inc.
(b)
4.00%,
08/01/28
.................
214
191,518
4.75%,
06/15/29
.................
249
227,128
4.38%,
08/15/29
.................
151
134,642
Intrum
AB,
3.13%,
07/15/24
(d)
.........
EUR
88
92,873
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
68
63,787
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
461
386,680
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
149
137,058
Paprec
Holding
SA,
3.50%,
07/01/28
(d)
....
EUR
100
99,507
Prime
Security
Services
Borrower
LLC
(b)
5.75%,
04/15/26
.................
USD
113
110,787
6.25%,
01/15/28
.................
450
423,644
Q-Park
Holding
I
BV,
1.50%,
03/01/25
(d)
...
EUR
100
105,821
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(d)
...............
88
95,097
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(d)
...............
100
105,693
Verisure
Holding
AB,
7.13%,
02/01/28
(d)
...
200
223,991
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
USD
614
581,765
6,568,478
Communications
Equipment
—
0.1%
(b)
CommScope
Technologies
LLC,
6.00%,
06/15/25
.....................
218
197,689
CommScope,
Inc.
6.00%,
03/01/26
.................
262
240,389
8.25%,
03/01/27
.................
229
173,359
4.75%,
09/01/29
.................
168
129,425
Viasat,
Inc.,
5.63%,
09/15/25
..........
144
135,000
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
....
51
43,765
919,627
Construction
&
Engineering
—
0.2%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
....................
205
201,275
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
........
166
149,408
Azzurra
Aeroporti
SpA,
2.13%,
05/30/24
(d)
..
EUR
285
304,597
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
....................
USD
592
603,852
Cellnex
Finance
Co.
SA
(d)
2.00%,
09/15/32
.................
EUR
200
175,922
2.00%,
02/15/33
.................
200
174,215
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..
USD
79
71,387
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(d)
GBP
100
116,826
Heathrow
Finance
plc,
4.75%,
03/01/24
(a)(d)(j)
100
125,768
HTA
Group
Ltd.,
7.00%,
12/18/25
(b)
......
USD
405
386,151
2,309,401
Consumer
Finance
—
0.2%
ASG
Finance
DAC,
7.88%,
12/03/24
(b)
....
262
254,140
Encore
Capital
Group,
Inc.
(d)
4.88%,
10/15/25
.................
EUR
100
103,371
5.38%,
02/15/26
.................
GBP
100
113,073
Ford
Motor
Credit
Co.
LLC
6.86%,
06/05/26
.................
100
126,127
6.13%,
05/15/28
.................
EUR
300
344,324
5.11%,
05/03/29
.................
USD
200
186,754
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(h)
.....
129
121,795
Macquarie
Airfinance
Holdings
Ltd.,
8.38%,
05/01/28
(b)
....................
52
52,946
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
Navient
Corp.
6.13%,
03/25/24
.................
USD
27
$
26,900
5.50%,
03/15/29
.................
92
79,539
9.38%,
07/25/30
.................
92
92,460
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
262
261,130
7.13%,
03/15/26
.................
110
108,967
6.63%,
01/15/28
.................
113
107,137
9.00%,
01/15/29
.................
7
7,113
5.38%,
11/15/29
.................
81
70,174
4.00%,
09/15/30
.................
28
21,997
2,077,947
Consumer
Staples
Distribution
&
Retail
—
0.1%
Bellis
Acquisition
Co.
plc,
3.25%,
02/16/26
(d)
GBP
400
440,197
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
USD
143
127,030
Picard
Groupe
SAS,
3.88%,
07/01/26
(d)
...
EUR
100
103,078
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
54
44,984
US
Foods,
Inc.
(b)
6.25%,
04/15/25
.................
25
25,063
4.75%,
02/15/29
.................
202
185,791
926,143
Containers
&
Packaging
—
0.6%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
732
595,002
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(b)
................
200
197,355
2.00%,
09/01/28
(d)
................
EUR
100
92,171
4.00%,
09/01/29
(b)
................
USD
784
641,238
Ardagh
Packaging
Finance
plc
2.13%,
08/15/26
(d)
................
EUR
100
99,335
4.75%,
07/15/27
(d)
................
GBP
159
164,373
5.25%,
08/15/27
(b)
................
USD
202
173,368
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
552
528,085
8.75%,
04/15/30
.................
355
321,813
Fiber
Bidco
SpA,
11.00%,
10/25/27
(d)
.....
EUR
200
236,942
Graham
Packaging
Co.,
Inc.,
7.13%,
08/15/28
(b)
USD
15
13,132
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
...
260
209,630
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(d)
..
EUR
150
139,339
LABL,
Inc.
(b)
5.88%,
11/01/28
.................
USD
171
155,978
9.50%,
11/01/28
.................
265
271,625
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
08/15/26
.................
1,602
1,597,677
9.25%,
04/15/27
.................
60
55,743
OI
European
Group
BV,
6.25%,
05/15/28
(d)
.
EUR
120
135,976
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
USD
52
55,064
Trivium
Packaging
Finance
BV
5.50%,
08/15/26
(b)(j)
...............
352
334,431
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.07%,
08/15/26
(a)(d)
.............
EUR
100
108,096
8.50%,
08/15/27
(b)(j)
...............
USD
664
638,744
6,765,117
Distributors
—
0.0%
Azelis
Finance
NV,
5.75%,
03/15/28
(d)
....
EUR
100
111,507
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
(b)
USD
310
294,820
Resideo
Funding,
Inc.,
4.00%,
09/01/29
(b)
..
45
38,040
444,367
Diversified
Consumer
Services
—
0.1%
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
+
5.50%),
8.88%,
05/15/28
(a)(d)
.........
EUR
120
128,971
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
USD
113
96,038
Rekeep
SpA,
7.25%,
02/01/26
(d)
........
EUR
211
219,666
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Sotheby's
(b)
7.38%,
10/15/27
.................
USD
604
$
535,061
5.88%,
06/01/29
.................
324
251,100
TUI
Cruises
GmbH,
6.50%,
05/15/26
(d)
....
EUR
100
103,254
Verisure
Holding
AB,
9.25%,
10/15/27
(d)
...
100
117,768
1,451,858
Diversified
REITs
—
0.1%
(b)
HAT
Holdings
I
LLC,
3.38%,
06/15/26
....
USD
128
115,613
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
.......
203
175,674
Trust
Fibra
Uno,
5.25%,
01/30/26
.......
200
194,250
Uniti
Group
LP,
10.50%,
02/15/28
.......
217
215,702
VICI
Properties
LP,
4.63%,
06/15/25
.....
16
15,535
716,774
Diversified
Telecommunication
Services
—
0.9%
Altice
France
SA
2.13%,
02/15/25
(d)
................
EUR
166
159,873
8.13%,
02/01/27
(b)
................
USD
226
184,864
3.38%,
01/15/28
(d)
................
EUR
193
147,930
5.13%,
07/15/29
(b)
................
USD
505
353,659
5.50%,
10/15/29
(b)
................
200
142,001
British
Telecommunications
plc
(a)(d)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
...............
EUR
100
99,645
8.38%,
12/20/83
.................
GBP
200
256,834
CCO
Holdings
LLC
(b)
5.00%,
02/01/28
.................
USD
43
39,738
6.38%,
09/01/29
.................
578
552,672
4.75%,
03/01/30
.................
210
182,021
4.50%,
08/15/30
.................
96
81,340
4.25%,
02/01/31
.................
321
263,892
7.38%,
03/01/31
.................
807
802,402
4.75%,
02/01/32
.................
111
91,643
4.25%,
01/15/34
.................
89
68,407
Cellnex
Telecom
SA
(d)
1.00%,
04/20/27
.................
EUR
100
97,667
1.75%,
10/23/30
.................
200
180,641
0.75%,
11/20/31
(k)
................
100
85,058
Frontier
Communications
Holdings
LLC
(b)
5.00%,
05/01/28
.................
USD
414
350,827
8.75%,
05/15/30
.................
623
601,061
IHS
Holding
Ltd.
5.63%,
11/29/26
(d)
................
337
293,578
6.25%,
11/29/28
(b)
................
370
304,510
Iliad
Holding
SASU
(b)
6.50%,
10/15/26
.................
800
766,689
7.00%,
10/15/28
.................
453
425,295
Iliad
SA,
5.63%,
02/15/30
(d)
...........
EUR
300
326,551
Infrastrutture
Wireless
Italiane
SpA,
1.63%,
10/21/28
(d)
....................
250
242,033
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
USD
275
242,549
4.63%,
09/15/27
.................
153
116,227
10.50%,
05/15/30
................
454
470,283
Lorca
Telecom
Bondco
SA,
4.00%,
09/18/27
(d)
EUR
271
278,981
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
USD
394
259,110
RCS
&
RDS
SA,
2.50%,
02/05/25
(d)
......
EUR
200
210,451
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
USD
39
33,007
6.00%,
09/30/34
.................
298
241,050
7.20%,
07/18/36
.................
11
9,450
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
100
113,249
Telecom
Italia
SpA
(d)
2.75%,
04/15/25
.................
100
104,178
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
2.88%,
01/28/26
.................
EUR
100
$
101,823
3.63%,
05/25/26
.................
100
103,496
2.38%,
10/12/27
.................
100
92,835
6.88%,
02/15/28
.................
200
217,506
1.63%,
01/18/29
.................
100
83,568
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
USD
1,370
979,764
6.13%,
03/01/28
.................
550
339,095
11,097,453
Electric
Utilities
—
0.4%
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(d)
...............
268
231,459
Diamond
II
Ltd.,
7.95%,
07/28/26
(b)
......
200
199,066
Duke
Energy
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
..........
1,425
1,053,173
Edison
International,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
..........
275
281,556
EDP
-
Energias
de
Portugal
SA,
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
(a)(d)
EUR
200
196,149
Enel
SpA,
(5-Year
EUR
Swap
Annual
+
3.49%),
6.38%
(a)(d)(i)
...................
100
112,836
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(d)
.
USD
282
234,678
Naturgy
Finance
BV
(a)(d)(i)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
EUR
100
107,544
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
100
97,574
NextEra
Energy
Capital
Holdings,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
....................
USD
1,898
1,608,902
NRG
Energy,
Inc.,
7.00%,
03/15/33
(b)
.....
105
104,757
Oryx
Funding
Ltd.,
5.80%,
02/03/31
(b)
.....
200
195,798
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
70
63,604
Tierra
Mojada
Luxembourg
II
SARL,
5.75%,
12/01/40
(d)
....................
430
376,707
Vistra
Operations
Co.
LLC,
5.50%,
09/01/26
(b)
117
113,139
4,976,942
Electrical
Equipment
—
0.0%
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
....
418
375,227
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
5.00%,
12/15/29
(b)
......
374
336,600
Energy
Equipment
&
Services
—
0.6%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
271
264,222
6.25%,
04/01/28
.................
536
505,180
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
184
185,140
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
112
107,829
7.50%,
01/15/28
.................
89
81,634
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
384
376,320
7.38%,
05/15/27
(b)
................
385
376,522
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
..
167
171,801
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
8
7,544
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
60
63,000
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
....................
156
161,070
Transocean,
Inc.
(b)
7.50%,
01/15/26
.................
177
173,902
11.50%,
01/30/27
................
171
179,314
8.00%,
02/01/27
.................
74
71,324
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Energy
Equipment
&
Services
(continued)
8.75%,
02/15/30
.................
USD
624
$
647,856
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
661
655,053
6.88%,
09/01/27
.................
270
260,094
Valaris
Ltd.,
8.38%,
04/30/30
(b)
.........
319
326,401
Vallourec
SA,
8.50%,
06/30/26
(d)
........
EUR
125
138,125
Venture
Global
LNG,
Inc.
(b)
8.13%,
06/01/28
.................
USD
802
815,137
8.38%,
06/01/31
.................
1,219
1,236,940
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
119
119,022
8.63%,
04/30/30
.................
175
179,353
7,102,783
Entertainment
—
0.1%
Banijay
Group
SAS,
6.50%,
03/01/26
(d)
....
EUR
100
108,301
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
USD
98
67,049
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
19
18,739
6.50%,
05/15/27
.................
384
385,957
4.75%,
10/15/27
.................
437
405,864
3.75%,
01/15/28
.................
79
70,765
1,056,675
Financial
Services
—
0.3%
Banco
Votorantim
SA,
4.50%,
09/24/24
(d)
..
243
236,755
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
263
260,379
Garfunkelux
Holdco
3
SA,
6.75%,
11/01/25
(d)
EUR
100
80,037
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
USD
476
444,218
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
267
228,160
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
105
99,973
Nationstar
Mortgage
Holdings,
Inc.
(b)
6.00%,
01/15/27
.................
118
112,763
5.13%,
12/15/30
.................
81
68,259
5.75%,
11/15/31
.................
18
15,275
Nexi
SpA,
0.00%,
02/24/28
(d)(k)(l)
........
EUR
100
84,774
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
..
USD
127
113,030
Sabre
GLBL,
Inc.,
7.38%,
09/01/25
(b)
.....
259
233,747
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
402
379,830
Thames
Water
Utilities
Finance
plc,
4.00%,
04/18/27
(d)
....................
EUR
100
104,725
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
USD
1,342
1,345,819
3,807,744
Food
Products
—
0.1%
BRF
SA,
4.88%,
01/24/30
(d)
...........
296
245,917
Chobani
LLC
(b)
7.50%,
04/15/25
.................
818
816,019
4.63%,
11/15/28
.................
378
343,975
Post
Holdings,
Inc.
(b)
5.50%,
12/15/29
.................
34
31,575
4.63%,
04/15/30
.................
12
10,575
4.50%,
09/15/31
.................
83
70,665
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(d)
GBP
100
115,127
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
95
79,325
1,713,178
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
..
121
123,347
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
...............
131
133,961
Promigas
SA
ESP,
3.75%,
10/16/29
(b)
.....
400
340,500
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
79
67,423
UGI
International
LLC,
2.50%,
12/01/29
(d)
..
EUR
100
84,661
749,892
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
—
0.2%
DAE
Funding
LLC
(d)
1.55%,
08/01/24
.................
USD
243
$
230,855
2.63%,
03/20/25
.................
200
188,094
Hertz
Corp.
(The),
5.00%,
12/01/29
(b)
.....
116
95,827
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(d)(i)
...................
GBP
100
112,473
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
239
217,370
Uber
Technologies,
Inc.
(b)
7.50%,
05/15/25
.................
149
150,671
8.00%,
11/01/26
.................
513
523,354
7.50%,
09/15/27
.................
160
163,312
6.25%,
01/15/28
.................
218
216,313
Williams
Scotsman
International,
Inc.
(b)
6.13%,
06/15/25
.................
92
91,407
4.63%,
08/15/28
.................
138
126,921
2,116,597
Health
Care
Equipment
&
Supplies
—
0.1%
(b)
Embecta
Corp.,
6.75%,
02/15/30
.......
74
65,063
Garden
Spinco
Corp.,
8.63%,
07/20/30
...
180
194,261
Medline
Borrower
LP
3.88%,
04/01/29
.................
27
23,643
5.25%,
10/01/29
.................
1,031
914,681
1,197,648
Health
Care
Providers
&
Services
—
0.4%
Acadia
Healthcare
Co.,
Inc.
(b)
5.50%,
07/01/28
.................
74
70,855
5.00%,
04/15/29
.................
27
24,975
AdaptHealth
LLC
(b)
6.13%,
08/01/28
.................
47
42,105
5.13%,
03/01/30
.................
22
18,203
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
181
157,597
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
74
45,880
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
15
13,347
6.00%,
01/15/29
.................
508
434,340
5.25%,
05/15/30
.................
295
235,716
4.75%,
02/15/31
.................
440
333,335
Encompass
Health
Corp.
4.50%,
02/01/28
.................
23
21,364
4.75%,
02/01/30
.................
4
3,636
4.63%,
04/01/31
.................
3
2,666
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
303
271,417
Legacy
LifePoint
Health
LLC
(b)
6.75%,
04/15/25
.................
226
229,473
4.38%,
02/15/27
.................
94
81,075
LifePoint
Health,
Inc.,
9.88%,
08/15/30
(b)
...
107
107,000
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
58
53,795
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
125
110,361
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
973
969,351
10.00%,
04/15/27
................
120
122,803
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
260
251,641
6.25%,
02/01/27
.................
66
64,790
5.13%,
11/01/27
.................
273
259,239
4.63%,
06/15/28
.................
48
44,420
6.13%,
10/01/28
.................
215
204,807
6.75%,
05/15/31
(b)
................
10
9,933
4,184,124
Hotel
&
Resort
REITs
—
0.0%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
137
128,822
4.50%,
02/15/29
(b)
................
198
176,468
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotel
&
Resort
REITs
(continued)
RLJ
Lodging
Trust
LP,
4.00%,
09/15/29
(b)
..
USD
80
$
67,056
Service
Properties
Trust,
7.50%,
09/15/25
..
62
61,278
433,624
Hotels,
Restaurants
&
Leisure
—
1.0%
Allwyn
Entertainment
Financing
UK
plc,
7.25%,
04/30/30
(d)
....................
EUR
175
196,020
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
44
41,439
4.75%,
06/15/31
(b)
................
114
102,004
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
131
119,612
Burger
King
France
SAS,
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.00%,
11/01/26
(a)(d)
EUR
100
110,141
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
USD
580
576,842
8.13%,
07/01/27
.................
818
839,001
4.63%,
10/15/29
.................
590
519,390
Carnival
Corp.
10.13%,
02/01/26
(d)
...............
EUR
100
115,571
10.50%,
02/01/26
(b)
...............
USD
386
406,888
7.63%,
03/01/26
(b)
................
100
98,651
7.63%,
03/01/26
(d)
................
EUR
135
146,206
5.75%,
03/01/27
(b)
................
USD
280
259,003
9.88%,
08/01/27
(b)
................
45
47,047
4.00%,
08/01/28
(b)
................
273
242,727
6.00%,
05/01/29
(b)
................
516
463,827
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
914
997,310
Carnival
plc,
1.00%,
10/28/29
.........
EUR
100
72,703
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
USD
60
58,455
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
271
251,691
Cedar
Fair
LP,
6.50%,
10/01/28
........
75
72,691
Churchill
Downs,
Inc.,
5.50%,
04/01/27
(b)
..
71
68,679
Cirsa
Finance
International
SARL,
(3-mo.
EURIBOR
+
4.50%),
8.18%,
07/31/28
(a)(d)
.
EUR
100
109,458
CPUK
Finance
Ltd.,
4.88%,
08/28/25
(d)
....
GBP
100
121,710
Elior
Group
SA,
3.75%,
07/15/26
(d)
......
EUR
101
87,656
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
USD
177
154,423
6.75%,
01/15/30
.................
51
43,758
Food
Service
Project
SA,
5.50%,
01/21/27
(d)
EUR
100
104,453
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(d)
....................
129
137,214
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
USD
209
204,879
8.00%,
04/15/26
.................
214
213,980
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
....................
150
154,895
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
159
152,580
Lottomatica
SpA,
7.59%,
06/01/28
(a)(d)
....
EUR
250
276,220
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
204
166,883
Melco
Resorts
Finance
Ltd.,
5.38%,
12/04/29
(b)
400
338,980
MGM
China
Holdings
Ltd.,
5.88%,
05/15/26
(b)
200
193,225
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
91
80,826
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
141
133,422
8.38%,
02/01/28
.................
65
67,764
7.75%,
02/15/29
.................
40
38,299
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
97
88,270
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
.
81
81,810
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
95
71,963
5.88%,
09/01/31
.................
95
70,129
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
146
136,881
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Royal
Caribbean
Cruises
Ltd.
(b)
11.50%,
06/01/25
................
USD
34
$
36,020
4.25%,
07/01/26
.................
59
54,839
5.50%,
08/31/26
.................
69
66,174
5.38%,
07/15/27
.................
72
68,459
11.63%,
08/15/27
................
80
87,354
5.50%,
04/01/28
.................
119
112,157
8.25%,
01/15/29
.................
93
96,953
9.25%,
01/15/29
.................
117
124,562
7.25%,
01/15/30
.................
193
195,087
Sands
China
Ltd.,
4.30%,
01/08/26
(a)(j)
....
200
189,650
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
....................
140
133,740
Six
Flags
Theme
Parks,
Inc.,
7.00%,
07/01/25
(b)
117
117,286
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
83
75,287
4.63%,
12/01/31
.................
122
103,090
Stonegate
Pub
Co.
Financing
plc,
8.00%,
07/13/25
(d)
....................
GBP
100
118,068
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
USD
79
79,209
Viking
Cruises
Ltd.
(b)
5.88%,
09/15/27
.................
90
84,158
7.00%,
02/15/29
.................
20
18,850
9.13%,
07/15/31
.................
321
330,052
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
96
89,302
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
155
147,316
Wynn
Macau
Ltd.,
5.63%,
08/26/28
(b)
.....
400
356,000
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
.................
316
285,941
7.13%,
02/15/31
.................
92
91,936
12,097,066
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
6.63%,
01/15/28
.................
30
28,786
4.63%,
08/01/29
.................
198
171,333
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
171
141,930
4.88%,
02/15/30
.................
169
137,270
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
170
159,803
Installed
Building
Products,
Inc.,
5.75%,
02/01/28
(b)
....................
53
50,184
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
78
76,830
KB
Home,
7.25%,
07/15/30
...........
46
46,949
Mattamy
Group
Corp.
(b)
5.25%,
12/15/27
.................
35
33,096
4.63%,
03/01/30
.................
94
82,456
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
283
174,760
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(b)
....................
7
6,534
Tri
Pointe
Homes,
Inc.,
5.70%,
06/15/28
...
37
35,520
1,145,451
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
4.13%,
10/15/30
.................
5
4,251
4.13%,
04/30/31
(b)
................
160
133,573
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
73
65,700
5.50%,
07/15/30
.................
63
57,537
261,061
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Calpine
Corp.
(b)
5.13%,
03/15/28
.................
426
386,313
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
4.63%,
02/01/29
.................
USD
44
$
37,885
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
66
68,500
TransAlta
Corp.,
7.75%,
11/15/29
.......
78
80,925
573,623
Industrial
Conglomerates
—
0.0%
Emerald
Debt
Merger
Sub
LLC,
6.38%,
12/15/30
(d)
....................
EUR
100
109,950
Insurance
—
0.6%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
USD
112
96,029
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
283
258,238
6.75%,
10/15/27
.................
1,498
1,418,911
5.88%,
11/01/29
.................
500
442,427
Allianz
SE
(a)(b)(i)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
3.50%
1,000
844,720
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
400
306,491
Ambac
Assurance
Corp.,
5.10%
(b)(i)
......
4
5,132
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
449
411,929
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(d)
.....
GBP
200
232,286
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
113
111,916
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
661
659,654
7.25%,
06/15/30
.................
27
27,513
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
.................
283
288,666
10.50%,
12/15/30
................
124
122,760
Liberty
Mutual
Group,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.13%,
12/15/51
(b)
...................
450
359,591
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%,
05/23/59
(d)
..............
EUR
250
261,901
NFP
Corp.
(b)
4.88%,
08/15/28
.................
USD
650
584,931
6.88%,
08/15/28
.................
852
754,116
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
...
126
111,478
7,298,689
IT
Services
—
0.2%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
331
262,625
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
131
113,018
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
83
72,215
Atos
SE
(d)
0.00%,
11/06/24
(k)(l)
...............
EUR
200
184,555
1.75%,
05/07/25
.................
100
86,196
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(d)
..
100
105,994
Booz
Allen
Hamilton,
Inc.,
4.00%,
07/01/29
(b)
USD
204
184,613
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
295
270,663
Cablevision
Lightpath
LLC,
3.88%,
09/15/27
(b)
200
165,971
Engineering
-
Ingegneria
Informatica
-
SpA,
11.13%,
05/15/28
(d)
..............
EUR
100
109,950
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
...
USD
319
277,643
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
..
17
16,072
Tempo
Acquisition
LLC,
5.75%,
06/01/25
(b)
.
57
57,428
Twilio,
Inc.,
3.63%,
03/15/29
..........
111
95,260
United
Group
BV
(d)
(3-mo.
EURIBOR
+
3.25%),
6.57%,
02/15/26
(a)
...................
EUR
100
105,827
4.00%,
11/15/27
.................
200
183,814
2,291,844
Security
Par
(000)
Par
(000)
Value
Leisure
Products
—
0.0%
Mattel,
Inc.
6.20%,
10/01/40
.................
USD
108
$
101,174
5.45%,
11/01/41
.................
85
73,286
174,460
Machinery
—
0.3%
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
290
297,206
9.50%,
01/01/31
.................
163
174,818
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
65
63,375
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
84
69,823
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
....................
137
139,162
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(h)
........
105
97,650
IMA
Industria
Macchine
Automatiche
SpA,
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.66%,
01/15/28
(a)(d)
..............
EUR
100
108,576
Loxam
SAS,
6.38%,
05/15/28
(d)
........
200
219,954
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
USD
94
60,737
Renk
AG,
5.75%,
07/15/25
(d)
..........
EUR
200
218,728
Roller
Bearing
Co.
of
America,
Inc.,
4.38%,
10/15/29
(b)
....................
USD
100
89,125
Terex
Corp.,
5.00%,
05/15/29
(b)
........
192
178,650
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
710
659,470
Titan
International,
Inc.,
7.00%,
04/30/28
..
55
52,993
TK
Elevator
Holdco
GmbH,
7.63%,
07/15/28
(b)
400
373,000
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(d)
EUR
150
150,061
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
910
850,990
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
180
151,650
3,955,968
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(b)
.......
160
161,674
Media
—
0.8%
Altice
Financing
SA
2.25%,
01/15/25
(d)
................
EUR
100
98,680
5.75%,
08/15/29
(b)
................
USD
533
399,707
AMC
Networks,
Inc.,
4.25%,
02/15/29
....
95
52,763
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
13
10,883
Cable
One,
Inc.
0.00%,
03/15/26
(k)(l)
...............
78
64,116
4.00%,
11/15/30
(b)
................
68
53,720
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
247
245,970
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
862
791,533
7.75%,
04/15/28
.................
276
230,799
7.50%,
06/01/29
.................
345
274,623
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
175
136,598
CSC
Holdings
LLC
(b)
11.25%,
05/15/28
................
830
820,662
4.50%,
11/15/31
.................
379
271,892
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
.
310
279,844
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
287
235,054
5.75%,
12/01/28
(b)
................
255
196,227
5.13%,
06/01/29
.................
127
63,818
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
331
333,177
Eutelsat
SA,
2.00%,
10/02/25
(d)
........
EUR
100
100,581
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
....................
USD
200
187,058
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
456
421,515
4.25%,
01/15/29
.................
37
31,406
4.63%,
03/15/30
.................
5
4,183
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
..........
USD
431
$
355,338
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
389
316,115
6.50%,
09/15/28
.................
694
416,016
SES
SA
(a)(d)(i)
(5-Year
EUR
Swap
Annual
+
5.40%),
5.63%
EUR
100
109,139
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
238
224,391
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
380
247,756
Sirius
XM
Radio,
Inc.,
5.00%,
08/01/27
(b)
...
487
452,467
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
83
70,622
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(d)
....................
EUR
100
97,972
Summer
BidCo
BV,
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(d)(h)
...........
202
197,724
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
........
USD
17
16,315
Tele
Columbus
AG,
3.88%,
05/02/25
(d)
....
EUR
200
135,243
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
USD
195
191,119
6.63%,
06/01/27
.................
192
186,809
8.00%,
08/15/28
.................
176
177,320
7.38%,
06/30/30
.................
82
79,812
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)
312
262,031
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(d)
...............
GBP
100
104,461
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
USD
287
252,570
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(d)
EUR
100
87,834
Ziggo
Bond
Co.
BV,
5.13%,
02/28/30
(b)
....
USD
250
197,500
Ziggo
BV,
2.88%,
01/15/30
(d)
..........
EUR
200
183,974
9,667,337
Metals
&
Mining
—
0.5%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.....................
USD
200
171,450
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
.
91
92,820
ATI,
Inc.
4.88%,
10/01/29
.................
83
75,532
5.13%,
10/01/31
.................
98
87,950
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
822
819,288
Carpenter
Technology
Corp.,
7.63%,
03/15/30
183
186,649
Constellium
SE
(b)
5.88%,
02/15/26
.................
602
593,217
5.63%,
06/15/28
.................
250
238,150
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
149
131,493
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(b)
200
204,750
Freeport
Indonesia
PT,
4.76%,
04/14/27
(d)
..
464
448,864
Kaiser
Aluminum
Corp.
(b)
4.63%,
03/01/28
.................
115
103,222
4.50%,
06/01/31
.................
172
140,610
Metinvest
BV,
8.50%,
04/23/26
(d)
........
246
163,590
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
316
301,938
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
390
354,385
4.75%,
01/30/30
.................
355
319,059
3.88%,
08/15/31
.................
171
142,392
POSCO
(b)
5.63%,
01/17/26
.................
200
199,614
5.75%,
01/17/28
.................
200
202,188
Stillwater
Mining
Co.,
4.00%,
11/16/26
(d)
...
503
452,398
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(b)
....................
282
185,457
5,615,016
Security
Par
(000)
Par
(000)
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
USD
18
$
17,254
4.75%,
06/15/29
.................
55
46,372
Starwood
Property
Trust,
Inc.,
4.38%,
01/15/27
34
30,175
93,801
Multi-Utilities
—
0.0%
Abu
Dhabi
National
Energy
Co.
PJSC,
4.70%,
04/24/33
(b)
....................
200
198,106
Oil,
Gas
&
Consumable
Fuels
—
1.6%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
390
387,036
AI
Candelaria
Spain
SA,
7.50%,
12/15/28
(d)
.
221
206,422
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
54
52,234
5.75%,
01/15/28
.................
33
31,732
5.38%,
06/15/29
.................
92
86,247
Antero
Resources
Corp.,
7.63%,
02/01/29
(b)
.
50
51,211
Apache
Corp.
5.10%,
09/01/40
.................
32
27,192
5.35%,
07/01/49
.................
36
29,837
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
177
220,693
8.25%,
12/31/28
.................
535
531,313
5.88%,
06/30/29
.................
359
324,068
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
...
91
92,213
BP
Capital
Markets
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.40%),
4.88%
(a)(i)
...............
675
627,598
Buckeye
Partners
LP
4.13%,
03/01/25
(b)
................
7
6,738
5.60%,
10/15/44
.................
62
45,880
Callon
Petroleum
Co.
8.25%,
07/15/25
.................
12
12,000
6.38%,
07/01/26
.................
148
145,015
8.00%,
08/01/28
(b)
................
640
648,913
7.50%,
06/15/30
(b)
................
141
136,885
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
21
20,084
6.75%,
04/15/29
.................
448
446,004
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
171
168,941
6.38%,
06/15/26
.................
161
156,170
Civitas
Resources,
Inc.
(b)
8.38%,
07/01/28
.................
400
411,424
8.75%,
07/01/31
.................
317
328,095
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
85
73,675
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
40
39,662
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
83
77,420
5.88%,
01/15/30
.................
391
346,107
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
750
682,140
Crescent
Energy
Finance
LLC
(b)
7.25%,
05/01/26
.................
626
616,935
9.25%,
02/15/28
.................
278
282,782
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
41
38,950
6.00%,
02/01/29
.................
81
76,343
8.00%,
04/01/29
.................
32
32,534
CrownRock
LP
(b)
5.63%,
10/15/25
.................
643
633,355
5.00%,
05/01/29
.................
29
27,270
Cullinan
Holdco
Scsp,
4.63%,
10/15/26
(d)
..
EUR
150
136,311
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
USD
128
113,488
4.38%,
06/15/31
.................
133
115,462
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Earthstone
Energy
Holdings
LLC
(b)
8.00%,
04/15/27
.................
USD
138
$
136,566
9.88%,
07/15/31
.................
149
153,787
EIG
Pearl
Holdings
SARL,
3.55%,
08/31/36
(b)
511
430,906
Enbridge,
Inc.,
Series
16-A,
(3-mo.
LIBOR
USD
+
3.89%),
6.00%,
01/15/77
(a)
........
750
708,471
Energian
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(d)
.........................
502
503,757
EnLink
Midstream
LLC,
5.63%,
01/15/28
(b)
.
261
255,156
EnLink
Midstream
Partners
LP
4.85%,
07/15/26
.................
17
16,521
5.60%,
04/01/44
.................
121
99,572
5.45%,
06/01/47
.................
46
38,050
EnQuest
plc,
11.63%,
11/01/27
(b)
.......
200
188,272
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
63
62,549
4.13%,
12/01/26
.................
16
15,025
6.50%,
07/01/27
(b)
................
158
157,248
7.50%,
06/01/30
(b)
................
35
36,092
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
....................
41
40,835
Genesis
Energy
LP
6.50%,
10/01/25
.................
53
52,504
7.75%,
02/01/28
.................
30
29,176
8.88%,
04/15/30
.................
76
75,805
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
36
35,848
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
40
39,311
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
95
83,363
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
52
49,778
5.75%,
02/01/29
.................
108
99,900
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
152
129,997
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)(d)
..
401
375,589
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
35
34,300
Matador
Resources
Co.
5.88%,
09/15/26
.................
133
129,426
6.88%,
04/15/28
(b)
................
136
135,158
MC
Brazil
Downstream
Trading
SARL
7.25%,
06/30/31
(d)
................
193
124,405
7.25%,
06/30/31
(b)
................
251
161,726
Murphy
Oil
Corp.,
5.87%,
12/01/42
(a)(j)
....
11
9,398
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
.................
785
747,565
6.50%,
09/30/26
.................
428
392,715
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
162
160,520
Northern
Oil
&
Gas,
Inc.
(b)
8.13%,
03/01/28
.................
395
392,037
8.75%,
06/15/31
.................
199
200,502
NuStar
Logistics
LP
5.75%,
10/01/25
.................
69
67,792
6.00%,
06/01/26
.................
82
80,701
6.38%,
10/01/30
.................
17
16,396
Occidental
Petroleum
Corp.
6.63%,
09/01/30
.................
106
111,170
6.45%,
09/15/36
.................
4
4,199
6.20%,
03/15/40
.................
211
212,722
Permian
Resources
Operating
LLC
(b)
7.75%,
02/15/26
.................
73
73,719
6.88%,
04/01/27
.................
97
96,030
5.88%,
07/01/29
.................
423
403,140
Puma
International
Financing
SA,
5.00%,
01/24/26
(b)
....................
350
318,717
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Repsol
International
Finance
BV,
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
(a)(d)(i)
....
EUR
100
$
100,305
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
99
90,659
SCC
Power
plc
(b)(h)
8.00%,
(8.00%
Cash
or
8.00%
PIK),
12/31/28
....................
542
174,521
4.00%,
(4.00%
Cash
or
4.00%
PIK),
05/17/32
....................
293
26,415
SierraCol
Energy
Andina
LLC,
6.00%,
06/15/28
(d)
....................
200
157,400
SM
Energy
Co.
5.63%,
06/01/25
.................
60
58,799
6.75%,
09/15/26
.................
32
31,440
6.63%,
01/15/27
.................
16
15,736
6.50%,
07/15/28
.................
72
70,378
Southwestern
Energy
Co.
5.38%,
02/01/29
.................
241
227,570
4.75%,
02/01/32
.................
5
4,443
Tallgrass
Energy
Partners
LP
(b)
7.50%,
10/01/25
.................
4
4,007
6.00%,
03/01/27
.................
31
29,376
6.00%,
12/31/30
.................
21
18,641
6.00%,
09/01/31
.................
102
88,736
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
668
689,912
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
137
118,629
4.13%,
08/15/31
.................
282
239,202
3.88%,
11/01/33
.................
2
1,623
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
148
137,233
Western
Midstream
Operating
LP
5.30%,
03/01/48
.................
402
344,608
5.50%,
08/15/48
.................
51
43,729
18,846,157
Paper
&
Forest
Products
—
0.1%
Ahlstrom
Holding
3
Oy,
3.63%,
02/04/28
(d)
..
EUR
100
91,684
Suzano
Austria
GmbH
3.75%,
01/15/31
.................
USD
258
220,603
Series
DM3N,
3.13%,
01/15/32
.......
344
275,812
588,099
Passenger
Airlines
—
0.3%
ABRA
Global
Finance,
11.50%,
(11.50%
Cash
or
11.50%
PIK),
03/02/28
(b)(h)
........
536
440,758
Air
Canada,
3.88%,
08/15/26
(b)
.........
137
127,131
Air
France-KLM,
8.13%,
05/31/28
(d)
......
EUR
100
116,141
Allegiant
Travel
Co.,
7.25%,
08/15/27
(b)
...
USD
106
104,574
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
566
623,814
5.50%,
04/20/26
.................
151
148,610
7.25%,
02/15/28
.................
43
42,690
5.75%,
04/20/29
.................
383
370,395
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
...
254
221,116
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(b)
233
233,291
Deutsche
Lufthansa
AG,
2.88%,
05/16/27
(d)
.
EUR
100
101,158
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
USD
66
62,299
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(d)
...............
EUR
100
97,083
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
USD
129
128,596
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
146
147,527
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
26
24,960
Series
2020-1,
Class
A,
5.88%,
10/15/27
150
148,796
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Passenger
Airlines
(continued)
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
USD
184
$
174,218
4.63%,
04/15/29
.................
243
219,834
VistaJet
Malta
Finance
plc
(b)
7.88%,
05/01/27
.................
62
57,488
6.38%,
02/01/30
.................
122
103,269
3,693,748
Personal
Care
Products
—
0.0%
Coty,
Inc.,
3.88%,
04/15/26
(d)
..........
EUR
100
106,926
Pharmaceuticals
—
0.2%
Bayer
AG,
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
(a)(d)
..............
400
416,869
Catalent
Pharma
Solutions,
Inc.,
2.38%,
03/01/28
(d)
....................
126
116,248
Cheplapharm
Arzneimittel
GmbH
5.50%,
01/15/28
(b)
................
USD
200
182,114
7.50%,
05/15/30
(d)
................
EUR
100
112,002
Gruenenthal
GmbH,
6.75%,
05/15/30
(d)
....
200
228,421
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
203
180,490
Organon
&
Co.
2.88%,
04/30/28
(d)
................
EUR
100
96,874
5.13%,
04/30/31
(b)
................
USD
673
570,495
Teva
Pharmaceutical
Finance
Netherlands
II
BV
7.38%,
09/15/29
.................
EUR
300
335,513
4.38%,
05/09/30
.................
100
94,022
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/01/26
.................
USD
84
75,525
4.75%,
05/09/27
.................
200
185,308
2,593,881
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
56
49,734
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
509
418,652
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
....................
411
361,767
La
Financiere
Atalian
SASU,
5.13%,
05/15/25
(d)
EUR
150
116,272
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
...............
USD
91
85,540
1,031,965
Real
Estate
Management
&
Development
—
0.1%
Adler
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(h)
.........
EUR
100
111,459
Agps
Bondco
plc,
5.00%,
01/14/29
(a)(d)
....
200
62,671
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
USD
242
221,827
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(d)
...............
EUR
100
74,724
Fantasia
Holdings
Group
Co.
Ltd.
(d)(e)(m)
15.00%,
12/18/21
................
USD
400
21,000
11.75%,
04/17/22
(a)
...............
600
31,500
12.25%,
10/18/22
(a)
...............
400
21,000
10.88%,
01/09/24
(a)
...............
218
11,445
11.88%,
06/01/24
(a)
...............
300
15,750
9.25%,
07/28/24
(a)
................
600
31,500
Fastighets
AB
Balder,
1.88%,
03/14/25
(d)
...
EUR
100
99,729
Howard
Hughes
Corp.
(The)
(b)
5.38%,
08/01/28
.................
USD
4
3,670
4.13%,
02/01/29
.................
118
99,711
4.38%,
02/01/31
.................
78
64,177
JGC
Ventures
Pte.
Ltd.,
0.00%,
(0.00%
Cash
or
3.00%
PIK),
06/30/25
(h)
............
8
1,467
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)(d)(i)
........
USD
338
$
328,604
MAF
Sukuk
Ltd.,
4.64%,
05/14/29
(d)
......
200
194,656
Modern
Land
China
Co.
Ltd.,
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/26
(a)(d)(e)(h)(m)
..
491
13,248
Modernland
Overseas
Pte.
Ltd.
(a)(d)
Series
2,
4.00%,
04/30/27
..........
19
4,514
4.00%,
(4.00%
Cash
or
3.00%
PIK),
04/30/27
(e)(h)(m)
.................
447
108,399
Realogy
Group
LLC
(b)
5.75%,
01/15/29
.................
109
80,656
5.25%,
04/15/30
.................
126
90,785
SBB
Treasury
OYJ,
0.75%,
12/14/28
(d)
....
EUR
100
62,411
Sunac
China
Holdings
Ltd.,
6.65%,
08/03/24
(a)(d)
(e)(m)
........................
USD
200
25,000
1,779,903
Retail
REITs
—
0.0%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
131
113,315
Semiconductors
&
Semiconductor
Equipment
—
0.0%
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
268
230,493
Software
—
0.7%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
176
173,554
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
........
126
122,499
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
1,194
1,011,689
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(d)
................
EUR
125
136,363
7.13%,
10/02/25
(b)
................
USD
141
141,802
9.13%,
03/01/26
(b)
................
492
491,936
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
.
190
188,102
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
528
522,184
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
546
486,689
4.88%,
07/01/29
.................
755
670,668
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
.................
1,787
1,608,367
9.00%,
09/30/29
.................
845
756,819
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
59
54,557
6.50%,
10/15/28
.................
77
66,605
Elastic
NV,
4.13%,
07/15/29
(b)
.........
164
142,285
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
200
173,169
McAfee
Corp.,
7.38%,
02/15/30
(b)
.......
747
645,466
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
452
404,589
NCR
Corp.
(b)
5.00%,
10/01/28
.................
70
63,321
5.13%,
04/15/29
.................
185
165,436
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
6
5,796
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
331
271,400
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
101
86,752
8,390,048
Specialized
REITs
—
0.0%
Iron
Mountain,
Inc.,
7.00%,
02/15/29
(b)
....
157
157,540
SBA
Communications
Corp.,
3.13%,
02/01/29
135
113,818
271,358
Specialty
Retail
—
0.4%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
149
123,863
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
41
37,522
4.75%,
03/01/30
.................
10
8,832
5.00%,
02/15/32
(b)
................
128
111,553
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(d)
....................
GBP
100
$
102,584
eG
Global
Finance
plc
(b)
6.75%,
02/07/25
.................
USD
200
197,079
8.50%,
10/30/25
.................
200
198,042
Goldstory
SAS,
5.38%,
03/01/26
(d)
......
EUR
200
211,113
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
USD
21
18,596
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
141
125,941
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
81
70,967
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
115
100,336
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
108
93,003
PetSmart,
Inc.,
7.75%,
02/15/29
(b)
.......
387
377,503
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
112
106,590
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
569
515,147
6.13%,
07/01/29
.................
192
168,470
6.00%,
12/01/29
.................
408
353,940
Staples,
Inc.,
7.50%,
04/15/26
(b)
........
151
124,748
Vivo
Energy
Investments
BV,
5.13%,
09/24/27
(b)
386
351,970
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
1,169
1,053,166
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(h)
...........
94
90,569
4,541,534
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Seagate
HDD
Cayman
(b)
8.25%,
12/15/29
.................
189
198,097
8.50%,
07/15/31
.................
254
265,181
463,278
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(b)
Crocs,
Inc.
4.25%,
03/15/29
.................
9
7,653
4.13%,
08/15/31
.................
163
131,257
Hanesbrands,
Inc.
4.88%,
05/15/26
.................
15
14,063
9.00%,
02/15/31
.................
153
156,439
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
....
80
68,400
377,812
Trading
Companies
&
Distributors
—
0.1%
(b)
Fortress
Transportation
&
Infrastructure
Investors
LLC
6.50%,
10/01/25
.................
17
16,839
9.75%,
08/01/27
.................
27
28,111
5.50%,
05/01/28
.................
293
270,905
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
.....................
64
55,431
Imola
Merger
Corp.,
4.75%,
05/15/29
.....
297
260,775
WESCO
Distribution,
Inc.,
7.25%,
06/15/28
.
138
140,730
772,791
Transportation
Infrastructure
—
0.1%
(d)
Abertis
Infraestructuras
Finance
BV,
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
(a)(i)
..
EUR
200
200,659
DP
World
Salaam,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.75%),
6.00%
(a)(i)
...............
USD
348
345,755
Mundys
SpA,
1.88%,
02/12/28
.........
EUR
100
95,657
Stena
International
SA,
7.25%,
02/15/28
...
100
113,309
755,380
Wireless
Telecommunication
Services
—
0.5%
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
USD
1,319
1,264,550
Kenbourne
Invest
SA,
6.88%,
11/26/24
(b)
...
297
257,891
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
..............
USD
207
$
208,366
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(b)(h)
.......
236
80,313
Millicom
International
Cellular
SA,
5.13%,
01/15/28
(d)
....................
474
422,601
SoftBank
Group
Corp.
(d)
3.13%,
09/19/25
.................
EUR
100
104,105
5.00%,
04/15/28
.................
100
105,415
4.00%,
09/19/29
.................
300
289,885
3.88%,
07/06/32
.................
200
177,103
Telefonica
Europe
BV
(a)(d)(i)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
200
205,056
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
200
216,052
VF
Ukraine
PAT,
6.20%,
02/11/25
(d)
......
USD
332
245,680
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(d)
................
GBP
100
104,258
4.50%,
07/15/31
(d)
................
400
405,549
4.75%,
07/15/31
(b)
................
USD
396
334,271
Vodafone
Group
plc
(a)
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%,
04/04/79
....................
955
981,747
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
(d)
..............
EUR
200
200,287
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
3.25%,
06/04/81
....................
USD
550
485,608
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%,
08/30/84
(d)
..............
EUR
300
334,633
6,423,370
Total
Corporate
Bonds
—
16.7%
(Cost:
$210,375,353)
.............................
200,138,460
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
Barclays
Bank
plc
(L3Harris
Technologies,
Inc.),
15.29%, 09/28/23
.............
USD
4
788,118
Mizuho
Markets
Cayman
LP
(RTX
Corp.),
13.70%, 08/24/23
................
6
484,954
1,273,072
Automobile
Components
—
0.2%
BNP
Paribas
Issuance
BV
(Lear
Corp.),
15.79%, 08/02/23
(b)
...............
6
752,194
Mizuho
Markets
Cayman
LP
(Lear
Corp.),
23.20%, 10/12/23
................
4
551,693
Royal
Bank
of
Canada
(BorgWarner,
Inc.),
15.09%, 08/03/23
(b)
...............
13
617,058
1,920,945
Automobiles
—
0.2%
BNP
Paribas
SA
(Ford
Motor
Co.),
13.67%, 09/19/23
(b)
...............
62
814,446
Citigroup,
Inc.
(General
Motors
Co.),
15.38%, 09/14/23
................
19
722,032
Nomura
Holdings,
Inc.
(General
Motors
Co.),
13.79%, 08/10/23
................
12
449,185
1,985,663
Banks
—
1.0%
BNP
Paribas
SA
(Comerica,
Inc.),
27.09%, 09/13/23
(b)
...............
8
423,867
BNP
Paribas
SA
(First
Citizens
BancShares,
Inc.),
18.31%, 08/17/23
(b)
...........
—
(n)
542,469
Citigroup,
Inc.
(Bank
of
America
Corp.),
14.51%, 09/08/23
................
82
2,589,418
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Citigroup,
Inc.
(Citizens
Financial
Group,
Inc.),
23.43%, 09/08/23
................
USD
12
$
356,641
Citigroup,
Inc.
(Fifth
Third
Bancorp),
17.17%, 09/13/23
................
14
413,651
Citigroup,
Inc.
(First
Horizon
Corp.),
24.71%, 09/11/23
................
23
315,662
Citigroup,
Inc.
(JPMorgan
Chase
&
Co.),
13.09%, 09/01/23
................
4
525,328
Citigroup,
Inc.
(PNC
Financial
Services
Group,
Inc.
(The)),
13.49%, 09/08/23
........
5
617,057
Citigroup,
Inc.
(Wells
Fargo
&
Co.),
19.44%, 09/08/23
................
21
894,930
HSBC
Bank
plc
(Banco
Santander
SA),
16.00%, 10/05/23
................
EUR
6
654,697
JPMorgan
Structured
Products
BV
(Bank
of
America
Corp.),
15.96%, 09/01/23
.....
USD
18
528,519
Nomura
Holdings,
Inc.
(Citigroup,
Inc.),
19.21%, 08/17/23
................
15
702,453
Royal
Bank
of
Canada
(Citigroup,
Inc.),
18.66%, 08/31/23
(b)
...............
11
516,549
Royal
Bank
of
Canada
(JPMorgan
Chase
&
Co.),
5.82%, 08/31/23
.............
10
1,580,472
Royal
Bank
of
Canada
(Wells
Fargo
&
Co.),
16.40%, 08/31/23
................
16
732,666
SGA
Societe
Generale
Acceptance
NV
(Citizens
Financial
Group,
Inc.),
25.49%, 09/11/23
................
10
314,936
11,709,315
Biotechnology
—
0.2%
Citigroup,
Inc.
(Gilead
Sciences,
Inc.),
13.00%, 08/02/23
................
9
664,075
Mizuho
Markets
Cayman
LP
(AbbVie,
Inc.),
6.73%, 09/18/23
.................
10
1,538,224
2,202,299
Broadline
Retail
—
0.3%
BNP
Paribas
Issuance
BV
(Amazon.com,
Inc.),
17.68%, 08/14/23
(b)
...............
19
2,145,811
Citigroup,
Inc.
(Amazon.com,
Inc.),
16.77%, 09/01/23
................
5
634,552
Royal
Bank
of
Canada
(eBay,
Inc.),
14.52%, 09/18/23
(b)
...............
7
309,612
3,089,975
Building
Products
—
0.0%
Societe
Generale
SA
(Johnson
Controls
International
plc),
12.95%, 08/04/23
....
8
519,826
Capital
Markets
—
0.5%
Citigroup,
Inc.
(Bank
of
New
York
Mellon
Corp.
(The)),
13.38%, 09/08/23
...........
9
405,728
Citigroup,
Inc.
(LPL
Financial
Holdings,
Inc.),
19.43%, 08/02/23
................
4
750,192
Citigroup,
Inc.
(Raymond
James
Financial,
Inc.),
21.06%, 09/08/23
.............
3
309,890
Merrill
Lynch
International
&
Co.
(Newell
Brands,
Inc.),
34.97%, 08/03/23
.......
21
187,747
Mizuho
Markets
Cayman
LP
(Nasdaq,
Inc.),
8.36%, 09/11/23
.................
16
801,243
Nomura
Holdings,
Inc.
(Charles
Schwab
Corp.
(The)),
14.81%, 09/08/23
...........
15
1,019,172
Nomura
Holdings,
Inc.
(Morgan
Stanley),
14.18%, 09/08/23
................
16
1,522,975
Royal
Bank
of
Canada
(CF
Industries
Holdings,
Inc.),
21.10%, 08/03/23
(b)
...........
5
431,634
UBS
AG
(Invesco
Ltd.),
17.30%, 08/10/23
..
9
142,958
5,571,539
Security
Par
(000)
Par
(000)
Value
Chemicals
—
0.1%
Citigroup,
Inc.
(PPG
Industries,
Inc.),
10.46%, 09/13/23
................
USD
3
$
392,513
Mizuho
Markets
Cayman
LP
(Dow,
Inc.),
14.52%, 09/14/23
................
8
421,172
SGA
Societe
Generale
Acceptance
NV
(PPG
Industries,
Inc.),
14.35%, 08/31/23
.....
2
242,790
1,056,475
Commercial
Services
&
Supplies
—
0.1%
Mizuho
Markets
Cayman
LP
(Waste
Management,
Inc.),
6.70%, 09/15/23
....
6
1,006,629
Communications
Equipment
—
0.3%
Barclays
Bank
plc
(Nokia
Oyj),
21.51%, 08/03/23
................
41
163,260
BNP
Paribas
SA
(Cisco
Systems,
Inc.),
16.60%, 10/12/23
................
11
591,749
Citigroup,
Inc.
(Cisco
Systems,
Inc.),
11.00%, 08/17/23
................
52
2,607,328
3,362,337
Construction
&
Engineering
—
0.1%
Citigroup,
Inc.
(Becton
Dickinson
&
Co.),
9.56%, 08/04/23
.................
2
416,091
UBS
AG
(Dollar
General
Corp.),
16.60%, 08/31/23
................
3
506,121
922,212
Construction
Materials
—
0.0%
Barclays
Bank
plc
(Vulcan
Materials
Co.),
14.69%, 08/04/23
................
3
518,754
Consumer
Finance
—
0.1%
SGA
Societe
Generale
Acceptance
NV
(Ally
Financial,
Inc.),
21.71%, 09/11/23
......
27
831,583
SGA
Societe
Generale
Acceptance
NV
(Synchrony
Financial),
15.33%, 09/11/23
.
23
789,755
1,621,338
Consumer
Staples
Distribution
&
Retail
—
0.4%
Citigroup,
Inc.
(Walmart,
Inc.),
6.23%, 08/17/23
20
3,103,302
Mizuho
Markets
Cayman
LP
(Costco
Wholesale
Corp.),
9.98%, 09/22/23
............
2
1,233,435
4,336,737
Containers
&
Packaging
—
0.1%
Mizuho
Markets
Cayman
LP
(Sealed
Air
Corp.),
19.41%, 09/08/23
................
18
729,986
Diversified
Telecommunication
Services
—
0.2%
Citigroup,
Inc.
(Verizon
Communications,
Inc.),
20.77%, 09/08/23
................
18
615,564
Nomura
Holdings,
Inc.
(Verizon
Communications,
Inc.),
11.22%, 09/14/23
30
1,018,885
Royal
Bank
of
Canada
(AT&T,
Inc.),
10.12%, 09/15/23
(b)
...............
69
1,003,280
UBS
AG
(AT&T,
Inc.),
23.30%, 09/14/23
...
15
226,762
2,864,491
Electric
Utilities
—
0.2%
BNP
Paribas
SA
(American
Electric
Power
Co.,
Inc.),
16.72%, 10/12/23
.............
4
364,861
Nomura
Holdings,
Inc.
(NextEra
Energy,
Inc.),
15.64%, 09/14/23
................
14
1,000,702
Royal
Bank
of
Canada
(American
Electric
Power
Co.,
Inc.),
12.75%, 09/18/23
(b)
...
10
814,214
Royal
Bank
of
Canada
(Exelon
Corp.),
19.19%, 09/14/23
(b)
...............
10
405,770
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Royal
Bank
of
Canada
(PG&E
Corp.),
15.60%, 09/28/23
(b)
...............
USD
17
$
298,466
2,884,013
Electrical
Equipment
—
0.1%
Citigroup,
Inc.
(Emerson
Electric
Co.),
12.83%, 08/09/23
................
9
835,233
Mizuho
Markets
Cayman
LP
(Eaton
Corp.
plc),
11.50%, 08/02/23
................
5
843,348
1,678,581
Electronic
Equipment,
Instruments
&
Components
—
0.1%
(b)
Royal
Bank
of
Canada
(Delta
Air
Lines,
Inc.),
15.03%, 08/28/23
................
10
484,954
Royal
Bank
of
Canada
(Flex
Ltd.),
13.19%, 09/18/23
................
22
613,169
1,098,123
Energy
Equipment
&
Services
—
0.1%
Barclays
Bank
plc
(Baker
Hughes
Co.),
16.67%, 09/11/23
................
23
826,683
Barclays
Bank
plc
(Schlumberger
NV),
18.02%, 09/13/23
................
7
419,894
1,246,577
Financial
Services
—
0.6%
Barclays
Bank
plc
(Equitable
Holdings,
Inc.),
25.52%, 08/03/23
................
14
357,609
Barclays
Bank
plc
(Visa,
Inc.),
11.83%, 09/28/23
................
1
287,941
BNP
Paribas
SA
(Berkshire
Hathaway,
Inc.),
7.56%, 08/08/23
(b)
................
8
2,586,970
BNP
Paribas
SA
(Fidelity
National
Information
Services,
Inc.),
17.40%, 08/04/23
(b)
.....
11
637,663
BNP
Paribas
SA
(PayPal
Holdings,
Inc.),
17.85%, 08/03/23
(b)
...............
15
1,080,591
Mizuho
Markets
Cayman
LP
(Global
Payments,
Inc.),
16.00%, 08/01/23
.............
4
436,633
Mizuho
Markets
Cayman
LP
(Voya
Financial,
Inc.),
14.70%, 08/02/23
.............
7
534,891
Royal
Bank
of
Canada
(Fiserv,
Inc.),
7.29%, 09/15/23
(b)
................
10
1,205,009
SGA
Societe
Generale
Acceptance
NV
(Fidelity
National
Information
Services,
Inc.),
15.75%, 08/24/23
................
10
600,848
7,728,155
Food
Products
—
0.4%
BNP
Paribas
SA
(Brookfield
Corp.),
16.38%, 09/21/23
(b)
...............
EUR
3
158,875
JPMorgan
Structured
Products
BV
(SAP
SE),
7.92%, 09/14/23
.................
15
2,076,638
Nomura
Bank
International
plc
(Kraft
Heinz
Co.
(The)),
18.75%, 09/28/23
...........
USD
23
834,000
Royal
Bank
of
Canada
(Brookfield
Corp.),
5.87%, 09/20/23
(b)
................
EUR
17
1,009,742
Royal
Bank
of
Canada
(Conagra
Brands,
Inc.),
12.51%, 08/28/23
(b)
...............
USD
15
500,499
4,579,754
Ground
Transportation
—
0.1%
Citigroup,
Inc.
(CSX
Corp.),
10.76%, 09/13/23
16
518,234
Royal
Bank
of
Canada
(Avis
Budget
Group,
Inc.),
25.11%, 08/01/23
(b)
............
2
454,514
972,748
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
—
0.5%
BNP
Paribas
Issuance
BV
(Zimmer
Biomet
Holdings,
Inc.),
9.93%, 08/02/23
(b)
.....
USD
4
$
487,939
BNP
Paribas
SA
(Estee
Lauder
Cos.,
Inc.
(The)),
9.98%, 09/20/23
............
EUR
8
1,519,796
Citigroup,
Inc.
(Abbott
Laboratories),
5.00%, 09/12/23
.................
USD
7
814,141
Nomura
Holdings,
Inc.
(Baxter
International,
Inc.),
21.47%, 08/03/23
.............
23
974,857
Nomura
Holdings,
Inc.
(Medtronic
plc),
14.38%, 08/10/23
................
12
984,204
Royal
Bank
of
Canada
(Koninklijke
Philips
NV)
17.38%,
09/14/23
(a)(b)
..............
EUR
38
795,673
26.81%,
10/05/23
(a)(b)
..............
12
257,707
UBS
AG
(Zimmer
Biomet
Holdings,
Inc.),
17.90%, 08/10/23
................
USD
5
667,338
6,501,655
Health
Care
Providers
&
Services
—
1.3%
Barclays
Bank
plc
(Cardinal
Health,
Inc.),
15.44%, 08/03/23
................
7
590,797
BMO
Capital
Markets
Corp.
(Cigna
Group
(The)),
22.25%, 09/14/23
...........
2
620,007
BMO
Capital
Markets
Corp.
(Laboratory
Corp.
of
America
Holdings),
19.45%, 09/14/23
.
3
833,375
BNP
Paribas
SA
(AmerisourceBergen
Corp.),
9.41%, 08/03/23
(b)
................
5
834,650
Citigroup,
Inc.
(Cardinal
Health,
Inc.),
14.26%, 08/10/23
................
6
523,768
Citigroup,
Inc.
(McKesson
Corp.),
11.57%, 08/03/23
................
2
817,930
Citigroup,
Inc.
(UnitedHealth
Group,
Inc.),
11.42%, 09/01/23
................
1
518,774
JPMorgan
Structured
Products
BV
(Cigna
Group
(The)),
12.67%, 08/03/23
.......
4
1,047,855
Mizuho
Markets
Cayman
LP
(CVS
Health
Corp.),
16.00%, 08/03/23
...........
14
1,046,231
Mizuho
Markets
Cayman
LP
(HCA
Healthcare,
Inc.),
9.97%, 09/18/23
.............
4
1,015,897
Mizuho
Markets
Cayman
LP
(Humana,
Inc.),
19.51%, 09/14/23
................
—
(n)
88,406
Nomura
Holdings,
Inc.
(Elevance
Health,
Inc.),
14.86%, 08/10/23
................
1
423,846
Royal
Bank
of
Canada
(UnitedHealth
Group,
Inc.),
7.31%, 08/31/23
(b)
............
10
4,749,014
SGA
Societe
Generale
Acceptance
NV
(Elevance
Health,
Inc.),
14.44%, 09/11/23
4
2,043,485
15,154,035
Hotel
&
Resort
REITs
—
0.1%
Royal
Bank
of
Canada
(Host
Hotels
&
Resorts,
Inc.),
17.58%, 08/03/23
(b)
...........
35
630,169
Hotels,
Restaurants
&
Leisure
—
0.8%
Barclays
Bank
plc
(Booking
Holdings,
Inc.),
15.24%, 08/03/23
................
—
(n)
1,038,075
BNP
Paribas
SA
(Aramark),
14.04%, 08/09/23
(b)
14
527,827
BNP
Paribas
SA
(Chipotle
Mexican
Grill,
Inc.),
9.26%, 09/18/23
.................
—
(n)
306,560
BNP
Paribas
SA
(Marriott
International,
Inc.),
15.40%, 08/02/23
(b)
...............
5
846,660
BNP
Paribas
SA
(McDonald's
Corp.),
6.20%, 09/18/23
.................
5
1,513,893
BNP
Paribas
SA
(MGM
Resorts
International),
17.23%, 08/03/23
(b)
...............
15
750,657
BNP
Paribas
SA
(Starbucks
Corp.),
12.64%, 08/02/23
(b)
...............
9
961,019
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
BNP
Paribas
SA
(Yum!
Brands,
Inc.),
8.77%, 08/03/23
(b)
................
USD
6
$
788,687
Citigroup,
Inc.
(McDonald's
Corp.),
6.82%, 09/01/23
.................
2
499,694
JPMorgan
Structured
Products
BV
(Hyatt
Hotels
Corp.),
15.48%, 08/09/23
......
7
837,645
JPMorgan
Structured
Products
BV
(Las
Vegas
Sands
Corp.),
16.57%, 09/12/23
......
7
418,105
Royal
Bank
of
Canada
(Hilton
Worldwide
Holdings,
Inc.),
13.05%, 09/15/23
(b)
.....
7
1,038,599
9,527,421
Household
Durables
—
0.1%
BNP
Paribas
SA
(Toll
Brothers,
Inc.),
15.56%, 08/23/23
................
8
531,427
JPMorgan
Structured
Products
BV
(Sony
Group
Corp.),
17.90%, 09/08/23
.......
4
347,131
878,558
Household
Products
—
0.1%
Citigroup,
Inc.
(Kimberly-Clark
Corp.),
10.23%, 09/14/23
................
8
991,890
HSBC
Bank
plc
(Rocket
Cos.,
Inc.),
19.77%, 09/21/23
................
GBP
2
179,605
1,171,495
Insurance
—
0.4%
Barclays
Bank
plc
(Prudential
plc),
26.55%, 09/21/23
................
32
435,944
JPMorgan
Structured
Products
BV
(Marsh
&
McLennan
Cos.,
Inc.),
6.93%, 09/12/23
..
USD
4
816,376
JPMorgan
Structured
Products
BV
(Travelers
Cos,
Inc.
(The)),
9.93%, 09/12/23
......
5
812,986
JPMorgan
Structured
Products
BV
(Willis
Towers
Watson
plc),
16.72%, 09/28/23
..
2
434,357
Nomura
Holdings,
Inc.
(Archer-Daniels-Midland
Co.),
11.10%, 09/14/23
.............
12
1,010,046
SGA
Societe
Generale
Acceptance
NV
(American
International
Group,
Inc.),
12.58%, 08/31/23
................
12
714,521
UBS
AG
(Fidelity
National
Financial,
Inc.),
13.20%, 08/31/23
................
16
582,190
4,806,420
Interactive
Media
&
Services
—
0.9%
BNP
Paribas
Issuance
BV
(Meta
Platforms,
Inc.),
20.98%, 08/14/23
(b)
...........
4
1,074,013
BNP
Paribas
SA
(TripAdvisor,
Inc.),
20.02%, 08/04/23
(b)
...............
26
432,699
Citigroup,
Inc.
(Alphabet,
Inc.),
16.42%, 09/01/23
................
5
624,478
Citigroup,
Inc.
(Meta
Platforms,
Inc.),
20.27%, 09/01/23
................
2
644,290
Mizuho
Markets
Cayman
LP
(Alphabet,
Inc.),
17.22%, 08/24/23
................
1
155,195
Mizuho
Markets
Cayman
LP
(Meta
Platforms,
Inc.),
21.51%, 08/24/23
.............
1
153,462
Royal
Bank
of
Canada
(Alphabet,
Inc.),
14.17%, 09/15/23
(b)
...............
31
4,138,524
Royal
Bank
of
Canada
(Meta
Platforms,
Inc.),
17.60%, 09/18/23
(b)
...............
8
2,576,780
Royal
Bank
of
Canada
(TripAdvisor,
Inc.),
18.94%, 08/04/23
(b)
...............
31
534,731
10,334,172
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.1%
BNP
Paribas
Issuance
BV
(Gartner,
Inc.),
13.74%, 08/02/23
................
USD
2
$
743,285
Mizuho
Markets
Cayman
LP
(Cognizant
Technology
Solutions
Corp.),
21.11%, 10/12/23
................
15
1,010,476
1,753,761
Life
Sciences
Tools
&
Services
—
0.3%
Citigroup,
Inc.
(Danaher
Corp.)
13.24%,
09/01/23
................
2
522,348
8.57%,
09/14/23
.................
4
1,007,114
Mizuho
Markets
Cayman
LP
(Agilent
Technologies,
Inc.),
13.50%, 08/16/23
...
8
1,012,930
Royal
Bank
of
Canada
(Thermo
Fisher
Scientific,
Inc.),
10.37%, 09/15/23
(b)
....
3
1,487,566
4,029,958
Machinery
—
0.4%
Barclays
Bank
plc
(Caterpillar,
Inc.),
15.27%, 08/02/23
................
5
1,062,274
Mizuho
Markets
Cayman
LP
(PACCAR,
Inc.),
10.60%, 09/14/23
................
12
1,014,809
Royal
Bank
of
Canada
(Cummins,
Inc.),
14.11%, 08/03/23
(b)
...............
2
531,242
Royal
Bank
of
Canada
(Deere
&
Co.),
11.91%, 08/18/23
(b)
...............
4
1,590,704
Royal
Bank
of
Canada
(Otis
Worldwide
Corp.),
9.03%, 09/15/23
(b)
................
11
1,014,080
5,213,109
Media
—
0.3%
BNP
Paribas
SA
(Comcast
Corp.),
19.50%, 08/17/23
(b)
...............
17
731,806
Mizuho
Markets
Cayman
LP
(Comcast
Corp.),
8.51%, 09/18/23
.................
34
1,531,149
Royal
Bank
of
Canada
(Publicis
Groupe
SA),
11.23%, 09/14/23
(a)(b)
..............
EUR
13
1,039,190
SGA
Societe
Generale
Acceptance
NV
(Fox
Corp.),
12.13%, 08/24/23
...........
USD
10
326,400
3,628,545
Metals
&
Mining
—
0.1%
Citigroup,
Inc.
(Freeport-McMoRan,
Inc.),
21.35%, 09/12/23
................
12
529,457
Citigroup,
Inc.
(Nucor
Corp.),
15.67%, 09/14/23
2
405,713
JPMorgan
Structured
Products
BV
(Carlyle
Group,
Inc.
(The)),
24.86%, 08/03/23
...
16
459,352
1,394,522
Multi-Utilities
—
0.0%
UBS
AG
(Public
Service
Enterprise
Group,
Inc.),
15.40%, 08/10/23
.............
4
250,345
Oil,
Gas
&
Consumable
Fuels
—
0.8%
Barclays
Bank
plc
(ConocoPhillips),
21.69%, 08/04/23
................
6
643,879
Barclays
Bank
plc
(Murphy
Oil
Corp.),
20.69%, 08/04/23
................
5
213,732
BNP
Paribas
SA
(Shell
plc),
23.72%, 09/21/23
(b)
GBP
26
792,736
Citigroup,
Inc.
(Chevron
Corp.),
13.98%, 09/19/23
................
USD
10
1,553,169
Citigroup,
Inc.
(Exxon
Mobil
Corp.),
13.54%, 09/19/23
................
24
2,579,645
HSBC
Bank
plc
(BP
plc),
24.04%, 09/21/23
.
GBP
166
999,216
JPMorgan
Structured
Products
BV
(Devon
Energy
Corp.),
23.53%, 08/02/23
......
USD
4
217,003
JPMorgan
Structured
Products
BV
(Kosmos
Energy
Ltd.),
29.42%, 08/31/23
.......
42
265,135
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
JPMorgan
Structured
Products
BV
(Marathon
Petroleum
Corp.),
19.44%, 08/02/23
....
USD
3
$
320,901
Nomura
Bank
International
plc
(Williams
Cos.,
Inc.
(The)),
18.64%, 09/14/23
........
7
236,855
Royal
Bank
of
Canada
(Hess
Corp.),
14.92%, 09/15/23
(b)
...............
6
828,607
Royal
Bank
of
Canada
(Marathon
Oil
Corp.),
15.82%, 08/03/23
(b)
...............
9
221,158
Royal
Bank
of
Canada
(Valero
Energy
Corp.),
18.39%, 09/18/23
(b)
...............
8
1,019,854
SGA
Societe
Generale
Acceptance
NV
(ConocoPhillips),
20.68%, 08/17/23
....
2
260,579
10,152,469
Passenger
Airlines
—
0.1%
JPMorgan
Structured
Products
BV
(American
Airlines
Group,
Inc.),
18.24%, 09/12/23
..
23
393,299
JPMorgan
Structured
Products
BV
(United
Airlines
Holdings,
Inc.),
18.51%, 09/12/23
7
394,512
787,811
Personal
Care
Products
—
0.3%
Barclays
Bank
plc
(Unilever
plc),
10.42%, 09/20/23
................
GBP
47
2,535,795
BNP
Paribas
SA
(Coty,
Inc.),
17.85%, 08/25/23
(b)
...............
USD
43
510,715
SGA
Societe
Generale
Acceptance
NV
(Unilever
plc),
10.88%, 08/31/23
......
8
427,629
3,474,139
Pharmaceuticals
—
0.2%
Barclays
Bank
plc
(Bayer
AG),
20.90%, 10/05/23
................
EUR
9
542,221
BNP
Paribas
SA
(Eli
Lilly
&
Co.),
18.76%, 08/17/23
(b)
...............
USD
—
(n)
133,920
BNP
Paribas
SA
(Zoetis,
Inc.),
12.95%, 08/04/23
(b)
...............
4
826,572
Nomura
Bank
International
plc
(Novo
Nordisk
A/S),
24.56%, 09/14/23
.............
1
123,774
Royal
Bank
of
Canada
(AstraZeneca
plc),
21.89%, 09/21/23
(b)
...............
GBP
3
378,294
2,004,781
Professional
Services
—
0.4%
BNP
Paribas
Issuance
BV
(Paycom
Software,
Inc.),
16.07%, 08/02/23
(b)
...........
USD
2
644,284
BNP
Paribas
SA
(Paycom
Software,
Inc.),
16.15%, 08/02/23
(b)
...............
3
855,627
BNP
Paribas
SA
(Randstad
NV),
13.31%, 09/20/23
................
EUR
14
812,004
JPMorgan
Structured
Products
BV
(Robert
Half,
Inc.),
17.15%, 09/28/23
.........
USD
1
90,896
Royal
Bank
of
Canada
(Automatic
Data
Processing,
Inc.),
9.48%, 09/15/23
(b)
....
5
1,200,043
SGA
Societe
Generale
Acceptance
NV
(Leidos
Holdings,
Inc.),
14.55%, 08/24/23
......
7
604,052
SGA
Societe
Generale
Acceptance
NV
(SS&C
Technologies
Holdings,
Inc.),
15.23%, 08/24/23
................
13
739,142
4,946,048
Real
Estate
Management
&
Development
—
0.0%
Mizuho
Markets
Cayman
LP
(Sempra),
12.45%, 08/31/23
................
2
296,987
Semiconductors
&
Semiconductor
Equipment
—
0.0%
BNP
Paribas
SA
(Intel
Corp.),
30.85%, 10/12/23
................
5
181,328
Security
Par
(000)
Par
(000)
Value
Software
—
1.1%
BNP
Paribas
SA
(Intuit,
Inc.),
15.55%, 08/23/23
USD
3
$
1,487,513
BNP
Paribas
SA
(Palo
Alto
Networks,
Inc.),
14.11%, 08/23/23
................
7
1,486,353
Citigroup,
Inc.
(Microsoft
Corp.)
10.60%,
09/01/23
................
2
618,727
14.35%,
09/15/23
................
6
2,041,322
JPMorgan
Structured
Products
BV
(ServiceNow,
Inc.),
17.49%, 09/01/23
...
1
534,388
Mizuho
Markets
Cayman
LP
(Microsoft
Corp.),
12.62%, 08/25/23
................
6
2,096,880
Royal
Bank
of
Canada
(Microsoft
Corp.),
14.16%, 08/11/23
(b)
...............
7
2,097,803
Royal
Bank
of
Canada
(ServiceNow,
Inc.),
13.61%, 09/18/23
(b)
...............
3
1,567,072
Societe
Generale
SA
(Fortinet,
Inc.),
12.75%, 08/03/23
................
15
1,073,840
UBS
AG
(Microsoft
Corp.),
17.20%, 08/17/23
2
500,322
13,504,220
Specialized
REITs
—
0.1%
JPMorgan
Structured
Products
BV
(Iron
Mountain,
Inc.),
15.25%, 08/04/23
.....
14
846,211
Specialty
Retail
—
0.5%
Barclays
Bank
plc
(AutoNation,
Inc.),
18.90%, 09/13/23
................
3
414,081
BNP
Paribas
SA
(Ross
Stores,
Inc.),
9.48%, 08/18/23
(b)
................
10
1,048,027
Citigroup,
Inc.
(Best
Buy
Co.,
Inc.),
16.09%, 08/31/23
................
11
845,021
JPMorgan
Structured
Products
BV
(Simon
Property
Group,
Inc.),
18.06%, 08/02/23
.
6
631,349
Mizuho
Markets
Cayman
LP
(AutoZone,
Inc.),
9.70%, 09/19/23
.................
—
(n)
990,538
Mizuho
Markets
Cayman
LP
(Dick's
Sporting
Goods,
Inc.),
17.25%, 08/23/23
.......
4
527,967
Mizuho
Markets
Cayman
LP
(TJX
Cos.,
Inc.
(The)),
8.90%, 08/17/23
............
13
1,035,346
5,492,329
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
BMO
Capital
Markets
Corp.
(HP,
Inc.),
24.72%, 09/14/23
................
6
188,848
BNP
Paribas
SA
(Apple,
Inc.),
14.11%, 08/11/23
(b)
................
12
2,107,480
Citigroup,
Inc.
(Apple,
Inc.),
10.74%, 09/01/23
3
626,111
2,922,439
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Citigroup,
Inc.
(Tapestry,
Inc.),
18.93%, 08/18/23
................
20
837,014
JPMorgan
Structured
Products
BV
(Ralph
Lauren
Corp.),
24.78%, 08/03/23
......
2
167,581
1,004,595
Tobacco
—
0.1%
Barclays
Bank
plc
(British
American
Tobacco
plc),
22.60%, 10/05/23
.............
GBP
21
721,533
Barclays
Bank
plc
(Philip
Morris
International,
Inc.),
6.83%, 09/12/23
.............
USD
6
616,619
1,338,152
Trading
Companies
&
Distributors
—
0.1%
Barclays
Bank
plc
(MSC
Industrial
Direct
Co.,
Inc.),
15.82%, 08/03/23
.............
2
187,104
Royal
Bank
of
Canada
(United
Rentals,
Inc.),
18.89%, 09/18/23
(b)
...............
1
521,654
708,758
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Transportation
Infrastructure
—
0.0%
BNP
Paribas
SA
(Siemens
AG),
22.91%, 09/21/23
(b)
...............
EUR
1
$
167,360
Wireless
Telecommunication
Services
—
0.1%
Barclays
Bank
plc
(Vodafone
Group
plc),
25.00%, 10/05/23
................
GBP
482
465,495
JPMorgan
Structured
Products
BV
(T-Mobile
US,
Inc.),
7.33%, 09/19/23
(d)
.........
USD
7
1,017,440
1,482,935
Total
Equity-Linked
Notes
—
15.0%
(Cost:
$175,289,734)
.............................
179,464,271
Fixed
Rate
Loan
Interests
Insurance
—
0.0%
Jones
DesLauriers
Insurance
Management
Inc.,
Term
Loan,
07/08/30
(o)
..........
145
144,637
Total
Fixed
Rate
Loan
Interests
—
0.0%
(Cost:
$143,913)
................................
144,637
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.2%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
...........
361
314,204
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
..........
64
55,916
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.59%
,
 10/30/28
..
119
118,474
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.36%
,
 08/03/29
......
55
54,088
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 04/06/26
.................
274
272,915
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 04/06/26
.................
147
146,711
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 02/01/28
.................
300
297,288
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.98%
,
 02/01/29
................
190
184,458
Setanta
Aircraft
Leasing
DAC,
Term
Loan,
(3-
mo.
LIBOR
USD
+
2.00%),
7.54%
,
 11/05/28
207
206,774
TransDigm,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 08/24/28
.....
92
91,798
TransDigm,
Inc.,
Term
Loan
H,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 02/22/27
..
218
218,724
1,961,350
Automobile
Components
—
0.0%
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
 05/06/30
(a)
................
301
300,699
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.82%
,
 12/14/27
(a)
..........
218
217,588
Security
Par
(000)
Par
(000)
Value
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.59%
-
8.67%
,
 01/24/29
...........
USD
608
$
572,540
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.34%
,
 01/24/30
................
219
174,883
747,423
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.61%
,
 11/24/28
..
178
177,699
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.61%
,
 06/30/27
(c)
...............
322
291,999
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
 02/12/27
.....
515
474,914
Pug
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.67%
,
 02/12/27
(c)
................
38
35,827
Sally
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.82%
,
 02/28/30
..
73
72,818
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 12/21/27
.................
79
75,772
1,129,029
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.67%
,
 05/13/29
46
46,023
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.57%
,
 04/12/28
...........
53
51,018
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25%
-
9.17%
,
 11/23/27
................
214
202,717
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 10/02/28
...........
90
85,142
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(o)
.............
16
14,736
CPG
International
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.92%
,
 04/28/29
.................
149
148,242
Jeld-Wen,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68%
,
 07/28/28
.....
117
115,942
Wilsonart
LLC,
Term
Loan
E,
(6-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.71%
,
 12/31/26
.................
230
228,589
892,409
Capital
Markets
—
0.1%
(a)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
4.50%),
9.93%
,
 07/31/26
.................
162
162,265
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.24%
,
 12/20/29
.................
132
132,226
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%, 07/24/26
...............
188
181,648
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18%, 07/24/26
.........
82
78,588
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
2.75%),
8.30%, 10/22/26
.........
USD
176
$
175,365
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.00%, 10/22/27
.........
81
80,494
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 06/30/28
...........
217
216,201
Focus
Financial
Partners
LLC,
Term
Loan
B6,
06/30/28
(o)
.....................
101
100,874
Greenhill
&
Co.,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.73%
,
 04/12/24
..
112
111,550
ION
Trading
Finance
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.09%
,
 04/01/28
................
75
73,641
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 08/02/28
...........
267
262,363
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
12.03%
,
 08/02/29
...........
104
95,842
1,671,057
Chemicals
—
0.3%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 09/30/28
.................
205
199,087
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.42%
,
 11/24/27
......
90
87,015
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.71%
,
 08/27/26
.
289
279,095
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 12/29/27
...........
64
50,542
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.62%
,
 10/04/29
......
118
115,119
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.97%
,
 06/09/28
...........
187
186,006
Element
Solutions,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.32%
,
 01/31/26
.................
294
293,526
H.B.
Fuller
Co.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 02/15/30
.................
37
36,977
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.27%
,
 07/03/28
...........
160
136,906
Ineos
US
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 02/18/30
.................
72
71,145
LSF11
A5
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 10/15/28
.................
219
216,475
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
 06/30/27
.................
107
106,214
Messer
Industries
GmbH,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.00%
,
 03/02/26
.................
177
176,879
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
 03/29/28
.................
USD
240
$
237,592
Nouryon
Finance
BV,
Term
Loan
(3-mo.
CME
Term
SOFR
+
2.75%),
8.07%, 10/01/25
...............
16
15,977
(3-mo.
CME
Term
SOFR
+
4.00%),
9.32%, 04/03/28
...............
89
88,611
Olympus
Water
US
Holding
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.27%
,
 11/09/28
...........
85
82,556
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 10/14/24
.................
218
215,387
SCIH
Salt
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.63%
,
 03/16/27
..........
52
51,372
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 08/02/28
...........
151
149,784
WR
Grace
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.31%
,
 09/22/28
.................
112
111,318
2,907,583
Commercial
Services
&
Supplies
—
0.2%
(a)
Allied
Universal
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 05/12/28
.................
391
376,236
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.22%
,
 02/15/29
.................
136
130,883
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
,
 04/06/28
.................
116
115,398
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
,
 06/22/30
.................
123
122,877
Asplundh
Tree
Expert
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 09/07/27
.................
258
257,982
Clean
Harbors,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 10/08/28
..
112
112,077
Covanta
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 11/30/28
.................
207
206,344
Covanta
Holding
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 11/30/28
.................
15
15,330
GFL
Environmental,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.47%
,
 05/31/27
.................
82
82,214
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.68%
-
9.88%
,
 12/15/28
130
103,603
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.18%
,
 09/23/26
.
180
179,241
Tempo
Acquisition
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.32%
,
 08/31/28
.................
584
584,342
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
TruGreen
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.42%
,
 11/02/27
.................
USD
239
$
222,507
Viad
Corp.,
Term
Loan,
07/30/28
(o)
.......
153
148,416
2,657,450
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.75%
,
 01/18/30
.....
27
26,932
ViaSat,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.82%
,
 03/02/29
.................
119
113,857
140,789
Construction
&
Engineering
—
0.1%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B
(o)
 08/01/30
......................
460
445,432
 08/01/30
......................
161
160,298
Legence
Holdings
LLC,
Term
Loan,
9.17%
,
 12/16/27
.................
29
28,804
Pike
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
 01/21/28
.....
148
147,520
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93%
,
 05/12/28
...........
190
182,963
965,017
Construction
Materials
—
0.1%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
 01/15/27
...........
225
224,743
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.32%
,
 03/08/29
................
163
130,797
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.84%
,
 04/29/29
.................
163
161,072
Standard
Building
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.91%
,
 09/22/28
...........
144
143,814
660,426
Consumer
Staples
Distribution
&
Retail
—
0.0%
US
Foods,
Inc.,
Term
Loan
B
(a)
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%, 09/13/26
...............
181
180,767
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%, 11/22/28
...............
132
131,779
312,546
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18%
,
 12/01/27
......
499
495,941
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
 08/14/26
.................
125
124,462
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.68%
,
 02/05/26
.................
81
80,472
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
 07/31/26
.................
40
39,730
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 09/15/28
...........
USD
180
$
178,784
919,389
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.38%
,
 10/28/27
(a)
................
206
191,953
Diversified
Consumer
Services
—
0.2%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.92%
,
 12/11/28
............
115
107,672
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
11.17%
,
 12/10/29
...........
125
106,380
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68%
,
 11/24/28
......
142
141,264
Kuehg
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.24%
,
 06/12/30
................
167
166,075
Sotheby's,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
10.07%
,
 01/15/27
353
343,572
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.54%
,
 07/30/25
.................
127
125,852
Veritas
US,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.00%),
10.43%
,
 09/01/25
................
336
281,998
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
 02/05/26
.................
347
346,476
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.43%
,
 01/08/27
...........
154
151,936
1,771,225
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.07%
,
 05/18/30
(a)
................
105
104,921
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.32%, 07/15/25
...............
53
51,957
(3-mo.
LIBOR
USD
+
2.75%),
8.32%, 01/31/26
...............
111
108,913
Connect
Finco
SARL,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.82%
,
 12/11/26
.................
714
711,673
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93%
,
 10/02/27
..........
111
95,965
Iridium
Satellite
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.92%
,
 11/04/26
.................
236
235,844
Level
3
Financing,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 03/01/27
.................
217
203,942
Lumen
Technologies,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68%
,
 03/15/27
.................
244
169,375
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.68%
-
9.73%
,
 09/01/28
...........
USD
135
$
114,861
Radiate
Holdco
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 09/25/26
.................
401
336,708
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.59%
,
 01/31/29
.................
107
105,475
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
 03/09/27
.................
583
442,727
2,577,440
Electric
Utilities
—
0.0%
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 01/15/25
(a)
................
71
70,764
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.25%
,
 06/23/28
(a)(c)
........
189
186,591
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 07/02/29
(a)
................
135
134,445
Energy
Equipment
&
Services
—
0.0%
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 10/05/28
(a)
339
338,654
Entertainment
—
0.3%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
3.00%),
8.20%
,
 04/22/26
.................
272
211,738
Aristocrat
Technologies,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.59%
,
 05/24/29
...........
19
19,008
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 03/08/30
...........
120
118,853
City
Football
Group
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.41%
,
 07/21/28
.................
230
226,115
Creative
Artists
Agency
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.82%
,
 11/27/28
.................
262
260,703
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.00%),
8.54%
-
8.73%
,
 03/08/24
......
529
496,294
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.32%
,
 01/15/30
151
151,000
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.11%
,
 10/19/26
.................
502
500,172
Playtika
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.07%
,
 03/13/28
.................
220
219,434
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.13%
,
 01/23/25
.................
157
156,628
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.37%
,
 04/29/26
...........
USD
107
$
106,946
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 05/18/25
.....
369
367,691
WMG
Acquisition
Corp.,
Term
Loan
G,
(1-mo.
LIBOR
USD
+
2.13%),
7.56%
,
 01/20/28
.
379
378,674
3,213,256
Financial
Services
—
0.2%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.92%
,
 12/21/28
.
116
115,568
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.81%
,
 08/15/28
.
205
168,295
Belron
Finance
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.88%
,
 10/30/26
(c)
.
173
172,519
Belron
Finance
US
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.16%
,
 04/18/29
.................
54
53,967
Belron
Group
SA,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.43%),
8.06%
,
 04/13/28
.................
174
174,278
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
8.99%
,
 04/09/27
......
687
659,622
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
6.75%),
12.29%
,
 04/07/28
...........
195
181,350
LBM
Acquisition
LLC,
1st
Lien
Term
Loan,
(1-
mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.17%
,
 12/17/27
.................
79
76,836
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
 03/24/25
.................
183
182,544
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 12/11/26
......
314
310,468
Travelport
Finance
(Luxembourg)
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.36%
,
 05/29/26
(c)
...............
153
97,682
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(1-mo.
CME
Term
SOFR
+
2.93%),
8.26%
,
 01/31/29
.................
74
72,050
WEX,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68%
,
 03/31/28
.....
109
108,416
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.07%
,
 10/19/27
...........
187
186,111
2,559,706
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
0.00%),
9.18%
,
 10/01/25
...........
203
187,902
B&G
Foods,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
2.50%
,
 10/10/26
..
36
35,420
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.93%
,
 10/25/27
.................
453
451,955
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
 01/29/27
.................
534
531,657
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
H-Food
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.27%
,
 05/23/25
..
USD
70
$
61,861
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.74%
,
 06/30/30
.................
147
146,298
Nomad
Foods
Ltd.,
Facility
Term
Loan
B2,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.56%
,
 11/12/29
............
121
120,768
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.13%
,
 06/08/28
......
307
306,278
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.75%
,
 03/31/28
...........
271
262,305
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
01/20/28
(o)
.....................
334
333,014
2,437,458
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%),
10.01%
,
 04/06/28
.
92
90,392
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 08/06/27
.................
106
105,853
Genesee
&
Wyoming,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.00%),
7.34%
,
 12/30/26
.................
173
173,185
SIRVA
Worldwide,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.93%
-
11.13%
,
 08/04/25
................
79
70,803
Uber
Technologies,
Inc.,
Term
Loan,
8.00%
-
8.03%
,
 03/03/30
.................
307
306,921
747,154
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan,
05/10/27
(o)
80
78,070
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 11/03/28
.................
303
298,582
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.00%
,
 03/05/26
................
108
100,121
Insulet
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 05/04/28
.................
110
110,599
Medline
Borrower
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 10/23/28
.................
601
594,592
1,181,964
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 09/29/28
......
162
161,681
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.80%
,
 11/08/27
............
164
163,130
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43%
,
 11/01/28
.................
264
262,777
Envision
Healthcare
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.25%),
9.49%
,
 03/31/27
.................
185
43,598
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.25%, 02/18/27
...............
USD
147
$
117,617
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.25%, 11/15/28
..........
48
37,410
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
12.25%
,
 11/15/29
...........
62
34,809
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.68%
,
 08/31/26
.................
209
194,599
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.61%
,
 11/01/28
......
115
109,905
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.36%
,
 11/01/29
.....
87
77,213
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 10/27/28
...........
91
90,703
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.92%
,
 02/14/25
...........
6
5,713
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.12%
,
 08/31/26
...........
98
97,565
Vizient,
Inc.,
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.66%
,
 05/16/29
.................
52
52,451
1,449,171
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
02/15/29
(o)
.................
69
67,341
Athenahealth
Group,
Inc.,
Term
Loan,
02/15/29
(o)
.....................
352
341,221
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 06/02/28
.................
622
586,013
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.43%
,
 08/27/25
.................
298
297,589
1,292,164
Hotels,
Restaurants
&
Leisure
—
0.3%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(1-mo.
LIBOR
USD
+
1.75%),
7.18%
,
 11/19/26
.................
340
337,442
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18%
,
 02/02/26
.................
214
206,917
Alterra
Mountain
Co.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.17%
,
 05/31/30
.................
19
18,941
Bally's
Corp.,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.84%
,
 10/02/28
.................
124
122,009
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 02/06/30
...........
142
141,549
Carnival
Corp.,
Term
Loan
B,
08/02/27
(o)
...
296
295,796
Churchill
Downs,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
 03/17/28
.................
186
185,185
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.32%
,
 01/27/29
...........
USD
577
$
570,524
Flutter
Entertainment
plc,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.75%
,
 07/21/26
.................
180
180,154
Flutter
Entertainment
plc,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.75%
,
 07/22/28
.................
205
205,371
Four
Seasons
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 11/30/29
............
204
204,164
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.15%
,
 06/22/26
.................
177
176,702
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.42%
,
 12/15/27
.................
266
264,829
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.30%
,
 04/14/29
...........
146
145,098
Packers
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.60%
,
 03/09/28
.................
128
86,493
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.17%
,
 05/03/29
...........
238
237,145
Playa
Resorts
Holding
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.47%
,
 01/05/29
.................
86
85,395
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.00%),
8.43%
,
 08/25/28
...........
75
74,527
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
2.25%),
7.67%
,
 02/08/27
...........
218
217,299
Whatabrands
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 08/03/28
.................
290
288,950
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.67%
,
 05/24/30
...........
28
28,462
4,072,952
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.75%
,
 05/17/28
.................
183
157,174
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.67%
,
 02/26/29
...........
333
315,745
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43%
,
 10/06/28
...........
159
132,380
Weber-Stephen
Products
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 10/30/27
...........
393
349,916
955,215
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Construction,
1st
Lien
Term
Loan
B,
07/19/30
(o)
.....................
USD
152
$
150,821
Calpine
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 08/12/26
.....
72
71,845
Constellation
Renewables
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
8.03%
,
 12/15/27
...........
191
189,619
412,285
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.92%
,
 11/05/27
............
480
478,951
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%
,
 11/05/27
..........
361
360,255
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.68%, 02/19/28
.........
274
272,945
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.18%, 02/19/28
.........
55
54,608
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%, 02/12/27
...............
369
366,398
Hub
International
Ltd.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.07%, 11/10/29
..........
74
73,729
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.58%, 06/20/30
.........
563
565,564
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.42%
,
 09/01/27
.................
294
293,828
USI,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.99%
,
 11/22/29
333
332,539
2,798,817
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
2.75%),
8.29%
,
 06/26/28
.................
131
131,320
Camelot
U.S.
Acquisition
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%, 10/30/26
...............
432
431,231
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
 10/10/25
..
107
106,458
Grab
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.93%
,
 01/29/26
.................
117
117,286
786,295
IT
Services
—
0.2%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.68%
,
 01/31/28
................
175
155,062
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.68%
,
 01/20/29
................
67
58,395
Asurion
LLC,
Term
Loan
B11,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.67%
,
 08/19/28
.....
189
180,970
Asurion
LLC,
Term
Loan
B8,
(3-mo.
LIBOR
USD
+
3.25%),
8.79%
,
 12/23/26
......
89
86,671
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.75%),
13.17%
,
 07/31/28
...........
123
123,192
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 07/30/27
.................
USD
77
$
76,738
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.34%
,
 10/01/27
...........
392
385,425
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.82%
,
 11/09/29
.................
161
161,330
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 08/10/27
.................
229
228,499
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
 02/24/28
...........
473
470,616
Venga
Finance
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.28%
,
 06/28/29
................
91
89,138
2,016,036
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.35%
,
 12/01/28
(c)
..........
123
118,383
Peloton
Interactive,
Inc.,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.26%
,
 05/25/27
................
68
68,353
Topgolf
Callaway
Brands
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 03/15/30
.................
130
129,374
316,110
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.67%
,
 11/08/27
.................
156
155,664
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.41%
,
 02/22/28
...........
252
247,084
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 08/30/26
.................
25
21,520
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.93%
,
 02/04/27
......
155
149,900
Fortrea
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.99%
,
 07/01/30
.................
53
53,016
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.75%, 07/03/28
.........
335
334,753
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.32%
,
 10/19/27
...........
274
273,805
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 11/15/28
............
371
369,187
1,604,929
Security
Par
(000)
Par
(000)
Value
Machinery
—
0.3%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.60%
,
 08/17/26
................
USD
226
$
224,672
Clark
Equipment
Co.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.84%
,
 04/20/29
.................
69
69,146
Columbus
McKinnon
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.23%
,
 05/14/28
.................
45
44,763
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%, 10/21/28
.........
172
171,483
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.68%, 10/21/28
.........
214
214,302
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 03/01/27
.................
171
170,939
Gates
Global
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.92%
,
 03/31/27
.................
302
301,204
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.73%
,
 03/28/25
.................
369
360,929
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 11/22/29
.................
262
262,088
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Cap
+
1.75%),
7.17%
,
 03/01/27
...........
258
257,282
Madison
IAQ
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.30%
,
 06/21/28
.................
265
259,896
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.92%
,
 04/05/29
.................
251
248,260
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.38%
,
 07/30/27
..........
423
420,669
Vertiv
Group
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 03/02/27
..
300
299,822
Zurn
LLC,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.32%
,
 10/04/28
.................
23
22,620
3,328,075
Media
—
0.2%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.67%
,
 03/03/25
...........
156
153,433
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
(3-mo.
LIBOR
USD
+
15.00%),
15.00%
,
 10/15/26
................
129
133,231
Cable
One,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 05/03/28
(c)
.
123
121,888
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
1.75%),
7.12%
,
 04/30/25
.................
152
151,808
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
-
9.13%
,
 08/21/26
...........
353
340,931
Cogeco
Communications
Finance
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93%
,
 09/01/28
......
185
182,127
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
CSC
Holdings
LLC,
Term
Loan
(1-mo.
LIBOR
USD
+
2.25%),
7.59%, 07/17/25
...............
USD
117
$
110,977
(1-mo.
LIBOR
USD
+
2.50%),
7.84%, 04/15/27
...............
210
182,695
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.43%
,
 08/02/27
................
260
258,164
EW
Scripps
Co.
(The),
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.18%
,
 01/07/28
.................
76
74,149
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.25%),
8.77%
,
 12/01/23
...........
139
107,816
Nexstar
Media,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
,
 09/18/26
.................
38
37,939
Sinclair
Television
Group,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.17%
,
 04/21/29
.................
76
55,425
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.36%
,
 05/11/29
(c)
................
178
177,754
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.84%
,
 04/30/28
.................
139
135,062
2,223,399
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.09%
,
 12/21/28
...........
425
419,705
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.89%
,
 09/19/29
...........
36
35,551
Medallion
Midland
Acquisition
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 10/18/28
...........
302
300,331
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
7.18%
,
 01/31/28
.................
63
62,619
818,206
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
0.00%),
10.34%
,
 04/20/28
................
246
255,004
Air
Canada,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.50%),
8.84%
,
 08/11/28
..
260
259,847
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
6.51%, 01/29/27
...............
172
168,575
(6-mo.
CME
Term
SOFR
+
2.75%),
8.15%, 02/15/28
...............
287
284,258
Mileage
Plus
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.76%
,
 06/21/27
................
301
314,029
United
AirLines,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.29%
,
 04/21/28
.................
223
222,589
WestJet
Airlines
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.25%
,
 12/11/26
.................
159
155,703
1,660,005
Security
Par
(000)
Par
(000)
Value
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.09%
,
 10/01/26
(a)
.........
USD
722
$
721,233
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
 05/04/25
.................
156
148,437
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.42%
,
 02/28/28
................
104
102,254
Bausch
Health
Cos.,
Inc.,
Term
Loan,
10.60%
,
 02/01/27
................
201
163,301
Elanco
Animal
Health,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 08/01/27
.................
275
270,771
Jazz
Pharmaceuticals
plc,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 05/05/28
.................
264
263,427
Organon
&
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43%
,
 06/02/28
.................
180
178,906
Perrigo
Co.
plc,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.67%
,
 04/20/29
.................
109
108,660
Precision
Medicine
Group
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.34%
,
 11/18/27
(c)
...........
152
148,680
1,384,436
Professional
Services
—
0.3%
(a)
AlixPartners
LLP,
Term
Loan,
02/04/28
(o)
...
223
222,893
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 06/02/28
.................
481
441,536
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
0.03%),
8.67%
,
 02/06/26
.................
652
651,526
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.32%
,
 01/18/29
.................
166
165,813
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
......
81
80,325
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
.................
176
174,038
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 04/28/28
...........
223
221,144
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.07%
,
 04/29/29
...........
300
282,126
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18%
,
 07/11/25
.................
75
74,556
Trans
Union
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 11/16/26
..
213
211,615
Trans
Union
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68%
,
 12/01/28
.................
191
190,814
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
VS
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.67%
,
 02/28/27
.....
USD
261
$
259,054
2,975,440
Real
Estate
Management
&
Development
—
0.0%
(a)
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 01/31/30
(c)
178
171,488
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 08/21/25
.................
144
143,070
314,558
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.16%
,
 08/17/29
.................
179
178,309
Synaptics,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.74%
,
 12/02/28
.................
88
87,585
265,894
Software
—
0.6%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 09/18/26
...........
87
86,625
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
11.99%
,
 09/17/27
...........
37
37,007
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18%
,
 10/02/25
..
148
147,463
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68%
,
 09/21/28
...........
253
252,434
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 07/06/29
.................
303
302,767
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.59%
,
 03/30/29
...........
711
680,371
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 10/08/28
.................
77
74,688
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.42%
,
 10/08/29
................
152
141,804
Cornerstone
OnDemand,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.25%
,
 10/16/28
......
81
74,446
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.57%
,
 12/01/28
................
44
41,140
Gen
Digital,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.42%
,
 09/12/29
.................
190
188,759
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43%
,
 12/01/27
......
333
332,743
Helios
Software
Holdings,
Inc.,
Term
Loan,
9.66%
,
 07/18/30
.................
96
94,040
Informatica
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 10/27/28
.....
347
344,708
Instructure
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 10/30/28
.................
108
107,402
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.63%
,
 07/27/28
...........
USD
208
$
156,532
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.88%
,
 07/27/29
...........
349
216,390
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 03/01/29
.................
312
301,157
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.57%
,
 05/03/28
.................
905
871,513
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.57%
,
 02/23/29
................
262
226,458
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 08/31/28
.................
519
510,614
RealPage,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43%
,
 04/24/28
.................
606
595,175
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.37%
,
 08/01/25
.................
182
182,035
Sophia
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.04%
,
 10/07/27
.................
294
292,315
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 04/16/25
.................
28
27,997
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 04/16/25
.................
27
26,683
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.62%, 05/04/26
.........
49
48,848
(3-mo.
CME
Term
SOFR
+
3.75%),
9.22%, 05/04/26
...............
151
150,839
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.62%
,
 05/03/27
................
189
186,093
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.09%
,
 07/20/28
...........
47
46,006
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
 02/28/30
.................
32
31,800
6,776,852
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
(1-mo.
CME
Term
SOFR
+
4.00%),
9.42%, 02/07/25
...............
61
60,320
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
4.25%),
9.66%, 03/31/26
.........
254
252,569
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43%
,
 05/04/28
.
304
303,242
PetSmart
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 02/11/28
.................
300
299,337
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
 08/04/28
.................
177
176,951
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93%, 10/20/28
.........
USD
53
$
51,369
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%, 10/20/28
.........
76
74,178
RVR
Dealership
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 02/08/28
...........
24
22,178
1,240,144
Technology
Hardware,
Storage
&
Peripherals
—
0.0%
Electronics
for
Imaging,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
5.00%),
10.21%
,
 07/23/26
(a)
...............
67
44,418
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.89%
-
8.92%
,
 02/20/29
.................
113
112,764
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.07%
,
 03/08/30
.................
59
58,779
171,543
Trading
Companies
&
Distributors
—
0.1%
(a)
Beacon
Roofing
Supply,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68%
,
 05/19/28
.................
74
73,545
Core
&
Main
LP,
Term
Loan
B,
(6-mo.
CME
Term
SOFR
+
2.50%),
7.69%
-
7.92%
,
 07/27/28
.................
447
445,344
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.92%, 06/02/28
.........
74
73,003
 06/02/28
(o)
.....................
308
303,403
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
7.50%),
15.00%
,
 05/30/24
................
68
66,369
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
9.00%
,
 08/28/24
(c)
................
207
137,376
1,099,040
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%, 09/22/28
.........
150
149,105
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.32%, 09/22/28
.........
108
107,499
OLA
Netherlands
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
11.64%
,
 12/15/26
(c)
...............
120
112,949
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.49%
,
 03/17/30
.................
80
76,604
446,157
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
3.25%),
8.98%
,
 05/28/24
.................
102
92,005
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(o)
.....................
4
3,977
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18%
,
 04/30/28
...........
111
111,201
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
SBA
Senior
Finance
II
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
1.75%),
7.17%
,
 04/11/25
..
USD
210
$
209,853
417,036
Total
Floating
Rate
Loan
Interests
—
5.9%
(Cost:
$71,958,327)
..............................
70,588,696
Foreign
Agency
Obligations
Chile
—
0.1%
Empresa
Nacional
del
Petroleo
3.75%,
08/05/26
(d)
................
243
228,765
6.15%,
05/10/33
(b)
................
225
226,096
454,861
Colombia
—
0.1%
Ecopetrol
SA
4.13%,
01/16/25
.................
475
457,069
8.88%,
01/13/33
.................
458
467,904
5.88%,
05/28/45
.................
290
207,350
1,132,323
France
—
0.1%
Electricite
de
France
SA
(a)(d)(i)
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
......................
EUR
200
215,130
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
400
346,088
561,218
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.65%
,
07/30/29
(d)
..
USD
392
361,941
Ireland
—
0.0%
AIB
Group
plc
(a)(d)
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
(i)
.....................
EUR
200
210,944
(5-Year
EUR
Swap
Annual
+
2.15%),
1.88%,
11/19/29
...............
100
104,339
315,283
Italy
—
0.0%
Banca
Monte
dei
Paschi
di
Siena
SpA
(d)
3.63%,
09/24/24
.................
100
106,972
(3-mo.
EURIBOR
+
3.21%),
6.75%,
03/02/26
(a)
...................
150
165,265
272,237
Mexico
—
0.2%
Comision
Federal
de
Electricidad,
4.88%
,
01/15/24
(d)
.....................
USD
458
453,255
Petroleos
Mexicanos
3.75%,
02/21/24
(d)
................
EUR
105
113,402
4.25%,
01/15/25
.................
USD
244
230,980
6.50%,
03/13/27
.................
582
515,332
8.75%,
06/02/29
.................
464
422,309
5.95%,
01/28/31
.................
519
384,060
6.70%,
02/16/32
.................
474
364,933
2,484,271
Morocco
—
0.0%
OCP
SA,
5.13%
,
06/23/51
(d)
............
217
163,036
Oman
—
0.0%
OQ
SAOC,
5.13%
,
05/06/28
(b)
..........
200
191,046
Panama
—
0.0%
Aeropuerto
Internacional
de
Tocumen
SA,
5.13%
,
08/11/61
(b)
................
200
161,784
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Peru
—
0.0%
Corp.
Financiera
de
Desarrollo
SA,
4.75%
,
07/15/25
(d)
.....................
USD
461
$
451,038
Total
Foreign
Agency
Obligations
—
0.5%
(Cost:
$6,974,469)
..............................
6,549,038
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain
(d)
5.45%,
09/16/32
.................
267
244,350
7.50%,
09/20/47
.................
259
244,025
488,375
Chile
—
0.0%
Republic
of
Chile,
4.34%
,
03/07/42
.......
468
413,529
Colombia
—
0.2%
Republic
of
Colombia
4.50%,
01/28/26
.................
757
727,674
3.88%,
03/22/26
.................
EUR
134
141,276
3.88%,
04/25/27
.................
USD
205
188,342
3.13%,
04/15/31
.................
1,053
821,866
8.00%,
04/20/33
.................
518
543,755
2,422,913
Costa
Rica
—
0.0%
Republic
of
Costa
Rica,
6.55%
,
04/03/34
(d)
..
230
232,689
Dominican
Republic
—
0.2%
Dominican
Republic
Government
Bond
6.88%,
01/29/26
(d)
................
300
302,685
5.95%,
01/25/27
(d)
................
587
579,533
4.50%,
01/30/30
(b)
................
383
339,013
4.50%,
01/30/30
(d)
................
200
177,030
7.05%,
02/03/31
(b)
................
165
166,615
4.88%,
09/23/32
(b)
................
683
591,212
2,156,088
Egypt
—
0.0%
Arab
Republic
of
Egypt,
7.50%
,
02/16/61
(b)
..
200
108,972
Guatemala
—
0.1%
Republic
of
Guatemala
5.25%,
08/10/29
(b)
................
227
216,458
3.70%,
10/07/33
(d)
................
408
332,030
6.60%,
06/13/36
(b)
................
225
230,288
4.65%,
10/07/41
(b)
................
521
419,348
1,198,124
Hungary
—
0.1%
Hungary
Government
Bond
5.38%,
03/25/24
.................
88
87,665
5.25%,
06/16/29
(b)
................
555
543,561
631,226
Indonesia
—
0.1%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(b)
................
240
235,983
Republic
of
Indonesia
4.10%,
04/24/28
.................
430
414,546
6.75%,
01/15/44
(d)
................
387
455,034
1,105,563
Ivory
Coast
—
0.1%
Republic
of
Cote
d'Ivoire
(d)
6.38%,
03/03/28
.................
806
786,075
5.88%,
10/17/31
.................
EUR
155
147,523
933,598
Security
Par
(000)
Par
(000)
Value
Jordan
—
0.0%
Hashemite
Kingdom
of
Jordan,
4.95%
,
07/07/25
(d)
.....................
USD
200
$
194,370
Mexico
—
0.1%
United
Mexican
States
3.75%,
01/11/28
.................
418
396,093
2.66%,
05/24/31
.................
843
699,724
8.30%,
08/15/31
.................
35
41,513
4.88%,
05/19/33
.................
200
191,394
6.35%,
02/09/35
.................
200
209,770
1,538,494
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(d)
................
256
222,484
5.95%,
03/08/28
(b)
................
239
240,379
462,863
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(b)
................
280
262,447
7.63%,
11/28/47
(d)
................
213
158,555
421,002
Oman
—
0.1%
(d)
Oman
Government
Bond
6.50%,
03/08/47
.................
427
409,749
6.75%,
01/17/48
.................
754
744,583
Oman
Sovereign
Sukuk
SAOC,
4.40%
,
06/01/24
......................
240
235,997
1,390,329
Panama
—
0.1%
Republic
of
Panama
3.16%,
01/23/30
.................
600
525,102
6.40%,
02/14/35
.................
511
533,131
6.85%,
03/28/54
.................
525
549,460
1,607,693
Paraguay
—
0.0%
Republic
of
Paraguay,
5.60%
,
03/13/48
(d)
...
398
350,451
Peru
—
0.1%
Republic
of
Peru
2.78%,
01/23/31
.................
665
564,552
1.86%,
12/01/32
.................
626
475,134
1,039,686
Poland
—
0.1%
Republic
of
Poland
4.88%,
10/04/33
.................
219
216,043
4.25%,
02/14/43
(d)
................
EUR
295
316,714
5.50%,
04/04/53
.................
USD
335
339,217
871,974
Romania
—
0.2%
Romania
Government
Bond
5.25%,
11/25/27
(b)
................
428
418,071
2.88%,
03/11/29
(d)
................
EUR
450
435,605
2.50%,
02/08/30
(d)
................
473
436,146
2.12%,
07/16/31
(d)
................
590
500,028
1,789,850
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.50%,
04/17/30
(d)
................
USD
515
504,788
5.00%,
01/18/53
(b)
................
489
449,777
954,565
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Senegal
—
0.0%
Republic
of
Senegal,
6.25%
,
05/23/33
(d)
....
USD
272
$
233,808
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%,
09/30/29
.................
370
333,903
5.88%,
04/20/32
.................
360
329,706
5.00%,
10/12/46
.................
602
420,449
1,084,058
Ukraine
—
0.1%
Ukraine
Government
Bond
(a)(e)(m)
7.75%,
09/01/25
(d)
................
340
112,030
8.99%,
02/01/26
(d)
................
658
211,547
7.75%,
09/01/26
(d)
................
45
14,175
7.75%,
09/01/27
(d)
................
235
73,437
7.25%,
03/15/35
(b)
................
526
157,395
568,584
Uruguay
—
0.1%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
474
510,685
Total
Foreign
Government
Obligations
—
1.9%
(Cost:
$24,745,248)
..............................
22,709,489
Shares
Shares
Investment
Companies
(p)
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
.......................
3,000,118
27,691,088
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
..................
1,144,599
11,022,489
iShares
Core
Dividend
Growth
ETF
......
1,039,929
55,386,619
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(f)
.........................
521,677
39,386,612
Total
Investment
Companies
—
11.2%
(Cost:
$137,229,746)
.............................
133,486,808
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
1.3%
Alternative
Loan
Trust
(a)
Series
2005-16,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.65%
Floor
+
1.65%),
5.86%,
06/25/35
....................
41
36,108
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
5.94%,
11/25/46
64
49,986
Series
2006-OA8,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.79%,
07/25/46
....................
136
117,510
Series
2007-OA3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.69%,
04/25/47
....................
164
146,662
Banc
of
America
Mortgage
Trust,
Series
2007-
4,
Class
1A1,
6.25%,
12/28/37
........
28
23,004
Bayview
Commercial
Asset
Trust,
Series
2007-
4A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.68%
Floor
+
0.45%),
6.09%,
09/25/37
(a)(b)
....
249
227,700
CIM
Trust,
Series
2023-I2,
Class
A1,
6.64%,
12/25/67
(a)(b)(j)
...................
369
368,322
COLT
Mortgage
Loan
Trust
(a)(b)
Series
2022-5,
Class
A1,
4.55%,
04/25/67
344
333,047
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2022-9,
Class
A1,
6.79%,
12/25/67
(j)
USD
1,038
$
1,040,117
CSMC
Trust,
Series
2022-ATH2,
Class
A1,
4.55%,
05/25/67
(a)(b)
...............
127
121,173
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)(b)
..
174
138,050
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)(b)
...............
1,283
1,216,346
Impac
CMB
Trust,
Series
2005-6,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
11.00%
Cap
+
0.50%),
5.91%,
10/25/35
(a)
156
132,171
JP
Morgan
Mortgage
Trust,
Series
2022-DSC1,
Class
A1,
4.75%,
01/25/63
(a)(b)
........
1,170
1,091,280
MFA
Trust,
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(a)(b)(j)
..............
382
364,343
Mill
City
Mortgage
Loan
Trust
(a)(b)(j)
Series
2023-NQM1,
Class
A1,
6.05%,
10/25/67
....................
147
144,609
Series
2023-NQM2,
Class
A1,
6.24%,
12/25/67
....................
235
232,633
OBX
Trust
(a)(b)(j)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
....................
480
468,163
Series
2022-NQM8,
Class
A1,
6.10%,
09/25/62
....................
270
268,818
Series
2022-NQM9,
Class
A1A,
6.45%,
09/25/62
....................
1,673
1,674,367
PRKCM
Trust,
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
(a)(b)
...............
1,318
1,285,767
Reperforming
Loan
REMIC
Trust,
Series
2005-R2,
Class
1AF1,
(1-mo.
LIBOR
USD
at
0.34%
Floor
and
9.50%
Cap
+
0.34%),
5.75%,
06/25/35
(a)(b)
...............
33
30,283
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(a)(b)(j)
.......
1,383
1,347,438
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(a)(b)(j)
..
1,521
1,446,136
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR6,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
and
10.50%
Cap
+
0.38%),
5.79%,
07/25/46
(a)
..........
68
48,678
Verus
Securitization
Trust
(b)(j)
Series
2022-3,
Class
A1,
4.13%,
02/25/67
901
825,695
Series
2022-INV2,
Class
A1,
6.79%,
10/25/67
(a)
...................
1,346
1,348,990
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust,
Series
2006-4,
Class
3A1,
7.00%,
05/25/36
(a)(j)
.......
319
266,050
14,793,446
Commercial
Mortgage-Backed
Securities
—
3.1%
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
LIBOR
USD
at
2.12%
Floor
+
2.12%),
7.33%,
09/15/34
(a)(b)
....
485
417,232
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
LIBOR
USD
at
2.23%
Floor
+
2.10%),
7.49%,
04/15/35
(a)(b)
........
540
517,367
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2018-DSNY,
Class
D,
(1-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.97%,
09/15/34
(a)(b)
....................
1,058
1,047,271
Bayview
Commercial
Asset
Trust,
Series
2007-
2A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.27%
Floor
+
0.27%),
5.68%,
07/25/37
(a)(b)
....
127
112,560
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
(a)(b)
.........
200
129,957
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Benchmark
Mortgage
Trust,
Series
2018-B5,
Class
D,
3.11%,
07/15/51
(a)(b)
.........
USD
550
$
343,815
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
LIBOR
USD
at
3.70%
Floor
+
3.70%),
9.04%,
10/15/35
(a)(b)
...............
946
335,117
BPR
Trust,
Series
2021-TY,
Class
E,
(1-mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
8.94%,
09/15/38
(a)(b)
...............
325
301,060
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.41%),
7.64%,
10/15/36
....................
1,063
1,043,785
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.76%),
7.99%,
10/15/36
....................
1,321
1,278,756
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.25%,
02/15/33
...............
973
945,840
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.49%,
02/15/33
...............
571
559,249
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.59%,
02/15/33
...............
460
449,579
Series
2021-SOAR,
Class
G,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.14%,
06/15/38
....................
668
634,065
Series
2021-VINO,
Class
F,
(1-mo.
LIBOR
USD
at
2.92%
Floor
+
2.80%),
8.14%,
05/15/38
....................
842
799,786
Series
2021-XL2,
Class
F,
(1-mo.
LIBOR
USD
at
2.24%
Floor
+
2.24%),
7.58%,
10/15/38
....................
798
759,601
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.11%,
06/15/27
...............
480
478,497
BX
Trust
(a)(b)
Series
2021-ARIA,
Class
G,
(1-mo.
LIBOR
USD
at
3.14%
Floor
+
3.14%),
8.48%,
10/15/36
....................
555
513,793
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.14%,
02/15/36
...............
580
567,649
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.14%,
02/15/36
...............
207
202,780
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.34%,
02/15/36
...............
133
123,384
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.34%,
02/15/36
...............
395
365,951
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.59%,
01/15/34
...............
307
297,422
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.34%,
01/15/34
...............
479
460,624
Series
2021-VIEW,
Class
E,
(1-mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
8.94%,
06/15/36
....................
536
478,090
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.39%,
10/15/39
...............
2,000
1,999,999
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.28%,
10/15/39
...............
USD
1,200
$
1,193,989
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.07%,
01/15/39
...............
740
722,388
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.91%,
05/15/38
...............
1,500
1,499,060
BXP
Trust,
Series
2021-601L,
Class
D,
2.78%,
01/15/44
(a)(b)
....................
281
168,076
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.94%,
08/15/36
(a)(b)
....................
600
598,492
CSMC
Trust
(a)(b)
Series
2020-FACT,
Class
E,
(1-mo.
LIBOR
USD
at
4.86%
Floor
+
4.86%),
10.20%,
10/15/37
....................
239
213,121
Series
2021-980M,
Class
E,
3.54%,
07/15/31
....................
125
89,738
Series
2021-BHAR,
Class
E,
(1-mo.
LIBOR
USD
at
3.50%
Floor
+
3.50%),
8.84%,
11/15/38
....................
97
94,813
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.36%,
09/09/24
...............
2,500
2,497,419
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
F,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.52%,
05/15/35
(a)(b)
........
402
388,444
DBUBS
Mortgage
Trust,
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
(a)(b)
.........
220
162,310
ELP
Commercial
Mortgage
Trust,
Series
2021-
ELP,
Class
G,
(1-mo.
LIBOR
USD
at
3.12%
Floor
+
3.12%),
8.45%,
11/15/38
(a)(b)
....
860
800,080
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.59%,
07/15/38
....................
682
666,798
Series
2021-ESH,
Class
E,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.19%,
07/15/38
....................
500
487,107
Series
2021-ESH,
Class
F,
(1-mo.
LIBOR
USD
at
3.70%
Floor
+
3.70%),
9.04%,
07/15/38
....................
217
208,440
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2021-DM,
Class
F,
(1-mo.
LIBOR
USD
at
3.44%
Floor
+
3.44%),
8.77%,
11/15/36
....................
183
174,003
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
7.91%,
11/15/27
...............
720
717,319
HONO
Mortgage
Trust
(a)(b)
Series
2021-LULU,
Class
E,
(1-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.69%,
10/15/36
....................
174
159,477
Series
2021-LULU,
Class
F,
(1-mo.
LIBOR
USD
at
4.40%
Floor
+
4.40%),
9.74%,
10/15/36
....................
157
142,842
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.47%,
10/15/39
(a)(b)
1,340
1,337,257
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2016-NINE,
Class
B,
2.85%,
09/06/38
....................
1,000
829,804
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.76%,
04/15/37
....................
USD
766
$
665,564
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.40%,
09/15/39
...............
680
680,919
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
250
161,815
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.69%,
03/15/38
(a)(b)
.........
605
575,733
MAD
Mortgage
Trust,
Series
2017-330M,
Class
E,
4.03%,
08/15/34
(a)(b)
.............
151
113,442
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(1-mo.
LIBOR
USD
at
4.00%
Floor
+
4.00%),
9.34%,
11/15/38
....................
995
939,128
Series
2021-MDLN,
Class
G,
(1-mo.
LIBOR
USD
at
5.25%
Floor
+
5.25%),
10.59%,
11/15/38
....................
1,227
1,138,307
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.22%
Floor
+
4.22%),
9.44%,
12/15/34
(a)(b)
...............
287
265,776
MHP
Commercial
Mortgage
Trust,
Series
2021-STOR,
Class
J,
(1-mo.
LIBOR
USD
at
3.95%
Floor
+
3.95%),
9.29%,
07/15/38
(a)(b)
138
130,875
Morgan
Stanley
Capital
I
Trust
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
(b)
...................
250
150,069
Series
2018-H3,
Class
C,
4.85%,
07/15/51
(a)
320
257,188
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(a)
(b)
.........................
238
155,881
Series
2018-SUN,
Class
F,
(1-mo.
LIBOR
USD
at
2.55%
Floor
+
2.55%),
8.14%,
07/15/35
(a)(b)
..................
340
331,467
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.51%,
03/15/39
(a)(b)
317
294,573
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(1-mo.
LIBOR
USD
at
4.35%
Floor
+
4.35%),
9.69%,
07/15/38
(a)(b)
100
75,755
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.41%,
05/15/37
(a)(b)
...............
750
730,150
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-NXS5,
Class
B,
4.94%,
01/15/59
(a)
...................
250
223,929
Series
2018-C45,
Class
C,
4.73%,
06/15/51
110
90,295
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.01%,
11/15/27
(a)(b)
....................
2,113
2,111,667
37,406,739
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.0%
(a)(b)
BX
Trust,
Series
2022-GPA,
Class
XCP,
1.03%,
10/15/39
......................
61,975
25,429
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C26,
Class
XD,
1.31%,
10/15/48
......................
4,650
117,667
143,096
Total
Non-Agency
Mortgage-Backed
Securities
—
4.4%
(Cost:
$54,316,494)
..............................
52,343,281
Security
Par
(000)
Pa
r
(
000)
Value
Preferred
Securities
Capital
Trusts
—
1.7%
Banks
—
0.2%
(a)(i)
PNC
Financial
Services
Group,
Inc.
(The),
Series
T,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.40%
........................
USD
1,750
$
1,356,250
US
Bancorp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70%
........................
1,205
936,887
2,293,137
Capital
Markets
—
0.3%
(a)(i)
Bank
of
New
York
Mellon
Corp.
(The),
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.35%),
3.70%
.
1,575
1,426,474
Charles
Schwab
Corp.
(The)
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00%
......................
1,575
1,406,065
Series
H,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
4.00%
......................
1,730
1,355,003
4,187,542
Consumer
Finance
—
0.6%
(a)(i)
Ally
Financial,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
...........
2,800
2,124,500
American
Express
Co.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.85%),
3.55%
..................
2,115
1,774,557
Capital
One
Financial
Corp.,
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
.....
1,250
994,938
Discover
Financial
Services,
Series
C,
(3-mo.
LIBOR
USD
+
3.08%),
5.50%
........
1,500
1,155,531
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
.
786
709,554
6,759,080
Electric
Utilities
—
0.2%
Edison
International,
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
(a)(i)
.........
2,375
2,107,763
Financial
Services
—
0.0%
Voya
Financial,
Inc.,
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.36%),
6.13%
(a)(i)
.........
690
672,382
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)
.....................
121
107,690
Insurance
—
0.1%
MetLife,
Inc.,
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.58%),
3.85%
(a)(i)
................
825
770,890
Multi-Utilities
—
0.0%
Dominion
Energy,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.35%
(a)(i)
.........
790
678,136
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.3%
Energy
Transfer
LP
(a)(i)
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
......................
USD
98
$
88,769
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
......................
3,425
3,008,181
3,096,950
Total
Capital
Trusts
—
1.7%
(Cost:
$24,486,311)
..............................
20,673,570
Shares
Shares
Preferred
Stocks
—
0.4%
Banks
—
0.1%
Banco
Bradesco
SA
(Preference)
........
207,893
731,995
Consumer
Finance
—
0.1%
SLM
Corp.
(Preference),
Series
B,
(3-mo.
LIBOR
USD
+
1.70%),
7.25%
(a)(i)
......
11,500
674,475
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Samsung
Electronics
Co.
Ltd.
(Preference)
.
65,777
2,962,647
Total
Preferred
Stocks
—
0.4%
(Cost:
$3,466,832)
..............................
4,369,117
Trust
Preferreds
—
0.1%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(30Y
CMT
at
14.50%
Cap
+
1.55%),
7.06%, 12/21/65
(a)(b)
.....
896,000
628,448
Consumer
Finance
—
0.0%
ILFC
E-Capital
Trust
II
,
(3-mo.
LIBOR
USD
at
14.50%
Cap
+
1.80%),
7.31%, 12/21/65
(a)(b)
397,000
283,813
Total
Trust
Preferreds
—
0.1%
(Cost:
$1,257,798)
..............................
912,261
Total
Preferred
Securities
—
2.2%
(Cost:
$29,210,941)
..............................
25,954,948
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(b)
Series
2018-K80,
Class
B,
4.23%, 08/25/50
125
117,515
Series
2018-K732,
Class
B,
4.05%, 05/25/25
...............
200
191,715
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2018-W5FX,
Class
CFX,
3.66%, 04/25/28
...............
USD
334
$
277,991
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
(Cost:
$646,095)
................................
587,221
Shares
Shares
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(c)
(e)
...........................
602
—
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)
....
119
2,154
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
2,154
Total
Long-Term
Investments
—
95.5%
(Cost:
$1,149,537,622)
...........................
1,143,137,977
Short-Term
Securities
Money
Market
Funds
—
13.3%
(p)(q)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.16%
...................
118,668,905
118,668,905
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.42%
(r)
.......................
40,020,882
40,024,885
Total
Money
Market
Funds
—
13.3%
(Cost:
$158,691,458)
.............................
158,693,790
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
0.0%
U.S.
Treasury
Bills
,
5.34%, 11/14/23
(l)(s)
....
372
366,283
Total
U.S.
Treasury
Obligations
—
0.0%
(Cost:
$366,300)
................................
366,283
Total
Short-Term
Securities
—
13.3%
(Cost:
$159,057,758)
.............................
159,060,073
Total
Investments
—
108.8%
(Cost:
$1,308,595,380
)
...........................
1,302,198,050
Liabilities
in
Excess
of
Other
Assets
—
(8.8)%
............
(105,704,033)
Net
Assets
—
100.0%
..............................
$
1,196,494,017
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
Non-income
producing
security.
(f)
All
or
a
portion
of
this
security
is
on
loan.
(g)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(h)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(i)
Perpetual
security
with
no
stated
maturity
date.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
50
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(j)
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.
(k)
Convertible
security.
(l)
Zero-coupon
bond.
(m)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(n)
Rounds
to
less
than
1,000.
(o)
Represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate.
(p)
Affiliate
of
the
Fund.
(q)
Annualized
7-day
yield
as
of
period
end.
(r)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(s)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/23
Shares
Held
at
07/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
160,830,175
$
—
$
(42,161,270)
(a)
$
—
$
—
$
118,668,905
118,668,905
$
2,282,057
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
59,147,307
—
(19,113,003)
(a)
(11,716)
2,297
40,024,885
40,020,882
389,159
(b)
—
BlackRock
Allocation
Target
Shares
-
BATS
Series
A
....
28,171,107
—
—
—
(480,019)
27,691,088
3,000,118
1,513,783
—
BlackRock
Floating
Rate
Income
Portfolio,
Class
K
Shares
...
13,157,456
821,721
(3,200,000)
(128,653)
371,965
11,022,489
1,144,599
816,145
—
iShares
Core
Dividend
Growth
ETF
..................
—
79,531,253
(23,826,515)
(315,935)
(2,184)
55,386,619
1,039,929
—
—
iShares
Core
S&P
500
ETF
(c)
...
—
35,406,817
(37,968,765)
2,561,948
—
—
—
128,064
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
57,257,755
17,343,782
(32,588,911)
(5,529,816)
2,903,802
39,386,612
521,677
2,010,504
—
$
(3,424,172)
$
2,795,861
$
292,180,598
$
7,139,712
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
51
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
23
09/15/23
$
1,212
$
70,588
S&P
500
E-Mini
Index
.......................................................
492
09/15/23
113,517
2,716,301
U.S.
Treasury
10-Year
Note
...................................................
626
09/20/23
69,779
(1,140)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
49
09/20/23
5,736
(117,401)
U.S.
Treasury
Ultra
Bond
.....................................................
55
09/20/23
7,288
(116,495)
U.S.
Treasury
5-Year
Note
....................................................
1,304
09/29/23
139,375
(2,919,969)
(368,116)
Short
Contracts
GBP
Currency
............................................................
393
09/18/23
31,541
(537,053)
JPY
Currency
............................................................
70
09/18/23
6,197
121,269
U.S.
Treasury
10-Year
Note
...................................................
12
09/20/23
1,338
33,172
(382,612)
$
(750,728)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
25,741,646
EUR
22,940,000
Barclays
Bank
plc
08/17/23
$
499,358
USD
393,304
EUR
350,000
Morgan
Stanley
&
Co.
International
plc
08/17/23
8,177
USD
122,496
EUR
110,000
Nomura
International
plc
08/17/23
1,456
USD
44,974
EUR
40,000
Standard
Chartered
Bank
08/17/23
960
USD
3,592,379
GBP
2,750,000
Morgan
Stanley
&
Co.
International
plc
08/17/23
62,880
USD
114,473
EUR
103,019
Morgan
Stanley
&
Co.
International
plc
09/14/23
953
KRW
95,040,000
USD
73,431
Standard
Chartered
Bank
10/16/23
1,279
USD
141,610
AED
520,000
Standard
Chartered
Bank
10/16/23
6
USD
41,415
AUD
60,000
Natwest
Markets
plc
10/16/23
1,008
USD
93,843
CAD
123,000
Natwest
Markets
plc
10/16/23
470
USD
138,499
CHF
119,000
Natwest
Markets
plc
10/16/23
915
USD
126,282
EUR
114,000
Standard
Chartered
Bank
10/16/23
470
USD
7,840
GBP
6,000
Natwest
Markets
plc
10/16/23
138
USD
645,769
GBP
497,000
Standard
Chartered
Bank
10/16/23
7,801
585,871
GBP
100,000
USD
128,579
HSBC
Bank
plc
08/17/23
(234)
GBP
310,000
USD
405,984
Morgan
Stanley
&
Co.
International
plc
08/17/23
(8,113)
USD
141,877
EUR
130,031
Citibank
NA
09/14/23
(1,409)
USD
1,620,667
EUR
1,497,333
Natwest
Markets
plc
09/14/23
(29,299)
USD
146,333
EUR
134,818
Royal
Bank
of
Canada
09/14/23
(2,228)
AUD
138,000
USD
94,030
Natwest
Markets
plc
10/16/23
(1,095)
CAD
701,000
USD
532,279
Natwest
Markets
plc
10/16/23
(130)
GBP
20,000
USD
26,215
Natwest
Markets
plc
10/16/23
(542)
JPY
36,762,000
USD
269,520
Standard
Chartered
Bank
10/16/23
(8,006)
NZD
816,000
USD
514,286
Natwest
Markets
plc
10/16/23
(7,436)
SGD
28,000
USD
21,141
Standard
Chartered
Bank
10/16/23
(7)
USD
34,435
HKD
269,000
Standard
Chartered
Bank
10/16/23
(82)
(58,581)
$
527,290
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
52
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
HSBC
Bank
plc
(b)
02/10/28
$
1,038,991
$
(15,155)
(c)
$
1,027,663
0.1
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
08/10/23
—
264
(e)
264
0.0
(f)
$
(14,891)
$
1,027,927
(b)
(d)
Range:
90-95
basis
points
60
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$(3,827)
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$0
of
net
dividends
and
financing
fees.
(f)
Rounds
to
less
than
0.1%.
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
plc,
as
of
period
end,
termination
date
February
10,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
............
44,476
$
57,335
5.6
%
Saudi
Arabia
Saudi
Basic
Industries
Corp.
..
27,333
624,681
60.8
Vietnam
Vietnam
Dairy
Products
JSC
..
104,900
345,647
33.6
Total
Reference
Entity
—
Long
............
1,027,663
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
1,027,663
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA,
as
of
period
end,
termination
date
August
10,
2023:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Russia
X5
Retail
Group
NV,
GDR,
Class
S
..................
26,438
$
264
100.0
%
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
264
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
...................................................................
$
—
$
—
$
264
$
(15,155)
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
53
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)
......
$
—
$
—
$
2,786,889
$
121,269
$
33,172
$
—
$
2,941,330
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
585,871
—
—
585,871
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
—
264
—
—
—
264
$
—
$
—
$
2,787,153
$
707,140
$
33,172
$
—
$
3,527,465
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
—
$
537,053
$
3,155,005
$
—
$
3,692,058
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
58,581
—
—
58,581
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
—
15,155
—
—
—
15,155
$
—
$
—
$
15,155
$
595,634
$
3,155,005
$
—
$
3,765,794
(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
July
31,
2023,
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
contracts
.......................
$
—
$
—
$
13,844,523
$
739,772
$
(14,557,265)
$
—
$
27,030
Forward
foreign
currency
exchange
contracts
....
—
—
—
(1,687,780)
—
—
(1,687,780)
Options
purchased
(a)
.....................
—
—
3,164,838
—
—
—
3,164,838
Options
written
........................
—
—
(840,479)
—
—
—
(840,479)
Swaps
..............................
—
—
143,214
—
—
—
143,214
$
—
$
—
$
16,312,096
$
(948,008)
$
(14,557,265)
$
—
$
806,823
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(7,775,328)
$
(1,517,445)
$
(6,276,064)
$
—
$
(15,568,837)
Forward
foreign
currency
exchange
contracts
....
—
—
—
501,084
—
—
501,084
Options
purchased
(b)
.....................
—
—
(633,618)
—
—
—
(633,618)
Options
written
........................
—
—
(7,446)
—
—
—
(7,446)
Swaps
..............................
—
—
(104,413)
—
—
—
(104,413)
$
—
$
—
$
(8,520,805)
$
(1,016,361)
$
(6,276,064)
$
—
$
(15,813,230)
(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.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
54
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
..................................................................................
$
317,964,279
Average
notional
value
of
contracts
—
short
.................................................................................
$
39,080,030
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
10,497,410
Average
amounts
sold
—
in
USD
........................................................................................
$
2,369,075
Options
Average
value
of
option
contracts
purchased
................................................................................
$
127,518
Average
value
of
option
contracts
written
...................................................................................
$
63,631
Total
return
swaps
Average
notional
value
...............................................................................................
$
1,399,500
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
542,920
$
—
Forward
foreign
currency
exchange
contracts
.................................................................
585,871
58,581
Swaps
—
OTC
(a)
.....................................................................................
264
15,155
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
1,129,055
$
73,736
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(542,920)
—
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
586,135
$
73,736
(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)
Barclays
Bank
plc
................................
$
499,358
$
—
$
—
$
—
$
499,358
JPMorgan
Chase
Bank
NA
..........................
264
—
—
—
264
Morgan
Stanley
&
Co.
International
plc
..................
72,010
(8,113)
—
—
63,897
Natwest
Markets
plc
..............................
2,531
(2,531)
—
—
—
Nomura
International
plc
...........................
1,456
—
—
—
1,456
Standard
Chartered
Bank
...........................
10,516
(8,095)
—
—
2,421
$
586,135
$
(18,739)
$
—
$
—
$
567,396
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)
Citibank
NA
....................................
$
1,409
$
—
$
—
$
—
$
1,409
HSBC
Bank
plc
..................................
15,389
—
—
—
15,389
Morgan
Stanley
&
Co.
International
plc
..................
8,113
(8,113)
—
—
—
Natwest
Markets
plc
..............................
38,502
(2,531)
—
—
35,971
Royal
Bank
of
Canada
.............................
2,228
—
—
—
2,228
Standard
Chartered
Bank
...........................
8,095
(8,095)
—
—
—
$
73,736
$
(18,739)
$
—
$
—
$
54,997
(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
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
55
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
....................................
$
—
$
152,915,620
$
163,986
$
153,079,606
Common
Stocks
Aerospace
&
Defense
....................................
2,468,715
—
—
2,468,715
Air
Freight
&
Logistics
....................................
1,634,019
—
—
1,634,019
Automobile
Components
..................................
1,016,773
—
—
1,016,773
Automobiles
..........................................
897,091
913,361
—
1,810,452
Banks
...............................................
10,891,422
9,436,075
100
20,327,597
Beverages
...........................................
863,363
1,691,573
—
2,554,936
Biotechnology
.........................................
2,063,456
—
—
2,063,456
Broadline
Retail
........................................
489,551
3,021,558
—
3,511,109
Building
Products
.......................................
1,703,428
—
—
1,703,428
Capital
Markets
........................................
5,808,516
696,013
—
6,504,529
Chemicals
............................................
2,809,096
1,827,643
—
4,636,739
Commercial
Services
&
Supplies
.............................
1,747,330
—
—
1,747,330
Communications
Equipment
................................
1,643,392
768,623
—
2,412,015
Construction
&
Engineering
................................
—
151,375
—
151,375
Consumer
Finance
......................................
2,290,230
1,460,941
—
3,751,171
Consumer
Staples
Distribution
&
Retail
........................
4,131,519
805,967
292,130
5,229,616
Containers
&
Packaging
..................................
2,432,987
—
—
2,432,987
Diversified
REITs
.......................................
2,712,568
—
—
2,712,568
Diversified
Telecommunication
Services
........................
3,159,020
3,316,610
—
6,475,630
Electric
Utilities
........................................
10,041,668
1,154,224
—
11,195,892
Electronic
Equipment,
Instruments
&
Components
.................
1,599,143
2,167,614
—
3,766,757
Energy
Equipment
&
Services
..............................
2,226,730
—
—
2,226,730
Entertainment
.........................................
1,514,686
—
—
1,514,686
Financial
Services
......................................
2,959,375
—
—
2,959,375
Food
Products
.........................................
4,029,381
1,443,641
—
5,473,022
Gas
Utilities
...........................................
—
1,026,109
—
1,026,109
Ground
Transportation
...................................
2,139,162
152,012
—
2,291,174
Health
Care
Equipment
&
Supplies
...........................
6,298,172
2,852,472
—
9,150,644
Health
Care
Providers
&
Services
............................
9,864,252
—
—
9,864,252
Health
Care
REITs
......................................
11,254,443
—
—
11,254,443
Hotels,
Restaurants
&
Leisure
..............................
1,132,414
2,363,897
—
3,496,311
Household
Durables
.....................................
3,031,416
1,607,077
—
4,638,493
Household
Products
.....................................
—
2,231,558
—
2,231,558
Independent
Power
and
Renewable
Electricity
Producers
............
140,009
—
—
140,009
Industrial
Conglomerates
..................................
—
1,172,253
—
1,172,253
Industrial
REITs
........................................
4,733,978
5,142,464
—
9,876,442
Insurance
............................................
5,205,655
4,188,515
—
9,394,170
Interactive
Media
&
Services
...............................
633,334
206,825
—
840,159
IT
Services
...........................................
5,143,367
3,449,618
—
8,592,985
Life
Sciences
Tools
&
Services
..............................
527,729
1,414,242
—
1,941,971
Machinery
............................................
1,939,464
1,832,145
—
3,771,609
Media
...............................................
2,023,794
192,994
—
2,216,788
Metals
&
Mining
........................................
659,749
1,264,862
—
1,924,611
Multi-Utilities
..........................................
5,738,568
1,108,700
—
6,847,268
Office
REITs
..........................................
5,797,065
—
—
5,797,065
Oil,
Gas
&
Consumable
Fuels
...............................
6,415,988
6,399,817
5
12,815,810
Passenger
Airlines
......................................
—
769,414
—
769,414
Personal
Care
Products
..................................
727,880
663,404
—
1,391,284
Pharmaceuticals
.......................................
656,821
8,676,913
—
9,333,734
Professional
Services
....................................
6,452,204
1,772,052
—
8,224,256
Real
Estate
Management
&
Development
.......................
600,015
5,163,802
—
5,763,817
Residential
REITs
.......................................
4,915,570
—
—
4,915,570
Retail
REITs
..........................................
1,967,499
2,066,900
—
4,034,399
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
56
Level
1
Level
2
Level
3
Total
Semiconductors
&
Semiconductor
Equipment
....................
$
951,132
$
7,655,156
$
—
$
8,606,288
Software
.............................................
7,143,390
—
—
7,143,390
Specialized
REITs
......................................
12,306,402
—
—
12,306,402
Specialty
Retail
........................................
1,652,312
771,451
—
2,423,763
Technology
Hardware,
Storage
&
Peripherals
....................
3,186,694
2,120,839
—
5,307,533
Textiles,
Apparel
&
Luxury
Goods
............................
254,255
1,920,504
—
2,174,759
Tobacco
.............................................
1,952,318
1,314,860
—
3,267,178
Trading
Companies
&
Distributors
............................
552,105
2,127,739
—
2,679,844
Transportation
Infrastructure
...............................
832,812
6,515,076
—
7,347,888
Water
Utilities
.........................................
—
277,771
—
277,771
Wireless
Telecommunication
Services
.........................
672,659
1,884,388
—
2,557,047
Corporate
Bonds
........................................
—
200,138,460
—
200,138,460
Equity-Linked
Notes
......................................
—
179,464,271
—
179,464,271
Fixed
Rate
Loan
Interests
..................................
—
144,637
—
144,637
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
1,961,350
—
1,961,350
Automobile
Components
..................................
—
300,699
—
300,699
Automobiles
..........................................
—
217,588
—
217,588
Beverages
...........................................
—
747,423
—
747,423
Broadline
Retail
........................................
—
801,203
327,826
1,129,029
Building
Products
.......................................
—
892,409
—
892,409
Capital
Markets
........................................
—
1,671,057
—
1,671,057
Chemicals
............................................
—
2,907,583
—
2,907,583
Commercial
Services
&
Supplies
.............................
—
2,657,450
—
2,657,450
Communications
Equipment
................................
—
140,789
—
140,789
Construction
&
Engineering
................................
—
965,017
—
965,017
Construction
Materials
....................................
—
660,426
—
660,426
Consumer
Staples
Distribution
&
Retail
........................
—
312,546
—
312,546
Containers
&
Packaging
..................................
—
919,389
—
919,389
Distributors
...........................................
—
191,953
—
191,953
Diversified
Consumer
Services
..............................
—
1,771,225
—
1,771,225
Diversified
REITs
.......................................
—
104,921
—
104,921
Diversified
Telecommunication
Services
........................
—
2,577,440
—
2,577,440
Electric
Utilities
........................................
—
70,764
—
70,764
Electrical
Equipment
.....................................
—
—
186,591
186,591
Electronic
Equipment,
Instruments
&
Components
.................
—
134,445
—
134,445
Energy
Equipment
&
Services
..............................
—
338,654
—
338,654
Entertainment
.........................................
—
3,213,256
—
3,213,256
Financial
Services
......................................
—
2,289,505
270,201
2,559,706
Food
Products
.........................................
—
2,437,458
—
2,437,458
Ground
Transportation
...................................
—
747,154
—
747,154
Health
Care
Equipment
&
Supplies
...........................
—
1,181,964
—
1,181,964
Health
Care
Providers
&
Services
............................
—
1,449,171
—
1,449,171
Health
Care
Technology
..................................
—
1,292,164
—
1,292,164
Hotels,
Restaurants
&
Leisure
..............................
—
4,072,952
—
4,072,952
Household
Durables
.....................................
—
955,215
—
955,215
Independent
Power
and
Renewable
Electricity
Producers
............
—
412,285
—
412,285
Insurance
............................................
—
2,798,817
—
2,798,817
Interactive
Media
&
Services
...............................
—
786,295
—
786,295
IT
Services
...........................................
—
2,016,036
—
2,016,036
Leisure
Products
.......................................
—
197,727
118,383
316,110
Life
Sciences
Tools
&
Services
..............................
—
1,604,929
—
1,604,929
Machinery
............................................
—
3,328,075
—
3,328,075
Media
...............................................
—
1,923,757
299,642
2,223,399
Oil,
Gas
&
Consumable
Fuels
...............................
—
818,206
—
818,206
Passenger
Airlines
......................................
—
1,660,005
—
1,660,005
Personal
Care
Products
..................................
—
721,233
—
721,233
Pharmaceuticals
.......................................
—
1,235,756
148,680
1,384,436
Professional
Services
....................................
—
2,975,440
—
2,975,440
Real
Estate
Management
&
Development
.......................
—
143,070
171,488
314,558
Semiconductors
&
Semiconductor
Equipment
....................
—
265,894
—
265,894
Software
.............................................
—
6,776,852
—
6,776,852
Specialty
Retail
........................................
—
1,240,144
—
1,240,144
Technology
Hardware,
Storage
&
Peripherals
....................
—
44,418
—
44,418
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Dynamic
High
Income
Portfolio
Schedules
of
Investments
57
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Textiles,
Apparel
&
Luxury
Goods
............................
$
—
$
171,543
$
—
$
171,543
Trading
Companies
&
Distributors
............................
—
961,664
137,376
1,099,040
Transportation
Infrastructure
...............................
—
333,208
112,949
446,157
Wireless
Telecommunication
Services
.........................
—
417,036
—
417,036
Foreign
Agency
Obligations
.................................
—
6,549,038
—
6,549,038
Foreign
Government
Obligations
..............................
—
22,709,489
—
22,709,489
Investment
Companies
....................................
105,795,720
—
—
105,795,720
Non-Agency
Mortgage-Backed
Securities
........................
—
52,343,281
—
52,343,281
Preferred
Securities
Banks
...............................................
731,995
2,293,137
—
3,025,132
Capital
Markets
........................................
—
4,187,542
—
4,187,542
Commercial
Services
&
Supplies
.............................
—
628,448
—
628,448
Consumer
Finance
......................................
674,475
7,042,893
—
7,717,368
Electric
Utilities
........................................
—
2,107,763
—
2,107,763
Financial
Services
......................................
—
672,382
—
672,382
Independent
Power
and
Renewable
Electricity
Producers
............
—
107,690
—
107,690
Insurance
............................................
—
770,890
—
770,890
Multi-Utilities
..........................................
—
678,136
—
678,136
Oil,
Gas
&
Consumable
Fuels
...............................
—
3,096,950
—
3,096,950
Technology
Hardware,
Storage
&
Peripherals
....................
—
2,962,647
—
2,962,647
U.S.
Government
Sponsored
Agency
Securities
....................
—
587,221
—
587,221
Warrants
..............................................
2,154
—
—
2,154
Short-Term
Securities
Money
Market
Funds
......................................
118,668,905
—
—
118,668,905
U.S.
Treasury
Obligations
...................................
—
366,283
—
366,283
$
414,509,335
$
817,743,385
$
2,229,357
$
1,234,482,077
Investments
valued
at
NAV
(a)
......................................
67,715,973
$
1,302,198,050
Derivative
Financial
Instruments
(b)
Assets
Equity
contracts
...........................................
$
2,786,889
$
264
$
—
$
2,787,153
Foreign
currency
exchange
contracts
............................
121,269
585,871
—
707,140
Interest
rate
contracts
.......................................
33,172
—
—
33,172
Liabilities
Equity
contracts
...........................................
—
(15,155)
—
(15,155)
Foreign
currency
exchange
contracts
............................
(537,053)
(58,581)
—
(595,634)
Interest
rate
contracts
.......................................
(3,155,005)
—
—
(3,155,005)
$
(750,728)
$
512,399
$
—
$
(238,329)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
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)
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
AB
BSL
CLO
2
Ltd.,
Series
2021-2A,
Class
A,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.67%,
04/15/34
(a)(b)
.........
USD
15,000
$
14,851,845
Accredited
Mortgage
Loan
Trust,
Series
2004-
4,
Class
M2,
(1-mo.
LIBOR
USD
at
1.58%
Floor
+
1.58%),
5.28%,
01/25/35
(a)
.....
427
392,914
AGL
CLO
17
Ltd.
(a)(b)
Series
2022-17A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.43%,
01/21/35
...............
1,500
1,447,819
Series
2022-17A,
Class
E,
(3-mo.
CME
Term
SOFR
at
6.35%
Floor
+
6.35%),
11.68%,
01/21/35
..............
1,000
944,729
AGL
CLO
3
Ltd.,
Series
2020-3A,
Class
C,
(3-
mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.72%,
01/15/33
(a)(b)
...............
2,000
1,959,777
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.16%
Floor
+
1.16%),
6.75%,
07/20/34
(a)(b)
.........
4,000
3,964,000
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
7.17%,
10/17/34
....................
1,500
1,484,404
Series
2015-AA,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
10/17/34
....................
3,000
2,944,119
Series
2015-AA,
Class
DR2,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.62%,
10/17/34
....................
4,500
4,385,865
AIMCO
CLO
10
Ltd.
(a)(b)
Series
2019-10A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.51%,
07/22/32
....................
7,500
7,380,728
Series
2019-10A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.51%,
07/22/32
....................
3,500
3,420,323
AIMCO
CLO
11
Ltd.,
Series
2020-11A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
10/17/34
(a)(b)
.........
4,500
4,390,753
AIMCO
CLO
12
Ltd.,
Series
2020-12A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.70%
Floor
+
1.70%),
7.01%,
01/17/32
(a)(b)
........
10,000
9,855,964
AIMCO
CLO
15
Ltd.,
Series
2021-15A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.52%,
10/17/34
(a)(b)
.........
1,500
1,463,212
Ajax
Mortgage
Loan
Trust,
Series
2018-F,
Class
C,
0.00%,
11/25/58
(b)
..........
1
737
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
B,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.75%,
10/21/28
(a)(b)
.........
1,300
1,293,472
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
7.07%,
01/17/31
(a)(b)
.........
1,000
977,182
Allegro
CLO
VII
Ltd.,
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.22%,
06/13/31
(a)(b)
.........
1,000
971,730
Allegro
CLO
XI
Ltd.,
Series
2019-2A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.39%
Floor
+
1.39%),
6.97%,
01/19/33
(a)(b)
.........
2,000
1,989,000
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(3-mo.
LIBOR
USD
+
1.85%),
7.42%,
10/15/29
(a)(b)
3,500
3,469,627
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
(3-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.55%,
11/02/30
(a)(b)
.........
1,700
1,695,155
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
AMSR
Trust
(b)
Series
2019-SFR1,
Class
G,
4.86%,
01/19/39
....................
USD
1,900
$
1,719,538
Series
2019-SFR1,
Class
H,
6.04%,
01/19/39
....................
2,417
2,260,934
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
....................
10,250
9,554,626
Series
2020-SFR1,
Class
F,
3.57%,
04/17/37
....................
19,850
18,521,608
Series
2020-SFR1,
Class
G,
4.31%,
04/17/37
....................
7,500
7,011,998
Series
2020-SFR2,
Class
E2,
4.28%,
07/17/37
....................
2,000
1,891,906
Series
2020-SFR3,
Class
H,
6.50%,
09/17/37
....................
1,958
1,872,021
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
....................
3,441
3,141,699
Series
2021-SFR3,
Class
F,
3.23%,
10/17/38
....................
11,000
9,202,450
Anchorage
Capital
CLO
11
Ltd.,
Series
2019-
11A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.30%
Floor
+
2.30%),
7.91%,
07/22/32
(a)(b)
....
700
692,372
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-
15A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.79%,
07/20/34
(a)(b)
....
7,000
6,922,468
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-18A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.15%),
6.72%,
04/15/34
(a)(b)
.........
1,000
984,500
Anchorage
Capital
CLO
20
Ltd.
(a)(b)
Series
2021-20A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.79%,
01/20/35
....................
1,300
1,284,273
Series
2021-20A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.39%,
01/20/35
....................
1,500
1,485,736
Anchorage
Capital
CLO
25
Ltd.,
Series
2022-
25A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.35%),
7.68%,
04/20/35
(a)(b)
5,000
4,847,960
Anchorage
Capital
CLO
3-R
Ltd.
(a)(b)
Series
2014-3RA,
Class
B,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
7.13%,
01/28/31
....................
3,400
3,345,600
Series
2014-3RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.48%,
01/28/31
....................
1,250
1,200,888
Anchorage
Capital
CLO
4-R
Ltd.,
Series
2014-
4RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.48%,
01/28/31
(a)(b)
....
600
574,812
Anchorage
Capital
CLO
5-R
Ltd.,
Series
2014-
5RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.42%,
01/15/30
(a)(b)
....
1,850
1,822,063
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
07/15/32
(a)(b)
....
1,000
994,581
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2018-10A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.77%,
10/15/31
....................
7,650
7,619,981
Series
2018-10A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
10/15/31
....................
3,000
2,949,480
Series
2018-10A,
Class
D,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.72%,
10/15/31
....................
1,500
1,404,802
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
6.65%,
04/15/31
(a)(b)
.........
USD
2,393
$
2,378,018
Apidos
CLO
XV
(a)(b)
Series
2013-15A,
Class
CRR,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.44%,
04/20/31
....................
7,000
6,786,611
Series
2013-15A,
Class
DRR,
(3-mo.
LIBOR
USD
at
2.70%
Floor
+
2.70%),
8.29%,
04/20/31
....................
2,000
1,880,349
Apidos
CLO
XX,
Series
2015-20A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.52%,
07/16/31
(a)(b)
.........
1,750
1,712,548
Apidos
CLO
XXII,
Series
2015-22A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.54%,
04/20/31
(a)(b)
.........
1,000
956,544
Apidos
CLO
XXIX
(a)(b)
Series
2018-29A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
7.16%,
07/25/30
....................
1,000
984,945
Series
2018-29A,
Class
B,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.51%,
07/25/30
....................
1,000
970,911
Apidos
CLO
XXV
Ltd.,
Series
2016-25A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.17%
Floor
+
1.17%),
6.76%,
10/20/31
(a)(b)
.........
4,500
4,471,748
Apidos
CLO
XXXIII,
Series
2020-33A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.76%,
10/24/34
(a)(b)
.........
1,300
1,284,380
Apidos
CLO
XXXIV,
Series
2020-34A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.74%,
01/20/35
(a)(b)
.........
14,000
13,842,948
Apidos
CLO
XXXVI,
Series
2021-36A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.49%,
07/20/34
(a)(b)
.........
1,000
985,208
Aqueduct
European
CLO
DAC,
Series
2017-
2X,
Class
E,
(3-mo.
EURIBOR
at
4.40%
Floor
+
4.40%),
8.06%,
10/15/30
(a)(c)
....
EUR
219
224,757
Ares
L
CLO
Ltd.,
Series
2018-50A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
7.17%,
01/15/32
(a)(b)
.........
USD
6,000
5,896,051
Ares
LIII
CLO
Ltd.,
Series
2019-53A,
Class
C,
(3-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
8.26%,
04/24/31
(a)(b)
.........
4,500
4,504,798
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.27%,
07/15/34
(a)(b)
.........
1,000
980,009
Ares
LXI
CLO
Ltd.,
Series
2021-61A,
Class
A,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.74%,
10/20/34
(a)(b)
.........
7,500
7,434,375
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
0.00%,
04/15/30
(a)(b)
...........
4,500
1,469,322
Ares
XLVIII
CLO
Ltd.,
Series
2018-48A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.39%,
07/20/30
(a)(b)
.........
1,000
964,043
Ares
XXXIR
CLO
Ltd.,
Series
2014-31RA,
Class
A2,
(3-mo.
LIBOR
USD
at
1.30%
Floor
+
1.30%),
6.67%,
05/24/30
(a)(b)
....
1,000
985,688
Ares
XXXVII
CLO
Ltd.
(a)(b)
Series
2015-4A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.17%),
6.74%,
10/15/30
....
2,836
2,831,052
Series
2015-4A,
Class
A3R,
(3-mo.
LIBOR
USD
+
1.50%),
7.07%,
10/15/30
....
1,500
1,477,500
Series
2015-4A,
Class
BR,
(3-mo.
LIBOR
USD
+
1.80%),
7.37%,
10/15/30
....
1,017
992,651
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Ares
XXXVR
CLO
Ltd.
(a)(b)
Series
2015-35RA,
Class
A2,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.97%,
07/15/30
....................
USD
1,500
$
1,481,416
Series
2015-35RA,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.47%,
07/15/30
....................
1,000
973,278
Atlas
Senior
Loan
Fund
VII
Ltd.,
Series
2016-
7A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
7.01%,
11/27/31
(a)(b)
....
5,500
5,407,746
Atlas
Senior
Loan
Fund
XI
Ltd.,
Series
2018-
11A,
Class
A1L,
(3-mo.
LIBOR
USD
+
1.10%),
6.71%,
07/26/31
(a)(b)
.........
2,000
1,978,529
Atlas
Senior
Loan
Fund
XII
Ltd.,
Series
2018-
12A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.79%,
10/24/31
(a)(b)
....
1,700
1,684,147
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(a)(b)
....................
11,500
9,085
Atrium
XIV
LLC,
Series
14A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.52%,
08/23/30
(a)(b)
...............
1,000
978,456
Atrium
XV,
Series
15A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.36%,
01/23/31
(a)(b)
....................
1,000
993,773
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(3-mo.
EURIBOR
at
6.08%
Floor
+
6.08%),
9.63%,
06/22/34
(a)(c)
...............
EUR
200
200,414
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(3-mo.
EURIBOR
at
4.13%
Floor
+
4.13%),
7.79%,
04/15/31
(a)(c)
...............
670
643,545
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.72%,
10/17/32
....................
USD
1,000
943,346
Series
2021-3A,
Class
A,
(3-mo.
LIBOR
USD
at
1.42%
Floor
+
1.16%),
6.77%,
07/24/34
....................
6,750
6,704,791
Series
2021-7A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.71%,
01/22/35
....................
2,250
2,180,890
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.16%,
04/18/35
....................
5,000
4,859,530
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.51%,
04/18/35
....................
7,000
6,699,841
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.51%,
04/18/35
....................
2,500
2,259,981
Ballyrock
CLO
Ltd.
(a)(b)
Series
2020-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.54%,
10/20/31
....................
4,500
4,386,928
Series
2020-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.54%,
10/20/31
....................
2,000
1,909,704
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.51%,
10/22/32
(a)(b)
.........
3,250
3,170,347
Battalion
CLO
17
Ltd.,
Series
2021-17A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.69%,
03/09/34
(a)(b)
.........
1,000
947,013
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.45%
Floor
+
3.45%),
9.02%,
10/15/36
(a)(b)
.........
2,000
1,789,284
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
BR2,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.66%,
01/25/35
(a)(b)
.........
USD
2,000
$
1,869,413
Battalion
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
04/15/34
....................
3,000
2,863,624
Series
2021-19A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.82%,
04/15/34
....................
3,000
2,766,479
Battalion
CLO
XVI
Ltd.,
Series
2019-16A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.71%,
12/19/32
(a)(b)
.........
5,000
4,963,276
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(3-mo.
EURIBOR
at
5.91%
Floor
+
5.91%),
9.61%,
07/22/34
(a)(c)
.........
EUR
200
193,716
BDS
LLC,
Series
2022-FL12,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.14%
Floor
+
2.14%),
7.38%,
08/19/38
(a)(b)
...............
USD
4,860
4,850,863
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2005-HE1,
Class
M2,
(1-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
5.69%,
01/25/35
....................
428
427,955
Series
2006-HE7,
Class
1A2,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.75%,
09/25/36
....................
468
447,220
Series
2007-HE2,
Class
22A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.55%,
03/25/37
....................
2,046
1,819,458
Series
2007-HE2,
Class
23A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.55%,
03/25/37
....................
2,021
1,804,616
Series
2007-HE3,
Class
2A,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.55%,
04/25/37
....................
3,590
5,051,624
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2004-HE3,
Class
M2,
(1-mo.
LIBOR
USD
at
1.73%
Floor
+
1.73%),
5.47%,
04/25/34
(a)
.....................
1,698
1,643,741
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.69%,
01/20/31
(a)
(b)
...........................
1,412
1,406,998
Benefit
Street
Partners
CLO
XIX
Ltd.
(a)(b)
Series
2019-19A,
Class
A,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.92%,
01/15/33
....................
7,000
6,961,575
Series
2019-19A,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
01/15/33
....................
4,250
4,228,154
Benefit
Street
Partners
CLO
XV
Ltd.
(a)(b)
Series
2018-15A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.72%,
07/18/31
....................
2,200
2,186,559
Series
2018-15A,
Class
A2A,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.27%,
07/18/31
....................
1,000
993,617
Birch
Grove
CLO
3
Ltd.
(a)(b)
Series
2021-3A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.38%,
01/19/35
....................
7,500
7,302,451
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.83%,
01/19/35
....................
5,000
4,861,332
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Birch
Grove
CLO
Ltd.,
Series
19A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.75%,
06/15/31
(a)(b)
.........
USD
2,000
$
1,960,617
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.41%
Floor
+
5.41%),
9.07%,
04/15/34
(a)(c)
.........
EUR
300
293,682
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(3-mo.
LIBOR
USD
+
1.18%),
6.79%,
10/22/30
(a)(b)
....................
USD
802
798,430
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(3-mo.
EURIBOR
at
6.21%
Floor
+
6.21%),
9.63%,
02/25/34
(a)(c)
........
EUR
700
700,453
Boyce
Park
CLO
Ltd.,
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.10%
Floor
+
2.10%),
7.43%,
04/21/35
(a)(b)
.........
USD
1,500
1,448,028
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.34%,
07/20/34
(a)(b)
....
5,000
4,932,786
Bridgepoint
CLO
1
DAC,
Series
1X,
Class
D,
7.91%,
01/15/34
(a)(c)
...............
EUR
750
808,218
Buckhorn
Park
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.22%,
07/18/34
....................
USD
9,000
8,911,599
Series
2019-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
07/18/34
....................
2,500
2,415,575
Canyon
Capital
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.47%,
07/15/31
....................
1,500
1,455,234
Series
2016-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
10/15/31
....................
1,250
1,228,764
Series
2017-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
07/15/30
....................
5,000
4,895,466
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.51%,
04/15/35
....................
2,000
1,907,806
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.47%,
07/15/31
....................
1,000
968,935
Series
2020-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.62%,
07/15/34
....................
1,000
966,302
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.72%,
07/15/34
....................
1,000
890,382
Series
2020-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.50%
Floor
+
2.50%),
8.07%,
01/15/34
....................
1,000
988,003
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
BR,
(3-mo.
LIBOR
USD
+
1.85%),
7.48%,
04/30/31
(a)(b)
....................
1,000
970,456
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
7.19%,
04/20/31
....................
2,700
2,644,976
Series
2019-3A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.29%,
10/20/32
....................
5,000
4,940,530
Series
2019-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.30%
Floor
+
2.30%),
7.89%,
10/20/32
....................
4,000
4,004,622
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Carrington
Mortgage
Loan
Trust,
Series
2006-
FRE1,
Class
A4,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.25%),
5.66%,
04/25/36
(a)
USD
2,876
$
2,507,835
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(3-mo.
LIBOR
USD
+
2.89%),
8.46%,
07/16/31
(a)(b)
....................
1,995
1,919,244
CarVal
CLO
III
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.21%
Floor
+
1.95%),
7.54%,
07/20/32
(a)(b)
.........
7,000
6,863,835
CarVal
CLO
IV
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.34%,
07/20/34
....................
6,500
6,370,634
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.84%,
07/20/34
....................
5,000
4,713,105
CarVal
CLO
VC
Ltd.
(a)(b)
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.77%,
10/15/34
....................
2,000
1,952,415
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.82%,
10/15/34
....................
3,000
2,892,467
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
+
3.70%),
9.29%,
04/20/29
(a)(b)
....................
1,000
976,873
CBAM
Ltd.
(a)(b)
Series
2017-1A,
Class
A1,
(3-mo.
LIBOR
USD
+
1.25%),
6.84%,
07/20/30
....
871
869,875
Series
2020-13A,
Class
A,
(3-mo.
LIBOR
USD
at
1.43%
Floor
+
1.43%),
7.02%,
01/20/34
....................
4,000
3,987,290
Cedar
Funding
IV
CLO
Ltd.,
Series
2014-4A,
Class
BRR,
(3-mo.
LIBOR
USD
at
0.26%
Floor
+
1.65%),
7.26%,
07/23/34
(a)(b)
....
5,000
4,893,119
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)(b)
.......
3,950
1,552,994
Cedar
Funding
V
CLO
Ltd.,
Series
2016-5A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.67%,
07/17/31
(a)(b)
....
1,750
1,737,522
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
DRR,
(3-mo.
LIBOR
USD
at
3.31%
Floor
+
3.31%),
8.90%,
04/20/34
(a)(b)
....
1,950
1,828,063
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(3-mo.
EURIBOR
at
5.61%
Floor
+
5.61%),
9.27%,
01/15/34
(a)(c)
....
EUR
200
199,507
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
A2RR,
(3-mo.
LIBOR
USD
at
1.30%
Floor
+
1.30%),
6.92%,
04/27/31
....................
USD
1,700
1,681,323
Series
2014-2RA,
Class
A3,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.51%,
04/24/30
....................
500
490,688
Series
2014-3A,
Class
CR2,
(3-mo.
LIBOR
USD
+
2.35%),
7.96%,
10/22/31
....
1,000
987,443
Series
2015-1A,
Class
CRR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.51%,
01/22/31
....................
1,000
976,620
Series
2016-1A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.96%
Floor
+
1.70%),
7.30%,
10/21/31
....................
7,000
6,894,364
Series
2017-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.81%,
07/20/30
....................
3,170
3,166,388
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-5A,
Class
B,
(3-mo.
LIBOR
USD
+
1.85%),
7.42%,
11/16/30
.....
USD
500
$
488,916
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
+
1.40%),
6.97%,
04/18/31
....
1,000
985,516
Series
2018-4A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.72%,
10/17/31
....................
2,700
2,686,283
Series
2018-4A,
Class
B,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.67%,
10/17/31
....................
2,000
1,962,835
Series
2019-5A,
Class
A2RS,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
01/15/35
....................
2,200
2,164,593
Series
2019-6A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.59%
Floor
+
1.33%),
6.90%,
01/16/33
....................
8,500
8,449,052
Series
2019-6A,
Class
D,
(3-mo.
LIBOR
USD
at
4.21%
Floor
+
3.95%),
9.52%,
01/16/33
....................
1,150
1,138,771
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.06%
Floor
+
1.80%),
7.41%,
04/25/33
....................
10,500
10,224,231
Series
2021-3A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.57%,
07/15/36
....................
1,500
1,447,908
Series
2021-6A,
Class
A,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.14%),
6.71%,
10/15/34
....................
600
591,631
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH2,
Class
M3,
(1-mo.
LIBOR
USD
at
0.47%
Floor
+
0.47%),
5.88%,
08/25/36
(a)
2,886
2,571,432
Clear
Creek
CLO
(a)(b)
Series
2015-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
0.26%
Floor
+
1.20%),
6.79%,
10/20/30
....................
4,996
4,971,368
Series
2015-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
0.26%
Floor
+
1.60%),
7.19%,
10/20/30
....................
3,000
2,981,961
Clover
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.31%
Floor
+
2.05%),
7.64%,
04/20/32
....................
2,500
2,441,259
Series
2018-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.36%
Floor
+
3.10%),
8.69%,
04/20/32
....................
1,000
959,120
Series
2020-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
04/15/34
....................
4,000
3,880,551
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.57%,
04/15/34
....................
3,100
3,046,848
Series
2021-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.34%,
07/20/34
....................
14,000
13,884,153
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.59%,
07/20/34
....................
5,000
4,835,209
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.64%,
07/20/34
....................
2,500
2,467,378
Series
2021-2A,
Class
E,
(3-mo.
LIBOR
USD
at
6.50%
Floor
+
6.50%),
12.09%,
07/20/34
....................
1,325
1,264,996
Series
2021-3A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.36%,
01/25/35
....................
5,000
4,915,209
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.66%,
01/25/35
....................
USD
3,000
$
2,908,806
Series
2021-3A,
Class
D,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.71%,
01/25/35
....................
1,000
969,562
Clover
CLO
Ltd.,
Series
2019-2A,
Class
AR,
(3-
mo.
LIBOR
USD
at
1.36%
Floor
+
1.10%),
6.71%,
10/25/33
(a)(b)
...............
7,300
7,229,657
Conseco
Finance
Corp.
(a)
Series
1996-5,
Class
M1,
8.05%,
07/15/27
300
301,024
Series
1997-7,
Class
M1,
7.03%,
07/15/28
1,595
1,567,446
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(3-mo.
EURIBOR
at
6.01%
Floor
+
6.01%),
9.71%,
01/24/34
(a)(c)
...............
EUR
472
469,657
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2007-CB6,
Class
A4,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.75%,
07/25/37
(a)(b)
...............
USD
1,239
800,367
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(3-mo.
EURIBOR
at
3.15%
Floor
+
3.15%),
6.68%,
12/15/34
(a)(c)
....
EUR
200
200,468
CVC
Cordatus
Loan
Fund
XXVII
DAC,
Series
27X,
Class
D2,
10.36%,
04/15/35
(a)(c)
....
400
447,855
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.77%,
10/20/30
(a)(b)
.........
USD
726
722,474
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.62%,
07/18/30
(a)(b)
....
2,000
1,949,756
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.82%,
07/15/30
(a)(b)
........
1,000
982,286
Dryden
61
CLO
Ltd.,
Series
2018-61A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
01/17/32
(a)(b)
.........
8,000
7,838,755
Dryden
86
CLO
Ltd.,
Series
2020-86A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.77%,
07/17/34
(a)(b)
.........
6,000
5,590,417
Dryden
Senior
Loan
Fund,
Series
2017-47A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.62%,
04/15/28
(a)(b)
....
5,250
5,166,053
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
CR,
(3-mo.
LIBOR
USD
+
1.85%),
7.42%,
04/15/29
(a)(b)
.........
6,000
5,881,628
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
B3R,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.72%,
01/15/34
....................
3,500
3,461,363
Series
2019-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.67%,
04/15/31
....................
2,500
2,483,263
Series
2020-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.31%
Floor
+
2.05%),
7.62%,
10/15/34
....................
3,500
3,390,116
Series
2020-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.36%
Floor
+
3.10%),
8.67%,
10/15/34
....................
3,000
2,873,398
Elevation
CLO
Ltd.,
Series
2017-8A,
Class
C,
(3-mo.
LIBOR
USD
+
2.05%),
7.66%,
10/25/30
(a)(b)
....................
3,000
2,926,038
Elmwood
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
7.04%,
10/20/33
....................
2,500
2,496,860
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
4.40%
Floor
+
4.40%),
9.99%,
10/20/33
....................
USD
2,000
$
2,009,334
Elmwood
CLO
IV
Ltd.
(a)(b)
Series
2020-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.27%,
04/15/33
....................
1,250
1,243,779
Series
2020-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.72%,
04/15/33
....................
5,500
5,398,557
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.49%,
07/20/34
(a)(b)
.........
1,500
1,449,078
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.69%,
10/20/34
(a)(b)
.........
2,000
1,974,419
Elmwood
CLO
VII
Ltd.,
Series
2020-4A,
Class
A,
(3-mo.
LIBOR
USD
at
1.39%
Floor
+
1.39%),
6.96%,
01/17/34
(a)(b)
.........
2,000
1,996,662
Elmwood
CLO
XI
Ltd.,
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.54%,
10/20/34
(a)(b)
.........
2,000
1,926,876
Fidelity
Grand
Harbour
CLO
DAC,
Series
2023-
1X,
Class
D,
9.68%,
08/15/36
(a)(c)(d)
.....
EUR
238
260,192
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2006-FF9,
Class
2A4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
0.50%),
5.91%,
06/25/36
....................
USD
1,450
1,275,573
Series
2006-FF13,
Class
A1,
(1-mo.
LIBOR
USD
at
0.24%
Floor
+
0.24%),
5.65%,
10/25/36
....................
3,140
2,051,366
Series
2006-FF13,
Class
A2C,
(1-mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.73%,
10/25/36
...............
1,841
1,222,338
Series
2006-FF17,
Class
A5,
(1-mo.
LIBOR
USD
at
0.15%
Floor
+
0.15%),
5.56%,
12/25/36
....................
2,283
2,062,534
Series
2006-FFH1,
Class
M1,
(1-mo.
LIBOR
USD
at
0.56%
Floor
+
0.56%),
5.97%,
01/25/36
....................
5,062
4,775,392
FirstKey
Homes
Trust
(b)
Series
2022-SFR1,
Class
E1,
5.00%,
05/17/39
....................
6,000
5,590,316
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
....................
6,382
5,688,901
Flatiron
CLO
17
Ltd.
(a)(b)
Series
2017-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
0.98%
Floor
+
0.98%),
6.30%,
05/15/30
....................
2,286
2,269,892
Series
2017-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.22%,
05/15/30
....................
1,000
978,390
Flatiron
CLO
20
Ltd.,
Series
2020-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.79%
Floor
+
3.79%),
9.17%,
11/20/33
(a)(b)
.........
1,000
983,210
Flatiron
CLO
21
Ltd.
(a)(b)
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.43%,
07/19/34
....................
2,000
1,946,313
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.48%,
07/19/34
....................
2,500
2,453,557
FRTKL,
Series
2021-SFR1,
Class
F,
3.17%,
09/17/38
(b)
.....................
2,900
2,454,732
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.90%
Floor
+
2.90%),
8.14%,
10/19/39
(a)(b)
.........
USD
8,500
$
8,478,035
Galaxy
XXIV
CLO
Ltd.,
Series
2017-24A,
Class
C,
(3-mo.
LIBOR
USD
+
1.70%),
7.27%,
01/15/31
(a)(b)
....................
500
486,170
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(3-mo.
LIBOR
USD
at
1.02%
Floor
+
1.02%),
6.34%,
05/16/31
(a)(b)
........
3,000
2,973,330
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(3-
mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.76%,
01/22/31
(a)(b)
...............
7,524
7,474,278
Generate
CLO
6
Ltd.,
Series
6A,
Class
CR,
(3-
mo.
LIBOR
USD
at
2.45%
Floor
+
2.45%),
8.06%,
01/22/35
(a)(b)
...............
1,000
993,684
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.37%
Floor
+
1.37%),
6.98%,
01/22/33
(a)(b)
.........
3,000
2,958,291
Generate
CLO
9
Ltd.
(a)(b)
Series
9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.34%,
10/20/34
8,500
8,324,810
Series
9A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.84%,
10/20/34
3,000
2,895,594
Series
9A,
Class
D,
(3-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.94%,
10/20/34
3,000
2,795,322
Series
9A,
Class
E,
(3-mo.
LIBOR
USD
at
6.85%
Floor
+
6.85%),
12.44%,
10/20/34
1,000
948,208
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.76%,
10/15/30
(a)(b)
.........
2,160
2,155,713
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.39%,
04/20/34
(a)(b)
....................
9,500
9,223,123
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
B,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
7.19%,
07/20/34
(a)(b)
...............
1,000
975,000
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
AJ,
(3-mo.
LIBOR
USD
+
1.30%),
6.89%,
04/20/30
(a)(b)
....
2,000
1,968,382
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.61%,
04/24/31
(a)(b)
....................
1,000
979,157
GoldenTree
Loan
Management
US
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.64%,
10/20/32
....................
2,000
1,957,408
Series
2019-5A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.74%,
10/20/32
....................
1,000
976,905
GoldenTree
Loan
Management
US
CLO
6
Ltd.,
Series
2019-6A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.13%,
04/20/35
(a)(b)
...............
800
783,497
GoldenTree
Loan
Opportunities
IX
Ltd.,
Series
2014-9A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
7.23%,
10/29/29
(a)(b)
900
896,192
GoldenTree
Loan
Opportunities
X
Ltd.
(a)(b)
Series
2015-10A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.71%,
07/20/31
....................
3,300
3,289,822
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2015-10A,
Class
C1R,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.69%,
07/20/31
....................
USD
1,000
$
988,511
GoldentTree
Loan
Management
US
CLO
1
Ltd.
(a)(b)
Series
2021-11A,
Class
C,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.54%,
10/20/34
....................
3,000
2,932,410
Series
2021-11A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.59%,
10/20/34
....................
1,000
961,721
Golub
Capital
Partners
CLO
41B-R
Ltd.,
Series
2019-41A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.32%
Floor
+
1.32%),
6.91%,
01/20/34
(a)(b)
2,500
2,459,425
Golub
Capital
Partners
CLO
52B
Ltd.,
Series
2020-52A,
Class
C,
(3-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.39%,
01/20/34
(a)(b)
2,000
2,022,180
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.39%,
07/20/34
(a)(b)
5,915
5,811,892
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
D,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.79%,
07/20/34
(a)(b)
2,500
2,448,557
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.79%,
01/25/35
(a)(b)
1,000
981,517
Greene
King
Finance
plc
(a)
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
6.88%,
12/15/34
..
GBP
100
94,969
Series
B2,  (Sterling
Overnight
Index
Average
+
2.20%),
7.13%,
03/15/36
(c)
.
100
96,947
Greenpoint
Manufactured
Housing,
Series
2000-1,
Class
A4,
8.14%,
03/20/30
(a)
....
USD
4,457
3,195,086
Greywolf
CLO
II
Ltd.,
Series
2013-1A,
Class
B1RR,
(3-mo.
LIBOR
USD
at
2.30%
Floor
+
2.30%),
7.87%,
04/15/34
(a)(b)
.........
1,500
1,434,148
Greywolf
CLO
III
Ltd.,
Series
2020-3RA,
Class
BR,
(3-mo.
CME
Term
SOFR
at
2.45%
Floor
+
2.71%),
8.06%,
04/15/33
(a)(b)
........
3,000
2,916,425
GSAA
Home
Equity
Trust
Series
2005-14,
Class
1A2,
(1-mo.
LIBOR
USD
at
0.70%
Floor
+
0.70%),
6.11%,
12/25/35
(a)
...................
1,025
431,577
Series
2006-4,
Class
1A1,
3.65%,
03/25/36
(a)
...................
2,606
1,868,702
Series
2006-5,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.77%,
03/25/36
(a)
...................
3,492
1,088,648
Series
2006-18,
Class
AF6,
6.18%,
11/25/36
(e)
...................
3,278
772,051
GSAMP
Trust
(a)
Series
2006-FM3,
Class
A1,
(1-mo.
LIBOR
USD
at
0.14%
Floor
+
0.14%),
5.55%,
11/25/36
....................
6,478
2,998,520
Series
2006-HE6,
Class
A4,
(1-mo.
LIBOR
USD
at
0.48%
Floor
+
0.48%),
5.89%,
08/25/36
....................
1,391
1,093,609
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
2.10%),
7.73%,
07/28/31
(a)(b)
...............
1,000
987,475
Gulf
Stream
Meridian
1
Ltd.
(a)(b)
Series
2020-IA,
Class
A1,
(3-mo.
LIBOR
USD
at
1.37%
Floor
+
1.37%),
6.94%,
04/15/33
....................
7,500
7,399,777
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2020-IA,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
04/15/33
....................
USD
2,000
$
1,962,052
Gulf
Stream
Meridian
4
Ltd.
(a)(b)
Series
2021-4A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.20%
Floor
+
1.20%),
6.77%,
07/15/34
....................
7,000
6,927,858
Series
2021-4A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.42%,
07/15/34
....................
1,250
1,231,250
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
7.08%,
11/30/32
(a)(b)
.........
11,000
10,931,624
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.74%,
04/20/34
(a)(b)
.........
1,750
1,703,982
Halseypoint
CLO
5
Ltd.
(a)(b)
Series
2021-5A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.43%,
01/30/35
....................
3,500
3,422,742
Series
2021-5A,
Class
D,
(3-mo.
LIBOR
USD
at
3.50%
Floor
+
3.50%),
9.13%,
01/30/35
....................
3,000
2,805,328
HalseyPoint
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
A1A1,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.94%,
01/20/33
....................
11,050
10,936,351
Series
2019-1A,
Class
B1,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.79%,
01/20/33
....................
2,500
2,487,500
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(3-mo.
EURIBOR
at
5.57%
Floor
+
5.57%),
9.23%,
10/15/31
(a)(c)
...............
EUR
235
236,909
Henley
CLO
IV
DAC,
Series
4X,
Class
E,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.97%,
04/25/34
(a)(c)
...............
300
286,403
Highbridge
Loan
Management
Ltd.,
Series
12A-
18,
Class
B,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.42%,
07/18/31
(a)(b)
....
USD
1,000
978,756
Home
Partners
of
America
Trust,
Series
2021-
2,
Class
F,
3.80%,
12/17/26
(b)
.........
9,638
8,288,499
HPS
Loan
Management
Ltd.,
Series
8A-2016,
Class
CR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.54%,
07/20/30
(a)(b)
....
1,000
965,932
Invesco
CLO
Ltd.
(a)(b)
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.47%,
07/15/34
....................
500
468,979
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.13%,
04/20/35
....................
3,125
3,035,181
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
7.48%,
04/20/35
....................
5,000
4,790,512
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.38%,
04/20/35
....................
2,550
2,392,228
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(3-mo.
EURIBOR
at
8.07%
Floor
+
8.07%),
11.73%,
07/15/32
(a)(c)
..............
EUR
197
192,625
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(1-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.44%,
01/17/38
(a)(b)
........
USD
2,708
2,694,791
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M7,
(1-mo.
LIBOR
USD
at
0.80%
Floor
+
0.80%),
6.21%,
07/25/36
(a)
2,975
2,528,332
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
KKR
CLO
18
Ltd.,
Series
18,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.67%,
07/18/30
(a)(b)
...............
USD
8,050
$
7,906,885
KKR
CLO
27
Ltd.
(a)(b)
Series
27A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.85%
Floor
+
1.85%),
7.16%,
10/15/32
....................
4,250
4,160,758
Series
27A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.56%,
10/15/32
....................
1,450
1,424,633
KKR
CLO
35
Ltd.,
Series
35A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.29%,
10/20/34
(a)(b)
...............
3,657
3,585,462
KKR
CLO
41
Ltd.,
Series
2022-41A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.25%
Floor
+
3.25%),
8.56%,
04/15/35
(a)(b)
.........
5,250
4,869,317
LCM
XXV
Ltd.,
Series
25A,
Class
B2,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.24%,
07/20/30
(a)(b)
...............
350
341,883
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(1-mo.
LIBOR
USD
at
1.15%
Floor
+
2.30%),
7.71%,
12/25/37
(a)
..........
6,117
6,162,890
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2005-3,
Class
1A,
(1-mo.
LIBOR
USD
at
0.52%
Floor
+
0.52%),
5.93%,
08/25/45
....................
1,648
1,572,680
Series
2006-4,
Class
1A,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.71%,
05/25/36
....................
21,395
12,128,418
Series
2006-6,
Class
2A3,
(1-mo.
LIBOR
USD
at
0.30%
Floor
+
0.30%),
5.71%,
07/25/36
....................
5,785
2,286,839
Series
2006-7,
Class
1A,
(1-mo.
LIBOR
USD
at
0.31%
Floor
+
0.31%),
5.72%,
08/25/36
....................
6,412
3,388,636
Series
2006-WL3,
Class
2A4,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
6.01%,
01/25/36
....................
1,412
1,261,661
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(3-
mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
9.17%,
01/15/33
(a)(b)
...............
2,250
2,168,975
Madison
Park
Funding
XX
Ltd.
(a)(b)
Series
2016-20A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.52%,
07/27/30
....................
4,080
3,968,700
Series
2016-20A,
Class
DR,
(3-mo.
LIBOR
USD
+
3.00%),
8.62%,
07/27/30
....
1,315
1,264,056
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-
29A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.77%,
10/18/30
(a)(b)
....
5,450
5,371,595
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-26A,
Class
AR,
(3-mo.
LIBOR
USD
+
1.20%),
6.83%,
07/29/30
(a)(b)
.........
3,434
3,423,192
Madison
Park
Funding
XXVII
Ltd.
(a)(b)
Series
2018-27A,
Class
B,
(3-mo.
LIBOR
USD
at
0.26%
Floor
+
1.80%),
7.39%,
04/20/30
....................
1,600
1,558,094
Series
2018-27A,
Class
C,
(3-mo.
LIBOR
USD
at
0.26%
Floor
+
2.60%),
8.19%,
04/20/30
....................
1,000
953,078
Madison
Park
Funding
XXXI
Ltd.,
Series
2018-
31A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.61%,
01/23/31
(a)(b)
....
750
720,416
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.11%,
10/15/32
...............
USD
6,000
$
5,896,824
Series
2019-33A,
Class
CR,
(3-mo.
CME
Term
SOFR
at
2.20%
Floor
+
2.20%),
7.51%,
10/15/32
...............
4,750
4,651,656
Series
2019-33A,
Class
DR,
(3-mo.
CME
Term
SOFR
at
3.10%
Floor
+
3.10%),
8.41%,
10/15/32
...............
2,000
1,955,911
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
7.07%,
12/18/30
(a)(b)
........
1,500
1,458,391
Margay
CLO
I
DAC,
Series
1X,
Class
D,
10.25%,
07/15/36
(a)(c)
..............
EUR
100
111,216
Marino
Park
CLO
DAC,
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.67%
Floor
+
5.67%),
9.33%,
01/16/34
(a)(c)
...............
100
99,579
MASTR
Asset-Backed
Securities
Trust,
Series
2006-AM2,
Class
A4,
(1-mo.
LIBOR
USD
at
0.52%
Floor
+
0.52%),
5.93%,
06/25/36
(a)(b)
USD
1,930
1,679,014
MF1
Ltd.,
Series
2021-FL7,
Class
A,
(1-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
6.42%,
10/16/36
(a)(b)
...............
3,050
3,004,250
Milos
CLO
Ltd.,
Series
2017-1A,
Class
BR,
(3-
mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
7.14%,
10/20/30
(a)(b)
...............
5,862
5,764,660
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-1XS,
Class
2A3,
6.42%,
09/25/46
(e)
.
601
138,842
Neuberger
Berman
CLO
XVIII
Ltd.
(a)(b)
Series
2014-18A,
Class
BR2,
(3-mo.
LIBOR
USD
+
2.15%),
7.75%,
10/21/30
....
1,500
1,458,849
Series
2014-18A,
Class
CR2,
(3-mo.
LIBOR
USD
+
3.00%),
8.60%,
10/21/30
....
1,250
1,159,021
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
ERR,
(3-mo.
LIBOR
USD
at
6.50%
Floor
+
6.50%),
12.07%,
07/15/34
(a)(b)
2,600
2,426,554
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-21A,
Class
DR2,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.89%,
04/20/34
(a)
(b)
...........................
1,000
980,105
Neuberger
Berman
CLO
XXII
Ltd.
(a)(b)
Series
2016-22A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.22%,
10/17/30
....................
800
794,880
Series
2016-22A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.77%,
10/17/30
....................
1,000
979,020
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.,
Series
2017-26A,
Class
D,
(3-mo.
LIBOR
USD
at
2.65%
Floor
+
2.65%),
8.22%,
10/18/30
(a)(b)
....................
3,250
3,138,840
Neuberger
Berman
Loan
Advisers
CLO
29
Ltd.,
Series
2018-29A,
Class
D,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.68%,
10/19/31
(a)(b)
....................
500
473,654
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.34%
Floor
+
1.34%),
6.92%,
01/19/33
(a)(b)
....................
8,450
8,495,022
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.39%,
07/20/31
(a)(b)
....................
1,563
1,522,298
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
C,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
04/16/33
(a)(b)
....................
USD
1,000
$
975,308
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.,
Series
2021-45A,
Class
A,
(3-mo.
LIBOR
USD
at
1.13%
Floor
+
1.13%),
6.70%,
10/14/35
(a)(b)
....................
12,250
12,050,701
Neuberger
Berman
Loan
Advisers
Euro
CLO,
Series
2021-1X,
Class
E,
(3-mo.
EURIBOR
at
5.52%
Floor
+
5.52%),
9.18%,
04/17/34
(a)
(c)
...........................
EUR
188
185,925
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
(b)
..
USD
5,006
4,059,732
Newark
BSL
CLO
1
Ltd.,
Series
2016-1A,
Class
A1R,
(3-mo.
CME
Term
SOFR
at
1.10%
Floor
+
1.36%),
6.72%,
12/21/29
(a)(b)
....
4,115
4,100,212
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(3-mo.
EURIBOR
at
5.66%
Floor
+
5.66%),
8.98%,
05/15/34
(a)(c)
....
EUR
100
94,877
NYACK
Park
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.38%
Floor
+
1.12%),
6.71%,
10/20/34
....................
USD
4,418
4,362,872
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.21%
Floor
+
1.95%),
7.54%,
10/20/34
....................
2,500
2,418,848
Oakwood
Mortgage
Investors,
Inc.
Series
1998-D,
Class
M1,
7.42%,
01/15/29
(b)
426
402,327
Series
1999-C,
Class
A2,
7.48%,
08/15/27
2,270
1,840,870
Series
2001-D,
Class
A3,
5.90%,
12/15/22
(a)
307
149,103
Series
2002-B,
Class
A4,
7.09%,
06/15/32
(a)
3
3,201
OCP
CLO
Ltd.
(a)(b)
Series
2014-6A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.26%
Floor
+
1.26%),
6.83%,
10/17/30
....................
10,727
10,664,312
Series
2014-6A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.72%
Floor
+
1.72%),
7.29%,
10/17/30
....................
7,500
7,399,057
Series
2015-10A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.31%
Floor
+
2.05%),
7.66%,
01/26/34
....................
3,700
3,615,653
Series
2015-10A,
Class
DR2,
(3-mo.
LIBOR
USD
at
3.21%
Floor
+
2.95%),
8.56%,
01/26/34
....................
2,000
1,864,793
Series
2016-11A,
Class
A1AR,
(3-mo.
LIBOR
USD
at
1.27%
Floor
+
1.27%),
6.88%,
10/26/30
...............
892
889,851
Series
2018-15A,
Class
A3,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.29%,
07/20/31
....................
1,000
994,067
Series
2019-16A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.11%
Floor
+
1.85%),
7.39%,
04/10/33
....................
2,500
2,425,528
Series
2019-17A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.26%
Floor
+
2.00%),
7.59%,
07/20/32
....................
6,000
5,837,405
Series
2020-19A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.69%,
10/20/34
....................
7,500
7,229,259
Series
2020-19A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.74%,
10/20/34
....................
1,000
931,517
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-22A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.64%,
12/02/34
....................
USD
4,500
$
4,366,360
Series
2021-22A,
Class
D,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.69%,
12/02/34
....................
1,250
1,177,970
OCP
Euro
CLO
DAC
(a)(c)
Series
2017-2X,
Class
E,
(3-mo.
EURIBOR
at
5.00%
Floor
+
5.00%),
8.66%,
01/15/32
....................
EUR
298
309,206
Series
2017-2X,
Class
F,
(3-mo.
EURIBOR
at
6.40%
Floor
+
6.40%),
10.06%,
01/15/32
....................
200
192,125
Octagon
Investment
Partners
26
Ltd.
(a)(b)
Series
2016-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
0.26%
Floor
+
1.60%),
7.17%,
07/15/30
....................
USD
6,000
5,866,800
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.06%
Floor
+
1.80%),
7.37%,
07/15/30
....................
2,250
2,140,825
Octagon
Investment
Partners
28
Ltd.,
Series
2016-1A,
Class
C1R,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.86%,
10/24/30
(a)(b)
4,000
3,906,231
Octagon
Investment
Partners
29
Ltd.,
Series
2016-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.71%,
01/24/33
(a)(b)
1,532
1,440,728
Octagon
Investment
Partners
34
Ltd.,
Series
2017-1A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.99%,
01/20/30
(a)(b)
2,000
1,958,279
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.60%
Floor
+
2.60%),
8.19%,
01/20/31
(a)(b)
1,000
928,011
Octagon
Investment
Partners
40
Ltd.,
Series
2019-1A,
Class
C1R,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.74%,
01/20/35
(a)(b)
3,000
2,903,020
Octagon
Investment
Partners
41
Ltd.
(a)(b)
Series
2019-2A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.27%,
10/15/33
....................
8,500
8,325,750
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.72%,
10/15/33
....................
3,800
3,746,648
Octagon
Loan
Funding
Ltd.
(a)(b)
Series
2014-1A,
Class
ARR,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.53%,
11/18/31
....................
13,212
13,132,776
Series
2014-1A,
Class
BRR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.05%,
11/18/31
....................
1,500
1,471,650
Series
2014-1A,
Class
CRR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.55%,
11/18/31
....................
1,000
958,808
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.60%
Floor
+
3.60%),
8.92%,
07/19/33
(a)(b)
....
1,000
969,771
OHA
Credit
Funding
2
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.80%,
04/21/34
....................
1,500
1,465,767
Series
2019-2A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.90%,
04/21/34
....................
1,000
964,936
OHA
Credit
Funding
3
Ltd.,
Series
2019-3A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
6.73%,
07/02/35
(a)(b)
....
2,000
1,984,120
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.74%,
07/20/34
(a)(b)
....
USD
1,000
$
996,756
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.28%,
02/20/34
(a)(b)
....
5,970
5,882,337
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.54%,
01/20/32
(a)(b)
....
400
391,337
OHA
Credit
Partners
XIV
Ltd.
(a)(b)
Series
2017-14A,
Class
B,
(3-mo.
LIBOR
USD
+
1.50%),
7.10%,
01/21/30
....
1,000
980,396
Series
2017-14A,
Class
C,
(3-mo.
LIBOR
USD
+
1.80%),
7.40%,
01/21/30
....
1,500
1,465,004
OHA
Credit
Partners
XVI,
Series
2021-16A,
Class
A,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.72%,
10/18/34
(a)(b)
........
13,500
13,319,924
OHA
Loan
Funding
Ltd.
(a)(b)
Series
2015-1A,
Class
DR3,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.78%,
01/19/37
....................
4,750
4,472,079
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
1.95%),
7.54%,
01/20/33
....
2,250
2,188,101
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(3-mo.
LIBOR
USD
at
2.11%
Floor
+
1.85%),
7.42%,
10/17/31
....................
2,950
2,881,810
Series
2014-1A,
Class
A2R2,
(3-mo.
LIBOR
USD
at
1.45%
Floor
+
1.45%),
7.02%,
01/17/31
....................
6,650
6,582,767
Series
2015-1A,
Class
CR4,
(3-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.23%,
05/21/34
....................
4,100
3,967,309
Series
2015-2A,
Class
A1R2,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.69%,
07/20/30
....................
6,307
6,295,956
Series
2018-1A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.71%
Floor
+
1.45%),
7.02%,
04/18/31
....................
10,000
9,884,000
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
at
2.01%
Floor
+
1.75%),
7.32%,
04/18/31
....................
2,000
1,951,746
Series
2018-2A,
Class
A2,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.22%,
07/16/31
....................
1,000
990,323
Series
2019-1A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.15%
Floor
+
1.15%),
6.47%,
11/14/34
....................
7,000
6,942,169
Series
2019-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.02%,
11/14/34
....................
7,000
6,854,669
Series
2019-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.32%,
11/14/34
....................
2,500
2,424,715
Series
2019-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.37%,
11/14/34
....................
3,750
3,631,924
Series
2020-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.95%
Floor
+
1.95%),
7.27%,
11/15/31
....................
2,000
1,954,027
Series
2020-3A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.95%
Floor
+
2.95%),
8.27%,
11/15/31
....................
1,500
1,446,897
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.96%
Floor
+
1.70%),
7.29%,
04/20/34
....................
7,000
6,721,454
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.06%
Floor
+
1.80%),
7.37%,
07/15/34
....................
USD
2,000
$
1,933,286
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.16%
Floor
+
2.90%),
8.47%,
07/15/34
....................
4,000
3,858,081
Series
2021-3A,
Class
B,
(3-mo.
LIBOR
USD
at
1.91%
Floor
+
1.65%),
7.22%,
01/15/35
....................
7,000
6,924,400
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.21%
Floor
+
1.95%),
7.52%,
01/15/35
....................
5,000
4,867,363
Series
2021-3A,
Class
D,
(3-mo.
LIBOR
USD
at
3.21%
Floor
+
2.95%),
8.52%,
01/15/35
....................
2,000
1,965,704
Series
2021-4A,
Class
B,
(3-mo.
LIBOR
USD
at
1.91%
Floor
+
1.65%),
7.22%,
10/15/34
....................
7,250
7,170,975
Series
2021-4A,
Class
C,
(3-mo.
LIBOR
USD
at
2.21%
Floor
+
1.95%),
7.52%,
10/15/34
....................
4,850
4,708,836
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
3.21%
Floor
+
2.95%),
8.52%,
10/15/34
....................
7,000
6,817,955
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.80%
Floor
+
1.80%),
7.13%,
04/20/35
....................
1,000
982,085
Series
2022-1A,
Class
C,
(3-mo.
CME
Term
SOFR
at
2.05%
Floor
+
2.05%),
7.38%,
04/20/35
....................
3,500
3,373,492
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.05%
Floor
+
3.05%),
8.38%,
04/20/35
....................
3,250
3,197,087
Palmer
Square
European
CLO
DAC,
Series
2023-1X,
Class
D,
10.05%,
07/15/36
(a)(c)
.
EUR
276
305,153
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.19%,
08/23/31
....................
USD
2,600
2,567,672
Series
2018-1A,
Class
A2R,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
7.19%,
10/20/31
....................
4,700
4,567,930
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.82%,
07/15/34
....................
6,000
5,807,633
PFP
Ltd.,
Series
2022-9,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.27%
Floor
+
2.27%),
7.48%,
08/19/35
(a)(b)
...............
37,250
37,203,438
Pikes
Peak
CLO
2
(a)(b)
Series
2018-2A,
Class
B1R,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
10/18/34
....................
5,000
4,904,081
Series
2018-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.82%,
10/18/34
....................
2,350
2,313,056
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.05%,
05/18/34
(a)(b)
.........
1,000
980,083
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.34%,
07/20/34
(a)(b)
.........
2,000
1,968,767
Pikes
Peak
CLO
9,
Series
2021-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.37%,
10/27/34
(a)(b)
.........
7,000
6,883,845
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Post
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.32%,
10/15/34
....................
USD
10,000
$
9,873,412
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.77%,
10/15/34
....................
3,500
3,435,134
Series
2021-1A,
Class
D,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.87%,
10/15/34
....................
1,200
1,132,693
Series
2022-1A,
Class
D,
(3-mo.
CME
Term
SOFR
at
3.20%
Floor
+
3.20%),
8.53%,
04/20/35
....................
1,750
1,669,709
PPM
CLO
4
Ltd.
(a)(b)
Series
2020-4A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.76%,
10/18/34
....................
6,000
5,942,752
Series
2020-4A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.22%,
10/18/34
....................
3,000
2,910,236
Series
2020-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.67%,
10/18/34
....................
1,250
1,219,705
Prima
Capital
CRE
Securitization
Ltd.
(b)
Series
2015-4A,
Class
C,
4.00%,
08/24/49
(d)
2,436
2,249,460
Series
2016-6A,
Class
C,
4.00%,
08/24/40
16,500
14,358,827
Progress
Residential
Trust
(b)
Series
2019-SFR3,
Class
F,
3.87%,
09/17/36
....................
3,000
2,873,967
Series
2019-SFR4,
Class
E,
3.44%,
10/17/36
....................
12,500
11,915,480
Series
2020-SFR1,
Class
F,
3.43%,
04/17/37
....................
5,500
5,136,866
Series
2020-SFR1,
Class
G,
4.03%,
04/17/37
....................
3,500
3,259,552
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
....................
8,469
7,194,099
Series
2021-SFR10,
Class
G,
4.86%,
12/17/40
....................
5,978
4,946,460
Series
2021-SFR8,
Class
F,
3.18%,
10/17/38
....................
22,000
18,812,603
Series
2021-SFR8,
Class
G,
4.01%,
10/17/38
....................
10,000
8,507,818
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
....................
2,000
1,928,835
Rad
CLO
2
Ltd.
(a)(b)
Series
2018-2A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.08%
Floor
+
1.08%),
6.65%,
10/15/31
....................
5,375
5,342,110
Series
2018-2A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
7.07%,
10/15/31
....................
5,000
4,904,174
Rad
CLO
3
Ltd.
(a)(b)
Series
2019-3A,
Class
A,
(3-mo.
LIBOR
USD
at
1.48%
Floor
+
1.48%),
7.05%,
04/15/32
....................
15,500
15,519,090
Series
2019-3A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.55%
Floor
+
1.55%),
7.12%,
04/15/32
....................
4,000
3,959,168
Rad
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.31%,
07/24/32
....................
3,000
2,976,566
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-5A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.15%
Floor
+
3.15%),
8.76%,
07/24/32
....................
USD
3,500
$
3,347,526
Rad
CLO
9
Ltd.,
Series
2020-9A,
Class
A1,
(3-
mo.
LIBOR
USD
at
1.40%
Floor
+
1.40%),
6.97%,
01/15/34
(a)(b)
...............
1,250
1,255,661
Rad
CLO
10
Ltd.
(a)(b)
Series
2021-10A,
Class
C,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.36%,
04/23/34
....................
3,750
3,611,286
Series
2021-10A,
Class
D,
(3-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.36%,
04/23/34
....................
2,000
1,866,968
Rad
CLO
12
Ltd.
(a)(b)
Series
2021-12A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.68%,
10/30/34
....................
1,375
1,329,213
Series
2021-12A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.68%,
10/30/34
....................
3,375
3,145,729
Rad
CLO
14
Ltd.
(a)(b)
Series
2021-14A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.57%,
01/15/35
....................
3,500
3,404,944
Series
2021-14A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.57%,
01/15/35
....................
1,000
940,082
Rad
CLO
15
Ltd.
(a)(b)
Series
2021-15A,
Class
B,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.24%,
01/20/34
....................
7,000
6,926,149
Series
2021-15A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.64%,
01/20/34
....................
1,650
1,606,444
Series
2021-15A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.64%,
01/20/34
....................
2,900
2,765,888
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.55%
Floor
+
2.55%),
7.86%,
10/25/39
(a)(b)
....................
12,482
12,475,189
Regatta
Funding
LP,
Series
2013-2A,
Class
CR2,
(3-mo.
LIBOR
USD
+
3.70%),
9.27%,
01/15/29
(a)(b)
....................
4,500
4,458,838
Regatta
IX
Funding
Ltd.
(a)(b)
Series
2017-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.37%,
04/17/30
....................
10,000
9,999,866
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.45%
Floor
+
2.45%),
8.02%,
04/17/30
....................
1,000
1,000,659
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.74%,
04/20/34
(a)(b)
.........
1,000
977,663
Regatta
VII
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.56%,
06/20/34
(a)(b)
....
750
727,752
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.25%
Floor
+
1.25%),
6.82%,
10/17/30
(a)(b)
........
2,997
2,992,203
Regatta
X
Funding
Ltd.,
Series
2017-3A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.37%,
01/17/31
(a)(b)
.........
1,500
1,460,940
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regatta
XII
Funding
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(3-mo.
LIBOR
USD
at
1.10%
Floor
+
1.10%),
6.67%,
10/15/32
....................
USD
10,000
$
9,929,190
Series
2019-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.10%
Floor
+
3.10%),
8.67%,
10/15/32
....................
1,000
978,317
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(3-mo.
LIBOR
USD
+
2.10%),
7.67%,
07/15/31
(a)(b)
...............
1,250
1,230,306
Regatta
XV
Funding
Ltd.,
Series
2018-4A,
Class
C,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.91%,
10/25/31
(a)(b)
........
1,000
960,114
Regatta
XVI
Funding
Ltd.,
Series
2019-2A,
Class
B,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.62%,
01/15/33
(a)(b)
........
6,700
6,654,554
Regatta
XVII
Funding
Ltd.,
Series
2020-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.55%
Floor
+
2.55%),
8.12%,
10/15/33
(a)(b)
........
500
502,282
Regatta
XXIII
Funding
Ltd.
(a)(b)
Series
2021-4A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.64%,
01/20/35
....................
3,000
2,903,932
Series
2021-4A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.64%,
01/20/35
....................
2,000
1,925,069
Riserva
CLO
Ltd.
(a)(b)
Series
2016-3A,
Class
CRR,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.37%,
01/18/34
....................
1,000
952,461
Series
2016-3A,
Class
DRR,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.82%,
01/18/34
....................
1,250
1,182,070
Rockfield
Park
CLO
DAC
(a)(c)
Series
1X,
Class
C,
6.18%,
07/16/34
...
EUR
400
407,349
Series
1X,
Class
D,
(3-mo.
EURIBOR
at
5.95%
Floor
+
5.95%),
9.61%,
07/16/34
357
352,476
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR2A,
(3-mo.
LIBOR
USD
at
1.65%
Floor
+
1.65%),
7.24%,
04/20/34
....................
USD
3,500
3,419,980
Series
2017-3A,
Class
C,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.39%,
10/20/30
....................
2,300
2,242,987
Series
2018-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.72%
Floor
+
1.72%),
7.10%,
05/20/31
....................
1,000
980,000
Series
2018-2A,
Class
A,
(3-mo.
LIBOR
USD
at
1.16%
Floor
+
1.16%),
6.75%,
10/20/31
....................
3,500
3,485,415
Series
2018-2A,
Class
B,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.39%,
10/20/31
....................
1,125
1,104,722
Series
2018-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.79%,
10/20/31
....................
700
687,103
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.38%,
08/20/32
....................
5,500
5,371,525
Series
2020-1A,
Class
A,
(3-mo.
LIBOR
USD
+
1.28%),
6.87%,
01/20/32
....
10,000
9,897,476
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.69%,
07/20/34
....................
2,000
1,944,838
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-2A,
Class
D,
(3-mo.
LIBOR
USD
at
3.25%
Floor
+
3.25%),
8.84%,
07/20/34
....................
USD
1,250
$
1,200,608
Series
2021-3A,
Class
C,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.74%,
10/20/34
....................
3,000
2,923,957
RR
5
Ltd.,
Series
2018-5A,
Class
B,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.82%,
10/15/31
(a)(b)
...............
1,250
1,229,666
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
BR3,
(3-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.37%,
04/17/34
(a)(b)
.........
630
616,317
Signal
Peak
CLO
10
Ltd.
(a)(b)
Series
2021-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.30%,
07/21/34
....................
9,500
9,269,151
Series
2021-9A,
Class
C,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.65%,
07/21/34
....................
2,000
1,958,659
Signal
Peak
CLO
2
LLC,
Series
2015-1A,
Class
CR2,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.49%,
04/20/29
(a)(b)
.........
2,000
1,952,181
Signal
Peak
CLO
4
Ltd.
(a)(b)
Series
2017-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.41%
Floor
+
2.15%),
7.76%,
10/26/34
....................
5,000
4,673,157
Series
2017-4A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.46%
Floor
+
3.20%),
8.81%,
10/26/34
....................
2,300
1,946,375
Signal
Peak
CLO
7
Ltd.
(a)(b)
Series
2019-1A,
Class
A,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
7.13%,
04/30/32
....................
5,000
4,958,615
Series
2019-1A,
Class
B,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.63%,
04/30/32
....................
5,380
5,317,156
Sixth
Street
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.29%,
07/20/34
....................
3,000
2,966,973
Series
2021-19A,
Class
C,
(3-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.59%,
07/20/34
....................
1,000
970,231
Series
2021-19A,
Class
D,
(3-mo.
LIBOR
USD
at
3.00%
Floor
+
3.00%),
8.59%,
07/20/34
....................
4,000
3,774,596
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
A,
(3-mo.
LIBOR
USD
at
1.24%
Floor
+
1.24%),
6.83%,
01/20/34
(a)(b)
........
8,500
8,445,643
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.49%,
04/20/34
(a)(b)
........
1,755
1,652,501
Sound
Point
CLO
XXI
Ltd.,
Series
2018-3A,
Class
A1A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.79%,
10/26/31
(a)(b)
....
6,600
6,511,639
Sound
Point
CLO
XXIII
Ltd.,
Series
2019-2A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.82%,
07/15/34
(a)(b)
....
2,250
2,147,272
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.96%
Floor
+
1.70%),
7.31%,
04/25/34
(a)(b)
....
3,350
3,246,485
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.28%
Floor
+
1.28%),
6.89%,
01/25/32
(a)(b)
....
1,500
1,487,625
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Sound
Point
CLO
XXXIII
Ltd.,
Series
2022-1A,
Class
B,
(3-mo.
CME
Term
SOFR
at
1.90%
Floor
+
1.90%),
7.25%,
04/25/35
(a)(b)
....
USD
5,200
$
4,966,000
Southwick
Park
CLO
LLC
(a)(b)
Series
2019-4A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.32%
Floor
+
1.06%),
6.65%,
07/20/32
....................
2,000
1,986,099
Series
2019-4A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.21%
Floor
+
1.95%),
7.54%,
07/20/32
....................
2,550
2,480,490
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(a)
Series
2006-BC3,
Class
A1,
(1-mo.
LIBOR
USD
at
0.32%
Floor
+
0.32%),
5.73%,
10/25/36
....................
5,238
3,612,203
Series
2007-MN1A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.23%
Floor
+
0.23%),
5.64%,
01/25/37
(b)
...................
1,409
832,904
Symphony
CLO
XX
Ltd.,
Series
2018-20A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.75%
Floor
+
3.75%),
9.32%,
01/16/32
(a)(b)
....
2,750
2,619,711
Symphony
CLO
XXII
Ltd.,
Series
2020-22A,
Class
B,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.27%,
04/18/33
(a)(b)
........
1,250
1,231,000
Symphony
CLO
XXVIII
Ltd.,
Series
2021-28A,
Class
A,
(3-mo.
LIBOR
USD
at
1.14%
Floor
+
1.14%),
6.75%,
10/23/34
(a)(b)
........
2,000
1,988,499
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
2.21%
Floor
+
1.95%),
7.54%,
04/20/34
(a)(b)
.........
830
810,196
TCI-Flatiron
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.85%
Floor
+
1.85%),
7.18%,
11/18/30
....................
1,250
1,218,608
Series
2018-1A,
Class
CR,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.38%,
01/29/32
....................
4,000
3,889,379
Series
2018-1A,
Class
DR,
(3-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.38%,
01/29/32
....................
2,000
1,964,820
TCW
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CRR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.64%,
04/20/34
....................
3,500
3,396,014
Series
2020-1A,
Class
DRR,
(3-mo.
LIBOR
USD
at
3.40%
Floor
+
3.40%),
8.99%,
04/20/34
....................
2,250
2,087,101
Series
2021-1A,
Class
C,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.49%,
03/18/34
....................
1,000
967,691
Series
2021-2A,
Class
C,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.71%,
07/25/34
....................
2,500
2,431,007
TICP
CLO
IX
Ltd.
(a)(b)
Series
2017-9A,
Class
B,
(3-mo.
LIBOR
USD
at
1.60%
Floor
+
1.60%),
7.19%,
01/20/31
....................
1,000
986,511
Series
2017-9A,
Class
D,
(3-mo.
LIBOR
USD
at
2.90%
Floor
+
2.90%),
8.49%,
01/20/31
....................
1,000
981,952
TICP
CLO
VI
Ltd.
(a)(b)
Series
2016-6A,
Class
AR2,
(3-mo.
LIBOR
USD
at
1.12%
Floor
+
1.12%),
6.69%,
01/15/34
....................
2,000
1,978,021
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2016-6A,
Class
BR2,
(3-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
7.07%,
01/15/34
....................
USD
2,000
$
1,962,884
Series
2016-6A,
Class
CR2,
(3-mo.
LIBOR
USD
at
1.90%
Floor
+
1.90%),
7.47%,
01/15/34
....................
1,650
1,599,930
TICP
CLO
VII
Ltd.
(a)(b)
Series
2017-7A,
Class
BR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.27%,
04/15/33
....................
2,000
1,969,400
Series
2017-7A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.15%
Floor
+
2.15%),
7.72%,
04/15/33
....................
6,500
6,364,628
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
A,
(3-mo.
LIBOR
USD
at
1.18%
Floor
+
1.18%),
6.77%,
10/20/31
....................
8,545
8,529,769
Series
2018-11A,
Class
D,
(3-mo.
LIBOR
USD
at
3.05%
Floor
+
3.05%),
8.64%,
10/20/31
....................
1,100
1,085,152
Series
2018-11A,
Class
E,
(3-mo.
LIBOR
USD
at
6.00%
Floor
+
6.00%),
11.59%,
10/20/31
....................
1,000
945,445
TICP
CLO
XII
Ltd.
(a)(b)
Series
2018-12A,
Class
CR,
(3-mo.
LIBOR
USD
at
2.10%
Floor
+
2.10%),
7.67%,
07/15/34
....................
13,450
13,103,150
Series
2018-12A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.30%
Floor
+
3.30%),
8.87%,
07/15/34
....................
1,500
1,438,926
TICP
CLO
XIII
Ltd.,
Series
2019-13A,
Class
DR,
(3-mo.
LIBOR
USD
at
3.41%
Floor
+
3.15%),
8.72%,
04/15/34
(a)(b)
.........
2,000
1,962,376
TICP
CLO
XIV
Ltd.,
Series
2019-14A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.20%
Floor
+
2.20%),
7.79%,
10/20/32
(a)(b)
.........
3,250
3,201,571
Trestles
CLO
Ltd.,
Series
2020-3A,
Class
C,
(3-
mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.84%,
01/20/33
(a)(b)
...............
1,450
1,408,620
Tricon
American
Homes
Trust
(b)
Series
2019-SFR1,
Class
E,
3.40%,
03/17/38
....................
7,000
6,417,531
Series
2020-SFR2,
Class
E2,
3.08%,
11/17/39
....................
1,000
849,022
Tricon
Residential
Trust
(b)
Series
2021-SFR1,
Class
F,
3.69%,
07/17/38
....................
5,500
4,799,775
Series
2021-SFR1,
Class
G,
4.13%,
07/17/38
....................
3,551
3,107,051
Series
2022-SFR2,
Class
E,
7.51%,
07/17/40
....................
10,000
9,910,212
Trimaran
Cavu
Ltd.,
Series
2021-2A,
Class
B1,
(3-mo.
LIBOR
USD
at
1.75%
Floor
+
1.75%),
7.36%,
10/25/34
(a)(b)
.........
1,500
1,462,589
Unique
Pub
Finance
Co.
plc
(The)
(c)
Series
A4,  5.66%,
06/30/27
.........
GBP
459
581,657
Series
N,  6.46%,
03/30/32
(e)
.........
400
507,552
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(3-mo.
LIBOR
USD
+
2.90%),
8.49%,
04/20/31
(a)(b)
....................
USD
1,500
1,387,369
Voya
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
BR2,
(3-mo.
CME
Term
SOFR
+
2.16%),
7.47%,
04/18/31
1,000
972,683
Series
2014-4A,
Class
BR2,
(3-mo.
LIBOR
USD
+
2.09%),
7.66%,
07/14/31
....
500
478,951
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2016-3A,
Class
A1R,
(3-mo.
LIBOR
USD
at
1.19%
Floor
+
1.19%),
6.76%,
10/18/31
....................
USD
500
$
499,077
Washington
Mutual
Asset-Backed
CertificatesTrust,
Series
2006-HE5,
Class
1A,
(1-mo.
LIBOR
USD
at
0.31%
Floor
+
0.16%),
4.45%,
10/25/36
(a)
..........
11,851
8,788,665
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
A1BR,
(3-mo.
LIBOR
USD
at
1.35%
Floor
+
1.35%),
6.94%,
07/20/30
(a)(b)
.........
3,800
3,742,719
Wellman
Park
CLO
Ltd.,
Series
2021-1A,
Class
B,
(3-mo.
LIBOR
USD
at
1.86%
Floor
+
1.60%),
7.17%,
07/15/34
(a)(b)
.........
7,000
6,869,506
Whitebox
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
ANBR,
(3-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
7.31%,
07/24/32
....................
10,415
10,258,775
Series
2019-1A,
Class
BR,
(3-mo.
LIBOR
USD
at
2.05%
Floor
+
2.05%),
7.66%,
07/24/32
....................
5,000
4,855,319
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(3-mo.
LIBOR
USD
at
1.22%
Floor
+
1.22%),
6.79%,
10/15/34
(a)(b)
.........
2,000
1,986,568
Whitebox
CLO
IV
Ltd.
(a)(b)
Series
2023-4A,
Class
A1,
(3-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.15%),
6.93%,
04/20/36
....................
1,500
1,505,250
Series
2023-4A,
Class
B,
(3-mo.
CME
Term
SOFR
at
2.60%
Floor
+
2.60%),
7.38%,
04/20/36
....................
2,000
1,990,330
Series
2023-4A,
Class
D,
(3-mo.
CME
Term
SOFR
at
5.15%
Floor
+
5.15%),
9.93%,
04/20/36
....................
1,000
1,001,674
York
CLO
1
Ltd.,
Series
2014-1A,
Class
BRR,
(3-mo.
LIBOR
USD
+
1.65%),
7.26%,
10/22/29
(a)(b)
....................
2,100
2,099,188
Total
Asset-Backed
Securities
—
14.2%
(Cost:
$1,800,742,493)
...........................
1,737,586,856
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.2%
L3Harris
Technologies,
Inc.
............
66,765
12,651,300
MTU
Aero
Engines
AG
...............
15,730
3,673,136
RTX
Corp.
.......................
104,048
9,148,940
25,473,376
Air
Freight
&
Logistics
—
0.1%
CJ
Logistics
Corp.
..................
4,000
225,983
Hyundai
Glovis
Co.
Ltd.
..............
4,001
547,090
United
Parcel
Service,
Inc.,
Class
B
......
92,626
17,333,103
18,106,176
Automobile
Components
—
0.1%
Lear
Corp.
.......................
58,527
9,057,638
Tung
Thih
Electronic
Co.
Ltd.
...........
118,000
519,481
9,577,119
Automobiles
—
0.2%
Brilliance
China
Automotive
Holdings
Ltd.
..
164,000
87,689
BYD
Co.
Ltd.,
Class
A
................
70,900
2,706,279
General
Motors
Co.
.................
207,963
7,979,540
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
...........................
1,178,000
741,507
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Automobiles
(continued)
Kia
Corp.
........................
36,927
$
2,396,537
Maruti
Suzuki
India
Ltd.
..............
60,170
7,190,495
21,102,047
Banks
—
1.9%
Absa
Group
Ltd.
...................
525,029
5,564,489
Abu
Dhabi
Commercial
Bank
PJSC
......
1,863,319
4,454,230
AMMB
Holdings
Bhd.
................
265,100
227,010
Axis
Bank
Ltd.
.....................
712,970
8,277,221
Bank
Central
Asia
Tbk.
PT
.............
1,335,300
808,700
Bank
Negara
Indonesia
Persero
Tbk.
PT
...
360,600
212,286
Bank
of
China
Ltd.,
Class
H
............
18,075,000
6,703,983
Bank
of
Communications
Co.
Ltd.,
Class
H
.
486,000
293,608
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
44,823,713
16,782,177
BNP
Paribas
SA
...................
64,980
4,285,290
Boubyan
Bank
KSCP
................
151,767
306,286
Chang
Hwa
Commercial
Bank
Ltd.
.......
596,768
358,293
China
Construction
Bank
Corp.,
Class
H
...
2,075,000
1,209,432
CIMB
Group
Holdings
Bhd.
............
938,400
1,155,968
Citigroup,
Inc.
.....................
361,754
17,241,196
Citizens
Financial
Group,
Inc.
..........
679,302
21,914,283
Commercial
International
Bank
Egypt
SAE
..
992,705
1,279,712
DBS
Group
Holdings
Ltd.
.............
443,200
11,433,250
Dubai
Islamic
Bank
PJSC
.............
417,719
654,169
Dukhan
Bank
.....................
372,975
423,273
E.Sun
Financial
Holding
Co.
Ltd.
........
1,806,894
1,488,224
Emirates
NBD
Bank
PJSC
.............
147,551
682,736
First
Abu
Dhabi
Bank
PJSC
............
389,051
1,550,533
First
Citizens
BancShares,
Inc.,
Class
A
....
8,560
12,251,928
First
Financial
Holding
Co.
Ltd.
..........
403,786
373,537
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
1,237,528
11,734,530
Gulf
Bank
KSCP
...................
321,555
276,376
HDFC
Bank
Ltd.
...................
697,017
13,993,376
Hong
Leong
Bank
Bhd.
...............
91,300
396,663
Hong
Leong
Financial
Group
Bhd.
.......
15,400
62,502
Hua
Nan
Financial
Holdings
Co.
Ltd.
......
740,000
524,227
ICICI
Bank
Ltd.
....................
159,449
1,943,281
ICICI
Bank
Ltd.,
ADR
................
106,611
2,619,432
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.......................
15,535,000
7,586,172
Kotak
Mahindra
Bank
Ltd.
.............
107,209
2,422,829
Kuwait
Finance
House
KSCP
...........
1,023,352
2,628,982
M&T
Bank
Corp.
...................
96,700
13,524,462
Malayan
Banking
Bhd.
...............
548,600
1,097,594
Mega
Financial
Holding
Co.
Ltd.
.........
1,222,000
1,566,983
National
Bank
of
Kuwait
SAKP
..........
294,267
921,524
OTP
Bank
Nyrt.
....................
161,539
5,874,550
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
..........................
851,676
8,641,132
Public
Bank
Bhd.
...................
1,223,000
1,131,285
Qatar
International
Islamic
Bank
QSC
.....
74,760
213,028
Qatar
Islamic
Bank
SAQ
..............
104,197
605,101
Qatar
National
Bank
QPSC
............
256,217
1,194,530
RHB
Bank
Bhd.
....................
330,600
417,375
Sberbank
of
Russia
PJSC
(d)
............
877,548
96
SinoPac
Financial
Holdings
Co.
Ltd.
......
1,650,000
979,839
Standard
Bank
Group
Ltd.
.............
65,012
694,334
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
740,000
692,709
TCS
Group
Holding
plc,
GDR,
Class
A
(c)(d)(f)
.
78,717
787
Tisco
Financial
Group
PCL,
NVDR
.......
423,300
1,243,441
UniCredit
SpA
.....................
202,761
5,133,961
Wells
Fargo
&
Co.
..................
415,915
19,198,636
227,251,551
Security
Shares
Shares
Value
Beverages
—
0.3%
Ambev
SA
.......................
2,480,344
$
7,768,204
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
....
60,900
2,319,271
Carlsberg
A/S,
Class
B
...............
26,367
3,954,579
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
30,100
7,944,122
Tsingtao
Brewery
Co.
Ltd.,
Class
A
.......
119,203
1,648,321
Tsingtao
Brewery
Co.
Ltd.,
Class
H
.......
102,000
917,219
United
Spirits
Ltd.
(f)
..................
76,380
943,976
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
236,900
6,017,051
31,512,743
Biotechnology
—
0.2%
3SBio,
Inc.
(b)(c)
.....................
722,500
696,018
AbbVie,
Inc.
......................
143,140
21,410,881
Hugel,
Inc.
(f)
......................
3,829
323,952
Medigen
Vaccine
Biologics
Corp.
(f)
.......
239,000
433,558
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(b)(c)(f)
........................
126,800
406,875
23,271,284
Broadline
Retail
—
0.2%
Alibaba
Group
Holding
Ltd.
(f)
...........
1,122,800
14,348,694
Alibaba
Group
Holding
Ltd.,
ADR
(f)
.......
45,530
4,651,345
Central
Retail
Corp.
PCL,
NVDR
........
369,700
445,791
Poya
International
Co.
Ltd.
............
48,480
789,646
Prosus
NV
(f)
......................
98,559
7,796,747
28,032,223
Building
Products
—
0.2%
Carrier
Global
Corp.
.................
296,807
17,674,857
Cie
de
Saint-Gobain
.................
91,748
6,205,040
23,879,897
Capital
Markets
—
0.4%
B3
SA
-
Brasil
Bolsa
Balcao
............
2,923,295
9,223,486
Carlyle
Group,
Inc.
(The)
..............
276,861
9,870,095
China
Galaxy
Securities
Co.
Ltd.,
Class
H
..
338,500
198,045
GF
Securities
Co.
Ltd.,
Class
H
.........
3,471,200
5,554,020
Intercontinental
Exchange,
Inc.
.........
175,900
20,193,320
Raymond
James
Financial,
Inc.
.........
64,083
7,053,616
52,092,582
Chemicals
—
0.5%
Air
Liquide
SA
.....................
67,818
12,193,266
Asian
Paints
Ltd.
...................
60,782
2,496,804
Hansol
Chemical
Co.
Ltd.
.............
28,305
4,350,508
International
Flavors
&
Fragrances,
Inc.
....
252,720
21,382,639
Linde
plc
........................
4,631
1,809,193
Linde
plc
........................
6,867
2,664,583
Mesaieed
Petrochemical
Holding
Co.
.....
288,877
154,802
Petronas
Chemicals
Group
Bhd.
.........
306,100
472,193
Saudi
Aramco
Base
Oil
Co.
............
53,367
2,108,776
Saudi
Basic
Industries
Corp.
...........
327,143
7,476,674
Sika
AG
(Registered)
................
14,101
4,388,763
Sociedad
Quimica
y
Minera
de
Chile
SA,
ADR
76,795
5,659,024
Yanbu
National
Petrochemical
Co.
.......
35,117
429,054
65,586,279
Commercial
Services
&
Supplies
—
0.1%
Republic
Services,
Inc.
...............
82,586
12,479,571
Saudi
Airlines
Catering
Co.
............
16,235
536,620
13,016,191
Communications
Equipment
—
0.2%
Accton
Technology
Corp.
.............
489,300
5,969,638
Arcadyan
Technology
Corp.
............
148,000
684,213
BYD
Electronic
International
Co.
Ltd.
......
390,000
1,505,621
Cisco
Systems,
Inc.
.................
186,287
9,694,375
Nokia
OYJ,
ADR
...................
599,074
2,360,352
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Communications
Equipment
(continued)
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.,
Class
H
(b)(c)
..................
162,000
$
249,000
ZTE
Corp.,
Class
H
.................
179,600
657,305
21,120,504
Construction
&
Engineering
—
0.1%
Eiffage
SA
.......................
21,844
2,272,596
Gamuda
Bhd.
.....................
406,800
387,902
Mcdermott
International
Ltd.
(f)
...........
165,884
29,859
Vinci
SA
.........................
70,317
8,258,547
Voltas
Ltd.
.......................
60,490
574,232
11,523,136
Construction
Materials
—
0.0%
CRH
plc
.........................
83,581
4,978,996
Consumer
Finance
—
0.3%
American
Express
Co.
...............
71,425
12,062,254
Kaspi.KZ
JSC,
GDR
(c)
................
75,945
6,961,447
SBI
Cards
&
Payment
Services
Ltd.
......
440,731
4,588,037
Synchrony
Financial
.................
246,010
8,497,185
32,108,923
Consumer
Staples
Distribution
&
Retail
—
0.4%
Abdullah
Al
Othaim
Markets
Co.
.........
77,970
307,109
BGF
retail
Co.
Ltd.
..................
2,824
370,527
CP
ALL
PCL,
NVDR
.................
3,585,300
6,655,073
Dollar
General
Corp.
................
57,421
9,696,110
Fix
Price
Group
plc,
GDR
(b)(c)(d)(f)
.........
1,308,789
2,683,017
GS
Retail
Co.
Ltd.
..................
11,507
191,702
Nahdi
Medical
Co.
..................
13,660
632,982
President
Chain
Store
Corp.
...........
91,000
808,456
Sendas
Distribuidora
SA
..............
2,381,450
6,839,036
Wal-Mart
de
Mexico
SAB
de
CV
.........
3,939,864
16,411,198
X5
Retail
Group
NV,
GDR
(c)(d)(f)
..........
207,497
2,075
44,597,285
Containers
&
Packaging
—
0.1%
Sealed
Air
Corp.
...................
286,684
13,078,524
Diversified
REITs
—
0.2%
Cromwell
European
REIT
(c)
............
3,101,420
5,490,118
Fibra
Uno
Administracion
SA
de
CV
......
3,960,569
5,953,271
LXI
REIT
plc
(c)
.....................
6,179,125
7,545,376
18,988,765
Diversified
Telecommunication
Services
—
0.6%
AT&T,
Inc.
........................
247,188
3,589,170
Cellnex
Telecom
SA
(b)(c)
...............
465,489
19,010,143
China
Tower
Corp.
Ltd.,
Class
H
(b)(c)
......
10,102,000
1,141,916
Chunghwa
Telecom
Co.
Ltd.
...........
699,000
2,578,581
Chunghwa
Telecom
Co.
Ltd.,
ADR
.......
636
23,341
Emirates
Telecommunications
Group
Co.
PJSC
136,796
834,172
Hellenic
Telecommunications
Organization
SA,
Class
R
.......................
25,048
395,307
Indus
Towers
Ltd.
(f)
..................
209,392
438,518
Koninklijke
KPN
NV
.................
3,301,127
11,944,323
KT
Corp.
........................
27,470
636,137
LG
Uplus
Corp.
....................
66,112
518,910
Ooredoo
QPSC
....................
103,138
323,656
Saudi
Telecom
Co.
..................
221,800
2,508,040
Telefonica
Brasil
SA
.................
172,371
1,541,543
Telefonica
Brasil
SA,
ADR
.............
81,444
731,367
Telekom
Malaysia
Bhd.
...............
220,400
248,850
Telkom
Indonesia
Persero
Tbk.
PT
.......
7,300,700
1,798,717
Telkom
Indonesia
Persero
Tbk.
PT,
ADR
...
16,700
409,651
TELUS
Corp.
.....................
925,917
16,486,961
TIME
dotCom
Bhd.
.................
213,400
254,102
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
(continued)
Verizon
Communications,
Inc.
..........
294,032
$
10,020,610
75,434,015
Electric
Utilities
—
1.3%
Alliant
Energy
Corp.
.................
226,052
12,148,035
American
Electric
Power
Co.,
Inc.
........
107,348
9,096,670
CLP
Holdings
Ltd.
..................
971,500
7,918,827
CPFL
Energia
SA
...................
84,430
641,873
Duke
Energy
Corp.
.................
255,344
23,905,305
Edison
International
.................
59,719
4,297,379
Entergy
Corp.
.....................
122,492
12,579,928
Eversource
Energy
.................
146,875
10,623,469
Exelon
Corp.
......................
528,600
22,127,196
Korea
Electric
Power
Corp.
(f)
...........
11,974
180,421
NextEra
Energy,
Inc.
................
259,399
19,013,947
PG&E
Corp.
(f)
.....................
500,034
8,805,599
Saudi
Electricity
Co.
.................
62,262
372,469
Southern
Co.
(The)
.................
122,746
8,879,446
SSE
plc
.........................
143,807
3,109,560
Terna
-
Rete
Elettrica
Nazionale
.........
756,183
6,388,991
Xcel
Energy,
Inc.
...................
70,399
4,416,129
154,505,244
Electrical
Equipment
—
0.1%
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
...........................
439,800
301,811
Schneider
Electric
SE
................
40,972
7,308,262
7,610,073
Electronic
Equipment,
Instruments
&
Components
—
0.3%
BOE
Technology
Group
Co.
Ltd.,
Class
A
...
411,400
243,741
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
....................
1,133,760
952,903
Chroma
ATE,
Inc.
...................
63,000
554,939
Delta
Electronics,
Inc.
................
434,000
5,066,392
FLEXium
Interconnect,
Inc.
............
105,000
311,172
Hon
Hai
Precision
Industry
Co.
Ltd.
.......
748,000
2,588,327
Hon
Hai
Precision
Industry
Co.
Ltd.,
GDR
(c)
.
8,135
57,065
Kingboard
Holdings
Ltd.
..............
74,000
205,916
Largan
Precision
Co.
Ltd.
.............
31,000
2,150,211
Lotes
Co.
Ltd.
.....................
186,000
4,431,857
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
243,400
4,105,756
Primax
Electronics
Ltd.
...............
366,000
752,410
Samsung
SDI
Co.
Ltd.
...............
6,738
3,517,268
TE
Connectivity
Ltd.
.................
90,323
12,960,447
37,898,404
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.,
Class
A
............
460,554
16,483,228
Project
Investor
Holdings
LLC,
(Acquired
02/12/19,
cost
$0)
(d)(f)(g)
.............
24,388
—
16,483,228
Entertainment
—
0.1%
NetEase,
Inc.
.....................
12,900
280,966
Walt
Disney
Co.
(The)
(f)
...............
176,806
15,716,286
15,997,252
Financial
Services
—
0.2%
Equitable
Holdings,
Inc.
..............
210,452
6,037,868
Fidelity
National
Information
Services,
Inc.
..
225,464
13,613,516
Visa,
Inc.,
Class
A
..................
26,300
6,252,299
25,903,683
Food
Products
—
0.6%
Almarai
Co.
JSC
...................
22,606
415,135
China
Feihe
Ltd.
(b)(c)
.................
1,331,000
815,662
China
Mengniu
Dairy
Co.
Ltd.
..........
1,701,000
6,460,719
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Danone
SA
.......................
44,198
$
2,699,028
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
..
14,500
102,213
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
...
1,020,400
2,097,674
Indofood
Sukses
Makmur
Tbk.
PT
.......
604,300
293,578
IOI
Corp.
Bhd.
.....................
224,500
207,705
Kraft
Heinz
Co.
(The)
................
423,544
15,323,822
Marico
Ltd.
.......................
103,042
703,007
Mondelez
International,
Inc.,
Class
A
......
322,913
23,937,541
Nestle
Malaysia
Bhd.
................
4,500
133,633
Nestle
SA
(Registered)
...............
92,674
11,354,346
NongShim
Co.
Ltd.
..................
1,309
407,281
QL
Resources
Bhd.
.................
70,800
86,046
Tingyi
Cayman
Islands
Holding
Corp.
.....
530,000
818,474
Uni-President
China
Holdings
Ltd.
.......
284,000
245,544
Uni-President
Enterprises
Corp.
.........
393,000
942,834
Universal
Robina
Corp.
...............
78,900
176,446
Want
Want
China
Holdings
Ltd.
.........
256,000
178,527
67,399,215
Gas
Utilities
—
0.1%
ENN
Energy
Holdings
Ltd.
.............
481,500
5,852,537
Gujarat
Gas
Ltd.
...................
94,169
553,059
Kunlun
Energy
Co.
Ltd.
...............
972,000
795,382
Petronas
Gas
Bhd.
..................
44,200
167,429
Tokyo
Gas
Co.
Ltd.
.................
187,800
4,258,568
11,626,975
Ground
Transportation
—
0.3%
ALD
SA
(b)(c)
.......................
79,262
842,118
Canadian
Pacific
Kansas
City
Ltd.
.......
114,323
9,406,772
CSX
Corp.
.......................
239,599
7,983,438
Daqin
Railway
Co.
Ltd.,
Class
A
.........
150,748
151,034
Norfolk
Southern
Corp.
...............
36,503
8,526,736
Union
Pacific
Corp.
.................
26,741
6,204,447
West
Japan
Railway
Co.
..............
56,200
2,308,940
35,423,485
Health
Care
Equipment
&
Supplies
—
0.7%
Baxter
International,
Inc.
..............
333,146
15,068,194
EssilorLuxottica
SA
.................
84,090
16,916,827
Koninklijke
Philips
NV
(f)
...............
254,666
5,290,338
Medtronic
plc
.....................
348,396
30,575,233
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....................
170,700
7,083,418
Zimmer
Biomet
Holdings,
Inc.
..........
74,708
10,320,910
85,254,920
Health
Care
Providers
&
Services
—
0.7%
Bangkok
Dusit
Medical
Services
PCL,
NVDR
3,095,700
2,604,346
Bumrungrad
Hospital
PCL,
NVDR
.......
330,800
2,089,567
Cardinal
Health,
Inc.
.................
102,563
9,381,438
Cigna
Group
(The)
..................
36,561
10,789,151
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..........................
6,534
503,359
Elevance
Health,
Inc.
................
16,995
8,015,352
Hapvida
Participacoes
e
Investimentos
SA
(b)(c)(f)
7,496,986
7,657,508
Humana,
Inc.
.....................
4,792
2,189,129
IHH
Healthcare
Bhd.
................
353,500
466,882
Laboratory
Corp.
of
America
Holdings
.....
71,174
15,226,254
Scientific
&
Medical
Equipment
House
Co.
(f)
.
8,934
195,230
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
.......................
221,000
401,124
Sinopharm
Group
Co.
Ltd.,
Class
H
......
139,600
439,627
UnitedHealth
Group,
Inc.
..............
43,962
22,261,038
82,220,005
Security
Shares
Shares
Value
Health
Care
REITs
—
0.6%
Assura
plc
.......................
26,067,117
$
15,843,452
Community
Healthcare
Trust,
Inc.
........
92,460
3,258,291
Healthpeak
Properties,
Inc.
............
449,345
9,809,201
Omega
Healthcare
Investors,
Inc.
........
389,517
12,425,592
Physicians
Realty
Trust
...............
894,526
13,185,313
Target
Healthcare
REIT
plc
............
8,582,913
8,095,938
Ventas,
Inc.
......................
114,192
5,540,596
Welltower,
Inc.
.....................
67,999
5,586,118
73,744,501
Hotels,
Restaurants
&
Leisure
—
0.2%
Codere
New
Topco
SA
(d)(f)(h)
............
12,874
—
Gourmet
Master
Co.
Ltd.
..............
27,000
106,272
OPAP
SA,
Class
R
..................
296,428
5,213,444
Sands
China
Ltd.
(f)
..................
1,954,800
7,530,891
Seera
Group
Holding
(f)
...............
60,338
462,977
Trip.com
Group
Ltd.
(f)
................
8,900
363,501
Wynn
Macau
Ltd.
(f)
..................
5,670,400
5,930,130
Yum
China
Holdings,
Inc.
.............
131,517
8,025,167
27,632,382
Household
Durables
—
0.3%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
...................
1,476,535
7,462,688
Haier
Smart
Home
Co.
Ltd.,
Class
H
......
23,800
78,266
JS
Global
Lifestyle
Co.
Ltd.
(b)(c)(f)
.........
4,181,000
744,814
Newell
Brands,
Inc.
.................
400,681
4,471,600
SharkNinja,
Inc.
(f)
...................
167,240
7,075,924
Sony
Group
Corp.,
ADR
..............
61,993
5,802,545
Taylor
Wimpey
plc
..................
10,997,494
16,142,790
41,778,627
Household
Products
—
0.2%
Reckitt
Benckiser
Group
plc
............
297,792
22,308,237
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Adani
Green
Energy
Ltd.
(f)
.............
4,361
57,969
Boralex,
Inc.,
Class
A
................
81,246
2,102,236
CGN
Power
Co.
Ltd.,
Class
H
(b)(c)
........
361,000
88,604
China
Yangtze
Power
Co.
Ltd.,
Class
A
....
417,400
1,254,581
RWE
AG
........................
86,646
3,729,127
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
.
441,000
892,526
8,125,043
Industrial
Conglomerates
—
0.1%
Astra
International
Tbk.
PT
............
14,979,800
6,807,486
Industries
Qatar
QSC
................
228,340
835,724
Siemens
AG
(Registered)
.............
42,340
7,216,524
Sime
Darby
Bhd.
...................
381,100
184,431
15,044,165
Industrial
REITs
—
0.5%
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
2,698,786
8,396,572
Goodman
Group
...................
685,894
9,483,965
LondonMetric
Property
plc
.............
2,858,058
6,780,401
Prologis,
Inc.
......................
154,970
19,332,508
Rexford
Industrial
Realty,
Inc.
..........
211,516
11,652,416
Warehouses
De
Pauw
CVA
............
305,798
9,035,495
64,681,357
Insurance
—
0.9%
American
International
Group,
Inc.
.......
179,785
10,837,440
ASR
Nederland
NV
.................
94,147
4,267,626
Assurant,
Inc.
.....................
104,082
14,000,070
China
Life
Insurance
Co.
Ltd.,
Class
H
....
163,000
286,165
Fidelity
National
Financial,
Inc.,
Class
A
....
342,856
13,429,669
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
..
5,539
124,361
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
...................
2,180,000
$
839,276
Phoenix
Group
Holdings
plc
...........
579,346
4,093,151
Prudential
plc
.....................
1,882,508
26,141,131
Sampo
OYJ,
Class
A
................
165,132
7,276,809
Tryg
A/S
.........................
357,438
7,057,190
Willis
Towers
Watson
plc
..............
28,136
5,945,981
Zurich
Insurance
Group
AG
............
41,318
19,977,193
114,276,062
Interactive
Media
&
Services
—
0.1%
Alphabet,
Inc.,
Class
C
(f)
..............
19,376
2,579,139
Meta
Platforms,
Inc.,
Class
A
(f)
..........
8,822
2,810,689
Tencent
Holdings
Ltd.
................
89,800
4,127,312
9,517,140
IT
Services
—
0.6%
Accenture
plc,
Class
A
...............
70,386
22,266,611
Arabian
Internet
&
Communications
Services
Co.
..........................
11,311
1,099,559
Cognizant
Technology
Solutions
Corp.,
Class
A
250,282
16,526,121
HCL
Technologies
Ltd.
...............
67,166
912,919
Infosys
Ltd.,
ADR
...................
405,258
6,751,598
NEXTDC
Ltd.
(f)
....................
1,069,061
9,175,233
Samsung
SDS
Co.
Ltd.
...............
7,961
801,461
SUNeVision
Holdings
Ltd.
.............
13,614,000
7,075,706
Tata
Consultancy
Services
Ltd.
.........
246,625
10,274,150
74,883,358
Life
Sciences
Tools
&
Services
—
0.2%
Fortrea
Holdings,
Inc.
(f)
...............
71,174
2,274,721
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
..
57,300
225,393
Lonza
Group
AG
(Registered)
..........
35,487
20,619,233
Syngene
International
Ltd.
(b)(c)
..........
34,641
335,653
23,455,000
Machinery
—
0.4%
Alfa
Laval
AB
.....................
71,883
2,690,834
Cummins
India
Ltd.
.................
44,522
1,066,570
Epiroc
AB,
Class
A
..................
170,649
3,407,116
Komatsu
Ltd.
.....................
573,600
16,069,089
Otis
Worldwide
Corp.
................
188,632
17,157,967
Volvo
AB,
Class
B
..................
216,499
4,775,671
45,167,247
Marine
Transportation
—
0.0%
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
1,114,500
1,179,601
MISC
Bhd.
.......................
137,700
219,544
1,399,145
Media
—
0.2%
Comcast
Corp.,
Class
A
..............
243,983
11,042,671
Fox
Corp.,
Class
A
..................
148,965
4,982,879
SES
SA,
ADR
.....................
447,336
2,898,065
18,923,615
Metals
&
Mining
—
0.1%
Alrosa
PJSC
(d)(f)
....................
607,124
66
Barrick
Gold
Corp.
..................
239,762
4,145,485
Cia
de
Minas
Buenaventura
SAA,
ADR
....
58,516
451,744
Gold
Fields
Ltd.
....................
198,743
3,082,342
Gold
Fields
Ltd.,
ADR
................
76,183
1,178,551
Hochschild
Mining
plc
................
107,064
106,088
Novolipetsk
Steel
PJSC
(d)(f)
............
14
—
Tung
Ho
Steel
Enterprise
Corp.
.........
84,000
149,565
Zijin
Mining
Group
Co.
Ltd.,
Class
H
......
3,988,000
6,887,773
16,001,614
Security
Shares
Shares
Value
Multi-Utilities
—
0.8%
Ameren
Corp.
.....................
106,874
$
9,155,896
CenterPoint
Energy,
Inc.
..............
204,703
6,159,513
CMS
Energy
Corp.
..................
154,185
9,416,078
Dominion
Energy,
Inc.
................
102,084
5,466,598
DTE
Energy
Co.
...................
91,975
10,512,742
Engie
SA
........................
317,695
5,211,890
National
Grid
plc
...................
1,256,033
16,648,505
NiSource,
Inc.
.....................
446,940
12,442,810
Public
Service
Enterprise
Group,
Inc.
.....
42,235
2,665,873
Qatar
Electricity
&
Water
Co.
QSC
.......
41,488
206,562
Sempra
.........................
145,145
21,629,508
99,515,975
Office
REITs
—
0.3%
Alexandria
Real
Estate
Equities,
Inc.
......
158,225
19,885,718
Boston
Properties,
Inc.
...............
162,730
10,842,700
SL
Green
Realty
Corp.
...............
192,459
7,257,629
37,986,047
Oil,
Gas
&
Consumable
Fuels
—
1.4%
Bharat
Petroleum
Corp.
Ltd.
...........
88,574
406,785
BP
plc
..........................
2,739,132
16,994,816
Cheniere
Energy,
Inc.
................
60,889
9,855,494
China
Petroleum
&
Chemical
Corp.,
Class
H
999,100
559,533
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
...........................
669,000
245,850
ConocoPhillips
....................
36,146
4,255,107
DT
Midstream,
Inc.
..................
103,124
5,519,196
Ecopetrol
SA,
ADR
..................
305,496
3,580,413
Enbridge,
Inc.
.....................
290,287
10,672,365
Energy
Transfer
LP
.................
201,948
2,683,889
Enterprise
Products
Partners
LP
.........
97,579
2,586,819
Equitrans
Midstream
Corp.
............
36,435
377,831
Gibson
Energy,
Inc.
.................
25,294
411,832
Kinder
Morgan,
Inc.
.................
36,175
640,659
Koninklijke
Vopak
NV
................
64,458
2,430,184
Kosmos
Energy
Ltd.
(f)
................
962,203
6,831,641
LUKOIL
PJSC
(d)
....................
417,114
45
Magellan
Midstream
Partners
LP
........
35,927
2,380,882
MOL
Hungarian
Oil
&
Gas
plc
..........
578,187
4,564,613
MPLX
LP
........................
76,448
2,714,669
Novatek
PJSC
(d)
...................
690
—
NuStar
Energy
LP
..................
25,687
461,595
ONEOK,
Inc.
......................
6,389
428,319
Pembina
Pipeline
Corp.
..............
286,246
9,062,883
PetroChina
Co.
Ltd.,
Class
H
...........
400,200
293,442
Petronas
Dagangan
Bhd.
.............
21,400
108,970
Petronet
LNG
Ltd.
..................
125,688
357,347
Plains
All
American
Pipeline
LP
.........
182,203
2,711,181
PTT
Exploration
&
Production
PCL,
NVDR
..
296,200
1,383,182
Qatar
Fuel
QSC
....................
37,378
172,411
Qatar
Gas
Transport
Co.
Ltd.
...........
224,035
259,251
Saudi
Arabian
Oil
Co.
(b)(c)
..............
295,717
2,555,523
Shell
plc
.........................
1,203,308
36,710,193
S-Oil
Corp.
.......................
96,763
5,688,131
Targa
Resources
Corp.
...............
141,896
11,634,053
TC
Energy
Corp.
...................
117,943
4,227,322
Western
Midstream
Partners
LP
.........
58,432
1,651,873
Williams
Cos.,
Inc.
(The)
..............
349,579
12,042,997
167,461,296
Paper
&
Forest
Products
—
0.0%
UPM-Kymmene
OYJ
................
50,004
1,655,516
Passenger
Airlines
—
0.0%
InterGlobe
Aviation
Ltd.
(b)(c)(f)
............
191,978
6,057,187
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Personal
Care
Products
—
0.1%
By-health
Co.
Ltd.,
Class
A
............
243,400
$
720,846
Colgate-Palmolive
India
Ltd.
...........
22,362
549,484
Godrej
Consumer
Products
Ltd.
(f)
........
419,898
5,293,537
Haleon
plc
.......................
695,967
3,004,089
Hengan
International
Group
Co.
Ltd.
......
91,500
376,367
L'Oreal
SA
.......................
5,580
2,595,310
Unilever
plc,
ADR
..................
106,953
5,746,585
18,286,218
Pharmaceuticals
—
1.1%
Alkem
Laboratories
Ltd.
..............
2,115
102,351
AstraZeneca
plc
...................
274,557
39,447,327
Bayer
AG
(Registered)
...............
152,082
8,894,279
China
Medical
System
Holdings
Ltd.
......
214,000
360,366
Cipla
Ltd.
........................
124,521
1,780,931
CSPC
Pharmaceutical
Group
Ltd.
........
2,102,000
1,755,749
Dr
Reddy's
Laboratories
Ltd.,
ADR
.......
10,465
718,736
Dr.
Reddy's
Laboratories
Ltd.
...........
28,544
1,958,272
Eli
Lilly
&
Co.
.....................
7,691
3,495,944
Euroapi
SA
(f)
......................
550
6,418
Lupin
Ltd.
........................
79,704
955,651
Luye
Pharma
Group
Ltd.
(b)(c)(f)
...........
704,000
330,008
Novo
Nordisk
A/S,
Class
B
............
150,830
24,321,676
Novo
Nordisk
A/S,
ADR
..............
13,669
2,202,076
Roche
Holding
AG
..................
26,915
8,345,035
Sanofi
..........................
366,338
39,082,608
Sun
Pharmaceutical
Industries
Ltd.
.......
80,231
1,115,996
Torrent
Pharmaceuticals
Ltd.
...........
18,453
449,902
Zydus
Lifesciences
Ltd.
..............
92,236
709,347
136,032,672
Professional
Services
—
0.7%
Dun
&
Bradstreet
Holdings,
Inc.
.........
801,689
9,475,964
Experian
plc
......................
112,463
4,346,198
Genpact
Ltd.
......................
5,342
192,793
Leidos
Holdings,
Inc.
................
152,309
14,245,461
NMG,
Inc.
(f)
.......................
3,714
427,110
Paychex,
Inc.
.....................
163,771
20,548,347
RELX
plc
........................
595,219
20,006,337
Robert
Half,
Inc.
...................
18,814
1,395,058
SS&C
Technologies
Holdings,
Inc.
.......
200,970
11,706,502
82,343,770
Real
Estate
Management
&
Development
—
0.3%
ADLER
Group
SA
(b)(c)(f)
...............
76,594
56,509
ADLER
Group
SA
(f)
.................
34,591
24,648
Barwa
Real
Estate
Co.
...............
234,595
180,958
CK
Asset
Holdings
Ltd.
...............
1,365,000
7,904,816
Corp.
Inmobiliaria
Vesta
SAB
de
CV,
ADR
..
108,404
3,931,813
Hang
Lung
Properties
Ltd.
.............
3,533,000
5,513,418
Hulic
Co.
Ltd.
.....................
880,400
7,495,909
Mabanee
Co.
KPSC
.................
55,239
158,801
VGP
NV
.........................
35,831
3,825,425
Vonovia
SE
.......................
432,033
10,066,365
39,158,662
Residential
REITs
—
0.3%
Sun
Communities,
Inc.
...............
108,534
14,141,980
UDR,
Inc.
........................
435,437
17,800,665
31,942,645
Retail
REITs
—
0.2%
Link
REIT
........................
2,409,300
13,543,059
Spirit
Realty
Capital,
Inc.
..............
319,499
12,885,395
26,428,454
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
0.8%
ASML
Holding
NV
..................
9,958
$
7,132,605
Elan
Microelectronics
Corp.
............
140,000
520,161
Intel
Corp.
.......................
82,265
2,942,619
Materials
Analysis
Technology,
Inc.
.......
26,295
228,321
MediaTek,
Inc.
.....................
524,000
11,530,578
Novatek
Microelectronics
Corp.
.........
99,000
1,338,830
Radiant
Opto-Electronics
Corp.
.........
130,000
499,230
STMicroelectronics
NV
...............
98,246
5,254,821
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
3,286,000
59,337,288
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
.........................
42,833
4,246,892
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
....................
265,600
2,298,336
95,329,681
Software
—
0.5%
Microsoft
Corp.
....................
130,138
43,715,957
Oracle
Corp.
......................
167,593
19,646,927
SAP
SE
.........................
21,599
2,946,355
66,309,239
Specialized
REITs
—
0.8%
American
Tower
Corp.
...............
160,075
30,463,873
Crown
Castle,
Inc.
..................
89,319
9,672,355
Digital
Realty
Trust,
Inc.
..............
61,055
7,608,674
EPR
Properties
....................
252,722
11,281,510
Equinix,
Inc.
......................
8,429
6,826,816
SBA
Communications
Corp.
...........
47,334
10,363,779
VICI
Properties,
Inc.
.................
570,556
17,961,103
94,178,110
Specialty
Retail
—
0.2%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
........................
746,056
792,186
Home
Product
Center
PCL,
NVDR
.......
3,699,900
1,536,072
Industria
de
Diseno
Textil
SA
...........
274,412
10,503,893
Jarir
Marketing
Co.
..................
114,590
473,508
MR
DIY
Group
M
Bhd.
(b)(c)
.............
414,600
135,187
Truworths
International
Ltd.
............
1,783,014
7,157,479
20,598,325
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
Advantech
Co.
Ltd.
.................
6,992
87,314
Apple,
Inc.
.......................
148,781
29,228,027
Asustek
Computer,
Inc.
...............
162,000
1,881,516
Catcher
Technology
Co.
Ltd.
...........
184,000
1,017,470
Compal
Electronics,
Inc.
..............
1,102,000
1,069,853
HP,
Inc.
.........................
99,630
3,270,853
Lenovo
Group
Ltd.
..................
1,390,000
1,600,153
Samsung
Electronics
Co.
Ltd.
..........
26,821
1,468,522
Samsung
Electronics
Co.
Ltd.,
GDR
(b)(c)
....
11,386
15,511,681
55,135,389
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Kering
SA
........................
19,339
11,103,779
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
14,138
13,130,921
Pou
Chen
Corp.
....................
450,000
447,785
Ralph
Lauren
Corp.,
Class
A
...........
17,212
2,260,452
26,942,937
Tobacco
—
0.3%
British
American
Tobacco
plc
...........
350,190
11,776,232
KT&G
Corp.
......................
4,890
316,422
Philip
Morris
International,
Inc.
..........
208,752
20,816,750
32,909,404
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
0.2%
Azelis
Group
NV
...................
86,799
$
2,244,254
BOC
Aviation
Ltd.
(b)(c)
................
784,200
6,573,293
Ferguson
plc
......................
78,267
12,586,941
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
29,795
3,006,912
24,411,400
Transportation
Infrastructure
—
0.9%
Aena
SME
SA
(b)(c)
...................
101,806
16,257,624
Aeroports
de
Paris
..................
86,706
11,973,407
Atlas
Arteria
Ltd.
(h)
..................
2,086,243
8,818,869
Auckland
International
Airport
Ltd.
(f)
.......
1,203,582
6,283,003
Flughafen
Zurich
AG
(Registered)
........
52,925
11,204,081
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(f)
....................
122,441
6,469,160
Getlink
SE
.......................
159,236
2,798,948
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
344,645
6,557,414
Japan
Airport
Terminal
Co.
Ltd.
.........
52,100
2,427,884
Malaysia
Airports
Holdings
Bhd.
.........
146,700
224,495
Salik
Co.
PJSC
....................
2,985,069
2,552,098
Saudi
Ground
Services
Co.
(f)
...........
25,259
212,849
Taiwan
High
Speed
Rail
Corp.
..........
141,000
135,416
Transurban
Group
(h)
.................
3,006,071
29,023,759
Zhejiang
Expressway
Co.
Ltd.,
Class
H
....
272,000
218,470
105,157,477
Water
Utilities
—
0.0%
United
Utilities
Group
plc
..............
325,267
4,171,078
Wireless
Telecommunication
Services
—
0.3%
Advanced
Info
Service
PCL,
NVDR
.......
402,700
2,660,706
Etihad
Etisalat
Co.
..................
37,817
472,210
Far
EasTone
Telecommunications
Co.
Ltd.
..
369,000
833,152
KDDI
Corp.
.......................
362,200
10,660,162
Maxis
Bhd.
.......................
127,400
114,164
Mobile
Telecommunications
Co.
KSCP
....
278,483
472,299
Mobile
Telecommunications
Co.
Saudi
Arabia
117,821
421,462
Mobile
TeleSystems
PJSC
(d)
...........
26,804
3
Rogers
Communications,
Inc.,
Class
B
....
136,654
5,983,697
SK
Telecom
Co.
Ltd.
.................
47,592
1,720,974
SK
Telecom
Co.
Ltd.,
ADR
.............
34,122
684,828
Taiwan
Mobile
Co.
Ltd.
...............
273,000
820,319
Tele2
AB,
Class
B
..................
721,009
5,425,273
Turkcell
Iletisim
Hizmetleri
A/S,
Class
A
(f)
...
135,074
259,129
Turkcell
Iletisim
Hizmetleri
A/S,
ADR
(f)
.....
25,405
122,198
Vodafone
Group
plc
.................
7,790,586
7,410,884
38,061,460
Total
Common
Stocks
—
25.1%
(Cost:
$2,788,963,167)
...........................
3,068,064,535
Par
(000)
Par
(000)
Corporate
Bonds
Aerospace
&
Defense
—
0.8%
Boeing
Co.
(The)
3.65%,
03/01/47
.................
USD
730
515,765
3.63%,
03/01/48
.................
310
219,833
3.85%,
11/01/48
.................
325
238,681
3.90%,
05/01/49
.................
300
231,237
5.81%,
05/01/50
.................
4,060
4,083,490
Bombardier,
Inc.
(b)
7.50%,
03/15/25
.................
1,096
1,099,855
7.13%,
06/15/26
.................
4,497
4,461,499
7.88%,
04/15/27
.................
6,386
6,365,664
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
6.00%,
02/15/28
.................
USD
923
$
867,795
7.50%,
02/01/29
.................
2,581
2,557,064
7.45%,
05/01/34
.................
946
1,085,062
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
.
3,252
2,959,921
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27
(b)
....................
169
155,903
Embraer
Netherlands
Finance
BV,
7.00%,
07/28/30
(b)
....................
4,102
4,145,481
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
2,497
2,295,323
General
Dynamics
Corp.,
4.25%,
04/01/40
.
180
163,766
HEICO
Corp.,
5.35%,
08/01/33
........
1,035
1,030,628
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
.
262
259,428
L3Harris
Technologies,
Inc.
3.83%,
04/27/25
.................
355
344,052
4.40%,
06/15/28
.................
2,227
2,154,170
2.90%,
12/15/29
.................
366
318,388
1.80%,
01/15/31
.................
915
726,519
5.40%,
07/31/33
.................
2,120
2,134,648
4.85%,
04/27/35
.................
200
190,244
5.05%,
04/27/45
.................
120
112,683
5.60%,
07/31/53
.................
650
662,954
Lockheed
Martin
Corp.
4.07%,
12/15/42
.................
142
125,475
5.70%,
11/15/54
.................
520
569,723
5.20%,
02/15/55
.................
560
570,962
Northrop
Grumman
Corp.,
5.25%,
05/01/50
.
775
782,151
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
4,847
4,776,551
RTX
Corp.
2.25%,
07/01/30
.................
400
334,310
4.50%,
06/01/42
.................
947
856,398
4.15%,
05/15/45
.................
385
319,821
3.03%,
03/15/52
.................
1,600
1,089,622
5.38%,
02/27/53
.................
1,255
1,260,704
Spirit
AeroSystems,
Inc.
(b)
7.50%,
04/15/25
.................
372
371,833
9.38%,
11/30/29
.................
3,844
4,114,802
TransDigm,
Inc.
6.25%,
03/15/26
(b)
................
15,706
15,621,439
6.38%,
06/15/26
.................
722
714,615
7.50%,
03/15/27
.................
2,071
2,070,173
6.75%,
08/15/28
(b)
................
15,113
15,158,097
Triumph
Group,
Inc.,
9.00%,
03/15/28
(b)
...
4,875
5,007,279
93,124,008
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.,
4.55%,
04/01/46
.........
720
621,179
Automobile
Components
—
0.4%
Adient
Global
Holdings
Ltd.,
3.50%,
08/15/24
(c)
EUR
217
234,119
Aptiv
plc
3.25%,
03/01/32
.................
USD
775
663,441
3.10%,
12/01/51
.................
638
400,637
4.15%,
05/01/52
.................
200
152,987
Clarios
Global
LP
6.75%,
05/15/25
(b)
................
4,551
4,561,458
4.38%,
05/15/26
(c)
................
EUR
1,071
1,142,238
6.25%,
05/15/26
(b)
................
USD
3,665
3,662,279
8.50%,
05/15/27
(b)
................
13,777
13,949,033
6.75%,
05/15/28
(b)
................
3,550
3,565,845
Dana
Financing
Luxembourg
SARL
8.50%,
07/15/31
(c)
................
EUR
1,369
1,580,476
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
1,248
1,147,757
Dometic
Group
AB,
3.00%,
05/08/26
(c)
....
EUR
398
410,907
Forvia
(c)
7.25%,
06/15/26
.................
1,271
1,465,586
2.75%,
02/15/27
.................
2,133
2,169,341
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
(continued)
3.75%,
06/15/28
.................
EUR
748
$
766,912
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
.................
USD
912
840,961
5.63%,
04/30/33
.................
2,063
1,847,514
Grupo
Antolin-Irausa
SA,
3.50%,
04/30/28
(c)
.
EUR
664
542,002
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
USD
2,808
2,632,330
5.25%,
05/15/27
.................
3,253
2,867,522
4.38%,
02/01/29
.................
2,106
1,708,161
IHO
Verwaltungs
GmbH
(c)(i)
3.75%,
(3.75%
Cash
or
4.50%
PIK),
09/15/26
....................
EUR
160
166,632
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)
...................
906
905,649
8.75%,
(8.75%
Cash
or
9.50%
PIK),
05/15/28
(a)
...................
1,164
1,340,610
ZF
Europe
Finance
BV
(c)
2.00%,
02/23/26
.................
2,100
2,137,866
2.50%,
10/23/27
.................
500
494,088
ZF
Finance
GmbH
(c)
5.75%,
08/03/26
.................
1,200
1,339,492
2.00%,
05/06/27
.................
700
688,860
2.75%,
05/25/27
.................
400
404,953
53,789,656
Automobiles
—
0.2%
Ford
Motor
Co.,
3.25%,
02/12/32
.......
USD
1,548
1,223,901
General
Motors
Co.
4.00%,
04/01/25
.................
600
584,845
6.13%,
10/01/25
.................
2,110
2,132,947
5.00%,
10/01/28
.................
200
195,882
5.60%,
10/15/32
.................
895
876,515
6.25%,
10/02/43
.................
345
338,984
5.40%,
04/01/48
.................
222
193,302
5.95%,
04/01/49
.................
57
53,374
Hyundai
Capital
America
(b)
0.88%,
06/14/24
.................
2,455
2,352,208
1.00%,
09/17/24
.................
3,029
2,863,408
2.65%,
02/10/25
.................
2,653
2,528,461
Mercedes-Benz
Finance
North
America
LLC,
5.50%,
11/27/24
(b)
...............
1,560
1,558,906
Nissan
Motor
Acceptance
Co.
LLC,
1.85%,
09/16/26
(b)
....................
1,325
1,154,234
Nissan
Motor
Co.
Ltd.,
4.35%,
09/17/27
(b)
..
1,915
1,782,157
RCI
Banque
SA,
(5-Year
EUR
Swap
Annual
+
2.85%),
2.63%,
02/18/30
(a)(c)
.........
EUR
5,800
5,963,864
Renault
SA
(c)
1.25%,
06/24/25
.................
100
103,417
2.38%,
05/25/26
.................
500
518,697
Volkswagen
Group
of
America
Finance
LLC
(b)
4.63%,
11/13/25
.................
USD
204
200,867
1.25%,
11/24/25
.................
505
458,831
ZF
Finance
GmbH,
2.25%,
05/03/28
(c)
....
EUR
400
382,626
25,467,426
Banks
—
3.8%
ABN
AMRO
Bank
NV,
(5-Year
EUR
Swap
Annual
+
4.67%),
4.38%
(a)(c)(j)
........
3,000
3,040,821
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
5.66%),
5.88%
200
219,997
(5-Year
EUR
Swap
Annual
+
6.04%),
6.00%
8,200
8,870,744
Banco
BPM
SpA
(a)(c)
(3-mo.
EURIBOR
+
2.80%),
6.00%,
06/14/28
....................
1,825
2,021,753
(5-Year
EUR
Swap
Annual
+
5.42%),
5.00%,
09/14/30
...............
352
380,578
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
EUR
Swap
Annual
+
3.17%),
2.88%,
06/29/31
...............
EUR
4,509
$
4,378,732
(5-Year
EUR
Swap
Annual
+
3.40%),
3.38%,
01/19/32
...............
2,784
2,694,048
Banco
Bradesco
SA,
3.20%,
01/27/25
(c)
...
USD
1,408
1,343,760
Banco
de
Sabadell
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.20%),
5.75%
(j)
.....................
EUR
1,600
1,547,568
(1-Year
EUR
Swap
Annual
+
2.40%),
5.25%,
02/07/29
...............
700
769,773
(5-Year
EUR
Swap
Annual
+
2.20%),
2.00%,
01/17/30
...............
1,100
1,117,672
(5-Year
EUR
Swap
Annual
+
2.95%),
2.50%,
04/15/31
...............
5,500
5,381,448
Banco
do
Brasil
SA
4.75%,
03/20/24
(c)
................
USD
2,014
1,987,818
6.25%,
04/18/30
(b)
................
1,563
1,556,553
Banco
Espirito
Santo
SA
(c)(f)(k)
2.63%,
05/08/17
.................
EUR
800
175,920
4.75%,
01/15/18
.................
1,500
329,850
4.00%,
01/21/24
.................
5,400
1,187,460
Banco
Mercantil
del
Norte
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.64%),
5.88%
(a)(b)(j)
........
USD
1,725
1,479,188
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
2,048
1,626,849
Banco
Santander
SA
(5-Year
EUR
Swap
Annual
+
5.00%),
5.25%
(a)(c)(j)
...................
EUR
1,600
1,727,781
(5-Year
EUR
Swap
Annual
+
4.53%),
4.38%
(a)(c)(j)
...................
5,000
4,712,457
6.92%,
08/08/33
.................
USD
1,600
1,600,000
Bank
Leumi
Le-Israel
BM
(a)(b)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.63%),
3.28%,
01/29/31
....................
2,232
1,991,524
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.47%),
7.13%,
07/18/33
(c)
...................
1,563
1,536,085
Bank
of
America
Corp.
(3-mo.
LIBOR
USD
+
1.37%),
3.59%,
07/21/28
(a)
...................
2,250
2,095,338
(1-day
SOFR
+
2.04%),
4.95%,
07/22/28
(a)
581
571,478
(1-day
SOFR
+
1.99%),
6.20%,
11/10/28
(a)
3,255
3,344,658
(3-mo.
LIBOR
USD
+
1.04%),
3.42%,
12/20/28
(a)
...................
4,860
4,474,506
(3-mo.
LIBOR
USD
+
1.21%),
3.97%,
02/07/30
(a)
...................
1,387
1,290,164
(3-mo.
LIBOR
USD
+
1.18%),
3.19%,
07/23/30
(a)
...................
400
354,283
(1-day
SOFR
+
1.37%),
1.92%,
10/24/31
(a)
265
209,937
Series
N,
(1-day
SOFR
+
1.22%),
2.65%,
03/11/32
(a)
...................
1,090
902,584
(1-day
SOFR
+
1.32%),
2.69%,
04/22/32
(a)
1,625
1,345,964
(1-day
SOFR
+
1.33%),
2.97%,
02/04/33
(a)
3,387
2,829,407
(1-day
SOFR
+
1.83%),
4.57%,
04/27/33
(a)
820
770,882
Series
L,
4.75%,
04/21/45
..........
420
386,551
(3-mo.
LIBOR
USD
+
1.99%),
4.44%,
01/20/48
(a)
...................
235
209,418
(3-mo.
LIBOR
USD
+
3.15%),
4.08%,
03/20/51
(a)
...................
800
666,864
(1-day
SOFR
+
1.88%),
2.83%,
10/24/51
(a)
633
419,333
Bank
of
Cyprus
PCL,
(1-Year
EUR
Swap
Annual
+
2.79%),
2.50%,
06/24/27
(a)(c)
...
EUR
525
507,969
Bank
of
Ireland
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
7.92%),
7.50%
(c)(j)
....................
2,339
2,546,013
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
EUR
Swap
Annual
+
6.43%),
6.00%
(c)(j)
....................
EUR
2,700
$
2,857,029
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
6.25%,
09/16/26
(b)
...................
USD
1,355
1,349,790
(5-Year
EUR
Swap
Annual
+
2.80%),
2.38%,
10/14/29
(c)
..............
EUR
712
752,075
Bank
of
Montreal,
(5-Year
USD
Swap
Semi
+
1.43%),
3.80%,
12/15/32
(a)
..........
USD
300
266,008
Bankinter
SA
(5-Year
EUR
Swap
Annual
+
4.71%),
7.38%
(a)(c)(j)
...................
EUR
2,600
2,751,499
Barclays
plc
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.67%),
8.00%
(a)(j)
....................
USD
6,534
6,433,899
3.65%,
03/16/25
.................
735
709,132
(3-mo.
LIBOR
USD
+
1.61%),
3.93%,
05/07/25
(a)
...................
455
446,852
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.58%),
7.13%
(a)(j)
.
GBP
3,252
3,930,693
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.87%),
6.13%
(a)(j)
....................
USD
22,075
20,165,825
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.02%),
6.38%
(a)(c)(j)
GBP
4,026
4,656,962
5.20%,
05/12/26
.................
USD
2,100
2,045,098
(1-day
SOFR
+
2.21%),
5.83%,
05/09/27
(a)
2,035
2,023,573
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(a)(c)(j)
GBP
2,400
2,909,295
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.41%),
4.38%
(a)(j)
....................
USD
4,905
3,567,121
4.84%,
05/09/28
.................
640
596,478
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.43%),
8.00%
(a)(j)
....................
11,470
10,667,100
(3-mo.
LIBOR
USD
+
3.05%),
5.09%,
06/20/30
(a)
...................
1,300
1,204,534
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
5.75%,
08/09/33
(a)
...................
505
494,459
BBVA
Bancomer
SA,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.65%),
5.13%,
01/18/33
(a)(c)
.........
1,318
1,141,203
BNP
Paribas
SA
(a)
(6-mo.
LIBOR
USD
+
0.08%),
5.28%
(j)
..
450
416,250
(3-mo.
LIBOR
USD
+
2.24%),
4.71%,
01/10/25
(b)
...................
3,635
3,613,216
(5-Year
USD
Swap
Semi
+
5.15%),
7.38%
(b)
(j)
..........................
1,000
987,600
(5-Year
USD
Swap
Semi
+
3.98%),
7.00%
(b)
(j)
..........................
4,429
4,169,904
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.90%),
7.75%
(b)(j)
....................
5,600
5,574,240
(5-Year
EUR
Swap
Annual
+
4.65%),
6.88%
(c)(j)
....................
EUR
5,800
6,250,221
(5-Year
EUR
Swap
Annual
+
4.63%),
7.38%
(c)(j)
....................
600
657,428
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.34%),
4.63%
(b)(j)
....................
USD
10,475
8,010,532
CaixaBank
SA
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
6.22%),
6.38%
EUR
2,800
3,080,176
(5-Year
EUR
Swap
Annual
+
6.50%),
6.75%
7,800
8,459,294
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(5-Year
EUR
Swap
Annual
+
4.50%),
5.25%
EUR
1,800
$
1,724,904
(5-Year
EUR
Swap
Annual
+
6.35%),
5.88%
800
808,740
Citigroup,
Inc.
(a)
(3-mo.
CME
Term
SOFR
+
1.16%),
3.35%,
04/24/25
....................
USD
1,025
1,004,821
(1-day
SOFR
+
1.89%),
4.66%,
05/24/28
1,235
1,204,743
(3-mo.
CME
Term
SOFR
+
1.60%),
3.98%,
03/20/30
....................
188
174,306
(1-day
SOFR
+
1.42%),
2.98%,
11/05/30
425
368,323
(1-day
SOFR
+
1.15%),
2.67%,
01/29/31
1,775
1,501,551
(1-day
SOFR
+
2.11%),
2.57%,
06/03/31
405
337,988
(1-day
SOFR
+
1.17%),
2.56%,
05/01/32
665
543,044
(1-day
SOFR
+
1.94%),
3.79%,
03/17/33
595
525,781
(1-day
SOFR
+
2.66%),
6.17%,
05/25/34
3,330
3,382,681
(1-day
SOFR
+
1.38%),
2.90%,
11/03/42
145
102,716
Commerzbank
AG
(a)(c)
(5-Year
EUR
Swap
Annual
+
6.36%),
6.13%
(j)
.....................
EUR
12,600
12,814,617
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.25%),
8.63%,
02/28/33
....................
GBP
600
765,752
Cooperatieve
Rabobank
UA,
(5-Year
EUR
Swap
Annual
+
4.10%),
4.63%
(a)(c)(j)
....
EUR
2,200
2,237,250
Credit
Agricole
SA
(a)(j)
(5-Year
USD
Swap
Semi
+
4.90%),
7.88%
(b)
USD
3,600
3,582,432
(5-Year
EUR
Swap
Annual
+
4.44%),
7.25%
(c)
.....................
EUR
1,000
1,107,634
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
4.75%
(b)
.....................
USD
22,818
18,628,615
Discover
Bank,
(5-Year
USD
Swap
Semi
+
1.73%),
4.68%,
08/09/28
(a)
..........
1,050
955,185
Erste
Group
Bank
AG,
(5-Year
EUR
Swap
Annual
+
6.20%),
6.50%
(a)(c)(j)
........
EUR
2,200
2,379,593
Fifth
Third
Bancorp,
(1-day
SOFR
+
2.34%),
6.34%,
07/27/29
(a)
...............
USD
610
621,098
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
......
2,091
1,687,709
HSBC
Bank
Capital
Funding
Sterling
1
LP,
(Sterling
Overnight
Index
Average
+
2.04%),
5.84%
(a)(c)(j)
...................
GBP
879
1,129,757
HSBC
Holdings
plc
(5-Year
USD
Swap
Rate
+
4.37%),
6.38%
(a)
(j)
..........................
USD
6,919
6,679,770
4.25%,
08/18/25
.................
500
483,202
(BPSWS5
+
4.28%),
5.88%
(a)(j)
.......
GBP
600
694,934
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.00%
(a)(j)
....................
USD
2,521
2,536,294
(1-day
SOFR
+
3.35%),
7.39%,
11/03/28
(a)
830
876,642
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.65%),
4.60%
(a)(j)
....................
9,830
7,843,815
(1-day
SOFR
+
1.19%),
2.80%,
05/24/32
(a)
1,495
1,213,960
(1-day
SOFR
+
4.25%),
8.11%,
11/03/33
(a)
1,685
1,868,103
(1-day
SOFR
+
2.39%),
6.25%,
03/09/34
(a)
1,985
2,045,784
(1-day
SOFR
+
2.65%),
6.33%,
03/09/44
(a)
355
371,223
ING
Groep
NV
3.55%,
04/09/24
.................
200
196,861
(5-Year
USD
Swap
Rate
+
4.20%),
6.75%
(a)
(c)(j)
........................
5,877
5,671,305
(5-Year
USD
Swap
Semi
+
4.45%),
6.50%
(a)
(j)
..........................
2,010
1,894,451
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.34%),
5.75%
(a)(j)
....................
679
609,572
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
79
(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
+
2.86%),
3.88%
(a)(j)
....................
USD
17,590
$
13,263,495
Intesa
Sanpaolo
SpA
(5-Year
EUR
Swap
Annual
+
6.07%),
5.88%
(a)(c)(j)
...................
EUR
400
420,839
5.71%,
01/15/26
(b)
................
USD
1,289
1,244,429
(5-Year
EUR
Swap
Annual
+
7.19%),
7.75%
(a)(c)(j)
...................
EUR
6,127
6,669,930
(5-Year
EUR
Swap
Annual
+
5.85%),
5.50%
(a)(c)(j)
...................
2,020
1,921,956
5.15%,
06/10/30
(c)
................
GBP
1,447
1,547,704
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
4.20%,
06/01/32
(a)(b)
..................
USD
2,695
2,075,424
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.75%),
4.95%,
06/01/42
(a)(b)
..................
940
628,423
Itau
Unibanco
Holding
SA,
3.25%,
01/24/25
(b)
1,612
1,543,812
JPMorgan
Chase
&
Co.
(1-day
SOFR
+
1.16%),
2.30%,
10/15/25
(a)
350
335,144
(1-day
SOFR
+
0.77%),
1.47%,
09/22/27
(a)
222
196,534
(1-day
SOFR
+
1.56%),
4.32%,
04/26/28
(a)
2,200
2,131,387
(1-day
SOFR
+
1.89%),
2.18%,
06/01/28
(a)
4,340
3,862,823
(1-day
SOFR
+
1.45%),
5.30%,
07/24/29
(a)
4,180
4,189,678
(1-day
SOFR
+
1.26%),
2.96%,
01/25/33
(a)
1,754
1,480,058
(1-day
SOFR
+
2.58%),
5.72%,
09/14/33
(a)
1,485
1,507,858
(3-mo.
LIBOR
USD
+
1.36%),
3.88%,
07/24/38
(a)
...................
1,685
1,454,979
(1-day
SOFR
+
2.46%),
3.11%,
04/22/41
(a)
140
106,351
5.60%,
07/15/41
.................
175
182,409
(1-day
SOFR
+
1.46%),
3.16%,
04/22/42
(a)
1,215
920,048
5.63%,
08/16/43
.................
15
15,444
4.95%,
06/01/45
.................
765
714,908
Series
W,
(3-mo.
LIBOR
USD
+
1.00%),
6.32%,
05/15/47
(a)
..............
19,006
15,948,565
KBC
Group
NV,
(5-Year
EUR
Swap
Annual
+
4.69%),
4.75%
(a)(c)(j)
..............
EUR
3,800
4,093,234
Lloyds
Banking
Group
plc
4.50%,
11/04/24
.................
USD
800
783,916
(5-Year
EURIBOR
ICE
Swap
Rate
+
5.29%),
4.95%
(a)(c)(j)
.............
EUR
5,951
6,122,860
(5-Year
USD
Swap
Semi
+
4.50%),
7.50%
(a)
(j)
..........................
USD
3,975
3,757,369
4.58%,
12/10/25
.................
2,250
2,169,087
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.82%),
6.75%
(a)(j)
....................
7,290
6,782,137
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.88%),
8.50%
(a)(j)
.
GBP
1,809
2,237,520
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.91%),
8.00%
(a)(j)
....................
USD
7,286
6,819,696
Mitsubishi
UFJ
Financial
Group,
Inc.
1.41%,
07/17/25
.................
1,595
1,470,316
3.74%,
03/07/29
.................
420
390,025
3.20%,
07/18/29
.................
365
323,393
2.05%,
07/17/30
.................
760
615,233
NatWest
Group
plc
(a)
(5-Year
USD
Swap
Semi
+
5.72%),
8.00%
(j)
1,200
1,186,740
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.99%),
5.13%
(j)
..
GBP
750
815,306
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.95%),
5.81%,
09/13/29
....................
USD
4,125
4,107,487
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Nordea
Bank
Abp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.11%),
6.63%
(a)(c)(j)
..............
USD
1,100
$
1,063,557
Santander
UK
Group
Holdings
plc,
(BPSWS5
+
5.79%),
6.75%
(a)(c)(j)
..............
GBP
8,783
10,801,635
Skandinaviska
Enskilda
Banken
AB,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.07%),
6.88%
(a)(c)(j)
........
USD
600
573,000
Societe
Generale
SA
(5-Year
USD
Swap
Semi
+
4.30%),
7.38%
(a)
(b)(j)
........................
894
882,946
(5-Year
USD
Swap
Semi
+
4.98%),
7.88%
(a)
(b)(j)
........................
300
296,400
(5-Year
USD
Swap
Semi
+
4.98%),
7.88%
(a)
(c)(j)
........................
6,526
6,447,699
(5-Year
USD
Swap
Rate
+
5.87%),
8.00%
(a)
(c)(j)
........................
1,893
1,854,194
4.00%,
01/12/27
(b)
................
360
337,032
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.39%),
9.38%
(a)(b)(j)
...................
2,270
2,309,384
(5-Year
EUR
Swap
Annual
+
5.23%),
7.88%
(a)(c)(j)
...................
EUR
3,300
3,578,460
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.51%),
5.38%
(a)(b)(j)
...................
USD
12,900
10,289,040
Standard
Chartered
plc,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.14%),
4.30%
(a)(b)(j)
..............
11,150
8,707,035
Sumitomo
Mitsui
Financial
Group,
Inc.
5.46%,
01/13/26
.................
1,975
1,972,209
5.52%,
01/13/28
.................
930
936,072
1.90%,
09/17/28
.................
580
487,543
3.04%,
07/16/29
.................
130
113,985
2.75%,
01/15/30
.................
385
331,102
5.78%,
07/13/33
.................
1,742
1,786,181
Toronto-Dominion
Bank
(The)
0.70%,
09/10/24
.................
455
430,720
5.53%,
07/17/26
.................
1,499
1,505,770
5.16%,
01/10/28
.................
83
82,658
(5-Year
USD
Swap
Semi
+
2.21%),
3.63%,
09/15/31
(a)
...................
100
93,156
UniCredit
SpA
(a)
(5-Year
EUR
Swap
Annual
+
4.93%),
5.38%
(c)(j)
....................
EUR
1,000
1,024,664
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.33%),
7.50%
(c)(j)
..............
4,968
5,486,317
(5-Year
EUR
Swap
Annual
+
2.40%),
2.00%,
09/23/29
(c)
..............
909
952,751
(5-Year
EUR
Swap
Annual
+
2.80%),
2.73%,
01/15/32
(c)
..............
973
945,159
(5-Year
USD
Swap
Rate
+
4.91%),
7.30%,
04/02/34
(b)
...................
USD
1,779
1,726,360
Wells
Fargo
&
Co.
(1-day
SOFR
+
1.32%),
3.91%,
04/25/26
(a)
2,535
2,453,456
(1-day
SOFR
+
1.51%),
3.53%,
03/24/28
(a)
1,655
1,547,115
(3-mo.
LIBOR
USD
+
1.31%),
3.58%,
05/22/28
(a)
...................
715
667,672
(1-day
SOFR
+
1.98%),
4.81%,
07/25/28
(a)
1,515
1,477,335
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.61%),
7.63%
(a)(j)
....................
3,155
3,243,782
(1-day
SOFR
+
1.74%),
5.57%,
07/25/29
(a)
3,709
3,728,658
(1-day
SOFR
+
2.10%),
4.90%,
07/25/33
(a)
2,704
2,591,845
(1-day
SOFR
+
2.02%),
5.39%,
04/24/34
(a)
1,999
1,983,278
(1-day
SOFR
+
1.99%),
5.56%,
07/25/34
(a)
2,120
2,128,362
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
5.61%,
01/15/44
.................
USD
950
$
916,839
4.65%,
11/04/44
.................
210
178,557
4.75%,
12/07/46
.................
545
466,820
(1-day
SOFR
+
4.50%),
5.01%,
04/04/51
(a)
655
611,011
Westpac
Banking
Corp.
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.75%),
2.67%,
11/15/35
(a)
...................
460
354,520
4.42%,
07/24/39
.................
200
165,210
3.13%,
11/18/41
.................
590
394,350
Woori
Bank,
4.88%,
01/26/28
(b)
........
265
262,112
467,588,838
Beverages
—
0.1%
Anheuser-Busch
Cos.
LLC
4.70%,
02/01/36
.................
145
140,584
4.90%,
02/01/46
.................
5,586
5,294,119
Anheuser-Busch
InBev
Worldwide,
Inc.
4.75%,
01/23/29
.................
770
766,742
4.60%,
04/15/48
.................
460
420,496
5.80%,
01/23/59
.................
31
33,207
Coca-Cola
Femsa
SAB
de
CV,
1.85%,
09/01/32
595
460,450
Keurig
Dr
Pepper,
Inc.,
4.50%,
04/15/52
...
344
301,175
7,416,773
Biotechnology
—
0.1%
AbbVie,
Inc.
3.85%,
06/15/24
.................
670
659,780
4.55%,
03/15/35
.................
150
142,845
4.30%,
05/14/36
.................
1,415
1,301,007
4.40%,
11/06/42
.................
1,205
1,069,784
4.45%,
05/14/46
.................
880
776,366
4.88%,
11/14/48
.................
840
788,062
4.25%,
11/21/49
.................
699
599,659
Amgen,
Inc.
5.15%,
03/02/28
.................
139
139,092
2.00%,
01/15/32
.................
825
653,568
5.25%,
03/02/33
.................
1,801
1,797,451
4.56%,
06/15/48
.................
162
141,499
3.00%,
01/15/52
.................
995
658,992
4.20%,
02/22/52
.................
1,020
834,378
4.88%,
03/01/53
.................
803
730,682
5.65%,
03/02/53
.................
520
521,569
2.77%,
09/01/53
.................
174
106,907
4.40%,
02/22/62
.................
428
349,784
5.75%,
03/02/63
.................
260
261,352
Cidron
Aida
Finco
SARL
(c)
5.00%,
04/01/28
.................
EUR
366
365,274
6.25%,
04/01/28
.................
GBP
1,005
1,125,321
Gilead
Sciences,
Inc.
4.50%,
02/01/45
.................
USD
686
619,432
4.75%,
03/01/46
.................
536
502,313
4.15%,
03/01/47
.................
100
85,782
2.80%,
10/01/50
.................
1,872
1,248,947
Grifols
SA
(c)
1.63%,
02/15/25
.................
EUR
215
227,646
3.20%,
05/01/25
.................
701
745,746
3.88%,
10/15/28
.................
799
756,006
17,209,244
Broadline
Retail
—
0.1%
Alibaba
Group
Holding
Ltd.,
3.15%,
02/09/51
USD
1,125
712,226
Amazon.com,
Inc.
3.30%,
04/13/27
.................
35
33,365
3.15%,
08/22/27
.................
549
517,948
3.88%,
08/22/37
.................
1,075
974,371
4.05%,
08/22/47
.................
405
358,536
Security
Par
(000)
Par
(000)
Value
Broadline
Retail
(continued)
3.95%,
04/13/52
.................
USD
850
$
728,699
2.70%,
06/03/60
.................
295
186,487
3.25%,
05/12/61
.................
895
637,944
4.10%,
04/13/62
.................
325
277,053
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
.....
1,675
1,406,657
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(b)
....................
1,346
1,285,430
LCM
Investments
Holdings
II
LLC,
8.25%,
08/01/31
(b)
....................
1,301
1,321,621
Marks
&
Spencer
plc,
3.75%,
05/19/26
(c)
...
GBP
150
176,735
Match
Group
Holdings
II
LLC
(b)
4.63%,
06/01/28
.................
USD
723
666,946
5.63%,
02/15/29
.................
1,357
1,289,399
3.63%,
10/01/31
.................
421
346,567
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
(b)
..
867
810,314
11,730,298
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.
(b)
5.00%,
09/30/27
.................
2,862
2,733,361
6.38%,
06/15/30
.................
827
818,649
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
....................
1,719
1,676,515
HT
Troplast
GmbH,
9.38%,
07/15/28
(c)
....
EUR
1,362
1,495,243
JELD-WEN,
Inc.
(b)
6.25%,
05/15/25
.................
USD
902
913,433
4.63%,
12/15/25
.................
968
945,140
Masonite
International
Corp.
(b)
5.38%,
02/01/28
.................
402
382,905
3.50%,
02/15/30
.................
654
550,847
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
1,044
970,920
9.75%,
07/15/28
.................
773
760,767
PCF
GmbH,
4.75%,
04/15/26
(c)
........
EUR
589
498,656
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
....................
USD
4,347
4,143,607
Standard
Industries,
Inc.
(b)
4.75%,
01/15/28
.................
1,012
942,857
4.38%,
07/15/30
.................
1,735
1,506,128
3.38%,
01/15/31
.................
1,011
816,438
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
146
137,738
19,293,204
Capital
Markets
—
1.3%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
1,482
1,528,089
Ares
Capital
Corp.,
7.00%,
01/15/27
.....
1,080
1,083,628
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
.................
602
604,712
3.25%,
03/15/27
.................
408
355,216
Blue
Owl
Capital
Corp.
3.75%,
07/22/25
.................
747
697,396
3.40%,
07/15/26
.................
1,401
1,264,318
Blue
Owl
Credit
Income
Corp.
5.50%,
03/21/25
.................
1,605
1,553,916
7.75%,
09/16/27
(b)
................
1,780
1,775,831
Castor
SpA,
(3-mo.
EURIBOR
at
5.25%
Floor
+
5.25%),
8.78%,
02/15/29
(a)(c)
.........
EUR
747
778,371
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
USD
1,887
1,717,936
Credit
Suisse
AG,
7.50%,
02/15/28
......
2,648
2,806,187
Credit
Suisse
Group
AG
(a)(j)
(5-Year
USD
Swap
Semi
+
4.60%),
7.50%
(b)
3,911
—
(5-Year
USD
Swap
Semi
+
3.46%),
6.25%
(c)
(d)
(f)(k)
.......................
1,173
—
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(5-Year
USD
Swap
Semi
+
3.46%),
6.25%
(b)
(d)
(f)(k)
.......................
USD
9,607
$
1
Deutsche
Bank
AG
(a)
(1-day
SOFR
+
2.16%),
2.22%,
09/18/24
3,440
3,416,246
Series
2020,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.52%),
6.00%
(j)
...............
23,000
19,140,429
(1-day
SOFR
+
2.58%),
3.96%,
11/26/25
600
577,767
(1-day
SOFR
+
3.19%),
6.12%,
07/14/26
840
836,093
(1-day
SOFR
+
1.87%),
2.13%,
11/24/26
595
539,121
(5-Year
EUR
Swap
Annual
+
4.55%),
4.50%
(c)(j)
....................
EUR
1,600
1,335,760
(5-Year
EURIBOR
ICE
Swap
Rate
+
6.94%),
10.00%
(c)(j)
..............
5,400
6,052,662
(5-Year
EUR
Swap
Annual
+
5.69%),
6.75%
(c)(j)
....................
1,000
931,879
(1-day
SOFR
+
3.18%),
6.72%,
01/18/29
USD
1,010
1,028,449
(1-day
SOFR
+
5.44%),
5.88%,
07/08/31
574
522,821
(1-day
SOFR
+
3.65%),
7.08%,
02/10/34
1,135
1,093,286
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(b)
...............
250
223,229
Goldman
Sachs
Group,
Inc.
(The)
5.70%,
11/01/24
.................
1,900
1,897,669
(3-mo.
LIBOR
USD
+
1.20%),
3.27%,
09/29/25
(a)
...................
930
901,981
(1-day
SOFR
+
0.79%),
1.09%,
12/09/26
(a)
2,080
1,869,601
(1-day
SOFR
+
0.80%),
1.43%,
03/09/27
(a)
700
627,680
(3-mo.
LIBOR
USD
+
1.30%),
4.22%,
05/01/29
(a)
...................
695
659,083
(1-day
SOFR
+
1.09%),
1.99%,
01/27/32
(a)
170
133,901
(1-day
SOFR
+
1.28%),
2.62%,
04/22/32
(a)
1,470
1,205,765
(1-day
SOFR
+
1.25%),
2.38%,
07/21/32
(a)
1,428
1,141,044
(1-day
SOFR
+
1.26%),
2.65%,
10/21/32
(a)
1,120
909,511
6.75%,
10/01/37
.................
450
487,658
5.15%,
05/22/45
.................
195
183,338
Intercontinental
Exchange,
Inc.,
5.20%,
06/15/62
.....................
480
469,476
Macquarie
Bank
Ltd.,
6.80%,
01/18/33
(b)
...
820
830,167
MDGH
GMTN
RSC
Ltd.,
4.38%,
11/22/33
(b)
.
1,533
1,475,513
Morgan
Stanley
(a)
(1-day
SOFR
+
1.16%),
3.62%,
04/17/25
990
973,484
(1-day
SOFR
+
0.53%),
0.79%,
05/30/25
840
802,319
(1-day
SOFR
+
1.99%),
2.19%,
04/28/26
725
682,131
(1-day
SOFR
+
0.88%),
1.59%,
05/04/27
1,075
964,452
(1-day
SOFR
+
1.61%),
4.21%,
04/20/28
6,400
6,148,578
(3-mo.
LIBOR
USD
+
1.34%),
3.59%,
07/22/28
....................
1,430
1,331,439
(1-day
SOFR
+
1.73%),
5.12%,
02/01/29
1,250
1,237,267
(1-day
SOFR
+
1.63%),
5.45%,
07/20/29
745
746,570
(3-mo.
LIBOR
USD
+
1.63%),
4.43%,
01/23/30
....................
1,042
994,602
(1-day
SOFR
+
1.14%),
2.70%,
01/22/31
1,530
1,305,492
(1-day
SOFR
+
3.12%),
3.62%,
04/01/31
285
256,145
(1-day
SOFR
+
1.29%),
2.94%,
01/21/33
1,330
1,106,900
(1-day
SOFR
+
1.88%),
5.42%,
07/21/34
875
874,312
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.43%),
5.95%,
01/19/38
....................
800
795,827
(1-day
SOFR
+
1.49%),
3.22%,
04/22/42
180
136,009
(1-day
SOFR
+
1.43%),
2.80%,
01/25/52
160
104,902
Nasdaq,
Inc.,
5.55%,
02/15/34
.........
810
817,280
Northern
Trust
Corp.
3.95%,
10/30/25
.................
100
96,894
6.13%,
11/02/32
.................
1,285
1,339,241
S&P
Global,
Inc.,
3.25%,
12/01/49
......
406
302,128
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Sherwood
Financing
plc,
6.00%,
11/15/26
(c)
.
GBP
236
$
252,661
State
Street
Corp.,
(3-mo.
LIBOR
USD
+
1.00%),
6.55%,
06/15/47
(a)
..........
USD
38,980
32,170,969
SURA
Asset
Management
SA,
4.88%,
04/17/24
(b)
....................
2,651
2,599,624
UBS
Group
AG
(a)
(5-Year
USD
Swap
Semi
+
4.34%),
7.00%
(b)
(j)
..........................
13,976
13,680,408
(5-Year
USD
Swap
Semi
+
4.87%),
7.00%
(c)
(j)
..........................
7,257
6,982,830
(1-day
SOFR
+
2.04%),
2.19%,
06/05/26
(b)
2,621
2,430,798
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.86%),
5.13%
(c)(j)
....................
2,050
1,835,316
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
1.08%),
1.36%,
01/30/27
(b)
...................
730
647,955
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.40%),
4.88%
(b)(j)
....................
2,135
1,774,719
(1-Year
EURIBOR
ICE
Swap
Rate
+
4.95%),
7.75%,
03/01/29
(c)
........
EUR
1,891
2,316,972
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.31%),
4.38%
(b)(j)
....................
USD
6,088
4,541,952
(1-day
SOFR
+
5.02%),
9.02%,
11/15/33
(b)
5,290
6,434,715
(1-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.20%),
5.96%,
01/12/34
(b)
...................
1,850
1,876,124
161,216,745
Chemicals
—
0.6%
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)
.....
365
294,668
Ashland,
Inc.,
3.38%,
09/01/31
(b)
........
230
186,500
Avient
Corp.,
7.13%,
08/01/30
(b)
........
935
942,536
Axalta
Coating
Systems
Dutch
Holding
B
BV,
3.75%,
01/15/25
(c)
...............
EUR
220
237,359
Axalta
Coating
Systems
LLC
(b)
4.75%,
06/15/27
.................
USD
1,477
1,408,607
3.38%,
02/15/29
.................
1,484
1,270,057
Braskem
Netherlands
Finance
BV,
7.25%,
02/13/33
(b)
....................
872
855,563
Celanese
US
Holdings
LLC,
5.90%,
07/05/24
1,700
1,696,970
Chemours
Co.
(The)
(b)
5.75%,
11/15/28
.................
1,136
1,042,294
4.63%,
11/15/29
.................
464
391,648
DuPont
de
Nemours,
Inc.,
5.32%,
11/15/38
.
636
630,452
Eastman
Chemical
Co.
5.75%,
03/08/33
.................
1,760
1,756,508
4.80%,
09/01/42
.................
220
190,020
4.65%,
10/15/44
.................
200
167,305
Ecolab,
Inc.,
2.70%,
12/15/51
.........
762
497,929
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
8,522
7,531,450
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(c)
....................
EUR
1,645
1,681,166
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
USD
1,121
1,107,039
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
3,371
2,564,895
Herens
Midco
SARL,
5.25%,
05/15/29
(c)
...
EUR
1,308
758,191
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
USD
2,801
2,560,086
INEOS
Finance
plc,
6.63%,
05/15/28
(c)
....
EUR
1,082
1,161,405
INEOS
Quattro
Finance
2
plc
(c)
2.50%,
01/15/26
.................
1,875
1,828,136
2.50%,
01/15/26
.................
255
248,626
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
USD
528
455,723
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)(b)
1,868
1,307,600
Kronos
International,
Inc.,
3.75%,
09/15/25
(c)
EUR
1,827
1,835,677
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
USD
1,016
$
848,330
LYB
International
Finance
III
LLC,
1.25%,
10/01/25
.....................
800
728,423
MEGlobal
BV
(b)
4.25%,
11/03/26
.................
816
780,647
2.63%,
04/28/28
.................
803
701,862
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
1,293
1,195,011
Monitchem
HoldCo
3
SA,
8.75%,
05/01/28
(c)
EUR
678
730,069
Nobian
Finance
BV,
3.63%,
07/15/26
(c)
....
680
641,118
Nutrien
Ltd.
5.90%,
11/07/24
.................
USD
2,150
2,154,458
4.90%,
03/27/28
.................
1,139
1,121,755
Olympus
Water
US
Holding
Corp.
9.63%,
11/15/28
(c)
................
EUR
1,970
2,089,602
9.75%,
11/15/28
(b)
................
USD
3,164
3,061,170
Sasol
Financing
USA
LLC
6.50%,
09/27/28
.................
435
400,004
8.75%,
05/03/29
(b)
................
2,671
2,664,323
5.50%,
03/18/31
.................
3,305
2,726,658
SCIL
IV
LLC
5.38%,
11/01/26
(b)
................
1,825
1,677,463
(3-mo.
EURIBOR
at
4.38%
Floor
+
4.38%),
7.62%,
11/01/26
(a)(c)
.............
EUR
584
635,687
9.50%,
07/15/28
(c)
................
1,013
1,133,686
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
USD
920
747,249
4.38%,
02/01/32
.................
204
165,242
Sherwin-Williams
Co.
(The)
3.13%,
06/01/24
.................
3,500
3,431,117
2.95%,
08/15/29
.................
584
519,868
4.50%,
06/01/47
.................
195
170,433
3.30%,
05/15/50
.................
15
10,552
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
3,650
2,893,464
Synthomer
plc,
3.88%,
07/01/25
(c)
.......
EUR
1,863
1,839,124
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
USD
729
687,175
5.63%,
08/15/29
.................
7,253
6,120,734
7.38%,
03/01/31
.................
1,368
1,362,358
75,845,992
Commercial
Services
&
Supplies
—
0.6%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
985
845,869
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(b)
................
3,873
3,698,388
9.75%,
07/15/27
(b)
................
5,391
4,944,026
3.63%,
06/01/28
(c)
................
EUR
808
709,384
4.63%,
06/01/28
(b)
................
USD
9,475
8,045,728
4.88%,
06/01/28
(c)
................
GBP
410
405,153
6.00%,
06/01/29
(b)
................
USD
6,106
4,657,808
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
1,008
873,768
4.75%,
10/15/29
.................
1,044
929,724
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
569
554,775
5.75%,
07/15/29
.................
2,047
1,777,033
Aramark
Services,
Inc.
(b)
5.00%,
04/01/25
.................
1,401
1,380,097
6.38%,
05/01/25
.................
1,588
1,588,024
5.00%,
02/01/28
.................
2,392
2,248,488
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
102
100,986
Clean
Harbors,
Inc.
(b)
4.88%,
07/15/27
.................
1,539
1,476,209
6.38%,
02/01/31
.................
807
810,859
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
1,506
1,329,969
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
5.00%,
09/01/30
.................
USD
398
$
344,270
Garda
World
Security
Corp.
(b)
4.63%,
02/15/27
.................
1,158
1,069,609
9.50%,
11/01/27
.................
396
387,627
7.75%,
02/15/28
.................
2,841
2,826,056
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
638
618,732
3.75%,
08/01/25
.................
2,171
2,075,304
5.13%,
12/15/26
.................
301
292,727
4.00%,
08/01/28
.................
1,744
1,560,779
3.50%,
09/01/28
.................
1,168
1,039,412
4.75%,
06/15/29
.................
1,486
1,355,474
4.38%,
08/15/29
.................
1,396
1,244,765
Intrum
AB
(c)
3.13%,
07/15/24
.................
EUR
813
862,946
4.88%,
08/15/25
.................
1,155
1,123,882
9.25%,
03/15/28
.................
158
150,920
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
1,404
1,317,022
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
3,052
2,559,975
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
2,242
2,062,314
Paprec
Holding
SA
(c)
4.00%,
03/31/25
.................
EUR
619
668,768
3.50%,
07/01/28
.................
513
510,471
Prime
Security
Services
Borrower
LLC
(b)
5.25%,
04/15/24
.................
USD
501
495,987
5.75%,
04/15/26
.................
2,736
2,682,411
6.25%,
01/15/28
.................
2,245
2,113,512
Q-Park
Holding
I
BV
(c)
1.50%,
03/01/25
.................
EUR
1,183
1,251,859
(3-mo.
EURIBOR
at
2.00%
Floor
+
2.00%),
5.47%,
03/01/26
(a)
..............
360
382,825
Republic
Services,
Inc.
0.88%,
11/15/25
.................
USD
519
469,548
4.88%,
04/01/29
.................
730
727,274
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(c)
...............
EUR
1,823
1,972,311
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(c)
...............
870
919,531
Verisure
Holding
AB
(c)
3.25%,
02/15/27
.................
512
508,818
9.25%,
10/15/27
.................
1,165
1,371,991
7.13%,
02/01/28
.................
1,173
1,313,707
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
USD
6,218
5,891,555
78,548,670
Communications
Equipment
—
0.1%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
1,337
1,212,433
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
2,658
2,438,753
8.25%,
03/01/27
.................
1,389
1,051,507
4.75%,
09/01/29
.................
1,323
1,019,222
Motorola
Solutions,
Inc.
4.60%,
02/23/28
.................
685
665,504
2.75%,
05/24/31
.................
725
593,739
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
4,482
4,201,875
5.63%,
04/15/27
.................
996
897,266
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
823
706,250
12,786,549
Construction
&
Engineering
—
0.2%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
....................
926
909,175
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
........
2,674
2,406,732
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Construction
&
Engineering
(continued)
Azzurra
Aeroporti
SpA
(c)
2.13%,
05/30/24
.................
EUR
3,100
$
3,313,157
2.63%,
05/30/27
.................
287
283,729
Brand
Industrial
Services,
Inc.,
10.38%,
08/01/30
(b)
....................
USD
6,113
6,235,382
Cellnex
Finance
Co.
SA
(c)
1.00%,
09/15/27
.................
EUR
200
191,951
1.50%,
06/08/28
.................
1,600
1,533,069
2.00%,
09/15/32
.................
1,300
1,143,497
2.00%,
02/15/33
.................
1,800
1,567,934
China
City
Construction
International
Co.
Ltd.,
5.35%,
07/03/17
(c)(d)(f)(k)
............
CNY
6,794
—
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..
USD
1,502
1,357,249
Gatwick
Airport
Finance
plc,
4.38%,
04/07/26
(c)
GBP
1,008
1,177,605
Heathrow
Finance
plc
(c)(e)
4.75%,
03/01/24
.................
807
1,014,950
5.75%,
03/03/25
.................
221
274,698
4.13%,
09/01/29
.................
840
871,574
22,280,702
Construction
Materials
—
0.0%
Cemex
SAB
de
CV,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.53%),
5.13%
(a)(b)(j)
..............
USD
1,330
1,219,743
Consumer
Finance
—
0.6%
AerCap
Ireland
Capital
DAC
3.15%,
02/15/24
.................
2,650
2,608,079
2.88%,
08/14/24
.................
250
241,567
6.50%,
07/15/25
.................
885
891,191
3.65%,
07/21/27
.................
738
681,274
5.75%,
06/06/28
.................
1,379
1,374,046
Ally
Financial,
Inc.,
5.75%,
11/20/25
.....
2,010
1,949,122
American
Express
Co.
3.95%,
08/01/25
.................
1,985
1,928,688
(1-day
SOFR
+
1.93%),
5.63%,
07/28/34
(a)
1,085
1,083,463
Capital
One
Financial
Corp.
3.30%,
10/30/24
.................
2,215
2,139,334
(1-day
SOFR
+
1.29%),
2.64%,
03/03/26
(a)
1,475
1,386,929
(1-day
SOFR
+
0.86%),
1.88%,
11/02/27
(a)
300
262,101
3.80%,
01/31/28
.................
660
611,592
(1-day
SOFR
+
2.64%),
6.31%,
06/08/29
(a)
730
732,758
(1-day
SOFR
+
1.34%),
2.36%,
07/29/32
(a)
735
533,280
(1-day
SOFR
+
1.27%),
2.62%,
11/02/32
(a)
420
325,692
(1-day
SOFR
+
2.60%),
5.82%,
02/01/34
(a)
820
796,853
(1-day
SOFR
+
2.86%),
6.38%,
06/08/34
(a)
1,430
1,443,644
Discover
Financial
Services,
6.70%,
11/29/32
650
666,883
Encore
Capital
Group,
Inc.
(c)
4.88%,
10/15/25
.................
EUR
744
769,077
5.38%,
02/15/26
.................
GBP
1,003
1,134,127
4.25%,
06/01/28
.................
665
648,605
Ford
Motor
Credit
Co.
LLC
2.75%,
06/14/24
.................
1,818
2,243,725
4.54%,
03/06/25
.................
1,539
1,886,197
4.69%,
06/09/25
.................
USD
200
193,870
5.13%,
06/16/25
.................
2,065
2,010,589
4.13%,
08/04/25
.................
1,628
1,552,781
3.38%,
11/13/25
.................
724
676,924
6.86%,
06/05/26
.................
GBP
1,651
2,082,367
4.95%,
05/28/27
.................
USD
1,606
1,524,020
4.87%,
08/03/27
.................
EUR
475
522,733
6.80%,
05/12/28
.................
USD
5,851
5,904,765
6.13%,
05/15/28
.................
EUR
1,526
1,751,460
5.11%,
05/03/29
.................
USD
1,355
1,265,258
7.35%,
03/06/30
.................
3,102
3,211,242
7.20%,
06/10/30
.................
3,124
3,203,350
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
3.63%,
06/17/31
.................
USD
492
$
406,696
General
Motors
Financial
Co.,
Inc.
6.00%,
01/09/28
.................
460
466,920
2.40%,
04/10/28
.................
255
221,883
GGAM
Finance
Ltd.
(b)
7.75%,
05/15/26
.................
263
265,065
8.00%,
06/15/28
.................
263
266,603
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(i)
......
2,320
2,186,450
LeasePlan
Corp.
NV,
(5-Year
EURIBOR
ICE
Swap
Rate
+
7.56%),
7.38%
(a)(c)(j)
......
EUR
1,400
1,520,059
Macquarie
Airfinance
Holdings
Ltd.,
8.38%,
05/01/28
(b)
....................
USD
636
647,569
Navient
Corp.
7.25%,
09/25/23
.................
376
375,807
5.88%,
10/25/24
.................
600
591,945
5.50%,
03/15/29
.................
1,399
1,209,505
9.38%,
07/25/30
.................
883
887,415
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
934
930,898
7.13%,
03/15/26
.................
2,323
2,301,184
3.50%,
01/15/27
.................
820
709,032
6.63%,
01/15/28
.................
899
852,351
5.38%,
11/15/29
.................
451
390,723
4.00%,
09/15/30
.................
128
100,559
SLM
Corp.,
3.13%,
11/02/26
..........
1,322
1,163,267
Toyota
Motor
Credit
Corp.
1.90%,
01/13/27
.................
48
43,430
1.15%,
08/13/27
.................
1,525
1,320,425
4.55%,
09/20/27
.................
700
692,300
3.38%,
04/01/30
.................
376
344,790
68,132,462
Consumer
Staples
Distribution
&
Retail
—
0.2%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
.......
1,400
1,256,810
Albertsons
Cos.,
Inc.
(b)
3.25%,
03/15/26
.................
2,360
2,193,472
4.63%,
01/15/27
.................
830
786,548
5.88%,
02/15/28
.................
1,081
1,052,624
6.50%,
02/15/28
.................
1,136
1,131,536
3.50%,
03/15/29
.................
495
430,923
4.88%,
02/15/30
.................
1,246
1,143,205
Bellis
Acquisition
Co.
plc
(c)
3.25%,
02/16/26
.................
GBP
2,194
2,414,482
4.50%,
02/16/26
.................
2,541
2,859,890
Casino
Guichard
Perrachon
SA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.82%),
3.99%
(a)
(c)(f)(j)(k)
.......................
EUR
1,100
4,112
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
USD
1,224
1,087,301
Picard
Groupe
SAS,
3.88%,
07/01/26
(c)
...
EUR
1,112
1,146,229
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
630
524,815
US
Foods,
Inc.
(b)
4.75%,
02/15/29
.................
1,305
1,200,284
4.63%,
06/01/30
.................
1,174
1,055,953
18,288,184
Containers
&
Packaging
—
0.6%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
4,580
3,720,880
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(b)
................
2,703
2,667,248
2.00%,
09/01/28
(c)
................
EUR
1,032
951,210
4.00%,
09/01/29
(b)
................
USD
7,406
6,057,407
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(b)
................
1,080
1,058,037
2.13%,
08/15/26
(c)
................
EUR
1,570
1,560,063
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
(continued)
4.13%,
08/15/26
(b)
................
USD
811
$
759,715
4.75%,
07/15/27
(c)
................
GBP
1,435
1,483,491
5.25%,
08/15/27
(b)
................
USD
1,013
869,413
Ball
Corp.
5.25%,
07/01/25
.................
113
112,010
6.00%,
06/15/29
.................
1,153
1,153,000
Berry
Global,
Inc.,
1.57%,
01/15/26
......
2,754
2,496,960
Canpack
SA,
3.13%,
11/01/25
(b)
........
810
753,276
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
2,929
2,802,106
8.75%,
04/15/30
.................
3,222
2,920,789
Crown
Americas
LLC
4.75%,
02/01/26
.................
353
341,243
4.25%,
09/30/26
.................
620
586,251
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
368
384,560
Crown
European
Holdings
SA
(c)
3.38%,
05/15/25
.................
EUR
662
715,791
5.00%,
05/15/28
.................
660
735,176
Fiber
Bidco
SpA,
11.00%,
10/25/27
(c)
.....
1,535
1,818,532
Graphic
Packaging
International
LLC,
3.50%,
03/15/28
(b)
....................
USD
993
890,726
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
...
2,905
2,342,214
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(c)
..
EUR
2,029
1,884,786
LABL,
Inc.
(b)
5.88%,
11/01/28
.................
USD
1,515
1,381,905
9.50%,
11/01/28
.................
2,326
2,384,150
Mauser
Packaging
Solutions
Holding
Co.
(b)
7.88%,
08/15/26
.................
15,574
15,531,970
9.25%,
04/15/27
.................
534
496,113
OI
European
Group
BV,
6.25%,
05/15/28
(c)
.
EUR
1,244
1,409,616
Owens-Brockway
Glass
Container,
Inc.
(b)
6.63%,
05/13/27
.................
USD
183
181,962
7.25%,
05/15/31
.................
1,094
1,111,744
SAN
Miguel
Industrias
Pet
SA,
3.50%,
08/02/28
(b)
....................
2,923
2,489,665
Sealed
Air
Corp.,
6.13%,
02/01/28
(b)
.....
1,104
1,099,042
Trident
TPI
Holdings,
Inc.,
12.75%,
12/31/28
(b)
621
657,594
Trivium
Packaging
Finance
BV
5.50%,
08/15/26
(b)(e)
...............
2,441
2,319,168
(3-mo.
EURIBOR
at
3.75%
Floor
+
3.75%),
7.07%,
08/15/26
(a)(c)
.............
EUR
1,399
1,512,267
8.50%,
08/15/27
(b)(e)
...............
USD
5,657
5,441,826
WRKCo,
Inc.
3.75%,
03/15/25
.................
325
315,108
4.90%,
03/15/29
.................
400
387,795
3.00%,
06/15/33
.................
1,813
1,473,499
77,258,308
Distributors
—
0.0%
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
(b)
............
1,019
884,822
Azelis
Finance
NV,
5.75%,
03/15/28
(c)
....
EUR
536
597,680
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
(b)
USD
2,258
2,147,428
Resideo
Funding,
Inc.,
4.00%,
09/01/29
(b)
..
493
416,752
Ritchie
Bros
Holdings,
Inc.,
6.75%,
03/15/28
(b)
448
453,600
4,500,282
Diversified
Consumer
Services
—
0.1%
Cedacri
Mergeco
SpA,
8.88%,
05/15/28
(a)(c)
.
EUR
724
778,127
Johns
Hopkins
University,
Series
A,
4.71%,
07/01/32
.....................
USD
1,950
1,950,952
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
969
823,542
Northwestern
University,
4.64%,
12/01/44
..
470
446,813
Rekeep
SpA,
7.25%,
02/01/26
(c)
........
EUR
2,286
2,379,892
Service
Corp.
International
5.13%,
06/01/29
.................
USD
716
680,200
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
3.38%,
08/15/30
.................
USD
1,285
$
1,071,417
4.00%,
05/15/31
.................
1,613
1,375,082
Sotheby's
(b)
7.38%,
10/15/27
.................
3,840
3,401,714
5.88%,
06/01/29
.................
3,842
2,977,550
TUI
Cruises
GmbH,
6.50%,
05/15/26
(c)
....
EUR
933
963,360
University
of
Miami,
Series
2022,
4.06%,
04/01/52
.....................
USD
320
265,143
University
of
Southern
California,
Series
2017,
3.84%,
10/01/47
................
375
318,521
17,432,313
Diversified
REITs
—
0.2%
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
761
607,277
GLP
Capital
LP
4.00%,
01/15/30
.................
495
431,682
3.25%,
01/15/32
.................
1,621
1,323,383
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
1,302
1,175,996
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
1,033
893,948
Simon
Property
Group
LP,
5.50%,
03/08/33
.
1,270
1,268,759
Trust
Fibra
Uno,
5.25%,
01/30/26
(b)
......
1,346
1,307,302
Uniti
Group
LP,
10.50%,
02/15/28
(b)
......
3,588
3,566,544
VICI
Properties
LP
3.50%,
02/15/25
(b)
................
1,937
1,859,927
3.88%,
02/15/29
(b)
................
397
351,951
4.63%,
12/01/29
(b)
................
1,637
1,495,858
4.95%,
02/15/30
.................
1,089
1,030,356
4.13%,
08/15/30
(b)
................
2,184
1,936,640
5.13%,
05/15/32
.................
2,240
2,107,860
5.63%,
05/15/52
.................
1,796
1,645,783
21,003,266
Diversified
Telecommunication
Services
—
1.1%
Altice
France
SA
2.50%,
01/15/25
(c)
................
EUR
100
97,333
2.13%,
02/15/25
(c)
................
1,992
1,918,470
5.88%,
02/01/27
(c)
................
650
549,578
8.13%,
02/01/27
(b)
................
USD
2,078
1,699,766
3.38%,
01/15/28
(c)
................
EUR
544
416,963
5.50%,
01/15/28
(b)
................
USD
3,359
2,464,774
5.13%,
01/15/29
(b)
................
679
473,273
5.50%,
10/15/29
(b)
................
2,381
1,690,526
AT&T,
Inc.
4.35%,
03/01/29
.................
25
23,804
4.50%,
05/15/35
.................
2,685
2,422,030
5.35%,
09/01/40
.................
1,500
1,427,088
4.65%,
06/01/44
.................
200
168,515
3.65%,
06/01/51
.................
710
501,748
3.55%,
09/15/55
.................
926
623,142
3.65%,
09/15/59
.................
206
137,814
Bakrie
Telecom
Pte.
Ltd.,
11.50%,
05/07/15
(c)(f)(k)
1,000
6,440
British
Telecommunications
plc
(a)
(5-Year
EUR
Swap
Annual
+
2.13%),
1.87%,
08/18/80
(c)
..............
EUR
236
235,161
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.49%),
4.88%,
11/23/81
(b)
...................
USD
700
573,716
8.38%,
12/20/83
(c)
................
GBP
2,350
3,017,803
CCO
Holdings
LLC
(b)
5.13%,
05/01/27
.................
USD
2,101
1,971,154
5.00%,
02/01/28
.................
1,327
1,226,322
5.38%,
06/01/29
.................
3,058
2,794,566
6.38%,
09/01/29
.................
2,617
2,502,326
4.50%,
08/15/30
.................
788
667,670
4.25%,
02/01/31
.................
4,075
3,350,024
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
7.38%,
03/01/31
.................
USD
7,961
$
7,915,639
4.75%,
02/01/32
.................
1,919
1,584,345
4.25%,
01/15/34
.................
820
630,269
Cellnex
Telecom
SA
(c)
1.00%,
04/20/27
.................
EUR
600
586,006
1.75%,
10/23/30
.................
1,800
1,625,768
0.75%,
11/20/31
(l)
................
2,100
1,786,214
Frontier
Communications
Holdings
LLC
(b)
5.88%,
10/15/27
.................
USD
1,705
1,561,657
5.00%,
05/01/28
.................
4,743
4,019,257
8.75%,
05/15/30
.................
4,900
4,727,443
Global
Switch
Holdings
Ltd.,
2.25%,
05/31/27
(c)
EUR
525
537,225
Iliad
Holding
SASU
6.50%,
10/15/26
(b)
................
USD
3,914
3,751,027
5.63%,
10/15/28
(c)
................
EUR
500
521,188
7.00%,
10/15/28
(b)
................
USD
2,412
2,264,486
Iliad
SA
(c)
1.50%,
10/14/24
.................
EUR
700
743,448
5.38%,
06/14/27
.................
1,600
1,758,848
5.63%,
02/15/30
.................
1,800
1,959,309
Infrastrutture
Wireless
Italiane
SpA,
1.63%,
10/21/28
(c)
....................
2,423
2,345,789
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(c)
116
112,556
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
USD
5,028
4,434,673
4.63%,
09/15/27
.................
2,026
1,539,062
10.50%,
05/15/30
................
4,972
5,150,321
Lorca
Telecom
Bondco
SA
4.00%,
09/18/27
(c)
................
EUR
3,527
3,630,873
Lumen
Technologies,
Inc.,
4.00%,
02/15/27
(b)
USD
5,806
3,818,258
RCS
&
RDS
SA,
2.50%,
02/05/25
(c)
......
EUR
2,200
2,314,960
Sprint
Capital
Corp.,
6.88%,
11/15/28
.....
USD
2,827
2,996,759
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
1,544
1,306,727
6.00%,
09/30/34
.................
2,236
1,808,687
7.20%,
07/18/36
.................
61
52,402
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
725
821,052
Telecom
Italia
SpA
4.00%,
04/11/24
(c)
................
100
108,988
5.30%,
05/30/24
(b)
................
USD
1,855
1,818,600
2.75%,
04/15/25
(c)
................
EUR
651
678,196
3.63%,
05/25/26
(c)
................
170
175,943
2.38%,
10/12/27
(c)
................
400
371,339
6.88%,
02/15/28
(c)
................
2,471
2,687,294
7.88%,
07/31/28
(c)
................
1,537
1,717,393
1.63%,
01/18/29
(c)
................
2,332
1,948,820
Telefonica
Emisiones
SA
4.10%,
03/08/27
.................
USD
600
575,147
4.90%,
03/06/48
.................
670
554,522
Verizon
Communications,
Inc.
3.88%,
02/08/29
.................
2,797
2,631,199
1.50%,
09/18/30
.................
285
224,634
1.68%,
10/30/30
.................
711
557,950
2.55%,
03/21/31
.................
420
348,633
2.36%,
03/15/32
.................
540
431,202
5.85%,
09/15/35
.................
690
713,056
2.65%,
11/20/40
.................
1,400
956,628
3.40%,
03/22/41
.................
1,875
1,424,644
2.85%,
09/03/41
.................
440
309,287
6.55%,
09/15/43
.................
245
269,087
Virgin
Media
Finance
plc,
5.00%,
07/15/30
(b)
1,350
1,107,745
Virgin
Media
Secured
Finance
plc
5.00%,
04/15/27
(c)
................
GBP
833
975,482
5.25%,
05/15/29
(c)
................
361
399,352
5.50%,
05/15/29
(b)
................
USD
400
369,274
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
4.25%,
01/15/30
(c)
................
GBP
108
$
111,570
4.50%,
08/15/30
(b)
................
USD
843
722,100
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
19,729
14,109,313
6.13%,
03/01/28
.................
2,566
1,582,031
135,143,683
Electric
Utilities
—
1.1%
AEP
Transmission
Co.
LLC,
3.15%,
09/15/49
75
53,055
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
...............
1,815
1,569,636
Alabama
Power
Co.
3.94%,
09/01/32
.................
72
66,223
4.15%,
08/15/44
.................
678
556,681
American
Electric
Power
Co.,
Inc.,
5.70%,
08/15/25
.....................
2,205
2,207,601
Baltimore
Gas
&
Electric
Co.
4.25%,
09/15/48
.................
435
366,681
3.20%,
09/15/49
.................
525
369,723
2.90%,
06/15/50
.................
105
69,798
CenterPoint
Energy
Houston
Electric
LLC
Series
AG,
3.00%,
03/01/32
.........
533
457,260
Series
ai.,
4.45%,
10/01/32
..........
418
401,253
Commonwealth
Edison
Co.,
Series
133,
3.85%,
03/15/52
.....................
500
399,289
DTE
Electric
Co.,
Series
B,
3.65%,
03/01/52
100
77,354
Duke
Energy
Carolinas
LLC
2.85%,
03/15/32
.................
1,205
1,020,447
6.05%,
04/15/38
.................
100
105,432
3.70%,
12/01/47
.................
600
464,585
3.20%,
08/15/49
.................
1,202
851,094
3.55%,
03/15/52
.................
200
149,342
Duke
Energy
Corp.
5.00%,
12/08/25
.................
1,055
1,047,568
2.45%,
06/01/30
.................
425
357,266
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.32%),
3.25%,
01/15/82
(a)
...................
18,465
13,646,902
Duke
Energy
Florida
LLC
2.50%,
12/01/29
.................
2,353
2,043,222
1.75%,
06/15/30
.................
255
207,430
3.85%,
11/15/42
.................
320
257,780
Duke
Energy
Progress
LLC
3.45%,
03/15/29
.................
2,808
2,596,316
4.10%,
05/15/42
.................
100
84,209
4.20%,
08/15/45
.................
830
685,354
5.35%,
03/15/53
.................
588
588,672
Edison
International
5.75%,
06/15/27
.................
387
389,520
5.25%,
11/15/28
.................
1,250
1,231,855
6.95%,
11/15/29
.................
898
954,691
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.86%),
8.13%,
06/15/53
(a)
...................
3,200
3,276,288
EDP
-
Energias
de
Portugal
SA
(a)(c)
(5-Year
EUR
Swap
Annual
+
1.84%),
1.70%,
07/20/80
...............
EUR
500
505,929
(5-Year
EUR
Swap
Annual
+
2.38%),
1.88%,
08/02/81
...............
1,800
1,765,337
(5-Year
EUR
Swap
Annual
+
3.18%),
5.94%,
04/23/83
...............
300
328,894
Emera
US
Finance
LP,
0.83%,
06/15/24
...
USD
975
923,506
Enel
Finance
International
NV
(b)
6.80%,
10/14/25
.................
337
344,146
1.38%,
07/12/26
.................
1,890
1,679,406
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Enel
SpA,
(5-Year
EUR
Swap
Annual
+
3.49%),
6.38%
(a)(c)(j)
...................
EUR
835
$
942,182
Engie
Energia
Chile
SA,
3.40%,
01/28/30
(c)
.
USD
1,276
1,061,874
Eversource
Energy
2.90%,
03/01/27
.................
210
193,625
4.60%,
07/01/27
.................
1,142
1,118,696
Exelon
Corp.
3.95%,
06/15/25
.................
595
577,521
4.45%,
04/15/46
.................
351
300,368
FirstEnergy
Corp.
(e)
Series
B,
4.15%,
07/15/27
..........
1,500
1,420,404
Series
C,
5.10%,
07/15/47
..........
149
135,113
FirstEnergy
Transmission
LLC
(b)
4.35%,
01/15/25
.................
2,346
2,287,833
5.45%,
07/15/44
.................
2,743
2,553,447
4.55%,
04/01/49
.................
872
720,162
Florida
Power
&
Light
Co.
5.65%,
02/01/37
.................
500
519,288
3.70%,
12/01/47
.................
365
291,333
3.15%,
10/01/49
.................
465
334,207
2.88%,
12/04/51
.................
218
148,446
Georgia
Power
Co.,
4.70%,
05/15/32
.....
2,215
2,139,132
Interstate
Power
&
Light
Co.
3.25%,
12/01/24
.................
300
290,595
3.10%,
11/30/51
.................
100
65,351
Kallpa
Generacion
SA,
4.88%,
05/24/26
(c)
..
2,609
2,512,389
MidAmerican
Energy
Co.
3.65%,
04/15/29
.................
907
846,638
4.25%,
07/15/49
.................
1,175
989,378
Naturgy
Finance
BV
(a)(c)(j)
(9-Year
EUR
Swap
Annual
+
3.08%),
3.38%
EUR
500
537,723
(5-Year
EUR
Swap
Annual
+
2.44%),
2.37%
1,400
1,366,036
NextEra
Energy
Capital
Holdings,
Inc.
4.20%,
06/20/24
.................
USD
3,430
3,382,447
6.05%,
03/01/25
.................
370
372,683
3.55%,
05/01/27
.................
73
68,981
1.90%,
06/15/28
.................
700
604,775
2.25%,
06/01/30
.................
400
332,356
2.44%,
01/15/32
.................
184
149,480
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.55%),
3.80%,
03/15/82
(a)
...................
27,037
22,918,808
Northern
States
Power
Co.
3.60%,
09/15/47
.................
136
105,321
2.90%,
03/01/50
.................
350
236,750
2.60%,
06/01/51
.................
293
185,139
4.50%,
06/01/52
.................
357
319,526
NRG
Energy,
Inc.
2.45%,
12/02/27
(b)
................
917
778,315
5.75%,
01/15/28
.................
460
438,087
7.00%,
03/15/33
(b)
................
1,180
1,177,274
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
..........
1,200
946,348
5.00%,
06/01/33
.................
720
713,405
4.15%,
04/01/48
.................
140
114,364
4.00%,
06/01/49
.................
975
777,466
Series
R,
2.90%,
10/01/51
..........
55
35,838
Oncor
Electric
Delivery
Co.
LLC
4.30%,
05/15/28
(b)
................
239
233,534
3.75%,
04/01/45
.................
441
355,487
3.80%,
09/30/47
.................
345
275,648
4.60%,
06/01/52
.................
600
543,734
Pacific
Gas
&
Electric
Co.
3.45%,
07/01/25
.................
1,460
1,387,609
3.30%,
12/01/27
.................
1,065
947,851
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
6.10%,
01/15/29
.................
USD
1,290
$
1,282,570
2.50%,
02/01/31
.................
570
450,437
6.40%,
06/15/33
.................
1,900
1,909,446
4.45%,
04/15/42
.................
475
360,828
4.00%,
12/01/46
.................
258
173,574
4.95%,
07/01/50
.................
1,540
1,231,567
3.50%,
08/01/50
.................
815
527,859
5.25%,
03/01/52
.................
470
384,508
6.75%,
01/15/53
.................
885
886,163
6.70%,
04/01/53
.................
560
559,336
PacifiCorp
2.90%,
06/15/52
.................
620
378,557
5.35%,
12/01/53
.................
1,190
1,057,974
5.50%,
05/15/54
.................
125
113,738
Palomino
Funding
Trust
I,
7.23%,
05/17/28
(b)
682
688,879
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
2,363
2,147,081
PECO
Energy
Co.
4.90%,
06/15/33
.................
1,315
1,308,470
2.85%,
09/15/51
.................
130
84,764
4.60%,
05/15/52
.................
200
179,885
4.38%,
08/15/52
.................
286
250,968
PPL
Electric
Utilities
Corp.,
3.95%,
06/01/47
25
20,618
Progress
Energy,
Inc.,
6.00%,
12/01/39
...
350
353,741
Public
Service
Co.
of
Colorado
Series
34,
3.20%,
03/01/50
.........
425
295,992
Series
36,
2.70%,
01/15/51
.........
100
62,409
Public
Service
Electric
&
Gas
Co.
3.10%,
03/15/32
.................
137
119,752
4.90%,
12/15/32
.................
1,786
1,783,302
5.80%,
05/01/37
.................
100
103,971
2.05%,
08/01/50
.................
80
46,129
3.00%,
03/01/51
.................
657
457,367
Southern
California
Edison
Co.
1.10%,
04/01/24
.................
600
580,997
Series
D,
4.70%,
06/01/27
..........
465
458,370
5.95%,
11/01/32
.................
383
401,788
4.00%,
04/01/47
.................
725
581,311
Series
B,
4.88%,
03/01/49
..........
70
62,345
3.65%,
02/01/50
.................
700
524,276
Series
20A,
2.95%,
02/01/51
........
240
157,049
Series
H,
3.65%,
06/01/51
..........
435
317,218
3.45%,
02/01/52
.................
200
141,366
Series
E,
5.45%,
06/01/52
..........
490
471,967
5.70%,
03/01/53
.................
435
435,392
Southern
Co.
(The),
4.48%,
08/01/24
(e)
....
1,325
1,305,261
Tampa
Electric
Co.
4.35%,
05/15/44
.................
100
84,111
4.30%,
06/15/48
.................
153
126,846
4.45%,
06/15/49
.................
475
401,423
3.45%,
03/15/51
.................
135
95,248
Virginia
Electric
&
Power
Co.
Series
B,
6.00%,
01/15/36
..........
460
479,770
6.35%,
11/30/37
.................
179
188,700
4.45%,
02/15/44
.................
300
257,938
4.60%,
12/01/48
.................
595
527,736
Vistra
Operations
Co.
LLC
(b)
3.55%,
07/15/24
.................
2,077
2,018,517
5.13%,
05/13/25
.................
2,493
2,433,580
Wisconsin
Electric
Power
Co.,
2.05%,
12/15/24
400
381,969
130,505,775
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Electrical
Equipment
—
0.1%
Energizer
Gamma
Acquisition
BV,
3.50%,
06/30/29
(c)
....................
EUR
841
$
753,996
Regal
Rexnord
Corp.
(b)
6.05%,
04/15/28
.................
USD
1,980
1,967,914
6.30%,
02/15/30
.................
1,670
1,667,262
6.40%,
04/15/33
.................
1,149
1,145,949
Sensata
Technologies
BV
(b)
5.00%,
10/01/25
.................
1,971
1,921,400
4.00%,
04/15/29
.................
1,157
1,022,408
5.88%,
09/01/30
.................
735
708,304
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
....
3,671
3,295,353
12,482,586
Electronic
Equipment,
Instruments
&
Components
—
0.0%
CDW
LLC,
3.25%,
02/15/29
..........
722
629,721
Coherent
Corp.,
5.00%,
12/15/29
(b)
......
2,821
2,538,900
Sensata
Technologies,
Inc.
(b)
4.38%,
02/15/30
.................
529
470,387
3.75%,
02/15/31
.................
447
377,527
4,016,535
Energy
Equipment
&
Services
—
0.5%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
2,927
2,853,793
6.25%,
04/01/28
.................
4,004
3,773,770
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
1,969
1,981,198
Halliburton
Co.
3.80%,
11/15/25
.................
299
288,730
2.92%,
03/01/30
.................
489
431,771
5.00%,
11/15/45
.................
357
326,792
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
1,570
1,511,533
7.50%,
01/15/28
.................
2,068
1,896,845
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
4,112
4,029,760
7.38%,
05/15/27
(b)
................
1,411
1,379,930
Noble
Finance
II
LLC,
8.00%,
04/15/30
(b)
..
1,765
1,815,744
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
461
434,709
Seadrill
Finance
Ltd.
Series
JUL,
8.38%,
08/01/30
(b)
.......
1,237
1,262,606
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
993
1,042,650
Transocean
Titan
Financing
Ltd.,
8.38%,
02/01/28
(b)
....................
1,298
1,340,185
Transocean,
Inc.
(b)
7.50%,
01/15/26
.................
2,200
2,161,500
11.50%,
01/30/27
................
1,164
1,220,591
8.00%,
02/01/27
.................
568
547,461
8.75%,
02/15/30
.................
5,186
5,384,261
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
2,862
2,836,251
6.88%,
09/01/27
.................
2,454
2,363,964
Valaris
Ltd.,
8.38%,
04/30/30
(b)
.........
3,037
3,107,458
Vallourec
SA,
8.50%,
06/30/26
(c)
........
EUR
1,531
1,691,751
Venture
Global
LNG,
Inc.
(b)
8.13%,
06/01/28
.................
USD
7,749
7,875,937
8.38%,
06/01/31
.................
10,398
10,551,027
Weatherford
International
Ltd.
(b)
6.50%,
09/15/28
.................
1,472
1,472,269
8.63%,
04/30/30
.................
2,689
2,755,894
66,338,380
Entertainment
—
0.2%
Banijay
Group
SAS,
6.50%,
03/01/26
(c)
....
EUR
1,546
1,674,330
CPUK
Finance
Ltd.,
3.59%,
08/28/25
(c)
....
GBP
502
600,276
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
USD
1,681
1,150,107
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
USD
659
$
649,939
5.63%,
03/15/26
.................
100
97,500
6.50%,
05/15/27
.................
6,775
6,809,531
4.75%,
10/15/27
.................
2,302
2,137,983
Netflix,
Inc.
4.88%,
04/15/28
.................
1,944
1,920,128
5.38%,
11/15/29
(b)
................
346
346,497
4.88%,
06/15/30
(b)
................
1,662
1,623,420
Odeon
Finco
plc,
12.75%,
11/01/27
(b)
.....
488
487,571
Pinewood
Finance
Co.
Ltd.,
3.25%,
09/30/25
(c)
GBP
543
641,110
Playtika
Holding
Corp.,
4.25%,
03/15/29
(b)
..
USD
399
352,132
TWDC
Enterprises
18
Corp.
3.70%,
12/01/42
.................
314
256,221
4.13%,
06/01/44
.................
85
72,826
Walt
Disney
Co.
(The)
6.40%,
12/15/35
.................
310
345,295
3.50%,
05/13/40
.................
453
369,683
Warnermedia
Holdings,
Inc.
4.28%,
03/15/32
.................
200
177,389
5.14%,
03/15/52
.................
3,132
2,545,791
5.39%,
03/15/62
.................
2,220
1,805,352
24,063,081
Financial
Services
—
0.7%
Banco
Votorantim
SA,
4.50%,
09/24/24
(c)
..
1,378
1,342,585
Block,
Inc.
2.75%,
06/01/26
.................
4,010
3,650,543
3.50%,
06/01/31
.................
5,586
4,678,696
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
1,565
1,549,404
Fidelity
National
Information
Services,
Inc.
1.15%,
03/01/26
.................
292
262,300
4.70%,
07/15/27
.................
694
680,750
3.10%,
03/01/41
.................
121
86,184
Fiserv,
Inc.
2.65%,
06/01/30
.................
389
331,890
4.40%,
07/01/49
.................
125
104,938
Garfunkelux
Holdco
3
SA
(c)
6.75%,
11/01/25
.................
EUR
1,737
1,390,246
7.75%,
11/01/25
.................
GBP
381
351,560
Global
Payments,
Inc.
1.20%,
03/01/26
.................
USD
1,052
940,504
3.20%,
08/15/29
.................
3,411
3,005,602
5.30%,
08/15/29
.................
380
372,829
2.90%,
05/15/30
.................
723
613,651
5.40%,
08/15/32
.................
1,537
1,508,273
5.95%,
08/15/52
.................
1,373
1,339,284
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
4,987
4,654,019
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
2,783
2,378,162
Mastercard,
Inc.
2.95%,
06/01/29
.................
281
256,979
3.95%,
02/26/48
.................
101
87,619
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
1,182
1,125,405
Nationstar
Mortgage
Holdings,
Inc.
(b)
6.00%,
01/15/27
.................
1,020
974,733
5.13%,
12/15/30
.................
670
564,612
5.75%,
11/15/31
.................
1,240
1,052,263
Nationwide
Building
Society
(a)(c)(j)
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.39%),
5.88%
...
GBP
3,534
4,297,253
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.63%),
5.75%
...
2,650
2,987,705
Nexi
SpA,
0.00%,
02/24/28
(c)(l)(m)
........
EUR
2,300
1,949,796
NTT
Finance
Corp.
(b)
4.14%,
07/26/24
.................
USD
355
349,542
1.16%,
04/03/26
.................
2,245
2,017,094
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Nykredit
Realkredit
A/S,
(5-Year
EUR
Swap
Annual
+
4.57%),
4.13%
(a)(c)(j)
........
EUR
600
$
606,330
PayPal
Holdings,
Inc.,
4.40%,
06/01/32
...
USD
892
861,447
Rocket
Mortgage
LLC
(b)
2.88%,
10/15/26
.................
5,942
5,288,380
3.88%,
03/01/31
.................
245
201,513
4.00%,
10/15/33
.................
377
299,014
Sabre
GLBL,
Inc.
(b)
9.25%,
04/15/25
.................
234
219,385
7.38%,
09/01/25
.................
1,853
1,672,333
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
2,914
2,753,293
Siemens
Financieringsmaatschappij
NV,
2.88%,
03/11/41
(b)
...............
1,975
1,485,138
Taurus
Law130 Securities
SRL,
(Acquired
07/14/23,
cost
$7,146,100),
(3-mo.
EURIBOR
+
3.25%)
(a)(g)
............
EUR
6,599
6,996,595
Thames
Water
Utilities
Finance
plc,
4.00%,
04/18/27
(c)
....................
726
760,306
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
USD
12,882
12,918,662
78,966,817
Food
Products
—
0.2%
Chobani
LLC
(b)
7.50%,
04/15/25
.................
6,766
6,749,618
4.63%,
11/15/28
.................
4,454
4,053,081
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
.
2,983
2,938,163
General
Mills,
Inc.
2.25%,
10/14/31
.................
289
235,901
4.95%,
03/29/33
.................
522
515,897
3.00%,
02/01/51
.................
222
155,157
Kraft
Heinz
Foods
Co.
3.88%,
05/15/27
.................
352
337,491
4.88%,
10/01/49
.................
1,597
1,454,537
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
1,376
1,306,986
4.13%,
01/31/30
.................
2,679
2,364,341
Post
Holdings,
Inc.
(b)
5.75%,
03/01/27
.................
526
515,462
5.63%,
01/15/28
.................
413
399,099
5.50%,
12/15/29
.................
124
115,156
4.63%,
04/15/30
.................
129
113,678
4.50%,
09/15/31
.................
186
158,358
Premier
Foods
Finance
plc
3.50%,
10/15/26
(c)
................
GBP
977
1,124,788
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
1,319
1,101,365
Tereos
Finance
Groupe
I
SA,
7.25%,
04/15/28
(c)
EUR
850
974,108
24,613,186
Gas
Utilities
—
0.1%
AmeriGas
Partners
LP,
9.38%,
06/01/28
(b)
..
USD
1,164
1,186,582
Atmos
Energy
Corp.
2.63%,
09/15/29
.................
100
88,424
4.13%,
10/15/44
.................
192
161,723
2.85%,
02/15/52
.................
305
204,318
Howard
Midstream
Energy
Partners
LLC,
8.88%,
07/15/28
(b)
...............
1,403
1,434,708
Piedmont
Natural
Gas
Co.,
Inc.,
5.05%,
05/15/52
.....................
100
89,959
Promigas
SA
ESP
3.75%,
10/16/29
(c)
................
1,344
1,144,080
3.75%,
10/16/29
(b)
................
1,668
1,419,885
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
619
528,286
UGI
International
LLC,
2.50%,
12/01/29
(c)
..
EUR
1,675
1,418,080
7,676,045
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
—
0.4%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
USD
1,639
$
1,544,757
Ashtead
Capital,
Inc.,
5.95%,
10/15/33
(b)
...
1,885
1,879,999
BCP
V
Modular
Services
Finance
II
plc,
4.75%,
11/30/28
(c)
....................
EUR
756
704,461
Burlington
Northern
Santa
Fe
LLC
6.15%,
05/01/37
.................
USD
185
203,860
5.75%,
05/01/40
.................
300
317,316
5.15%,
09/01/43
.................
100
98,631
4.90%,
04/01/44
.................
995
961,015
4.15%,
04/01/45
.................
100
86,725
4.70%,
09/01/45
.................
200
184,704
4.05%,
06/15/48
.................
100
84,635
3.55%,
02/15/50
.................
105
82,952
2.88%,
06/15/52
.................
305
206,211
Canadian
National
Railway
Co.,
3.85%,
08/05/32
.....................
887
824,950
Canadian
Pacific
Railway
Co.
4.80%,
08/01/45
.................
509
468,127
4.95%,
08/15/45
.................
182
169,671
CSX
Corp.
4.30%,
03/01/48
.................
630
547,684
4.75%,
11/15/48
.................
281
258,171
DAE
Funding
LLC
(c)
1.55%,
08/01/24
.................
1,648
1,565,633
2.63%,
03/20/25
.................
829
779,650
EC
Finance
plc,
3.00%,
10/15/26
(c)
......
EUR
698
716,954
Hertz
Corp.
(The)
(b)
4.63%,
12/01/26
.................
USD
958
865,505
5.00%,
12/01/29
.................
839
693,090
Loxam
SAS,
5.75%,
07/15/27
(c)
........
EUR
200
203,505
Mobico
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(c)(j)
...................
GBP
1,335
1,501,512
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
1,421
1,292,399
Norfolk
Southern
Corp.
3.80%,
08/01/28
.................
200
189,980
5.05%,
08/01/30
.................
1,170
1,167,613
3.00%,
03/15/32
.................
137
117,812
4.45%,
03/01/33
.................
967
924,885
3.94%,
11/01/47
.................
100
80,923
4.15%,
02/28/48
.................
750
631,634
3.05%,
05/15/50
.................
425
290,271
4.05%,
08/15/52
.................
100
81,637
3.70%,
03/15/53
.................
545
418,274
5.35%,
08/01/54
.................
320
318,131
3.16%,
05/15/55
.................
150
101,407
Penske
Truck
Leasing
Co.
LP
(b)
3.45%,
07/01/24
.................
879
859,057
4.00%,
07/15/25
.................
3,115
2,993,029
4.20%,
04/01/27
.................
340
319,827
5.88%,
11/15/27
.................
1,075
1,070,841
Ryder
System,
Inc.
2.50%,
09/01/24
.................
995
959,755
2.85%,
03/01/27
.................
1,068
985,174
Uber
Technologies,
Inc.
(b)
7.50%,
05/15/25
.................
2,496
2,523,989
8.00%,
11/01/26
.................
3,554
3,625,732
7.50%,
09/15/27
.................
4,087
4,171,609
6.25%,
01/15/28
.................
782
775,948
4.50%,
08/15/29
.................
4,388
4,055,685
Union
Pacific
Corp.
4.05%,
03/01/46
.................
25
20,677
3.25%,
02/05/50
.................
300
222,993
3.50%,
02/14/53
.................
422
324,170
3.95%,
08/15/59
.................
1,005
804,061
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
(continued)
3.84%,
03/20/60
.................
USD
411
$
326,061
3.80%,
04/06/71
.................
100
75,569
Williams
Scotsman
International,
Inc.,
6.13%,
06/15/25
(b)
....................
1,546
1,536,036
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(b)
..
647
668,830
46,883,727
Health
Care
Equipment
&
Supplies
—
0.2%
Abbott
Laboratories
3.75%,
11/30/26
.................
343
335,060
4.75%,
11/30/36
.................
976
978,361
Avantor
Funding,
Inc.
2.63%,
11/01/25
(c)
................
EUR
714
751,116
4.63%,
07/15/28
(b)
................
USD
2,133
1,979,069
3.88%,
11/01/29
(b)
................
1,465
1,282,035
Baxter
International,
Inc.,
2.54%,
02/01/32
.
1,258
1,018,061
Becton
Dickinson
&
Co.
3.73%,
12/15/24
.................
158
154,133
3.70%,
06/06/27
.................
1,691
1,613,545
Embecta
Corp.,
6.75%,
02/15/30
(b)
......
617
542,488
Garden
Spinco
Corp.,
8.63%,
07/20/30
(b)
..
1,738
1,875,697
GE
HealthCare
Technologies,
Inc.,
5.55%,
11/15/24
.....................
1,375
1,373,456
Medline
Borrower
LP
(b)
3.88%,
04/01/29
.................
2,519
2,205,818
5.25%,
10/01/29
.................
7,430
6,591,737
Medtronic
Global
Holdings
SCA
4.25%,
03/30/28
.................
248
242,538
4.50%,
03/30/33
.................
1,623
1,583,578
Teleflex,
Inc.,
4.63%,
11/15/27
.........
172
162,325
22,689,017
Health
Care
Providers
&
Services
—
0.6%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(b)
705
675,038
AdaptHealth
LLC
(b)
6.13%,
08/01/28
.................
449
402,238
5.13%,
03/01/30
.................
204
168,794
Aetna,
Inc.
4.75%,
03/15/44
.................
550
484,390
3.88%,
08/15/47
.................
641
492,028
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
2,676
2,329,993
Banner
Health
2.91%,
01/01/42
.................
100
72,028
2.91%,
01/01/51
.................
100
66,520
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
571
354,020
Centene
Corp.
4.63%,
12/15/29
.................
314
291,935
3.38%,
02/15/30
.................
1,272
1,094,438
3.00%,
10/15/30
.................
1,242
1,039,156
2.50%,
03/01/31
.................
1,491
1,193,024
2.63%,
08/01/31
.................
36
28,786
Clariane
SE
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(c)(j)
GBP
1,100
1,124,407
CommonSpirit
Health
3.35%,
10/01/29
.................
USD
500
443,825
2.78%,
10/01/30
.................
280
237,063
3.82%,
10/01/49
.................
300
227,040
3.91%,
10/01/50
.................
440
337,487
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
1,857
1,652,351
6.00%,
01/15/29
.................
3,029
2,589,795
5.25%,
05/15/30
.................
3,241
2,589,677
4.75%,
02/15/31
.................
1,599
1,211,370
CVS
Health
Corp.
5.00%,
02/20/26
.................
1,545
1,539,707
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
5.13%,
07/20/45
.................
USD
1,454
$
1,335,976
Elevance
Health,
Inc.
2.38%,
01/15/25
.................
45
43,022
4.10%,
05/15/32
.................
588
547,155
5.50%,
10/15/32
.................
662
678,757
4.75%,
02/15/33
.................
1,096
1,066,213
6.38%,
06/15/37
.................
500
534,825
4.65%,
01/15/43
.................
250
228,181
3.70%,
09/15/49
.................
625
482,073
4.55%,
05/15/52
.................
177
156,536
Encompass
Health
Corp.
4.50%,
02/01/28
.................
116
107,751
4.75%,
02/01/30
.................
1,711
1,555,185
4.63%,
04/01/31
.................
1,701
1,511,531
HCA,
Inc.
5.38%,
09/01/26
.................
1,170
1,166,809
3.63%,
03/15/32
(b)
................
1,070
929,801
5.25%,
06/15/49
.................
30
26,997
3.50%,
07/15/51
.................
960
659,669
4.63%,
03/15/52
(b)
................
1,390
1,141,331
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
3,949
3,537,381
Hoag
Memorial
Hospital
Presbyterian,
3.80%,
07/15/52
.....................
500
395,577
Kaiser
Foundation
Hospitals,
Series
2021,
2.81%,
06/01/41
................
299
217,039
Legacy
LifePoint
Health
LLC
(b)
6.75%,
04/15/25
.................
2,093
2,125,169
4.38%,
02/15/27
.................
1,965
1,694,813
LifePoint
Health,
Inc.,
9.88%,
08/15/30
(b)
...
1,104
1,104,000
Memorial
Health
Services,
3.45%,
11/01/49
.
495
363,201
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
......
1,342
1,244,705
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
1,030
944,434
3.88%,
11/15/30
.................
829
709,150
Mount
Nittany
Medical
Center
Obligated
Group,
Series
2022,
3.80%,
11/15/52
........
265
201,472
Nationwide
Children's
Hospital,
Inc.,
4.56%,
11/01/52
.....................
195
180,843
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
1,735
1,531,807
RWJ
Barnabas
Health,
Inc.,
3.48%,
07/01/49
580
443,106
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
1,950
1,942,688
10.00%,
04/15/27
................
2,252
2,304,595
Sutter
Health
Series
20A,
2.29%,
08/15/30
........
870
720,253
Series
20A,
3.36%,
08/15/50
........
244
170,822
Tenet
Healthcare
Corp.
4.88%,
01/01/26
.................
2,615
2,530,928
6.25%,
02/01/27
.................
1,544
1,515,684
5.13%,
11/01/27
.................
1,149
1,091,082
4.63%,
06/15/28
.................
234
216,550
6.13%,
10/01/28
.................
986
939,254
6.13%,
06/15/30
.................
515
500,451
6.75%,
05/15/31
(b)
................
5,496
5,459,266
UnitedHealth
Group,
Inc.
4.50%,
04/15/33
.................
1,175
1,144,357
6.88%,
02/15/38
.................
1,180
1,390,490
3.50%,
08/15/39
.................
775
644,828
2.75%,
05/15/40
.................
345
254,691
4.63%,
11/15/41
.................
115
107,249
4.75%,
07/15/45
.................
440
419,162
4.25%,
06/15/48
.................
510
444,912
3.70%,
08/15/49
.................
400
318,799
2.90%,
05/15/50
.................
185
127,264
3.25%,
05/15/51
.................
180
132,438
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
5.88%,
02/15/53
.................
USD
650
$
715,431
6.05%,
02/15/63
.................
415
465,675
71,066,488
Health
Care
REITs
—
0.1%
Healthpeak
OP
LLC
3.00%,
01/15/30
.................
458
398,573
2.88%,
01/15/31
.................
75
63,369
5.25%,
12/15/32
.................
545
536,151
MPT
Operating
Partnership
LP
2.50%,
03/24/26
.................
GBP
270
280,555
5.25%,
08/01/26
.................
USD
1,055
971,040
4.63%,
08/01/29
.................
2,981
2,367,841
3.50%,
03/15/31
.................
3,723
2,686,877
Ventas
Realty
LP,
3.00%,
01/15/30
......
680
580,913
Welltower
OP
LLC
4.13%,
03/15/29
.................
2,563
2,390,840
3.85%,
06/15/32
.................
454
402,929
10,679,088
Health
Care
Technology
—
0.0%
IQVIA,
Inc.
(b)
5.00%,
10/15/26
.................
1,065
1,034,027
6.50%,
05/15/30
.................
1,236
1,248,039
2,282,066
Hotel
&
Resort
REITs
—
0.1%
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
2,090
1,965,248
7.25%,
07/15/28
(b)
................
1,735
1,761,072
4.50%,
02/15/29
(b)
................
1,283
1,143,473
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
..
847
780,299
Service
Properties
Trust,
7.50%,
09/15/25
..
774
764,984
6,415,076
Hotels,
Restaurants
&
Leisure
—
1.3%
1011778
BC
ULC
(b)
5.75%,
04/15/25
.................
957
951,114
3.88%,
01/15/28
.................
315
288,486
4.38%,
01/15/28
.................
1,015
937,846
4.00%,
10/15/30
.................
877
753,652
Accor
SA,
(5-Year
EUR
Swap
Annual
+
4.56%),
4.38%
(a)(c)(j)
...................
EUR
1,300
1,413,484
Allwyn
Entertainment
Financing
UK
plc
7.88%,
04/30/29
(b)
................
USD
1,000
1,021,590
7.25%,
04/30/30
(c)
................
EUR
1,529
1,712,657
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
774
728,940
4.75%,
06/15/31
(b)
................
719
643,343
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
2,962
2,704,505
Burger
King
France
SAS
(3-mo.
EURIBOR
at
4.75%
Floor
+
4.75%),
8.00%,
11/01/26
(a)(c)
.............
EUR
409
450,478
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
USD
6,219
6,185,139
8.13%,
07/01/27
.................
6,543
6,710,978
4.63%,
10/15/29
.................
2,814
2,477,229
7.00%,
02/15/30
.................
5,982
6,041,947
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(b)
....................
2,453
2,477,768
Carnival
Corp.
10.13%,
02/01/26
(c)
...............
EUR
2,527
2,920,470
10.50%,
02/01/26
(b)
...............
USD
2,078
2,190,451
7.63%,
03/01/26
(b)
................
216
213,087
7.63%,
03/01/26
(c)
................
EUR
848
918,390
5.75%,
03/01/27
(b)
................
USD
4,539
4,198,622
9.88%,
08/01/27
(b)
................
1,549
1,619,466
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
4.00%,
08/01/28
(b)
................
USD
3,571
$
3,175,005
6.00%,
05/01/29
(b)
................
4,072
3,660,277
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
12,362
13,488,784
Carnival
plc,
1.00%,
10/28/29
.........
EUR
201
146,133
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
USD
666
648,849
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
3,040
2,823,401
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
3,134
3,101,984
6.50%,
10/01/28
.................
435
421,609
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
2,577
2,492,767
4.75%,
01/15/28
.................
1,121
1,036,228
6.75%,
05/01/31
.................
2,277
2,225,540
Cirsa
Finance
International
SARL
(c)
4.75%,
05/22/25
.................
EUR
1,455
1,577,536
7.88%,
07/31/28
.................
410
453,130
(3-mo.
EURIBOR
+
4.50%),
8.18%,
07/31/28
(a)
...................
635
695,054
Codere
Finance
2
Luxembourg
SA
(i)
11.00%,
(11.00%
Cash
or
11.00%
PIK),
09/30/26
(c)(e)
..................
1,144
1,030,999
12.75%,
(12.75%
Cash
or
12.75%
PIK),
11/30/27
(a)(c)
..................
282
92,354
13.62%,
(13.62%
Cash
or
13.63%
PIK),
11/30/27
(a)(b)
..................
USD
135
47,995
Codere
New
Holdco
SA
7.50%,
11/30/27
(b)
................
EUR
156
7,247
7.50%,
11/30/27
.................
214
17,646
CPUK
Finance
Ltd.
(c)
4.88%,
08/28/25
.................
GBP
619
753,387
4.50%,
08/28/27
.................
200
220,146
Elior
Group
SA,
3.75%,
07/15/26
(c)
......
EUR
1,228
1,065,756
Expedia
Group,
Inc.,
6.25%,
05/01/25
(b)
...
USD
308
310,067
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
486
424,008
6.75%,
01/15/30
.................
525
450,451
Food
Service
Project
SA,
5.50%,
01/21/27
(c)
EUR
1,061
1,108,241
Hilton
Domestic
Operating
Co.,
Inc.
(b)
5.38%,
05/01/25
.................
USD
474
469,574
5.75%,
05/01/28
.................
1,387
1,365,936
3.75%,
05/01/29
.................
172
153,247
4.00%,
05/01/31
.................
1,134
989,141
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
1,175
1,135,336
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(c)
....................
EUR
1,573
1,673,159
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
USD
2,524
2,474,229
8.00%,
04/15/26
.................
1,972
1,971,819
Lindblad
Expeditions
Holdings,
Inc.,
9.00%,
05/15/28
(b)
....................
1,443
1,490,085
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
2,752
2,640,889
Lottomatica
SpA
(c)
9.75%,
09/30/27
.................
EUR
669
797,169
(3-mo.
EURIBOR
+
4.13%),
7.59%,
06/01/28
(a)
...................
959
1,059,581
7.59%,
06/01/28
(a)
................
209
230,920
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
1,336
1,092,921
Melco
Resorts
Finance
Ltd.
(b)
4.88%,
06/06/25
.................
1,200
1,145,520
5.75%,
07/21/28
.................
400
357,500
5.38%,
12/04/29
.................
3,057
2,590,655
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(b)
1,959
1,905,857
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
MGM
China
Holdings
Ltd.
(b)
5.25%,
06/18/25
.................
USD
400
$
385,500
5.88%,
05/15/26
.................
400
386,450
4.75%,
02/01/27
.................
440
402,875
MGM
Resorts
International,
5.75%,
06/15/25
261
258,111
Midco
GB
SASU,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
11/01/27
(c)(i)
...........
EUR
150
154,205
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
USD
1,935
1,718,667
Motion
Bondco
DAC,
6.63%,
11/15/27
(b)
...
784
724,553
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
2,674
2,530,293
8.38%,
02/01/28
.................
987
1,028,974
7.75%,
02/15/29
.................
342
327,453
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
1,086
988,260
Ontario
Gaming
GTA
LP,
8.00%,
08/01/30
(b)
.
831
839,310
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
700
530,250
5.88%,
09/01/31
.................
888
655,522
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
1,501
1,407,244
Royal
Caribbean
Cruises
Ltd.
(b)
11.50%,
06/01/25
................
853
903,684
4.25%,
07/01/26
.................
700
650,634
5.50%,
08/31/26
.................
1,057
1,013,707
5.38%,
07/15/27
.................
1,316
1,251,285
11.63%,
08/15/27
................
871
951,063
5.50%,
04/01/28
.................
1,408
1,327,036
8.25%,
01/15/29
.................
1,461
1,523,093
9.25%,
01/15/29
.................
1,802
1,918,461
7.25%,
01/15/30
.................
1,485
1,501,060
Scientific
Games
International,
Inc.
(b)
8.63%,
07/01/25
.................
1,982
2,023,350
7.25%,
11/15/29
.................
475
473,812
Six
Flags
Entertainment
Corp.,
7.25%,
05/15/31
(b)
....................
2,469
2,358,607
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
933
846,296
4.63%,
12/01/31
.................
1,037
876,265
Stonegate
Pub
Co.
Financing
plc
(c)
8.00%,
07/13/25
.................
GBP
939
1,108,661
8.25%,
07/31/25
.................
260
311,982
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
USD
954
956,528
Viking
Cruises
Ltd.
(b)
5.88%,
09/15/27
.................
1,156
1,080,964
7.00%,
02/15/29
.................
262
246,935
9.13%,
07/15/31
.................
3,484
3,582,249
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
1,040
967,439
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
1,844
1,687,621
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
2,243
2,131,801
Wynn
Macau
Ltd.
(b)
5.50%,
01/15/26
.................
410
383,719
5.63%,
08/26/28
.................
4,384
3,901,760
Wynn
Resorts
Finance
LLC
(b)
5.13%,
10/01/29
.................
3,086
2,792,454
7.13%,
02/15/31
.................
1,783
1,781,753
163,467,660
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
4.63%,
08/01/29
.................
764
661,104
4.63%,
04/01/30
.................
327
279,585
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
1,588
1,318,040
4.88%,
02/15/30
.................
2,012
1,634,238
Security
Par
(000)
Par
(000)
Value
Household
Durables
(continued)
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
USD
2,805
$
2,636,757
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
1,054
1,038,190
KB
Home,
7.25%,
07/15/30
...........
516
526,640
Mattamy
Group
Corp.,
4.63%,
03/01/30
(b)
..
1,303
1,142,985
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
595
575,828
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
2,493
1,539,494
Taylor
Morrison
Communities,
Inc.
(b)
5.88%,
06/15/27
.................
58
57,093
5.13%,
08/01/30
.................
61
56,944
Tempur
Sealy
International,
Inc.
(b)
4.00%,
04/15/29
.................
1,824
1,581,064
3.88%,
10/15/31
.................
567
458,912
Tri
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
1,900
1,835,875
5.70%,
06/15/28
.................
343
329,280
15,672,029
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
1,436
1,355,554
4.13%,
10/15/30
.................
1,317
1,119,668
Kimberly-Clark
de
Mexico
SAB
de
CV,
2.43%,
07/01/31
(b)
....................
1,221
1,034,798
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
159
143,100
5.50%,
07/15/30
.................
446
407,323
4,060,443
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
1.38%,
01/15/26
.................
2,499
2,258,769
3.95%,
07/15/30
(b)
................
170
154,029
2.45%,
01/15/31
.................
768
626,099
Calpine
Corp.
(b)
5.13%,
03/15/28
.................
2,016
1,828,185
4.63%,
02/01/29
.................
200
172,207
5.00%,
02/01/31
.................
128
107,742
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
....................
2,183
2,025,066
Colbun
SA,
3.15%,
01/19/32
(b)
.........
2,809
2,382,369
Talen
Energy
Supply
LLC,
8.63%,
06/01/30
(b)
786
815,774
TransAlta
Corp.,
7.75%,
11/15/29
.......
824
854,900
11,225,140
Industrial
Conglomerates
—
0.1%
Alfa
SAB
de
CV,
6.88%,
03/25/44
(b)
......
753
753,971
Emerald
Debt
Merger
Sub
LLC
6.38%,
12/15/30
(c)
................
EUR
690
758,655
6.63%,
12/15/30
(b)
................
USD
14,838
14,745,263
16,257,889
Industrial
REITs
—
0.0%
Prologis
LP
2.25%,
04/15/30
.................
379
321,548
4.75%,
06/15/33
.................
177
171,952
5.13%,
01/15/34
.................
2,330
2,329,177
3.05%,
03/01/50
.................
120
82,148
2,904,825
Insurance
—
0.9%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
924
792,241
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
5,495
5,014,187
6.75%,
10/15/27
.................
10,853
10,280,004
6.75%,
04/15/28
.................
3,597
3,578,766
5.88%,
11/01/29
.................
8,177
7,235,453
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
Allianz
SE
(a)(b)(j)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.97%),
3.50%
USD
10,000
$
8,447,200
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.17%),
3.20%
3,800
2,911,664
Allstate
Corp.
(The),
Series
B,
(3-mo.
LIBOR
USD
+
2.94%),
5.75%,
08/15/53
(a)
.....
2,800
2,783,396
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
2,933
2,690,841
Aon
Corp.
3.75%,
05/02/29
.................
285
266,025
2.05%,
08/23/31
.................
300
239,418
2.60%,
12/02/31
.................
1,012
838,879
5.00%,
09/12/32
.................
747
737,717
5.35%,
02/28/33
.................
421
424,946
Aon
Global
Ltd.,
4.60%,
06/14/44
.......
365
317,677
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(b)(i)
.........
406
379,603
Aviva
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.65%),
6.88%
(a)(c)(j)
GBP
3,375
3,682,910
BUPA
Finance
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(c)(j)
...................
1,500
1,159,423
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(c)
.....
1,988
2,308,926
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
1,990
1,970,918
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
5,134
5,123,544
7.25%,
06/15/30
.................
8,041
8,193,859
Jones
Deslauriers
Insurance
Management,
Inc.
(b)
8.50%,
03/15/30
.................
2,110
2,152,242
10.50%,
12/15/30
................
1,955
1,935,456
Just
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
4.27%),
5.00%
(a)(c)(j)
...................
GBP
550
451,563
Legal
&
General
Group
plc,
(5-Year
U.K.
Government
Bonds
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(a)(c)(j)
..............
2,175
2,210,950
Liberty
Mutual
Group,
Inc.
(a)
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.32%),
4.13%,
12/15/51
(b)
...................
USD
4,925
3,935,521
(5-Year
EUR
Swap
Annual
+
3.70%),
3.63%,
05/23/59
(c)
..............
EUR
5,483
5,744,011
Marsh
&
McLennan
Cos.,
Inc.
3.75%,
03/14/26
.................
USD
665
645,779
4.38%,
03/15/29
.................
1,090
1,064,614
NFP
Corp.
(b)
4.88%,
08/15/28
.................
4,026
3,622,970
6.88%,
08/15/28
.................
11,286
9,989,387
7.50%,
10/01/30
.................
871
847,220
Progressive
Corp.
(The)
3.00%,
03/15/32
.................
204
177,802
6.25%,
12/01/32
.................
151
163,252
3.70%,
03/15/52
.................
123
95,715
Ryan
Specialty
LLC,
4.38%,
02/01/30
(b)
...
1,261
1,115,660
Travelers
Cos.,
Inc.
(The),
4.00%,
05/30/47
.
41
34,230
103,563,969
Interactive
Media
&
Services
—
0.0%
Alphabet,
Inc.,
1.90%,
08/15/40
........
196
133,976
Meta
Platforms,
Inc.
3.85%,
08/15/32
.................
1,105
1,028,320
5.60%,
05/15/53
.................
699
719,751
1,882,047
Security
Par
(000)
Par
(000)
Value
IT
Services
—
0.3%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
USD
3,600
$
2,856,347
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
994
857,554
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
1,306
1,136,297
Atos
SE
(c)
0.00%,
11/06/24
(l)(m)
...............
EUR
1,500
1,384,164
1.75%,
05/07/25
.................
1,100
948,151
2.50%,
11/07/28
.................
200
148,872
Banff
Merger
Sub,
Inc.,
8.38%,
09/01/26
(c)
..
1,068
1,132,021
Booz
Allen
Hamilton,
Inc.
(b)
3.88%,
09/01/28
.................
USD
1,003
910,724
4.00%,
07/01/29
.................
1,892
1,712,194
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
4,407
4,043,422
Cablevision
Lightpath
LLC
(b)
3.88%,
09/15/27
.................
3,067
2,545,171
5.63%,
09/15/28
.................
1,358
1,032,991
Engineering
-
Ingegneria
Informatica
-
SpA
11.13%,
05/15/28
(c)
...............
EUR
1,282
1,409,559
Gartner,
Inc.,
4.50%,
07/01/28
(b)
........
USD
799
746,936
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
....................
1,842
1,602,540
Northwest
Fiber
LLC,
4.75%,
04/30/27
(b)
...
3,426
2,981,836
Presidio
Holdings,
Inc.,
4.88%,
02/01/27
(b)
..
281
265,659
Twilio,
Inc.
3.63%,
03/15/29
.................
2,491
2,137,776
3.88%,
03/15/31
.................
1,525
1,291,843
United
Group
BV
(c)
4.88%,
07/01/24
.................
EUR
480
521,823
(3-mo.
EURIBOR
+
3.25%),
6.57%,
02/15/26
(a)
...................
501
530,192
4.00%,
11/15/27
.................
643
590,963
4.63%,
08/15/28
.................
142
127,784
30,914,819
Leisure
Products
—
0.0%
Mattel,
Inc.
6.20%,
10/01/40
.................
USD
875
819,697
5.45%,
11/01/41
.................
1,769
1,525,202
2,344,899
Life
Sciences
Tools
&
Services
—
0.0%
Charles
River
Laboratories
International,
Inc.,
4.00%,
03/15/31
(b)
...............
521
454,187
Fortrea
Holdings,
Inc.,
7.50%,
07/01/30
(b)
..
1,037
1,059,807
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
(b)
2,590
2,382,905
Thermo
Fisher
Scientific,
Inc.,
2.00%,
10/15/31
1,902
1,548,447
5,445,346
Machinery
—
0.3%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
360
349,200
ATS
Corp.,
4.13%,
12/15/28
(b)
.........
814
728,069
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
3,230
3,310,264
9.50%,
01/01/31
.................
703
753,968
Daimler
Truck
Finance
North
America
LLC
(b)
2.00%,
12/14/26
.................
820
737,796
3.65%,
04/07/27
.................
150
142,938
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
559
545,025
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
778
646,697
GrafTech
Global
Enterprises,
Inc.,
9.88%,
12/15/28
(b)
....................
1,506
1,529,765
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(i)
.........
2,542
2,364,060
IMA
Industria
Macchine
Automatiche
SpA
(c)
3.75%,
01/15/28
.................
EUR
418
418,136
(3-mo.
EURIBOR
at
4.00%
Floor
+
4.00%),
7.66%,
01/15/28
(a)
..............
790
857,747
Loxam
SAS,
6.38%,
05/15/28
(c)
........
996
1,095,369
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
USD
533
$
474,921
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
877
566,666
Renk
AG,
5.75%,
07/15/25
(c)
..........
EUR
2,227
2,435,536
Terex
Corp.,
5.00%,
05/15/29
(b)
........
USD
2,775
2,582,054
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
4,503
4,182,528
Titan
International,
Inc.,
7.00%,
04/30/28
..
371
357,462
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(c)
................
EUR
810
773,749
7.63%,
07/15/28
(b)
................
USD
2,647
2,468,327
TK
Elevator
Midco
GmbH
4.38%,
07/15/27
(c)
................
EUR
1,648
1,648,673
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
10,054
9,402,030
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
2,282
1,922,585
40,293,565
Marine
Transportation
—
0.0%
Danaos
Corp.,
8.50%,
03/01/28
(b)
.......
1,991
2,011,826
Media
—
0.9%
Altice
Financing
SA
2.25%,
01/15/25
(c)
................
EUR
1,287
1,270,013
3.00%,
01/15/28
(c)
................
100
81,304
5.00%,
01/15/28
(b)
................
USD
2,630
2,040,778
4.25%,
08/15/29
(c)
................
EUR
471
373,701
5.75%,
08/15/29
(b)
................
USD
3,489
2,616,469
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
1,332
1,179,746
4.25%,
02/15/29
.................
940
522,076
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
670
560,879
Cable
One,
Inc.
0.00%,
03/15/26
(l)(m)
...............
665
546,630
4.00%,
11/15/30
(b)
................
3,373
2,664,670
Charter
Communications
Operating
LLC
4.50%,
02/01/24
.................
655
649,620
2.80%,
04/01/31
.................
355
287,144
6.38%,
10/23/35
.................
905
888,857
6.48%,
10/23/45
.................
41
38,260
5.75%,
04/01/48
.................
175
149,930
5.13%,
07/01/49
.................
1,530
1,199,806
4.80%,
03/01/50
.................
690
522,879
3.70%,
04/01/51
.................
395
250,686
3.90%,
06/01/52
.................
739
483,718
5.25%,
04/01/53
.................
640
518,505
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
1,764
1,756,644
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
8,598
7,895,124
7.75%,
04/15/28
.................
1,827
1,527,792
7.50%,
06/01/29
.................
2,648
2,107,834
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
1,674
1,306,657
Comcast
Corp.
2.35%,
01/15/27
.................
300
276,225
4.15%,
10/15/28
.................
627
606,673
2.65%,
02/01/30
.................
2,350
2,056,185
1.95%,
01/15/31
.................
220
179,472
3.90%,
03/01/38
.................
1,138
983,427
3.75%,
04/01/40
.................
264
220,815
4.60%,
08/15/45
.................
657
591,194
4.00%,
08/15/47
.................
240
196,957
4.70%,
10/15/48
.................
279
257,198
2.80%,
01/15/51
.................
1,705
1,113,444
2.89%,
11/01/51
.................
1,238
823,532
CSC
Holdings
LLC
(b)
5.50%,
04/15/27
.................
1,664
1,426,673
11.25%,
05/15/28
................
5,926
5,859,332
4.13%,
12/01/30
.................
1,221
882,814
Security
Par
(000)
Par
(000)
Value
Media
(continued)
4.50%,
11/15/31
.................
USD
2,454
$
1,760,482
DirecTV
Financing
LLC,
5.88%,
08/15/27
(b)
.
2,259
2,039,253
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
2,801
2,294,034
5.75%,
12/01/28
(b)
................
323
248,554
5.13%,
06/01/29
.................
1,478
742,695
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
4,032
4,058,522
Eutelsat
SA
(c)
2.00%,
10/02/25
.................
EUR
700
704,070
1.50%,
10/13/28
.................
1,000
839,177
GCI
LLC,
4.75%,
10/15/28
(b)
..........
USD
2,329
2,024,430
Interpublic
Group
of
Cos.,
Inc.
(The),
3.38%,
03/01/41
.....................
226
163,630
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
....................
2,809
2,627,231
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
554
522,546
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
2,464
2,277,660
4.25%,
01/15/29
.................
1,806
1,532,933
4.63%,
03/15/30
.................
405
338,823
Paramount
Global,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.00%),
6.38%,
03/30/62
(a)
..........
5,523
4,553,437
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
2,242
1,821,926
6.50%,
09/15/28
.................
4,666
2,797,023
SES
SA
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
5.40%),
5.63%
EUR
1,026
1,119,762
(5-Year
EUR
Swap
Annual
+
3.19%),
2.88%
2,157
2,033,665
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
4,245
2,767,698
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
3,587
3,236,550
5.00%,
08/01/27
.................
934
867,770
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
1,577
1,341,814
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(c)
....................
EUR
1,519
1,488,189
Summer
BidCo
BV
(c)(i)
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
...................
1,187
1,153,474
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
....................
1,238
1,211,205
TEGNA,
Inc.,
4.75%,
03/15/26
(b)
........
USD
261
250,482
Tele
Columbus
AG,
3.88%,
05/02/25
(c)
....
EUR
2,968
2,007,005
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
...............
USD
1,000
914,200
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
2,026
1,985,676
8.00%,
08/15/28
.................
1,764
1,777,230
7.38%,
06/30/30
.................
919
894,477
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)
2,581
2,167,636
UPC
Holding
BV,
3.88%,
06/15/29
(c)
.....
EUR
800
725,638
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(c)
...............
GBP
1,652
1,725,689
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
USD
579
509,540
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(c)
EUR
1,508
1,324,530
VZ
Vendor
Financing
II
BV,
2.88%,
01/15/29
(c)
596
526,291
Ziggo
Bond
Co.
BV
(b)
6.00%,
01/15/27
.................
USD
783
728,425
5.13%,
02/28/30
.................
1,134
895,859
Ziggo
BV
2.88%,
01/15/30
(c)
................
EUR
1,933
1,778,113
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Media
(continued)
4.88%,
01/15/30
(b)
................
USD
924
$
782,398
112,473,405
Metals
&
Mining
—
0.5%
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.....................
1,878
1,609,916
Antofagasta
plc,
2.38%,
10/14/30
(b)
......
1,540
1,250,080
Arconic
Corp.
(b)
6.00%,
05/15/25
.................
961
973,892
6.13%,
02/15/28
.................
2,574
2,642,036
Arsenal
AIC
Parent
LLC,
8.00%,
10/01/30
(b)
.
938
956,760
ATI,
Inc.
5.88%,
12/01/27
.................
1,108
1,076,945
4.88%,
10/01/29
.................
769
699,806
5.13%,
10/01/31
.................
1,978
1,775,161
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
8,669
8,640,392
Carpenter
Technology
Corp.
6.38%,
07/15/28
.................
226
222,547
7.63%,
03/15/30
.................
1,528
1,558,468
Constellium
SE
(b)
5.88%,
02/15/26
.................
503
495,662
5.63%,
06/15/28
.................
2,235
2,129,060
3.75%,
04/15/29
.................
3,294
2,863,836
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
1,594
1,406,705
First
Quantum
Minerals
Ltd.,
8.63%,
06/01/31
(b)
1,961
2,007,574
Freeport
Indonesia
PT,
4.76%,
04/14/27
(c)
..
2,544
2,461,015
Freeport-McMoRan,
Inc.,
5.40%,
11/14/34
..
475
461,954
Fresnillo
plc,
4.25%,
10/02/50
(b)
........
1,417
1,075,120
Glencore
Funding
LLC,
5.70%,
05/08/33
(b)
..
1,300
1,290,557
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(b)
.
4,247
3,471,923
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
2,953
2,821,591
Newmont
Corp.,
2.80%,
10/01/29
.......
265
229,244
Nexa
Resources
SA,
5.38%,
05/04/27
(b)
...
2,341
2,195,577
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
3,902
3,545,661
4.75%,
01/30/30
.................
3,737
3,358,662
3.88%,
08/15/31
.................
3,301
2,748,753
Nucor
Corp.,
3.95%,
05/23/25
.........
720
701,432
POSCO
(b)
5.63%,
01/17/26
.................
1,032
1,030,008
5.75%,
01/17/28
.................
615
621,728
5.88%,
01/17/33
.................
299
310,542
Rio
Tinto
Finance
USA
plc,
5.00%,
03/09/33
1,511
1,520,548
Southern
Copper
Corp.,
5.88%,
04/23/45
..
150
152,660
Steel
Dynamics,
Inc.
2.40%,
06/15/25
.................
95
88,986
5.00%,
12/15/26
.................
1,745
1,715,404
3.25%,
10/15/50
.................
410
271,070
Stillwater
Mining
Co.,
4.00%,
11/16/26
(c)
...
3,010
2,707,194
Teck
Resources
Ltd.
6.00%,
08/15/40
.................
340
330,014
6.25%,
07/15/41
.................
33
32,697
5.20%,
03/01/42
.................
776
681,955
5.40%,
02/01/43
.................
51
46,128
Vedanta
Resources
Finance
II
plc,
8.95%,
03/11/25
(b)
....................
639
420,238
64,599,501
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
(b)
Ladder
Capital
Finance
Holdings
LLLP
5.25%,
10/01/25
.................
258
247,309
4.25%,
02/01/27
.................
1,275
1,146,956
4.75%,
06/15/29
.................
1,068
900,451
Starwood
Property
Trust,
Inc.
5.50%,
11/01/23
.................
217
215,637
Security
Par
(000)
Par
(000)
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
4.38%,
01/15/27
.................
USD
403
$
357,662
2,868,015
Multi-Utilities
—
0.1%
Abu
Dhabi
National
Energy
Co.
PJSC,
4.70%,
04/24/33
(b)
....................
728
721,106
CMS
Energy
Corp.
2.95%,
02/15/27
.................
304
280,995
4.88%,
03/01/44
.................
258
235,485
Consumers
Energy
Co.
4.90%,
02/15/29
.................
2,895
2,893,553
3.60%,
08/15/32
.................
640
575,592
4.63%,
05/15/33
.................
404
394,323
2.50%,
05/01/60
.................
291
165,410
Dominion
Energy,
Inc.
3.90%,
10/01/25
.................
1,120
1,082,812
Series
A,
1.45%,
04/15/26
..........
975
882,516
Series
C,
2.25%,
08/15/31
..........
688
555,867
NiSource,
Inc.
3.49%,
05/15/27
.................
432
407,594
5.40%,
06/30/33
.................
1,182
1,191,565
5.25%,
02/15/43
.................
551
524,126
4.80%,
02/15/44
.................
280
251,183
San
Diego
Gas
&
Electric
Co.
2.95%,
08/15/51
.................
390
263,476
5.35%,
04/01/53
.................
1,109
1,102,350
Sempra
5.40%,
08/01/26
.................
1,656
1,655,948
3.70%,
04/01/29
.................
1,236
1,137,364
3.80%,
02/01/38
.................
442
366,953
14,688,218
Office
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
3.95%,
01/15/28
.................
1,800
1,686,930
4.50%,
07/30/29
.................
564
535,220
2.75%,
12/15/29
.................
163
138,451
4.90%,
12/15/30
.................
1,135
1,112,931
1.88%,
02/01/33
.................
997
733,096
3.55%,
03/15/52
.................
585
407,652
Kilroy
Realty
LP
4.75%,
12/15/28
.................
750
672,446
3.05%,
02/15/30
.................
400
317,796
5,604,522
Oil,
Gas
&
Consumable
Fuels
—
2.2%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
2,845
2,823,381
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
1,634
1,580,567
5.75%,
01/15/28
.................
732
703,877
Apache
Corp.,
5.35%,
07/01/49
........
1,170
969,708
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
3,564
4,443,785
8.25%,
12/31/28
.................
2,157
2,142,136
5.88%,
06/30/29
.................
4,400
3,971,860
Baytex
Energy
Corp.,
8.50%,
04/30/30
(b)
...
817
827,891
BP
Capital
Markets
America,
Inc.
3.54%,
04/06/27
.................
338
323,116
3.59%,
04/14/27
.................
339
324,640
4.23%,
11/06/28
.................
238
231,927
3.63%,
04/06/30
.................
657
611,105
1.75%,
08/10/30
.................
261
213,265
3.06%,
06/17/41
.................
2,020
1,519,196
Buckeye
Partners
LP
5.85%,
11/15/43
.................
1,712
1,324,095
5.60%,
10/15/44
.................
503
372,220
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Callon
Petroleum
Co.
8.25%,
07/15/25
.................
USD
265
$
265,000
6.38%,
07/01/26
.................
2,437
2,387,840
8.00%,
08/01/28
(b)
................
3,435
3,482,839
7.50%,
06/15/30
(b)
................
3,617
3,511,446
Cameron
LNG
LLC
(b)
2.90%,
07/15/31
.................
176
151,518
3.30%,
01/15/35
.................
707
589,583
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
...
490
349,842
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
1,895
1,894,622
5.13%,
06/30/27
.................
1,126
1,114,235
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
2,491
2,315,856
3.25%,
01/31/32
.................
5,305
4,414,493
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
71
67,902
6.75%,
04/15/29
.................
716
712,810
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
1,719
1,698,303
6.38%,
06/15/26
.................
1,383
1,341,510
Civitas
Resources,
Inc.
(b)
8.38%,
07/01/28
.................
4,324
4,447,493
8.75%,
07/01/31
.................
3,399
3,517,965
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
1,681
1,457,023
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
740
733,741
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
2,499
2,330,989
5.88%,
01/15/30
.................
1,355
1,199,426
ConocoPhillips,
4.88%,
10/01/47
.......
183
171,281
ConocoPhillips
Co.,
3.80%,
03/15/52
.....
377
303,555
Continuum
Energy
Levanter
Pte.
Ltd.,
4.50%,
02/09/27
(b)
....................
723
670,221
Coterra
Energy,
Inc.,
3.90%,
05/15/27
....
70
66,693
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
5,250
4,774,976
Crescent
Energy
Finance
LLC
(b)
7.25%,
05/01/26
.................
3,369
3,320,217
9.25%,
02/15/28
.................
2,424
2,465,693
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
1,243
1,180,850
6.00%,
02/01/29
.................
2,097
1,976,423
7.38%,
02/01/31
.................
715
713,185
CrownRock
LP
(b)
5.63%,
10/15/25
.................
5,722
5,636,170
5.00%,
05/01/29
.................
147
138,230
Cullinan
Holdco
Scsp,
4.63%,
10/15/26
(c)
..
EUR
1,664
1,512,138
DCP
Midstream
Operating
LP,
3.25%,
02/15/32
USD
2,689
2,279,949
Devon
Energy
Corp.
5.25%,
10/15/27
.................
1,257
1,243,413
4.50%,
01/15/30
.................
451
426,842
4.75%,
05/15/42
.................
523
449,141
Diamondback
Energy,
Inc.
3.50%,
12/01/29
.................
140
127,577
3.13%,
03/24/31
.................
577
500,604
6.25%,
03/15/33
.................
1,275
1,331,870
4.25%,
03/15/52
.................
400
310,675
6.25%,
03/15/53
.................
386
395,149
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
2,732
2,422,255
4.38%,
06/15/31
.................
1,138
987,944
Earthstone
Energy
Holdings
LLC
(b)
8.00%,
04/15/27
.................
2,217
2,193,964
9.88%,
07/15/31
.................
1,645
1,697,847
EIG
Pearl
Holdings
SARL
(b)
3.55%,
08/31/36
.................
2,394
2,018,764
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
4.39%,
11/30/46
.................
USD
2,558
$
1,992,989
Enbridge,
Inc.
4.00%,
10/01/23
.................
500
498,292
0.55%,
10/04/23
.................
355
351,721
2.50%,
01/15/25
.................
1,040
993,935
4.25%,
12/01/26
.................
500
483,854
3.70%,
07/15/27
.................
419
396,582
3.13%,
11/15/29
.................
125
110,782
5.70%,
03/08/33
.................
2,075
2,103,465
2.50%,
08/01/33
.................
440
344,999
4.50%,
06/10/44
.................
162
134,595
4.00%,
11/15/49
.................
113
87,326
Series
16-A,
(3-mo.
LIBOR
USD
+
3.89%),
6.00%,
01/15/77
(a)
..............
13,675
12,917,789
Energian
Israel
Finance
Ltd.,
8.50%,
09/30/33
(b)
(c)
.........................
2,287
2,295,005
Energy
Transfer
LP
5.88%,
01/15/24
.................
1,640
1,638,071
4.90%,
02/01/24
.................
245
243,184
2.90%,
05/15/25
.................
600
571,710
5.55%,
02/15/28
.................
845
848,274
5.25%,
04/15/29
.................
270
267,547
5.95%,
10/01/43
.................
220
207,306
5.15%,
03/15/45
.................
1,250
1,078,875
6.13%,
12/15/45
.................
150
143,478
5.40%,
10/01/47
.................
200
176,882
6.00%,
06/15/48
.................
495
470,409
6.25%,
04/15/49
.................
2,305
2,263,878
EnLink
Midstream
LLC
(b)
5.63%,
01/15/28
.................
2,881
2,816,488
6.50%,
09/01/30
.................
1,675
1,685,939
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
.................
431
414,880
4.85%,
07/15/26
.................
1,641
1,594,724
5.60%,
04/01/44
.................
1,173
965,274
5.45%,
06/01/47
.................
427
353,206
EnQuest
plc,
11.63%,
11/01/27
(b)
.......
305
287,115
Enterprise
Products
Operating
LLC
6.45%,
09/01/40
.................
150
161,566
4.85%,
08/15/42
.................
105
96,191
4.45%,
02/15/43
.................
747
654,313
4.85%,
03/15/44
.................
510
465,416
4.80%,
02/01/49
.................
575
520,506
4.20%,
01/31/50
.................
930
768,968
3.30%,
02/15/53
.................
640
452,158
EOG
Resources,
Inc.,
4.95%,
04/15/50
...
136
132,953
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
844
837,957
4.13%,
12/01/26
.................
178
167,151
6.50%,
07/01/27
(b)
................
3,159
3,143,972
4.50%,
01/15/29
(b)
................
138
126,112
7.50%,
06/01/30
(b)
................
681
702,254
4.75%,
01/15/31
(b)
................
1,962
1,751,678
EQT
Corp.,
5.70%,
04/01/28
..........
325
325,035
FTAI
Infra
Escrow
Holdings
LLC,
10.50%,
06/01/27
(b)
....................
544
541,816
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.94%,
09/30/40
(c)
....................
1,498
1,205,281
Genesis
Energy
LP
6.50%,
10/01/25
.................
1,569
1,554,306
7.75%,
02/01/28
.................
964
937,529
8.88%,
04/15/30
.................
1,142
1,139,070
GNL
Quintero
SA,
4.63%,
07/31/29
(c)
.....
1,373
1,325,811
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
333
335,764
Harbour
Energy
plc,
5.50%,
10/15/26
(b)
....
1,178
1,092,702
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
96
(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
569
$
559,206
Hess
Corp.
4.30%,
04/01/27
.................
1,352
1,304,864
6.00%,
01/15/40
.................
742
740,363
5.60%,
02/15/41
.................
79
75,395
5.80%,
04/01/47
.................
713
696,400
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
1,086
952,965
HF
Sinclair
Corp.,
2.63%,
10/01/23
......
885
879,442
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
608
582,018
5.75%,
02/01/29
.................
1,517
1,403,225
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
2,707
2,315,151
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)
....................
941
742,590
Kinder
Morgan
Energy
Partners
LP
6.95%,
01/15/38
.................
886
965,138
5.50%,
03/01/44
.................
155
141,973
5.40%,
09/01/44
.................
850
757,276
Kinder
Morgan,
Inc.,
5.55%,
06/01/45
....
775
723,612
Kinetik
Holdings
LP,
5.88%,
06/15/30
(b)
....
1,198
1,151,578
Leviathan
Bond
Ltd.,
6.75%,
06/30/30
(b)(c)
..
1,855
1,737,449
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
268
262,640
Marathon
Oil
Corp.,
4.40%,
07/15/27
.....
662
633,957
Marathon
Petroleum
Corp.
6.50%,
03/01/41
.................
100
103,550
4.75%,
09/15/44
.................
49
41,366
5.00%,
09/15/54
.................
100
83,237
Matador
Resources
Co.
5.88%,
09/15/26
.................
1,590
1,547,275
6.88%,
04/15/28
(b)
................
1,310
1,301,887
MPLX
LP
1.75%,
03/01/26
.................
1,160
1,058,380
4.13%,
03/01/27
.................
900
864,889
4.25%,
12/01/27
.................
790
755,391
4.00%,
03/15/28
.................
425
401,818
5.50%,
02/15/49
.................
170
155,138
4.95%,
03/14/52
.................
1,345
1,142,432
5.65%,
03/01/53
.................
130
121,791
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
119
117,186
5.87%,
12/01/42
(e)
................
150
128,152
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(b)
1,284
1,274,565
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
.................
5,550
5,285,335
6.50%,
09/30/26
.................
6,864
6,298,113
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
2,563
2,539,583
Northern
Oil
&
Gas,
Inc.
(b)
8.13%,
03/01/28
.................
4,296
4,263,780
8.75%,
06/15/31
.................
1,888
1,902,249
Northwest
Pipeline
LLC,
4.00%,
04/01/27
..
48
45,710
NuStar
Logistics
LP
5.75%,
10/01/25
.................
752
738,840
6.38%,
10/01/30
.................
47
45,329
Occidental
Petroleum
Corp.
7.50%,
05/01/31
.................
1,400
1,537,200
6.45%,
09/15/36
.................
2,000
2,099,700
4.63%,
06/15/45
.................
138
106,984
4.20%,
03/15/48
.................
330
249,671
Ovintiv,
Inc.
5.65%,
05/15/25
.................
1,700
1,696,417
5.65%,
05/15/28
.................
2,394
2,378,760
PDC
Energy,
Inc.
6.13%,
09/15/24
.................
568
566,580
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.75%,
05/15/26
.................
USD
126
$
126,718
Permian
Resources
Operating
LLC
(b)
5.38%,
01/15/26
.................
1,058
1,015,680
7.75%,
02/15/26
.................
4,026
4,065,624
6.88%,
04/01/27
.................
1,826
1,807,740
5.88%,
07/01/29
.................
2,915
2,778,142
Phillips
66,
3.30%,
03/15/52
..........
810
558,781
Pioneer
Natural
Resources
Co.
1.13%,
01/15/26
.................
1,880
1,703,704
5.10%,
03/29/26
.................
390
388,678
1.90%,
08/15/30
.................
670
546,888
Plains
All
American
Pipeline
LP
6.65%,
01/15/37
.................
40
40,955
5.15%,
06/01/42
.................
657
555,052
4.30%,
01/31/43
.................
430
325,402
Puma
International
Financing
SA
(c)
5.13%,
10/06/24
.................
829
820,080
5.00%,
01/24/26
.................
1,346
1,225,695
Repsol
International
Finance
BV
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
4.00%),
3.75%
EUR
100
103,491
(5-Year
EUR
Swap
Annual
+
4.41%),
4.25%
1,416
1,420,321
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
2,347
2,149,258
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
....................
420
385,736
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
.................
175
174,660
5.63%,
03/01/25
.................
1,105
1,101,961
5.00%,
03/15/27
.................
691
684,390
SM
Energy
Co.
5.63%,
06/01/25
.................
1,007
986,833
6.75%,
09/15/26
.................
234
229,905
6.63%,
01/15/27
.................
245
240,964
6.50%,
07/15/28
.................
2,004
1,958,865
Southwestern
Energy
Co.
5.70%,
01/23/25
(e)
................
309
307,059
5.38%,
02/01/29
.................
1,850
1,746,910
Spectra
Energy
Partners
LP,
5.95%,
09/25/43
100
98,091
Sunoco
LP,
5.88%,
03/15/28
..........
911
886,049
Tallgrass
Energy
Partners
LP
(b)
7.50%,
10/01/25
.................
78
78,136
6.00%,
03/01/27
.................
482
456,759
5.50%,
01/15/28
.................
260
239,200
6.00%,
12/31/30
.................
1,094
971,094
6.00%,
09/01/31
.................
1,126
979,576
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
6,945
7,172,814
Targa
Resources
Corp.,
6.25%,
07/01/52
..
728
723,053
Targa
Resources
Partners
LP,
4.00%,
01/15/32
474
415,584
TerraForm
Power
Operating
LLC,
5.00%,
01/31/28
(b)
....................
1,080
1,002,270
Transcontinental
Gas
Pipe
Line
Co.
LLC,
3.25%,
05/15/30
................
443
394,659
Valero
Energy
Corp.
4.35%,
06/01/28
.................
253
243,905
4.00%,
06/01/52
.................
90
68,237
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
4,764
4,125,181
4.13%,
08/15/31
.................
3,877
3,288,601
3.88%,
11/01/33
.................
1,837
1,490,774
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
1,373
1,273,117
Western
Midstream
Operating
LP
6.15%,
04/01/33
.................
425
431,048
5.45%,
04/01/44
.................
1,263
1,102,737
5.30%,
03/01/48
.................
389
333,464
5.50%,
08/15/48
.................
856
733,960
5.50%,
02/01/50
(e)
................
3,207
2,719,792
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Williams
Cos.,
Inc.
(The)
4.55%,
06/24/24
.................
USD
3,495
$
3,455,289
3.75%,
06/15/27
.................
902
855,343
273,324,689
Paper
&
Forest
Products
—
0.0%
Ahlstrom
Holding
3
Oy,
3.63%,
02/04/28
(c)
..
EUR
1,100
1,008,524
Celulosa
Arauco
y
Constitucion
SA,
3.88%,
11/02/27
.....................
USD
325
300,015
Georgia-Pacific
LLC,
1.75%,
09/30/25
(b)
...
187
172,575
Suzano
Austria
GmbH
2.50%,
09/15/28
.................
390
332,612
Series
DM3N,
3.13%,
01/15/32
.......
2,435
1,952,334
3,766,060
Passenger
Airlines
—
0.3%
Air
Canada,
3.88%,
08/15/26
(b)
.........
2,746
2,548,179
Air
France-KLM
(c)
1.88%,
01/16/25
.................
EUR
500
523,049
8.13%,
05/31/28
.................
800
929,132
Allegiant
Travel
Co.,
7.25%,
08/15/27
(b)
...
USD
935
922,418
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
7,333
8,082,025
5.50%,
04/20/26
.................
1,192
1,173,920
7.25%,
02/15/28
.................
387
384,212
5.75%,
04/20/29
.................
3,326
3,220,356
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
...
3,031
2,637,144
Azul
Secured
Finance
LLP,
11.93%,
08/28/28
(b)
1,328
1,329,660
Delta
Air
Lines,
Inc.,
4.75%,
10/20/28
(b)
....
319
308,638
Deutsche
Lufthansa
AG
(c)
2.88%,
05/16/27
.................
EUR
200
202,315
3.50%,
07/14/29
.................
1,100
1,102,087
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
USD
2,270
2,142,715
International
Consolidated
Airlines
Group
SA,
3.75%,
03/25/29
(c)
...............
EUR
600
582,497
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
USD
2,650
2,649,581
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
1,929
1,945,712
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
252
243,357
Series
2020-1,
Class
A,
5.88%,
10/15/27
1,368
1,360,911
Series
2023-1,
Class
A,
5.80%,
01/15/36
2,025
2,058,169
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
2,629
2,489,236
4.63%,
04/15/29
.................
3,450
3,121,097
VistaJet
Malta
Finance
plc
(b)
7.88%,
05/01/27
.................
273
253,131
6.38%,
02/01/30
.................
2,393
2,025,603
42,235,144
Personal
Care
Products
—
0.0%
Coty,
Inc.
3.88%,
04/15/26
(c)
................
EUR
999
1,068,195
4.75%,
04/15/26
(c)
................
200
214,873
4.75%,
01/15/29
(b)
................
USD
141
130,767
6.63%,
07/15/30
(b)
................
1,331
1,342,646
2,756,481
Pharmaceuticals
—
0.4%
Bayer
AG,
(5-Year
EUR
Swap
Annual
+
3.75%),
4.50%,
03/25/82
(a)(c)
..............
EUR
3,600
3,751,819
Bayer
US
Finance
II
LLC
(b)
4.25%,
12/15/25
.................
USD
1,525
1,479,461
4.38%,
12/15/28
.................
1,480
1,416,390
Catalent
Pharma
Solutions,
Inc.
5.00%,
07/15/27
(b)
................
1,235
1,156,904
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
2.38%,
03/01/28
(c)
................
EUR
1,715
$
1,582,262
3.13%,
02/15/29
(b)
................
USD
1,049
875,329
3.50%,
04/01/30
(b)
................
1,146
959,775
Cheplapharm
Arzneimittel
GmbH
4.38%,
01/15/28
(c)
................
EUR
692
704,056
5.50%,
01/15/28
(b)
................
USD
1,550
1,411,384
7.50%,
05/15/30
(c)
................
EUR
581
650,733
Gruenenthal
GmbH
(c)
3.63%,
11/15/26
.................
205
214,691
4.13%,
05/15/28
.................
835
868,532
6.75%,
05/15/30
.................
1,612
1,841,074
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
800
711,291
Merck
&
Co.,
Inc.
2.15%,
12/10/31
.................
2,225
1,837,141
2.75%,
12/10/51
.................
345
232,742
5.00%,
05/17/53
.................
632
634,029
Organon
&
Co.
2.88%,
04/30/28
(c)
................
EUR
982
951,303
4.13%,
04/30/28
(b)
................
USD
1,919
1,719,696
5.13%,
04/30/31
(b)
................
2,602
2,205,685
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.65%,
05/19/30
.................
1,535
1,519,426
4.75%,
05/19/33
.................
1,821
1,808,960
5.11%,
05/19/43
.................
20
19,850
5.30%,
05/19/53
.................
2,315
2,378,746
Pfizer,
Inc.
2.55%,
05/28/40
.................
45
32,819
5.60%,
09/15/40
.................
140
147,888
4.30%,
06/15/43
.................
5
4,611
Pharmacia
LLC,
6.60%,
12/01/28
(e)
......
300
324,361
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(b)
...
826
551,029
Rossini
SARL,
6.75%,
10/30/25
(c)
.......
EUR
1,312
1,452,598
Takeda
Pharmaceutical
Co.
Ltd.,
3.18%,
07/09/50
.....................
USD
804
561,101
Teva
Pharmaceutical
Finance
Netherlands
II
BV
4.50%,
03/01/25
.................
EUR
191
207,182
3.75%,
05/09/27
.................
440
438,135
7.38%,
09/15/29
.................
2,901
3,244,416
4.38%,
05/09/30
.................
377
354,461
7.88%,
09/15/31
.................
524
598,343
Teva
Pharmaceutical
Finance
Netherlands
III
BV
6.00%,
04/15/24
.................
USD
849
843,269
7.13%,
01/31/25
.................
400
401,464
3.15%,
10/01/26
.................
4,153
3,734,004
4.75%,
05/09/27
.................
736
681,933
6.75%,
03/01/28
.................
200
197,250
7.88%,
09/15/29
.................
1,799
1,864,700
8.13%,
09/15/31
.................
1,629
1,719,361
Wyeth
LLC,
5.95%,
04/01/37
..........
505
548,682
48,838,886
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
696
618,117
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
5,199
4,276,177
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
....................
3,836
3,376,491
KBR,
Inc.,
4.75%,
09/30/28
(b)
..........
36
32,940
Korn
Ferry,
4.63%,
12/15/27
(b)
.........
1,665
1,565,565
La
Financiere
Atalian
SASU
(c)
5.13%,
05/15/25
.................
EUR
1,255
972,810
6.63%,
05/15/25
.................
GBP
150
135,262
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
98
(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
(b)
...............
USD
1,231
$
1,157,135
12,134,497
Real
Estate
Management
&
Development
—
0.2%
Adler
Financing
SARL,
12.50%,
(12.50%
Cash
or
12.50%
PIK),
06/30/25
(i)
..........
EUR
2,168
2,416,442
Agps
Bondco
plc
(c)
6.00%,
08/05/25
(f)(k)
...............
600
252,335
5.50%,
11/13/26
(f)(k)
...............
1,000
357,338
5.00%,
01/14/29
.................
400
125,343
Aroundtown
SA
(a)(c)(j)
(5-Year
GBP
Swap
+
4.38%),
4.75%
...
GBP
329
155,251
(5-Year
EUR
Swap
Annual
+
3.98%),
3.38%
EUR
1,100
511,002
ATF
Netherlands
BV,
(5-Year
EUR
Swap
Annual
+
4.38%),
7.08%
(a)(c)(j)
........
1,000
486,529
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
USD
2,667
2,444,679
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(c)
...............
EUR
1,200
896,688
DIC
Asset
AG,
2.25%,
09/22/26
(c)
.......
900
534,218
Fantasia
Holdings
Group
Co.
Ltd.
(c)(f)(k)
15.00%,
12/18/21
................
USD
1,735
91,088
11.75%,
04/17/22
................
2,039
107,048
7.95%,
07/05/22
.................
1,650
95,865
12.25%,
10/18/22
................
3,269
171,622
9.88%,
10/19/23
.................
2,640
138,600
10.88%,
01/09/24
................
1,345
70,612
11.88%,
06/01/24
................
1,500
78,750
9.25%,
07/28/24
.................
3,540
185,850
Fastighets
AB
Balder,
(5-Year
EUR
Swap
Annual
+
3.19%),
2.87%,
06/02/81
(a)(c)
...
EUR
397
288,091
Heimstaden
Bostad
AB
(a)(c)(j)
(5-Year
EUR
Swap
Annual
+
3.91%),
3.38%
400
214,218
(5-Year
EUR
Swap
Annual
+
3.15%),
2.63%
1,725
856,775
Howard
Hughes
Corp.
(The)
(b)
5.38%,
08/01/28
.................
USD
523
479,853
4.13%,
02/01/29
.................
1,028
868,670
4.38%,
02/01/31
.................
270
222,151
JGC
Ventures
Pte.
Ltd.
(i)
0.00%,
(0.00%
Cash
or
3.00%
PIK),
06/30/25
....................
118
22,696
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(c)(f)(k)
.................
1,502
356,211
MAF
Global
Securities
Ltd.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.54%),
6.38%
(a)(c)(j)
........
2,389
2,322,586
MAF
Sukuk
Ltd.
(c)
4.64%,
05/14/29
.................
1,723
1,676,962
3.93%,
02/28/30
.................
2,507
2,339,131
Modern
Land
China
Co.
Ltd.
(a)(c)(f)(i)(k)
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/25
....................
209
5,631
9.00%,
(9.00%
Cash
or
11.00%
PIK),
12/30/26
....................
209
5,632
Modernland
Overseas
Pte.
Ltd.
(c)
Series
2,
4.00%,
04/30/27
..........
60
14,625
4.00%,
(4.00%
Cash
or
3.00%
PIK),
04/30/27
(f)(i)(k)
..................
1,450
351,213
Realogy
Group
LLC
(b)
5.75%,
01/15/29
.................
2,618
1,937,207
5.25%,
04/15/30
.................
446
321,351
SBB
Treasury
OYJ
(c)
0.75%,
12/14/28
.................
EUR
2,263
1,412,359
1.13%,
11/26/29
.................
560
340,705
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Sunac
China
Holdings
Ltd.,
7.00%,
07/09/25
(c)(f)
(k)
.........................
USD
1,440
$
180,000
23,335,327
Residential
REITs
—
0.0%
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
506
505,581
Camden
Property
Trust,
3.15%,
07/01/29
..
273
245,121
Invitation
Homes
Operating
Partnership
LP,
5.50%,
08/15/33
................
1,730
1,706,507
Mid-America
Apartments
LP
3.60%,
06/01/27
.................
412
389,111
3.95%,
03/15/29
.................
41
38,710
UDR,
Inc.
3.20%,
01/15/30
.................
118
104,839
3.00%,
08/15/31
.................
205
173,408
2.10%,
08/01/32
.................
85
64,323
3,227,600
Retail
REITs
—
0.1%
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
1,671
1,445,415
Kimco
Realty
OP
LLC,
4.60%,
02/01/33
...
1,020
948,856
Realty
Income
Corp.
3.88%,
04/15/25
.................
450
438,003
3.00%,
01/15/27
.................
370
343,757
3.95%,
08/15/27
.................
518
492,946
3.40%,
01/15/28
.................
113
104,652
4.85%,
03/15/30
.................
660
641,261
5.63%,
10/13/32
.................
1,177
1,195,246
Regency
Centers
LP
2.95%,
09/15/29
.................
1,075
924,578
3.70%,
06/15/30
.................
2,245
2,014,506
8,549,220
Semiconductors
&
Semiconductor
Equipment
—
0.3%
ams-OSRAM
AG
(c)(l)
0.00%,
03/05/25
(m)
...............
EUR
600
506,320
2.13%,
11/03/27
.................
600
465,252
Analog
Devices,
Inc.
1.70%,
10/01/28
.................
USD
406
349,103
2.80%,
10/01/41
.................
253
185,898
Broadcom,
Inc.
4.15%,
11/15/30
.................
340
312,582
4.15%,
04/15/32
(b)
................
699
632,024
3.42%,
04/15/33
(b)
................
942
787,879
3.19%,
11/15/36
(b)
................
260
196,597
4.93%,
05/15/37
(b)
................
3,184
2,893,086
Entegris
Escrow
Corp.
(b)
4.75%,
04/15/29
.................
11,062
10,319,728
5.95%,
06/15/30
.................
874
838,156
Entegris,
Inc.,
4.38%,
04/15/28
(b)
.......
595
541,251
Intel
Corp.
4.15%,
08/05/32
.................
305
289,308
5.20%,
02/10/33
.................
125
126,448
2.80%,
08/12/41
.................
115
81,138
5.63%,
02/10/43
.................
535
541,730
5.70%,
02/10/53
.................
1,100
1,121,512
5.90%,
02/10/63
.................
780
806,321
KLA
Corp.
4.10%,
03/15/29
.................
944
910,365
5.00%,
03/15/49
.................
367
353,753
3.30%,
03/01/50
.................
840
622,662
Lam
Research
Corp.
3.75%,
03/15/26
.................
765
743,231
4.88%,
03/15/49
.................
385
369,265
NVIDIA
Corp.,
3.50%,
04/01/40
........
685
582,888
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
NXP
BV
4.30%,
06/18/29
.................
USD
3,570
$
3,362,654
2.65%,
02/15/32
.................
590
478,198
QUALCOMM,
Inc.,
4.30%,
05/20/47
.....
690
616,952
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
1,764
1,517,125
Texas
Instruments,
Inc.,
2.70%,
09/15/51
..
136
92,932
TSMC
Arizona
Corp.,
4.50%,
04/22/52
....
535
500,674
31,145,032
Software
—
0.9%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
180
177,498
Alteryx,
Inc.,
8.75%,
03/15/28
(b)
........
1,418
1,378,595
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
(b)
10,844
9,188,238
Autodesk,
Inc.
3.50%,
06/15/27
.................
743
701,683
2.40%,
12/15/31
.................
1,371
1,124,068
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(c)
................
EUR
2,080
2,269,085
7.13%,
10/02/25
(b)
................
USD
3,366
3,385,141
9.13%,
03/01/26
(b)
................
4,711
4,710,383
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
3,293
3,105,822
Capstone
Borrower,
Inc.,
8.00%,
06/15/30
(b)
.
1,840
1,821,618
Cedacri
Mergeco
SpA,
(3-mo.
EURIBOR
at
4.63%
Floor
+
4.63%),
7.95%,
05/15/28
(a)(c)
EUR
865
913,738
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
USD
3,342
3,305,184
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
5,478
4,882,938
4.88%,
07/01/29
.................
4,578
4,066,645
Cloud
Software
Group,
Inc.
(b)
6.50%,
03/31/29
.................
19,493
17,544,435
9.00%,
09/30/29
.................
8,470
7,586,102
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
937
866,432
6.50%,
10/15/28
.................
623
538,897
Crowdstrike
Holdings,
Inc.,
3.00%,
02/15/29
300
259,003
Elastic
NV,
4.13%,
07/15/29
(b)
.........
2,711
2,352,038
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
1,425
1,307,833
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
648
561,068
McAfee
Corp.,
7.38%,
02/15/30
(b)
.......
5,029
4,345,443
Microsoft
Corp.
3.45%,
08/08/36
.................
538
485,698
4.45%,
11/03/45
.................
356
348,926
2.92%,
03/17/52
.................
2,358
1,722,633
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
3,587
3,210,757
NCR
Corp.
(b)
5.00%,
10/01/28
.................
1,212
1,096,361
5.13%,
04/15/29
.................
867
775,314
Open
Text
Corp.,
6.90%,
12/01/27
(b)
.....
4,486
4,584,118
Oracle
Corp.
5.80%,
11/10/25
.................
245
248,099
2.95%,
04/01/30
.................
2,620
2,286,222
3.85%,
07/15/36
.................
850
713,627
6.50%,
04/15/38
.................
281
298,948
5.38%,
07/15/40
.................
850
809,600
3.65%,
03/25/41
.................
370
285,313
4.13%,
05/15/45
.................
485
381,510
4.00%,
07/15/46
.................
350
269,112
4.00%,
11/15/47
.................
435
334,287
3.60%,
04/01/50
.................
1,800
1,279,034
3.95%,
03/25/51
.................
942
707,262
5.55%,
02/06/53
.................
220
210,965
4.38%,
05/15/55
.................
130
102,882
3.85%,
04/01/60
.................
190
132,532
PTC,
Inc.,
3.63%,
02/15/25
(b)
..........
860
830,868
Roper
Technologies,
Inc.,
3.65%,
09/15/23
.
350
349,015
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Salesforce,
Inc.
2.70%,
07/15/41
.................
USD
620
$
451,103
2.90%,
07/15/51
.................
363
250,731
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
4,682
4,523,189
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
800
655,952
VMware,
Inc.,
2.20%,
08/15/31
........
2,745
2,151,653
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
4,418
3,794,770
109,682,368
Specialized
REITs
—
0.2%
American
Tower
Corp.
2.95%,
01/15/25
.................
1,060
1,019,129
3.38%,
10/15/26
.................
995
935,945
3.95%,
03/15/29
.................
615
569,497
2.10%,
06/15/30
.................
1,865
1,506,409
2.70%,
04/15/31
.................
1,280
1,058,077
2.30%,
09/15/31
.................
247
196,343
5.65%,
03/15/33
.................
770
777,333
Crown
Castle,
Inc.
4.30%,
02/15/29
.................
715
675,389
3.10%,
11/15/29
.................
200
175,121
2.10%,
04/01/31
.................
427
340,182
2.50%,
07/15/31
.................
1,200
978,580
5.10%,
05/01/33
.................
812
791,008
2.90%,
04/01/41
.................
458
314,890
Equinix,
Inc.
1.45%,
05/15/26
.................
500
448,420
2.90%,
11/18/26
.................
575
529,906
2.15%,
07/15/30
.................
159
128,802
2.50%,
05/15/31
.................
250
203,883
3.00%,
07/15/50
.................
225
145,311
2.95%,
09/15/51
.................
265
167,111
3.40%,
02/15/52
.................
500
346,408
Iron
Mountain,
Inc.
(b)
7.00%,
02/15/29
.................
2,454
2,462,442
5.63%,
07/15/32
.................
635
572,073
Public
Storage
5.10%,
08/01/33
.................
430
430,359
5.35%,
08/01/53
.................
330
329,776
SBA
Communications
Corp.
3.88%,
02/15/27
.................
1,838
1,693,296
3.13%,
02/01/29
.................
3,236
2,728,265
Weyerhaeuser
Co.,
4.75%,
05/15/26
.....
1,705
1,681,302
21,205,257
Specialty
Retail
—
0.4%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
1,388
1,153,838
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
234
214,153
4.75%,
03/01/30
.................
231
204,009
5.00%,
02/15/32
(b)
................
517
450,568
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(c)
....................
GBP
1,322
1,356,158
eG
Global
Finance
plc
(b)
6.75%,
02/07/25
.................
USD
1,121
1,104,628
8.50%,
10/30/25
.................
2,652
2,626,037
Goldstory
SAS,
5.38%,
03/01/26
(c)
......
EUR
2,324
2,453,131
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
USD
2,639
2,357,155
Home
Depot,
Inc.
(The)
5.95%,
04/01/41
.................
200
218,114
3.90%,
06/15/47
.................
160
134,834
4.50%,
12/06/48
.................
455
418,541
3.35%,
04/15/50
.................
710
536,751
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
711
622,934
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
2,213
1,930,812
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
USD
999
$
860,278
Lowe's
Cos.,
Inc.
2.80%,
09/15/41
.................
220
154,931
3.70%,
04/15/46
.................
735
565,786
3.00%,
10/15/50
.................
675
441,755
3.50%,
04/01/51
.................
130
92,603
4.25%,
04/01/52
.................
1,240
1,003,641
5.63%,
04/15/53
.................
805
799,916
4.45%,
04/01/62
.................
320
257,123
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
1,353
1,241,012
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
987
941,422
PetSmart,
Inc.,
7.75%,
02/15/29
(b)
.......
3,967
3,869,650
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
873
830,830
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
3,500
3,168,741
6.13%,
07/01/29
.................
2,418
2,121,669
6.00%,
12/01/29
.................
3,995
3,465,662
Staples,
Inc.,
7.50%,
04/15/26
(b)
........
1,261
1,041,768
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
7,475
6,734,315
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(i)
...........
1,851
1,783,448
45,156,213
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
2.20%,
09/11/29
.................
1,400
1,234,318
4.50%,
02/23/36
.................
580
587,266
3.85%,
05/04/43
.................
189
167,877
3.45%,
02/09/45
.................
225
187,516
3.85%,
08/04/46
.................
350
304,344
2.65%,
05/11/50
.................
990
680,924
2.65%,
02/08/51
.................
1,460
998,911
2.70%,
08/05/51
.................
370
255,712
3.95%,
08/08/52
.................
921
807,208
Dell
International
LLC,
6.02%,
06/15/26
...
456
462,292
HP,
Inc.
2.20%,
06/17/25
.................
1,250
1,176,509
3.00%,
06/17/27
.................
1,018
942,539
Seagate
HDD
Cayman
(b)
8.25%,
12/15/29
.................
1,822
1,909,693
8.50%,
07/15/31
.................
2,441
2,548,453
12,263,562
Textiles,
Apparel
&
Luxury
Goods
—
0.1%
Crocs,
Inc.
(b)
4.25%,
03/15/29
.................
1,677
1,425,903
4.13%,
08/15/31
.................
40
32,210
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(c)(f)(k)(l)
............
EUR
1,300
1,214,313
Hanesbrands,
Inc.
(b)
4.88%,
05/15/26
.................
USD
762
714,420
9.00%,
02/15/31
.................
3,252
3,325,083
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
...
747
638,685
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
.
1,404
1,368,755
8,719,369
Tobacco
—
0.1%
Altria
Group,
Inc.
5.95%,
02/14/49
.................
1,142
1,085,128
3.70%,
02/04/51
.................
324
216,857
BAT
Capital
Corp.
3.46%,
09/06/29
.................
1,350
1,183,449
6.42%,
08/02/33
.................
1,215
1,215,000
4.39%,
08/15/37
.................
565
446,510
4.54%,
08/15/47
.................
488
363,042
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
4.76%,
09/06/49
.................
USD
165
$
125,265
7.08%,
08/02/53
.................
320
320,281
BAT
International
Finance
plc,
4.45%,
03/16/28
502
480,307
Philip
Morris
International,
Inc.,
5.63%,
11/17/29
.....................
683
698,723
6,134,562
Trading
Companies
&
Distributors
—
0.3%
Air
Lease
Corp.
3.38%,
07/01/25
.................
1,151
1,098,141
2.88%,
01/15/26
.................
3,788
3,543,057
3.75%,
06/01/26
.................
115
109,694
Aircastle
Ltd.,
6.50%,
07/18/28
(b)
........
697
698,038
Aviation
Capital
Group
LLC,
1.95%,
09/20/26
(b)
2,432
2,129,668
Beacon
Roofing
Supply,
Inc.
(b)
4.13%,
05/15/29
.................
1,313
1,159,839
6.50%,
08/01/30
.................
1,319
1,322,297
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
2,467
2,443,587
9.75%,
08/01/27
.................
1,358
1,413,902
5.50%,
05/01/28
.................
3,357
3,103,846
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
548
474,630
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
326
286,450
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
2,347
2,255,342
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
3,335
2,928,233
United
Rentals
North
America,
Inc.,
6.00%,
12/15/29
(b)
....................
8,873
8,862,602
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
2,308
2,334,485
7.25%,
06/15/28
.................
2,908
2,965,520
37,129,331
Transportation
Infrastructure
—
0.0%
(c)
Abertis
Infraestructuras
Finance
BV
(a)(j)
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
EUR
600
601,976
(5-Year
EUR
Swap
Annual
+
3.69%),
3.25%
2,100
2,106,917
Mundys
SpA
1.63%,
02/03/25
.................
134
140,713
1.88%,
02/12/28
.................
809
773,861
Stena
International
SA,
7.25%,
02/15/28
...
495
560,880
4,184,347
Water
Utilities
—
0.0%
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
(c)
....................
GBP
387
340,720
Wireless
Telecommunication
Services
—
0.5%
America
Movil
SAB
de
CV
3.63%,
04/22/29
.................
USD
1,300
1,191,320
4.38%,
04/22/49
.................
550
469,706
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
7,289
6,988,102
Kenbourne
Invest
SA,
4.70%,
01/22/28
(c)
..
787
555,457
Liberty
Costa
Rica
Senior
Secured
Finance,
10.88%,
01/15/31
(b)
..............
882
887,821
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(b)(i)
........
1,968
669,130
Millicom
International
Cellular
SA
(b)
5.13%,
01/15/28
.................
1,120
997,563
4.50%,
04/27/31
.................
1,727
1,374,485
Rogers
Communications,
Inc.
3.80%,
03/15/32
.................
1,765
1,533,918
4.30%,
02/15/48
.................
838
643,233
4.35%,
05/01/49
.................
351
273,944
3.70%,
11/15/49
.................
270
188,332
4.55%,
03/15/52
.................
1,972
1,561,752
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
101
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
SoftBank
Group
Corp.
(c)
2.13%,
07/06/24
.................
EUR
1,370
$
1,457,360
4.50%,
04/20/25
.................
553
598,903
4.75%,
07/30/25
.................
1,083
1,174,386
3.13%,
09/19/25
.................
1,130
1,176,387
5.00%,
04/15/28
.................
247
260,374
4.00%,
09/19/29
.................
1,549
1,496,775
3.88%,
07/06/32
.................
1,445
1,279,566
Telefonica
Europe
BV
(a)(c)(j)
(8-Year
EUR
Swap
Annual
+
2.97%),
3.88%
1,600
1,640,454
(6-Year
EUR
Swap
Annual
+
4.32%),
7.13%
900
1,024,184
(7-Year
EUR
Swap
Annual
+
3.35%),
6.14%
3,300
3,564,854
T-Mobile
USA,
Inc.
2.25%,
02/15/26
.................
USD
1,615
1,492,333
2.05%,
02/15/28
.................
1,200
1,046,740
2.55%,
02/15/31
.................
525
436,272
3.50%,
04/15/31
.................
827
726,961
2.70%,
03/15/32
.................
249
204,613
4.38%,
04/15/40
.................
475
419,126
3.00%,
02/15/41
.................
880
637,247
4.50%,
04/15/50
.................
109
93,142
3.30%,
02/15/51
.................
925
644,265
3.40%,
10/15/52
.................
1,290
905,917
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(c)
................
GBP
1,259
1,312,606
4.25%,
01/31/31
(b)
................
USD
493
408,238
4.50%,
07/15/31
(c)
................
GBP
2,642
2,678,650
4.75%,
07/15/31
(b)
................
USD
1,166
984,243
Vodafone
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
3.43%),
4.20%,
10/03/78
(c)
..............
EUR
439
448,910
(5-Year
GBP
Swap
+
3.27%),
4.88%,
10/03/78
(c)
...................
GBP
2,384
2,865,142
(5-Year
EUR
Swap
Annual
+
3.00%),
2.63%,
08/27/80
(c)
..............
EUR
785
786,127
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.45%),
3.25%,
06/04/81
....................
USD
7,145
6,308,491
(5-Year
EUR
Swap
Annual
+
3.49%),
6.50%,
08/30/84
(c)
..............
EUR
1,614
1,800,325
55,207,354
Total
Corporate
Bonds
—
26.5%
(Cost:
$3,477,719,931)
...........................
3,248,189,529
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
Barclays
Bank
plc
(L3Harris
Technologies,
Inc.),
15.29%, 09/28/23
.............
USD
37
7,035,391
Mizuho
Markets
Cayman
LP
(RTX
Corp.),
13.70%, 08/24/23
................
55
4,814,273
11,849,664
Automobile
Components
—
0.1%
BNP
Paribas
Issuance
BV
(Lear
Corp.),
15.79%, 08/02/23
(b)
...............
29
3,861,936
Mizuho
Markets
Cayman
LP
(Lear
Corp.),
23.20%, 10/12/23
................
32
4,919,267
Royal
Bank
of
Canada
(BorgWarner,
Inc.),
15.09%, 08/03/23
(b)
...............
68
3,144,848
11,926,051
Security
Par
(000)
Par
(000)
Value
Automobiles
—
0.1%
BNP
Paribas
SA
(Ford
Motor
Co.),
13.67%, 09/19/23
(b)
...............
USD
297
$
3,925,837
Citigroup,
Inc.
(General
Motors
Co.),
15.38%, 09/14/23
................
91
3,486,224
Nomura
Holdings,
Inc.
(General
Motors
Co.),
13.79%, 08/10/23
................
105
3,996,989
11,409,050
Banks
—
0.6%
BNP
Paribas
SA
(Comerica,
Inc.),
27.09%, 09/13/23
(b)
...............
39
2,067,416
BNP
Paribas
SA
(First
Citizens
BancShares,
Inc.),
18.31%, 08/17/23
(b)
...........
4
5,424,689
Citigroup,
Inc.
(Bank
of
America
Corp.),
14.51%, 09/08/23
................
402
12,677,372
Citigroup,
Inc.
(Citizens
Financial
Group,
Inc.),
23.43%, 09/08/23
................
110
3,155,120
Citigroup,
Inc.
(Fifth
Third
Bancorp),
17.17%, 09/13/23
................
70
2,017,611
Citigroup,
Inc.
(First
Horizon
Corp.),
24.71%, 09/11/23
................
114
1,543,687
Citigroup,
Inc.
(JPMorgan
Chase
&
Co.),
13.09%, 09/01/23
................
18
2,668,975
Citigroup,
Inc.
(PNC
Financial
Services
Group,
Inc.
(The)),
13.49%, 09/08/23
........
23
3,021,073
Citigroup,
Inc.
(Wells
Fargo
&
Co.),
19.44%, 09/08/23
................
187
7,994,425
HSBC
Bank
plc
(Banco
Santander
SA),
16.00%, 10/05/23
................
EUR
55
5,870,809
JPMorgan
Structured
Products
BV
(Bank
of
America
Corp.),
15.96%, 09/01/23
.....
USD
90
2,685,453
Nomura
Holdings,
Inc.
(Citigroup,
Inc.),
19.21%, 08/17/23
................
128
6,061,031
Royal
Bank
of
Canada
(Citigroup,
Inc.),
18.66%, 08/31/23
(b)
...............
53
2,532,272
Royal
Bank
of
Canada
(JPMorgan
Chase
&
Co.),
5.82%, 08/31/23
.............
50
7,747,784
Royal
Bank
of
Canada
(Wells
Fargo
&
Co.),
16.40%, 08/31/23
................
79
3,591,604
SGA
Societe
Generale
Acceptance
NV
(Citizens
Financial
Group,
Inc.),
25.49%, 09/11/23
................
48
1,540,172
70,599,493
Biotechnology
—
0.1%
Citigroup,
Inc.
(Gilead
Sciences,
Inc.),
13.00%, 08/02/23
................
45
3,409,696
Mizuho
Markets
Cayman
LP
(AbbVie,
Inc.),
6.73%, 09/18/23
.................
50
7,417,998
10,827,694
Broadline
Retail
—
0.1%
BNP
Paribas
Issuance
BV
(Amazon.com,
Inc.),
17.68%, 08/14/23
(b)
...............
98
11,017,443
Citigroup,
Inc.
(Amazon.com,
Inc.),
16.77%, 09/01/23
................
26
3,224,001
Royal
Bank
of
Canada
(eBay,
Inc.),
14.52%, 09/18/23
(b)
...............
34
1,493,034
15,734,478
Building
Products
—
0.0%
Societe
Generale
SA
(Johnson
Controls
International
plc),
12.95%, 08/04/23
....
41
2,649,329
Capital
Markets
—
0.2%
Citigroup,
Inc.
(Bank
of
New
York
Mellon
Corp.
(The)),
13.38%, 09/08/23
...........
43
1,986,288
Citigroup,
Inc.
(LPL
Financial
Holdings,
Inc.),
19.43%, 08/02/23
................
18
3,851,985
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
Citigroup,
Inc.
(Raymond
James
Financial,
Inc.),
21.06%, 09/08/23
.............
USD
27
$
2,830,327
Merrill
Lynch
International
&
Co.
(Newell
Brands,
Inc.),
34.97%, 08/03/23
.......
178
1,618,072
Mizuho
Markets
Cayman
LP
(Nasdaq,
Inc.),
8.36%, 09/11/23
.................
77
3,918,402
Nomura
Holdings,
Inc.
(Charles
Schwab
Corp.
(The)),
14.81%, 09/08/23
...........
75
4,989,577
Nomura
Holdings,
Inc.
(Morgan
Stanley),
14.18%, 09/08/23
................
81
7,455,996
Royal
Bank
of
Canada
(CF
Industries
Holdings,
Inc.),
21.10%, 08/03/23
(b)
...........
28
2,210,252
UBS
AG
(Invesco
Ltd.),
17.30%, 08/10/23
..
78
1,291,610
30,152,509
Chemicals
—
0.1%
Citigroup,
Inc.
(PPG
Industries,
Inc.),
10.46%, 09/13/23
................
13
1,914,803
Mizuho
Markets
Cayman
LP
(Dow,
Inc.),
14.52%, 09/14/23
................
37
2,033,595
SGA
Societe
Generale
Acceptance
NV
(PPG
Industries,
Inc.),
14.35%, 08/31/23
.....
16
2,313,645
6,262,043
Commercial
Services
&
Supplies
—
0.0%
Mizuho
Markets
Cayman
LP
(Waste
Management,
Inc.),
6.70%, 09/15/23
....
30
4,860,328
Communications
Equipment
—
0.2%
Barclays
Bank
plc
(Nokia
Oyj),
21.51%, 08/03/23
................
374
1,472,893
BNP
Paribas
SA
(Cisco
Systems,
Inc.),
16.60%, 10/12/23
................
102
5,362,394
Citigroup,
Inc.
(Cisco
Systems,
Inc.),
11.00%, 08/17/23
................
265
13,247,887
20,083,174
Construction
&
Engineering
—
0.1%
Citigroup,
Inc.
(Becton
Dickinson
&
Co.),
9.56%, 08/04/23
.................
8
2,141,740
UBS
AG
(Dollar
General
Corp.),
16.60%, 08/31/23
................
27
4,588,827
6,730,567
Construction
Materials
—
0.0%
Barclays
Bank
plc
(Vulcan
Materials
Co.),
14.69%, 08/04/23
................
13
2,669,175
Consumer
Finance
—
0.1%
SGA
Societe
Generale
Acceptance
NV
(Ally
Financial,
Inc.),
21.71%, 09/11/23
......
134
4,066,735
SGA
Societe
Generale
Acceptance
NV
(Synchrony
Financial),
15.33%, 09/11/23
.
110
3,862,065
7,928,800
Consumer
Staples
Distribution
&
Retail
—
0.2%
Citigroup,
Inc.
(Walmart,
Inc.),
6.23%, 08/17/23
100
15,767,482
Mizuho
Markets
Cayman
LP
(Costco
Wholesale
Corp.),
9.98%, 09/22/23
............
12
6,233,960
22,001,442
Containers
&
Packaging
—
0.1%
Mizuho
Markets
Cayman
LP
(Sealed
Air
Corp.),
19.41%, 09/08/23
................
160
6,569,874
Diversified
Telecommunication
Services
—
0.1%
Citigroup,
Inc.
(Verizon
Communications,
Inc.),
20.77%, 09/08/23
................
162
5,627,019
Nomura
Holdings,
Inc.
(Verizon
Communications,
Inc.),
11.22%, 09/14/23
144
4,919,440
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Royal
Bank
of
Canada
(AT&T,
Inc.),
10.12%, 09/15/23
(b)
...............
USD
332
$
4,844,144
UBS
AG
(AT&T,
Inc.),
23.30%, 09/14/23
...
136
2,027,431
17,418,034
Electric
Utilities
—
0.2%
BNP
Paribas
SA
(American
Electric
Power
Co.,
Inc.),
16.72%, 10/12/23
.............
39
3,317,692
Nomura
Holdings,
Inc.
(NextEra
Energy,
Inc.),
15.64%, 09/14/23
................
65
4,831,847
Royal
Bank
of
Canada
(American
Electric
Power
Co.,
Inc.),
12.75%, 09/18/23
(b)
...
46
3,926,579
Royal
Bank
of
Canada
(Exelon
Corp.),
19.19%, 09/14/23
(b)
...............
90
3,639,756
Royal
Bank
of
Canada
(PG&E
Corp.),
15.60%, 09/28/23
(b)
...............
147
2,615,135
18,331,009
Electrical
Equipment
—
0.1%
Citigroup,
Inc.
(Emerson
Electric
Co.),
12.83%, 08/09/23
................
48
4,288,285
Mizuho
Markets
Cayman
LP
(Eaton
Corp.
plc),
11.50%, 08/02/23
................
24
4,318,976
8,607,261
Electronic
Equipment,
Instruments
&
Components
—
0.0%
(b)
Royal
Bank
of
Canada
(Delta
Air
Lines,
Inc.),
15.03%, 08/28/23
................
51
2,373,628
Royal
Bank
of
Canada
(Flex
Ltd.),
13.19%, 09/18/23
................
108
2,956,944
5,330,572
Energy
Equipment
&
Services
—
0.1%
Barclays
Bank
plc
(Baker
Hughes
Co.),
16.67%, 09/11/23
................
113
4,042,722
Barclays
Bank
plc
(Schlumberger
NV),
18.02%, 09/13/23
................
35
2,048,198
6,090,920
Financial
Services
—
0.4%
Barclays
Bank
plc
(Equitable
Holdings,
Inc.),
25.52%, 08/03/23
................
131
3,351,302
Barclays
Bank
plc
(Visa,
Inc.),
11.83%, 09/28/23
................
11
2,615,463
BNP
Paribas
SA
(Berkshire
Hathaway,
Inc.),
7.56%, 08/08/23
(b)
................
39
13,186,409
BNP
Paribas
SA
(Fidelity
National
Information
Services,
Inc.),
17.40%, 08/04/23
(b)
.....
55
3,250,633
BNP
Paribas
SA
(PayPal
Holdings,
Inc.),
17.85%, 08/03/23
(b)
...............
77
5,524,349
Mizuho
Markets
Cayman
LP
(Global
Payments,
Inc.),
16.00%, 08/01/23
.............
21
2,236,073
Mizuho
Markets
Cayman
LP
(Voya
Financial,
Inc.),
14.70%, 08/02/23
.............
37
2,705,408
Royal
Bank
of
Canada
(Fiserv,
Inc.),
7.29%, 09/15/23
(b)
................
46
5,818,049
SGA
Societe
Generale
Acceptance
NV
(Fidelity
National
Information
Services,
Inc.),
15.75%, 08/24/23
................
97
5,580,957
44,268,643
Food
Products
—
0.2%
BNP
Paribas
SA
(Brookfield
Corp.),
16.38%, 09/21/23
(b)
...............
EUR
24
1,478,761
JPMorgan
Structured
Products
BV
(SAP
SE),
7.92%, 09/14/23
.................
74
10,026,600
Nomura
Bank
International
plc
(Kraft
Heinz
Co.
(The)),
18.75%, 09/28/23
...........
USD
207
7,420,092
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
103
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Food
Products
(continued)
Royal
Bank
of
Canada
(Brookfield
Corp.),
5.87%, 09/20/23
(b)
................
EUR
80
$
4,860,857
Royal
Bank
of
Canada
(Conagra
Brands,
Inc.),
12.51%, 08/28/23
(b)
...............
USD
74
2,449,681
26,235,991
Ground
Transportation
—
0.0%
Citigroup,
Inc.
(CSX
Corp.),
10.76%, 09/13/23
77
2,527,743
Royal
Bank
of
Canada
(Avis
Budget
Group,
Inc.),
25.11%, 08/01/23
(b)
............
12
2,327,583
4,855,326
Health
Care
Equipment
&
Supplies
—
0.4%
BNP
Paribas
Issuance
BV
(Zimmer
Biomet
Holdings,
Inc.),
9.93%, 08/02/23
(b)
.....
18
2,504,899
BNP
Paribas
SA
(Estee
Lauder
Cos.,
Inc.
(The)),
9.98%, 09/20/23
............
EUR
36
7,316,983
Citigroup,
Inc.
(Abbott
Laboratories),
5.00%, 09/12/23
.................
USD
36
3,971,087
Nomura
Holdings,
Inc.
(Baxter
International,
Inc.),
21.47%, 08/03/23
.............
211
8,926,297
Nomura
Holdings,
Inc.
(Medtronic
plc),
14.38%, 08/10/23
................
102
8,695,230
Royal
Bank
of
Canada
(Koninklijke
Philips
NV)
17.38%,
09/14/23
(a)(b)
..............
EUR
183
3,841,784
26.81%,
10/05/23
(a)(b)
..............
109
2,302,468
UBS
AG
(Zimmer
Biomet
Holdings,
Inc.),
17.90%, 08/10/23
................
USD
45
6,087,759
43,646,507
Health
Care
Providers
&
Services
—
0.7%
Barclays
Bank
plc
(Cardinal
Health,
Inc.),
15.44%, 08/03/23
................
64
5,462,734
BMO
Capital
Markets
Corp.
(Cigna
Group
(The)),
22.25%, 09/14/23
...........
20
5,664,613
BMO
Capital
Markets
Corp.
(Laboratory
Corp.
of
America
Holdings),
19.45%, 09/14/23
.
31
7,475,866
BNP
Paribas
SA
(AmerisourceBergen
Corp.),
9.41%, 08/03/23
(b)
................
24
4,274,320
Citigroup,
Inc.
(Cardinal
Health,
Inc.),
14.26%, 08/10/23
................
32
2,695,634
Citigroup,
Inc.
(McKesson
Corp.),
11.57%, 08/03/23
................
10
4,173,249
Citigroup,
Inc.
(UnitedHealth
Group,
Inc.),
11.42%, 09/01/23
................
5
2,635,609
JPMorgan
Structured
Products
BV
(Cigna
Group
(The)),
12.67%, 08/03/23
.......
19
5,366,074
Mizuho
Markets
Cayman
LP
(CVS
Health
Corp.),
16.00%, 08/03/23
...........
73
5,371,715
Mizuho
Markets
Cayman
LP
(HCA
Healthcare,
Inc.),
9.97%, 09/18/23
.............
18
4,898,873
Mizuho
Markets
Cayman
LP
(Humana,
Inc.),
19.51%, 09/14/23
................
3
1,149,282
Nomura
Holdings,
Inc.
(Elevance
Health,
Inc.),
14.86%, 08/10/23
................
8
3,814,610
Royal
Bank
of
Canada
(UnitedHealth
Group,
Inc.),
7.31%, 08/31/23
(b)
............
47
23,279,441
SGA
Societe
Generale
Acceptance
NV
(Elevance
Health,
Inc.),
14.44%, 09/11/23
21
9,992,682
86,254,702
Hotel
&
Resort
REITs
—
0.0%
Royal
Bank
of
Canada
(Host
Hotels
&
Resorts,
Inc.),
17.58%, 08/03/23
(b)
...........
178
3,211,791
Hotels,
Restaurants
&
Leisure
—
0.4%
Barclays
Bank
plc
(Booking
Holdings,
Inc.),
15.24%, 08/03/23
................
2
5,343,270
BNP
Paribas
SA
(Aramark),
14.04%, 08/09/23
(b)
72
2,698,567
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
BNP
Paribas
SA
(Chipotle
Mexican
Grill,
Inc.),
9.26%, 09/18/23
.................
USD
1
$
1,480,740
BNP
Paribas
SA
(Marriott
International,
Inc.),
15.40%, 08/02/23
(b)
...............
23
4,335,524
BNP
Paribas
SA
(McDonald's
Corp.),
6.20%, 09/18/23
.................
25
7,301,189
BNP
Paribas
SA
(MGM
Resorts
International),
17.23%, 08/03/23
(b)
...............
79
3,843,860
BNP
Paribas
SA
(Starbucks
Corp.),
12.64%, 08/02/23
(b)
...............
49
4,945,779
BNP
Paribas
SA
(Yum!
Brands,
Inc.),
8.77%, 08/03/23
(b)
................
29
4,020,542
Citigroup,
Inc.
(McDonald's
Corp.),
6.82%, 09/01/23
.................
9
2,538,197
JPMorgan
Structured
Products
BV
(Hyatt
Hotels
Corp.),
15.48%, 08/09/23
......
35
4,289,546
JPMorgan
Structured
Products
BV
(Las
Vegas
Sands
Corp.),
16.57%, 09/12/23
......
34
2,039,431
Royal
Bank
of
Canada
(Hilton
Worldwide
Holdings,
Inc.),
13.05%, 09/15/23
(b)
.....
33
5,014,412
47,851,057
Household
Durables
—
0.0%
BNP
Paribas
SA
(Toll
Brothers,
Inc.),
15.56%, 08/23/23
................
38
2,688,000
JPMorgan
Structured
Products
BV
(Sony
Group
Corp.),
17.90%, 09/08/23
.......
34
3,115,043
5,803,043
Household
Products
—
0.1%
Citigroup,
Inc.
(Kimberly-Clark
Corp.),
10.23%, 09/14/23
................
37
4,789,411
HSBC
Bank
plc
(Rocket
Cos.,
Inc.),
19.77%, 09/21/23
................
GBP
22
1,616,443
6,405,854
Insurance
—
0.3%
Barclays
Bank
plc
(Prudential
plc),
26.55%, 09/21/23
................
288
3,892,359
JPMorgan
Structured
Products
BV
(Marsh
&
McLennan
Cos.,
Inc.),
6.93%, 09/12/23
..
USD
21
3,981,840
JPMorgan
Structured
Products
BV
(Travelers
Cos,
Inc.
(The)),
9.93%, 09/12/23
......
23
3,965,444
JPMorgan
Structured
Products
BV
(Willis
Towers
Watson
plc),
16.72%, 09/28/23
..
17
3,778,901
Nomura
Holdings,
Inc.
(Archer-Daniels-Midland
Co.),
11.10%, 09/14/23
.............
57
4,876,989
SGA
Societe
Generale
Acceptance
NV
(American
International
Group,
Inc.),
12.58%, 08/31/23
................
112
6,512,015
UBS
AG
(Fidelity
National
Financial,
Inc.),
13.20%, 08/31/23
................
153
5,484,086
32,491,634
Interactive
Media
&
Services
—
0.4%
BNP
Paribas
Issuance
BV
(Meta
Platforms,
Inc.),
20.98%, 08/14/23
(b)
...........
21
5,513,822
BNP
Paribas
SA
(TripAdvisor,
Inc.),
20.02%, 08/04/23
(b)
...............
133
2,225,106
Citigroup,
Inc.
(Alphabet,
Inc.),
16.42%, 09/01/23
................
25
3,172,861
Citigroup,
Inc.
(Meta
Platforms,
Inc.),
20.27%, 09/01/23
................
12
3,273,967
Mizuho
Markets
Cayman
LP
(Alphabet,
Inc.),
17.22%, 08/24/23
................
12
1,500,219
Mizuho
Markets
Cayman
LP
(Meta
Platforms,
Inc.),
21.51%, 08/24/23
.............
5
1,596,010
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
104
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interactive
Media
&
Services
(continued)
Royal
Bank
of
Canada
(Alphabet,
Inc.),
14.17%, 09/15/23
(b)
...............
USD
152
$
19,981,865
Royal
Bank
of
Canada
(Meta
Platforms,
Inc.),
17.60%, 09/18/23
(b)
...............
39
12,426,378
Royal
Bank
of
Canada
(TripAdvisor,
Inc.),
18.94%, 08/04/23
(b)
...............
159
2,725,347
52,415,575
IT
Services
—
0.1%
BNP
Paribas
Issuance
BV
(Gartner,
Inc.),
13.74%, 08/02/23
................
12
3,815,727
Mizuho
Markets
Cayman
LP
(Cognizant
Technology
Solutions
Corp.),
21.11%, 10/12/23
................
138
9,087,681
12,903,408
Life
Sciences
Tools
&
Services
—
0.2%
Citigroup,
Inc.
(Danaher
Corp.)
13.24%,
09/01/23
................
11
2,653,823
8.57%,
09/14/23
.................
19
4,862,085
Mizuho
Markets
Cayman
LP
(Agilent
Technologies,
Inc.),
13.50%, 08/16/23
...
42
5,123,388
Royal
Bank
of
Canada
(Thermo
Fisher
Scientific,
Inc.),
10.37%, 09/15/23
(b)
....
13
7,182,234
19,821,530
Machinery
—
0.2%
Barclays
Bank
plc
(Caterpillar,
Inc.),
15.27%, 08/02/23
................
24
5,481,034
Mizuho
Markets
Cayman
LP
(PACCAR,
Inc.),
10.60%, 09/14/23
................
57
4,899,936
Royal
Bank
of
Canada
(Cummins,
Inc.),
14.11%, 08/03/23
(b)
...............
11
2,720,894
Royal
Bank
of
Canada
(Deere
&
Co.),
11.91%, 08/18/23
(b)
...............
21
8,053,453
Royal
Bank
of
Canada
(Otis
Worldwide
Corp.),
9.03%, 09/15/23
(b)
................
54
4,896,115
26,051,432
Media
—
0.2%
BNP
Paribas
SA
(Comcast
Corp.),
19.50%, 08/17/23
(b)
...............
177
7,427,412
Mizuho
Markets
Cayman
LP
(Comcast
Corp.),
8.51%, 09/18/23
.................
163
7,384,065
Royal
Bank
of
Canada
(Publicis
Groupe
SA),
11.23%, 09/14/23
(a)(b)
..............
EUR
63
5,017,634
SGA
Societe
Generale
Acceptance
NV
(Fox
Corp.),
12.13%, 08/24/23
...........
USD
89
2,974,235
22,803,346
Metals
&
Mining
—
0.1%
Citigroup,
Inc.
(Freeport-McMoRan,
Inc.),
21.35%, 09/12/23
................
59
2,582,468
Citigroup,
Inc.
(Nucor
Corp.),
15.67%, 09/14/23
11
1,959,215
JPMorgan
Structured
Products
BV
(Carlyle
Group,
Inc.
(The)),
24.86%, 08/03/23
...
147
4,199,789
8,741,472
Multi-Utilities
—
0.0%
UBS
AG
(Public
Service
Enterprise
Group,
Inc.),
15.40%, 08/10/23
.............
37
2,321,950
Oil,
Gas
&
Consumable
Fuels
—
0.5%
Barclays
Bank
plc
(ConocoPhillips),
21.69%, 08/04/23
................
31
3,313,496
Barclays
Bank
plc
(Murphy
Oil
Corp.),
20.69%, 08/04/23
................
27
1,081,122
BNP
Paribas
SA
(Shell
plc),
23.72%, 09/21/23
(b)
GBP
237
7,128,599
Citigroup,
Inc.
(Chevron
Corp.),
13.98%, 09/19/23
................
USD
46
7,486,659
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Citigroup,
Inc.
(Exxon
Mobil
Corp.),
13.54%, 09/19/23
................
USD
118
$
12,434,315
HSBC
Bank
plc
(BP
plc),
24.04%, 09/21/23
.
GBP
1,376
8,270,123
JPMorgan
Structured
Products
BV
(Devon
Energy
Corp.),
23.53%, 08/02/23
......
USD
21
1,109,289
JPMorgan
Structured
Products
BV
(Kosmos
Energy
Ltd.),
29.42%, 08/31/23
.......
374
2,347,885
JPMorgan
Structured
Products
BV
(Marathon
Petroleum
Corp.),
19.44%, 08/02/23
....
14
1,647,605
Nomura
Bank
International
plc
(Williams
Cos.,
Inc.
(The)),
18.64%, 09/14/23
........
62
2,091,091
Royal
Bank
of
Canada
(Hess
Corp.),
14.92%, 09/15/23
(b)
...............
27
4,000,841
Royal
Bank
of
Canada
(Marathon
Oil
Corp.),
15.82%, 08/03/23
(b)
...............
46
1,127,376
Royal
Bank
of
Canada
(Valero
Energy
Corp.),
18.39%, 09/18/23
(b)
...............
39
4,918,036
SGA
Societe
Generale
Acceptance
NV
(ConocoPhillips),
20.68%, 08/17/23
....
22
2,345,213
59,301,650
Passenger
Airlines
—
0.0%
JPMorgan
Structured
Products
BV
(American
Airlines
Group,
Inc.),
18.24%, 09/12/23
..
113
1,918,436
JPMorgan
Structured
Products
BV
(United
Airlines
Holdings,
Inc.),
18.51%, 09/12/23
35
1,924,223
3,842,659
Personal
Care
Products
—
0.1%
Barclays
Bank
plc
(Unilever
plc),
10.42%, 09/20/23
................
GBP
227
12,207,650
BNP
Paribas
SA
(Coty,
Inc.),
17.85%, 08/25/23
(b)
...............
USD
219
2,611,001
SGA
Societe
Generale
Acceptance
NV
(Unilever
plc),
10.88%, 08/31/23
......
64
3,384,078
18,202,729
Pharmaceuticals
—
0.1%
Barclays
Bank
plc
(Bayer
AG),
20.90%, 10/05/23
................
EUR
84
4,828,071
BNP
Paribas
SA
(Eli
Lilly
&
Co.),
18.76%, 08/17/23
(b)
...............
USD
3
1,428,482
BNP
Paribas
SA
(Zoetis,
Inc.),
12.95%, 08/04/23
(b)
...............
23
4,253,797
Nomura
Bank
International
plc
(Novo
Nordisk
A/S),
24.56%, 09/14/23
.............
8
1,160,382
Royal
Bank
of
Canada
(AstraZeneca
plc),
21.89%, 09/21/23
(b)
...............
GBP
26
3,472,196
15,142,928
Professional
Services
—
0.3%
BNP
Paribas
Issuance
BV
(Paycom
Software,
Inc.),
16.07%, 08/02/23
(b)
...........
USD
10
3,307,729
BNP
Paribas
SA
(Paycom
Software,
Inc.),
16.15%, 08/02/23
(b)
...............
15
4,362,096
BNP
Paribas
SA
(Randstad
NV),
13.31%, 09/20/23
................
EUR
67
3,909,043
JPMorgan
Structured
Products
BV
(Robert
Half,
Inc.),
17.15%, 09/28/23
.........
USD
10
780,187
Royal
Bank
of
Canada
(Automatic
Data
Processing,
Inc.),
9.48%, 09/15/23
(b)
....
23
5,794,125
SGA
Societe
Generale
Acceptance
NV
(Leidos
Holdings,
Inc.),
14.55%, 08/24/23
......
62
5,471,997
SGA
Societe
Generale
Acceptance
NV
(SS&C
Technologies
Holdings,
Inc.),
15.23%, 08/24/23
................
121
7,068,784
30,693,961
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
105
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
—
0.0%
Mizuho
Markets
Cayman
LP
(Sempra),
12.45%, 08/31/23
................
USD
19
$
2,806,524
Semiconductors
&
Semiconductor
Equipment
—
0.0%
BNP
Paribas
SA
(Intel
Corp.),
30.85%, 10/12/23
................
45
1,607,067
Software
—
0.6%
BNP
Paribas
SA
(Intuit,
Inc.),
15.55%, 08/23/23
17
7,523,203
BNP
Paribas
SA
(Palo
Alto
Networks,
Inc.),
14.11%, 08/23/23
................
34
7,517,391
Citigroup,
Inc.
(Microsoft
Corp.)
10.60%,
09/01/23
................
10
3,144,017
14.35%,
09/15/23
................
29
9,856,016
JPMorgan
Structured
Products
BV
(ServiceNow,
Inc.),
17.49%, 09/01/23
...
5
2,716,111
Mizuho
Markets
Cayman
LP
(Microsoft
Corp.),
12.62%, 08/25/23
................
33
10,699,358
Royal
Bank
of
Canada
(Microsoft
Corp.),
14.16%, 08/11/23
(b)
...............
33
10,742,699
Royal
Bank
of
Canada
(ServiceNow,
Inc.),
13.61%, 09/18/23
(b)
...............
13
7,557,598
Societe
Generale
SA
(Fortinet,
Inc.),
12.75%, 08/03/23
................
79
5,522,173
UBS
AG
(Microsoft
Corp.),
17.20%, 08/17/23
14
4,703,024
69,981,590
Specialized
REITs
—
0.0%
JPMorgan
Structured
Products
BV
(Iron
Mountain,
Inc.),
15.25%, 08/04/23
.....
74
4,333,661
Specialty
Retail
—
0.2%
Barclays
Bank
plc
(AutoNation,
Inc.),
18.90%, 09/13/23
................
13
2,019,903
BNP
Paribas
SA
(Ross
Stores,
Inc.),
9.48%, 08/18/23
(b)
................
48
5,306,308
Citigroup,
Inc.
(Best
Buy
Co.,
Inc.),
16.09%, 08/31/23
................
54
4,270,890
JPMorgan
Structured
Products
BV
(Simon
Property
Group,
Inc.),
18.06%, 08/02/23
.
28
3,232,887
Mizuho
Markets
Cayman
LP
(AutoZone,
Inc.),
9.70%, 09/19/23
.................
2
5,009,505
Mizuho
Markets
Cayman
LP
(Dick's
Sporting
Goods,
Inc.),
17.25%, 08/23/23
.......
20
2,670,133
Mizuho
Markets
Cayman
LP
(TJX
Cos.,
Inc.
(The)),
8.90%, 08/17/23
............
64
5,276,810
27,786,436
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
BMO
Capital
Markets
Corp.
(HP,
Inc.),
24.72%, 09/14/23
................
55
1,696,536
BNP
Paribas
SA
(Apple,
Inc.),
14.11%, 08/11/23
(b)
................
61
10,792,169
Citigroup,
Inc.
(Apple,
Inc.),
10.74%, 09/01/23
17
3,181,603
15,670,308
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Citigroup,
Inc.
(Tapestry,
Inc.),
18.93%, 08/18/23
................
101
4,270,716
JPMorgan
Structured
Products
BV
(Ralph
Lauren
Corp.),
24.78%, 08/03/23
......
14
1,608,776
5,879,492
Tobacco
—
0.1%
Barclays
Bank
plc
(British
American
Tobacco
plc),
22.60%, 10/05/23
.............
GBP
193
6,493,794
Barclays
Bank
plc
(Philip
Morris
International,
Inc.),
6.83%, 09/12/23
.............
USD
30
3,007,879
9,501,673
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
—
0.0%
Barclays
Bank
plc
(MSC
Industrial
Direct
Co.,
Inc.),
15.82%, 08/03/23
.............
USD
19
$
1,730,712
Royal
Bank
of
Canada
(United
Rentals,
Inc.),
18.89%, 09/18/23
(b)
...............
6
2,516,912
4,247,624
Transportation
Infrastructure
—
0.0%
BNP
Paribas
SA
(Siemens
AG),
22.91%, 09/21/23
(b)
...............
EUR
10
1,623,389
Wireless
Telecommunication
Services
—
0.1%
Barclays
Bank
plc
(Vodafone
Group
plc),
25.00%, 10/05/23
................
GBP
4,288
4,138,298
JPMorgan
Structured
Products
BV
(T-Mobile
US,
Inc.),
7.33%, 09/19/23
(c)
.........
USD
35
4,904,235
9,042,533
Total
Equity-Linked
Notes
—
8.4%
(Cost:
$1,001,049,482)
...........................
1,023,778,952
Fixed
Rate
Loan
Interests
Insurance
—
0.0%
Jones
DesLauriers
Insurance
Management
Inc.,
Term
Loan,
07/08/30
(n)
..........
1,266
1,262,835
Total
Fixed
Rate
Loan
Interests
—
0.0%
(Cost:
$1,256,505)
..............................
1,262,835
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.1%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
...........
3,151
2,744,226
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.78%
,
 05/25/28
..........
579
504,449
Bleriot
U.S.
Bidco,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.59%
,
 10/30/28
..
544
543,785
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.36%
,
 08/03/29
......
600
594,967
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 04/06/26
.................
2,375
2,369,159
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 04/06/26
.................
1,276
1,273,513
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 02/01/28
.................
2,605
2,580,201
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.75%),
12.98%
,
 02/01/29
................
1,118
1,087,481
TransDigm,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 08/24/28
.....
2,466
2,466,792
TransDigm,
Inc.,
Term
Loan
H,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.49%
,
 02/22/27
..
934
935,540
15,100,113
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
106
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Automobile
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.68%
,
 04/10/28
..
USD
594
$
594,485
Clarios
Global
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
 05/06/30
.................
2,631
2,628,369
3,222,854
Automobiles
—
0.0%
Dealer
Tire
Financial
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.82%
,
 12/14/27
(a)
..........
1,925
1,920,830
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.59%
-
8.67%
,
 01/24/29
...........
5,320
5,009,077
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.34%
,
 01/24/30
................
1,951
1,558,412
6,567,489
Broadline
Retail
—
0.1%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.61%
,
 11/24/28
..
1,584
1,581,682
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.61%
,
 06/30/27
(d)
...............
1,676
1,520,680
Pug
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
 02/12/27
.....
4,509
4,159,540
Pug
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.67%
,
 02/12/27
(d)
................
429
401,444
Sally
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.82%
,
 02/28/30
..
628
628,425
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 12/21/27
.................
480
461,882
8,753,653
Building
Products
—
0.1%
(a)
AZZ,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.67%
,
 05/13/29
600
600,672
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.57%
,
 04/12/28
...........
340
328,293
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
4.25%
-
9.17%
,
 11/23/27
................
1,838
1,744,148
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 10/02/28
...........
811
765,924
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(n)
.............
140
132,624
Jeld-Wen,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68%
,
 07/28/28
.....
993
987,769
Wilsonart
LLC,
Term
Loan
E,
(6-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.71%
,
 12/31/26
.................
2,455
2,441,245
7,000,675
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.2%
(a)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
4.50%),
9.93%
,
 07/31/26
.................
USD
1,436
$
1,435,673
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B4,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.24%
,
 12/20/29
.................
1,148
1,150,275
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%, 07/24/26
...............
1,656
1,596,889
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18%, 07/24/26
.........
778
748,619
Castlelake
Aviation
One
DAC,
Term
Loan
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
2.75%),
8.30%, 10/22/26
.........
1,587
1,585,064
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.00%, 10/22/27
.........
699
698,611
CML
Paradise
Plaza,
Term
Loan,
(
1-mo.
CME
Term
SOFR
at
0.15%
Floor
+
3
.
71
%),
0.00%
-
8.
91
%
,
 12/09/26
(d)
...............
10,196
9,896,078
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 06/30/28
...........
1,613
1,604,824
Focus
Financial
Partners
LLC,
Term
Loan
B6,
06/30/28
(n)
.....................
865
863,919
Greenhill
&
Co.,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.25%),
8.73%
,
 04/12/24
..
968
966,605
ION
Trading
Finance
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.75%),
10.09%
,
 04/01/28
................
713
696,239
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 08/02/28
...........
2,311
2,273,215
Mercury
Borrower,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.50%),
12.03%
,
 08/02/29
...........
556
512,900
24,028,911
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 09/30/28
.................
1,280
1,244,247
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.42%
,
 11/24/27
......
938
907,983
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
9.71%
,
 08/27/26
.
2,526
2,440,773
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 12/29/27
...........
761
597,619
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.38%),
9.62%
,
 10/04/29
......
1,025
998,378
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.97%
,
 06/09/28
...........
1,622
1,612,754
Element
Solutions,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.32%
,
 01/31/26
.................
2,191
2,188,724
H.B.
Fuller
Co.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 02/15/30
.................
322
322,798
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
107
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.93%),
9.27%
,
 07/03/28
...........
USD
1,383
$
1,184,946
Ineos
US
Finance
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 02/18/30
.................
638
630,427
LSF11
A5
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 10/15/28
.................
1,911
1,890,222
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
 06/30/27
.................
1,004
997,518
Messer
Industries
GmbH,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.00%
,
 03/02/26
.................
1,710
1,707,420
Momentive
Performance
Materials,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.50%),
9.82%
,
 03/29/28
.................
2,095
2,070,304
Nouryon
Finance
BV,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
 04/03/28
..
782
778,583
Olympus
Water
US
Holding
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.27%
,
 11/09/28
...........
746
724,553
Oxea
Holding
Vier
GmbH,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 10/14/24
.................
1,870
1,846,608
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 08/02/28
...........
1,305
1,291,485
WR
Grace
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.31%
,
 09/22/28
.................
1,617
1,612,250
25,047,592
Commercial
Services
&
Supplies
—
0.2%
(a)
Allied
Universal
Holdco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 05/12/28
.................
3,409
3,280,378
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.22%
,
 02/15/29
.................
1,388
1,339,401
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
,
 06/22/30
.................
1,588
1,581,737
Asplundh
Tree
Expert
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 09/07/27
.................
2,254
2,251,150
Covanta
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 11/30/28
.................
1,876
1,871,198
Covanta
Holding
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.82%
,
 11/30/28
.................
142
141,939
GFL
Environmental,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.47%
,
 05/31/27
.................
719
720,087
LABL,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.42%
,
 10/29/28
................
662
657,672
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.68%
-
9.88%
,
 12/15/28
1,173
937,158
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.18%
,
 09/23/26
.
USD
1,939
$
1,936,025
Tempo
Acquisition
LLC,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.32%
,
 08/31/28
.................
5,081
5,086,411
TruGreen
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.42%
,
 11/02/27
.................
2,093
1,945,159
Viad
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.43%
,
 07/30/28
................
1,325
1,286,207
23,034,522
Communications
Equipment
—
0.0%
(a)
Ciena
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.75%
,
 01/18/30
.....
234
234,410
ViaSat,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.82%
,
 03/02/29
.................
1,020
977,831
1,212,241
Construction
&
Engineering
—
0.2%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan
B
(n)
 08/01/30
......................
4,013
3,885,908
 08/01/30
......................
1,383
1,378,732
Hilton
Washington
Dupont
Hotel,
Term
Loan,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
0.00%),
0.00%
-
20.00%
,
 04/01/24
(d)
....
14,334
13,990,706
Legence
Holdings
LLC,
Term
Loan,
9.17%
,
 12/16/27
.................
249
247,319
Pike
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
 01/21/28
.....
1,321
1,318,448
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93%
,
 05/12/28
...........
1,667
1,608,690
22,429,803
Construction
Materials
—
0.1%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
 01/15/27
...........
1,974
1,969,909
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.32%
,
 03/08/29
................
744
595,393
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.84%
,
 04/29/29
.................
1,176
1,159,035
Standard
Building
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.91%
,
 09/22/28
...........
1,274
1,275,506
4,999,843
Consumer
Staples
Distribution
&
Retail
—
0.1%
(a)
CML
Project
Horizons,
Term
Loan,
(
3-mo.
Sterling
Overnight
Ind
ex
Average
+
3
.
75
%),
8.
94
%
,
 06/05/26
(d)
................
GBP
10,046
12,832,741
US
Foods,
Inc.,
Term
Loan
B
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%, 09/13/26
...............
USD
1,596
1,595,580
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%, 11/22/28
...............
958
958,381
15,386,702
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
108
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18%
,
 12/01/27
......
USD
4,354
$
4,331,250
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.32%
,
 08/14/26
.................
1,088
1,086,302
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.68%
,
 02/05/26
.................
761
759,433
Pregis
TopCo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
 07/31/26
.................
329
327,775
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 09/15/28
...........
1,356
1,345,870
7,850,630
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.38%
,
 10/28/27
(a)
................
1,806
1,684,961
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.92%
,
 12/11/28
............
1,004
942,766
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.75%),
11.17%
,
 12/10/29
...........
1,629
1,386,344
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68%
,
 11/24/28
......
1,641
1,633,902
Kuehg
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.00%),
10.24%
,
 06/12/30
................
1,477
1,468,818
Sotheby's,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
10.07%
,
 01/15/27
3,083
3,001,509
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.00%),
9.54%
,
 07/30/25
.................
988
977,728
Veritas
US,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.00%),
10.43%
,
 09/01/25
................
2,956
2,478,248
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
 02/05/26
.................
2,997
2,991,384
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.00%),
9.43%
,
 01/08/27
...........
1,315
1,297,200
16,177,899
Diversified
REITs
—
0.0%
RHP
Hotel
Properties,
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.07%
,
 05/18/30
(a)
................
914
915,309
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(3-mo.
LIBOR
USD
+
2.75%),
8.32%, 07/15/25
...............
935
917,375
(3-mo.
LIBOR
USD
+
2.75%),
8.32%, 01/31/26
...............
459
450,877
Connect
Finco
SARL,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.82%
,
 12/11/26
.................
6,239
6,216,212
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.93%
,
 10/02/27
..........
USD
1,328
$
1,144,194
Iridium
Satellite
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.92%
,
 11/04/26
.................
2,066
2,063,645
Level
3
Financing,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 03/01/27
.................
1,910
1,792,019
Lumen
Technologies,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68%
,
 03/15/27
.................
2,143
1,489,883
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.68%
-
9.73%
,
 09/01/28
...........
1,170
997,559
Radiate
Holdco
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 09/25/26
.................
3,514
2,950,946
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.84%
,
 01/31/28
.................
462
449,695
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.59%
,
 01/31/29
.................
795
783,671
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
 03/09/27
.................
5,114
3,884,346
23,140,422
Electric
Utilities
—
0.0%
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 01/15/25
(a)
................
777
771,268
Electrical
Equipment
—
0.0%
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.25%
,
 06/23/28
(a)(d)
........
1,659
1,638,453
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 07/02/29
(a)
................
1,192
1,188,966
Energy
Equipment
&
Services
—
0.0%
(a)
Lealand
Finance
Co.
BV,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%, 06/28/24
...............
41
29,777
(1-mo.
CME
Term
SOFR
+
1.00%),
6.32%
-
9.22%, 06/30/25
...............
409
224,027
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 10/05/28
.
2,954
2,952,139
3,205,943
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(1-mo.
LIBOR
USD
+
3.00%),
8.20%
,
 04/22/26
.................
1,776
1,381,002
Cirque
du
Soleil
Canada,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 03/08/30
...........
1,040
1,033,027
City
Football
Group
Ltd.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.41%
,
 07/21/28
.................
2,009
1,978,845
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
109
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
Creative
Artists
Agency
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.82%
,
 11/27/28
.................
USD
2,306
$
2,291,806
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.00%),
8.54%
-
8.73%
,
 03/08/24
......
4,629
4,340,619
Formula
One
Management
Ltd.,
Facility
1st
Lien
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.32%
,
 01/15/30
1,308
1,308,000
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.11%
,
 10/19/26
.................
4,442
4,427,788
NASCAR
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
,
 10/19/26
.................
386
386,334
Playtika
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.07%
,
 03/13/28
.................
1,916
1,907,533
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.50%),
8.13%
,
 01/23/25
.................
1,311
1,307,366
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.37%
,
 04/29/26
...........
1,632
1,629,259
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 05/18/25
.....
3,234
3,224,854
WMG
Acquisition
Corp.,
Term
Loan
G,
(1-mo.
LIBOR
USD
+
2.13%),
7.56%
,
 01/20/28
.
3,198
3,193,797
28,410,230
Financial
Services
—
1.2%
(a)
ABG
Intermediate
Holdings
2
LLC,
1st
Lien
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.92%
,
 12/21/28
.
995
993,251
Altice
France
SA,
Term
Loan
B14,
(3-mo.
CME
Term
SOFR
+
5.50%),
10.81%
,
 08/15/28
.
1,776
1,460,472
Belron
Finance
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.88%
,
 10/30/26
(d)
1,286
1,284,150
Belron
Finance
US
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.16%
,
 04/18/29
.................
473
472,707
Belron
Group
SA,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.43%),
8.06%
,
 04/13/28
.................
784
782,799
CML
Hyatt
Lost
Pines,
Term
Loan,
(
1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3
.
55
%),
8.
74
%
,
 09/09/2
6
(d)
................
10,600
10,394,199
CML
La
Quinta
Resort,
Term
Loan,
(
1-mo.
CME
Term
SOFR
+
3
.
11
%),
0.00%
-
8.
31
%
,
 1
2
/
09
/2
6
(d)
................
8,933
8,667,120
CML
ST
Regis
Aspen,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.10%
Floor
+
0.00%),
0.00%
-
8.05%
,
 02/07/25
(d)
...............
12,685
12,226,360
CML
Terranea
Resort,
Term
Loan,
(
1-mo.
CME
Term
SOFR
at
0.35%
Floor
+
4
.
35
%),
9.5
4
%
,
 01/01/
28
(d)
................
5,600
5,600,000
Colorado
Plaza,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
-
20.00%
,
 11/15/23
(d)(f)
(k)
...........................
7,906
3,969,883
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.75%),
8.99%
,
 04/09/27
......
6,011
5,775,518
Security
Par
(000)
Par
(000)
Value
Financial
Services
(continued)
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
6.75%),
12.29%
,
 04/07/28
...........
USD
1,440
$
1,339,200
Houston
Center,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
-
20.00%
,
 01/24/24
(d)
42,968
34,946,381
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
 03/24/25
.................
2,420
2,412,666
Park
Avenue
Tower,
Term
Loan,
(1-mo.
LIBOR
USD
+
0.00%),
0.00%
-
20.00%
,
 03/09/24
(d)
31,696
29,353,950
Sheraton
Austin,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
0.00%),
0.00%
-
8.52%
,
 06/01/24
(d)
................
9,793
9,489,892
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 12/11/26
......
3,147
3,111,596
Travelport
Finance
(Luxembourg)
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
8.50%),
13.36%
,
 05/29/26
(d)
...............
1,378
881,811
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(1-mo.
CME
Term
SOFR
+
2.93%),
8.26%
,
 01/31/29
.................
646
629,031
Vinoy
St.
Petersburg
(The),
Term
Loan,
(
1
-mo.
CME
Term
SOFR
at
0.
50
%
Floor
+
2
.
67
%),
0.00%
-
7.
86
%
,
 06/09/2
6
(d)
..........
11,528
10,993,264
WEX,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.68%
,
 03/31/28
.....
1,026
1,025,554
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.07%
,
 10/19/27
...........
1,633
1,626,404
147,436,208
Food
Products
—
0.2%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
0.00%),
9.18%
,
 10/01/25
...........
1,793
1,655,965
B&G
Foods,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
2.50%
,
 10/10/26
..
179
176,702
Chobani
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.50%),
8.93%
,
 10/25/27
.................
3,990
3,983,522
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
2.25%),
7.67%
,
 01/29/27
.................
4,662
4,638,100
H-Food
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.69%),
9.27%
,
 05/23/25
..
607
539,061
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
2.50%),
7.74%
,
 06/30/30
.................
1,471
1,467,372
Nomad
Foods
Ltd.,
Facility
Term
Loan
B2,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.56%
,
 11/12/29
............
798
797,700
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
9.13%
,
 06/08/28
......
2,698
2,690,461
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.75%
,
 03/31/28
...........
2,413
2,330,814
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
 01/20/28
.................
2,900
2,894,937
21,174,634
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
110
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Ground
Transportation
—
0.0%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.01%
,
 04/06/28
.
USD
501
$
490,427
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 08/06/27
.................
1,123
1,117,214
Uber
Technologies,
Inc.,
Term
Loan,
8.00%
-
8.03%
,
 03/03/30
.................
2,669
2,668,140
4,275,781
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Bausch
+
Lomb
Corp.,
Term
Loan,
05/10/27
(n)
685
668,478
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 11/03/28
.................
2,631
2,590,156
Femur
Buyer,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
4.50%),
10.00%
,
 03/05/26
................
845
781,350
Insulet
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 05/04/28
.................
885
885,772
Medline
Borrower
LP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 10/23/28
.................
5,236
5,178,731
10,104,487
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 09/29/28
......
1,619
1,614,507
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.80%
,
 11/08/27
............
1,584
1,579,658
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43%
,
 11/01/28
.................
2,291
2,283,099
Envision
Healthcare
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.25%),
9.49%
,
 03/31/27
.................
1,843
434,805
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.75%),
9.25%, 02/18/27
...............
1,330
1,065,228
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.25%, 11/15/28
..........
414
324,239
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.75%),
12.25%
,
 11/15/29
...........
611
345,251
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.68%
,
 08/31/26
.................
1,838
1,713,045
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.61%
,
 11/01/28
......
1,323
1,265,751
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
7.00%),
12.36%
,
 11/01/29
.....
404
358,550
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 10/27/28
...........
1,605
1,604,698
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.50%),
8.92%
,
 02/14/25
...........
73
71,411
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.12%
,
 08/31/26
...........
869
868,583
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
Vizient,
Inc.,
Term
Loan
B7,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.66%
,
 05/16/29
.................
USD
347
$
347,365
13,876,190
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
3.50%
,
 02/15/29
.............
583
564,624
Athenahealth
Group,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.81%
,
 02/15/29
.................
3,185
3,086,385
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.54%
,
 06/02/28
.................
5,445
5,132,999
Verscend
Holding
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
+
4.00%),
9.43%
,
 08/27/25
.................
2,723
2,718,896
11,502,904
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(1-mo.
LIBOR
USD
+
1.75%),
7.18%
,
 11/19/26
.................
2,954
2,931,849
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18%
,
 02/02/26
.................
1,870
1,812,315
Alterra
Mountain
Co.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.17%
,
 05/31/30
.................
168
167,476
Bally's
Corp.,
Facility
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.84%
,
 10/02/28
.................
996
980,261
Caesars
Entertainment,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 02/06/30
...........
1,229
1,228,084
Carnival
Corp.,
Term
Loan
B,
08/02/27
(n)
...
2,628
2,623,955
Churchill
Downs,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
 03/17/28
.................
1,663
1,657,799
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan,
(
1-mo.
CME
Term
SOFR
+
2
.
9
0%),
0
.
0
0%
-
8.
21
%
,
 1
0
/
25
/2
6
(d)
................
5,884
5,644,114
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.32%
,
 01/27/29
...........
5,256
5,194,626
Flutter
Entertainment
plc,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
2.25%),
7.75%
,
 07/21/26
.................
2,054
2,051,875
Flutter
Entertainment
plc,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.75%
,
 07/22/28
.................
1,938
1,937,635
Four
Seasons
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 11/30/29
............
3,669
3,672,480
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.15%
,
 06/22/26
.................
3,294
3,288,994
IRB
Holding
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.42%
,
 12/15/27
.................
2,953
2,935,460
Light
&
Wonder
International,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.30%
,
 04/14/29
...........
1,372
1,368,065
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
111
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Packers
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.60%
,
 03/09/28
.................
USD
1,116
$
756,518
Penn
Entertainment,
Inc.,
Facility
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.17%
,
 05/03/29
...........
1,939
1,934,274
Playa
Resorts
Holding
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.47%
,
 01/05/29
.................
783
780,532
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.00%),
8.43%
,
 08/25/28
...........
1,111
1,109,478
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.25%
Floor
+
2.25%),
7.67%
,
 02/08/27
...........
2,371
2,360,883
Whatabrands
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 08/03/28
.................
2,535
2,522,098
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.67%
,
 05/24/30
...........
913
914,589
47,873,360
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.75%
,
 05/17/28
.................
1,613
1,383,703
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.67%
,
 02/26/29
...........
2,910
2,760,945
Serta
Simmons
Bedding,
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.50%),
12.74%
,
 06/29/28
...........
1,018
1,015,653
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43%
,
 10/06/28
...........
1,406
1,167,206
Weber-Stephen
Products
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 10/30/27
...........
3,439
3,064,374
9,391,881
Household
Products
—
0.0%
Energizer
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.66%
,
 12/22/27
(a)
................
619
618,702
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
(a)
Calpine
Construction,
1st
Lien
Term
Loan
B,
07/19/30
(n)
.....................
1,318
1,307,776
Constellation
Renewables
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
2.50%),
8.03%
,
 12/15/27
...........
1,393
1,383,912
2,691,688
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
3.50%),
8.92%
,
 11/05/27
............
1,991
1,984,780
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.72%
,
 11/05/27
..........
4,089
4,078,572
AmWINS
Group,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.25%),
7.68%, 02/19/28
.........
2,394
2,383,936
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.75%),
8.18%, 02/19/28
.........
USD
480
$
478,563
AssuredPartners,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%, 02/12/27
...............
3,756
3,729,332
Hub
International
Ltd.,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.07%, 11/10/29
..........
656
656,590
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.25%),
9.58%, 06/20/30
.........
5,278
5,297,553
Ryan
Specialty
Group
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.00%),
8.42%
,
 09/01/27
.................
2,619
2,613,456
USI,
Inc.,
Term
Loan
(3-mo.
CME
Term
SOFR
+
3.25%),
8.79%, 12/02/26
...............
780
780,237
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.99%, 11/22/29
..........
2,879
2,876,895
24,879,914
Interactive
Media
&
Services
—
0.1%
(a)
Adevinta
ASA,
Facility
Term
Loan
B2,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
2.75%),
8.29%
,
 06/26/28
.................
1,181
1,180,684
Camelot
U.S.
Acquisition
LLC,
Term
Loan
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%, 10/30/26
...............
4,111
4,105,983
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
 10/10/25
..
652
650,861
Grab
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.93%
,
 01/29/26
.................
1,038
1,036,379
6,973,907
IT
Services
—
0.2%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.68%
,
 01/31/28
................
1,906
1,688,849
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
5.25%),
10.68%
,
 01/20/29
................
618
538,624
Asurion
LLC,
Term
Loan
B11,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.67%
,
 08/19/28
.....
667
639,114
Asurion
LLC,
Term
Loan
B8,
(3-mo.
LIBOR
USD
+
3.25%),
8.79%
,
 12/23/26
......
1,488
1,446,792
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
7.75%),
13.17%
,
 07/31/28
...........
1,398
1,400,181
Epicor
Software
Corp.,
Term
Loan
C,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.25%),
8.68%
,
 07/30/27
.................
991
983,534
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.34%
,
 10/01/27
...........
3,434
3,373,351
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.82%
,
 11/09/29
.................
1,457
1,458,238
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 08/10/27
.................
1,573
1,570,257
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.07%
,
 02/24/28
...........
4,143
4,124,610
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
112
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Venga
Finance
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.28%
,
 06/28/29
................
USD
1,021
$
995,375
18,218,925
Leisure
Products
—
0.0%
(a)
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.35%
,
 12/01/28
(d)
..........
1,100
1,058,271
Topgolf
Callaway
Brands
Corp.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.92%
,
 03/15/30
.................
1,141
1,138,492
2,196,763
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.67%
,
 11/08/27
.................
1,373
1,371,627
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.41%
,
 02/22/28
...........
2,222
2,178,947
Curia
Global,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 08/30/26
.................
200
172,669
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
1.00%
Floor
+
4.50%),
9.93%
,
 02/04/27
......
1,367
1,324,457
Fortrea
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
8.99%
,
 07/01/30
.................
457
457,142
ICON
plc,
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.75%, 07/03/28
.........
2,942
2,942,515
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.32%
,
 10/19/27
...........
2,258
2,256,032
Parexel
International,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 11/15/28
............
3,250
3,234,444
13,937,833
Machinery
—
0.2%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.60%
,
 08/17/26
................
1,987
1,980,030
Columbus
McKinnon
Corp.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.23%
,
 05/14/28
.................
356
354,657
Filtration
Group
Corp.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%, 10/21/28
.........
1,622
1,617,825
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.68%, 10/21/28
.........
1,967
1,971,626
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 03/01/27
.................
1,094
1,092,744
Gates
Global
LLC,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
2.50%),
7.92%
,
 03/31/27
.................
2,356
2,349,244
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.73%
,
 03/28/25
.................
3,250
3,175,439
Indicor
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 11/22/29
.................
2,292
2,290,032
Security
Par
(000)
Par
(000)
Value
Machinery
(continued)
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.00%
Cap
+
1.75%),
7.17%
,
 03/01/27
...........
USD
2,254
$
2,251,719
Madison
IAQ
LLC,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.50%
Floor
+
3.25%),
8.30%
,
 06/21/28
.................
2,318
2,271,562
SPX
Flow,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.92%
,
 04/05/29
.................
2,188
2,162,810
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(6-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.38%
,
 07/30/27
..........
3,702
3,685,375
Vertiv
Group
Corp.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 03/02/27
..
2,596
2,594,685
27,797,748
Media
—
0.2%
(a)
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(1-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
8.67%
,
 03/03/25
...........
1,397
1,375,660
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
(3-mo.
LIBOR
USD
+
15.00%),
15.00%
,
 10/15/26
................
1,160
1,197,655
Cable
One,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.43%
,
 05/03/28
(d)
1,222
1,215,950
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(3-mo.
CME
Term
SOFR
+
1.75%),
7.12%
,
 04/30/25
.................
1,561
1,558,600
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
-
9.13%
,
 08/21/26
...........
3,099
2,996,958
Cogeco
Communications
Finance
LP,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93%
,
 09/01/28
......
1,616
1,589,142
CSC
Holdings
LLC,
Term
Loan
(1-mo.
LIBOR
USD
+
2.25%),
7.59%, 07/17/25
...............
1,010
960,361
(1-mo.
LIBOR
USD
+
2.50%),
7.84%, 04/15/27
...............
1,832
1,593,133
DirecTV
Financing
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
5.00%),
10.43%
,
 08/02/27
................
2,287
2,269,831
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.25%),
8.77%
,
 12/01/23
...........
1,630
1,268,649
Midcontinent
Communications,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.07%
,
 08/15/26
(d)
................
1,165
1,156,031
Nexstar
Media,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.93%
,
 09/18/26
.................
509
508,914
Sinclair
Television
Group,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
3.00%),
8.43%
,
 04/01/28
.................
672
528,507
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.36%
,
 05/11/29
(d)
................
1,518
1,513,876
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(1-mo.
CME
Term
SOFR
+
2.50%),
7.84%
,
 04/30/28
.................
1,197
1,163,089
20,896,356
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
113
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
—
0.1%
(a)
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.09%
,
 12/21/28
...........
USD
3,946
$
3,894,699
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.89%
,
 09/19/29
...........
319
316,999
Medallion
Midland
Acquisition
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 10/18/28
...........
2,570
2,555,716
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
1.75%),
7.18%
,
 01/31/28
.................
895
896,232
7,663,646
Passenger
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
0.00%),
10.34%
,
 04/20/28
................
2,145
2,219,300
Air
Canada,
Term
Loan,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.50%),
8.84%
,
 08/11/28
..
2,287
2,284,635
American
Airlines,
Inc.,
Term
Loan
(6-mo.
CME
Term
SOFR
+
1.75%),
6.51%, 01/29/27
...............
1,490
1,463,967
(6-mo.
CME
Term
SOFR
+
2.75%),
8.15%, 02/15/28
...............
2,470
2,445,597
Mileage
Plus
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
5.25%),
10.76%
,
 06/21/27
................
2,636
2,746,022
United
AirLines,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.29%
,
 04/21/28
.................
1,962
1,962,445
WestJet
Airlines
Ltd.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
1.00%
Floor
+
3.00%),
8.25%
,
 12/11/26
.................
1,416
1,383,190
14,505,156
Personal
Care
Products
—
0.1%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(3-mo.
LIBOR
USD
at
0.75%
Floor
+
3.75%),
9.09%
,
 10/01/26
(a)
.........
6,507
6,496,115
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.50%),
8.93%
,
 05/04/25
.................
1,382
1,311,065
Amynta
Agency
Borrower,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
5.00%),
10.42%
,
 02/28/28
................
886
871,124
Bausch
Health
Cos.,
Inc.,
Term
Loan,
02/01/27
(n)
.....................
1,184
963,485
Elanco
Animal
Health,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 08/01/27
.................
2,221
2,185,880
Jazz
Pharmaceuticals
plc,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 05/05/28
.................
2,617
2,613,727
Organon
&
Co.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43%
,
 06/02/28
.................
1,764
1,756,943
Perrigo
Co.
plc,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.67%
,
 04/20/29
.................
1,089
1,081,170
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%),
8.34%
,
 11/18/27
(d)
..........
USD
1,345
$
1,311,467
12,094,861
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
8.18%
,
 02/04/28
.................
2,410
2,405,128
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%
,
 06/02/28
.................
4,213
3,863,838
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
0.03%),
8.67%
,
 02/06/26
.................
5,928
5,920,352
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.32%
,
 01/18/29
.................
1,478
1,473,971
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
......
719
710,147
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.59%
,
 06/22/29
.................
1,557
1,538,652
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 04/28/28
...........
1,081
1,073,730
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.75%),
10.07%
,
 04/29/29
...........
2,412
2,270,083
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18%
,
 07/11/25
.................
650
648,613
Maximus,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
0.00%),
0.00%
-
7.23%
,
 05/28/28
.................
641
639,796
Trans
Union
LLC,
Term
Loan
B5,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.17%
,
 11/16/26
..
1,500
1,493,120
Trans
Union
LLC,
Term
Loan
B6,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68%
,
 12/01/28
.................
1,955
1,951,184
VS
Buyer
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.25%),
8.67%
,
 02/28/27
.....
2,290
2,268,823
26,257,437
Real
Estate
Management
&
Development
—
0.0%
(a)
Cushman
&
Wakefield
U.S.
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%
,
 01/31/30
(d)
1,544
1,490,246
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 08/21/25
.................
1,124
1,120,759
2,611,005
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.16%
,
 08/17/29
.................
1,575
1,570,168
Synaptics,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.74%
,
 12/02/28
.................
820
812,594
2,382,762
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
114
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Software
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
9.74%
,
 09/18/26
...........
USD
1,187
$
1,187,940
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.75%),
11.99%
,
 09/17/27
...........
805
805,000
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
3.75%),
9.18%
,
 10/02/25
..
1,296
1,292,529
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.25%),
7.68%
,
 09/21/28
...........
2,249
2,243,049
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.25%),
9.49%
,
 07/06/29
.................
2,633
2,632,642
Cloud
Software
Group,
Inc.,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.50%),
8.59%
,
 03/30/29
...........
6,182
5,912,394
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 10/08/28
.................
663
645,792
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
6.00%),
11.42%
,
 10/08/29
................
1,527
1,424,569
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(6-mo.
CME
Term
SOFR
at
0.75%
Floor
+
7.25%),
12.57%
,
 12/01/28
................
394
368,390
Gen
Digital,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.00%),
7.42%
,
 09/12/29
.................
1,644
1,637,570
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43%
,
 12/01/27
......
3,326
3,319,299
Helios
Software
Holdings,
Inc.,
Term
Loan,
9.66%
,
 07/18/30
.................
832
815,011
Informatica
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.18%
,
 10/27/28
.....
3,163
3,141,240
Instructure
Holdings,
Inc.,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%
,
 10/30/28
.................
1,034
1,031,648
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.75%),
10.63%
,
 07/27/28
...........
1,833
1,381,637
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
8.25%),
13.88%
,
 07/27/29
...........
2,926
1,813,811
McAfee
Corp.,
Term
Loan
B1,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.17%
,
 03/01/29
.................
2,718
2,624,365
MH
Sub
I
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
4.25%),
9.57%
,
 05/03/28
.................
7,903
7,608,669
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
6.25%),
11.57%
,
 02/23/29
................
2,419
2,095,045
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.68%
,
 08/31/28
.................
4,874
4,797,413
RealPage,
Inc.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.00%),
8.43%
,
 04/24/28
.................
5,292
5,194,220
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
+
3.00%),
8.37%
,
 08/01/25
.................
1,581
1,579,397
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Sophia
LP,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.04%
,
 10/07/27
.................
USD
2,583
$
2,566,781
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 04/16/25
.................
873
871,807
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(1-mo.
CME
Term
SOFR
+
1.75%),
7.18%
,
 04/16/25
.................
832
830,873
UKG,
Inc.,
1st
Lien
Term
Loan
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.62%, 05/04/26
.........
664
659,725
(3-mo.
CME
Term
SOFR
+
3.75%),
9.22%, 05/04/26
...............
1,300
1,297,154
UKG,
Inc.,
2nd
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
5.25%),
10.62%
,
 05/03/27
................
1,583
1,560,677
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
9.09%
,
 07/20/28
...........
289
283,275
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
+
2.75%),
8.17%
,
 02/28/30
.................
387
386,571
62,008,493
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
(1-mo.
CME
Term
SOFR
+
4.00%),
9.42%, 02/07/25
...............
1,316
1,308,646
(1-mo.
LIBOR
USD
at
0.50%
Floor
+
4.25%),
9.66%, 03/31/26
.........
1,451
1,441,565
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
4.00%),
9.43%
,
 05/04/28
.
2,789
2,781,369
PetSmart
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.17%
,
 02/11/28
.................
2,580
2,576,080
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
+
2.00%),
7.42%
,
 08/04/28
.................
1,664
1,660,444
Restoration
Hardware,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.50%),
7.93%, 10/20/28
.........
668
646,634
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.25%),
8.67%, 10/20/28
.........
591
574,593
RVR
Dealership
Holdings
LLC,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.25%
,
 02/08/28
...........
201
188,429
11,177,760
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
(a)
Crocs,
Inc.,
Term
Loan,
(3-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.89%
-
8.92%
,
 02/20/29
.................
1,019
1,019,550
Hanesbrands,
Inc.,
Term
Loan
B,
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.75%),
9.07%
,
 03/08/30
.................
512
511,078
1,530,628
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
115
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Trading
Companies
&
Distributors
—
0.1%
(a)
Core
&
Main
LP,
Term
Loan
B,
(6-mo.
CME
Term
SOFR
+
2.50%),
7.69%
-
7.92%
,
 07/27/28
.................
USD
3,954
$
3,936,785
SRS
Distribution,
Inc.,
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.92%, 06/02/28
.........
677
666,773
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
3.50%),
8.93%, 06/02/28
.........
2,828
2,785,904
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
7.50%),
15.00%
,
 05/30/24
................
854
831,658
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(3-mo.
LIBOR
USD
at
1.00%
Floor
+
3.50%),
9.00%
,
 08/28/24
(d)
................
2,023
1,340,108
9,561,228
Transportation
Infrastructure
—
0.0%
(a)
Apple
Bidco
LLC,
1st
Lien
Term
Loan
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
2.75%),
8.18%, 09/22/28
.........
1,296
1,285,216
(1-mo.
CME
Term
SOFR
at
0.50%
Floor
+
4.00%),
9.32%, 09/22/28
.........
936
933,647
OLA
Netherlands
BV,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
6.25%),
11.64%
,
 12/15/26
(d)
...............
1,399
1,314,731
Rand
Parent
LLC,
1st
Lien
Term
Loan
B,
(3-mo.
CME
Term
SOFR
+
4.25%),
9.49%
,
 03/17/30
.................
702
673,167
4,206,761
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(3-mo.
LIBOR
USD
+
3.25%),
8.98%
,
 05/28/24
.................
905
815,992
Digicel
International
Work
Fee,
Term
Loan,
01/01/38
(n)
.....................
39
35,271
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(1-mo.
CME
Term
SOFR
at
0.75%
Floor
+
3.75%),
9.18%
,
 04/30/28
...........
820
820,482
SBA
Senior
Finance
II
LLC,
Term
Loan,
(1-mo.
LIBOR
USD
+
1.75%),
7.17%
,
 04/11/25
..
1,662
1,659,769
3,331,514
Total
Floating
Rate
Loan
Interests
—
6.5%
(Cost:
$817,099,381)
.............................
791,363,956
Foreign
Agency
Obligations
Brazil
—
0.0%
Centrais
Eletricas
Brasileiras
SA,
3.63%
,
02/04/25
(c)
.....................
1,417
1,350,259
Chile
—
0.0%
Corp.
Nacional
del
Cobre
de
Chile
3.63%,
08/01/27
(c)
................
1,201
1,131,282
3.75%,
01/15/31
(b)
................
1,175
1,062,505
Empresa
Nacional
del
Petroleo,
6.15%
,
05/10/33
(b)
.....................
1,515
1,522,378
3,716,165
Colombia
—
0.1%
Ecopetrol
SA
5.38%,
06/26/26
.................
3,847
3,685,907
8.88%,
01/13/33
.................
2,184
2,231,229
5.88%,
05/28/45
.................
2,181
1,559,415
7,476,551
Security
Par
(000)
Par
(000)
Value
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(c)
.........
EUR
500
$
518,139
France
—
0.1%
Electricite
de
France
SA
(a)(j)
(6-Year
EUR
Swap
Annual
+
3.44%),
4.00%
(c)
.....................
900
962,832
(12-Year
EUR
Swap
Annual
+
3.79%),
5.38%
(c)
.....................
1,200
1,290,782
(5-Year
EURIBOR
ICE
Swap
Rate
+
3.37%),
2.88%
(c)
...............
600
575,923
(5-Year
EUR
Swap
Annual
+
3.20%),
3.00%
(c)
.....................
1,000
945,570
(5-Year
EUR
Swap
Annual
+
3.97%),
3.38%
(c)
.....................
3,000
2,595,656
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.41%),
9.13%
(b)
.....................
USD
500
525,625
6,896,388
Indonesia
—
0.0%
Pertamina
Persero
PT,
3.10%
,
08/27/30
(c)
..
2,816
2,454,200
Ireland
—
0.1%
AIB
Group
plc
(a)
(5-Year
EUR
Swap
Annual
+
5.70%),
5.25%
(c)(j)
....................
EUR
6,679
6,976,383
(3-mo.
LIBOR
USD
+
1.87%),
4.26%,
04/10/25
(b)
...................
USD
2,900
2,847,450
(5-Year
EUR
Swap
Annual
+
6.63%),
6.25%
(c)(j)
....................
EUR
5,653
5,962,317
(5-Year
EUR
Swap
Annual
+
2.15%),
1.88%,
11/19/29
(c)
..............
726
757,503
16,543,653
Italy
—
0.0%
(c)
Banca
Monte
dei
Paschi
di
Siena
SpA
3.63%,
09/24/24
.................
694
742,390
(3-mo.
EURIBOR
+
3.21%),
6.75%,
03/02/26
(a)
...................
2,106
2,320,317
Poste
Italiane
SpA,
(5-Year
EURIBOR
ICE
Swap
Rate
+
2.68%),
2.63%
(a)(j)
.......
1,275
1,076,218
4,138,925
Mexico
—
0.1%
Comision
Federal
de
Electricidad
4.88%,
01/15/24
(c)
................
USD
1,111
1,099,490
4.69%,
05/15/29
(b)
................
1,647
1,498,128
Petroleos
Mexicanos
3.75%,
02/21/24
(c)
................
EUR
1,400
1,512,024
6.88%,
08/04/26
.................
USD
520
482,053
8.75%,
06/02/29
.................
1,547
1,408,002
5.95%,
01/28/31
.................
3,361
2,487,140
6.70%,
02/16/32
.................
3,558
2,739,304
6.75%,
09/21/47
.................
3,693
2,367,213
13,593,354
Oman
—
0.0%
OQ
SAOC,
5.13%
,
05/06/28
(b)
..........
2,651
2,532,315
Panama
—
0.1%
(b)
Aeropuerto
Internacional
de
Tocumen
SA
4.00%,
08/11/41
.................
2,704
2,250,458
5.13%,
08/11/61
.................
1,725
1,395,387
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
..............
1,412
1,315,278
4,961,123
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
116
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Poland
—
0.0%
Bank
Gospodarstwa
Krajowego,
5.38%
,
05/22/33
(b)
.....................
USD
1,696
$
1,691,760
Saudi
Arabia
—
0.0%
Saudi
Arabian
Oil
Co.,
1.25%
,
11/24/23
(b)
...
330
324,803
Total
Foreign
Agency
Obligations
—
0.5%
(Cost:
$72,670,283)
..............................
66,197,635
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
7.38%,
05/14/30
.................
1,445
1,494,072
5.45%,
09/16/32
.................
1,150
1,052,446
7.50%,
09/20/47
.................
1,474
1,388,773
3,935,291
Chile
—
0.0%
Republic
of
Chile,
3.10%
,
05/07/41
.......
4,211
3,145,491
Colombia
—
0.1%
Republic
of
Colombia
4.50%,
01/28/26
.................
2,034
1,955,203
3.88%,
03/22/26
.................
EUR
436
459,674
3.88%,
04/25/27
.................
USD
2,562
2,353,812
3.25%,
04/22/32
.................
1,997
1,527,206
8.00%,
04/20/33
.................
3,283
3,446,231
4.13%,
05/15/51
.................
1,110
697,080
10,439,206
Costa
Rica
—
0.0%
Republic
of
Costa
Rica,
6.55%
,
04/03/34
(c)
..
1,308
1,323,290
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(c)
................
1,828
1,804,748
5.50%,
02/22/29
(b)
................
1,410
1,337,385
5.50%,
02/22/29
(c)
................
1,425
1,351,612
7.05%,
02/03/31
(b)
................
1,510
1,524,783
4.88%,
09/23/32
(b)
................
1,268
1,097,593
5.30%,
01/21/41
(c)
................
1,898
1,530,092
8,646,213
Egypt
—
0.0%
Arab
Republic
of
Egypt,
6.38%
,
04/11/31
(b)
..
EUR
1,052
690,916
Guatemala
—
0.1%
Republic
of
Guatemala
5.25%,
08/10/29
(c)
................
USD
1,020
972,631
5.25%,
08/10/29
(b)
................
1,535
1,463,715
5.38%,
04/24/32
(b)
................
1,693
1,608,248
3.70%,
10/07/33
(c)
................
1,915
1,558,427
6.60%,
06/13/36
(b)
................
1,270
1,299,845
4.65%,
10/07/41
(b)
................
2,213
1,781,222
8,684,088
Hungary
—
0.1%
Hungary
Government
Bond
5.38%,
03/25/24
.................
578
575,798
5.25%,
06/16/29
(b)
................
3,711
3,634,516
Magyar
Export-Import
Bank
Zrt.,
6.13%
,
12/04/27
(b)
.....................
2,633
2,633,053
6,843,367
Security
Par
(000)
Par
(000)
Value
Indonesia
—
0.0%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(b)
................
USD
1,103
$
1,084,536
Republic
of
Indonesia,
4.75%
,
02/11/29
....
1,527
1,514,555
2,599,091
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire
(c)
6.38%,
03/03/28
.................
4,130
4,027,906
5.88%,
10/17/31
.................
EUR
882
839,453
4,867,359
Mexico
—
0.1%
United
Mexican
States
3.75%,
01/11/28
.................
USD
1,400
1,326,626
4.50%,
04/22/29
.................
2,587
2,502,871
4.88%,
05/19/33
.................
615
588,537
6.35%,
02/09/35
.................
770
807,615
4.75%,
03/08/44
.................
2,402
2,062,621
6.34%,
05/04/53
.................
2,125
2,164,312
9,452,582
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
................
1,325
1,151,531
5.95%,
03/08/28
(b)
................
812
816,685
1,968,216
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(b)
................
1,616
1,514,693
7.63%,
11/28/47
(c)
................
1,611
1,199,212
2,713,905
Oman
—
0.0%
(c)
Oman
Government
Bond,
6.50%
,
03/08/47
.
4,178
4,009,209
Oman
Sovereign
Sukuk
SAOC,
4.40%
,
06/01/24
......................
879
864,338
4,873,547
Panama
—
0.1%
Republic
of
Panama
3.16%,
01/23/30
.................
1,678
1,468,535
2.25%,
09/29/32
.................
2,723
2,090,093
3.30%,
01/19/33
.................
1,360
1,132,907
4.50%,
05/15/47
.................
2,537
2,014,581
6.85%,
03/28/54
.................
2,670
2,794,396
9,500,512
Paraguay
—
0.0%
Republic
of
Paraguay
(c)
5.00%,
04/15/26
.................
1,088
1,070,581
5.60%,
03/13/48
.................
1,662
1,463,441
2,534,022
Peru
—
0.1%
Republic
of
Peru
7.35%,
07/21/25
.................
2,094
2,159,814
2.78%,
01/23/31
.................
1,703
1,445,762
3.00%,
01/15/34
.................
3,334
2,738,348
6,343,924
Philippines
—
0.0%
Republic
of
Philippines
3.70%,
03/01/41
.................
1,449
1,205,249
2.95%,
05/05/45
.................
1,619
1,162,345
2,367,594
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
117
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Poland
—
0.0%
Republic
of
Poland
5.75%,
11/16/32
.................
USD
1,910
$
2,012,529
4.25%,
02/14/43
(c)
................
EUR
2,005
2,152,581
5.50%,
04/04/53
.................
USD
1,241
1,256,620
5,421,730
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(b)
................
3,062
2,990,962
2.88%,
03/11/29
(c)
................
EUR
3,100
3,000,833
2.50%,
02/08/30
(c)
................
2,698
2,487,784
2.12%,
07/16/31
(c)
................
2,704
2,291,655
7.63%,
01/17/53
(b)
................
USD
552
620,741
11,391,975
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.38%,
04/16/29
(b)
................
1,619
1,578,315
3.25%,
11/17/51
(c)
................
3,975
2,733,806
5.00%,
01/18/53
(b)
................
3,324
3,057,382
7,369,503
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%,
09/30/29
.................
1,866
1,683,953
5.88%,
04/20/32
.................
2,049
1,876,577
5.00%,
10/12/46
.................
5,156
3,601,053
7,161,583
Ukraine
—
0.0%
Ukraine
Government
Bond
(f)(k)
8.99%,
02/01/26
(c)
................
3,160
1,015,940
7.25%,
03/15/35
(b)
................
1,548
463,208
1,479,148
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
2,705
2,913,546
Total
Foreign
Government
Obligations
—
1.0%
(Cost:
$133,793,990)
.............................
126,666,099
Shares
Shares
Investment
Companies
(o)
iShares
Core
Dividend
Growth
ETF
(p)
.....
1,855,771
98,838,363
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(p)
........................
516,174
38,971,137
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......................
1,535,578
165,612,087
iShares
MBS
ETF
..................
3,964,178
368,351,420
Total
Investment
Companies
—
5.5%
(Cost:
$660,569,708)
.............................
671,773,007
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
2.8%
Adjustable
Rate
Mortgage
Trust
(a)
Series
2005-8,
Class
2A1,
4.29%,
11/25/35
1,243
1,030,090
Series
2005-8,
Class
7A2,
(1-mo.
LIBOR
USD
at
0.56%
Floor
and
11.00%
Cap
+
0.56%),
5.97%,
11/25/35
..........
521
506,199
Series
2005-9,
Class
5A1,
(1-mo.
LIBOR
USD
at
0.54%
Floor
and
11.00%
Cap
+
0.54%),
5.95%,
11/25/35
..........
328
323,482
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Alternative
Loan
Trust
Series
2005-16,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.65%
Floor
+
1.65%),
5.86%,
06/25/35
(a)
...................
USD
383
$
339,414
Series
2005-36,
Class
2A1A,
(1-mo.
LIBOR
USD
at
0.62%
Floor
and
11.00%
Cap
+
0.62%),
6.03%,
08/25/35
(a)
........
926
829,390
Series
2005-61,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.52%
Floor
+
0.52%),
5.93%,
12/25/35
(a)
...................
167
149,032
Series
2005-63,
Class
3A3,
3.82%,
11/25/35
(a)
...................
1,644
1,423,643
Series
2005-63,
Class
5A1,
3.94%,
12/25/35
(a)
...................
35
31,484
Series
2005-64CB,
Class
1A1,
5.50%,
12/25/35
....................
45
39,019
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.00%
Floor
+
1.00%),
5.21%,
02/25/36
(a)
........
3,548
3,252,088
Series
2006-11CB,
Class
1A5,
6.00%,
05/25/36
....................
627
366,752
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
....................
981
489,268
Series
2006-20CB,
Class
A9,
6.00%,
07/25/36
....................
450
209,139
Series
2006-2CB,
Class
A6,
5.50%,
03/25/36
....................
683
288,930
Series
2006-45T1,
Class
1A10,
6.00%,
02/25/37
....................
2,653
1,158,474
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
....................
1,713
946,386
Series
2006-7CB,
Class
1A6,
6.00%,
05/25/36
....................
773
440,075
Series
2006-9T1,
Class
A7,
6.00%,
05/25/36
309
132,825
Series
2006-J7,
Class
2A1,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.71%,
11/20/46
(a)
...................
3,203
2,392,221
Series
2006-J8,
Class
A5,
6.00%,
02/25/37
1,199
537,625
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.73%
Floor
and
2.00%
Cap
+
1.73%),
5.94%,
11/25/46
(a)
4,763
3,748,911
Series
2006-OA14,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.79%,
11/25/46
(a)
..............
2,233
1,991,117
Series
2006-OA14,
Class
3A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
5.06%,
11/25/46
(a)
........
6,409
5,448,316
Series
2006-OA16,
Class
A2,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.79%,
10/25/46
(a)
...................
278
254,303
Series
2006-OA2,
Class
A1,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.79%,
05/20/46
(a)
...................
1,206
1,024,619
Series
2006-OA3,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.83%,
05/25/36
(a)
...................
6,319
5,439,869
Series
2006-OA8,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.79%,
07/25/46
(a)
...................
8,286
7,166,920
Series
2007-12T1,
Class
A22,
5.75%,
06/25/37
....................
1,730
788,769
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
118
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-12T1,
Class
A5,
6.00%,
06/25/37
....................
USD
384
$
182,081
Series
2007-15CB,
Class
A7,
6.00%,
07/25/37
....................
232
137,481
Series
2007-18CB,
Class
2A25,
6.00%,
08/25/37
....................
217
130,233
Series
2007-19,
Class
1A4,
6.00%,
08/25/37
1,147
607,760
Series
2007-19,
Class
1A8,
6.00%,
08/25/37
558
295,699
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
3,070
1,496,277
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
....................
451
232,951
Series
2007-9T1,
Class
2A1,
6.00%,
05/25/37
....................
3,145
1,472,831
Series
2007-9T1,
Class
2A2,
6.00%,
05/25/37
....................
540
252,815
Series
2007-AL1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.25%
Floor
+
0.25%),
5.66%,
06/25/37
(a)
...................
5,322
4,393,688
Series
2007-J1,
Class
2A5,
6.00%,
03/25/37
1,533
621,678
Series
2007-OA11,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
1.38%
Floor
+
1.38%),
5.59%,
11/25/47
(a)
........
1,318
1,110,729
Series
2007-OA3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.28%
Floor
+
0.28%),
5.69%,
04/25/47
(a)
...................
7,941
7,081,677
Series
2007-OA4,
Class
A1,
(1-mo.
LIBOR
USD
at
0.34%
Floor
+
0.34%),
5.75%,
05/25/47
(a)
...................
3,043
2,626,299
Series
2007-OA8,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.36%
Floor
+
0.36%),
5.77%,
06/25/47
(a)
...................
6,716
5,090,265
Alternative
Loan
Trust
Resecuritization,
Series
2006-22R,
Class
1A6,
6.00%,
05/25/36
..
979
573,417
American
Home
Mortgage
Assets
Trust
Series
2006-3,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.97%
Floor
+
0.97%),
5.18%,
10/25/46
(a)
...................
8,317
7,095,146
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.94%
Floor
+
0.94%),
5.15%,
10/25/46
(a)
........
4,453
3,106,102
Series
2007-3,
Class
22A1,
6.75%,
06/25/37
(e)
...................
531
447,832
Banc
of
America
Funding
Trust
(a)
Series
2006-7,
Class
T2A3,
5.69%,
10/25/36
280
235,827
Series
2006-D,
Class
6A1,
3.38%,
05/20/36
256
204,108
Series
2007-D,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.42%
Floor
+
0.42%),
5.79%,
06/20/47
....................
971
766,733
Bayview
Commercial
Asset
Trust,
Series
2007-
4A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.68%
Floor
+
0.45%),
6.09%,
09/25/37
(a)(b)
....
701
640,203
Bear
Stearns
ALT-A
Trust,
Series
2006-2,
Class
11A1,
(1-mo.
LIBOR
USD
at
0.44%
Floor
and
11.50%
Cap
+
0.44%),
5.85%,
04/25/36
(a)
.....................
3,667
3,116,972
Bear
Stearns
Asset-Backed
Securities
I
Trust
(e)
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
....................
609
405,134
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
....................
665
491,832
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2007-AR2,
Class
A1,
(1-mo.
LIBOR
USD
at
0.17%
Floor
and
10.50%
Cap
+
0.17%),
5.75%,
03/25/37
.........
USD
962
$
902,239
Series
2007-AR3,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.14%
Floor
and
10.50%
Cap
+
0.14%),
5.55%,
03/25/37
.........
1,481
1,278,431
Series
2007-AR4,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.40%
Floor
and
10.50%
Cap
+
0.40%),
5.81%,
09/25/47
.........
1,685
1,534,410
CHL
Mortgage
Pass-Through
Trust
Series
2005-11,
Class
4A1,
(1-mo.
LIBOR
USD
at
0.27%
Floor
and
10.50%
Cap
+
0.27%),
5.68%,
04/25/35
(a)
........
768
706,247
Series
2005-9,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.60%
Floor
+
0.60%),
6.01%,
05/25/35
(a)
...................
2,405
1,967,765
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.96%
Floor
+
0.96%),
5.17%,
04/25/46
(a)
........
2,560
802,231
Series
2007-21,
Class
1A1,
6.25%,
02/25/38
138
70,176
Series
2007-J2,
Class
2A6,
6.00%,
07/25/37
618
230,086
Series
2007-J2,
Class
2A8,
6.00%,
07/25/37
944
351,344
CHNGE
Mortgage
Trust
(a)(b)
Series
2022-2,
Class
A1,
3.76%,
03/25/67
8,220
7,614,394
Series
2022-3,
Class
A1,
5.00%,
05/25/67
8,869
8,574,235
CIM
Trust,
Series
2023-I2,
Class
A1,
6.64%,
12/25/67
(b)(e)
....................
5,181
5,165,751
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A5,
6.00%,
01/25/37
...
60
53,132
COLT
Mortgage
Loan
Trust
(b)
Series
2022-5,
Class
A1,
4.55%,
04/25/67
(a)
4,079
3,948,987
Series
2022-9,
Class
A1,
6.79%,
12/25/67
(e)
12,312
12,332,955
CSMC
Trust
(b)
Series
2008-2R,
Class
1A1,
6.00%,
07/25/37
....................
307
256,047
Series
2011-4R,
Class
1A2,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.67%,
09/27/37
(a)
...................
4,240
3,452,325
Series
2022-ATH2,
Class
A1,
4.55%,
05/25/67
(a)
...................
1,505
1,436,767
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
3A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
+
0.38%),
5.79%,
08/25/47
(a)
.....................
10,324
8,485,831
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)(b)
..
2,061
1,636,878
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA8,
Class
1A1,
5.01%,
02/25/37
(a)
.....................
881
526,819
GCAT
Trust,
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
(a)(b)
...............
14,475
13,727,329
GMACM
Mortgage
Loan
Trust,
Series
2005-
AR2,
Class
4A,
3.54%,
05/25/35
(a)
.....
19
17,128
GreenPoint
Mortgage
Funding
Trust
(a)
Series
2006-AR1,
Class
GA1B,
(1-mo.
LIBOR
USD
at
0.17%
Floor
+
0.17%),
5.58%,
02/25/36
...............
2,079
1,814,414
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
2.00%
Floor
and
10.50%
Cap
+
2.00%),
6.21%,
03/25/36
955
851,417
Impac
CMB
Trust,
Series
2005-6,
Class
1A1,
(1-mo.
LIBOR
USD
at
0.50%
Floor
and
11.00%
Cap
+
0.50%),
5.91%,
10/25/35
(a)
1,205
1,024,322
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
119
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
IndyMac
IMSC
Mortgage
Loan
Trust
Series
2007-F2,
Class
1A4,
6.00%,
07/25/37
USD
559
$
406,660
Series
2007-F2,
Class
2A1,
6.50%,
07/25/37
2,222
718,735
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR15,
Class
1A1,
3.88%,
08/25/37
....................
93
70,566
Series
2007-AR15,
Class
2A1,
3.34%,
08/25/37
....................
481
368,011
JP
Morgan
Mortgage
Trust,
Series
2022-DSC1,
Class
A1,
4.75%,
01/25/63
(a)(b)
........
13,874
12,939,604
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2005-A9,
Class
2A1E,
4.67%,
12/25/35
....................
326
305,681
Series
2006-1,
Class
2A1,
4.35%,
02/25/36
255
248,607
MFA
Trust,
Series
2023-NQM2,
Class
A1,
4.40%,
03/25/68
(b)(e)
...............
13,216
12,598,226
MFRA
Trust,
Series
2022-CHM1,
Class
M1,
4.57%,
09/25/56
(a)(b)
...............
4,000
3,311,197
Mill
City
Mortgage
Loan
Trust
(b)(e)
Series
2023-NQM1,
Class
A1,
6.05%,
10/25/67
....................
4,996
4,930,937
Series
2023-NQM2,
Class
A1,
6.24%,
12/25/67
....................
8,049
7,978,373
OBX
Trust
(b)(e)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
....................
5,689
5,550,953
Series
2022-NQM8,
Class
A1,
6.10%,
09/25/62
....................
3,153
3,136,205
Series
2022-NQM9,
Class
A1A,
6.45%,
09/25/62
....................
19,840
19,855,414
Prime
Mortgage
Trust,
Series
2006-DR1,
Class
2A1,
5.50%,
05/25/35
(b)
.............
301
245,682
PRKCM
Trust,
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
(a)(b)
...............
15,628
15,245,521
RALI
Trust,
Series
2007-QS4,
Class
3A2,
6.00%,
03/25/37
.................
142
116,054
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A12,
6.25%,
01/25/37
..
313
116,805
RFMSI
Trust,
Series
2007-S7,
Class
A20,
6.00%,
07/25/37
.................
32
24,934
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(b)(e)
........
16,823
16,393,825
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(b)(e)
...
15,208
14,463,932
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-3,
Class
3A1,
4.20%,
04/25/47
(a)
.....................
184
88,221
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR2,
Class
A1,
(1-mo.
LIBOR
USD
at
0.46%
Floor
and
10.50%
Cap
+
0.46%),
5.87%,
02/25/36
.........
498
434,019
Series
2006-AR4,
Class
3A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
and
10.50%
Cap
+
0.38%),
5.79%,
06/25/36
.........
7,064
6,088,649
Series
2006-AR6,
Class
2A1,
(1-mo.
LIBOR
USD
at
0.38%
Floor
and
10.50%
Cap
+
0.38%),
5.79%,
07/25/46
.........
8,926
6,394,299
Series
2007-AR4,
Class
GA4B,
(1-mo.
LIBOR
USD
at
0.18%
Floor
+
0.18%),
5.59%,
09/25/47
...............
1,678
1,540,993
Verus
Securitization
Trust
(b)(e)
Series
2022-3,
Class
A1,
4.13%,
02/25/67
10,688
9,793,884
Series
2022-INV2,
Class
A1,
6.79%,
10/25/67
....................
15,957
15,995,974
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Vista
Point
Securitization
Trust,
Series
2020-1,
Class
B1,
5.38%,
03/25/65
(a)(b)
........
USD
2,800
$
2,618,641
WaMu
Mortgage
Pass-Through
Certificates
Trust
(a)
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.75%
Floor
+
0.75%),
4.96%,
06/25/47
.........
5,038
4,119,308
Series
2007-OA6,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.81%
Floor
+
0.81%),
5.02%,
07/25/47
.........
2,775
2,264,698
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-8,
Class
A5,
4.16%,
10/25/36
(e)
1,033
376,807
Series
2006-AR5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.98%
Floor
+
0.98%),
5.19%,
06/25/46
(a)
........
3,088
2,161,398
Series
2006-AR8,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.85%
Floor
+
0.85%),
5.06%,
10/25/46
(a)
........
4,417
3,721,519
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.72%
Floor
+
0.72%),
4.93%,
12/25/46
(a)
........
3,979
3,234,925
Series
2007-OA5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
at
0.84%
Floor
+
0.84%),
5.05%,
05/25/47
(a)
........
2,272
1,893,204
342,078,251
Commercial
Mortgage-Backed
Securities
—
4.3%
245
Park
Avenue
Trust,
Series
2017-245P,
Class
E,
3.66%,
06/05/37
(a)(b)
.........
7,780
5,361,423
280
Park
Avenue
Mortgage
Trust,
Series
2017-
280P,
Class
E,
(1-mo.
LIBOR
USD
at
2.12%
Floor
+
2.12%),
7.33%,
09/15/34
(a)(b)
....
23,589
20,292,973
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(1-mo.
LIBOR
USD
at
2.23%
Floor
+
2.10%),
7.49%,
04/15/35
(a)(b)
........
3,467
3,321,688
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(1-mo.
LIBOR
USD
at
1.95%
Floor
+
2.20%),
7.47%,
12/15/36
(a)(b)
........
9,512
8,651,280
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2017-SCH,
Class
CL,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.77%,
11/15/32
....................
3,225
2,976,708
Series
2017-SCH,
Class
DL,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.27%,
11/15/32
....................
3,965
3,535,550
Series
2018-DSNY,
Class
D,
(1-mo.
LIBOR
USD
at
1.70%
Floor
+
1.70%),
6.97%,
09/15/34
....................
11,982
11,855,662
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-2A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.47%
Floor
and
10.11%
Cap
+
0.47%),
5.88%,
08/25/35
.........
2,381
2,174,151
Series
2005-3A,
Class
A1,
(1-mo.
LIBOR
USD
at
0.48%
Floor
and
10.80%
Cap
+
0.48%),
5.73%,
11/25/35
..........
588
532,243
Series
2007-1,
Class
A1,
(1-mo.
LIBOR
USD
at
0.22%
Floor
+
0.33%),
5.74%,
03/25/37
....................
1,947
1,743,232
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
120
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2007-3,
Class
A2,
(1-mo.
LIBOR
USD
+
0.29%),
5.85%,
07/25/37
....
USD
2,977
$
2,624,515
Series
2007-6A,
Class
A4A,
(1-mo.
LIBOR
USD
at
1.50%
Floor
+
1.50%),
6.91%,
12/25/37
....................
1,761
1,493,466
BBCMS
Mortgage
Trust,
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
(a)(b)
.........
1,750
1,137,121
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.03%,
11/05/36
(a)(b)
...............
2,672
2,285,847
BFLD
Trust,
Series
2020-EYP,
Class
E,
(1-mo.
LIBOR
USD
at
3.70%
Floor
+
3.70%),
9.04%,
10/15/35
(a)(b)
...............
2,433
861,880
BPR
Trust,
Series
2021-TY,
Class
E,
(1-mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
8.94%,
09/15/38
(a)(b)
...............
4,495
4,163,889
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
D,
3.63%,
03/10/33
3,600
3,266,170
Series
2013-1515,
Class
E,
3.72%,
03/10/33
2,000
1,745,782
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
G,
(1-mo.
CME
Term
SOFR
at
2.30%
Floor
+
2.41%),
7.64%,
10/15/36
....................
6,375
6,262,713
Series
2019-XL,
Class
J,
(1-mo.
CME
Term
SOFR
at
2.65%
Floor
+
2.76%),
7.99%,
10/15/36
....................
11,453
11,087,486
Series
2021-NWM,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.91%
Floor
+
1.02%),
6.25%,
02/15/33
...............
12,383
12,041,064
Series
2021-NWM,
Class
B,
(1-mo.
CME
Term
SOFR
at
2.15%
Floor
+
2.26%),
7.49%,
02/15/33
...............
7,261
7,116,592
Series
2021-NWM,
Class
C,
(1-mo.
CME
Term
SOFR
at
4.25%
Floor
+
4.36%),
9.59%,
02/15/33
...............
4,795
4,687,885
Series
2021-SOAR,
Class
G,
(1-mo.
LIBOR
USD
at
2.80%
Floor
+
2.80%),
8.14%,
06/15/38
....................
8,290
7,874,222
Series
2021-VINO,
Class
F,
(1-mo.
LIBOR
USD
at
2.92%
Floor
+
2.80%),
8.14%,
05/15/38
....................
11,583
11,002,443
Series
2021-XL2,
Class
F,
(1-mo.
LIBOR
USD
at
2.24%
Floor
+
2.24%),
7.58%,
10/15/38
....................
10,931
10,411,007
Series
2022-CSMO,
Class
C,
(1-mo.
CME
Term
SOFR
at
3.89%
Floor
+
3.89%),
9.11%,
06/15/27
...............
6,670
6,649,116
BX
Trust
(a)(b)
Series
2021-ARIA,
Class
G,
(1-mo.
LIBOR
USD
at
3.14%
Floor
+
3.14%),
8.48%,
10/15/36
....................
6,579
6,090,531
Series
2021-LBA,
Class
AJV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.14%,
02/15/36
...............
3,287
3,217,003
Series
2021-LBA,
Class
AV,
(1-mo.
CME
Term
SOFR
at
0.80%
Floor
+
0.91%),
6.14%,
02/15/36
...............
1,173
1,147,797
Series
2021-LBA,
Class
GJV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.34%,
02/15/36
...............
1,765
1,633,420
Series
2021-LBA,
Class
GV,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.34%,
02/15/36
...............
5,638
5,218,466
Series
2021-MFM1,
Class
E,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.36%),
7.59%,
01/15/34
...............
4,232
4,093,921
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2021-MFM1,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.00%
Floor
+
3.11%),
8.34%,
01/15/34
...............
USD
6,547
$
6,292,302
Series
2021-VIEW,
Class
E,
(1-mo.
LIBOR
USD
at
3.60%
Floor
+
3.60%),
8.94%,
06/15/36
....................
7,366
6,570,163
Series
2022-GPA,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.17%
Floor
+
2.17%),
7.39%,
10/15/39
...............
25,750
25,749,987
Series
2022-GPA,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.06%
Floor
+
4.06%),
9.28%,
10/15/39
...............
6,780
6,746,040
Series
2022-VAMF,
Class
A,
(1-mo.
CME
Term
SOFR
at
0.85%
Floor
+
0.85%),
6.07%,
01/15/39
...............
4,180
4,080,517
Series
2023-DELC,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.69%
Floor
+
2.69%),
7.91%,
05/15/38
...............
8,500
8,494,676
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
3.55%,
08/13/37
6,800
4,923,957
Series
2017-CC,
Class
E,
3.55%,
08/13/37
10,985
7,283,310
Series
2021-601L,
Class
D,
2.78%,
01/15/44
3,863
2,310,602
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C4,
Class
C,
4.84%,
05/10/58
(a)
...
3,330
2,952,843
Citigroup
Commercial
Mortgage
Trust
Series
2014-GC19,
Class
C,
5.09%,
03/11/47
(a)
...................
2,278
2,216,896
Series
2016-C1,
Class
C,
4.94%,
05/10/49
(a)
2,870
2,540,422
Series
2016-GC37,
Class
C,
4.91%,
04/10/49
(a)
...................
2,640
2,311,871
Series
2016-GC37,
Class
D,
2.79%,
04/10/49
(b)
...................
3,446
2,430,725
COAST
Commercial
Mortgage
Trust,
Series
2023-2HTL,
Class
D,
(1-mo.
CME
Term
SOFR
at
4.44%
Floor
+
4.44%),
8.94%,
08/15/36
(a)(b)
....................
8,900
8,877,632
Commercial
Mortgage
Trust
(a)
Series
2013-300P,
Class
D,
4.39%,
08/10/30
(b)
...................
2,245
1,745,519
Series
2014-CR15,
Class
C,
4.67%,
02/10/47
....................
463
404,369
Series
2015-CR23,
Class
B,
4.18%,
05/10/48
....................
9,520
8,833,393
Series
2015-LC19,
Class
C,
4.21%,
02/10/48
....................
6,513
5,603,138
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(b)
...................
3,200
2,458,633
CSMC
Trust
(a)(b)
Series
2015-RPL1,
Class
A,
0.00%,
02/15/24
(d)
...................
8,800
7,891,292
Series
2020-FACT,
Class
E,
(1-mo.
LIBOR
USD
at
4.86%
Floor
+
4.86%),
10.20%,
10/15/37
....................
3,644
3,249,421
Series
2021-980M,
Class
E,
3.54%,
07/15/31
....................
1,450
1,040,968
Series
2021-BHAR,
Class
E,
(1-mo.
LIBOR
USD
at
3.50%
Floor
+
3.50%),
8.84%,
11/15/38
....................
1,338
1,307,831
Series
2022-NWPT,
Class
A,
(1-mo.
CME
Term
SOFR
at
3.14%
Floor
+
3.14%),
8.36%,
09/09/24
...............
15,900
15,883,586
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
F,
(1-mo.
LIBOR
USD
at
2.00%
Floor
+
2.00%),
7.52%,
05/15/35
(a)(b)
........
4,998
4,829,061
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
121
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
DBUBS
Mortgage
Trust
(a)(b)
Series
2017-BRBK,
Class
E,
3.53%,
10/10/34
....................
USD
9,073
$
6,964,601
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
....................
1,910
1,409,148
ELP
Commercial
Mortgage
Trust,
Series
2021-
ELP,
Class
G,
(1-mo.
LIBOR
USD
at
3.12%
Floor
+
3.12%),
8.45%,
11/15/38
(a)(b)
....
11,890
11,061,571
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(1-mo.
LIBOR
USD
at
2.25%
Floor
+
2.25%),
7.59%,
07/15/38
....................
9,033
8,828,968
Series
2021-ESH,
Class
E,
(1-mo.
LIBOR
USD
at
2.85%
Floor
+
2.85%),
8.19%,
07/15/38
....................
6,313
6,154,413
Series
2021-ESH,
Class
F,
(1-mo.
LIBOR
USD
at
3.70%
Floor
+
3.70%),
9.04%,
07/15/38
....................
2,760
2,649,767
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
J,
5.86%,
05/03/32
(b)
.....
1,500
1,342,674
GS
Mortgage
Securities
Corp.
Trust
(a)
Series
2015-GC32,
Class
C,
4.41%,
07/10/48
....................
1,075
958,247
Series
2021-DM,
Class
F,
(1-mo.
LIBOR
USD
at
3.44%
Floor
+
3.44%),
8.77%,
11/15/36
(b)
...................
2,740
2,605,289
Series
2022-AGSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.69%),
7.91%,
11/15/27
(b)
..............
5,070
5,051,121
Harvest
Commercial
Capital
Loan
Trust
(a)(b)
Series
2019-1,
Class
M4,
4.64%,
09/25/46
3,150
2,785,509
Series
2019-1,
Class
M5,
5.73%,
09/25/46
2,000
1,729,160
HONO
Mortgage
Trust
(a)(b)
Series
2021-LULU,
Class
E,
(1-mo.
LIBOR
USD
at
3.35%
Floor
+
3.35%),
8.69%,
10/15/36
....................
3,330
3,052,053
Series
2021-LULU,
Class
F,
(1-mo.
LIBOR
USD
at
4.40%
Floor
+
4.40%),
9.74%,
10/15/36
....................
1,177
1,070,861
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.25%
Floor
+
2.25%),
7.47%,
10/15/39
(a)(b)
17,200
17,164,790
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.14%,
12/15/48
(a)(b)
....................
1,898
1,413,622
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2016-NINE,
Class
B,
2.85%,
09/06/38
....................
4,787
3,972,271
Series
2019-OSB,
Class
E,
3.78%,
06/05/39
2,800
2,149,725
Series
2022-NLP,
Class
F,
(1-mo.
CME
Term
SOFR
at
3.54%
Floor
+
3.54%),
8.76%,
04/15/37
....................
10,561
9,170,960
Series
2022-NXSS,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.18%
Floor
+
2.18%),
7.40%,
09/15/39
...............
8,730
8,741,792
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
2,909
1,882,881
KNDL
Mortgage
Trust,
Series
2019-KNSQ,
Class
E,
(1-mo.
LIBOR
USD
at
1.80%
Floor
+
1.80%),
7.22%,
05/15/36
(a)(b)
........
4,040
3,982,800
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(1-mo.
CME
Term
SOFR
at
2.35%
Floor
+
2.46%),
7.69%,
03/15/38
(a)(b)
.........
8,334
7,936,686
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
C,
4.67%,
03/10/50
(a)(b)
...
3,375
2,564,846
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
LUXE
Trust,
Series
2021-TRIP,
Class
E,
(1-mo.
LIBOR
USD
at
2.75%
Floor
+
2.75%),
8.09%,
10/15/38
(a)(b)
...............
USD
920
$
885,990
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
3.98%,
08/15/34
(a)(b)
.............
3,305
2,580,102
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(1-mo.
LIBOR
USD
at
4.00%
Floor
+
4.00%),
9.34%,
11/15/38
....................
13,734
12,959,963
Series
2021-MDLN,
Class
G,
(1-mo.
LIBOR
USD
at
5.25%
Floor
+
5.25%),
10.59%,
11/15/38
....................
17,286
16,035,086
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1-mo.
CME
Term
SOFR
at
4.22%
Floor
+
4.22%),
9.44%,
12/15/34
(a)(b)
...............
3,940
3,648,634
MHP
Commercial
Mortgage
Trust,
Series
2021-STOR,
Class
J,
(1-mo.
LIBOR
USD
at
3.95%
Floor
+
3.95%),
9.29%,
07/15/38
(a)(b)
1,277
1,211,063
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C23,
Class
D,
4.14%,
07/15/50
(a)(b)
....................
727
603,560
Morgan
Stanley
Capital
I
Trust
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
(b)
...................
1,570
942,433
Series
2018-H3,
Class
C,
4.85%,
07/15/51
(a)
2,880
2,314,688
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(a)
(b)
.........................
2,112
1,383,281
Series
2018-SUN,
Class
F,
(1-mo.
LIBOR
USD
at
2.55%
Floor
+
2.55%),
8.14%,
07/15/35
(a)(b)
..................
3,060
2,983,205
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1-mo.
CME
Term
SOFR
at
5.29%
Floor
+
5.29%),
10.51%,
03/15/39
(a)(b)
6,622
6,153,503
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
3.95%,
05/10/39
(a)(b)
......
8,300
4,831,020
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(1-mo.
LIBOR
USD
at
4.35%
Floor
+
4.35%),
9.69%,
07/15/38
(a)(b)
1,400
1,060,576
Taubman
Centers
Commercial
Mortgage
Trust,
Series
2022-DPM,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.19%
Floor
+
2.19%),
7.41%,
05/15/37
(a)(b)
...............
4,250
4,137,519
Velocity
Commercial
Capital
Loan
Trust,
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)(b)
..
5,898
4,331,967
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS3,
Class
B,
4.50%,
09/15/57
(a)
...................
1,600
1,482,169
Series
2016-C37,
Class
C,
4.49%,
12/15/49
(a)
...................
2,803
2,380,041
Series
2016-LC25,
Class
C,
4.34%,
12/15/59
(a)
...................
8,320
7,052,937
Series
2016-NXS5,
Class
B,
4.94%,
01/15/59
(a)
...................
1,875
1,679,469
Series
2018-C45,
Class
C,
4.73%,
06/15/51
1,158
950,561
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1-mo.
CME
Term
SOFR
at
2.79%
Floor
+
2.79%),
8.01%,
11/15/27
(a)(b)
....................
11,975
11,967,445
529,805,367
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
BBCMS
Trust
(b)
Series
2015-SRCH,
Class
XA,
0.90%,
08/10/35
....................
71,475
1,960,163
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
122
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
Series
2015-SRCH,
Class
XB,
0.19%,
08/10/35
....................
USD
35,000
$
266,919
BX
Trust,
Series
2022-GPA,
Class
XCP,
1.03%,
10/15/39
(b)
.....................
375,000
153,863
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C6,
Class
XA,
1.08%,
11/10/49
...
58,887
1,559,236
Commercial
Mortgage
Trust
Series
2014-UBS5,
Class
XB2,
0.74%,
09/10/47
(b)
...................
12,675
100,042
Series
2015-CR25,
Class
XA,
0.79%,
08/10/48
....................
11,574
149,328
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.79%,
09/15/47
......................
5,960
27,556
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
.....................
40,477
805,395
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.80%,
03/10/50
(b)
....
33,671
569,393
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C15,
Class
XB,
0.29%,
04/15/47
(b)
...................
80,982
51,092
Series
2015-C26,
Class
XD,
1.31%,
10/15/48
(b)
...................
12,675
320,738
Series
2016-C32,
Class
XA,
0.65%,
12/15/49
....................
29,319
519,104
Morgan
Stanley
Capital
I
Trust,
Series
2016-
UBS9,
Class
XD,
1.59%,
03/15/49
(b)
....
13,600
491,542
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2017-75B,
Class
XA,
0.20%,
04/10/37
....................
40,610
314,992
Series
2017-75B,
Class
XB,
0.03%,
04/10/37
....................
27,000
54,267
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.25%,
08/15/49
(b)
...................
11,784
362,752
Series
2016-LC25,
Class
XA,
0.82%,
12/15/59
....................
18,605
412,666
WFRBS
Commercial
Mortgage
Trust
Series
2014-C20,
Class
XB,
0.58%,
05/15/47
....................
57,079
214,844
Series
2014-LC14,
Class
XA,
1.22%,
03/15/47
....................
21,545
29,607
8,363,499
Total
Non-Agency
Mortgage-Backed
Securities
—
7.2%
(Cost:
$937,469,510)
.............................
880,247,117
Preferred
Securities
Capital
Trusts
—
1.3%
Banks
—
0.2%
(a)(j)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(5-Year
EUR
Swap
Annual
+
6.46%),
6.00%
(c)
...
EUR
3,200
3,359,017
Citigroup,
Inc.
Series
P,
(3-mo.
CME
Term
SOFR
+
4.17%),
5.95%
......................
USD
615
596,867
Series
Y,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.00%),
4.15%
......................
15
12,562
HSBC
Holdings
plc,
(5-Year
USD
Swap
Rate
+
3.71%),
6.38%
..................
1,200
1,162,283
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
PNC
Financial
Services
Group,
Inc.
(The)
Series
T,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.60%),
3.40%
......................
USD
12,250
$
9,493,750
Series
V,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.24%),
6.20%
......................
1,800
1,732,500
Series
W,
(7-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.81%),
6.25%
......................
1,614
1,475,877
US
Bancorp,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
2.54%),
3.70%
........................
15,530
12,074,575
29,907,431
Capital
Markets
—
0.2%
(a)(j)
Bank
of
New
York
Mellon
Corp.
(The),
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.35%),
3.70%
.
21,025
19,042,291
Charles
Schwab
Corp.
(The)
Series
I,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.17%),
4.00%
......................
600
535,644
Series
H,
(10-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.08%),
4.00%
......................
934
731,545
20,309,480
Consumer
Finance
—
0.3%
(a)(j)
Ally
Financial,
Inc.,
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.87%),
4.70%
...........
13,375
10,148,281
Capital
One
Financial
Corp.,
Series
M,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.16%),
3.95%
.....
6,300
5,014,485
Discover
Financial
Services,
Series
C,
(3-mo.
LIBOR
USD
+
3.08%),
5.50%
........
20,150
15,522,629
General
Motors
Financial
Co.,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.00%),
5.70%
.
1,220
1,101,343
31,786,738
Electric
Utilities
—
0.1%
(a)(j)
Edison
International
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
4.70%),
5.38%
......................
15,783
14,007,081
Series
B,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.90%),
5.00%
......................
1,870
1,615,627
NRG
Energy,
Inc.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.92%),
10.25%
(b)
................
2,634
2,552,593
18,175,301
Financial
Services
—
0.1%
Voya
Financial,
Inc.,
Series
A,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.36%),
6.13%
(a)(j)
.........
7,690
7,493,654
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.74%),
7.00%
(a)(b)(j)
.....................
1,923
1,711,470
Industrial
Conglomerates
—
0.0%
General
Electric
Co.,
Series
D,
(3-mo.
LIBOR
USD
+
3.33%),
8.88%
(a)(j)
...........
229
229,566
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
123
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Insurance
—
0.1%
MetLife,
Inc.,
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.58%),
3.85%
(a)(j)
................
USD
9,275
$
8,666,670
Multi-Utilities
—
0.1%
Dominion
Energy,
Inc.,
Series
C,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.20%),
4.35%
(a)(j)
.........
10,005
8,588,292
Oil,
Gas
&
Consumable
Fuels
—
0.2%
Energy
Transfer
LP
(a)(j)
Series
H,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.69%),
6.50%
......................
3,522
3,190,253
Series
G,
(5-Year
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
5.31%),
7.13%
......................
29,150
25,602,478
28,792,731
Total
Capital
Trusts
—
1.3%
(Cost:
$181,124,739)
.............................
155,661,333
Shares
Shares
Preferred
Stocks
—
0.4%
Banks
—
0.1%
Banco
Bradesco
SA
(Preference)
........
1,637,107
5,764,278
Insurance
—
0.1%
Allstate
Corp.
(The)
(Preference),
Series
H,
5.10%
(j)
.......................
735,000
15,824,550
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Samsung
Electronics
Co.
Ltd.
(Preference)
.
540,454
24,342,469
Total
Preferred
Stocks
—
0.4%
(Cost:
$39,754,656)
..............................
45,931,297
Trust
Preferreds
—
0.1%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(30Y
CMT
at
14.50%
Cap
+
1.55%),
7.06%, 12/21/65
(a)(b)
.....
16,872,000
11,833,908
Consumer
Finance
—
0.0%
ILFC
E-Capital
Trust
II
,
(3-mo.
LIBOR
USD
at
14.50%
Cap
+
1.80%),
7.31%, 12/21/65
(a)(b)
11,944,000
8,538,698
Total
Trust
Preferreds
—
0.1%
(Cost:
$27,894,930)
..............................
20,372,606
Total
Preferred
Securities
—
1.8%
(Cost:
$248,774,325)
.............................
221,965,236
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes
(a)(b)
Series
2018-K732,
Class
B,
4.05%, 05/25/25
...............
1,500
1,437,862
Series
2018-W5FX,
Class
CFX,
3.66%, 04/25/28
...............
4,627
3,851,089
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
(Cost:
$5,996,810)
..............................
5,288,951
Security
Shares
Shares
Value
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
Share
for
1
Warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(d)
(f)
............................
1,841
$
—
Oil,
Gas
&
Consumable
Fuels
—
0.0%
California
Resources
Corp.
(Issued/Exercisable
10/23/20,
1
Share
for
1
Warrant,
Expires
10/27/24,
Strike
Price
USD
36.00)
(f)
....
1,489
26,951
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
26,951
Total
Long-Term
Investments
—
96.7%
(Cost:
$11,946,105,585)
...........................
11,842,411,659
Short-Term
Securities
Money
Market
Funds
—
4.6%
(o)(q)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
5.16%
...................
518,724,542
518,724,542
SL
Liquidity
Series,
LLC,
Money
Market
Series,
5.42%
(r)
.......................
39,731,510
39,735,483
Total
Money
Market
Funds
—
4.6%
(Cost:
$558,430,626)
.............................
558,460,025
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
0.0%
U.S.
Treasury
Bills
,
5.34%, 11/14/23
(m)(s)
....
USD
2,090
2,057,882
Total
U.S.
Treasury
Obligations
—
0.0%
(Cost:
$2,057,978)
..............................
2,057,882
Total
Short-Term
Securities
—
4.6%
(Cost:
$560,488,604)
.............................
560,517,907
Total
Investments
—
101.3%
(Cost:
$12,506,594,189
)
...........................
12,402,929,566
Liabilities
in
Excess
of
Other
Assets
—
(1.3)%
............
(164,044,679)
Net
Assets
—
100.0%
..............................
$
12,238,884,887
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
124
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
July
31,
2023
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)
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
$6,996,595,
representing
0.06%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$7,146,100.
(h)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(i)
Payment-in-kind
security
which
may
pay
interest/dividends
in
additional
par/shares
and/or
in
cash.
Rates
shown
are
the
current
rate
and
possible
payment
rates.
(j)
Perpetual
security
with
no
stated
maturity
date.
(k)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(l)
Convertible
security.
(m)
Zero-coupon
bond.
(n)
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)
Affiliate
of
the
Fund.
(p)
All
or
a
portion
of
this
security
is
on
loan.
(q)
Annualized
7-day
yield
as
of
period
end.
(r)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(s)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/23
Shares
Held
at
07/31/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,110,335,000
$
—
$
(591,610,458)
(a)
$
—
$
—
$
518,724,542
518,724,542
$
17,442,591
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
407,625,445
—
(365,365,796)
(a)
(2,520,717)
(3,449)
39,735,483
39,731,510
3,012,481
(b)
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
(c)
—
185,692,036
(186,391,185)
699,149
—
—
—
1,912,188
—
iShares
Core
Dividend
Growth
ETF
..................
156,928,300
270,130,479
(329,014,154)
3,839,496
(3,045,758)
98,838,363
1,855,771
3,116,362
—
iShares
Core
S&P
500
ETF
(c)
...
—
272,106,781
(276,227,700)
4,120,919
—
—
—
1,200,461
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
380,113,648
—
(316,619,500)
(61,809,327)
37,286,316
38,971,137
516,174
9,535,916
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
......
52,903,976
165,488,934
(51,365,671)
926,639
(2,341,791)
165,612,087
1,535,578
2,861,852
—
iShares
MBS
ETF
..........
—
372,058,794
—
—
(3,707,374)
368,351,420
3,964,178
3,064,249
—
$
(54,743,841)
$
28,187,944
$
1,230,233,032
$
42,146,100
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
125
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
250
09/15/23
$
13,179
$
671,163
S&P
500
E-Mini
Index
.......................................................
529
09/15/23
122,054
553,542
U.S.
Treasury
10-Year
Note
...................................................
13,372
09/20/23
1,490,560
(18,879,634)
U.S.
Treasury
10-Year
Ultra
Note
...............................................
5,483
09/20/23
641,854
(13,136,949)
U.S.
Treasury
5-Year
Note
....................................................
15,506
09/29/23
1,657,325
(34,480,238)
(65,272,116)
Short
Contracts
EURO
STOXX
50
Index
.....................................................
1,165
09/15/23
57,555
(1,777,372)
GBP
Currency
............................................................
3,971
09/18/23
318,698
(5,458,304)
JPY
Currency
............................................................
663
09/18/23
58,692
1,122,000
U.S.
Treasury
10-Year
Note
...................................................
157
09/20/23
17,501
434,005
U.S.
Treasury
Long
Bond
.....................................................
62
09/20/23
7,727
133,592
U.S.
Treasury
Ultra
Bond
.....................................................
24
09/20/23
3,180
65,772
(5,480,307)
$
(70,752,423)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
151,098
CHF
130,000
Goldman
Sachs
International
08/17/23
$
1,769
USD
658,956
EUR
597,000
Bank
of
New
York
Mellon
08/17/23
2,040
USD
123,506,383
EUR
110,153,000
Barclays
Bank
plc
08/17/23
2,298,285
USD
972,422
EUR
880,000
Citibank
NA
08/17/23
4,104
USD
1,005,601
EUR
900,000
Deutsche
Bank
AG
08/17/23
15,275
USD
305,063,423
EUR
272,730,000
Morgan
Stanley
&
Co.
International
plc
08/17/23
4,961,885
USD
1,304,242
EUR
1,160,000
Toronto
Dominion
Bank
08/17/23
27,823
USD
40,145,321
GBP
30,610,000
Bank
of
New
York
Mellon
08/17/23
858,794
USD
2,352,141
GBP
1,828,000
Barclays
Bank
plc
08/17/23
5,987
USD
51,664,928
GBP
39,550,000
Morgan
Stanley
&
Co.
International
plc
08/17/23
904,322
USD
1,522,627
EUR
1,373,438
Bank
of
New
York
Mellon
09/14/23
9,184
USD
7,266,621
EUR
6,447,000
BNP
Paribas
SA
09/20/23
160,508
USD
699,538
EUR
621,000
JPMorgan
Chase
Bank
NA
09/20/23
15,050
USD
256,630
EUR
230,000
Societe
Generale
SA
09/20/23
3,116
USD
142,081
GBP
110,614
BNP
Paribas
SA
09/20/23
94
USD
107,176
GBP
83,000
Goldman
Sachs
International
09/20/23
635
USD
182,802
GBP
141,000
JPMorgan
Chase
Bank
NA
09/20/23
1,811
KRW
1,530,726,000
USD
1,182,247
Citibank
NA
10/16/23
21,005
USD
2,224,916
AED
8,169,000
Bank
of
America
NA
10/16/23
372
USD
623,183
AUD
903,000
Bank
of
New
York
Mellon
10/16/23
15,063
USD
1,401,132
CAD
1,836,000
Bank
of
New
York
Mellon
10/16/23
7,374
USD
2,190,361
CHF
1,882,000
UBS
AG
10/16/23
14,449
USD
146,464
EUR
131,000
Bank
of
New
York
Mellon
10/16/23
1,891
USD
1,421,041
EUR
1,285,000
Deutsche
Bank
AG
10/16/23
2,898
USD
324,293
EUR
292,000
UBS
AG
10/16/23
2,038
USD
9,665,163
GBP
7,439,000
Bank
of
New
York
Mellon
10/16/23
116,184
USD
144,142
GBP
110,000
Deutsche
Bank
AG
10/16/23
2,942
9,454,898
EUR
1,450,000
USD
1,629,395
Standard
Chartered
Bank
08/17/23
(33,871)
USD
461,735
EUR
423,086
Bank
of
America
NA
09/14/23
(4,479)
USD
832,437
EUR
767,156
Bank
of
New
York
Mellon
09/14/23
(12,921)
USD
10,387,623
EUR
9,597,878
State
Street
Bank
and
Trust
Co.
09/14/23
(188,631)
USD
12,684,413
GBP
9,892,000
BNP
Paribas
SA
09/20/23
(13,210)
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
126
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AUD
2,081,000
USD
1,418,027
Bank
of
New
York
Mellon
10/16/23
$
(16,589)
CAD
10,204,000
USD
7,747,922
Citibank
NA
10/16/23
(1,787)
CAD
323,000
USD
245,349
Westpac
Banking
Corp.
10/16/23
(151)
GBP
308,000
USD
403,631
Barclays
Bank
plc
10/16/23
(8,272)
JPY
548,308,000
USD
4,019,954
Bank
of
New
York
Mellon
10/16/23
(119,422)
NZD
12,265,000
USD
7,730,151
Bank
of
New
York
Mellon
10/16/23
(111,869)
SGD
435,000
USD
328,426
Citibank
NA
10/16/23
(100)
USD
599,931
HKD
4,686,000
UBS
AG
10/16/23
(1,352)
(512,654)
$
8,942,244
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
Investment
Grade
Index
Series
40.V1
................
1.00
%
Quarterly
06/20/28
USD
46,141
$
(795,985)
$
(540,805)
$
(255,180)
OTC
Credit
Default
Swap
s
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Intrum
AB
...............
5.00
%
Quarterly
Goldman
Sachs
International
06/20/28
EUR
678
$
127,026
$
145,728
$
(18,702)
Intrum
AB
...............
5.00
Quarterly
HSBC
Bank
plc
06/20/28
EUR
678
127,026
147,693
(20,667)
Picard
Bondco
SA
.........
5.00
Quarterly
BNP
Paribas
SA
06/20/28
EUR
374
(12,714)
7,042
(19,756)
$
–
$
–
$
–
$
241,338
$
300,463
$
(59,125)
$
–
$
–
$
–
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)
thyssenkrupp
AG
......
1.00
%
Quarterly
Bank
of
America
NA
12/20/23
BB
EUR
710
$
2,689
$
(5,590)
$
8,279
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
360
24,922
25,303
(381)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
06/20/26
BB-
EUR
555
35,242
(14,084)
49,326
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
12/20/26
BB-
EUR
320
15,293
(9,604)
24,897
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/26
BB-
EUR
244
11,644
7,395
4,249
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB-
EUR
237
11,318
7,603
3,715
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
BB-
EUR
125
5,974
3,783
2,191
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
BB-
EUR
125
5,974
4,431
1,543
K+S
AG
............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BBB-
EUR
560
75,730
34,629
41,101
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
12/20/26
NR
EUR
480
(6,468)
(23,340)
16,872
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
127
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
OTC
Credit
Default
Swaps
—
Sell
Protection
(continued)
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
TK
Elevator
Holdco
GmbH
5.00
%
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
476
$
25,693
$
12,856
$
12,837
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/27
NR
EUR
1,090
140,434
39,252
101,182
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
06/20/27
NR
EUR
615
(12,767)
(68,493)
55,726
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
113
(2,353)
(9,809)
7,456
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
227
(4,706)
(19,617)
14,911
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
131
(2,709)
(15,432)
12,723
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
NR
EUR
529
(10,992)
(73,321)
62,329
ADLER
Real
Estate
AG
.
5.00
Quarterly
Bank
of
America
NA
12/20/27
CCC+
EUR
304
(80,369)
(62,335)
(18,034)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
183
(48,309)
(36,743)
(11,566)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC+
EUR
513
(135,786)
(103,276)
(32,510)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/27
CCC+
EUR
149
(39,401)
(30,849)
(8,552)
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC+
EUR
312
(82,456)
(63,381)
(19,075)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC+
EUR
226
(59,786)
(45,913)
(13,873)
United
Group
BV
......
5.00
Quarterly
Bank
of
America
NA
12/20/27
B
EUR
610
(53,963)
(83,598)
29,635
United
Group
BV
......
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
B
EUR
435
(38,435)
(63,796)
25,361
Bank
of
America
Corp.
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
USD
3,305
43,167
2,152
41,015
Bank
of
America
Corp.
..
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
USD
365
4,440
(1,571)
6,011
K+S
AG
............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/28
BBB-
EUR
148
23,870
15,399
8,471
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/28
NR
EUR
54
(2,123)
(3,673)
1,550
United
Group
BV
......
5.00
Quarterly
Deutsche
Bank
AG
06/20/28
B
EUR
839
(88,366)
(79,176)
(9,190)
$
(242,599)
$
(660,798)
$
418,199
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
OTC
Total
Return
Swaps
Reference
Entity
Payment
Frequency
Counterparty
(a)
Termination
Date
Net
Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net
Value
of
Reference
Entity
Gross
Notional
Amount
Net
Asset
Percentage
Equity
Securities
Long/Short
...
Monthly
HSBC
Bank
plc
(b)
02/10/28
$
3,132,406
$
101,652
(c)
$
3,255,501
0.0
%
(d)
Monthly
JPMorgan
Chase
Bank
NA
(e)
08/10/23
746,535
88,553
(f)
841,239
0.0
(d)
$
190,205
$
4,096,740
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
128
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(e)
Range:
90-95
basis
points
40-60
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$(21,443)
of
net
dividends
and
financing
fees.
(d)
Rounds
to
less
than
0.1%.
(f)
Amount
includes
$(6,151)
of
net
dividends
and
financing
fees.
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
HSBC
Bank
plc,
as
of
period
end,
termination
date
February
10,
2028:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
Egypt
Commercial
International
Bank
Egypt
SAE
............
322,843
$
416,182
12.8
%
Vietnam
Vietnam
Dairy
Products
JSC
..
861,700
2,839,319
87.2
Total
Reference
Entity
—
Long
............
3,255,501
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
3,255,501
The
following
table
represents
the
individual
long
positions
and
related
values
of
equity
securities
underlying
the
total
return
swap
with
JPMorgan
Chase
Bank
NA
,
as
of
period
end,
termination
date
August
10,
2023
:
Shares
Value
%
of
Basket
Value
Reference
Entity
—
Long
Common
Stocks
China
Prosus
NV
..............
10,607
$
839,092
99.7
%
Russia
X5
Retail
Group
NV,
GDR
...
214,691
2,147
0.3
Total
Reference
Entity
—
Long
............
841,239
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
841,239
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Centrally
Cleared
Swaps
and
OTC
Swaps
Description
Swap
Premiums
Paid
Swap
Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Centrally
Cleared
Swaps
(a)
..........................................................
$
—
$
(540,805)
$
—
$
(255,180)
OTC
Swaps
...................................................................
453,266
(813,601)
721,585
(172,306)
(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
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
129
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
1,224,705
$
1,122,000
$
633,369
$
—
$
2,980,074
Forward
foreign
currency
exchange
contracts
Unrealized
appreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
9,454,898
—
—
9,454,898
Swaps
—
OTC
Unrealized
appreciation
on
OTC
swaps;
Swap
premiums
paid
................................
—
984,646
190,205
—
—
—
1,174,851
$
—
$
984,646
$
1,414,910
$
10,576,898
$
633,369
$
—
$
13,609,823
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
1,777,372
$
5,458,304
$
66,496,821
$
—
$
73,732,497
Forward
foreign
currency
exchange
contracts
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
......................
—
—
—
512,654
—
—
512,654
Swaps
—
centrally
cleared
Unrealized
depreciation
on
centrally
cleared
swaps
(a)
.
—
255,180
—
—
—
—
255,180
Swaps
—
OTC
Unrealized
depreciation
on
OTC
swaps;
Swap
premiums
received
.............................
—
985,907
—
—
—
—
985,907
$
—
$
1,241,087
$
1,777,372
$
5,970,958
$
66,496,821
$
—
$
75,486,238
(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
July
31,
2023,
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
contracts
.......................
$
—
$
—
$
68,801,575
$
8,910,458
$
(94,955,549)
$
—
$
(17,243,516)
Forward
foreign
currency
exchange
contracts
....
—
—
—
(62,253,036)
—
—
(62,253,036)
Options
purchased
(a)
.....................
—
(242,407)
26,688,458
—
—
—
26,446,051
Options
written
........................
—
(62,422)
(6,511,860)
—
—
—
(6,574,282)
Swaps
..............................
—
(754,644)
141,401
—
—
—
(613,243)
$
—
$
(1,059,473)
$
89,119,574
$
(53,342,578)
$
(94,955,549)
$
—
$
(60,238,026)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(24,494,164)
$
(16,135,807)
$
(87,968,011)
$
—
$
(128,597,982)
Forward
foreign
currency
exchange
contracts
....
—
—
—
14,114,519
—
—
14,114,519
Options
purchased
(b)
.....................
—
102,410
(8,795,111)
—
—
—
(8,692,701)
Options
written
........................
—
24,413
522,475
—
—
—
546,888
Swaps
..............................
—
1,353,714
156,142
—
—
—
1,509,856
$
—
$
1,480,537
$
(32,610,658)
$
(2,021,288)
$
(87,968,011)
$
—
$
(121,119,420)
(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.
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
130
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
..................................................................................
$
3,073,375,236
Average
notional
value
of
contracts
—
short
.................................................................................
$
578,231,883
Forward
foreign
currency
exchange
contracts
Average
amounts
purchased
—
in
USD
....................................................................................
$
456,938,726
Average
amounts
sold
—
in
USD
........................................................................................
$
35,384,766
Options
Average
value
of
option
contracts
purchased
................................................................................
$
1,430,119
Average
value
of
option
contracts
written
...................................................................................
$
708,768
Average
notional
value
of
swaption
contracts
purchased
.........................................................................
$
1,976,500
Average
notional
value
of
swaption
contracts
written
...........................................................................
$
988,250
Credit
default
swaps
Average
notional
value
—
buy
protection
...................................................................................
$
20,585,755
Average
notional
value
—
sell
protection
...................................................................................
$
24,705,831
Total
return
swaps
Average
notional
value
...............................................................................................
$
8,211,913
The
Fund's
derivative
assets
and
liabilities
(by
type)
were
as
follows:
Assets
Liabilities
Derivative
Financial
Instruments
$
—
Futures
contracts
....................................................................................
$
5,721,598
$
—
Forward
foreign
currency
exchange
contracts
.................................................................
9,454,898
512,654
Swaps
—
centrally
cleared
..............................................................................
—
36,831
Swaps
—
OTC
(a)
.....................................................................................
1,174,851
985,907
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
............................................
$
16,351,347
$
1,535,392
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
("MNA")
........................................
(5,721,598)
(36,831)
Total
derivative
assets
and
liabilities
subject
to
an
MNA
............................................................
$
10,629,749
$
1,498,561
(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)
Bank
of
America
NA
..............................
$
112,509
$
(112,509)
$
—
$
—
$
—
Bank
of
New
York
Mellon
...........................
1,010,530
(260,801)
—
—
749,729
Barclays
Bank
plc
................................
2,315,916
(192,367)
—
—
2,123,549
BNP
Paribas
SA
.................................
167,644
(32,966)
—
—
134,678
Citibank
NA
....................................
25,109
(25,109)
—
—
—
Credit
Suisse
International
..........................
230,324
(91,833)
—
—
138,491
Deutsche
Bank
AG
...............................
21,115
(21,115)
—
—
—
Goldman
Sachs
International
........................
173,825
(18,702)
—
—
155,123
HSBC
Bank
plc
..................................
249,345
(20,667)
—
—
228,678
JPMorgan
Chase
Bank
NA
..........................
379,955
(270,056)
—
—
109,899
Morgan
Stanley
&
Co.
International
plc
..................
5,896,051
(59,786)
—
—
5,836,265
Societe
Generale
SA
..............................
3,116
—
—
—
3,116
Toronto
Dominion
Bank
............................
27,823
—
—
—
27,823
UBS
AG
......................................
16,487
(1,352)
—
—
15,135
$
10,629,749
$
(1,107,263)
$
—
$
—
$
9,522,486
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
131
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Counterparty
Derivative
Liabilities
Subject
to
an
MNA
by
Counterparty
Derivatives
Available
for
Offset
(a)
Non-cash
Collateral
Pledged
Cash
Collateral
Pledged
(d)
Net
Amount
of
Derivative
Liabilities
(b)(e)
Bank
of
America
NA
..............................
$
197,724
$
(112,509)
$
—
$
—
$
85,215
Bank
of
New
York
Mellon
...........................
260,801
(260,801)
—
—
—
Barclays
Bank
plc
................................
192,367
(192,367)
—
—
—
BNP
Paribas
SA
.................................
32,966
(32,966)
—
—
—
Citibank
NA
....................................
41,288
(25,109)
—
—
16,179
Credit
Suisse
International
..........................
91,833
(91,833)
—
—
—
Deutsche
Bank
AG
...............................
88,366
(21,115)
—
(67,251)
—
Goldman
Sachs
International
........................
18,702
(18,702)
—
—
—
HSBC
Bank
plc
..................................
20,667
(20,667)
—
—
—
JPMorgan
Chase
Bank
NA
..........................
270,056
(270,056)
—
—
—
Morgan
Stanley
&
Co.
International
plc
..................
59,786
(59,786)
—
—
—
Standard
Chartered
Bank
...........................
33,871
—
—
—
33,871
State
Street
Bank
and
Trust
Co.
......................
188,631
—
—
—
188,631
UBS
AG
......................................
1,352
(1,352)
—
—
—
Westpac
Banking
Corp.
............................
151
—
—
—
151
$
1,498,561
$
(1,107,263)
$
—
$
(67,251)
$
324,047
(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)
Excess
of
collateral
received/pledged
from
the
individual
counterparty
is
not
shown
for
financial
reporting
purposes.
(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
....................................
$
—
$
1,735,077,204
$
2,509,652
$
1,737,586,856
Common
Stocks
Aerospace
&
Defense
....................................
21,800,240
3,673,136
—
25,473,376
Air
Freight
&
Logistics
....................................
17,333,103
773,073
—
18,106,176
Automobile
Components
..................................
9,057,638
519,481
—
9,577,119
Automobiles
..........................................
8,067,229
13,034,818
—
21,102,047
Banks
...............................................
103,695,533
123,555,135
883
227,251,551
Beverages
...........................................
7,768,204
23,744,539
—
31,512,743
Biotechnology
.........................................
21,410,881
1,860,403
—
23,271,284
Broadline
Retail
........................................
4,651,345
23,380,878
—
28,032,223
Building
Products
.......................................
17,674,857
6,205,040
—
23,879,897
Capital
Markets
........................................
46,538,562
5,554,020
—
52,092,582
Chemicals
............................................
28,850,856
36,735,423
—
65,586,279
Commercial
Services
&
Supplies
.............................
12,479,571
536,620
—
13,016,191
Communications
Equipment
................................
12,054,727
9,065,777
—
21,120,504
Construction
&
Engineering
................................
—
11,523,136
—
11,523,136
Construction
Materials
....................................
4,978,996
—
—
4,978,996
Consumer
Finance
......................................
20,559,439
11,549,484
—
32,108,923
Consumer
Staples
Distribution
&
Retail
........................
32,946,344
8,965,849
2,685,092
44,597,285
Containers
&
Packaging
..................................
13,078,524
—
—
13,078,524
Diversified
REITs
.......................................
18,988,765
—
—
18,988,765
Diversified
Telecommunication
Services
........................
33,380,401
42,053,614
—
75,434,015
Electric
Utilities
........................................
136,534,976
17,970,268
—
154,505,244
Electrical
Equipment
.....................................
—
7,610,073
—
7,610,073
Electronic
Equipment,
Instruments
&
Components
.................
12,960,447
24,937,957
—
37,898,404
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
132
Level
1
Level
2
Level
3
Total
Energy
Equipment
&
Services
..............................
$
16,483,228
$
—
$
—
$
16,483,228
Entertainment
.........................................
15,716,286
280,966
—
15,997,252
Financial
Services
......................................
25,903,683
—
—
25,903,683
Food
Products
.........................................
39,657,488
27,741,727
—
67,399,215
Gas
Utilities
...........................................
167,429
11,459,546
—
11,626,975
Ground
Transportation
...................................
32,121,393
3,302,092
—
35,423,485
Health
Care
Equipment
&
Supplies
...........................
55,964,337
29,290,583
—
85,254,920
Health
Care
Providers
&
Services
............................
75,519,870
6,700,135
—
82,220,005
Health
Care
REITs
......................................
73,744,501
—
—
73,744,501
Hotels,
Restaurants
&
Leisure
..............................
8,025,167
19,607,215
—
27,632,382
Household
Durables
.....................................
24,812,757
16,965,870
—
41,778,627
Household
Products
.....................................
—
22,308,237
—
22,308,237
Independent
Power
and
Renewable
Electricity
Producers
............
2,160,205
5,964,838
—
8,125,043
Industrial
Conglomerates
..................................
—
15,044,165
—
15,044,165
Industrial
REITs
........................................
30,984,924
33,696,433
—
64,681,357
Insurance
............................................
44,213,160
70,062,902
—
114,276,062
Interactive
Media
&
Services
...............................
5,389,828
4,127,312
—
9,517,140
IT
Services
...........................................
45,544,330
29,339,028
—
74,883,358
Life
Sciences
Tools
&
Services
..............................
2,500,114
20,954,886
—
23,455,000
Machinery
............................................
17,157,967
28,009,280
—
45,167,247
Marine
Transportation
....................................
—
1,399,145
—
1,399,145
Media
...............................................
16,025,550
2,898,065
—
18,923,615
Metals
&
Mining
........................................
5,775,780
10,225,768
66
16,001,614
Multi-Utilities
..........................................
77,449,018
22,066,957
—
99,515,975
Office
REITs
..........................................
37,986,047
—
—
37,986,047
Oil,
Gas
&
Consumable
Fuels
...............................
95,246,775
72,214,476
45
167,461,296
Paper
&
Forest
Products
..................................
—
1,655,516
—
1,655,516
Passenger
Airlines
......................................
—
6,057,187
—
6,057,187
Personal
Care
Products
..................................
5,746,585
12,539,633
—
18,286,218
Pharmaceuticals
.......................................
6,416,756
129,615,916
—
136,032,672
Professional
Services
....................................
57,564,125
24,779,645
—
82,343,770
Real
Estate
Management
&
Development
.......................
3,988,322
35,170,340
—
39,158,662
Residential
REITs
.......................................
31,942,645
—
—
31,942,645
Retail
REITs
..........................................
12,885,395
13,543,059
—
26,428,454
Semiconductors
&
Semiconductor
Equipment
....................
7,189,511
88,140,170
—
95,329,681
Software
.............................................
63,362,884
2,946,355
—
66,309,239
Specialized
REITs
......................................
94,178,110
—
—
94,178,110
Specialty
Retail
........................................
7,949,665
12,648,660
—
20,598,325
Technology
Hardware,
Storage
&
Peripherals
....................
32,498,880
22,636,509
—
55,135,389
Textiles,
Apparel
&
Luxury
Goods
............................
2,260,452
24,682,485
—
26,942,937
Tobacco
.............................................
20,816,750
12,092,654
—
32,909,404
Trading
Companies
&
Distributors
............................
3,006,912
21,404,488
—
24,411,400
Transportation
Infrastructure
...............................
6,557,414
98,600,063
—
105,157,477
Water
Utilities
.........................................
—
4,171,078
—
4,171,078
Wireless
Telecommunication
Services
.........................
7,212,185
30,849,272
3
38,061,460
Corporate
Bonds
Aerospace
&
Defense
....................................
—
93,124,008
—
93,124,008
Air
Freight
&
Logistics
....................................
—
621,179
—
621,179
Automobile
Components
..................................
—
53,789,656
—
53,789,656
Automobiles
..........................................
—
25,467,426
—
25,467,426
Banks
...............................................
—
467,588,838
—
467,588,838
Beverages
...........................................
—
7,416,773
—
7,416,773
Biotechnology
.........................................
—
17,209,244
—
17,209,244
Broadline
Retail
........................................
—
11,730,298
—
11,730,298
Building
Products
.......................................
—
19,293,204
—
19,293,204
Capital
Markets
........................................
—
161,216,744
1
161,216,745
Chemicals
............................................
—
75,845,992
—
75,845,992
Commercial
Services
&
Supplies
.............................
—
78,548,670
—
78,548,670
Communications
Equipment
................................
—
12,786,549
—
12,786,549
Construction
&
Engineering
................................
—
22,280,702
—
22,280,702
Construction
Materials
....................................
—
1,219,743
—
1,219,743
Consumer
Finance
......................................
—
68,132,462
—
68,132,462
Consumer
Staples
Distribution
&
Retail
........................
—
18,288,184
—
18,288,184
Containers
&
Packaging
..................................
—
77,258,308
—
77,258,308
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
133
Level
1
Level
2
Level
3
Total
Distributors
...........................................
$
—
$
4,500,282
$
—
$
4,500,282
Diversified
Consumer
Services
..............................
—
17,432,313
—
17,432,313
Diversified
REITs
.......................................
—
21,003,266
—
21,003,266
Diversified
Telecommunication
Services
........................
—
135,143,683
—
135,143,683
Electric
Utilities
........................................
—
130,505,775
—
130,505,775
Electrical
Equipment
.....................................
—
12,482,586
—
12,482,586
Electronic
Equipment,
Instruments
&
Components
.................
—
4,016,535
—
4,016,535
Energy
Equipment
&
Services
..............................
—
66,338,380
—
66,338,380
Entertainment
.........................................
—
24,063,081
—
24,063,081
Financial
Services
......................................
—
78,966,817
—
78,966,817
Food
Products
.........................................
—
24,613,186
—
24,613,186
Gas
Utilities
...........................................
—
7,676,045
—
7,676,045
Ground
Transportation
...................................
—
46,883,727
—
46,883,727
Health
Care
Equipment
&
Supplies
...........................
—
22,689,017
—
22,689,017
Health
Care
Providers
&
Services
............................
—
71,066,488
—
71,066,488
Health
Care
REITs
......................................
—
10,679,088
—
10,679,088
Health
Care
Technology
..................................
—
2,282,066
—
2,282,066
Hotel
&
Resort
REITs
....................................
—
6,415,076
—
6,415,076
Hotels,
Restaurants
&
Leisure
..............................
—
163,467,660
—
163,467,660
Household
Durables
.....................................
—
15,672,029
—
15,672,029
Household
Products
.....................................
—
4,060,443
—
4,060,443
Independent
Power
and
Renewable
Electricity
Producers
............
—
11,225,140
—
11,225,140
Industrial
Conglomerates
..................................
—
16,257,889
—
16,257,889
Industrial
REITs
........................................
—
2,904,825
—
2,904,825
Insurance
............................................
—
103,563,969
—
103,563,969
Interactive
Media
&
Services
...............................
—
1,882,047
—
1,882,047
IT
Services
...........................................
—
30,914,819
—
30,914,819
Leisure
Products
.......................................
—
2,344,899
—
2,344,899
Life
Sciences
Tools
&
Services
..............................
—
5,445,346
—
5,445,346
Machinery
............................................
—
40,293,565
—
40,293,565
Marine
Transportation
....................................
—
2,011,826
—
2,011,826
Media
...............................................
—
112,473,405
—
112,473,405
Metals
&
Mining
........................................
—
64,599,501
—
64,599,501
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
2,868,015
—
2,868,015
Multi-Utilities
..........................................
—
14,688,218
—
14,688,218
Office
REITs
..........................................
—
5,604,522
—
5,604,522
Oil,
Gas
&
Consumable
Fuels
...............................
—
273,324,689
—
273,324,689
Paper
&
Forest
Products
..................................
—
3,766,060
—
3,766,060
Passenger
Airlines
......................................
—
42,235,144
—
42,235,144
Personal
Care
Products
..................................
—
2,756,481
—
2,756,481
Pharmaceuticals
.......................................
—
48,838,886
—
48,838,886
Professional
Services
....................................
—
12,134,497
—
12,134,497
Real
Estate
Management
&
Development
.......................
—
23,335,327
—
23,335,327
Residential
REITs
.......................................
—
3,227,600
—
3,227,600
Retail
REITs
..........................................
—
8,549,220
—
8,549,220
Semiconductors
&
Semiconductor
Equipment
....................
—
31,145,032
—
31,145,032
Software
.............................................
—
109,682,368
—
109,682,368
Specialized
REITs
......................................
—
21,205,257
—
21,205,257
Specialty
Retail
........................................
—
45,156,213
—
45,156,213
Technology
Hardware,
Storage
&
Peripherals
....................
—
12,263,562
—
12,263,562
Textiles,
Apparel
&
Luxury
Goods
............................
—
8,719,369
—
8,719,369
Tobacco
.............................................
—
6,134,562
—
6,134,562
Trading
Companies
&
Distributors
............................
—
37,129,331
—
37,129,331
Transportation
Infrastructure
...............................
—
4,184,347
—
4,184,347
Water
Utilities
.........................................
—
340,720
—
340,720
Wireless
Telecommunication
Services
.........................
—
55,207,354
—
55,207,354
Equity-Linked
Notes
......................................
—
1,023,778,952
—
1,023,778,952
Fixed
Rate
Loan
Interests
..................................
—
1,262,835
—
1,262,835
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
15,100,113
—
15,100,113
Automobile
Components
..................................
—
3,222,854
—
3,222,854
Automobiles
..........................................
—
1,920,830
—
1,920,830
Beverages
...........................................
—
6,567,489
—
6,567,489
Broadline
Retail
........................................
—
6,831,529
1,922,124
8,753,653
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
134
Level
1
Level
2
Level
3
Total
Building
Products
.......................................
$
—
$
7,000,675
$
—
$
7,000,675
Capital
Markets
........................................
—
14,132,833
9,896,078
24,028,911
Chemicals
............................................
—
25,047,592
—
25,047,592
Commercial
Services
&
Supplies
.............................
—
23,034,522
—
23,034,522
Communications
Equipment
................................
—
1,212,241
—
1,212,241
Construction
&
Engineering
................................
—
8,439,097
13,990,706
22,429,803
Construction
Materials
....................................
—
4,999,843
—
4,999,843
Consumer
Staples
Distribution
&
Retail
........................
—
2,553,961
12,832,741
15,386,702
Containers
&
Packaging
..................................
—
7,850,630
—
7,850,630
Distributors
...........................................
—
1,684,961
—
1,684,961
Diversified
Consumer
Services
..............................
—
16,177,899
—
16,177,899
Diversified
REITs
.......................................
—
915,309
—
915,309
Diversified
Telecommunication
Services
........................
—
23,140,422
—
23,140,422
Electric
Utilities
........................................
—
771,268
—
771,268
Electrical
Equipment
.....................................
—
—
1,638,453
1,638,453
Electronic
Equipment,
Instruments
&
Components
.................
—
1,188,966
—
1,188,966
Energy
Equipment
&
Services
..............................
—
3,205,943
—
3,205,943
Entertainment
.........................................
—
28,410,230
—
28,410,230
Financial
Services
......................................
—
19,629,198
127,807,010
147,436,208
Food
Products
.........................................
—
21,174,634
—
21,174,634
Ground
Transportation
...................................
—
4,275,781
—
4,275,781
Health
Care
Equipment
&
Supplies
...........................
—
10,104,487
—
10,104,487
Health
Care
Providers
&
Services
............................
—
13,876,190
—
13,876,190
Health
Care
Technology
..................................
—
11,502,904
—
11,502,904
Hotels,
Restaurants
&
Leisure
..............................
—
42,229,246
5,644,114
47,873,360
Household
Durables
.....................................
—
9,391,881
—
9,391,881
Household
Products
.....................................
—
618,702
—
618,702
Independent
Power
and
Renewable
Electricity
Producers
............
—
2,691,688
—
2,691,688
Insurance
............................................
—
24,879,914
—
24,879,914
Interactive
Media
&
Services
...............................
—
6,973,907
—
6,973,907
IT
Services
...........................................
—
18,218,925
—
18,218,925
Leisure
Products
.......................................
—
1,138,492
1,058,271
2,196,763
Life
Sciences
Tools
&
Services
..............................
—
13,937,833
—
13,937,833
Machinery
............................................
—
27,797,748
—
27,797,748
Media
...............................................
—
17,010,499
3,885,857
20,896,356
Oil,
Gas
&
Consumable
Fuels
...............................
—
7,663,646
—
7,663,646
Passenger
Airlines
......................................
—
14,505,156
—
14,505,156
Personal
Care
Products
..................................
—
6,496,115
—
6,496,115
Pharmaceuticals
.......................................
—
10,783,394
1,311,467
12,094,861
Professional
Services
....................................
—
26,257,437
—
26,257,437
Real
Estate
Management
&
Development
.......................
—
1,120,759
1,490,246
2,611,005
Semiconductors
&
Semiconductor
Equipment
....................
—
2,382,762
—
2,382,762
Software
.............................................
—
62,008,493
—
62,008,493
Specialty
Retail
........................................
—
11,177,760
—
11,177,760
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,530,628
—
1,530,628
Trading
Companies
&
Distributors
............................
—
8,221,120
1,340,108
9,561,228
Transportation
Infrastructure
...............................
—
2,892,030
1,314,731
4,206,761
Wireless
Telecommunication
Services
.........................
—
3,331,514
—
3,331,514
Foreign
Agency
Obligations
.................................
—
66,197,635
—
66,197,635
Foreign
Government
Obligations
..............................
—
126,666,099
—
126,666,099
Investment
Companies
....................................
671,773,007
—
—
671,773,007
Non-Agency
Mortgage-Backed
Securities
........................
—
872,355,825
7,891,292
880,247,117
Preferred
Securities
Banks
...............................................
5,764,278
29,907,431
—
35,671,709
Capital
Markets
........................................
—
20,309,480
—
20,309,480
Commercial
Services
&
Supplies
.............................
—
11,833,908
—
11,833,908
Consumer
Finance
......................................
—
40,325,436
—
40,325,436
Electric
Utilities
........................................
—
18,175,301
—
18,175,301
Financial
Services
......................................
—
7,493,654
—
7,493,654
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,711,470
—
1,711,470
Industrial
Conglomerates
..................................
—
229,566
—
229,566
Insurance
............................................
15,824,550
8,666,670
—
24,491,220
Multi-Utilities
..........................................
—
8,588,292
—
8,588,292
Oil,
Gas
&
Consumable
Fuels
...............................
—
28,792,731
—
28,792,731
Fair
Value
Hierarchy
as
of Period
End
(continued)
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
135
Level
1
Level
2
Level
3
Total
Technology
Hardware,
Storage
&
Peripherals
....................
$
—
$
24,342,469
$
—
$
24,342,469
U.S.
Government
Sponsored
Agency
Securities
....................
—
5,288,951
—
5,288,951
Warrants
..............................................
26,951
—
—
26,951
Short-Term
Securities
Money
Market
Funds
......................................
518,724,542
—
—
518,724,542
U.S.
Treasury
Obligations
...................................
—
2,057,882
—
2,057,882
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
—
(268,124)
(268,124)
$
2,909,050,394
$
9,256,924,749
$
196,950,816
$
12,362,925,959
Investments
valued
at
NAV
(b)
......................................
39,735,483
$
12,402,661,442
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
531,380
$
—
$
531,380
Equity
contracts
...........................................
1,224,705
190,205
—
1,414,910
Foreign
currency
exchange
contracts
............................
1,122,000
9,454,898
—
10,576,898
Interest
rate
contracts
.......................................
633,369
—
—
633,369
Liabilities
Credit
contracts
...........................................
—
(427,486)
—
(427,486)
Equity
contracts
...........................................
—
(1,777,372)
—
(1,777,372)
Foreign
currency
exchange
contracts
............................
(5,458,304)
(512,654)
—
(5,970,958)
Interest
rate
contracts
.......................................
(66,496,821)
—
—
(66,496,821)
$
(68,975,051)
$
7,458,971
$
—
$
(61,516,080)
(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.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
year
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate
Loan
Interests
Non-Agency
Mortgage-
Backed
Securities
Unfunded
Floating
Rate
Loan
Interests
Total
Investments
Assets/Liabilities
Opening
balance,
as
of
July
31,
2022
.......................................
$
10,267,248
$
72,638
$
12,110,810
$
187,906,300
$
72,835,034
$
(515,438)
$
282,676,592
Transfers
into
Level
3
.................................................
841,623
—
—
5,913,782
8,720,272
—
15,475,677
Transfers
out
of
Level
3
................................................
(10,267,248)
—
(1,481,490)
(12,411,624)
(55,902,598)
—
(80,062,960)
Accrued
discounts/premiums
.............................................
—
—
(25,720)
302,248
93,319
—
369,847
Net
realized
gain
(loss)
................................................
2,283,862
(750,032)
(1,320,800)
(2,154,636)
(528,012)
—
(2,469,618)
Net
change
in
unrealized
appreciation
(depreciation)
(a)(b)
...........................
(95,921)
3,488,136
(15,749,174)
(8,786,168)
(590,503)
247,314
(21,486,316)
Purchases
.........................................................
254,553
26,902,548
16,879,895
35,468,509
—
—
79,505,505
Sales
............................................................
(774,465)
(27,027,201)
(10,413,520)
(22,106,505)
(16,736,220)
—
(77,057,911)
Closing
balance,
as
of
July
31,
2023
........................................
$
2,509,652
$
2,686,089
$
1
$
184,131,906
$
7,891,292
$
(268,124)
$
196,950,816
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
July
31,
2023
(b)
.
$
(95,921)
$
(23,553,799)
$
(8,570,488)
$
(9,377,348)
$
(903,251)
$
247,314
$
(42,253,493)
(a)
Included
in
the
related
net
change
in
unrealized
appreciation
(depreciation)
in
the
Statements
of
Operations.
(b)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
July
31,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
July
31,
2023
BlackRock
Multi-Asset
Income
Portfolio
136
See
notes
to
financial
statements.
The
following
table
summarizes
the
valuation
approaches
used
and
unobservable
inputs
utilized
by
the
Valuation
Committee
to
determine
the
value
of
certain
of
the
Fund’s
Level
3
investments
as
of
period
end.
The
table
does
not
include
Level
3
investments
with
values
based
upon
unadjusted
third
party
pricing
information
in
the
amount
of
$21,054,836.
A
significant
change
in
the
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
investments.
Value
Valuation
Approach
Unobservable
Inputs
Range
of
Unobservable
Inputs
Utilized
(a)
Weighted
Average
of
Unobservable
Inputs
Based
on
Fair
Value
Assets
Floating
Rate
Interests
.........................
$
168,004,688
Income
Credit
Spread
386-632
480
Estimated
Recovery
Value
50%
—
Non-Agency
Mortgage-Backed
Securities
..............
7,891,292
Income
Credit
Spread
517
—
$
175,895,980
(a)
A
significant
change
in
unobservable
input
would
have
resulted
in
a
correlated
(inverse)
significant
change
to
value.
Statements
of
Assets
and
Liabilities

July
31,
2023
137
Financial
Statements
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
1,010,017,452‌
$
11,172,696,534‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
292,180,598‌
1,230,233,032‌
Cash  
..............................................................................................
380,434‌
3,116,235‌
Cash
pledged:
Collateral
—
OTC
derivatives
.............................................................................
—‌
563,000‌
Futures
contracts
.....................................................................................
11,617,740‌
85,981,000‌
Centrally
cleared
swaps
.................................................................................
—‌
536,000‌
Foreign
currency,
at
value
(d)
................................................................................
7,277,867‌
53,055,676‌
Receivables:
–‌
–‌
Investments
sold
.....................................................................................
28,367,388‌
30,158,065‌
Securities
lending
income
—
affiliated
.......................................................................
24,667‌
25,682‌
Swaps  
...........................................................................................
1,222‌
198,756‌
Capital
shares
sold
....................................................................................
822,790‌
12,672,189‌
Foreign
withholding
tax
claims
............................................................................
—‌
929,437‌
Dividends
—
unaffiliated
................................................................................
500,681‌
9,122,374‌
Dividends
—
affiliated
..................................................................................
447,261‌
1,236,393‌
Interest
—
unaffiliated
..................................................................................
6,096,935‌
73,984,701‌
From
the
Manager
....................................................................................
26,221‌
119,392‌
Due
from
broker
......................................................................................
—‌
310,000‌
Variation
margin
on
futures
contracts
........................................................................
542,920‌
5,721,598‌
Swap
premiums
paid
....................................................................................
—‌
453,266‌
Unrealized
appreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
585,871‌
9,454,898‌
OTC
swaps
.........................................................................................
264‌
721,585‌
Prepaid
expenses
......................................................................................
38,241‌
115,477‌
Other
assets
..........................................................................................
4,288‌
—‌
Total
assets
..........................................................................................
1,358,932,840‌
12,691,405,290‌
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
40,049,722‌
40,060,706‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
116,400,112‌
356,007,000‌
Accounting
services
fees
................................................................................
194,691‌
402,948‌
Administration
fees
....................................................................................
41,502‌
355,539‌
Capital
shares
redeemed
................................................................................
3,681,078‌
33,812,015‌
Custodian
fees
.......................................................................................
108,244‌
613,425‌
Deferred
foreign
capital
gain
tax
...........................................................................
70,323‌
2,049,046‌
Income
dividend
distributions
.............................................................................
804,404‌
7,263,381‌
Investment
advisory
fees
................................................................................
476,492‌
4,628,256‌
Trustees'
and
Officer's
fees
..............................................................................
2,465‌
56,447‌
Other
affiliate
fees
....................................................................................
14‌
17,421‌
Professional
fees
.....................................................................................
189,254‌
377,902‌
Registration
fees
.....................................................................................
10,140‌
757,432‌
Service
and
distribution
fees
..............................................................................
52,815‌
1,446,082‌
Transfer
agent
fees
...................................................................................
275,097‌
2,820,440‌
Other
accrued
expenses
................................................................................
8,734‌
48,847‌
Variation
margin
on
centrally
cleared
swaps
...................................................................
—‌
36,831‌
Swap
premiums
received
.................................................................................
—‌
813,601‌
Unrealized
depreciation
on:
–‌
–‌
Forward
foreign
currency
exchange
contracts
..................................................................
58,581‌
512,654‌
OTC
swaps
.........................................................................................
15,155‌
172,306‌
Unfunded
floating
rate
loan
interests
........................................................................
—‌
268,124‌
Total
liabilities
.........................................................................................
162,438,823‌
452,520,403‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
1,196,494,017‌
$
12,238,884,887‌
Statements
of
Assets
and
Liabilities
(continued)
July
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
138
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
1,432,764,709‌
$
14,422,315,311‌
Accumulated
loss
......................................................................................
(236,270,692‌)
(2,183,430,424‌)
NET
ASSETS
.........................................................................................
$
1,196,494,017‌
$
12,238,884,887‌
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
1,012,674,176‌
$
11,287,593,855‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
39,198,605‌
$
39,348,350‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
295,921,204‌
$
1,219,000,334‌
(d)
  Foreign
currency,
at
cost
................................................................................
$
7,271,095‌
$
53,124,754‌
Statements
of
Assets
and
Liabilities
(continued)
July
31,
2023
139
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................
$
844,522,015‌
$
6,755,645,096‌
Shares
outstanding
...................................................................................
101,949,043‌
686,673,412‌
Net
asset
value
......................................................................................
$
8.28‌
$
9.84‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Investor
A
Net
assets
..........................................................................................
$
130,934,940‌
$
4,118,369,562‌
Shares
outstanding
...................................................................................
15,799,776‌
419,100,537‌
Net
asset
value
......................................................................................
$
8.29‌
$
9.83‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Investor
C
Net
assets
..........................................................................................
$
28,628,929‌
$
666,495,078‌
Shares
outstanding
...................................................................................
3,459,469‌
67,906,295‌
Net
asset
value
......................................................................................
$
8.28‌
$
9.81‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Class
K
Net
assets
..........................................................................................
$
192,408,133‌
$
698,375,151‌
Shares
outstanding
...................................................................................
23,214,693‌
71,021,149‌
Net
asset
value
......................................................................................
$
8.29‌
$
9.83‌
Shares
authorized
....................................................................................
Unlimited
Unlimited
Par
value
..........................................................................................
$
0.001‌
$
0.001‌
Statements
of
Operations

Year
Ended
July
31,
2023
2023
BlackRock
Annual
Report
to
Shareholders
140
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
8,917,388‌
$
106,636,449‌
Dividends
—
affiliated
..................................................................................
6,750,553‌
39,133,619‌
Interest
—
unaffiliated
..................................................................................
68,143,220‌
682,922,548‌
Securities
lending
income
—
affiliated
—
net
..................................................................
389,159‌
3,012,481‌
Foreign
taxes
withheld
.................................................................................
(434,840‌)
(6,103,190‌)
Foreign
withholding
tax
claims
............................................................................
—‌
906,850‌
Total
investment
income
..................................................................................
83,765,480‌
826,508,757‌
EXPENSES
Investment
advisory
...................................................................................
7,061,674‌
68,368,216‌
Transfer
agent
—
class
specific
...........................................................................
822,296‌
8,057,878‌
Service
and
distribution
—
class
specific
.....................................................................
632,984‌
18,889,798‌
Accounting
services
...................................................................................
522,549‌
968,778‌
Administration
......................................................................................
483,594‌
4,505,284‌
Administration
—
class
specific
...........................................................................
237,917‌
2,664,728‌
Professional
........................................................................................
203,860‌
557,201‌
Custodian
..........................................................................................
190,530‌
1,047,051‌
Registration
........................................................................................
106,877‌
353,769‌
Printing
and
postage
..................................................................................
20,679‌
48,168‌
Trustees
and
Officer
...................................................................................
17,213‌
125,353‌
Miscellaneous
.......................................................................................
112,533‌
314,553‌
Total
expenses
........................................................................................
10,412,706‌
105,900,777‌
Less:
–‌
–‌
Administration
fees
waived
by
the
Manager
—
class
specific
........................................................
(236,632‌)
(2,638,943‌)
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(1,577,491‌)
(9,527,444‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(326,586‌)
(1,814,947‌)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
8,271,997‌
91,919,443‌
Net
investment
income
...................................................................................
75,493,483‌
734,589,314‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(32,138,124‌)
$
(353,788,203‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(a)
...........................................................................
(67,596,401‌)
(703,930,458‌)
Investments
—
affiliated
..............................................................................
(3,424,172‌)
(54,743,841‌)
Forward
foreign
currency
exchange
contracts
................................................................
(1,687,780‌)
(62,253,036‌)
Foreign
currency
transactions
..........................................................................
253,187‌
27,196,604‌
Futures
contracts
...................................................................................
27,030‌
(17,243,516‌)
Options
written
....................................................................................
(840,479‌)
(6,574,282‌)
Swaps  
.........................................................................................
143,214‌
(613,243‌)
(73,125,401‌)
(818,161,772‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(b)
...........................................................................
53,320,857‌
548,148,840‌
Investments
—
affiliated
..............................................................................
2,795,861‌
28,187,944‌
Forward
foreign
currency
exchange
contracts
................................................................
501,084‌
14,114,519‌
Foreign
currency
translations
...........................................................................
49,743‌
213,143‌
Futures
contracts
...................................................................................
(15,568,837‌)
(128,597,982‌)
Options
written
....................................................................................
(7,446‌)
546,888‌
Swaps  
.........................................................................................
(104,413‌)
1,509,856‌
Unfunded
floating
rate
loan
interests
......................................................................
428‌
250,362‌
40,987,277‌
464,373,570‌
Net
realized
and
unrealized
loss
.............................................................................
(32,138,124‌)
(353,788,202‌)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
43,355,359‌
$
380,801,112‌
(a)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
................................................
$
(3,982‌)
$
(188,701‌)
(b)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
.............................................................
$
(70,323‌)
$
(1,345,013‌)
Statements
of
Changes
in
Net
Assets

141
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/23
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
75,493,483‌
$
72,674,043‌
$
734,589,314‌
$
713,059,681‌
Net
realized
loss
........................................................
(73,125,401‌)
(134,271,755‌)
(818,161,772‌)
(441,914,857‌)
Net
change
in
unrealized
appreciation
(depreciation)
................................
40,987,277‌
(110,739,742‌)
464,373,570‌
(1,737,315,841‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
43,355,359‌
(172,337,454‌)
380,801,112‌
(1,466,171,017‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
  Institutional
...........................................................
(53,096,022‌)
(74,064,675‌)
(415,615,155‌)
(538,326,729‌)
  Investor
A
............................................................
(7,818,570‌)
(11,326,816‌)
(235,670,287‌)
(278,698,873‌)
  Investor
C
............................................................
(1,675,257‌)
(2,688,002‌)
(37,891,832‌)
(58,490,866‌)
  Class
K
..............................................................
(12,420,021‌)
(17,941,222‌)
(51,439,897‌)
(62,159,274‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(75,009,870‌)
(106,020,715‌)
(740,617,171‌)
(937,675,742‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(84,896,882‌)
79,624,881‌
(2,695,749,717‌)
(572,550,468‌)
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(116,551,393‌)
(198,733,288‌)
(3,055,565,776‌)
(2,976,397,227‌)
Beginning
of
year
..........................................................
1,313,045,410‌
1,511,778,698‌
15,294,450,663‌
18,270,847,890‌
End
of
year
..............................................................
$
1,196,494,017‌
$
1,313,045,410‌
$
12,238,884,887‌
$
15,294,450,663‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
142
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Dynamic
High
Income
Portfolio
Institutional
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
..........................
$
8.47
‌
$
10.23
‌
$
9.03
‌
$
9.65
‌
$
9.77
‌
Net
investment
income
(a)
................................
0.51
‌
0.47
‌
0.50
‌
0.53
‌
0.59
‌
Net
realized
and
unrealized
gain
(loss)
.......................
(0.19
)
(1.54
)
1.20
‌
(0.63
)
(0.11
)
Net
increase
(decrease)
from
investment
operations
...............
0.32
‌
(1.07
)
1.70
‌
(0.10
)
0.48
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.............................
(0.51
)
(0.58
)
(0.50
)
(0.46
)
(0.55
)
From
net
realized
gain
..................................
—
‌
(0.11
)
—
‌
—
‌
—
‌
Return
of
capital
......................................
—
‌
—
‌
—
‌
(0.06
)
(0.05
)
Total
distributions
......................................
(0.51
)
(0.69
)
(0.50
)
(0.52
)
(0.60
)
Net
asset
value,
end
of
year
..............................
$
8.28
‌
$
8.47
‌
$
10.23
‌
$
9.03
‌
$
9.65
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.................................
4.18
%
(11.04
)%
19.22
%
(d)
(0.93
)%
5.23
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
........................................
0.84
%
0.81
%
0.81
%
0.80
%
0.80
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
Net
investment
income
..................................
6.39
%
5.00
%
5.12
%
5.79
%
6.21
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
844,522
‌
$
924,072
‌
$
1,026,159
‌
$
828,901
‌
$
898,605
‌
Portfolio
turnover
rate
(f)
...................................
66
%
(g)
59
%
77
%
94
%
69
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
189%
196%
180%
215%
180%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
143
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Dynamic
High
Income
Portfolio
Investor
A
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
..........................
$
8.47
‌
$
10.24
‌
$
9.03
‌
$
9.66
‌
$
9.77
‌
Net
investment
income
(a)
................................
0.49
‌
0.45
‌
0.47
‌
0.51
‌
0.56
‌
Net
realized
and
unrealized
gain
(loss)
.......................
(0.18
)
(1.56
)
1.21
‌
(0.64
)
(0.10
)
Net
increase
(decrease)
from
investment
operations
...............
0.31
‌
(1.11
)
1.68
‌
(0.13
)
0.46
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.............................
(0.49
)
(0.55
)
(0.47
)
(0.44
)
(0.52
)
From
net
realized
gain
..................................
—
‌
(0.11
)
—
‌
—
‌
—
‌
Return
of
capital
......................................
—
‌
—
‌
—
‌
(0.06
)
(0.05
)
Total
distributions
......................................
(0.49
)
(0.66
)
(0.47
)
(0.50
)
(0.57
)
Net
asset
value,
end
of
year
..............................
$
8.29
‌
$
8.47
‌
$
10.24
‌
$
9.03
‌
$
9.66
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.................................
4.04
%
(11.35
)%
19.04
%
(d)
(1.28
)%
5.08
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
........................................
1.05
%
1.03
%
1.04
%
1.04
%
1.05
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
0.90
%
0.90
%
0.90
%
0.90
%
0.90
%
Net
investment
income
..................................
6.15
%
4.74
%
4.87
%
5.56
%
5.94
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
130,935
‌
$
136,426
‌
$
175,444
‌
$
147,034
‌
$
91,064
‌
Portfolio
turnover
rate
(f)
...................................
66
%
(g)
59
%
77
%
94
%
69
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
189%
196%
180%
215%
180%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
144
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Dynamic
High
Income
Portfolio
Investor
C
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
..........................
$
8.46
‌
$
10.22
‌
$
9.02
‌
$
9.64
‌
$
9.76
‌
Net
investment
income
(a)
................................
0.43
‌
0.38
‌
0.40
‌
0.44
‌
0.49
‌
Net
realized
and
unrealized
gain
(loss)
.......................
(0.18
)
(1.55
)
1.20
‌
(0.63
)
(0.11
)
Net
increase
(decrease)
from
investment
operations
...............
0.25
‌
(1.17
)
1.60
‌
(0.19
)
0.38
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.............................
(0.43
)
(0.48
)
(0.40
)
(0.37
)
(0.45
)
From
net
realized
gain
..................................
—
‌
(0.11
)
—
‌
—
‌
—
‌
Return
of
capital
......................................
—
‌
—
‌
—
‌
(0.06
)
(0.05
)
Total
distributions
......................................
(0.43
)
(0.59
)
(0.40
)
(0.43
)
(0.50
)
Net
asset
value,
end
of
year
..............................
$
8.28
‌
$
8.46
‌
$
10.22
‌
$
9.02
‌
$
9.64
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.................................
3.27
%
(11.94
)%
18.06
%
(d)
(1.91
)%
4.19
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
........................................
1.84
%
1.80
%
1.80
%
1.80
%
1.80
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
1.65
%
1.65
%
1.65
%
1.65
%
1.65
%
Net
investment
income
..................................
5.39
%
4.00
%
4.13
%
4.79
%
5.25
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
28,629
‌
$
35,475
‌
$
46,242
‌
$
41,749
‌
$
36,992
‌
Portfolio
turnover
rate
(f)
...................................
66
%
(g)
59
%
77
%
94
%
69
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
189%
196%
180%
215%
180%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
145
Financial
Highlights
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Dynamic
High
Income
Portfolio
Class
K
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
..........................
$
8.47
‌
$
10.24
‌
$
9.04
‌
$
9.66
‌
$
9.78
‌
Net
investment
income
(a)
................................
0.52
‌
0.48
‌
0.50
‌
0.46
‌
0.59
‌
Net
realized
and
unrealized
gain
(loss)
.......................
(0.19
)
(1.56
)
1.20
‌
(0.55
)
(0.11
)
Net
increase
(decrease)
from
investment
operations
...............
0.33
‌
(1.08
)
1.70
‌
(0.09
)
0.48
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
.............................
(0.51
)
(0.58
)
(0.50
)
(0.47
)
(0.55
)
From
net
realized
gain
..................................
—
‌
(0.11
)
—
‌
—
‌
—
‌
Return
of
capital
......................................
—
‌
—
‌
—
‌
(0.06
)
(0.05
)
Total
distributions
......................................
(0.51
)
(0.69
)
(0.50
)
(0.53
)
(0.60
)
Net
asset
value,
end
of
year
..............................
$
8.29
‌
$
8.47
‌
$
10.24
‌
$
9.04
‌
$
9.66
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
.................................
4.35
%
(11.09
)%
19.27
%
(d)
(0.87
)%
5.28
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
........................................
0.76
%
0.72
%
0.72
%
0.82
%
0.75
%
Total
expenses
after
fees
waived
and/or
reimbursed
...............
0.60
%
0.60
%
0.60
%
0.60
%
0.59
%
Net
investment
income
..................................
6.44
%
5.05
%
5.14
%
5.05
%
6.29
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
192,408
‌
$
217,072
‌
$
263,934
‌
$
166,657
‌
$
2,619
‌
Portfolio
turnover
rate
(f)
...................................
66
%
(g)
59
%
77
%
94
%
69
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
189%
196%
180%
215%
180%
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
146
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Multi-Asset
Income
Portfolio
Institutional
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
...........................
$
10.04
‌
$
11.54
‌
$
10.62
‌
$
10.85
‌
$
10.79
‌
Net
investment
income
(a)
.................................
0.55
‌
0.47
‌
0.49
‌
0.52
‌
0.56
‌
Net
realized
and
unrealized
gain
(loss)
........................
(0.20
)
(1.36
)
0.91
‌
(0.24
)
0.05
‌
Net
increase
(decrease)
from
investment
operations
................
0.35
‌
(0.89
)
1.40
‌
0.28
‌
0.61
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..............................
(0.55
)
(0.61
)
(0.48
)
(0.50
)
(0.54
)
Return
of
capital
.......................................
—
‌
—
‌
—
‌
(0.01
)
(0.01
)
Total
distributions
.......................................
(0.55
)
(0.61
)
(0.48
)
(0.51
)
(0.55
)
Net
asset
value,
end
of
year
...............................
$
9.84
‌
$
10.04
‌
$
11.54
‌
$
10.62
‌
$
10.85
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
..................................
3.77
%
(8.03
)%
13.40
%
(d)
2.66
%
5.92
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.........................................
0.66
%
0.65
%
0.65
%
0.68
%
0.66
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.55
%
0.55
%
0.55
%
0.55
%
0.55
%
Net
investment
income
...................................
5.65
%
4.27
%
4.36
%
4.88
%
5.24
%
Supplemental
Data
Net
assets,
end
of
year
(000)
................................
$
6,755,645
‌
$
8,470,092
‌
$
10,280,019
‌
$
9,311,984
‌
$
9,432,829
‌
Portfolio
turnover
rate
(f)
....................................
56
%
(g)
57
%
74
%
86
%
67
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
120%
130%
135%
148%
127%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
147
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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Multi-Asset
Income
Portfolio
Investor
A
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
...........................
$
10.03
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
$
10.78
‌
Net
investment
income
(a)
.................................
0.52
‌
0.44
‌
0.46
‌
0.49
‌
0.53
‌
Net
realized
and
unrealized
gain
(loss)
........................
(0.19
)
(1.36
)
0.91
‌
(0.24
)
0.06
‌
Net
increase
(decrease)
from
investment
operations
................
0.33
‌
(0.92
)
1.37
‌
0.25
‌
0.59
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..............................
(0.53
)
(0.58
)
(0.45
)
(0.47
)
(0.52
)
Return
of
capital
.......................................
—
‌
—
‌
—
‌
(0.01
)
(0.01
)
Total
distributions
.......................................
(0.53
)
(0.58
)
(0.45
)
(0.48
)
(0.53
)
Net
asset
value,
end
of
year
...............................
$
9.83
‌
$
10.03
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
..................................
3.51
%
(8.27
)%
13.13
%
(d)
2.41
%
5.65
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.........................................
0.89
%
0.89
%
0.88
%
0.90
%
0.90
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.80
%
0.80
%
0.80
%
0.80
%
0.80
%
Net
investment
income
...................................
5.41
%
4.03
%
4.10
%
4.64
%
4.95
%
Supplemental
Data
Net
assets,
end
of
year
(000)
................................
$
4,118,370
‌
$
4,786,022
‌
$
5,383,460
‌
$
4,521,699
‌
$
4,109,096
‌
Portfolio
turnover
rate
(f)
....................................
56
%
(g)
57
%
74
%
86
%
67
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
120%
130%
135%
148%
127%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Annual
Report
to
Shareholders
148
(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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Multi-Asset
Income
Portfolio
Investor
C
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
...........................
$
10.02
‌
$
11.51
‌
$
10.59
‌
$
10.82
‌
$
10.77
‌
Net
investment
income
(a)
.................................
0.45
‌
0.36
‌
0.37
‌
0.41
‌
0.45
‌
Net
realized
and
unrealized
gain
(loss)
........................
(0.20
)
(1.35
)
0.91
‌
(0.24
)
0.05
‌
Net
increase
(decrease)
from
investment
operations
................
0.25
‌
(0.99
)
1.28
‌
0.17
‌
0.50
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..............................
(0.46
)
(0.50
)
(0.36
)
(0.39
)
(0.44
)
Return
of
capital
.......................................
—
‌
—
‌
—
‌
(0.01
)
(0.01
)
Total
distributions
.......................................
(0.46
)
(0.50
)
(0.36
)
(0.40
)
(0.45
)
Net
asset
value,
end
of
year
...............................
$
9.81
‌
$
10.02
‌
$
11.51
‌
$
10.59
‌
$
10.82
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
..................................
2.63
%
(8.89
)%
12.30
%
(d)
1.64
%
4.77
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.........................................
1.67
%
1.66
%
1.65
%
1.68
%
1.67
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
1.55
%
1.55
%
1.55
%
1.55
%
1.55
%
Net
investment
income
...................................
4.64
%
3.26
%
3.36
%
3.88
%
4.24
%
Supplemental
Data
Net
assets,
end
of
year
(000)
................................
$
666,495
‌
$
1,010,613
‌
$
1,498,142
‌
$
1,757,991
‌
$
2,323,407
‌
Portfolio
turnover
rate
(f)
....................................
56
%
(g)
57
%
74
%
86
%
67
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
120%
130%
135%
148%
127%
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
149
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)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Excludes
equity-linked
notes.
Additional
information
regarding
portfolio
turnover
rate
is
as
follows:
(g)
Excludes
underlying
investments
in
total
return
swaps.
BlackRock
Multi-Asset
Income
Portfolio
Class
K
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Net
asset
value,
beginning
of
year
...........................
$
10.04
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
$
10.79
‌
Net
investment
income
(a)
.................................
0.55
‌
0.47
‌
0.49
‌
0.52
‌
0.56
‌
Net
realized
and
unrealized
gain
(loss)
........................
(0.20
)
(1.35
)
0.91
‌
(0.24
)
0.05
‌
Net
increase
(decrease)
from
investment
operations
................
0.35
‌
(0.88
)
1.40
‌
0.28
‌
0.61
‌
Distributions
(b)
–
–
–
–
–
From
net
investment
income
..............................
(0.56
)
(0.61
)
(0.48
)
(0.50
)
(0.55
)
Return
of
capital
.......................................
—
‌
—
‌
—
‌
(0.01
)
(0.01
)
Total
distributions
.......................................
(0.56
)
(0.61
)
(0.48
)
(0.51
)
(0.56
)
Net
asset
value,
end
of
year
...............................
$
9.83
‌
$
10.04
‌
$
11.53
‌
$
10.61
‌
$
10.84
‌
Total
Return
(c)
—
—
—
—
—
Based
on
net
asset
value
..................................
3.71
%
(7.90
)%
13.47
%
(d)
2.71
%
5.87
%
(d)
Ratios
to
Average
Net
Assets
(e)
Total
expenses
.........................................
0.60
%
0.59
%
0.58
%
0.60
%
0.60
%
Total
expenses
after
fees
waived
and/or
reimbursed
................
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net
investment
income
...................................
5.70
%
4.34
%
4.41
%
4.93
%
5.28
%
Supplemental
Data
Net
assets,
end
of
year
(000)
................................
$
698,375
‌
$
1,027,724
‌
$
1,109,227
‌
$
916,969
‌
$
760,635
‌
Portfolio
turnover
rate
(f)
....................................
56
%
(g)
57
%
74
%
86
%
67
%
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Portfolio
turnover
rate
(including
equity-linked
notes)
...................................
120%
130%
135%
148%
127%
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2023
BlackRock
Annual
Report
to
Shareholders
150
1.
ORGANIZATION 
BlackRock
Funds
II (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Massachusetts
business trust.
The
following,
each
of
which
is
a
series
of
the
Trust, are
referred
to
herein
collectively
as
the
“Funds”
or
individually
as
a
“Fund”:
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
 Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
 A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
and
payment-in-kind
interest
are
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets. For
convertible
securities,
premiums
attributable
to
the
debt
instrument
are
amortized,
but
premiums
attributable
to
the
conversion
feature
are
not
amortized.
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Multi-Asset
Income
does
not
isolate
the
portion
of
the
results
of
operations
arising
as
a
result
of
changes
in
the
exchange
rates
from
the
changes
in
the
market
prices
of
investments
held
or
sold
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.
Realized
currency
gains
(losses)
on
foreign
currency
related
transactions
are
reported
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes. Multi-Asset
Income
has
elected
to
treat
realized
gains
(losses)
from
certain
forward
foreign
currency
exchange
contracts
as
capital
gain
(loss)
for
U.S.
federal
income
tax
purposes. 
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Dynamic
High
Income
Portfolio
........................................
Dynamic
High
Income
Diversified
BlackRock
Multi-Asset
Income
Portfolio
..........................................
Multi-Asset
Income
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional
and
Class
K
Shares
...................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(continued)
151
Notes
to
Financial
Statements
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
July
31,
2023
,
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. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Funds
are
recorded
on
the
ex-dividend
dates.
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
recorded
on
the
ex-dividend
dates
and
made
at
least
annually.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
each
Fund’s
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities: 
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Fixed-income investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
or
current
market
quotations
provided
by
independent
dealers
or
third-party
pricing
services. Floating
rate
loan
interests
are
valued
at
the
mean
of
the
bid
prices
from
one
or
more
independent
brokers
or
dealers
as
obtained
from
a
third-party
pricing
service. Pricing
services
generally
value
fixed-income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
may
trade
at
lower
prices
than
institutional
round
lots.
The
pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data, credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-
backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless
the
Manager
determines
such
method
does
not
represent
fair
value.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
published net
asset
value
(“NAV”).
The
Funds
value
their
investment
in
SL
Liquidity
Series,
LLC,
Money
Market
Series
(the
“Money
Market
Series”)
at
fair
value,
which
is
ordinarily
based
upon
their
pro
rata
ownership
in
the
underlying
fund’s
net
assets.
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Forward
foreign
currency
exchange
contracts
are
valued
at
the
mean
between
the
bid
and
ask
prices
and
are
determined
as
of
the
close
of
trading
on
the
NYSE
based
on
that
day’s
prevailing
forward
exchange
rate
for
the
underlying
currencies.
Exchange-traded
options
are
valued
at
the
mean
between
the
last bid
and
ask
prices
at
the
close
of
the
options
market in
which
the
options
trade.
An
exchange-
traded
option
for
which there
is
no
mean
price
is
valued
at
the
last
bid
(long
positions)
or
ask
(short
positions)
price.
If
no
bid
or
ask
price
is
available,
the
prior
day’s
price will
be
used,
unless
it
is
determined
that
the
prior
day’s
price
no
longer
reflects
the
fair
value
of
the
option.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
by
an
independent
pricing
service
using
a
mathematical
model,
which
incorporates
a
number
of
market
data
factors,
such
as
the
trades
and
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
152
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
involve
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure. 
The
Private
Companies
are
not
subject
to
the
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
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
(continued)
153
Notes
to
Financial
Statements
As
of
July
31,
2023,
certain
investments
of
the
Funds
were fair valued
using
NAV
as
a
practical
expedient as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Asset-Backed
and
Mortgage-Backed
Securities:
Asset-backed
securities
are
generally
issued
as
pass-through
certificates
or
as
debt
instruments.
Asset-backed
securities
issued
as
pass-through
certificates
represent
undivided
fractional
ownership
interests
in
an
underlying
pool
of
assets.
Asset-backed
securities
issued
as
debt
instruments,
which
are
also
known
as
collateralized
obligations,
are
typically
issued
as
the
debt
of
a
special
purpose
entity
organized
solely
for
the
purpose
of
owning
such
assets
and
issuing
such
debt.
Asset-backed
securities
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
The
yield
characteristics
of
certain
asset-backed
securities
may
differ
from
traditional
debt
securities.
One
such
major
difference
is
that
all
or
a
principal
part
of
the
obligations
may
be
prepaid
at
any
time
because
the
underlying
assets
(i.e.,
loans)
may
be
prepaid
at
any
time.
As
a
result,
a
decrease
in
interest
rates
in
the
market
may
result
in
increases
in
the
level
of
prepayments
as
borrowers,
particularly
mortgagors,
refinance
and
repay
their
loans.
An
increased
prepayment
rate
with
respect
to
an
asset-backed
security
will
have
the
effect
of
shortening
the
maturity
of
the
security.
In
addition,
a
fund
may
subsequently
have
to
reinvest
the
proceeds
at
lower
interest
rates.
If
a
fund
has
purchased
such
an
asset-backed
security
at
a
premium,
a
faster
than
anticipated
prepayment
rate
could
result
in
a
loss
of
principal
to
the
extent
of
the
premium
paid. 
For
mortgage
pass-through
securities
(the
“Mortgage
Assets”)
there
are
a
number
of
important
differences
among
the
agencies
and
instrumentalities
of
the
U.S.
Government
that
issue
mortgage-related
securities
and
among
the
securities
that
they
issue.
For
example,
mortgage-related
securities
guaranteed
by
Ginnie
Mae
are
guaranteed
as
to
the
timely
payment
of
principal
and
interest
by
Ginnie
Mae
and
such
guarantee
is
backed
by
the
full
faith
and
credit
of
the
United
States.
However,
mortgage-related
securities
issued
by
Freddie
Mac
and
Fannie
Mae,
including
Freddie
Mac
and
Fannie
Mae
guaranteed
mortgage
pass-through
certificates,
which
are
solely
the
obligations
of
Freddie
Mac
and
Fannie
Mae,
are
not
backed
by
or
entitled
to
the
full
faith
and
credit
of
the
United
States,
but
are
supported
by
the
right
of
the
issuer
to
borrow
from
the
U.S.
Treasury. 
Non-agency
mortgage-backed
securities
are
securities
issued
by
non-governmental
issuers
and
have
no
direct
or
indirect
government
guarantees
of
payment
and
are
subject
to
various
risks.
Non-agency
mortgage
loans
are
obligations
of
the
borrowers
thereunder
only
and
are
not
typically
insured
or
guaranteed
by
any
other
person
or
entity.
The
ability
of
a
borrower
to
repay
a
loan
is
dependent
upon
the
income
or
assets
of
the
borrower.
A
number
of
factors,
including
a
general
economic
downturn,
acts
of
God,
terrorism,
social
unrest
and
civil
disturbances,
may
impair
a
borrower’s
ability
to
repay
its
loans.
Collateralized
Debt
Obligations:
Collateralized
debt
obligations
(“CDOs”),
including
collateralized
bond
obligations
(“CBOs”)
and
collateralized
loan
obligations
(“CLOs”),
are
types
of
asset-backed
securities.
A
CDO
is
an
entity
that
is
backed
by
a
diversified
pool
of
debt
securities
(CBOs)
or
syndicated
bank
loans
(CLOs).
The
cash
flows
of
the
CDO
can
be
split
into
multiple
segments,
called
“tranches,”
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segment
is
the
subordinated
or
“equity”
tranche.
This
tranche
bears
the
greatest
risk
of
defaults
from
the
underlying
assets
in
the
CDO
and
serves
to
protect
the
other,
more
senior,
tranches
from
default
in
all
but
the
most
severe
circumstances.
Since
it
is
shielded
from
defaults
by
the
more
junior
tranches,
a
“senior”
tranche
will
typically
have
higher
credit
ratings
and
lower
yields
than
their
underlying
securities,
and
often
receive
investment
grade
ratings
from
one
or
more
of
the
nationally
recognized
rating
agencies.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses
due
to
actual
defaults,
increased
sensitivity
to
future
defaults
and
the
disappearance
of
one
or
more
protecting
tranches
as
a
result
of
changes
in
the
credit
profile
of
the
underlying
pool
of
assets. 
Multiple
Class
Pass-Through
Securities:
Multiple
class
pass-through
securities,
including
collateralized
mortgage
obligations
(“CMOs”)
and
commercial
mortgage-backed
securities,
may
be
issued
by
Ginnie
Mae,
U.S.
Government
agencies
or
instrumentalities
or
by
trusts
formed
by
private
originators
of,
or
investors
in,
mortgage
loans.
In
general,
CMOs
are
debt
obligations
of
a
legal
entity
that
are
collateralized
by
a
pool
of
residential
or
commercial
mortgage
loans
or
Mortgage
Assets.
The
payments
on
these
are
used
to
make
payments
on
the
CMOs
or
multiple
pass-through
securities.
Multiple
class
pass-through
securities
represent
direct
ownership
interests
in
the
Mortgage
Assets.
Classes
of
CMOs
include
interest
only
(“IOs”),
principal
only
(“POs”),
planned
amortization
classes
and
targeted
amortization
classes.
IOs
and
POs
are
stripped
mortgage-backed
securities
representing
interests
in
a
pool
of
mortgages,
the
cash
flow
from
which
has
been
separated
into
interest
and
principal
components.
IOs
receive
the
interest
portion
of
the
cash
flow
while
POs
receive
the
principal
portion.
IOs
and
POs
can
be
extremely
volatile
in
response
to
changes
in
interest
rates.
As
interest
rates
rise
and
fall,
the
value
of
IOs
tends
to
move
in
the
same
direction
as
interest
rates.
POs
perform
best
when
prepayments
on
the
underlying
mortgages
rise
since
this
increases
the
rate
at
which
the
principal
is
returned
and
the
yield
to
maturity
on
the
PO.
When
payments
on
mortgages
underlying
a
PO
are
slower
than
anticipated,
the
life
of
the
PO
is
lengthened
and
the
yield
to
maturity
is
reduced.
If
the
underlying
Mortgage
Assets
experience
greater
than
anticipated
prepayments
of
principal,
a
fund’s
initial
investment
in
the
IOs
may
not
fully
recoup. 
Stripped
Mortgage-Backed
Securities:
Stripped
mortgage-backed
securities
are
typically
issued
by
the
U.S.
Government,
its
agencies
and
instrumentalities.
Stripped
mortgage-backed
securities
are
usually
structured
with
two
classes
that
receive
different
proportions
of
the
interest
(IOs)
and
principal
(POs)
distributions
on
a
pool
of
Mortgage
Assets.
Stripped
mortgage-backed
securities
may
be
privately
issued.
Zero-Coupon
Bonds:
Zero-coupon
bonds
are
normally
issued
at
a
significant
discount
from
face
value
and
do
not
provide
for
periodic
interest
payments.
These
bonds
may
experience
greater
volatility
in
market
value
than
other
debt
obligations
of
similar
maturity
which
provide
for
regular
interest
payments. 
Equity-Linked
Notes:
Equity-linked
notes
seek
to
generate
income
and
provide
exposure
to
the
performance
of
an
underlying
security,
group
of
securities
or
exchange-
traded
funds
(the
“underlying
reference
instrument”).
In
an
equity-linked
note,
a
fund
purchases
a
note
from
a
bank
or
broker-dealer
and
in
return,
the
issuer
provides
for
interest
payments
during
the
term
of
the
note.
At
maturity
or
when
the
security
is
sold,
a
fund
will
either
settle
by
taking
physical
delivery
of
the
underlying
reference
instrument
or
by
receipt
of
a
cash
settlement
amount
equal
to
the
value
of
the
note
at
termination
or
maturity.
The
use
of
equity-linked
notes
involves
the
risk
that
the
value
of
the
note
changes
unfavorably
due
to
movements
in
the
value
of
the
underlying
reference
instrument.
Equity-linked
notes
are
considered
general
unsecured
contractual
obligations
of
the
bank
or
broker-dealer.
A
fund
must
rely
on
the
creditworthiness
of
the
issuer
for
its
investment
returns.
Capital
Securities
and
Trust
Preferred
Securities:
Capital
securities,
including
trust
preferred
securities,
are
typically
issued
by
corporations,
generally
in
the
form
of
interest-bearing
notes
with
preferred
securities
characteristics.
In
the
case
of
trust
preferred
securities,
an
affiliated
business
trust
of
a
corporation
issues
these
securities,
generally
in
the
form
of
beneficial
interests
in
subordinated
debentures
or
similarly
structured
securities.
The
securities
can
be
structured
with
either
a
fixed
or
adjustable
coupon
that
can
have
either
a
perpetual
or
stated
maturity
date.
For
trust
preferred
securities,
the
issuing
bank
or
corporation
pays
interest
to
the
trust,
which
is
then
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
154
distributed
to
holders
of
these
securities
as
a
dividend.
Dividends
can
be
deferred
without
creating
an
event
of
default
or
acceleration,
although
maturity
cannot
take
place
unless
all
cumulative
payment
obligations
have
been
met.
The
deferral
of
payments
does
not
affect
the
purchase
or
sale
of
these
securities
in
the
open
market.
These
securities
generally
are
rated
below
that
of
the
issuing
company’s
senior
debt
securities
and
are
freely
callable
at
the
issuer’s
option. 
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer’s
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions. 
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock. 
Floating
Rate
Loan
Interests:
Floating
rate
loan
interests
are
typically
issued
to
companies
(the
“borrower”)
by
banks,
other
financial
institutions,
or
privately
and
publicly
offered
corporations
(the
“lender”).
Floating
rate
loan
interests
are
generally
non-investment
grade,
often
involve
borrowers
whose
financial
condition
is
troubled
or
uncertain
and
companies
that
are
highly
leveraged
or
in
bankruptcy
proceedings.
In
addition,
transactions
in
floating
rate
loan
interests
may
settle
on
a
delayed
basis,
which
may
result
in
proceeds
from
the
sale
not
being
readily
available
for
a
fund
to
make
additional
investments
or
meet
its
redemption
obligations.
Floating
rate
loan
interests
may
include
fully
funded
term
loans
or
revolving
lines
of
credit.
Floating
rate
loan
interests
are
typically
senior
in
the
corporate
capital
structure
of
the
borrower.
Floating
rate
loan
interests
generally
pay
interest
at
rates
that
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
Since
the
rates
reset
only
periodically,
changes
in
prevailing
interest
rates
(and
particularly
sudden
and
significant
changes)
can
be
expected
to
cause
some
fluctuations
in
the
NAV
of
a
fund
to
the
extent
that
it
invests
in
floating
rate
loan
interests.
The
base
lending
rates
are
generally
the
lending
rate
offered
by
one
or
more
European
banks,
such
as
the
Secured
Overnight
Financing
Rate
(“SOFR”),
the
prime
rate
offered
by
one
or
more
U.S.
banks
or
the
certificate
of
deposit
rate.
Floating
rate
loan
interests
may
involve
foreign
borrowers,
and
investments
may
be
denominated
in
foreign
currencies.
These
investments
are
treated
as
investments
in
debt
securities
for
purposes
of
a
fund’s
investment
policies. 
When
a
fund
purchases
a
floating
rate
loan
interest,
it
may
receive
a
facility
fee
and
when
it
sells
a
floating
rate
loan
interest,
it
may
pay
a
facility
fee.
On
an
ongoing
basis,
a
fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
amount
of
a
floating
rate
loan
interest.
Facility
and
commitment
fees
are
typically
amortized
to
income
over
the
term
of
the
loan
or
term
of
the
commitment,
respectively.
Consent
and
amendment
fees
are
recorded
to
income
as
earned.
Prepayment
penalty
fees,
which
may
be
received
by
a
fund
upon
the
prepayment
of
a
floating
rate
loan
interest
by
a
borrower,
are
recorded
as
realized
gains.
A
fund
may
invest
in
multiple
series
or
tranches
of
a
loan.
A
different
series
or
tranche
may
have
varying
terms
and
carry
different
associated
risks.
Floating
rate
loan
interests
are
usually
freely
callable
at
the
borrower’s
option.
A
fund
may
invest
in
such
loans
in
the
form
of
participations
in
loans
(“Participations”)
or
assignments
(“Assignments”)
of
all
or
a
portion
of
loans
from
third
parties.
Participations
typically
will
result
in
a
fund
having
a
contractual
relationship
only
with
the
lender,
not
with
the
borrower.
A
fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
lender
selling
the
Participation
and
only
upon
receipt
by
the
lender
of
the
payments
from
the
borrower.
In
connection
with
purchasing
Participations,
a
fund
generally
will
have
no
right
to
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement,
nor
any
rights
of
offset
against
the
borrower.
A
fund
may
not
benefit
directly
from
any
collateral
supporting
the
loan
in
which
it
has
purchased
the
Participation.
As
a
result,
a
fund
assumes
the
credit
risk
of
both
the
borrower
and
the
lender
that
is
selling
the
Participation.
A
fund’s
investment
in
loan
participation
interests
involves
the
risk
of
insolvency
of
the
financial
intermediaries
who
are
parties
to
the
transactions.
In
the
event
of
the
insolvency
of
the
lender
selling
the
Participation,
a
fund
may
be
treated
as
a
general
creditor
of
the
lender
and
may
not
benefit
from
any
offset
between
the
lender
and
the
borrower.
Assignments
typically
result
in
a
fund
having
a
direct
contractual
relationship
with
the
borrower,
and
a
fund
may
enforce
compliance
by
the
borrower
with
the
terms
of
the
loan
agreement.
In
connection
with
floating
rate
loan
interests,
the
Funds
may
also
enter
into
unfunded
floating
rate
loan
interests
(“commitments”).
In
connection
with
these
commitments,
a
fund
earns
a
commitment
fee,
typically
set
as
a
percentage
of
the
commitment
amount.
Such
fee
income,
which
is
included
in
interest
income
in
the
Statements
of
Operations,
is
recognized
ratably
over
the
commitment
period.
Unfunded
floating
rate
loan
interests
are
marked-to-market
daily,
and
any
unrealized
appreciation
(depreciation)
is
included
in
the
Statements
of
Assets
and
Liabilities
and
Statements
of
Operations.
As
of
period
end,
the
Funds
had
the
following
unfunded
floating
rate
loan
interests: 
Securities
Lending:
The
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
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
Fund
Name
Borrower
Par
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Multi-Asset
Income
CML
La
Quinta
Resort,
Term
Loan
.....................
$
1,666,776‌
$
1,666,776‌
$
1,617,125‌
$
(49,651‌)
Multi-Asset
Income
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan
................
1,648,352‌
1,648,307‌
1,581,244‌
(67,063‌)
Multi-Asset
Income
CML
Paradise
Plaza,
Term
Loan
......................
704,320‌
704,320‌
683,624‌
(20,696‌)
Multi-Asset
Income
CML
ST
Regis
Aspen,
Term
Loan
......................
514,919‌
512,859‌
496,298‌
(16,561‌)
Multi-Asset
Income
Park
Avenue
Tower,
Term
Loan
.......................
637,676‌
637,676‌
590,564‌
(47,112‌)
Multi-Asset
Income
Sheraton
Austin,
Term
Loan
..........................
1,606,621‌
1,606,621‌
1,556,834‌
(49,787‌)
Multi-Asset
Income
The
Vinoy
St.
Petersburg,
Term
Loan
...................
371,875‌
371,875‌
354,621‌
(17,254‌)
Notes
to
Financial
Statements
(continued)
155
Notes
to
Financial
Statements
collateral
returned
by the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
(“BIM”),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds’
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,  are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
–
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Funds
benefit
from
a
borrower
default
indemnity
provided
by
BIM.
BIM’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Funds.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
OTC.
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk)
.
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
As
of
period
end,
the
following
tables
are
a
summary
of
the
Funds'
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty  
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
Dynamic
High
Income
Citigroup
Global
Markets,
Inc.
....................
$
15,436,730‌
$
(15,436,730‌)
$
—‌
$
—‌
J.P.
Morgan
Securities
LLC
......................
17,742,500‌
(17,742,500‌)
—‌
—‌
Mizuho
Securities
USA
LLC
.....................
5,813,500‌
(5,813,500‌)
—‌
—‌
Morgan
Stanley
..............................
205,875‌
(205,875‌)
—‌
—‌
$
39,198,605‌
$
(39,198,605‌)
$
—‌
$
—‌
Multi-Asset
Income
BofA
Securities,
Inc.
...........................
766,944‌
(766,944‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
......................
38,581,406‌
(38,581,406‌)
—‌
—‌
$
39,348,350‌
$
(39,348,350‌)
$
—‌
$
—‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
these
tables.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds'
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
156
Forward
Foreign
Currency
Exchange
Contracts
:
Forward
foreign
currency
exchange
contracts
are
entered
into
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
currency
at
a
set
exchange
rate
on
a
specified
date.
These
contracts
help
to
manage
the
overall
exposure
to
the
currencies
in
which
some
of
the
investments
held
by
the
Funds
are
denominated
and
in
some
cases,
may
be
used
to
obtain
exposure
to
a
particular
market.
The
contracts
are
traded
OTC
and
not
on
an
organized
exchange.
The
contract
is
marked-to-market
daily
and
the
change
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
in
the
Statements
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
value
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
Non-deliverable
forward
foreign
currency
exchange
contracts
are
settled
with
the
counterparty
in
cash
without
the
delivery
of
foreign
currency.
The
use
of
forward
foreign
currency
exchange
contracts
involves
the
risk
that
the
value
of
a
forward
foreign
currency
exchange
contract
changes
unfavorably
due
to
movements
in
the
value
of
the
referenced
foreign
currencies,
and
such
value
may
exceed
the
amount(s)
reflected
in
the Statements
of
Assets
and
Liabilities. Cash
amounts
pledged
for
forward
foreign
currency
exchange
contracts
are
considered
restricted
and
are
included
in
cash
pledged
as
collateral
for
OTC
derivatives
in
the
Statements
of
Assets
and
Liabilities.
A
Fund’s
risk
of
loss
from
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
the
Fund.
Options:
The
Funds
may purchase
and
write
call
and
put
options
to
increase
or
decrease
their
exposure
to
the
risks
of
underlying
instruments,
including
equity
risk,
interest
rate
risk
and/or
commodity
price
risk
and/or,
in
the
case
of
options
written,
to
generate
gains
from
options
premiums.
A
call
option
gives
the
purchaser
(holder)
of
the
option
the
right
(but
not
the
obligation)
to
buy,
and
obligates
the
seller
(writer)
to
sell
(when
the
option
is
exercised)
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
A
put
option
gives
the
holder
the
right
to
sell
and
obligates
the
writer
to
buy
the
underlying
instrument
at
the
exercise
or
strike
price
at
any
time
or
at
a
specified
time
during
the
option
period.
Premiums
paid
on
options
purchased
and
premiums
received
on
options
written,
as
well
as
the
daily
fluctuation
in
market
value,
are
included
in
investments
at
value
–
unaffiliated
and
options
written
at
value,
respectively,
in
the
Statements
of
Assets
and
Liabilities.
When
an
instrument
is
purchased
or
sold
through
the
exercise
of
an
option,
the
premium
is
offset
against
the
cost
or
proceeds
of
the
underlying
instrument.
When
an
option
expires,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
of
the
premiums
received
or
paid.
When
an
option
is
closed
or
sold,
a
gain
or
loss
is
recorded
in
the
Statements
of
Operations
to
the
extent
the
cost
of
the
closing
transaction
exceeds
the
premiums
received
or
paid.
When
the
Funds
write
a
call
option,
such
option
is
typically
“covered,”
meaning
that
they
hold
the
underlying
instrument
subject
to
being
called
by
the
option
counterparty.
When
the
Funds
write
a
put
option,
cash
is
segregated
in
an
amount
sufficient
to
cover
the
obligation.
These
amounts,
which
are
considered
restricted,
are
included
in
cash
pledged
as
collateral
for
options
written
in
the
Statements
of
Assets
and
Liabilities.
Swaptions
–
The
Funds
may purchase
and
write
options
on
swaps
(“swaptions”)
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
the
Funds’
holdings,
as
a
duration
management
technique
or
to
protect
against
an
increase
in
the
price
of
securities
it
anticipates
purchasing
at
a
later
date.
The
purchaser
and
writer
of
a
swaption
is
buying
or
granting
the
right
to
enter
into
a
previously
agreed
upon
interest
rate
or
credit
default
swap
agreement
(interest
rate
risk
and/or
credit
risk)
at
any
time
before
the
expiration
of
the
option.
Foreign
currency
options
– The
Funds
may purchase
and
write
foreign
currency
options,
foreign
currency
futures
and
options
on
foreign
currency
futures
to
gain
or
reduce
exposure
to
foreign
currencies
(foreign
currency
exchange
rate
risk).
Foreign
currency
options
give
the
purchaser
the
right
to
buy
from
or
sell
to
the
writer
a
foreign
currency
at
any
time
before
the
expiration
of
the
option.
In
purchasing
and
writing
options,
the
Funds
bear
the
risk
of
an
unfavorable
change
in
the
value
of
the
underlying
instrument
or
the
risk
that
they
may
not
be
able
to
enter
into
a
closing
transaction
due
to
an
illiquid
market.
Exercise
of
a
written
option
could
result
in
the
Funds
purchasing
or
selling
a
security
when they
otherwise
would
not,
or
at
a
price
different
from
the
current
market
value.
Swaps:
Swap
contracts
are
entered
into
to
manage
exposure
to
issuers,
markets
and
securities.
Such
contracts
are
agreements
between
the
Funds
and
a
counterparty
to
make
periodic
net
payments
on
a
specified
notional
amount
or
a
net
payment
upon
termination.
Swap
agreements
are
privately
negotiated
in
the
OTC
market
and
may
be
entered
into
as
a
bilateral
contract
(“OTC
swaps”)
or
centrally
cleared
(“centrally
cleared
swaps”).
For
OTC
swaps,
any
upfront
premiums
paid
and
any
upfront
fees
received
are
shown
as
swap
premiums
paid
and
swap
premiums
received,
respectively,
in
the
Statements
of
Assets
and
Liabilities
and
amortized
over
the
term
of
the
contract.
The
daily
fluctuation
in
market
value
is
recorded
as
unrealized
appreciation
(depreciation)
on
OTC
Swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
or
paid
are
recorded
in
the
Statements
of
Operations
as
realized
gains
or
losses,
respectively.
When
an
OTC
swap
is
terminated,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
proceeds
from
(or
cost
of)
the
closing
transaction
and
the
Funds’
basis
in
the
contract,
if
any.
Generally,
the
basis
of
the
contract
is
the
premium
received
or
paid.
In
a
centrally
cleared
swap,
immediately
following
execution
of
the
swap
contract,
the
swap
contract
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
CCP
becomes
the Funds’
counterparty
on
the
swap. Each
Fund is
required
to
interface
with
the
CCP
through
the
broker.
Upon
entering
into
a
centrally
cleared
swap, each
Fund is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited
is
shown
as
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Amounts
pledged,
which
are
considered
restricted
cash,
are
included
in
cash
pledged
for
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract, each
Fund
agrees
to
receive
from
or
pay
to
the
broker
variation
margin.
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and
shown
as
variation
margin
receivable
(or
payable)
on
centrally
cleared
swaps
in
the
Statements
of
Assets
and
Liabilities.
Payments
received
from
(paid
to)
the
counterparty
are
amortized
over
the
term
of
the
contract
and recorded
as
realized
gains
(losses)
in
the
Statements
of
Operations,
including
those
at
termination.
Credit
default
swaps
—
Credit
default
swaps
are
entered
into
to
manage
exposure
to
the
market
or
certain
sectors
of
the
market,
to
reduce
risk
exposure
to
defaults
of
corporate
and/or
sovereign
issuers
or
to
create
exposure
to
corporate
and/or
sovereign
issuers
to
which
a
fund
is
not
otherwise
exposed
(credit
risk).
The
Funds
may
either
buy
or
sell
(write)
credit
default
swaps
on
single-name
issuers
(corporate
or
sovereign),
a
combination
or
basket
of
single-name
issuers
or
traded
indexes.
Credit
default
swaps
are
agreements
in
which
the
protection
buyer
pays
fixed
periodic
payments
to
the
seller
in
consideration
for
a
promise
from
the
Notes
to
Financial
Statements
(continued)
157
Notes
to
Financial
Statements
protection
seller
to
make
a
specific
payment
should
a
negative
credit
event
take
place
with
respect
to
the
referenced
entity
(e.g.,
bankruptcy,
failure
to
pay,
obligation
acceleration,
repudiation,
moratorium
or
restructuring).
As
a
buyer,
if
an
underlying
credit
event
occurs,
the
Funds
will
either
(i)
receive
from
the
seller
an
amount
equal
to
the
notional
amount
of
the
swap
and
deliver
the
referenced
security
or
underlying
securities
comprising
the
index,
or
(ii)
receive
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
As
a
seller
(writer),
if
an
underlying
credit
event
occurs,
the
Funds
will
either
pay
the
buyer
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
security
or
underlying
securities
comprising
the
index
or
pay
a
net
settlement
of
cash
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
security
or
underlying
securities
comprising
the
index.
Total
return
swaps
—
Total
return
swaps
are
entered
into
to
obtain
exposure
to
a
security
or
market
without
owning
such
security
or
investing
directly
in
such
market
or
to
exchange
the
risk/return
of
one
security
or
market
(e.g.,
fixed-income)
with
another
security
or
market
(e.g.,
equity
or
commodity
prices)
(equity
risk,
commodity
price
risk
and/or
interest
rate
risk).
Total
return
swaps
are
agreements
in
which
there
is
an
exchange
of
cash
flows
whereby
one
party
commits
to
make
payments
based
on
the
total
return
(distributions
plus
capital
gains/losses)
of
an
underlying
instrument,
or
basket
of
underlying
instruments,
in
exchange
for
fixed
or
floating
rate
interest
payments.
If
the
total
return
of
the
instrument(s)
or
index
underlying
the
transaction
exceeds
or
falls
short
of
the
offsetting
fixed
or
floating
interest
rate
obligation,
the
Funds
receive
payment
from
or
make
a
payment
to
the
counterparty.
Certain
total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
each
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
the
Funds
and
the
counterparty.
The
amounts
that
are
available
for
cash
settlement
are
recorded
as
realized
gains
or
losses
in
the
Statements
of
Operations.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Funds
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Swap
transactions
involve,
to
varying
degrees,
elements
of
interest
rate,
credit
and
market
risks
in
excess
of
the
amounts
recognized
in
the
Statements
of
Assets
and
Liabilities.
Such
risks
involve
the
possibility
that
there
will
be
no
liquid
market
for
these
agreements,
that
the
counterparty
to
the
agreements
may
default
on
its
obligation
to
perform
or
disagree
as
to
the
meaning
of
the
contractual
terms
in
the
agreements,
and
that
there
may
be
unfavorable
changes
in
interest
rates
and/or
market
values
associated
with
these
transactions.
Master
Netting
Arrangements:
In
order
to
define
its
contractual
rights
and
to
secure
rights
that
will
help
it mitigate its
counterparty
risk, a
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between a
Fund
and
a
counterparty
that
governs
certain
OTC
derivatives
and
typically
contains,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, a
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivative
financial
instruments’
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
default
including
the
bankruptcy
or
insolvency
of
the
counterparty.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
Requirements:
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark-to-market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund(s)
and
the
counterparty.
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
Fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from the
counterparties
are
not
fully
collateralized, each
Fund bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty, each
Fund bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds’
investment
adviser
and
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of each
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of each
Fund.
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
158
For
such
services,
Dynamic
High
Income
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
Dynamic
High
Income’s
net
assets:
For
such
services,
Multi-Asset
Income
pays
the
Manager
a
monthly
fee,
based
on
the
average
daily
net
assets
that
are
attributable
to
Multi-Asset
Income’s direct
investments
in
fixed-income
and
equity
securities
and
instruments,
including
exchange-traded
funds
(“ETFs”)
advised
by
the
Manager
or
other
investment
advisers,
other
investments,
and
cash
and
cash
equivalents
(including
money
market
funds,
whether
advised
by
the
Manager
or
other
investment
advisers)
and
excludes
investments
in
other
BlackRock
equity
and/or
fixed-income
mutual
funds,
at
the
following
annual
rates:
With
respect
to
each
Fund,
the
Manager
entered
into
separate
sub-advisory
agreements
with
each
of
BlackRock
International
Limited
(“BIL”),
BlackRock
(Singapore)
Limited
(“BSL”)
and
BlackRock
Asset
Management
North
Asia
Limited
(“BAMNA”)
(collectively,
the
“Sub-Advisers”),
each
an
affiliate
of
the
Manager.
The
Manager
pays
BIL,
BSL
and
BAMNA
for
services
they
provide
for
that
portion
of
each
Fund
for
which
BIL,
BSL
and
BAMNA
acts
as
sub-adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
each
Fund
to
the
Manager.
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of the
Funds,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Funds.
The
ongoing
service
and/or
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the year
ended
July
31,
2023,
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
year
ended
July
31,
2023, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
each
Fund:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.60%
$1
billion
-
$3
billion
.....................................................................................................
0.56
$3
billion
-
$5
billion
.....................................................................................................
0.54
$5
billion
-
$10
billion
....................................................................................................
0.52
Greater
than
$10
billion
...................................................................................................
0.51
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.600%
$1
billion
-
$2
billion
.....................................................................................................
0.550
$2
billion
-
$3
billion
.....................................................................................................
0.525
Greater
than
$3
billion
...................................................................................................
0.500
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25‌%
—‌%
Investor
C
.................................................................................................
0.25‌
0.75‌
Fund
Name
Investor
A
Investor
C
Total
Dynamic
High
Income
..............................................................................
$
320,253‌
$
312,731‌
$
632,984‌
Multi-Asset
Income
...............................................................................
10,807,554‌
8,082,244‌
18,889,798‌
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Total
Dynamic
High
Income
.............................................................
$
167,221‌
$
25,620‌
$
6,255‌
$
38,821‌
$
237,917‌
Multi-Asset
Income
..............................................................
1,459,601‌
864,604‌
161,645‌
178,878‌
2,664,728‌
Notes
to
Financial
Statements
(continued)
159
Notes
to
Financial
Statements
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the year ended July
31,
2023,
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 year
ended
July
31,
2023,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
year ended
July
31,
2023,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the year
ended July
31,
2023,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
each
Fund’s Investor
A
Shares
as
follows:
For
the year
ended
July
31,
2023,
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,
2024.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act
("Independent
Trustees"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the year
ended
July
31,
2023,
the
amounts
waived
were
as
follows:
With
respect
to
Dynamic
High
Income,
the
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund's
assets
invested
in
affiliated
equity
and
fixed-income
mutual
funds
and
affiliated
ETFs
that
have
a
contractual
management
fee
through
June
30,
2024.
With
respect
to
Multi-Asset
Income,
the
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income
ETFs
that
have
a
contractual
management
fee
through
June
30,
2024.
The
contractual
agreements
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund.
 These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the
year
ended
July
31,
2023,
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
Investor
A
Total
Dynamic
High
Income
...............................................................................
$
3,339‌
$
443‌
$
3,782‌
Multi-Asset
Income
................................................................................
62,043‌
5‌
62,048‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Total
Dynamic
High
Income
.............................................................
$
1,784‌
$
1,945‌
$
2,287‌
$
381‌
$
6,397‌
Multi-Asset
Income
..............................................................
14,644‌
43,349‌
17,781‌
1,838‌
77,612‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Total
Dynamic
High
Income
.............................................................
$
721,540‌
$
65,895‌
$
25,914‌
$
8,947‌
$
822,296‌
Multi-Asset
Income
..............................................................
5,174,140‌
2,244,388‌
610,626‌
28,724‌
8,057,878‌
Fund
Name
Other
Fees
Dynamic
High
Income
......................................................................................................
$
5,196‌
Multi-Asset
Income
.......................................................................................................
43,635‌
Fund
Name
Investor
A
Investor
C
Dynamic
High
Income
...........................................................................................
$
7,007‌
$
1,665‌
Multi-Asset
Income
............................................................................................
196,193‌
26,640‌
Fund
Name
Amounts
Waived
Dynamic
High
Income
..................................................................................................
$
43,368‌
Multi-Asset
Income
...................................................................................................
338,019‌
Fund
Name
Amount
Waived
Dynamic
High
Income
......................................................................................................
$
315,225‌
Multi-Asset
Income
.......................................................................................................
3,136,177‌
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Dynamic
High
Income
...................................................................
0.65‌%
0.90‌%
1.65‌%
0.60‌%
Multi-Asset
Income
....................................................................
0.55‌
0.80‌
1.55‌
0.50‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
160
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2024, unless
approved
by
the
Board,
including
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
For
the
year ended July
31,
2023,
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
year ended
July
31,
2023,
class
specific
expense
waivers
and/or
reimbursements were
as
follows: 
Securities
Lending:
 The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for
expenses
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
expenses”).
The
cash
collateral
is
invested
in
a
private
investment
company,
Money
Market
Series,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
cap
the
collateral
investment
expenses
of
the Money
Market
Series to
an
annual
rate
of
0.04%.
The
investment
adviser
to
the
Money
Market
Series
will
not
charge
any
advisory
fees
with
respect
to
shares
purchased
by
the
Funds.
The
Money
Market
Series
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
withdrawn
or
temporarily
restrict
withdrawals
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
private
investment
company’s
weekly
liquid
assets
fall
below
certain
thresholds. The
Money
Market
Series
seeks
current
income
consistent
with
maintaining
liquidity
and
preserving
capital.
Although
the
Money
Market
Series
is
not
registered
under
the
1940
Act,
its
investments
may
follow
the
parameters
of
investments
by
a
money
market
fund
that
is
subject
to
Rule
2a-7
under
the
1940
Act.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
expenses.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
a
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
a
specified
threshold, each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
expenses),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
expenses. 
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
—
affiliated
—
net
in
the Statements
of
Operations.
For
the year
ended
July
31,
2023, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services: 
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
SEC,
each
Fund
may
participate
in
a
joint
lending
and
borrowing
facility
for
temporary
purposes
(the
“Interfund
Lending
Program”),
subject
to
compliance
with
the
terms
and
conditions
of
the
Order,
and
to
the
extent
permitted
by
each
Fund’s
investment
policies
and
restrictions.
Dynamic
High
Income
is
currently
permitted
to
borrow
and
lend,
and
Multi-Asset
Income
is
currently
permitted
to
borrow
under
the
Interfund
Lending
Program. 
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Dynamic
High
Income
........................................................................................................
$
1,218,898‌
Multi-Asset
Income
.........................................................................................................
6,053,248‌
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Dynamic
High
Income
Institutional
....................................................................................
$
167,221‌
$
303,9
10‌
Investor
A
.....................................................................................
24,335‌
3,175‌
Investor
C
.....................................................................................
6,255‌
10,554‌
Class
K
......................................................................................
38,821‌
8,947‌
$
236,632‌
$
326,5
86‌
Multi-Asset
Income
Institutional
....................................................................................
1,457,563‌
1,491,813‌
Investor
A
.....................................................................................
841,073‌
89,986‌
Investor
C
.....................................................................................
161,429‌
204,424‌
Class
K
......................................................................................
178,878‌
28,724‌
$
2,638,943‌
$
1,814,947‌
Fund
Name
Amounts
Dynamic
High
Income
......................................................................................................
$
74,692‌
Multi-Asset
Income
.......................................................................................................
552,553‌
Notes
to
Financial
Statements
(continued)
161
Notes
to
Financial
Statements
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 year
ended
July
31,
2023,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the Funds’
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
year
ended
July
31,
2023,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES 
For
the year ended
July
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term
investments
and
equity
linked
notes,
were
as
follows:
For
the
year ended
July
31,
2023,
purchases
and
sales
related
to
equity-linked
notes
were
as
follows:
8.
INCOME
TAX
INFORMATION 
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
each
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
each
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
July
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
The
tax
character
of
distributions
paid
was
as
follows: 
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Dynamic
High
Income
...................................................................
$
55,653‌
$
627,955‌
$
7,990‌
Multi-Asset
Income
....................................................................
5,482,989‌
111,815,376‌
(7,687,536‌)
U.S.
Government
Securities
Other
Securities
Fund
Name
Purchases
Sales
Purchases
Sales
Dynamic
High
Income
...................................................
$
12,534,611‌
$
12,464,990‌
$
596,116,106‌
$
589,409,773‌
Multi-Asset
Income
....................................................
147,529,273‌
146,709,844‌
6,356,067,845‌
8,434,528,171‌
Fund
Name
Purchases
Sales
Dynamic
High
Income
...................................................................................
$
1,527,990,392‌
$
1,536,922,504‌
Multi-Asset
Income
....................................................................................
8,908,658,884‌
9,078,124,703‌
Fund
Name
Year
Ended
07/31/23
Year
Ended
07/31/22
BlackRock
Dynamic
High
Income
Portfolio
Ordinary
income
...........................................................................................
$
75,009,870‌
$
95,837,207‌
Long-term
capital
gains
—‌
10,183,508‌
$
75,009,870‌
$
106,020,715‌
BlackRock
Multi-Asset
Income
Portfolio
Ordinary
income
...........................................................................................
$
740,617,171‌
$
937,675,742‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
162
As
of
July
31,
2023,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales
and
straddles,
amortization
and
accretion
methods
of
premiums
and
discounts
on
fixed
income
securities,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
and
foreign
currency
exchange
contracts,
the
accrual
of
income
on
securities
in
default,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
timing
and
recognition
of
partnership
income,
the
accounting
for
swap
agreements
and
the
characterization
of
corporate
actions.
As
of
July
31,
2023, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
9.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
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
year ended
July
31,
2023,
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
redemption
gates
or
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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. 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
Fund
Name
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Dynamic
High
Income
....................................................
$
579,504‌
$
(224,633,246‌)
$
(12,216,950‌)
$
(236,270,692‌)
Multi-Asset
Income
.....................................................
6,535,103‌
(
1,886,083,686‌
)
(
303,881,841‌
)
(2,183,
430
,4
24‌
)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Dynamic
High
Income
..............................................
$
1,313,339,062‌
$
44,766,308‌
$
(55,907,639‌)
$
(11,141,331‌)
Multi-Asset
Income
................................................
12,569,782,066‌
572,836,324‌
(738,993,503‌)
(166,157,179‌)
Notes
to
Financial
Statements
(continued)
163
Notes
to
Financial
Statements
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.
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
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
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
recently been
raising the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Funds’
performance.
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
products
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
Year
Ended
07/31/23
Year
Ended
07/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Dynamic
High
Income
Institutional
Shares
sold
..........................................
32,346,905‌
$
260,199,354‌
42,396,490‌
$
398,538,767‌
Shares
issued
in
reinvestment
of
distributions
.....................
5,727,254‌
45,846,456‌
6,769,796‌
64,514,270‌
Shares
redeemed
......................................
(45,226,477‌)
(363,418,911‌)
(40,355,392‌)
(371,633,906‌)
(7,152,318‌)
$
(57,373,101‌)
8,810,894‌
$
91,419,131‌
Notes
to
Financial
Statements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
164
As
of
July
31,
2023,
BlackRock
HoldCo
2,
Inc.,
an
affiliate
of
the
Funds,
owned
22,548
Class
K
Shares
of
Dynamic
High
Income.
12.
Foreign
Withholdings
Tax
Claims
The
Internal
Revenue
Service
(“IRS”)
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which
Multi-Asset
Income
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
the
Fund
will
be
able
to
offset
the
prior
years'
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
13.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Year
Ended
07/31/23
Year
Ended
07/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
4,632,856‌
$
37,169,057‌
3,831,269‌
$
36,485,419‌
Shares
issued
in
reinvestment
of
distributions
.....................
874,133‌
7,004,369‌
1,066,225‌
10,186,984‌
Shares
redeemed
......................................
(5,807,876‌)
(46,630,803‌)
(5,937,578‌)
(55,225,121‌)
(300,887‌)
$
(2,457,377‌)
(1,040,084‌)
$
(8,552,718‌)
Investor
C
Shares
sold
..........................................
295,625‌
$
2,352,129‌
712,076‌
$
6,989,387‌
Shares
issued
in
reinvestment
of
distributions
.....................
194,141‌
1,551,885‌
260,335‌
2,488,195‌
Shares
redeemed
and
automatic
conversion
of
shares
................
(1,222,508‌)
(9,795,650‌)
(1,303,608‌)
(12,132,017‌)
(732,742‌)
$
(5,891,636‌)
(331,197‌)
$
(2,654,435‌)
Class
K
Shares
sold
..........................................
1,832,564‌
$
14,793,866‌
2,623,820‌
$
25,248,655‌
Shares
issued
in
reinvestment
of
distributions
.....................
1,549,371‌
12,406,510‌
1,879,992‌
17,923,710‌
Shares
redeemed
......................................
(5,782,161‌)
(46,375,144‌)
(4,670,862‌)
(43,759,462‌)
(2,400,226‌)
$
(19,174,768‌)
(167,050‌)
$
(587,097‌)
(10,586,173‌)
$
(84,896,882‌)
7,272,563‌
$
79,624,881‌
Multi-Asset
Income
Institutional
Shares
sold
..........................................
142,795,998‌
$
1,385,885,232‌
184,386,912‌
$
2,011,974,898‌
Shares
issued
in
reinvestment
of
distributions
.....................
38,787,272‌
374,683,322‌
44,512,743‌
485,392,730‌
Shares
redeemed
......................................
(338,517,261‌)
(3,270,617,502‌)
(276,090,579‌)
(2,966,159,500‌)
(156,933,991‌)
$
(1,510,048,948‌)
(47,190,924‌)
$
(468,791,872‌)
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
56,685,011‌
$
549,117,775‌
94,460,985‌
$
1,036,572,115‌
Shares
issued
in
reinvestment
of
distributions
.....................
22,995,367‌
221,912,948‌
24,205,529‌
263,402,870‌
Shares
redeemed
......................................
(137,812,224‌)
(1,332,209,327‌)
(108,458,282‌)
(1,166,421,952‌)
(58,131,846‌)
$
(561,178,604‌)
10,208,232‌
$
133,553,033‌
Investor
C
Shares
sold
..........................................
3,007,887‌
$
29,070,713‌
7,966,796‌
$
88,232,008‌
Shares
issued
in
reinvestment
of
distributions
.....................
3,839,485‌
36,981,660‌
5,220,251‌
56,988,246‌
Shares
redeemed
and
automatic
conversion
of
shares
................
(39,836,953‌)
(384,805,017‌)
(42,417,048‌)
(457,900,429‌)
(32,989,581‌)
$
(318,752,644‌)
(29,230,001‌)
$
(312,680,175‌)
Class
K
Shares
sold
..........................................
15,891,255‌
$
153,320,514‌
26,749,257‌
$
294,557,574‌
Shares
issued
in
reinvestment
of
distributions
.....................
5,158,042‌
49,793,424‌
5,615,627‌
61,056,440‌
Shares
redeemed
......................................
(52,439,011‌)
(508,883,459‌)
(26,117,344‌)
(280,245,468‌)
(31,389,714‌)
$
(305,769,521‌)
6,247,540‌
$
75,368,546‌
(279,445,132‌)
$
(2,695,749,717‌)
(59,965,153‌)
$
(572,550,468‌)
Report
of
Independent
Registered
Public
Accounting
Firm
165
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
BlackRock
Funds
II
and
Shareholders
of
each
of
the
two
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
funds
constituting
BlackRock
Funds
II,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
July
31,
2023,
the
related
statements
of
operations
for
the
year
ended
July
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
July
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2023
by
correspondence
with
the
custodian,
transfer
agent,
agent
banks
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
26,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
BlackRock
Dynamic
High
Income
Portfolio
BlackRock
Multi-Asset
Income
Portfolio
Important
Tax
Information
(unaudited)
2023
BlackRock
Annual
Report
to
Shareholders
166
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2023:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
July
31,
2023:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
following
percentages,
or
maximum
percentage
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
July
31,
2023:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
July
31,
2023:
Fund
Name
Qualified
Dividend
Income
Dynamic
High
Income
................................................................................................
$
9,356,282‌
Multi-Asset
Income
.................................................................................................
133,267,900‌
Fund
Name
Federal
Obligation
Interest
Dynamic
High
Income
................................................................................................
$
643,923‌
Multi-Asset
Income
.................................................................................................
3,640,769‌
Fund
Name
Dividends-Received
Deduction
Dynamic
High
Income
..................................................................................................
5.61‌
%
Multi-Asset
Income
...................................................................................................
6.39‌
Fund
Name
Interest
Dividends
Dynamic
High
Income
................................................................................................
$
38,016,360‌
Multi-Asset
Income
.................................................................................................
439,563,194‌
Fund
Name
Interest-Related
Dividends
Dynamic
High
Income
................................................................................................
$
30,120,663‌
Multi-Asset
Income
.................................................................................................
268,330,050‌
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
167
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
II
(the
“Trust”)
met
on
April
18,
2023
(the
“April
Meeting”)
and
May
23-24,
2023
(the
“May
Meeting”)
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
“Advisory
Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
Dynamic
High
Income
Portfolio
(“Dynamic
High
Income
Portfolio”)
and
BlackRock
Multi-Asset
Income
Portfolio
(the
“Multi-Asset
Income
Portfolio”)
(each,
a
“Fund,”
and
collectively,
the
“Funds”),
and
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
advisor.
The
Board
also
considered
the
approval
of
the
sub-advisory
agreements
between
the
Manager
and
(a)
BlackRock
(Singapore)
Limited
(“BSL”)
with
respect
to
Dynamic
High
Income
Portfolio
(the
“BSL
Dynamic
High
Income
Sub-Advisory
Agreement”);
(b)
BlackRock
Asset
Management
North
Asia
Limited
(“BNA”)
with
respect
to
Dynamic
High
Income
Portfolio
(the
“BNA
Dynamic
High
Income
Sub-Advisory
Agreement”);
(c)
BlackRock
International
Limited
(“BIL”
and
together
with
BNA
and
BSL,
the
“Sub-Advisors”)
with
respect
to
Dynamic
High
Income
Portfolio
(the
“BIL
Dynamic
High
Income
Sub-Advisory
Agreement”);
(d)
BSL
with
respect
to
Multi-Asset
Income
Portfolio
(the
“BSL
Multi-Asset
Income
Sub-Advisory
Agreement”
and
together
with
the
BSL
Dynamic
High
Income
Sub-Advisory
Agreement,
the
“BSL
Sub-Advisory
Agreements”);
(e)
BNA
with
respect
to
Multi-Asset
Income
Portfolio
(the
“BNA
Multi-Asset
Income
Sub-Advisory
Agreement”
and
together
with
the
BNA
Dynamic
High
Income
Sub-Advisory
Agreement,
the
“BNA
Sub-Advisory
Agreements”);
and
(f)
BIL
with
respect
to
Multi-Asset
Income
Portfolio
(the
“BIL
Multi-Asset
Income
Sub-Advisory
Agreement”
and
together
with
the
BIL
Dynamic
High
Income
Sub-Advisory
Agreement,
the
“BIL
Sub-Advisory
Agreements”).
The
BNA
Sub-Advisory
Agreements,
the
BSL
Sub-Advisory
Agreements
and
the
BIL
Sub-Advisory
Agreements
are
collectively
referred
to
herein
as
the
“Sub-Advisory
Agreements.”
The
Manager
and
the
Sub-Advisors
are
referred
to
herein
as
“BlackRock.”
The
Advisory
Agreement
and
the
Sub-Advisory
Agreements
are
referred
to
herein
as
the
“Agreements.”
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
each
Fund
on
an
annual
basis.
The
Board
members
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
The
Board’s
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock’s
various
services
to
each
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
of
which
extended
over
a
two-day
period,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
an
applicable
benchmark,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Fund’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
each
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
each
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Funds;
(g)
a
summary
of
aggregate
amounts
paid
by
each
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
each
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Funds’
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a) the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b) the
investment
performance
of
each
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c) the
advisory
fee
and
the
estimated
cost
of
the
services
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
168
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Funds;
(d) each
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e) the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Funds;
and
(g) other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board’s
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services
and
the
resulting
performance
of
each
Fund.
Throughout
the
year,
the
Board
compared
each
Fund’s
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
each
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
investment
personnel
generally
and
each
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
each
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
each
Fund.
BlackRock
and
its
affiliates
provide
the
Funds
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Funds
by
third-parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Funds.
In
particular,
BlackRock
and
its
affiliates
provide
the
Funds
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
each
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Funds,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
each
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisors
with
respect
to
the
Funds
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Funds
and
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2022,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
the
respective
Morningstar
Category
(“Morningstar
Category”).
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
each
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-,
three-
and
five-year
periods
reported,
Multi-Asset
Income
Portfolio
ranked
in
the
first,
third
and
third
quartiles,
respectively,
against
its
Morningstar
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Category
during
the
applicable
periods.
The
Board
also
reviewed
and
considered
the
Fund’s
performance
relative
to
certain
volatility
metrics. The
Board
noted
that
BlackRock
believes
that
performance
relative
to
the
volatility
metrics
are
also
appropriate
performance
metrics
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
noted
that
for
each
of
the
one-,
three-
and
five-year
periods
reported,
Dynamic
High
Income
Portfolio
ranked
in
fourth
quartile
against
its
Morningstar
Category.
The
Board
noted
that
BlackRock
believes
that
the
Morningstar
Category
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
169
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund’s
underperformance
relative
to
its
Morningstar
Category
during
the
applicable
periods.
The
Board
was
informed
that,
among
other
things,
the
Fund’s
performance
was
challenged
in
part
due
to
the
Fund’s
intentional
global
diversification
relative
to
the
U.S.
centric
positioning
of
key
peers.
U.S.
equities
heavily
outperformed
virtually
all
other
equities
over
the
one-,
three-
and
five-year
periods.
The
Board
and
BlackRock
discussed
BlackRock’s
strategy
for
improving
the
Fund’s
investment
performance.
Discussions
covered
topics
such
as
performance
attribution,
the
Fund’s
investment
personnel,
and
the
resources
appropriate
to
support
the
Fund’s
investment
processes.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Funds
The
Board,
including
the
Independent
Board
Members,
reviewed
each
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
each
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
each
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
each
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2022
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Funds,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
Dynamic
High
Income
Portfolio’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
second
and
first
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
noted
that
Multi-Asset
Income
Portfolio’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
ranked
in
the
third
and
second
quartiles,
respectively,
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
each
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
pertinent
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
further
noted
that
BlackRock
and
each
Board
have
contractually
agreed
to
a
cap
on
the
pertinent
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Funds
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Funds
benefit
from
such
economies
of
scale
in
a
variety
of
ways
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Funds
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
each
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Funds,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Funds,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreements
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
170
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
pertinent
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
(i)
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
each
Fund,
(ii)
the
BNA
Sub-Advisory
Agreements
between
the
Manager
and
BNA
with
respect
to
the
pertinent
Fund,
(iii)
the
BSL
Sub-Advisory
Agreements
between
the
Manager
and
BSL
with
respect
to
the
pertinent
Fund,
and
(iv)
the
BIL
Sub-Advisory
Agreements
between
the
Manager
and
BIL
with
respect
to
the
pertinent
Fund,
each
for
a
one-year
term
ending
June
30,
2024.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and,
in
the
best
interest
of
each
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
Trustee
and
Officer
Information
171
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Mark
Stalnecker
1951
Chair
of
the
Board
and
Trustee
(Since
2019)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
28
RICs
consisting
of
169
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2019)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
from
2018
to
2022;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021;
Member
of
the
President's
Counsel,
Commonfund
since
2023.
28
RICs
consisting
of
169
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2019)
Chief
Investment
Officer,
Williams
College
from
2006
to
2023;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
28
RICs
consisting
of
169
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2019)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
28
RICs
consisting
of
169
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2016)
Director,
Pioneer
Legal
Institute
since
2023;
Director,
Charles
Stark
Draper
Laboratory,
Inc.
from
2013
to
2021;
Senior
Lecturer,
Harvard
Business
School
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
28
RICs
consisting
of
169
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2016)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
from
2010
to
2022.
28
RICs
consisting
of
169
Portfolios
GrafTech
International
Ltd.
(materials
manufacturing);
Sealed
Air
Corp.
(packaging);
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Hertz
Global
Holdings
(car
rental)
from
2015
to
2021.
Cynthia
A.
Montgomery
1952
Trustee
(Since
2019)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
169
Portfolios
None
Trustee
and
Officer
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
172
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2015)
Chair
of
the
Board
of
Phoenix
Art
Museum
since
2022
and
Trustee
thereof
since
2018;
Chair
of
the
Investment
Committee
of
The
Arizona
Community
Foundation
since
2022
and
Trustee
thereof
since
2020;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
since
2017;
Member,
Investment
Funds
Committee,
State
of
Wyoming
since
2017;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014.
28
RICs
consisting
of
169
Portfolios
None
Kenneth
L.
Urish
1951
Trustee
(Since
2019)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
2001,
Emeritus
since
2022;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-
Tel
from
2006
to
2007;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
28
RICs
consisting
of
169
Portfolios
None
Claire
A.
Walton
1957
Trustee
(Since
2019)
Advisory
Board
Member,
Grossman
School
of
Business
at
the
University
of
Vermont
since
2023;
Advisory
Board
Member,
Scientific
Financial
Systems
since
2022;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
since
2003;
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015;
Director,
Woodstock
Ski
Runners
from
2013
to
2022.
28
RICs
consisting
of
169
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
173
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Each
Independent
Trustee
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Trustees
who
are
“interested
persons,”
as
defined
in
the
1940
Act,
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
("MLIM")
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
In
addition,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustee
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Susan
J.
Carter,
2016;
Collette
Chilton,
2015;
Neil
A.
Cotty,
2016;
Cynthia
A.
Montgomery,
1994;
Mark
Stalnecker,
2015;
Kenneth
L.
Urish,
1999;
Claire
A.
Walton,
2016.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Robert
Fairbairn
1965
Trustee
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
98
RICs
consisting
of
273
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
100
RICs
consisting
of
275
Portfolios
None
Trustee
and
Officer
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
174
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
5
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Aaron
Wasserman
1974
Chief
Compliance
Officer
(Since
2023)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Chief
Compliance
Officer
of
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
since
2023;
Deputy
Chief
Compliance
Officer
for
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-
Income
Complex
and
the
iShares
Complex
from
2014
to
2023.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
December
31,
2022,
Joseph
P.
Platt
retired
as
a
Trustee
of
the
Trust.
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer
of
the
Trust.
Additional
Information
175
Additional
Information
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
Fund.
General
Information 
Quarterly
performance,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Householding
The
Funds
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Funds at
(800)
441-7762.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures
and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Funds
voted
proxies
relating
to
securities
held
in
the
Funds'
portfolios
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
441-
7762
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
2023
BlackRock
Annual
Report
to
Shareholders
176
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
BlackRock
(Singapore)
Limited
079912
Singapore
BlackRock
Asset
Management
North
Asia
Limited
Hong
Kong
BlackRock
International
Limited
Edinburgh,
EH3
8JB
United
Kingdom
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
Philadelphia,
PA
19103
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Glossary
of
Terms
Used
in
this
Report
177
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
AED
United
Arab
Emirates
Dirham
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
NZD
New
Zealand
Dollar
SGD
Singapore
Dollar
USD
United
States
Dollar
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Securities
MSCI
Morgan
Stanley
Capital
International
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SCA
Svenska
Cellulosa
Aktiebolaget
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.
DHIMAIP-7/23-AR
Item 2 – Code of Ethics --
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
 
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
 
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Pricewaterhouse Coopers (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees3
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Dynamic High Income Portfolio
$57,065
$54,300
$0
$0
$0
$0
$0
$0
BlackRock Multi-Asset Income Portfolio
$79,487
$75,700
$0
$0
$0
$0
$172
$0
 
The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC ( the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$0
$0
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

 (e)(1) Audit Committee Pre-Approval Policies and Procedures:
 
         
The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.


(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Dynamic High Income Portfolio
$0
$0
BlackRock Multi-Asset Income Portfolio
$172
$0
             
.
                                            
             
(
h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
               (i) – Not Applicable
               (j) – Not Applicable
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Section 302 Certifications are attached
           
  <<section 302>>
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds II  
 
By:     __/s/ John M. Perlowski_______________
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds II  
 
Date: September 26, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     __/s/ John M. Perlowski________________
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds II  
 
Date: September 26, 2023
 
By:     __/s/ Trent Walker____________________
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds II  
 
Date: September 26, 2023