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: 07/31/2026

Date of reporting period: 01/31/2026

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Dynamic High Income Portfolio

Institutional Shares | BDHIX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$34	0.65%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,450,315,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3,249
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	66%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
JPMorgan Structured Products BV (NVIDIA Corp.), 23.66%, 03/24/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Royal Bank of Canada (NVIDIA Corp.), 20.54%, 02/13/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Citigroup, Inc. (NVIDIA Corp.), 19.51%, 03/06/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Societe Generale SA (Apple, Inc.), 12.01%, 03/17/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Barclays Bank plc (Apple, Inc.), 15.15%, 03/03/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Morgan Stanley & Co. LLC (Apple, Inc.), 13.42%, 02/10/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.1%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.3
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Institutional Shares | BDHIX

Semi-Annual Shareholder Report — January 31, 2026

BDHIX-01/26-SAR

BlackRock Dynamic High Income Portfolio

Investor A Shares | BDHAX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$47	0.90%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,450,315,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3,249
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	66%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
JPMorgan Structured Products BV (NVIDIA Corp.), 23.66%, 03/24/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Royal Bank of Canada (NVIDIA Corp.), 20.54%, 02/13/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Citigroup, Inc. (NVIDIA Corp.), 19.51%, 03/06/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Societe Generale SA (Apple, Inc.), 12.01%, 03/17/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Barclays Bank plc (Apple, Inc.), 15.15%, 03/03/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Morgan Stanley & Co. LLC (Apple, Inc.), 13.42%, 02/10/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.1%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.3
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Investor A Shares | BDHAX

Semi-Annual Shareholder Report — January 31, 2026

BDHAX-01/26-SAR

BlackRock Dynamic High Income Portfolio

Investor C Shares | BDHCX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$86	1.65%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,450,315,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3,249
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	66%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
JPMorgan Structured Products BV (NVIDIA Corp.), 23.66%, 03/24/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Royal Bank of Canada (NVIDIA Corp.), 20.54%, 02/13/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Citigroup, Inc. (NVIDIA Corp.), 19.51%, 03/06/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Societe Generale SA (Apple, Inc.), 12.01%, 03/17/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Barclays Bank plc (Apple, Inc.), 15.15%, 03/03/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Morgan Stanley & Co. LLC (Apple, Inc.), 13.42%, 02/10/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.1%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.3
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Investor C Shares | BDHCX

Semi-Annual Shareholder Report — January 31, 2026

BDHCX-01/26-SAR

BlackRock Dynamic High Income Portfolio

Class K Shares | BDHKX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$32	0.60%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,450,315,646
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3,249
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	66%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Broad USD High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1%
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
JPMorgan Structured Products BV (NVIDIA Corp.), 23.66%, 03/24/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Royal Bank of Canada (NVIDIA Corp.), 20.54%, 02/13/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Citigroup, Inc. (NVIDIA Corp.), 19.51%, 03/06/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Societe Generale SA (Apple, Inc.), 12.01%, 03/17/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Barclays Bank plc (Apple, Inc.), 15.15%, 03/03/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Morgan Stanley & Co. LLC (Apple, Inc.), 13.42%, 02/10/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	31.1%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.3
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.7
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Class K Shares | BDHKX

Semi-Annual Shareholder Report — January 31, 2026

BDHKX-01/26-SAR

BlackRock Multi-Asset Income Portfolio

Institutional Shares | BIICX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$29	0.55%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,658,464,471
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,797
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Beignet Investor LLC, 6.58%, 05/30/49........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Samsung Electronics Co. Ltd., GDR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.8%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Institutional Shares | BIICX

Semi-Annual Shareholder Report — January 31, 2026

BIICX-01/26-SAR

BlackRock Multi-Asset Income Portfolio

Investor A Shares | BAICX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$42	0.80%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,658,464,471
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,797
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Beignet Investor LLC, 6.58%, 05/30/49........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Samsung Electronics Co. Ltd., GDR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.8%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Investor A Shares | BAICX

Semi-Annual Shareholder Report — January 31, 2026

BAICX-01/26-SAR

BlackRock Multi-Asset Income Portfolio

Investor C Shares | BCICX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$81	1.55%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,658,464,471
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,797
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Beignet Investor LLC, 6.58%, 05/30/49........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Samsung Electronics Co. Ltd., GDR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.8%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Investor C Shares | BCICX

Semi-Annual Shareholder Report — January 31, 2026

BCICX-01/26-SAR

BlackRock Multi-Asset Income Portfolio

Class K Shares | BKMIX

Semi-Annual Shareholder Report — January 31, 2026

This semi-annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2025 to January 31, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$26	0.50%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,658,464,471
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,797
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	54%

What did the Fund invest in?

(as of January 31, 2026) 

Ten largest holdings

Portfolio composition

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core MSCI Emerging Markets ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Beignet Investor LLC, 6.58%, 05/30/49........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Samsung Electronics Co. Ltd., GDR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Barclays Bank plc (NVIDIA Corp.), 20.36%, 02/04/26........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Table Summary

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.8%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.7
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.5
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Class K Shares | BKMIX

Semi-Annual Shareholder Report — January 31, 2026

BKMIX-01/26-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

January

31,

2026

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

BlackRock

Funds

II

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Table

of

Contents

Page

2

Derivative

Financial

Instruments

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

3

Schedules

of

Investments

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

4

Statements

of

Assets

and

Liabilities

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

147

Statements

of

Operations

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

151

Statements

of

Changes

in

Net

Assets

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

152

Financial

Highlights

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

153

Notes

to

Financial

Statements

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

161

Additional

Information

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

177

Glossary

of

Terms

Used

in

these

Financial

Statements

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

179

Derivative

Financial

Instruments

3

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.

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

1988

CLO

2

Ltd.,

Series

2023-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

04/15/38

(a)(b)

...........

USD

2,000

$

2,006,254

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

5.81%,

02/15/37

(a)(c)

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

EUR

100

120,636

ACREC

LLC,

Series

2026-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.25%,

01/18/43

(a)(b)

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

USD

1,000

1,002,302

ACRES

Commercial

Realty

Issuer

LLC,

Series

2026-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

0.00%,

08/18/44

(a)(b)

1,000

1,000,415

AGL

CLO

11

Ltd.,

Series

2021-11A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

10/15/38

(a)(b)

...........

500

502,821

AGL

CLO

20

Ltd.,

Series

2022-20A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/20/37

(a)(b)

...........

1,500

1,507,277

AGL

CLO

33

Ltd.,

Series

2024-33A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/21/37

(a)(b)

...........

2,000

2,009,010

Anchorage

Capital

CLO

32

Ltd.,

Series

2025-

32A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

07/15/37

(a)(b)

.

2,000

2,005,314

Arcano

Euro

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.37%,

07/25/39

(a)(c)

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

EUR

100

119,822

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

12/17/29

(a)(b)

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

USD

1,150

1,148,399

Ares

XLIII

CLO

Ltd.,

Series

2017-43A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/15/38

(a)(b)

......

2,000

2,009,435

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

0.00%,

04/15/30

(a)(b)(d)(e)

...........

500

4,865

Ares

XXXIX

CLO

Ltd.,

Series

2016-39A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/18/37

(a)(b)

..........

2,000

2,006,865

Arini

European

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.82%,

01/15/39

(a)(c)

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

EUR

100

119,966

Aurium

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.28%,

10/15/38

(a)(c)

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

100

119,847

Aurium

CLO

XIII

DAC,

Series

13X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.82%,

04/15/38

(a)(c)

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

100

119,266

Avoca

CLO

XVIII

DAC,

Series

18X,

Class

DR,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

5.07%,

01/15/38

(a)(c)

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

100

120,215

Ballyrock

CLO

14

Ltd.,

Series

2020-14A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

07/20/37

(a)(b)

..........

USD

1,000

1,006,601

Ballyrock

CLO

Ltd.,

Series

2020-2A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

5.48%,

10/20/31

(a)

(b)

...........

1,600

1,601,460

Benefit

Street

Partners

CLO

V-B

Ltd.,

Series

2018-5BA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

07/20/37

(a)(b)

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

2,000

2,006,297

Benefit

Street

Partners

CLO

XII-B

Ltd.,

Series

2017-12BRA,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/15/37

(a)(b)

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

1,650

1,661,264

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Benefit

Street

Partners

CLO

XXIX

Ltd.,

Series

2022-29A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/25/38

(a)(b)

USD

2,000

$

2,004,400

Birch

Grove

CLO

3

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/19/38

(a)(b)

..........

1,000

1,003,203

BlueMountain

CLO

XXV

Ltd.,

Series

2019-25A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/15/38

(a)(b)

.

2,000

2,008,493

Carlyle

US

CLO

Ltd.,

Series

2019-2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/15/37

(a)(b)

..........

2,000

2,009,442

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/16/31

(a)(b)

...........

1,600

1,604,000

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

07/20/37

(a)(b)(d)(e)

.......

1,000

215,810

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

DR,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.02%,

10/15/39

(a)(c)

...........

EUR

100

120,061

CIFC

Funding

2024-I

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

04/18/37

(a)(b)

...........

USD

1,500

1,502,890

CIFC

Funding

Ltd.

(a)(b)

Series

2014-2RA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/24/37

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

2,000

2,009,684

Series

2018-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/18/38

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

1,347

1,352,657

Series

2019-5A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

10/15/38

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

2,400

2,411,897

Series

2021-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/34

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

1,750

1,751,253

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/15/38

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

1,000

1,003,944

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

D1RR,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.45%),

7.12%,

04/20/37

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

500

502,833

Series

2020-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

07/15/37

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

1,250

1,254,732

Series

2021-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

6.22%,

01/25/35

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

1,000

1,002,105

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.12%,

10/15/37

(a)(c)

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

EUR

100

118,516

Contego

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

at

3.45%

Floor

+

3.45%),

5.48%,

01/23/38

(a)(c)

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

120

142,285

Diameter

Capital

CLO

10

Ltd.,

Series

2025-10A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.25%),

6.92%,

04/20/38

(a)(b)

......

USD

1,000

1,011,835

Diameter

Capital

CLO

3

Ltd.

(a)(b)

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

01/15/38

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

2,500

2,510,344

Series

2022-3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/15/38

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

2,500

2,518,043

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Eaton

Vance

CLO

Ltd.,

Series

2019-1A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.35%),

7.02%,

07/15/37

(a)(b)

......

USD

1,000

$

1,005,631

Elm

Park

CLO

DAC,

Series

1X,

Class

DR3,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.32%,

01/15/38

(a)(c)

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

EUR

100

120,044

Elmwood

CLO

37

Ltd.,

Series

2024-13A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

6.27%,

01/17/38

(a)(b)

...........

USD

2,000

2,010,863

Fidelity

Grand

Harbour

CLO

DAC,

Series

2021-

1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

5.62%,

10/15/34

(a)(c)

..........

EUR

250

300,467

FS

Rialto

Issuer

LLC

(a)(b)

Series

2025-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/19/42

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

USD

1,150

1,152,075

Series

2026-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.15%,

01/19/44

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

704

704,291

Golub

Capital

Partners

CLO

43B

Ltd.,

Series

2019-43A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

10/20/37

(a)(b)

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

3,000

3,012,888

Golub

Capital

Partners

CLO

62B

Ltd.,

Series

2022-62A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/15/37

(a)(b)

2,400

2,408,922

GSAA

Home

Equity

Trust,

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.15%,

03/25/36

(a)

...........

51

14,340

Hambridge

Euro

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.34%,

10/20/38

(a)(c)

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

EUR

100

120,251

Henley

CLO

XI

DAC,

Series

11X,

Class

D,

(3-mo.

EURIBOR

at

2.60%

Floor

+

2.60%),

4.63%,

04/25/39

(a)(c)

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

130

154,894

Invesco

US

CLO

Ltd.,

Series

2023-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

07/15/38

(a)(b)

...........

USD

1,000

1,004,971

Kennedy

Lewis

CLO

16

Ltd.,

Series

2024-16A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

07/20/37

(a)(b)

......

1,750

1,755,558

Kennedy

Lewis

CLO

17

Ltd.,

Series

2024-17A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/22/37

(a)(b)

......

2,000

2,007,500

Kennedy

Lewis

CLO

7

Ltd.,

Series

7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

04/22/37

(a)(b)

..........

1,000

1,002,624

Madison

Park

Funding

LXXI

Ltd.,

Series

2025-

71A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

4.81%,

04/23/38

(a)(b)

.

2,000

2,003,700

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

C1R3,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

7.05%,

08/15/37

(a)(b)

......

2,500

2,515,068

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

+

0.67%),

4.35%,

05/25/37

(a)

.

650

562,406

MF1

LLC,

Series

2026-FL21,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

02/18/41

(a)(b)

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

1,000

1,000,000

New

Mountain

CLO

3

Ltd.,

Series

CLO-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

10/20/38

(a)(b)

..........

1,500

1,506,519

New

Mountain

CLO

7

Ltd.,

Series

CLO-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

03/31/38

(a)(b)

...........

1,500

1,504,761

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Oak

Hill

Credit

Partners

X-R

Ltd.,

Series

2014-

10RA,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

6.17%,

04/20/38

(a)(b)

USD

2,000

$

1,979,926

OCP

CLO

Ltd.

(a)(b)

Series

2017-13A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

11/26/37

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

1,000

1,004,502

Series

2020-18A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

07/20/37

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

1,000

1,003,700

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

5.78%,

07/17/30

(a)(b)

250

250,579

OHA

Credit

Funding

13

Ltd.,

Series

2022-13A,

Class

D2R,

(3-mo.

CME

Term

SOFR

at

4.10%

Floor

+

4.10%),

7.77%,

07/20/37

(a)(b)

......

1,000

1,009,057

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

D1R4,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

6.39%,

02/20/38

(a)(b)

.

1,000

1,005,478

OHA

Loan

Funding

Ltd.,

Series

2013-1A,

Class

D1R3,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.30%),

6.97%,

04/23/37

(a)(b)

......

1,700

1,711,392

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2021-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

10/15/38

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

1,750

1,758,607

Series

2021-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

07/15/38

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

3,000

3,016,014

Series

2021-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/15/38

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

1,400

1,411,843

Series

2021-4A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.85%),

6.52%,

07/15/38

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

3,000

3,020,312

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/20/37

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

2,000

2,008,936

PFP

Ltd.,

Series

2026-13,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.25%,

08/18/43

(a)(b)

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

1,000

1,001,245

Pikes

Peak

CLO

5,

Series

2020-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/20/37

(a)(b)

...........

1,100

1,104,103

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/17/37

(a)(b)

...........

3,000

3,012,127

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)(b)

......

2,000

2,008,410

Rockford

Tower

CLO

Ltd.,

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

6.13%,

10/20/31

(a)(b)

...........

300

300,827

Rockford

Tower

Europe

CLO

DAC

(a)(c)

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.03%,

10/25/37

.

EUR

100

118,985

Series

2025-3X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.18%,

01/15/40

.

150

179,694

RR

7

Ltd.,

Series

2019-7A,

Class

A2B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

01/15/37

(a)(b)

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

USD

1,200

1,202,520

Sandstone

Peak

IV

Ltd.,

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.95%,

01/20/39

(a)(b)

...........

1,000

1,004,000

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Signal

Harmonic

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

5.52%,

07/15/38

(a)(c)

...........

EUR

100

$

120,037

Silver

Point

CLO

1

Ltd.,

Series

2022-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/20/38

(a)(b)

...........

USD

1,500

1,511,131

Silver

Point

CLO

7

Ltd.,

Series

2024-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

01/15/38

(a)(b)

...........

1,700

1,706,679

Silver

Point

CLO

8

Ltd.,

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.88%,

04/15/38

(a)(b)

...........

1,000

1,003,243

Silver

Point

Euro

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.10%,

01/15/39

(a)(c)

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

EUR

100

119,654

Sixth

Street

CLO

IX

Ltd.,

Series

2017-9A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/21/37

(a)(b)

...........

USD

2,000

2,007,562

Sixth

Street

CLO

XV

Ltd.,

Series

2020-15A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/24/37

(a)(b)

......

1,000

1,004,726

Sixth

Street

CLO

XX

Ltd.,

Series

2021-20A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/17/38

(a)(b)

......

750

752,980

Sona

Fios

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.33%,

08/25/38

(a)(c)

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

EUR

100

119,984

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2023-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

4.50%

Floor

+

4.50%),

8.17%,

01/20/37

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

USD

2,000

2,010,202

Series

2023-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

6.27%,

04/20/37

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

1,000

1,005,351

Series

2025-6A,

Class

D1A,

(3-mo.

CME

Term

SOFR

at

2.70%

Floor

+

2.70%),

6.37%,

04/20/38

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

2,000

2,011,161

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.08%,

04/15/33

(a)(b)

...........

500

501,365

TICP

CLO

XI

Ltd.,

Series

2018-11A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

7.37%,

04/25/37

(a)(b)

...........

300

301,429

Trimaran

CAVU

Ltd.

(a)(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/23/37

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

2,000

2,006,716

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

07/23/37

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

1,000

1,005,069

Series

2021-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.40%

Floor

+

3.40%),

7.07%,

07/23/37

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

1,000

1,006,199

Series

2022-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

03/27/38

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

2,000

2,005,991

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

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

GBP

170

242,931

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.16%),

6.83%,

04/20/31

(a)(b)

...........

USD

500

502,635

Victory

Street

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.20%,

01/15/39

(a)(c)

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

EUR

250

300,098

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Wellington

Management

CLO

3

Ltd.,

Series

2024-3A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

6.67%,

07/18/37

(a)(b)

USD

1,000

$

1,006,870

Total

Asset-Backed

Securities

—

8.8%

(Cost:

$127,693,088)

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

127,488,801

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.8%

Airbus

SE

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

2,000

457,900

Axon

Enterprise,

Inc.

(e)

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

89

43,039

BAE

Systems

plc

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

30,147

818,399

Boeing

Co.

(The)

(e)

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

1,232

287,943

BWX

Technologies,

Inc.

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

565

116,068

Curtiss-Wright

Corp.

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

312

204,887

Dassault

Aviation

SA

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

733

278,668

Elbit

Systems

Ltd.

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

188

132,972

GE

Aerospace

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

1,040

319,062

General

Dynamics

Corp.

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

352

123,584

Hanwha

Aerospace

Co.

Ltd.

(e)

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

180

162,033

Hanwha

Systems

Co.

Ltd.

(e)

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

1,453

95,090

HEICO

Corp.

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

551

182,331

Hensoldt

AG

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

1,749

173,750

Hexcel

Corp.

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

827

68,484

Howmet

Aerospace,

Inc.

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

780

162,302

Huntington

Ingalls

Industries,

Inc.

..........

452

190,070

Kongsberg

Gruppen

ASA

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

10,408

357,526

Korea

Aerospace

Industries

Ltd.

...........

686

79,953

Kratos

Defense

&

Security

Solutions,

Inc.

(e)

...

1,964

202,312

L3Harris

Technologies,

Inc.

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

1,397

478,961

Leonardo

DRS,

Inc.

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

3,681

151,142

Leonardo

SpA

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

6,065

405,304

Lockheed

Martin

Corp.

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

1,249

792,141

Melrose

Industries

plc

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

2,482

21,340

Moog,

Inc.

,

Class

A

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

239

72,979

MTU

Aero

Engines

AG

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

142

63,130

Northrop

Grumman

Corp.

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

754

521,964

Rheinmetall

AG

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

375

794,568

Rolls-Royce

Holdings

plc

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

42,690

713,648

RTX

Corp.

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

3,849

773,380

Saab

AB

,

Class

B

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

5,352

417,578

Safran

SA

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

2,461

879,294

Singapore

Technologies

Engineering

Ltd.

.....

30,800

236,778

Textron,

Inc.

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

2,527

222,528

Thales

SA

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

1,921

588,068

TransDigm

Group,

Inc.

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

197

281,225

Woodward,

Inc.

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

297

94,398

11,964,799

Air

Freight

&

Logistics

—

0.0%

Deutsche

Post

AG

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

3,464

193,736

DSV

A/S

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

98

27,556

FedEx

Corp.

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

743

239,432

460,724

Automobile

Components

—

0.1%

Aptiv

plc

(e)

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

1,900

143,925

Bridgestone

Corp.

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

27,100

610,136

Cie

Generale

des

Etablissements

Michelin

SCA

15,453

573,857

Continental

AG

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

1,381

108,670

Denso

Corp.

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

10,800

149,848

Magna

International,

Inc.

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

6,296

321,863

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Automobile

Components

(continued)

Sumitomo

Electric

Industries

Ltd.

..........

1,800

$

78,803

1,987,102

Automobiles

—

0.3%

Ferrari

NV

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

8

2,668

Honda

Motor

Co.

Ltd.

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

4,500

45,259

Mercedes-Benz

Group

AG

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

2,477

169,289

Stellantis

NV

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

3,219

31,586

Subaru

Corp.

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

14,300

306,995

Suzuki

Motor

Corp.

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

16,200

220,888

Toyota

Motor

Corp.

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

129,400

2,932,917

Yamaha

Motor

Co.

Ltd.

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

21,700

163,872

3,873,474

Banks

—

1.9%

AIB

Group

plc

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

47,544

531,454

Banca

Monte

dei

Paschi

di

Siena

SpA

.......

6,443

66,838

Banco

Bilbao

Vizcaya

Argentaria

SA

........

16,760

425,430

Banco

Santander

SA

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

59,001

753,329

Bank

Hapoalim

BM

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

4,678

115,647

Bank

Leumi

Le-Israel

BM

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

4,706

113,129

Bank

of

America

Corp.

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

6,371

338,937

Bank

of

Ireland

Group

plc

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

20,960

425,854

Bankinter

SA

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

2,407

41,087

Banque

Cantonale

Vaudoise

(Registered)

....

768

103,934

Barclays

plc

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

113,247

755,818

BAWAG

Group

AG

(b)(c)

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

331

53,846

BNP

Paribas

SA

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

5,009

541,636

BOC

Hong

Kong

Holdings

Ltd.

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

88,500

466,040

BPER

Banca

SpA

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

4,556

64,164

CaixaBank

SA

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

8,066

106,473

Citigroup,

Inc.

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

11,499

1,330,549

Citizens

Financial

Group,

Inc.

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

3,411

214,825

Commerzbank

AG

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

2,959

121,629

Commonwealth

Bank

of

Australia

..........

5,072

525,058

Credit

Agricole

SA

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

12,459

269,817

Danske

Bank

A/S

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

229

11,667

DBS

Group

Holdings

Ltd.

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

54,602

2,538,030

DNB

Bank

ASA

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

28,160

807,442

Erste

Group

Bank

AG

(f)

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

558

72,545

First

Citizens

BancShares,

Inc.

,

Class

A

......

362

749,184

Flagstar

Bank

NA

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

11,141

147,284

HSBC

Holdings

plc

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

142,712

2,517,572

ING

Groep

NV

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

6,580

194,050

Intesa

Sanpaolo

SpA

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

44,982

318,445

Israel

Discount

Bank

Ltd.

,

Class

A

.........

3,862

45,500

Japan

Post

Bank

Co.

Ltd.

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

5,700

101,274

JPMorgan

Chase

&

Co.

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

521

159,369

Lloyds

Banking

Group

plc

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

222,285

331,917

Mitsubishi

UFJ

Financial

Group,

Inc.

........

36,400

659,217

Mizrahi

Tefahot

Bank

Ltd.

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

1,587

124,150

Mizuho

Financial

Group,

Inc.

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

6,300

273,533

National

Australia

Bank

Ltd.

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

6,025

180,988

NatWest

Group

plc

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

207,756

1,893,651

Nordea

Bank

Abp

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

76,127

1,470,805

Oversea-Chinese

Banking

Corp.

Ltd.

.......

88,000

1,468,681

Raiffeisen

Bank

International

AG

..........

130

6,553

Regions

Financial

Corp.

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

1,009

28,756

Resona

Holdings,

Inc.

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

10,700

124,763

Sberbank

of

Russia

PJSC

(e)(g)

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

98,136

13

Societe

Generale

SA

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

3,864

338,600

Standard

Chartered

plc

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

5,942

152,035

Sumitomo

Mitsui

Financial

Group,

Inc.

.......

15,600

548,971

Sumitomo

Mitsui

Trust

Group,

Inc.

.........

10,200

340,668

Svenska

Handelsbanken

AB

,

Class

A

.......

3,399

53,585

Swedbank

AB

,

Class

A

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

1,961

76,244

Security

Shares

Shares

Value

Banks

(continued)

UniCredit

SpA

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

30,444

$

2,653,075

United

Overseas

Bank

Ltd.

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

29,100

877,050

Wells

Fargo

&

Co.

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

5,878

531,900

Westpac

Banking

Corp.

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

3,957

106,321

27,269,332

Beverages

—

0.2%

Anheuser-Busch

InBev

SA/NV

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

810

58,306

Asahi

Group

Holdings

Ltd.

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

1,800

18,844

Brown-Forman

Corp.

,

Class

B

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

703

19,241

Coca-Cola

Co.

(The)

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

13,417

1,003,726

Coca-Cola

HBC

AG

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

5,098

276,871

Diageo

plc

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

746

17,166

Heineken

Holding

NV

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

412

30,623

Heineken

NV

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

202

16,675

Keurig

Dr

Pepper,

Inc.

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

17,259

473,587

PepsiCo,

Inc.

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

5,515

847,269

2,762,308

Biotechnology

—

0.3%

AbbVie,

Inc.

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

3,125

696,906

Amgen,

Inc.

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

1,374

469,743

Argenx

SE

(e)

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

156

131,192

CSL

Ltd.

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

12,927

1,628,929

Genmab

A/S

(e)

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

301

98,061

Gilead

Sciences,

Inc.

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

3,101

440,187

Regeneron

Pharmaceuticals,

Inc.

..........

265

196,484

Swedish

Orphan

Biovitrum

AB

(e)

...........

1,509

57,305

Zealand

Pharma

A/S

(e)

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

91

6,086

3,724,893

Broadline

Retail

—

0.1%

Amazon.com,

Inc.

(e)

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

3,466

829,414

Canadian

Tire

Corp.

Ltd.

,

Class

A

..........

1,175

144,557

eBay,

Inc.

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

265

24,173

Next

plc

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

327

59,370

Pan

Pacific

International

Holdings

Corp.

.....

29,800

176,432

PDD

Holdings,

Inc.

,

ADR

(e)

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

1,926

194,622

Prosus

NV

,

Class

N

(e)

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

4,110

236,330

Ryohin

Keikaku

Co.

Ltd.

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

700

13,962

Wesfarmers

Ltd.

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

3,391

195,615

1,874,475

Building

Products

—

0.2%

A

O

Smith

Corp.

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

122

8,966

AGC,

Inc.

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

300

11,070

Assa

Abloy

AB

,

Class

B

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

7,014

283,604

Carrier

Global

Corp.

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

5,128

305,526

Cie

de

Saint-Gobain

SA

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

11,885

1,173,115

Daikin

Industries

Ltd.

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

1,200

143,796

Fortune

Brands

Innovations,

Inc.

..........

8,380

453,358

Johnson

Controls

International

plc

.........

1,987

236,970

Trane

Technologies

plc

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

681

286,415

2,902,820

Capital

Markets

—

0.4%

3i

Group

plc

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

865

39,737

Bank

of

New

York

Mellon

Corp.

(The)

.......

366

43,891

Carlyle

Group,

Inc.

(The)

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

3,102

182,335

CBOE

Global

Markets,

Inc.

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

412

109,205

Charles

Schwab

Corp.

(The)

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

2,924

303,862

Daiwa

Securities

Group,

Inc.

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

4,300

41,901

Deutsche

Bank

AG

(Registered)

...........

9,155

361,266

Deutsche

Boerse

AG

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

760

192,451

Goldman

Sachs

Group,

Inc.

(The)

.........

141

131,893

Guotai

Junan

International

Holdings

Ltd.

.....

29,000

9,918

IG

Group

Holdings

plc

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

1,545

28,663

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

Intercontinental

Exchange,

Inc.

...........

4,710

$

818,504

Julius

Baer

Group

Ltd.

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

501

41,849

London

Stock

Exchange

Group

plc

.........

1,691

188,618

Macquarie

Group

Ltd.

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

4,262

625,490

Moody's

Corp.

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

526

271,185

Morgan

Stanley

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

1,032

188,650

MSCI,

Inc.

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

302

183,984

Nasdaq,

Inc.

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

1,754

169,945

Nomura

Holdings,

Inc.

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

42,100

381,524

Partners

Group

Holding

AG

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

644

878,123

Raymond

James

Financial,

Inc.

...........

67

11,113

S&P

Global,

Inc.

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

1,028

542,568

Schroders

plc

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

5,524

34,214

State

Street

Corp.

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

219

28,658

Swissquote

Group

Holding

SA

(Registered)

...

15

8,540

UBS

Group

AG

(Registered)

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

14,823

701,356

6,519,443

Chemicals

—

0.3%

Air

Liquide

SA

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

3,033

567,967

Air

Products

&

Chemicals,

Inc.

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

1,183

322,368

Asahi

Kasei

Corp.

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

33,000

320,133

Axalta

Coating

Systems

Ltd.

(e)

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

3,752

125,992

BASF

SE

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

525

28,462

DSM-Firmenich

AG

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

6,432

507,187

DuPont

de

Nemours,

Inc.

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

1,505

66,100

Johnson

Matthey

plc

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

422

13,647

Linde

plc

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

261

119,269

LyondellBasell

Industries

NV

,

Class

A

.......

2,960

145,040

Mitsui

Chemicals,

Inc.

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

2,200

32,144

Mosaic

Co.

(The)

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

363

9,983

Nitto

Denko

Corp.

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

1,300

28,890

Nutrien

Ltd.

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

10,946

753,635

Orica

Ltd.

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

10,087

179,692

PPG

Industries,

Inc.

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

2,605

301,216

Sherwin-Williams

Co.

(The)

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

99

35,109

Shin-Etsu

Chemical

Co.

Ltd.

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

1,600

52,615

Sika

AG

(Registered)

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

63

12,089

Sumitomo

Chemical

Co.

Ltd.

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

61,300

186,482

Symrise

AG

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

120

10,103

Toray

Industries,

Inc.

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

1,400

10,327

Tosoh

Corp.

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

1,900

31,009

3,859,459

Commercial

Services

&

Supplies

—

0.2%

Brambles

Ltd.

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

32,001

496,742

Dai

Nippon

Printing

Co.

Ltd.

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

2,900

52,033

Rentokil

Initial

plc

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

116,282

721,741

Republic

Services,

Inc.

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

724

155,725

Rollins,

Inc.

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

244

15,455

Secom

Co.

Ltd.

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

2,500

91,584

Securitas

AB

,

Class

B

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

17,386

287,511

Veralto

Corp.

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

896

88,686

Waste

Management,

Inc.

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

1,268

281,800

WOM

New

Holdco

(e)(g)

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

2,389

54,947

2,246,224

Communications

Equipment

—

0.2%

Arista

Networks,

Inc.

(e)

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

2,507

355,342

Cisco

Systems,

Inc.

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

8,940

700,181

F5,

Inc.

(e)

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

819

225,725

Motorola

Solutions,

Inc.

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

326

131,228

Nokia

OYJ

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

22,407

144,322

Telefonaktiebolaget

LM

Ericsson

,

Class

B

....

81,117

878,510

2,435,308

Security

Shares

Shares

Value

Construction

&

Engineering

—

0.3%

ACS

Actividades

de

Construccion

y

Servicios

SA

6,825

$

765,739

Bouygues

SA

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

4,428

239,350

Eiffage

SA

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

1,557

230,915

EMCOR

Group,

Inc.

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

340

245,048

Kajima

Corp.

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

10,600

432,435

MasTec,

Inc.

(e)

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

973

233,987

Obayashi

Corp.

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

6,200

139,955

Quanta

Services,

Inc.

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

658

312,306

Shimizu

Corp.

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

5,000

88,795

Skanska

AB

,

Class

B

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

6,399

194,352

Taisei

Corp.

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

700

69,824

Vinci

SA

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

14,441

2,076,395

Worley

Ltd.

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

10,209

94,959

5,124,060

Construction

Materials

—

0.0%

Holcim

AG

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

1,815

187,070

Consumer

Finance

—

0.0%

American

Express

Co.

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

183

64,447

Capital

One

Financial

Corp.

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

620

135,736

Credit

Saison

Co.

Ltd.

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

200

5,400

205,583

Consumer

Staples

Distribution

&

Retail

—

0.4%

Aeon

Co.

Ltd.

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

3,300

45,136

Coles

Group

Ltd.

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

39,447

582,823

Costco

Wholesale

Corp.

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

1,202

1,130,181

Dollar

General

Corp.

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

4,576

656,336

J

Sainsbury

plc

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

10,947

47,967

Koninklijke

Ahold

Delhaize

NV

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

27,390

1,070,953

Kroger

Co.

(The)

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

2,968

186,539

Sysco

Corp.

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

1,938

162,501

Target

Corp.

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

2,509

264,624

Tesco

plc

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

178,076

1,036,189

Walmart,

Inc.

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

8,209

978,020

6,161,269

Containers

&

Packaging

—

0.0%

Avery

Dennison

Corp.

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

79

14,655

Crown

Holdings,

Inc.

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

2,010

210,407

SIG

Group

AG

(e)(f)

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

6,985

108,082

333,144

Diversified

REITs

—

0.1%

Broadstone

Net

Lease,

Inc.

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

38,405

710,876

CapitaLand

Integrated

Commercial

Trust

.....

12,100

22,717

Merlin

Properties

Socimi

SA

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

11,956

177,944

Mirvac

Group

(h)

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

8,447

11,731

United

Urban

Investment

Corp.

...........

550

635,436

1,558,704

Diversified

Telecommunication

Services

—

0.4%

AT&T,

Inc.

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

24,843

651,135

BT

Group

plc

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

138,769

364,757

Comcast

Corp.

,

Class

A

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

24,282

722,390

Deutsche

Telekom

AG

(Registered)

........

19,671

660,125

Elisa

OYJ

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

3,719

164,510

Koninklijke

KPN

NV

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

94,264

461,659

Orange

SA

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

43,144

802,049

Singapore

Telecommunications

Ltd.

........

213,200

769,373

Telefonica

SA

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

13,301

53,846

Telenor

ASA

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

21,090

354,767

Telia

Co.

AB

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

19,746

90,209

Verizon

Communications,

Inc.

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

17,399

774,604

5,869,424

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

—

1.1%

Alliant

Energy

Corp.

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

344

$

22,673

American

Electric

Power

Co.,

Inc.

..........

12,317

1,475,269

Chubu

Electric

Power

Co.,

Inc.

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

5,700

82,813

CLP

Holdings

Ltd.

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

37,000

349,744

Constellation

Energy

Corp.

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

1,127

316,326

Duke

Energy

Corp.

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

12,600

1,529,010

EDP

SA

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

46,522

237,888

Elia

Group

SA/NV

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

800

115,825

Endesa

SA

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

7,791

287,118

Enel

SpA

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

226,528

2,502,809

Entergy

Corp.

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

11,622

1,114,433

Evergy,

Inc.

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

12,620

968,333

Eversource

Energy

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

2,016

139,366

Exelon

Corp.

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

3,790

169,716

FirstEnergy

Corp.

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

14,487

685,815

Fortis,

Inc.

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

1,120

59,716

Iberdrola

SA

(e)

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

470

10,567

Iberdrola

SA

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

34,373

772,799

Kansai

Electric

Power

Co.,

Inc.

(The)

.......

13,400

213,796

NextEra

Energy,

Inc.

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

19,787

1,739,277

NRG

Energy,

Inc.

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

778

118,746

Origin

Energy

Ltd.

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

408

3,346

PG&E

Corp.

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

49,766

767,392

Pinnacle

West

Capital

Corp.

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

4,445

415,874

PPL

Corp.

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

11,413

413,721

Southern

Co.

(The)

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

11,382

1,016,526

Terna

-

Rete

Elettrica

Nazionale

...........

3,222

34,915

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(e)

.....

1,400

5,259

Xcel

Energy,

Inc.

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

13,616

1,035,633

16,604,705

Electrical

Equipment

—

0.3%

ABB

Ltd.

(Registered)

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

9,644

830,330

Accelleron

Industries

AG

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

135

12,931

AMETEK,

Inc.

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

671

150,291

Eaton

Corp.

plc

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

885

311,007

Emerson

Electric

Co.

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

2,266

333,011

Fujikura

Ltd.

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

200

25,137

GE

Vernova,

Inc.

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

590

428,558

Generac

Holdings,

Inc.

(e)

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

959

161,150

Hubbell,

Inc.

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

521

254,217

Legrand

SA

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

537

85,736

Mitsubishi

Electric

Corp.

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

8,200

256,348

Nidec

Corp.

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

6,400

91,551

Nordex

SE

(e)

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

574

22,981

nVent

Electric

plc

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

1,490

167,267

Prysmian

SpA

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

1,577

186,785

Schneider

Electric

SE

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

911

261,186

Siemens

Energy

AG

(e)

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

2,647

450,996

Vertiv

Holdings

Co.

,

Class

A

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

1,625

302,543

Vestas

Wind

Systems

A/S

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

4,086

123,852

4,455,877

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Amphenol

Corp.

,

Class

A

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

295

42,504

CDW

Corp.

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

2,860

361,476

Halma

plc

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

2,287

111,076

Hamamatsu

Photonics

KK

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

3,100

34,640

Hexagon

AB

,

Class

B

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

4,408

49,700

Keyence

Corp.

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

600

220,116

Keysight

Technologies,

Inc.

(e)

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

209

45,213

Kyocera

Corp.

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

3,900

58,511

Murata

Manufacturing

Co.

Ltd.

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

52,200

1,060,472

Ralliant

Corp.

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

1,776

94,075

Shimadzu

Corp.

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

5,600

151,772

TDK

Corp.

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

8,900

114,839

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Teledyne

Technologies,

Inc.

(e)

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

200

$

124,060

2,468,454

Energy

Equipment

&

Services

—

0.0%

Baker

Hughes

Co.

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

710

39,788

Baker

Hughes

Co.

,

Class

A

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

4,118

230,773

Tenaris

SA

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

2,001

44,448

315,009

Entertainment

—

0.0%

Electronic

Arts,

Inc.

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

788

160,689

Nintendo

Co.

Ltd.

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

2,900

179,584

Walt

Disney

Co.

(The)

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

2,524

284,707

624,980

Financial

Services

—

0.1%

Adyen

NV

(b)(c)(e)

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

60

88,971

Aimbridge

Topco

LLC

(e)(g)

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

1,250

75,623

Banca

Mediolanum

SpA

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

6,185

145,089

Edenred

SE

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

5,546

116,165

Fidelity

National

Information

Services,

Inc.

....

7,738

427,524

Groupe

Bruxelles

Lambert

NV

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

388

36,714

Industrivarden

AB

,

Class

A

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

997

49,841

M&G

plc

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

7,406

31,396

Mitsubishi

HC

Capital,

Inc.

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

2,800

24,435

ORIX

Corp.

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

5,100

155,425

Poste

Italiane

SpA

(b)(c)

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

12,301

323,986

Visa,

Inc.

,

Class

A

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

481

154,800

Voya

Financial,

Inc.

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

2,605

199,699

1,829,668

Food

Products

—

0.3%

Ajinomoto

Co.,

Inc.

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

3,400

77,781

Campbell's

Co.

(The)

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

5,860

163,963

Chocoladefabriken

Lindt

&

Spruengli

AG

.....

3

43,114

Danone

SA

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

660

51,718

General

Mills,

Inc.

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

1,858

85,951

H-Food

Holdings

LLC

(e)

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

1,291

16,676

Hormel

Foods

Corp.

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

1,165

28,671

Kerry

Group

plc

,

Class

A

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

495

44,002

Kraft

Heinz

Co.

(The)

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

6,076

144,244

Lamb

Weston

Holdings,

Inc.

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

2,938

134,942

McCormick

&

Co.,

Inc.

(Non-Voting)

........

320

19,786

Mondelez

International,

Inc.

,

Class

A

........

6,581

384,791

Mowi

ASA

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

655

15,099

Nestle

SA

(Registered)

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

28,341

2,704,484

Orkla

ASA

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

18,740

222,975

Yakult

Honsha

Co.

Ltd.

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

1,700

27,471

4,165,668

Gas

Utilities

—

0.1%

APA

Group

(h)

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

18,417

113,384

Atmos

Energy

Corp.

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

2,484

413,188

Enagas

SA

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

1,690

27,815

Naturgy

Energy

Group

SA

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

9,018

283,058

Snam

SpA

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

50,177

344,851

Spire,

Inc.

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

2,232

188,582

Tokyo

Gas

Co.

Ltd.

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

800

35,492

1,406,370

Ground

Transportation

—

0.2%

Aurizon

Holdings

Ltd.

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

63,784

163,158

Canadian

National

Railway

Co.

...........

15,685

1,508,889

Canadian

Pacific

Kansas

City

Ltd.

.........

5,212

387,441

Central

Japan

Railway

Co.

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

1,100

30,688

CSX

Corp.

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

7,784

293,924

East

Japan

Railway

Co.

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

6,100

153,136

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

(continued)

Norfolk

Southern

Corp.

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

667

$

194,257

SIRVA,

Inc.

(e)

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

75

56

Union

Pacific

Corp.

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

3,110

731,161

West

Japan

Railway

Co.

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

1,000

20,434

3,483,144

Health

Care

Equipment

&

Supplies

—

0.8%

Abbott

Laboratories

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

10,484

1,145,901

Baxter

International,

Inc.

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

37,184

746,283

Becton

Dickinson

&

Co.

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

5,496

1,118,326

Boston

Scientific

Corp.

(e)

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

5,494

513,854

Coloplast

A/S

,

Class

B

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

2,957

252,069

Cooper

Cos.,

Inc.

(The)

(e)

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

3,846

312,987

Dexcom,

Inc.

(e)

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

4,147

302,897

Edwards

Lifesciences

Corp.

(e)

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

4,861

395,491

EssilorLuxottica

SA

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

878

268,401

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

.......

3,303

77,163

GE

HealthCare

Technologies,

Inc.

.........

5,950

469,872

Hologic,

Inc.

(e)

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

4,030

301,968

Hoya

Corp.

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

700

117,429

Insulet

Corp.

(e)

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

877

224,345

Intuitive

Surgical,

Inc.

(e)

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

1,334

672,629

Koninklijke

Philips

NV

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

5,006

143,751

Medtronic

plc

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

14,407

1,483,345

ResMed,

Inc.

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

1,734

447,910

Siemens

Healthineers

AG

(b)(c)

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

8,442

421,370

Smith

&

Nephew

plc

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

713

12,152

Solventum

Corp.

(e)

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

3,524

271,242

Sonova

Holding

AG

(Registered)

..........

696

190,484

STERIS

plc

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

1,334

350,308

Stryker

Corp.

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

2,373

876,966

Sysmex

Corp.

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

13,100

123,956

Terumo

Corp.

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

14,900

194,911

Zimmer

Biomet

Holdings,

Inc.

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

2,851

248,237

11,684,247

Health

Care

Providers

&

Services

—

0.9%

Amplifon

SpA

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

1,631

26,296

Cardinal

Health,

Inc.

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

7,133

1,532,739

Cencora,

Inc.

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

3,135

1,126,155

Centene

Corp.

(e)

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

19,174

830,618

Cigna

Group

(The)

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

3,788

1,038,329

CVS

Health

Corp.

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

22,427

1,671,260

Elevance

Health,

Inc.

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

4,447

1,537,506

Fresenius

Medical

Care

AG

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

1,033

46,504

Fresenius

SE

&

Co.

KGaA

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

319

17,844

HCA

Healthcare,

Inc.

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

71

34,667

Henry

Schein,

Inc.

(e)

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

5,990

452,125

Humana,

Inc.

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

2,912

568,422

McKesson

Corp.

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

1,613

1,340,742

Molina

Healthcare,

Inc.

(e)

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

2,400

431,016

Sonic

Healthcare

Ltd.

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

15,883

253,998

UnitedHealth

Group,

Inc.

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

5,631

1,615,703

12,523,924

Health

Care

REITs

—

0.3%

Alexandria

Real

Estate

Equities,

Inc.

........

6,385

348,876

American

Healthcare

REIT,

Inc.

...........

34,094

1,599,350

CareTrust

REIT,

Inc.

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

24,577

917,705

Healthcare

Realty

Trust,

Inc.

,

Class

A

.......

8,830

148,256

Welltower,

Inc.

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

3,704

697,685

3,711,872

Health

Care

Technology

—

0.0%

Pro

Medicus

Ltd.

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

209

26,719

Security

Shares

Shares

Value

Hotel

&

Resort

REITs

—

0.0%

Invincible

Investment

Corp.

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

665

$

281,640

Hotels,

Restaurants

&

Leisure

—

0.2%

Amadeus

IT

Group

SA

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

457

30,640

Aristocrat

Leisure

Ltd.

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

6,312

234,489

Carnival

plc

(e)

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

586

17,406

Compass

Group

plc

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

10,874

326,062

Darden

Restaurants,

Inc.

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

161

32,095

Domino's

Pizza,

Inc.

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

23

9,438

Entain

plc

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

4,503

37,358

Evolution

AB

(b)(c)

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

3,813

247,697

Fortrex

Holdings

LLC

(e)(g)

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

905

24,435

Galaxy

Entertainment

Group

Ltd.

..........

11,000

55,888

InterContinental

Hotels

Group

plc

..........

419

56,607

McDonald's

Corp.

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

2,246

707,490

Restaurant

Brands

International,

Inc.

........

7,243

485,278

Sands

China

Ltd.

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

28,400

61,636

Sodexo

SA

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

2,560

130,795

Yum!

Brands,

Inc.

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

1,212

188,466

2,645,780

Household

Durables

—

0.1%

Lennar

Corp.

,

Class

A

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

187

20,448

Panasonic

Holdings

Corp.

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

7,500

102,830

Sekisui

House

Ltd.

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

13,800

307,558

Sony

Group

Corp.

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

29,300

646,004

1,076,840

Household

Products

—

0.2%

Colgate-Palmolive

Co.

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

2,848

257,146

Henkel

AG

&

Co.

KGaA

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

2,386

196,962

Kimberly-Clark

Corp.

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

1,248

124,788

Procter

&

Gamble

Co.

(The)

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

6,424

974,970

Reckitt

Benckiser

Group

plc

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

17,262

1,438,958

Unicharm

Corp.

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

11,600

70,413

3,063,237

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Orsted

A/S

(b)(c)(e)

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

5,419

121,902

Industrial

Conglomerates

—

0.2%

CK

Hutchison

Holdings

Ltd.

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

21,500

173,361

DCC

plc

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

2,253

142,816

Hitachi

Ltd.

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

19,700

683,593

Honeywell

International,

Inc.

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

531

120,813

Jardine

Matheson

Holdings

Ltd.

...........

1,700

123,893

Keppel

Ltd.

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

16,100

138,506

Sekisui

Chemical

Co.

Ltd.

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

9,100

160,955

Siemens

AG

(Registered)

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

2,196

663,917

Smiths

Group

plc

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

5,028

172,671

2,380,525

Industrial

REITs

—

0.5%

CapitaLand

Ascendas

REIT

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

11,400

25,511

EastGroup

Properties,

Inc.

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

5,623

1,021,362

Goodman

Group

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

51,330

1,090,439

LondonMetric

Property

plc

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

348,779

957,430

Mitsui

Fudosan

Logistics

Park,

Inc.

.........

646

482,151

Prologis,

Inc.

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

13,564

1,770,916

Rexford

Industrial

Realty,

Inc.

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

5,609

227,333

STAG

Industrial,

Inc.

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

3,908

146,589

Tritax

Big

Box

REIT

plc

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

209,268

475,023

Warehouses

De

Pauw

CVA

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

20,310

575,497

6,772,251

Insurance

—

0.9%

Admiral

Group

plc

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

6,807

256,174

Ageas

SA

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

5,382

382,286

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

AIA

Group

Ltd.

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

55,600

$

641,484

Allianz

SE

(Registered)

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

6,333

2,788,560

Allstate

Corp.

(The)

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

1,079

214,710

American

International

Group,

Inc.

.........

2,822

211,311

Arthur

J

Gallagher

&

Co.

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

1,402

349,617

ASR

Nederland

NV

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

4,783

347,393

Aviva

plc

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

9,656

84,180

AXA

SA

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

53,033

2,418,259

Chubb

Ltd.

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

1,193

369,305

Cincinnati

Financial

Corp.

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

557

89,616

Dai-ichi

Life

Holdings,

Inc.

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

11,200

98,494

Fidelity

National

Financial,

Inc.

,

Class

A

......

4,559

247,964

Generali

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

22,293

909,341

Hartford

Insurance

Group,

Inc.

(The)

........

988

133,439

Japan

Post

Holdings

Co.

Ltd.

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

13,000

156,427

Legal

&

General

Group

plc

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

5,706

20,717

Marsh

&

McLennan

Cos.,

Inc.

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

238

44,789

MS&AD

Insurance

Group

Holdings,

Inc.

.....

3,200

81,528

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

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

612

370,919

NN

Group

NV

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

7,037

557,804

Progressive

Corp.

(The)

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

2,333

485,264

Prudential

plc

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

1,010

16,589

QBE

Insurance

Group

Ltd.

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

5,594

76,670

Sampo

OYJ

,

Class

A

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

9,968

111,166

Sompo

Holdings,

Inc.

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

2,100

72,418

Suncorp

Group

Ltd.

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

2,074

24,415

T&D

Holdings,

Inc.

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

1,500

37,049

Tokio

Marine

Holdings,

Inc.

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

6,900

257,181

Travelers

Cos.,

Inc.

(The)

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

790

224,763

Tryg

A/S

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

13,279

322,720

Unipol

Assicurazioni

SpA

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

8,487

189,021

Zurich

Insurance

Group

AG

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

468

332,945

12,924,518

Interactive

Media

&

Services

—

0.1%

Alphabet,

Inc.

,

Class

A

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

675

228,150

Alphabet,

Inc.

,

Class

C

(f)

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

2,508

849,033

LY

Corp.

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

32,100

82,190

Meta

Platforms,

Inc.

,

Class

A

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

714

511,581

REA

Group

Ltd.

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

595

78,233

Scout24

SE

(b)(c)

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

49

4,878

SEEK

Ltd.

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

6,885

100,001

1,854,066

IT

Services

—

0.1%

Accenture

plc

,

Class

A

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

684

180,330

Fujitsu

Ltd.

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

11,300

313,979

Indra

Sistemas

SA

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

459

29,667

NEC

Corp.

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

7,100

240,688

NEXTDC

Ltd.

(e)

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

53,470

494,037

Nomura

Research

Institute

Ltd.

...........

1,800

54,757

Obic

Co.

Ltd.

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

600

16,676

Travelport

Technology

Ltd.

(e)(g)

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

27

64,570

1,394,704

Leisure

Products

—

0.0%

Hasbro,

Inc.

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

2,518

224,883

Life

Sciences

Tools

&

Services

—

0.3%

Agilent

Technologies,

Inc.

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

5,002

669,518

Danaher

Corp.

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

5,771

1,263,214

Eurofins

Scientific

SE

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

442

35,755

Lonza

Group

AG

(Registered)

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

153

103,956

QIAGEN

NV

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

1,113

59,010

Thermo

Fisher

Scientific,

Inc.

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

2,807

1,624,158

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

West

Pharmaceutical

Services,

Inc.

........

1,679

$

388,051

4,143,662

Machinery

—

0.5%

Amada

Co.

Ltd.

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

800

10,249

Atlas

Copco

AB

,

Class

A

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

1,444

29,778

Caterpillar,

Inc.

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

612

402,304

CNH

Industrial

NV

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

14,153

152,286

Cummins,

Inc.

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

527

305,038

Daifuku

Co.

Ltd.

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

500

17,937

Deere

&

Co.

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

163

86,064

DMG

Mori

Co.

Ltd.

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

1,400

24,708

Epiroc

AB

,

Class

A

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

1,964

55,057

FANUC

Corp.

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

3,000

120,464

Fincantieri

SpA

(e)

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

4,977

94,472

Fortive

Corp.

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

3,125

165,031

GEA

Group

AG

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

1,255

89,736

IHI

Corp.

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

1,100

25,450

Illinois

Tool

Works,

Inc.

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

379

99,018

Knorr-Bremse

AG

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

115

13,390

Komatsu

Ltd.

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

22,300

853,538

Kone

OYJ

,

Class

B

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

11,561

830,830

Kubota

Corp.

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

22,400

343,205

Middleby

Corp.

(The)

(e)

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

1,118

164,536

Mitsubishi

Heavy

Industries

Ltd.

...........

15,000

441,659

NGK

Insulators

Ltd.

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

1,700

40,729

Nordson

Corp.

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

36

9,883

Oshkosh

Corp.

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

463

66,589

Otis

Worldwide

Corp.

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

311

26,566

PACCAR,

Inc.

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

1,040

127,826

Parker-Hannifin

Corp.

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

177

165,644

Rational

AG

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

44

35,258

RENK

Group

AG

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

1,841

118,527

Sandvik

AB

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

12,327

486,748

Schindler

Holding

AG

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

411

158,581

Schindler

Holding

AG

(Registered)

.........

165

60,684

SKF

AB

,

Class

B

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

8,867

231,843

SMC

Corp.

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

100

38,877

Snap-on,

Inc.

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

57

20,868

Spirax

Group

plc

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

1,709

170,292

Techtronic

Industries

Co.

Ltd.

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

46,000

627,969

Wartsila

OYJ

Abp

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

1,043

42,283

Weir

Group

plc

(The)

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

304

13,427

Westinghouse

Air

Brake

Technologies

Corp.

...

34

7,825

Xylem,

Inc.

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

115

15,855

Yangzijiang

Shipbuilding

Holdings

Ltd.

.......

2,900

7,616

6,798,640

Marine

Transportation

—

0.0%

AP

Moller

-

Maersk

A/S

,

Class

A

...........

9

22,070

AP

Moller

-

Maersk

A/S

,

Class

B

...........

10

24,727

Nippon

Yusen

KK

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

9,600

315,503

SITC

International

Holdings

Co.

Ltd.

........

15,000

56,012

418,312

Media

—

0.1%

CyberAgent,

Inc.

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

12,700

115,216

Dentsu

Group,

Inc.

(e)

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

2,800

54,352

Informa

plc

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

2,609

31,485

Learfield

Communications

LLC,

(Acquired

09/06/23,

cost

$1,570)

(e)(g)(i)

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

686

76,832

Mobvista,

Inc.

(b)(c)(e)

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

6,000

11,444

Publicis

Groupe

SA

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

6,601

659,759

SES

SA

,

ADR

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

11,558

94,666

SKY

Perfect

JSAT

Holdings,

Inc.

..........

6,000

86,729

Versant

Media

Group,

Inc.

(e)

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

1,020

33,232

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

WPP

plc

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

88,734

$

368,088

1,531,803

Metals

&

Mining

—

0.3%

Anglo

American

plc

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

5,236

242,782

Antofagasta

plc

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

3,423

169,615

Barrick

Mining

Corp.

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

2,892

132,425

BHP

Group

Ltd.

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

18,004

620,100

Boliden

AB

(e)

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

2,410

168,764

Endeavour

Mining

plc

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

5,072

288,689

Evolution

Mining

Ltd.

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

66,208

635,811

Fortescue

Ltd.

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

14,689

212,709

Freeport-McMoRan,

Inc.

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

3,984

239,956

Glencore

plc

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

35,369

241,123

Newmont

Corp.

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

3,443

386,821

Northern

Star

Resources

Ltd.

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

336

6,177

Perseus

Mining

Ltd.

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

2,299

8,855

Regis

Resources

Ltd.

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

4,444

23,163

Rio

Tinto

Ltd.

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

1,351

140,754

Rio

Tinto

plc

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

1,199

109,390

Sandfire

Resources

Ltd.

(e)

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

1,618

21,955

South32

Ltd.

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

102,156

323,617

Southern

Copper

Corp.

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

1,542

293,473

Steel

Dynamics,

Inc.

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

94

16,880

Teck

Resources

Ltd.

,

Class

B

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

8,653

465,185

4,748,244

Multi-Utilities

—

0.5%

Algonquin

Power

&

Utilities

Corp.

..........

17,143

112,554

Ameren

Corp.

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

1,364

140,874

Black

Hills

Corp.

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

1,227

89,547

CenterPoint

Energy,

Inc.

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

9,947

394,796

Centrica

plc

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

54,048

141,525

CMS

Energy

Corp.

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

6,153

439,878

Consolidated

Edison,

Inc.

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

1,282

136,700

Dominion

Energy,

Inc.

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

14,973

900,925

DTE

Energy

Co.

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

3,630

487,799

Engie

SA

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

5,719

170,749

National

Grid

plc

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

31,051

527,543

NiSource,

Inc.

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

4,209

186,417

Public

Service

Enterprise

Group,

Inc.

.......

5,953

490,289

Sempra

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

10,105

879,236

Veolia

Environnement

SA

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

25,270

947,807

WEC

Energy

Group,

Inc.

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

7,593

840,317

6,886,956

Municipal-Education

—

0.0%

New

Knoxville

Local

School

District

(b)(c)(g)

.....

25,064

29,710

Office

REITs

—

0.2%

BXP,

Inc.

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

13,283

859,012

COPT

Defense

Properties

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

14,703

452,999

Cousins

Properties,

Inc.

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

35,630

899,301

Gecina

SA

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

107

9,828

Hudson

Pacific

Properties,

Inc.

(e)

..........

21,101

181,891

SL

Green

Realty

Corp.

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

7,516

336,566

2,739,597

Oil,

Gas

&

Consumable

Fuels

—

1.0%

Aker

BP

ASA

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

931

27,407

Antero

Resources

Corp.

(e)

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

5,117

186,105

BP

plc

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

142,646

904,455

Canadian

Natural

Resources

Ltd.

..........

47,531

1,767,337

Cheniere

Energy,

Inc.

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

1,933

408,868

Chevron

Corp.

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

1,298

229,616

ConocoPhillips

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

1,894

197,412

Coterra

Energy,

Inc.

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

9,823

283,394

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

DT

Midstream,

Inc.

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

1,288

$

162,314

Enbridge,

Inc.

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

7,288

355,769

ENEOS

Holdings,

Inc.

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

27,500

232,428

Eni

SpA

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

12,438

254,222

EOG

Resources,

Inc.

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

834

93,517

EQT

Corp.

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

8,269

477,369

Expand

Energy

Corp.

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

2,291

257,531

Galp

Energia

SGPS

SA

,

Class

B

..........

303

6,029

Kinder

Morgan,

Inc.

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

11,323

345,238

Koninklijke

Vopak

NV

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

2,696

134,555

LUKOIL

PJSC

(e)(g)

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

44,196

6

Novatek

PJSC

(e)(g)

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

80

—

Pembina

Pipeline

Corp.

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

20,590

855,567

Phillips

66

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

636

91,304

Plains

GP

Holdings

LP

,

Class

A

...........

9,512

194,806

Range

Resources

Corp.

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

4,325

163,701

Repsol

SA

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

32,656

643,359

Santos

Ltd.

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

25,409

123,913

Shell

plc

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

32,557

1,251,475

South

Bow

Corp.

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

5,686

161,482

TC

Energy

Corp.

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

6,770

397,126

TotalEnergies

SE

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

34,476

2,507,397

Tourmaline

Oil

Corp.

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

7,886

373,205

Williams

Cos.,

Inc.

(The)

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

12,925

869,336

Woodside

Energy

Group

Ltd.

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

1,344

23,730

13,979,973

Passenger

Airlines

—

0.0%

International

Consolidated

Airlines

Group

SA

..

28,318

162,427

Qantas

Airways

Ltd.

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

7,801

54,542

216,969

Personal

Care

Products

—

0.1%

Kao

Corp.

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

1,200

48,003

L'Oreal

SA

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

924

424,522

Unilever

plc

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

5,288

359,740

832,265

Pharmaceuticals

—

1.9%

Astellas

Pharma,

Inc.

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

16,800

233,686

AstraZeneca

plc

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

11,884

2,214,157

Bayer

AG

(Registered)

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

24,570

1,299,549

Bristol-Myers

Squibb

Co.

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

4,644

255,652

Chugai

Pharmaceutical

Co.

Ltd.

...........

500

28,560

Daiichi

Sankyo

Co.

Ltd.

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

8,000

146,557

Eisai

Co.

Ltd.

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

700

19,516

Eli

Lilly

&

Co.

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

1,710

1,773,526

Galderma

Group

AG

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

205

38,212

GSK

plc

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

48,620

1,257,394

Haleon

plc

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

134,254

702,135

Hikma

Pharmaceuticals

plc

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

3,744

78,535

Ipsen

SA

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

2,874

469,512

Johnson

&

Johnson

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

3,361

763,787

Kyowa

Kirin

Co.

Ltd.

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

5,400

87,664

Merck

&

Co.,

Inc.

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

12,028

1,326,328

Novartis

AG

(Registered)

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

15,613

2,316,498

Novo

Nordisk

A/S

,

Class

B

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

59,864

3,554,679

Ono

Pharmaceutical

Co.

Ltd.

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

8,600

128,126

Orion

OYJ

,

Class

B

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

4,961

410,265

Otsuka

Holdings

Co.

Ltd.

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

2,100

125,724

Pfizer,

Inc.

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

14,197

375,369

Recordati

Industria

Chimica

e

Farmaceutica

SpA

7,407

408,121

Roche

Holding

AG

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

11,593

5,279,054

Sanofi

SA

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

38,442

3,625,993

Takeda

Pharmaceutical

Co.

Ltd.

...........

2,900

98,715

UCB

SA

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

3,384

1,031,192

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Zoetis,

Inc.

,

Class

A

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

1,434

$

178,992

28,227,498

Professional

Services

—

0.2%

Automatic

Data

Processing,

Inc.

...........

371

91,570

Broadridge

Financial

Solutions,

Inc.

........

80

15,769

Bureau

Veritas

SA

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

1,151

37,053

Computershare

Ltd.

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

4,867

110,532

Equifax,

Inc.

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

430

86,602

Experian

plc

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

7,150

270,804

Intertek

Group

plc

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

5,289

324,468

Leidos

Holdings,

Inc.

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

482

90,751

Maximus,

Inc.

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

3,803

359,155

Recruit

Holdings

Co.

Ltd.

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

4,600

242,300

RELX

plc

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

8,386

297,301

SGS

SA

(Registered)

(f)

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

702

84,492

SS&C

Technologies

Holdings,

Inc.

.........

7,246

593,375

Verisk

Analytics,

Inc.

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

510

110,905

Wolters

Kluwer

NV

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

2,270

213,160

2,928,237

Real

Estate

Management

&

Development

—

0.4%

ADLER

Group

SA

(e)(g)

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

49,454

1

CapitaLand

Investment

Ltd.

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

34,000

82,318

CK

Asset

Holdings

Ltd.

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

15,000

87,872

Daiwa

House

Industry

Co.

Ltd.

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

10,200

347,556

Hongkong

Land

Holdings

Ltd.

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

3,900

33,091

Hulic

Co.

Ltd.

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

600

7,150

LEG

Immobilien

SE

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

825

59,654

Lendlease

Corp.

Ltd.

(h)

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

75,423

252,404

Mitsubishi

Estate

Co.

Ltd.

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

13,900

354,254

Mitsui

Fudosan

Co.

Ltd.

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

129,300

1,482,671

Nomura

Real

Estate

Holdings,

Inc.

.........

3,600

23,923

PSP

Swiss

Property

AG

(Registered)

.......

50

10,036

Sumitomo

Realty

&

Development

Co.

Ltd.

....

2,600

72,402

Sun

Hung

Kai

Properties

Ltd.

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

53,000

851,121

TAG

Immobilien

AG

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

8,234

139,693

Tokyu

Fudosan

Holdings

Corp.

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

38,300

354,639

VGP

NV

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

2,854

349,999

Vonovia

SE

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

29,062

850,915

Wharf

Real

Estate

Investment

Co.

Ltd.

......

176,000

611,030

5,970,729

Residential

REITs

—

0.3%

American

Homes

4

Rent

,

Class

A

..........

19,373

606,762

AvalonBay

Communities,

Inc.

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

1,028

182,645

Centurion

Accommodation

REIT

(e)

.........

58,800

51,688

Equity

LifeStyle

Properties,

Inc.

...........

19,018

1,201,367

Equity

Residential

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

13,469

839,388

UDR,

Inc.

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

19,625

729,069

UNITE

Group

plc

(The)

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

59,693

464,255

4,075,174

Retail

REITs

—

0.3%

Agree

Realty

Corp.

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

13,121

947,730

Federal

Realty

Investment

Trust

...........

4,862

491,840

Klepierre

SA

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

1,437

55,358

Link

REIT

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

9,700

44,598

Primaris

REIT

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

26,194

318,372

Regency

Centers

Corp.

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

11,677

850,903

Simon

Property

Group,

Inc.

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

6,738

1,289,047

3,997,848

Semiconductors

&

Semiconductor

Equipment

—

0.6%

Advantest

Corp.

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

2,500

413,466

Applied

Materials,

Inc.

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

285

91,861

ASM

International

NV

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

269

225,915

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

ASML

Holding

NV

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

1,394

$

1,998,865

BE

Semiconductor

Industries

NV

..........

1,958

381,112

Broadcom,

Inc.

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

645

213,688

Disco

Corp.

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

300

127,875

Infineon

Technologies

AG

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

1,770

86,522

Kioxia

Holdings

Corp.

(e)

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

200

27,357

KLA

Corp.

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

38

54,262

Monolithic

Power

Systems,

Inc.

...........

12

13,490

Nova

Ltd.

(e)

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

158

77,127

NVIDIA

Corp.

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

638

121,941

NXP

Semiconductors

NV

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

206

46,585

Renesas

Electronics

Corp.

(e)

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

44,300

736,508

SCREEN

Holdings

Co.

Ltd.

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

1,900

241,971

STMicroelectronics

NV

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

1,065

30,074

Texas

Instruments,

Inc.

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

1,894

408,252

Tokyo

Electron

Ltd.

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

12,000

3,197,509

8,494,380

Software

—

0.3%

Check

Point

Software

Technologies

Ltd.

(e)

....

276

49,545

Cipher

Mining,

Inc.

(e)

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

2,549

40,682

Cleanspark,

Inc.

(e)

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

2,246

26,593

Core

Scientific,

Inc.

(e)

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

3,314

59,619

CyberArk

Software

Ltd.

(e)

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

161

69,364

Dassault

Systemes

SE

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

1,572

43,238

Fortinet,

Inc.

(e)

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

1,485

120,671

Gen

Digital,

Inc.

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

2,273

54,529

Hut

8

Corp.

(e)

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

1,175

65,600

Intuit,

Inc.

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

72

35,922

Microsoft

Corp.

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

2,246

966,431

Nemetschek

SE

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

1,191

104,063

Nice

Ltd.

(e)

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

912

96,466

Open

Text

Corp.

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

5,937

151,646

Oracle

Corp.

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

2,348

386,434

Palo

Alto

Networks,

Inc.

(e)

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

929

164,405

Sage

Group

plc

(The)

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

40,397

529,734

SAP

SE

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

4,193

837,629

Technology

One

Ltd.

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

2,417

42,198

Terawulf,

Inc.

(e)

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

3,315

44,322

Trend

Micro,

Inc.

(e)

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

3,500

137,298

Workday,

Inc.

,

Class

A

(e)

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

1,180

207,243

Xero

Ltd.

(e)

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

276

17,987

Zscaler,

Inc.

(e)

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

393

78,604

4,330,223

Specialized

REITs

—

0.5%

Crown

Castle,

Inc.

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

6,986

606,455

DigiCo

Infrastructure

REIT

(h)

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

97,337

173,513

Digital

Realty

Trust,

Inc.

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

2,252

373,719

Equinix,

Inc.

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

2,918

2,395,474

Iron

Mountain,

Inc.

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

13,437

1,237,951

Keppel

DC

REIT

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

300,160

537,858

National

Storage

REIT

(h)

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

181,302

347,437

Outfront

Media,

Inc.

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

27,276

663,352

Public

Storage

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

2,948

814,208

Smartstop

Self

Storage

REIT,

Inc.

..........

20,526

645,337

VICI

Properties,

Inc.

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

3,841

107,855

7,903,159

Specialty

Retail

—

0.2%

Fast

Retailing

Co.

Ltd.

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

600

228,920

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

.......

11,480

229,889

Industria

de

Diseno

Textil

SA

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

28,579

1,859,639

JB

Hi-Fi

Ltd.

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

443

24,959

Kingfisher

plc

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

13,401

61,757

Lowe's

Cos.,

Inc.

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

461

123,115

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Williams-Sonoma,

Inc.

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

66

$

13,507

Zalando

SE

(b)(c)(e)

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

329

9,460

2,551,246

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Canon,

Inc.

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

5,200

158,282

Dell

Technologies,

Inc.

,

Class

C

...........

413

47,264

FUJIFILM

Holdings

Corp.

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

26,300

525,349

Hewlett

Packard

Enterprise

Co.

...........

15,596

335,626

HP,

Inc.

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

1,798

34,953

Logitech

International

SA

(Registered)

.......

1,686

145,253

Pure

Storage,

Inc.

,

Class

A

(e)

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

2,291

159,316

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)(c)

......

535

1,472,813

Western

Digital

Corp.

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

2,128

532,489

3,411,345

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

adidas

AG

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

460

81,559

Cie

Financiere

Richemont

SA

(Registered)

....

1,430

277,577

Hermes

International

SCA

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

80

192,480

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......

872

562,793

Pandora

A/S

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

1,938

156,869

Swatch

Group

AG

(The)

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

1,135

267,789

1,539,067

Tobacco

—

0.4%

Altria

Group,

Inc.

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

5,759

357,001

British

American

Tobacco

plc

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

44,760

2,704,113

Imperial

Brands

plc

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

23,292

981,007

Japan

Tobacco,

Inc.

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

9,000

325,275

Philip

Morris

International,

Inc.

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

4,825

865,798

5,233,194

Trading

Companies

&

Distributors

—

0.4%

AddTech

AB

,

Class

B

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

152

4,935

Ashtead

Group

plc

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

974

62,706

Brenntag

SE

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

2,905

176,740

Bunzl

plc

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

7,343

205,920

Diploma

plc

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

511

37,227

ITOCHU

Corp.

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

800

10,242

Mitsubishi

Corp.

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

10,400

276,290

Mitsui

&

Co.

Ltd.

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

66,900

2,185,291

SGH

Ltd.

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

332

10,640

Sumitomo

Corp.

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

25,600

1,039,593

Toyota

Tsusho

Corp.

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

16,700

608,201

WESCO

International,

Inc.

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

2,156

624,011

5,241,796

Transportation

Infrastructure

—

0.2%

Aena

SME

SA

(b)(c)

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

25,705

798,335

Aeroports

de

Paris

SA

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

681

89,975

Auckland

International

Airport

Ltd.

.........

78,811

391,954

Flughafen

Zurich

AG

(Registered)

..........

976

303,127

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

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

3,401

314,679

Incora

Top

Holdco

LLC

(b)(e)(g)

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

1,197

7,122

Transurban

Group

(h)

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

56,628

547,750

2,452,942

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

...........

876

113,118

Guangdong

Investment

Ltd.

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

208,000

196,651

Severn

Trent

plc

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

6,215

249,630

United

Utilities

Group

plc

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

15,674

268,426

827,825

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.1%

Airtel

Africa

plc

(b)(c)

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

5,202

$

22,681

Altice

France

Lux

3

(e)

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

6,374

119,965

Array

Digital

Infrastructure,

Inc.

...........

2,486

119,800

KDDI

Corp.

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

2,700

45,587

Rogers

Communications,

Inc.

,

Class

B

......

2,987

112,938

SoftBank

Corp.

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

121,100

164,606

SoftBank

Group

Corp.

.................

10,000

273,074

Tele2

AB

,

Class

B

....................

9,732

179,055

T-Mobile

US,

Inc.

.....................

2,204

434,651

Vodafone

Group

plc

...................

191,481

281,999

1,754,356

Total

Common

Stocks

—

22.0%

(Cost:

$285,312,636)

..............................

318,625,748

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.3%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

...

USD

145

150,074

ATI,

Inc.

4.88%,

10/01/29

...................

96

95,705

5.13%,

10/01/31

...................

96

96,152

Axon

Enterprise,

Inc.,

6.25%,

03/15/33

(b)

.....

21

21,759

Bombardier,

Inc.

(b)

8.75%,

11/15/30

...................

46

49,297

7.25%,

07/01/31

...................

14

14,863

7.00%,

06/01/32

...................

170

178,452

6.75%,

06/15/33

...................

320

336,126

Carpenter

Technology

Corp.,

5.63%,

03/01/34

(b)

120

121,772

Czechoslovak

Group

A/S,

5.25%,

01/10/31

(c)

..

EUR

275

340,232

Efesto

Bidco

SpA

Efesto

US

LLC,

Series

XR,

7.50%,

02/15/32

(b)

..................

USD

1,007

1,026,556

Goat

Holdco

LLC,

6.75%,

02/01/32

(b)

........

66

67,784

TransDigm,

Inc.

(b)

6.75%,

08/15/28

...................

137

139,305

6.38%,

03/01/29

...................

143

147,051

6.63%,

03/01/32

...................

207

214,032

6.00%,

01/15/33

...................

199

202,760

6.38%,

05/31/33

...................

520

529,366

6.25%,

01/31/34

...................

177

182,924

6.75%,

01/31/34

...................

735

760,737

Wolverine

Escrow

LLC,

0.00%,

11/15/26

(g)

....

84

—

4,674,947

Air

Freight

&

Logistics

—

0.0%

(b)

Rand

Parent

LLC,

8.50%,

02/15/30

.........

127

132,716

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

..

28

29,579

162,295

Automobile

Components

—

0.3%

Allison

Transmission,

Inc.,

5.88%,

12/01/33

(b)

..

76

77,076

American

Axle

&

Manufacturing,

Inc.

(b)

6.38%,

10/15/32

...................

45

45,913

7.75%,

10/15/33

...................

47

48,350

Clarios

Global

LP

6.75%,

05/15/28

(b)

..................

114

116,645

6.75%,

02/15/30

(b)

..................

296

309,655

4.75%,

06/15/31

(c)

..................

EUR

457

550,369

6.75%,

09/15/32

(b)

..................

USD

349

361,225

Dana,

Inc.,

4.50%,

02/15/32

.............

17

16,078

Dometic

Group

AB,

5.00%,

09/11/30

(c)

.......

EUR

115

137,837

Forvia

SE

(c)

3.75%,

06/15/28

...................

71

84,703

5.63%,

06/15/30

...................

100

124,168

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

5.50%,

06/15/31

...................

EUR

140

$

172,109

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

...................

USD

61

59,739

6.63%,

07/15/30

...................

18

18,378

Icahn

Enterprises

LP

5.25%,

05/15/27

...................

238

235,450

9.75%,

01/15/29

...................

43

43,262

10.00%,

11/15/29

(b)

.................

342

345,210

IHO

Verwaltungs

GmbH,

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(a)(c)(j)

.............

EUR

325

399,394

Mahle

GmbH,

6.50%,

05/02/31

(c)

..........

116

143,394

Schaeffler

AG

(c)

4.25%,

04/01/28

...................

100

121,079

5.38%,

04/01/31

...................

100

125,950

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

..........

USD

244

245,452

ZF

Europe

Finance

BV

(c)

2.50%,

10/23/27

...................

EUR

500

586,485

7.00%,

06/12/30

...................

200

252,696

ZF

Finance

GmbH,

2.25%,

05/03/28

(c)

.......

200

229,279

4,849,896

Automobiles

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%,

03/31/29

(c)

.......................

GBP

186

228,985

Nissan

Motor

Acceptance

Co.

LLC,

6.13%,

09/30/30

(b)

.......................

USD

171

170,525

Nissan

Motor

Co.

Ltd.

5.25%,

07/17/29

(c)

..................

EUR

354

431,857

7.75%,

07/17/32

(b)

..................

USD

200

211,075

6.38%,

07/17/33

(c)

..................

EUR

100

122,694

8.13%,

07/17/35

(b)

..................

USD

200

213,584

RCI

Banque

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

.................

EUR

300

374,834

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%,

03/24/37

.................

300

364,861

Rivian

Holdings

LLC,

10.00%,

01/15/31

(b)

.....

USD

42

39,647

2,158,062

Banks

—

0.1%

(a)(c)

Abanca

Corp.

Bancaria

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.45%),

4.63%,

12/11/36

.

EUR

200

246,176

Al

Rajhi

Sukuk

Ltd.,

(6-Year

USD

Constant

Maturity

+

1.59%),

6.25%

(k)

............

USD

290

291,902

Banca

Monte

dei

Paschi

di

Siena

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.15%),

4.38%,

10/02/35

........................

EUR

225

273,788

Eurobank

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%,

02/07/36

............

276

330,020

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

.

139

178,383

1,320,269

Biotechnology

—

0.1%

BioMarin

Pharmaceutical,

Inc.,

5.50%,

02/15/34

(b)

USD

200

200,554

Genmab

A/S,

7.25%,

12/15/33

(b)

...........

200

211,672

Grifols

SA

(c)

7.13%,

05/01/30

...................

EUR

355

439,928

7.50%,

05/01/30

...................

100

124,068

976,222

Broadline

Retail

—

0.1%

B&M

European

Value

Retail

SA

(c)

4.00%,

11/15/28

...................

GBP

100

131,852

6.50%,

11/27/31

...................

357

478,774

Getty

Images,

Inc.

(b)

11.25%,

02/21/30

..................

USD

103

92,195

10.50%,

11/15/30

..................

35

35,440

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

(continued)

Match

Group

Holdings

II

LLC

(b)

4.13%,

08/01/30

...................

USD

141

$

132,901

6.13%,

09/15/33

...................

145

145,538

Prosus

NV,

4.03%,

08/03/50

(c)

............

231

161,059

1,177,759

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

(b)

.......................

73

74,638

AmeriTex

HoldCo

Intermediate

LLC,

7.63%,

08/15/33

(b)

.......................

50

52,588

Builders

FirstSource,

Inc.

(b)

6.38%,

03/01/34

...................

31

32,075

6.75%,

05/15/35

...................

129

135,531

EMRLD

Borrower

LP

6.38%,

12/15/30

(c)

..................

EUR

100

123,084

6.63%,

12/15/30

(b)

..................

USD

529

547,556

6.75%,

07/15/31

(b)

..................

173

181,504

HT

Troplast

GmbH,

9.38%,

07/15/28

(c)

.......

EUR

175

216,603

JELD-WEN,

Inc.,

4.88%,

12/15/27

(b)

........

USD

113

99,304

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

...................

30

30,008

9.75%,

07/15/28

...................

63

63,315

Quikrete

Holdings,

Inc.

(b)

6.38%,

03/01/32

...................

411

426,245

6.75%,

03/01/33

...................

218

226,473

Standard

Building

Solutions,

Inc.

(b)

6.50%,

08/15/32

...................

107

110,332

6.25%,

08/01/33

...................

425

434,417

5.88%,

03/15/34

...................

91

90,911

Standard

Industries,

Inc.

(b)

4.38%,

07/15/30

...................

142

136,989

3.38%,

01/15/31

...................

44

40,605

Wilsonart

LLC,

11.00%,

08/15/32

(b)

.........

104

94,995

3,117,173

Capital

Markets

—

0.1%

Apollo

Debt

Solutions

BDC

5.88%,

08/30/30

...................

36

36,276

6.70%,

07/29/31

...................

20

20,858

Ares

Strategic

Income

Fund

(b)

5.80%,

09/09/30

...................

40

40,130

5.15%,

01/15/31

...................

52

50,609

Blue

Owl

Capital

Corp.,

6.20%,

07/15/30

.....

66

66,601

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

....

30

30,721

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

..................

69

64,294

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

276

282,549

Jane

Street

Group

(b)

6.13%,

11/01/32

...................

17

17,314

6.75%,

05/01/33

...................

129

134,178

Osaic

Holdings,

Inc.

(b)

6.75%,

08/01/32

...................

29

30,055

Series

JAN,

6.75%,

08/01/32

...........

77

79,718

8.00%,

08/01/33

...................

47

48,717

Series

Jan,

8.00%,

08/01/33

...........

95

98,562

SURA

Asset

Management

SA,

6.35%,

05/13/32

(b)

205

217,933

1,218,515

Chemicals

—

0.6%

Celanese

US

Holdings

LLC

7.00%,

02/15/31

...................

9

9,206

6.75%,

04/15/33

...................

40

40,518

7.38%,

02/15/34

...................

107

108,881

Chemours

Co.

(The)

5.38%,

05/15/27

...................

96

96,634

5.75%,

11/15/28

(b)

..................

533

528,584

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

4.63%,

11/15/29

(b)

..................

USD

28

$

26,110

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

....

209

203,701

EQUATE

Petrochemical

Co.

KSC,

4.25%,

11/03/26

(c)

........................

230

229,569

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

.......................

EUR

114

135,186

INEOS

Finance

plc

(c)

6.38%,

04/15/29

...................

278

284,231

7.25%,

03/31/31

...................

246

243,785

INEOS

Quattro

Finance

2

plc,

8.50%,

03/15/29

(c)

114

110,134

Inversion

Escrow

Issuer

LLC,

6.75%,

08/01/32

(b)

USD

200

198,099

Italmatch

Chemicals

SpA,

6.25%,

02/05/31

(c)

..

EUR

100

118,879

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(c)

..

300

360,815

Kronos

International,

Inc.

9.50%,

03/15/29

(c)

..................

386

415,713

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

.....

147

16,990

Mativ

Holdings,

Inc.,

8.00%,

10/01/29

(b)

......

USD

32

32,229

Maxam

Prill

SARL,

6.00%,

07/15/30

(c)

.......

EUR

374

460,220

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(b)

.......................

USD

43

44,342

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

.

106

105,205

Olympus

Water

US

Holding

Corp.

5.38%,

10/01/29

(c)

..................

EUR

135

149,593

7.25%,

06/15/31

(b)

..................

USD

645

661,155

6.13%,

02/15/33

(c)

..................

EUR

158

187,702

7.25%,

02/15/33

(b)

..................

USD

863

859,642

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(b)

...

241

241,010

Sasol

Financing

USA

LLC,

4.38%,

09/18/26

...

200

198,335

SCIL

IV

LLC,

9.50%,

07/15/28

(c)

...........

EUR

200

248,685

Scotts

Miracle-Gro

Co.

(The)

4.00%,

04/01/31

...................

USD

27

25,416

4.38%,

02/01/32

...................

45

42,422

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

.......................

241

237,144

Solstice

Advanced

Materials,

Inc.,

5.63%,

09/30/33

(b)

.......................

160

160,846

Synthomer

plc,

7.38%,

05/02/29

(c)

..........

EUR

203

195,290

WR

Grace

Holdings

LLC

(b)

4.88%,

06/15/27

...................

USD

14

14,000

5.63%,

08/15/29

...................

833

796,081

7.38%,

03/01/31

...................

258

263,352

6.63%,

08/15/32

...................

129

128,287

7.00%,

08/01/33

...................

108

108,135

8,286,126

Commercial

Services

&

Supplies

—

0.7%

ADT

Security

Corp.

(The)

(b)

4.88%,

07/15/32

...................

48

46,482

5.88%,

10/15/33

...................

186

188,557

Allied

Universal

Holdco

LLC

4.63%,

06/01/28

(b)

..................

854

843,605

4.88%,

06/01/28

(c)

..................

GBP

187

252,389

6.00%,

06/01/29

(b)

..................

USD

608

602,835

6.88%,

06/15/30

(b)

..................

444

461,096

7.88%,

02/15/31

(b)

..................

948

997,697

Amber

Finco

plc

6.63%,

07/15/29

(c)

..................

EUR

404

501,010

APCOA

GmbH,

6.00%,

04/15/31

(c)

.........

555

667,795

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

......

USD

41

39,873

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

....

38

37,979

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.55%,

05/01/30

(a)(c)

......................

EUR

100

119,642

Biffa

Group

Holdings

Ltd.

(c)

5.25%,

06/15/31

...................

100

118,551

7.38%,

06/15/31

...................

GBP

150

208,689

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Brink's

Co.

(The)

(b)

6.50%,

06/15/29

...................

USD

35

$

36,108

6.75%,

06/15/32

...................

138

143,646

Currenta

Group

Holdings

SARL,

5.50%,

05/15/30

(c)

.......................

EUR

200

243,071

Deluxe

Corp.,

8.13%,

09/15/29

(b)

..........

USD

29

30,429

Garda

World

Security

Corp.

(b)

7.75%,

02/15/28

...................

113

115,403

6.00%,

06/01/29

...................

75

73,799

8.25%,

08/01/32

...................

237

242,182

8.38%,

11/15/32

...................

844

866,506

GFL

Environmental

Holdings

US,

Inc.,

5.50%,

02/01/34

(b)

.......................

211

211,486

GFL

Environmental,

Inc.

(b)

4.38%,

08/15/29

...................

87

85,219

6.75%,

01/15/31

...................

39

40,799

Group

Labl,

Inc.

(g)

5.88%,

11/01/28

...................

76

34,580

9.50%,

11/01/28

...................

209

95,095

Luna

1.5

SARL,

10.36%,

(10.36%

Cash

or

11.25%

PIK),

07/01/32

(c)(j)

.............

EUR

141

174,508

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.......

USD

418

417,480

Paprec

Holding

SA,

4.13%,

07/15/30

(c)

......

EUR

192

229,255

Raven

Acquisition

Holdings

LLC,

6.88%,

11/15/31

(b)

.......................

USD

167

167,355

Reworld

Holding

Corp.,

4.88%,

12/01/29

(b)

....

36

34,851

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(b)

..

348

362,163

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

(b)

.......................

151

152,715

Techem

Verwaltungsgesellschaft

675

mbH,

4.63%,

07/15/32

(c)

..................

EUR

100

119,323

Verisure

Holding

AB,

7.13%,

02/01/28

(c)

......

100

121,126

Veritiv

Operating

Co.,

10.50%,

11/30/30

(b)

....

USD

123

131,702

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

(b)

.....

664

682,170

Williams

Scotsman,

Inc.

(b)

6.63%,

06/15/29

...................

25

25,847

6.63%,

04/15/30

...................

39

40,408

7.38%,

10/01/31

...................

390

406,611

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

(b)

....

3

3,122

10,373,159

Construction

&

Engineering

—

0.1%

AECOM,

6.00%,

08/01/33

(b)

..............

286

292,978

Arcosa,

Inc.

(b)

4.38%,

04/15/29

...................

40

39,321

6.88%,

08/15/32

...................

174

183,288

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

.......................

226

216,675

Heathrow

Finance

plc

(c)

3.88%,

03/01/27

(l)

..................

GBP

175

237,059

6.63%,

03/01/31

...................

266

371,166

Weekley

Homes

LLC,

6.75%,

01/15/34

(b)

.....

USD

55

55,283

1,395,770

Consumer

Finance

—

0.2%

Azorra

Finance

Ltd.

(b)

7.75%,

04/15/30

...................

114

119,977

7.25%,

01/15/31

...................

170

178,047

GGAM

Finance

Ltd.

(b)

8.00%,

06/15/28

...................

33

34,746

6.88%,

04/15/29

...................

69

71,387

5.88%,

03/15/30

...................

57

57,926

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

.......................

207

214,959

Navient

Corp.

9.38%,

07/25/30

...................

3

3,231

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

7.88%,

06/15/32

...................

USD

69

$

69,643

OneMain

Finance

Corp.

6.63%,

05/15/29

...................

71

73,185

5.38%,

11/15/29

...................

73

72,808

7.88%,

03/15/30

...................

269

283,758

6.13%,

05/15/30

...................

475

484,213

6.75%,

03/15/32

...................

233

238,136

7.13%,

09/15/32

...................

32

33,139

6.50%,

03/15/33

...................

126

126,646

6.75%,

09/15/33

...................

203

205,250

Phoenix

Aviation

Capital

Ltd.,

9.25%,

07/15/30

(b)

388

406,634

2,673,685

Consumer

Staples

Distribution

&

Retail

—

0.2%

Albertsons

Cos.,

Inc.

(b)

5.50%,

03/31/31

...................

49

49,087

5.63%,

03/31/32

...................

51

50,948

6.25%,

03/15/33

...................

47

47,992

5.75%,

03/31/34

...................

218

214,397

Bellis

Acquisition

Co.

plc

(c)

8.13%,

05/14/30

...................

GBP

193

241,354

8.00%,

07/01/31

...................

EUR

400

448,716

Boots

Group

Finco

LP,

5.38%,

08/31/32

(c)

.....

100

122,434

FR

Bondco

SAS,

6.88%,

10/31/32

(c)

........

100

120,187

KeHE

Distributors

LLC,

9.00%,

02/15/29

(b)

....

USD

35

36,672

Market

Bidco

Finco

plc

6.75%,

01/31/31

(c)

..................

EUR

247

289,643

New

Immo

Holding

SA,

5.88%,

04/17/28

(c)

....

100

123,071

Ocado

Group

plc

(c)

6.25%,

08/06/29

(m)

.................

GBP

200

248,585

11.00%,

06/15/30

..................

101

141,305

Performance

Food

Group,

Inc.

(b)

4.25%,

08/01/29

...................

USD

24

23,500

6.13%,

09/15/32

...................

57

58,542

Picard

Groupe

SAS,

6.38%,

07/01/29

(c)

......

EUR

300

369,661

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

..

USD

132

132,232

US

Foods,

Inc.

(b)

4.75%,

02/15/29

...................

47

46,812

7.25%,

01/15/32

...................

13

13,639

2,778,777

Containers

&

Packaging

—

0.3%

Ardagh

Group

SA

9.50%,

12/01/30

(b)

..................

30

32,190

12.00%,

(12.00%

Cash

or

7.50%

PIK),

12/01/30

(a)(c)(j)

...................

EUR

346

360,850

Ardagh

Metal

Packaging

Finance

USA

LLC

3.00%,

09/01/29

(c)

..................

200

227,200

4.00%,

09/01/29

(b)

..................

USD

400

379,961

Ardagh

Packaging

Finance

plc,

9.50%,

12/01/30

(c)

.......................

212

228,750

Ball

Corp.

3.13%,

09/15/31

...................

37

34,004

5.50%,

09/15/33

...................

46

46,755

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%,

04/15/29

...................

88

88,775

6.88%,

01/15/30

...................

269

272,497

6.75%,

04/15/32

...................

268

270,092

Crown

Americas

LLC,

5.88%,

06/01/33

(b)

.....

199

203,542

Fiber

Midco

SpA,

10.75%,

(10.75%

Cash

or

10.75%

PIK),

06/15/29

(c)(j)

.............

EUR

100

80,934

Kleopatra

Finco

SARL,

0.00%,

01/30/31

(g)(n)

...

256

272,931

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%,

04/15/30

...................

USD

1,531

1,559,706

9.25%,

04/15/30

...................

51

50,169

OI

European

Group

BV,

5.25%,

06/01/29

(c)

....

EUR

113

137,938

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Sealed

Air

Corp.

(b)

4.00%,

12/01/27

...................

USD

38

$

37,855

6.50%,

07/15/32

...................

25

25,954

Trivium

Packaging

Finance

BV,

8.25%,

07/15/30

(b)

.......................

360

384,147

4,694,250

Distributors

—

0.0%

(b)

Gates

Corp.,

6.88%,

07/01/29

............

59

61,333

Resideo

Funding,

Inc.,

6.50%,

07/15/32

......

124

125,954

187,287

Diversified

Consumer

Services

—

0.1%

Belron

UK

Finance

plc,

5.75%,

10/15/29

(b)

....

200

203,808

Multiversity

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.28%,

05/17/31

(a)

................

EUR

200

237,755

7.13%,

05/17/31

...................

200

249,441

Service

Corp.

International

4.00%,

05/15/31

...................

USD

78

74,226

5.75%,

10/15/32

...................

148

150,348

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

.....

318

334,361

1,249,939

Diversified

REITs

—

0.0%

(b)

Digital

Realty

Trust,

Inc.,

1.88%,

11/15/29

(m)

...

19

19,631

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

................

150

143,458

Uniti

Group

LP,

Series

Feb,

8.63%,

06/15/32

..

221

222,657

385,746

Diversified

Telecommunication

Services

—

0.7%

Altice

Financing

SA,

3.00%,

01/15/28

(c)

......

EUR

200

170,091

Altice

France

SA

4.75%,

10/15/30

(c)

..................

223

255,451

6.88%,

10/15/30

(b)

..................

USD

18

18,050

6.50%,

10/15/31

(b)

..................

26

25,568

6.50%,

04/15/32

(b)

..................

166

162,423

5.63%,

07/15/32

(c)

..................

EUR

214

246,425

6.88%,

07/15/32

(b)

..................

USD

222

216,670

APLD

ComputeCo

LLC,

9.25%,

12/15/30

(b)

....

76

78,945

CCO

Holdings

LLC

5.38%,

06/01/29

(b)

..................

89

88,012

6.38%,

09/01/29

(b)

..................

94

94,899

4.75%,

03/01/30

(b)

..................

115

109,860

4.50%,

08/15/30

(b)

..................

102

95,864

4.25%,

02/01/31

(b)

..................

266

243,535

4.75%,

02/01/32

(b)

..................

196

179,023

4.50%,

05/01/32

...................

88

78,970

7.00%,

02/01/33

(b)

..................

118

119,140

4.50%,

06/01/33

(b)

..................

237

207,367

4.25%,

01/15/34

(b)

..................

54

45,613

7.38%,

02/01/36

(b)

..................

390

390,468

Cipher

Compute

LLC,

7.13%,

11/15/30

(b)

.....

366

377,130

eircom

Finance

DAC,

5.00%,

04/30/31

(c)

.....

EUR

226

272,557

Fibercop

SpA

5.13%,

06/30/32

(c)

..................

100

121,269

Series

2034,

6.00%,

09/30/34

(b)

.........

USD

200

194,218

Flash

Compute

LLC,

7.25%,

12/31/30

(b)

......

371

372,259

Frontier

Communications

Holdings

LLC

5.88%,

11/01/29

...................

64

64,582

6.00%,

01/15/30

(b)

..................

63

63,553

8.63%,

03/15/31

(b)

..................

91

95,140

IHS

Holding

Ltd.,

6.25%,

11/29/28

(b)

........

200

199,000

Iliad

SA,

4.25%,

01/09/32

(c)

..............

EUR

200

239,908

Level

3

Financing,

Inc.

(b)

6.88%,

06/30/33

...................

USD

886

913,451

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

7.00%,

03/31/34

...................

USD

572

$

592,479

8.50%,

01/15/36

...................

677

693,068

Lumen

Technologies,

Inc.

(b)

4.13%,

04/15/29

...................

39

39,000

4.13%,

04/15/30

...................

40

40,000

Maya

SAS,

7.00%,

04/15/32

(b)

............

200

204,992

Sable

International

Finance

Ltd.,

7.13%,

10/15/32

(b)

.......................

400

405,148

Telecom

Argentina

SA,

9.25%,

05/28/33

(b)

....

149

157,028

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

190

212,273

Uniti

Services

LLC,

7.50%,

10/15/33

(b)

.......

144

148,673

Virgin

Media

Secured

Finance

plc,

4.13%,

08/15/30

(c)

.......................

GBP

186

231,048

Windstream

Services

LLC,

8.25%,

10/01/31

(b)

..

USD

861

901,919

WULF

Compute

LLC,

7.75%,

10/15/30

(b)

.....

488

508,994

Zayo

Group

Holdings,

Inc.

(a)(b)(j)

6.25%,

(

6.25%

Cash

or

0.50%

PIK),

03/09/30

741

721,266

9.00%,

(9.00%

Cash

or

1.88%

PIK),

09/09/30

66

59,703

10,655,032

Electric

Utilities

—

0.3%

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

....

55

57,024

California

Buyer

Ltd.,

5.63%,

02/15/32

(c)

......

EUR

194

232,668

ContourGlobal

Power

Holdings

SA

5.00%,

02/28/30

(c)

..................

448

545,126

6.75%,

02/28/30

(b)

..................

USD

400

412,512

4.38%,

07/31/31

(c)

..................

EUR

116

136,687

Diamond

II

Ltd.,

7.95%,

07/28/26

(b)

.........

USD

200

200,000

Minejesa

Capital

BV,

5.63%,

08/10/37

(b)

......

200

197,772

NRG

Energy,

Inc.

(b)

5.75%,

07/15/29

...................

65

64,755

6.00%,

02/01/33

...................

347

353,658

5.75%,

01/15/34

...................

178

179,180

6.25%,

11/01/34

...................

288

295,659

6.00%,

01/15/36

...................

501

506,229

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

24

23,769

Renew

Treasury

Ifsc

Pvt

Ltd.,

6.50%,

02/02/31

(b)

200

200,800

Vistra

Operations

Co.

LLC

(b)

7.75%,

10/15/31

...................

118

124,859

6.88%,

04/15/32

...................

65

68,298

VoltaGrid

LLC,

7.38%,

11/01/30

(b)

..........

616

623,892

XPLR

Infrastructure

Operating

Partners

LP

(b)

8.38%,

01/15/31

...................

279

293,067

8.63%,

03/15/33

...................

17

17,835

7.75%,

04/15/34

...................

237

241,585

4,775,375

Electrical

Equipment

—

0.0%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.......

177

174,302

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(b)

Coherent

Corp.,

5.00%,

12/15/29

..........

80

79,669

Sensata

Technologies,

Inc.

4.38%,

02/15/30

...................

85

83,116

6.63%,

07/15/32

...................

407

425,169

587,954

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP

(b)

6.25%,

04/01/28

...................

202

202,509

6.63%,

09/01/32

...................

216

223,905

Archrock

Services

LP,

6.00%,

02/01/34

(b)

.....

108

107,918

Deepocean

Ltd.,

6.00%,

04/08/31

(c)

.........

EUR

100

122,905

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

.

USD

28

29,773

Enerflex,

Inc.,

6.88%,

01/15/31

(b)

..........

32

33,072

Kodiak

Gas

Services

LLC

(b)

7.25%,

02/15/29

...................

171

177,364

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

6.50%,

10/01/33

...................

USD

186

$

190,517

6.75%,

10/01/35

...................

111

114,693

Nabors

Industries,

Inc.,

7.63%,

11/15/32

(b)

....

38

38,711

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

.....

25

26,061

OEG

Finance

plc,

7.25%,

09/27/29

(c)

........

EUR

437

541,084

Star

Holding

LLC,

8.75%,

08/01/31

(b)

........

USD

143

143,349

Tidewater,

Inc.,

9.13%,

07/15/30

(b)

.........

38

41,104

Transocean

International

Ltd.

(b)

8.75%,

02/15/30

...................

36

37,528

7.88%,

10/15/32

...................

53

55,906

USA

Compression

Partners

LP

(b)

7.13%,

03/15/29

...................

206

213,296

6.25%,

10/01/33

...................

204

206,652

Valaris

Ltd.

,

8.38%,

04/30/30

(b)

............

78

81,503

Vallourec

SACA,

7.50%,

04/15/32

(b)

........

220

233,802

Weatherford

International

Ltd.,

6.75%,

10/15/33

(b)

209

216,467

3,038,119

Entertainment

—

0.1%

Electronic

Arts,

Inc.,

2.95%,

02/15/51

.......

46

42,719

Live

Nation

Entertainment,

Inc.,

3.75%,

01/15/28

(b)

.......................

39

38,456

Pinewood

Finco

plc

6.00%,

03/27/30

(c)

..................

GBP

315

436,292

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

....

USD

39

33,872

Warnermedia

Holdings,

Inc.,

5.05%,

03/15/42

..

607

426,417

977,756

Financial

Services

—

0.6%

Block,

Inc.

5.63%,

08/15/30

(b)

..................

100

101,784

6.50%,

05/15/32

...................

462

479,996

6.00%,

08/15/33

(b)

..................

132

134,836

Bracken

MidCo1

plc,

6.75%,

(6.75%

Cash

or

7.50%

PIK),

11/01/27

(c)(j)

..............

GBP

213

289,979

CrossCountry

Intermediate

HoldCo

LLC

(b)

6.50%,

10/01/30

...................

USD

105

106,574

6.75%,

12/01/32

...................

6

6,049

Freedom

Mortgage

Holdings

LLC

(b)

9.25%,

02/01/29

...................

21

21,984

6.88%,

05/01/31

...................

58

57,558

9.13%,

05/15/31

...................

308

325,639

Garfunkelux

Holdco

3

SA,

9.00%,

09/01/28

(c)

..

EUR

265

305,879

Intrum

Investments

&

Financing

AB

(c)

8.00%,

09/11/27

...................

240

287,636

Series

1,

7.75%,

09/11/28

(b)

............

65

69,646

8.50%,

09/11/29

...................

64

66,344

ION

Platform

Finance

SARL

(c)

7.88%,

05/01/29

...................

479

552,270

6.50%,

09/30/30

...................

119

129,694

6.88%,

09/30/32

...................

100

106,861

Midcap

Financial

Issuer

Trust,

6.50%,

05/01/28

(b)

USD

200

200,374

PennyMac

Financial

Services,

Inc.

(b)

7.88%,

12/15/29

...................

41

43,187

7.13%,

11/15/30

...................

23

23,745

6.88%,

05/15/32

...................

432

441,486

PRA

Group

Europe

Holding

II

SARL,

6.25%,

09/30/32

(c)

.......................

EUR

292

335,781

Progroup

AG

(c)

5.13%,

04/15/29

...................

100

121,631

5.38%,

04/15/31

...................

300

363,515

Rocket

Cos.,

Inc.

(b)

6.50%,

08/01/29

...................

USD

70

72,003

6.13%,

08/01/30

...................

340

348,095

7.13%,

02/01/32

...................

390

407,545

6.38%,

08/01/33

...................

340

352,737

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Rocket

Mortgage

LLC

(b)

3.88%,

03/01/31

...................

USD

20

$

18,774

4.00%,

10/15/33

...................

25

22,956

Shift4

Payments

LLC

6.75%,

08/15/32

(b)

..................

496

506,015

5.50%,

05/15/33

(c)

..................

EUR

302

364,509

5.50%,

05/15/33

(b)

..................

100

120,699

Stena

International

SA,

7.25%,

01/15/31

(c)

....

USD

250

256,856

Titanium

2l

Bondco

SARL,

6.25%,

(6.25%

Cash

or

6.25%

PIK),

01/14/31

(j)

.............

EUR

324

67,365

UWM

Holdings

LLC

(b)

6.63%,

02/01/30

...................

USD

346

348,988

6.25%,

03/15/31

...................

141

140,109

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33

(b)

.....

33

33,828

WEX,

Inc.,

6.50%,

03/15/33

(b)

.............

209

213,318

Worldline

SA

(c)

0.00%,

07/30/26

(m)(n)

................

EUR

18

21,756

0.88%,

06/30/27

...................

100

108,846

7,976,847

Food

Products

—

0.2%

Chobani

Holdco

II

LLC,

8.75%,

(8.75%

Cash

or

9.50%

PIK),

10/01/29

(b)(j)

..............

USD

361

384,795

Chobani

LLC

(b)

4.63%,

11/15/28

...................

147

146,252

7.63%,

07/01/29

...................

281

292,254

Darling

Global

Finance

BV,

4.50%,

07/15/32

(c)

.

EUR

141

170,555

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

...

USD

52

52,692

Fiesta

Purchaser,

Inc.,

9.63%,

09/15/32

(b)

.....

68

68,788

Froneri

Lux

FinCo

SARL

(c)

Series

JAN,

4.75%,

08/01/32

...........

EUR

100

119,572

4.75%,

08/01/32

...................

311

371,867

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.85%,

12/15/29

(a)(c)

...........

293

348,031

Lamb

Weston

Holdings,

Inc.,

4.13%,

01/31/30

(b)

USD

56

54,062

Post

Holdings,

Inc.

(b)

4.50%,

09/15/31

...................

82

77,684

6.38%,

03/01/33

...................

122

122,936

6.50%,

03/15/36

...................

111

111,100

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

.....

49

47,225

Tereos

Finance

Groupe

I

SA

(c)

4.75%,

04/30/27

...................

EUR

120

142,839

7.25%,

04/15/28

...................

132

160,029

2,670,681

Gas

Utilities

—

0.0%

(b)

AmeriGas

Partners

LP,

9.50%,

06/01/30

.....

USD

23

24,650

Ferrellgas

LP,

9.25%,

01/15/31

............

51

52,720

77,370

Ground

Transportation

—

0.3%

Albion

Financing

1

SARL

5.38%,

05/21/30

(c)

..................

EUR

111

135,933

7.00%,

05/21/30

(b)

..................

USD

400

416,905

BCP

V

Modular

Services

Finance

II

plc

(c)

6.13%,

11/30/28

...................

GBP

220

288,949

6.50%,

07/10/31

...................

EUR

425

475,442

Boels

Topholding

BV

(c)

6.25%,

02/15/29

...................

170

207,742

5.75%,

05/15/30

...................

200

244,621

EC

Finance

plc,

3.25%,

10/15/26

(c)(l)

........

207

243,448

Edge

Finco

plc,

8.13%,

08/15/31

(c)

.........

GBP

398

580,700

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

..

USD

105

108,094

Hertz

Corp.

(The),

12.63%,

07/15/29

(b)

.......

58

58,382

Kapla

Holding

SAS

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.60%,

07/31/30

(a)

................

EUR

181

216,084

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

5.00%,

04/30/31

...................

EUR

271

$

325,706

Loxam

SAS

(c)

6.38%,

05/31/29

...................

90

110,290

4.25%,

02/15/31

...................

308

367,231

Mobico

Group

plc,

4.88%,

09/26/31

(c)

.......

259

260,661

SGL

Group

ApS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

6.78%,

04/22/30

(a)

.......

360

407,193

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

........

USD

24

25,159

4,472,540

Health

Care

Equipment

&

Supplies

—

0.1%

Avantor

Funding,

Inc.

(b)

4.63%,

07/15/28

...................

124

123,046

3.88%,

11/01/29

...................

26

24,966

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(b)

....

542

565,035

Bausch

+

Lomb

Netherlands

BV

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

5.89%,

01/15/31

(a)(c)

...............

EUR

200

239,465

Hologic,

Inc.,

3.25%,

02/15/29

(b)

...........

USD

4

3,986

Insulet

Corp.,

6.50%,

04/01/33

(b)

...........

38

39,547

Medline

Borrower

LP

(b)

6.25%,

04/01/29

...................

154

158,945

5.25%,

10/01/29

...................

404

404,698

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

.

53

56,501

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

62

65,237

1,681,426

Health

Care

Providers

&

Services

—

0.4%

Acadia

Healthcare

Co.,

Inc.,

7.38%,

03/15/33

(b)

.

38

37,536

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

..

253

246,664

Clariane

SE,

7.88%,

06/27/30

(c)

...........

EUR

200

244,391

Community

Health

Systems,

Inc.

(b)

5.25%,

05/15/30

...................

USD

62

58,461

4.75%,

02/15/31

...................

131

117,513

10.88%,

01/15/32

..................

321

345,569

9.75%,

01/15/34

...................

584

608,868

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(b)

.......................

95

99,466

DaVita,

Inc.

(b)

6.88%,

09/01/32

...................

19

19,571

6.75%,

07/15/33

...................

11

11,290

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(c)

....

EUR

153

193,389

Gruppo

San

Donato

SpA,

6.50%,

10/31/31

(c)

..

200

240,348

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

USD

30

28,333

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.......

227

221,270

LifePoint

Health,

Inc.

(b)

9.88%,

08/15/30

...................

18

19,311

11.00%,

10/15/30

..................

264

287,912

8.38%,

02/15/32

...................

295

320,544

10.00%,

06/01/32

..................

192

202,564

Mehilainen

Yhtiot

Oy,

5.13%,

06/30/32

(c)

.....

EUR

250

300,656

Molina

Healthcare,

Inc.,

6.50%,

02/15/31

(b)

....

USD

153

156,802

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

...

59

57,738

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(b)

.......................

45

46,856

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

........

469

495,016

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

714

718,864

TEAM

Services

Holding,

Inc.,

9.00%,

02/15/33

(b)

29

29,000

Tenet

Healthcare

Corp.

6.75%,

05/15/31

...................

106

110,097

6.00%,

11/15/33

(b)

..................

171

175,965

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

207

207,906

5,601,900

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

REITs

—

0.1%

Diversified

Healthcare

Trust,

7.25%,

10/15/30

(b)

.

USD

39

$

40,168

MPT

Operating

Partnership

LP

0.99%,

10/15/26

...................

EUR

100

114,595

7.00%,

02/15/32

(c)

..................

250

309,780

8.50%,

02/15/32

(b)

..................

USD

487

521,751

986,294

Health

Care

Technology

—

0.0%

IQVIA,

Inc.,

6.25%,

06/01/32

(b)

............

137

142,336

Hotel

&

Resort

REITs

—

0.1%

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

.......................

64

65,937

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(b)

.....

27

27,604

RHP

Hotel

Properties

LP

(b)

6.50%,

04/01/32

...................

72

74,459

6.50%,

06/15/33

...................

420

435,368

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

.....

28

27,836

Service

Properties

Trust

0.00%,

09/30/27

(b)(n)

.................

77

69,705

8.63%,

11/15/31

(b)

..................

946

993,565

8.88%,

06/15/32

...................

109

108,191

XHR

LP,

6.63%,

05/15/30

(b)

..............

27

27,884

1,830,549

Hotels,

Restaurants

&

Leisure

—

0.8%

1011778

BC

ULC

(b)

4.38%,

01/15/28

...................

55

54,675

5.63%,

09/15/29

...................

31

31,525

4.00%,

10/15/30

...................

17

16,220

Acushnet

Co.,

5.63%,

12/01/33

(b)

..........

32

32,301

Allwyn

Entertainment

Financing

UK

plc

(c)

7.25%,

04/30/30

...................

EUR

248

306,942

4.13%,

02/15/31

...................

100

116,976

Aramark

International

Finance

SARL,

4.38%,

04/15/33

(c)

.......................

208

245,064

Betclic

Everest

Group

SAS,

5.13%,

12/10/31

(c)

.

100

119,750

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

........

USD

39

38,484

Caesars

Entertainment,

Inc.

(b)

7.00%,

02/15/30

...................

198

204,459

6.50%,

02/15/32

...................

221

225,978

Carnival

Corp.

(b)

5.88%,

06/15/31

...................

41

42,381

5.75%,

08/01/32

...................

57

58,540

6.13%,

02/15/33

...................

294

302,440

Churchill

Downs,

Inc.

(b)

4.75%,

01/15/28

...................

59

58,799

5.75%,

04/01/30

...................

391

393,119

6.75%,

05/01/31

...................

209

215,340

Cirsa

Finance

International

SARL

(c)

4.88%,

10/15/31

...................

EUR

100

121,071

(3-mo.

EURIBOR

+

3.00%),

5.10%,

10/15/32

(a)

.....................

100

119,631

Deuce

Finco

plc

(c)

7.00%,

11/20/31

...................

GBP

200

277,720

(3-mo.

EURIBOR

+

3.50%),

5.55%,

11/20/32

(a)

.....................

EUR

100

119,456

Entain

plc,

4.88%,

11/30/31

(c)

.............

343

407,965

Essendi

SA

(c)

5.38%,

05/15/30

...................

200

244,661

5.50%,

11/15/31

...................

117

142,506

5.63%,

05/15/32

...................

270

329,234

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

...................

USD

169

163,445

6.75%,

01/15/30

...................

80

75,653

Flutter

Treasury

DAC,

4.00%,

06/04/31

(c)

.....

EUR

144

170,564

Fortune

Star

BVI

Ltd.,

5.88%,

11/20/30

(c)

.....

120

140,820

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

(c)

.......................

CHF

300

$

388,130

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(b)

.......................

USD

185

188,129

Hilton

Domestic

Operating

Co.,

Inc.

(b)

6.13%,

04/01/32

...................

46

47,515

5.88%,

03/15/33

...................

103

105,690

5.50%,

03/31/34

...................

79

79,381

Light

&

Wonder

International,

Inc.

(b)

7.50%,

09/01/31

...................

137

143,363

6.25%,

10/01/33

...................

71

71,888

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(b)

..

93

97,086

Lottomatica

Group

SpA,

4.88%,

01/31/31

(c)

...

EUR

105

128,061

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

USD

77

61,945

Melco

Resorts

Finance

Ltd.

(b)

5.38%,

12/04/29

...................

207

204,765

7.63%,

04/17/32

...................

806

843,781

MGM

Resorts

International,

6.13%,

09/15/29

..

77

78,756

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

.......................

41

40,276

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(b)

.......................

54

56,303

NCL

Corp.

Ltd.

(b)

5.88%,

01/15/31

...................

20

20,055

6.75%,

02/01/32

...................

208

213,159

6.25%,

09/15/33

...................

327

328,807

Pinnacle

Bidco

plc,

10.00%,

10/11/28

(c)

......

GBP

200

288,387

Rivers

Enterprise

Borrower

LLC,

6.63%,

02/01/33

(b)

.......................

USD

37

37,660

Rivers

Enterprise

Lender

LLC,

6.25%,

10/15/30

(b)

41

41,621

Sabre

GLBL,

Inc.,

10.75%,

03/15/30

(b)

.......

73

58,582

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

134

122,278

Six

Flags

Entertainment

Corp.

5.38%,

04/15/27

...................

14

14,001

5.25%,

07/15/29

...................

29

27,846

8.63%,

01/15/32

(b)

..................

40

40,818

Station

Casinos

LLC

(b)

4.50%,

02/15/28

...................

75

74,657

6.63%,

03/15/32

...................

249

254,685

Stonegate

Pub

Co.

Financing

plc

(c)

(3-mo.

EURIBOR

+

6.63%),

8.69%,

07/31/29

(a)

.....................

EUR

112

131,150

10.75%,

07/31/29

..................

GBP

146

200,876

TUI

AG,

5.88%,

03/15/29

(c)

..............

EUR

179

218,876

TUI

Cruises

GmbH,

6.25%,

04/15/29

(c)

......

100

122,822

Vail

Resorts,

Inc.

(b)

5.63%,

07/15/30

...................

USD

34

34,531

6.50%,

05/15/32

...................

110

113,999

Viking

Cruises

Ltd.

(b)

9.13%,

07/15/31

...................

139

148,253

5.88%,

10/15/33

...................

194

196,676

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

.......................

37

37,002

Voyager

Parent

LLC,

9.25%,

07/01/32

(b)

......

129

137,039

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

.......................

38

37,562

Wynn

Macau

Ltd.

(b)

5.63%,

08/26/28

...................

500

499,095

5.13%,

12/15/29

...................

200

198,320

6.75%,

02/15/34

...................

200

202,750

Wynn

Resorts

Finance

LLC

(b)

5.13%,

10/01/29

...................

65

65,193

7.13%,

02/15/31

...................

88

94,814

6.25%,

03/15/33

...................

289

294,441

11,566,743

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

4.63%,

04/01/30

...................

USD

28

$

26,495

6.88%,

08/01/33

...................

31

31,276

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

...................

567

549,044

4.88%,

02/15/30

...................

64

59,747

Century

Communities,

Inc.,

6.63%,

09/15/33

(b)

.

51

51,651

Installed

Building

Products,

Inc.,

5.63%,

02/01/34

(b)

.......................

78

78,448

K.

Hovnanian

Enterprises,

Inc.

(b)

8.00%,

04/01/31

...................

197

201,820

8.38%,

10/01/33

...................

95

97,089

LGI

Homes,

Inc.,

7.00%,

11/15/32

(b)

........

75

73,149

Mattamy

Group

Corp.

(b)

4.63%,

03/01/30

...................

32

31,246

6.00%,

12/15/33

...................

22

21,617

Meritage

Homes

Corp.,

1.75%,

05/15/28

(m)

....

153

155,257

New

Home

Co.,

Inc.

(The)

(b)

9.25%,

10/01/29

...................

46

48,472

8.50%,

11/01/30

...................

19

19,791

Newell

Brands,

Inc.,

8.50%,

06/01/28

(b)

......

35

36,696

Somnigroup

International,

Inc.,

4.00%,

04/15/29

(b)

30

29,105

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

.....

27

28,393

Taylor

Morrison

Communities,

Inc.,

5.75%,

11/15/32

(b)

.......................

31

31,819

1,571,115

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(b)

AES

Andes

SA,

6.30%,

03/15/29

..........

200

206,500

Calpine

Corp.,

4.50%,

02/15/28

...........

2

1,998

Clearway

Energy

Operating

LLC

4.75%,

03/15/28

...................

66

65,954

3.75%,

01/15/32

...................

132

121,492

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

...

22

23,212

TransAlta

Corp.,

5.88%,

02/01/34

..........

69

69,055

XPLR

Infrastructure

LP,

2.50%,

06/15/26

(m)

....

115

112,850

601,061

Industrial

REITs

—

0.0%

Trust

2401,

7.70%,

01/23/32

(b)

............

200

219,570

Insurance

—

0.8%

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

...................

308

304,196

5.88%,

11/01/29

...................

855

852,296

7.00%,

01/15/31

...................

342

354,571

7.38%,

10/01/32

...................

490

507,256

AmWINS

Group,

Inc.

(b)

6.38%,

02/15/29

...................

32

32,835

4.88%,

06/30/29

...................

106

104,584

Amynta

Agency

Borrower,

Inc.,

7.50%,

07/15/33

(b)

.......................

212

216,149

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

(b)

218

221,307

Ardonagh

Finco

Ltd.

6.88%,

02/15/31

(c)

..................

EUR

439

534,648

7.75%,

02/15/31

(b)

..................

USD

800

827,023

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

730

752,789

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

(b)

8.00%,

12/31/32

...................

348

363,592

8.38%,

02/01/34

...................

300

303,288

Howden

UK

Refinance

plc

(b)

7.25%,

02/15/31

...................

807

834,657

8.13%,

02/15/32

...................

407

414,707

HUB

International

Ltd.

(b)

7.25%,

06/15/30

...................

600

626,013

7.38%,

01/31/32

...................

1,803

1,888,653

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%,

03/15/30

...................

USD

154

$

161,021

6.88%,

10/01/33

...................

207

201,770

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

.

1,111

1,144,248

Ryan

Specialty

LLC

(b)

4.38%,

02/01/30

...................

43

41,892

5.88%,

08/01/32

...................

57

57,947

Unipol

Assicurazioni

SpA,

4.90%,

05/23/34

(c)

..

EUR

100

125,435

USI,

Inc.,

7.50%,

01/15/32

(b)

..............

USD

222

232,405

11,103,282

Interactive

Media

&

Services

—

0.0%

Snap,

Inc.

(b)

6.88%,

03/01/33

...................

370

379,677

6.88%,

03/15/34

...................

149

152,148

531,825

IT

Services

—

0.7%

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(c)

.......................

EUR

360

423,055

Atos

SE

(c)(l)

9.36%,

12/18/29

...................

328

442,311

5.20%,

12/18/30

...................

88

107,621

1.04%,

12/18/32

...................

220

193,410

Beignet

Investor

LLC,

6.58%,

05/30/49

(b)

.....

USD

5,924

6,168,168

Cablevision

Lightpath

LLC,

3.88%,

09/15/27

(b)

.

200

199,102

Cedacri

SpA

(a)(c)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

6.69%,

05/15/28

.................

EUR

100

118,566

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

7.56%,

05/15/28

.................

225

267,401

CoreWeave,

Inc.,

9.25%,

06/01/30

(b)

........

USD

84

82,689

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

421

428,845

ION

Platform

Finance

US,

Inc.

(b)

5.00%,

05/01/28

...................

368

347,417

5.75%,

05/15/28

...................

200

189,633

7.88%,

09/30/32

...................

274

240,302

OVH

Groupe

SA

,

4.75%,

02/05/31

(c)

........

EUR

200

237,628

Twilio,

Inc.,

3.63%,

03/15/29

.............

USD

47

45,007

United

Group

BV,

5.25%,

02/01/30

(c)

........

EUR

100

119,089

9,610,244

Machinery

—

0.1%

Amsted

Industries,

Inc.,

6.38%,

03/15/33

(b)

....

USD

132

136,612

ATS

Corp.,

4.13%,

12/15/28

(b)

............

27

26,343

Chart

Industries,

Inc.,

7.50%,

01/01/30

(b)

.....

82

85,318

Columbus

McKinnon

Corp.,

7.13%,

02/01/33

(b)

.

73

73,379

CompoSecure

Holdings

LLC,

5.63%,

02/01/33

(b)

258

257,174

Enpro,

Inc.,

6.13%,

06/01/33

(b)

............

36

37,018

Esab

Corp.,

6.25%,

04/15/29

(b)

............

52

53,432

IMA

Industria

Macchine

Automatiche

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

04/15/29

(a)(c)

......................

EUR

382

454,277

King

US

Bidco,

Inc.,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

12/01/32

(a)(c)

......

119

141,546

Lsf12

Helix

Parent

LLC,

7.13%,

02/01/33

(b)

....

USD

139

139,408

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(b)

..

68

73,855

Terex

Corp.,

6.25%,

10/15/32

(b)

...........

124

126,965

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(c)

..

EUR

150

178,454

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

310

310,090

2,093,871

Marine

Transportation

—

0.0%

Danaos

Corp.,

8.50%,

03/01/28

(b)

..........

160

160,211

Media

—

0.8%

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%,

04/15/28

...................

100

100,031

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

7.50%,

06/01/29

...................

USD

429

$

424,504

7.88%,

04/01/30

...................

740

779,122

7.13%,

02/15/31

...................

595

620,468

7.50%,

03/15/33

...................

274

291,135

CMG

Media

Corp.,

8.88%,

06/18/29

(b)

.......

68

58,910

CSC

Holdings

LLC

(b)

5.50%,

04/15/27

...................

200

176,529

5.38%,

02/01/28

...................

257

191,811

11.25%,

05/15/28

..................

257

205,982

DirecTV

Financing

LLC

(b)

5.88%,

08/15/27

...................

233

234,135

8.88%,

02/01/30

...................

340

344,253

10.00%,

02/15/31

..................

116

119,490

DISH

DBS

Corp.

(b)

5.25%,

12/01/26

...................

175

170,076

5.75%,

12/01/28

...................

287

277,738

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

.....

532

550,598

EchoStar

Corp.

10.75%,

11/30/29

..................

313

343,470

6.75%,

(6.75

%

Cash

or

6.75%

PIK),

11/30/30

(j)

......................

681

692,888

Gray

Media,

Inc.

(b)

10.50%,

07/15/29

..................

95

102,041

9.63%,

07/15/32

...................

263

271,140

7.25%,

08/15/33

...................

147

150,495

Lamar

Media

Corp.,

5.38%,

11/01/33

(b)

......

62

61,837

Midcontinent

Communications,

8.00%,

08/15/32

(b)

.......................

155

149,136

Neptune

Bidco

US,

Inc.

(b)

9.29%,

04/15/29

...................

187

192,013

10.38%,

05/15/31

..................

78

82,469

9.50%,

02/15/33

...................

131

133,393

Outfront

Media

Capital

LLC

(b)

4.25%,

01/15/29

...................

111

108,344

4.63%,

03/15/30

...................

117

114,246

7.38%,

02/15/31

...................

49

51,605

Sinclair

Television

Group,

Inc.,

8.13%,

02/15/33

(b)

266

275,156

Summer

BC

Holdco

B

SARL

(c)

5.88%,

02/15/30

...................

EUR

143

157,582

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.31%,

02/15/30

(a)

................

200

222,694

Sunrise

FinCo.

I

BV

4.88%,

07/15/31

(b)

..................

USD

200

191,564

4.63%,

05/15/32

(c)

..................

EUR

170

203,859

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

..................

USD

400

398,691

Univision

Communications,

Inc.

(b)

8.00%,

08/15/28

...................

636

656,350

7.38%,

06/30/30

...................

29

29,380

8.50%,

07/31/31

...................

240

250,286

9.38%,

08/01/32

...................

130

139,965

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(b)

..

42

43,041

Virgin

Media

O2

Vendor

Financing

Notes

V

DAC,

7.88%,

03/15/32

(c)

..................

GBP

145

194,640

Virgin

Media

O2

Vendor

Financing

Notes

VII

DAC,

7.50%,

07/15/33

(c)

..............

EUR

100

118,045

Virgin

Media

O2

Vendor

Financing

Notes

VIII

DAC,

8.88%,

07/15/33

(c)

..............

GBP

100

135,459

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

..................

250

341,470

VZ

Secured

Financing

BV,

5.25%,

01/15/33

(c)

..

EUR

241

277,238

Ziggo

Bond

Co.

BV

(c)

3.38%,

02/28/30

...................

100

104,926

6.13%,

11/15/32

...................

200

221,745

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Ziggo

BV,

2.88%,

01/15/30

(c)

.............

EUR

100

$

112,143

11,072,093

Metals

&

Mining

—

0.5%

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

USD

200

192,272

Arsenal

AIC

Parent

LLC

(b)

8.00%,

10/01/30

...................

69

73,074

11.50%,

10/01/31

..................

533

587,320

Cleveland-Cliffs,

Inc.,

6.88%,

11/01/29

(b)

.....

293

304,488

Commercial

Metals

Co.

(b)

5.75%,

11/15/33

...................

97

98,619

6.00%,

12/15/35

...................

100

102,171

Constellium

SE

(b)

3.75%,

04/15/29

...................

334

323,317

6.38%,

08/15/32

...................

500

517,071

Corp.

Nacional

del

Cobre

de

Chile,

5.53%,

01/30/37

(b)

.......................

200

200,655

CSN

Resources

SA,

8.88%,

12/05/30

(c)

......

200

192,912

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

......

341

343,660

Freeport

Indonesia

PT,

4.76%,

04/14/27

(c)

....

200

200,480

Kaiser

Aluminum

Corp.

(b)

4.50%,

06/01/31

...................

517

499,099

5.88%,

03/01/34

...................

222

223,650

Marcobre

SAC,

5.75%,

01/22/36

(b)

.........

200

198,815

Navoi

Mining

&

Metallurgical

Combinat,

6.95%,

10/17/31

(b)

.......................

200

213,788

New

Gold,

Inc.,

6.88%,

04/01/32

(b)

.........

160

169,988

Novelis

Corp.

(b)

4.75%,

01/30/30

...................

113

109,471

6.88%,

01/30/30

...................

302

313,008

3.88%,

08/15/31

...................

376

344,065

6.38%,

08/15/33

...................

208

211,876

Samarco

Mineracao

SA

(j)

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(b)

.....................

42

42,672

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)

.....................

277

272,650

Stillwater

Mining

Co.,

4.50%,

11/16/29

(b)

......

200

192,000

Vale

Overseas

Ltd.

6.40%,

06/28/54

...................

72

73,980

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.43%),

6.00%,

02/25/56

(a)(b)

....................

200

200,980

Vedanta

Resources

Finance

II

plc,

10.88%,

09/17/29

(b)

.......................

240

256,500

Volcan

Cia

Minera

SAA,

8.50%,

10/28/32

(b)

...

162

167,670

6,626,251

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Blackstone

Mortgage

Trust,

Inc.,

3.75%,

01/15/27

76

74,993

Starwood

Property

Trust,

Inc.

7.25%,

04/01/29

...................

54

56,950

6.50%,

07/01/30

...................

109

113,509

6.50%,

10/15/30

...................

71

73,942

319,394

Office

REITs

—

0.0%

Alstria

Office

AG

(c)

4.25%,

10/15/29

...................

EUR

100

118,322

5.50%,

03/20/31

...................

300

365,640

483,962

Oil,

Gas

&

Consumable

Fuels

—

0.8%

Aethon

United

BR

LP,

7.50%,

10/01/29

(b)

.....

USD

142

149,426

Antero

Midstream

Partners

LP,

5.38%,

06/15/29

(b)

31

31,054

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

...................

33

40,654

5.88%,

06/30/29

...................

60

60,407

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.63%,

07/15/33

...................

USD

63

$

65,236

Azule

Energy

Finance

plc,

8.25%,

01/22/31

(b)

..

200

200,220

Blue

Racer

Midstream

LLC

(b)

7.00%,

07/15/29

...................

46

47,936

7.25%,

07/15/32

...................

39

41,348

Breakwater

Energy

Holdings

SARL,

9.25%,

11/15/30

(c)

........................

250

262,188

Buckeye

Partners

LP

6.75%,

02/01/30

(b)

..................

23

24,099

5.85%,

11/15/43

...................

28

26,124

5.60%,

10/15/44

...................

28

25,350

Caturus

Energy

LLC,

8.50%,

02/15/30

(b)

.....

323

336,769

Chord

Energy

Corp.,

6.75%,

03/15/33

(b)

......

28

29,027

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(b)

...

226

234,876

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

35

34,004

CNX

Resources

Corp.,

7.25%,

03/01/32

(b)

....

28

29,294

Comstock

Resources,

Inc.

(b)

6.75%,

03/01/29

...................

266

267,696

5.88%,

01/15/30

...................

31

30,247

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.........

500

497,211

Crescent

Energy

Finance

LLC

(b)

9.75%,

10/15/30

...................

18

19,143

7.63%,

04/01/32

...................

66

65,464

7.88%,

04/15/32

...................

80

79,595

7.38%,

01/15/33

...................

119

115,166

8.38%,

01/15/34

...................

7

7,066

CVR

Energy,

Inc.

(b)

7.50%,

02/15/31

...................

46

45,903

7.88%,

02/15/34

...................

29

28,765

DBR

Land

Holdings

LLC,

6.25%,

12/01/30

(b)

...

57

58,390

Delek

Logistics

Partners

LP,

7.38%,

06/30/33

(b)

.

53

54,501

Energean

plc

5.63%,

05/12/31

(c)

..................

EUR

200

238,109

5.63%,

05/12/31

(b)

..................

200

238,109

Genesis

Energy

LP,

7.75%,

02/01/28

.......

USD

29

29,125

Global

Partners

LP,

7.13%,

07/01/33

(b)

.......

23

23,559

Gran

Tierra

Energy,

Inc.,

9.50%,

10/15/29

(b)

...

243

193,792

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(b)

.......................

38

39,189

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

....

57

59,537

Hess

Midstream

Operations

LP

(b)

6.50%,

06/01/29

...................

43

44,505

4.25%,

02/15/30

...................

28

27,351

Hilcorp

Energy

I

LP

(b)

5.75%,

02/01/29

...................

116

116,028

6.00%,

04/15/30

...................

98

96,424

8.38%,

11/01/33

...................

59

61,256

7.25%,

02/15/35

...................

24

23,223

Howard

Midstream

Energy

Partners

LLC

(b)

7.38%,

07/15/32

...................

28

29,577

6.63%,

01/15/34

...................

130

133,432

Ithaca

Energy

North

Sea

plc,

5.50%,

10/01/31

(c)

EUR

129

154,582

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.......

USD

283

272,838

KazMunayGas

National

Co.

JSC,

5.75%,

04/19/47

(c)

.......................

200

187,400

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(b)

.......................

48

49,845

Matador

Resources

Co.

(b)

6.88%,

04/15/28

...................

55

56,196

6.50%,

04/15/32

...................

103

104,880

MC

Brazil

Downstream

Trading

SARL,

7.25%,

06/30/31

(c)

.......................

181

160,618

NAK

Naftogaz

Ukraine,

7.13%,

(7.13%

Cash

or

7.13%

PIK),

07/19/26

(c)(j)

..............

EUR

189

183,423

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

NGL

Energy

Operating

LLC

(b)

8.13%,

02/15/29

...................

USD

267

$

277,073

8.38%,

02/15/32

...................

118

123,506

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(b)

...

152

153,462

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

.......................

37

37,644

Occidental

Petroleum

Corp.,

6.63%,

09/01/30

..

106

113,974

Permian

Resources

Operating

LLC

(b)

5.88%,

07/01/29

...................

72

72,242

7.00%,

01/15/32

...................

39

40,884

6.25%,

02/01/33

...................

386

397,638

Petrobras

Global

Finance

BV,

6.75%,

01/27/41

.

315

315,787

Petroleos

Mexicanos,

7.50%,

03/20/26

(b)

.....

298

298,373

Pluspetrol

Camisea

SA,

6.24%,

07/03/36

(b)

....

150

158,521

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

.......

39

40,451

PRIO

Luxembourg

Holding

SARL,

6.75%,

10/15/30

(b)

.......................

200

198,010

Raizen

Fuels

Finance

SA,

6.45%,

03/05/34

(b)

..

282

231,945

SCC

Power

plc

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

(b)(j)

....................

224

54,866

SM

Energy

Co.

(b)

8.38%,

07/01/28

...................

110

113,223

8.75%,

07/01/31

...................

39

40,964

Sunoco

LP

(b)

5.63%,

03/15/31

...................

37

37,227

6.63%,

08/15/32

...................

252

259,895

5.88%,

03/15/34

...................

37

37,099

Tallgrass

Energy

Partners

LP

(b)

5.50%,

01/15/28

...................

41

40,986

7.38%,

02/15/29

...................

279

289,231

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

.......................

197

194,942

Trident

Energy

Finance

plc,

12.50%,

11/30/29

(c)

200

207,040

Venture

Global

LNG,

Inc.

(b)

9.50%,

02/01/29

...................

429

456,829

7.00%,

01/15/30

...................

9

9,056

8.38%,

06/01/31

...................

110

112,510

9.88%,

02/01/32

...................

291

307,673

Venture

Global

Plaquemines

LNG

LLC

(b)

6.13%,

12/15/30

...................

360

370,549

7.50%,

05/01/33

...................

74

81,131

6.50%,

01/15/34

...................

533

553,147

7.75%,

05/01/35

...................

62

69,136

6.75%,

01/15/36

...................

221

231,665

Vista

Energy

Argentina

SAU,

8.50%,

06/10/33

(b)

75

77,906

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

.......................

165

167,275

11,602,017

Paper

&

Forest

Products

—

0.1%

Eldorado

Intl.

Finance

GmbH,

8.50%,

12/01/32

(b)

200

209,296

Fedrigoni

SpA

6.13%,

06/15/31

(c)

..................

EUR

132

151,052

LD

Celulose

International

GmbH,

7.95%,

01/26/32

(b)

.......................

USD

200

210,476

Sappi

Papier

Holding

GmbH

4.50%,

03/15/32

(c)

..................

EUR

311

351,886

922,710

Passenger

Airlines

—

0.0%

ABRA

Global

Finance,

14.00%,

(14.00%

Cash

or

14.00%

PIK),

10/22/29

(b)(j)

.............

USD

165

171,970

American

Airlines,

Inc.

(b)

5.75%,

04/20/29

...................

9

8,588

8.50%,

05/15/29

...................

56

58,436

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

Avianca

Midco

2

plc,

9.00%,

12/01/28

(c)

......

USD

83

$

84,401

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(b)

....

78

78,341

OneSky

Flight

LLC,

8.88%,

12/15/29

(b)

.......

48

51,323

United

Airlines

Holdings,

Inc.,

5.38%,

03/01/31

.

108

109,072

562,131

Personal

Care

Products

—

0.1%

Opal

Bidco

SAS

5.50%,

03/31/32

(c)

..................

EUR

233

283,685

6.50%,

03/31/32

(b)

..................

USD

200

204,085

Perrigo

Finance

Unlimited

Co.

5.38%,

09/30/32

...................

EUR

100

118,508

6.13%,

09/30/32

...................

USD

97

95,402

701,680

Pharmaceuticals

—

0.3%

1261229

BC

Ltd.,

10.00%,

04/15/32

(b)

.......

1,600

1,642,011

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(b)

40

42,119

Bausch

Health

Cos.,

Inc.

(b)

4.88%,

06/01/28

...................

40

37,000

11.00%,

09/30/28

..................

361

375,288

Dolcetto

Holdco

SpA,

5.63%,

07/14/32

(c)

.....

EUR

365

440,113

Gruenenthal

GmbH,

4.63%,

11/15/31

(c)

......

215

257,858

Nidda

Healthcare

Holding

GmbH

(c)

7.00%,

02/21/30

...................

294

361,158

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.28%,

10/15/32

(a)

................

320

381,235

Rossini

SARL

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

5.89%,

12/31/29

(a)

................

48

57,513

6.75%,

12/31/29

...................

108

133,586

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

7.88%,

09/15/31

...................

218

309,765

4,037,646

Professional

Services

—

0.1%

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(b)

...

USD

17

17,915

CACI

International,

Inc.,

6.38%,

06/15/33

(b)

....

158

163,931

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

.........

675

662,393

La

Financiere

Atalian

SAS,

8.50%,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(c)(j)

............

EUR

194

38,467

Science

Applications

International

Corp.

(b)

4.88%,

04/01/28

...................

USD

41

40,896

5.88%,

11/01/33

...................

70

70,551

994,153

Real

Estate

Management

&

Development

—

0.2%

ADLER

Financing

SARL,

8.25%,

(8.25%

Cash

or

8.25%

PIK),

12/31/28

(j)

...............

EUR

588

612,991

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(c)

.......................

258

309,070

Alpha

Star

Holding

IX

Ltd.,

7.00%,

08/26/28

(c)

..

USD

200

204,500

Anywhere

Real

Estate

Group

LLC

(b)

7.00%,

04/15/30

...................

142

143,598

9.75%,

04/15/30

...................

26

28,378

Aroundtown

SA,

(5-Year

EUR

Swap

Annual

+

2.42%),

1.63%

(a)(c)(k)

.................

EUR

100

116,934

Citycon

Treasury

BV,

5.38%,

07/08/31

(c)

......

350

395,457

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(b)

.......................

USD

89

94,853

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(c)(l)

.................

EUR

176

195,378

Fantasia

Holdings

Group

Co.

Ltd.

(c)(d)(e)

15.00%,

12/18/21

..................

USD

400

4,500

11.75%,

04/17/24

..................

600

6,750

11.88%,

06/01/24

..................

300

3,375

9.25%,

07/28/24

...................

600

6,750

12.25%,

10/18/24

..................

400

4,500

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

10.88%,

01/09/25

..................

USD

218

$

2,453

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(b)

25

25,984

Howard

Hughes

Corp.

(The),

4.13%,

02/01/29

(b)

39

37,718

Modernland

Overseas

Pte.

Ltd.,

6.00%,

(6.00%

Cash

or

6.00%

PIK),

04/30/27

(c)(j)

........

381

115,936

Sobha

Sukuk

I

Holding

Ltd.,

7.13%,

09/11/30

(c)

.

200

202,126

Vivion

Investments

SARL

(c)

8.25%,

(8.25%

Cash

or

8.00%

PIK),

02/28/29

(j)

......................

EUR

387

453,422

5.63%,

06/08/30

...................

200

233,541

3,198,214

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

USD

71

70,104

Semiconductors

&

Semiconductor

Equipment

—

0.1%

Amkor

Technology,

Inc.,

5.88%,

10/01/33

(b)

....

23

23,440

ams-OSRAM

AG,

10.50%,

03/30/29

(c)

.......

EUR

100

125,678

MKS,

Inc.,

4.25%,

02/15/34

(c)

.............

238

282,105

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(m)

..

USD

67

65,444

Qnity

Electronics,

Inc.

(b)

5.75%,

08/15/32

...................

82

83,534

6.25%,

08/15/33

...................

62

63,990

644,191

Software

—

0.4%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

..

1,459

1,415,002

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

...

282

262,176

Central

Parent

LLC,

8.00%,

06/15/29

(b)

......

42

32,640

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

......

40

30,652

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

...................

56

52,852

4.88%,

07/01/29

...................

478

410,872

Cloud

Software

Group,

Inc.

(b)

6.50%,

03/31/29

...................

671

666,818

9.00%,

09/30/29

...................

804

811,856

8.25%,

06/30/32

...................

91

92,555

Elastic

NV,

4.13%,

07/15/29

(b)

............

96

92,225

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

(b)

....

308

303,088

Fair

Isaac

Corp.

(b)

4.00%,

06/15/28

...................

98

96,376

6.00%,

05/15/33

...................

435

443,237

IPD

3

BV

5.50%,

06/15/31

(c)

..................

EUR

426

503,244

McAfee

Corp.,

7.38%,

02/15/30

(b)

..........

USD

91

72,400

Oracle

Corp.,

5.20%,

09/26/35

............

168

160,103

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(b)

...

111

114,599

TeamSystem

SpA

(a)(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.52%,

07/31/31

.................

EUR

106

125,308

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.27%,

07/01/32

.................

100

117,806

UKG,

Inc.,

6.88%,

02/01/31

(b)

.............

USD

487

486,607

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

3

2,742

6,293,158

Specialized

REITs

—

0.1%

Iron

Mountain,

Inc.

6.25%,

01/15/33

(b)

..................

171

172,794

4.75%,

01/15/34

(c)

..................

EUR

284

328,464

Millrose

Properties,

Inc.

(b)

6.38%,

08/01/30

...................

USD

215

219,447

6.25%,

09/15/32

...................

146

147,647

SBA

Communications

Corp.,

3.13%,

02/01/29

.

22

21,012

889,364

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.2%

Advance

Auto

Parts,

Inc.,

7.00%,

08/01/30

(b)

...

USD

38

$

38,644

Asbury

Automotive

Group,

Inc.,

4.50%,

03/01/28

29

28,900

Bubbles

Bidco

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.27%,

09/30/31

(a)

................

EUR

118

141,083

6.50%,

09/30/31

...................

111

135,099

Carvana

Co.

(b)(j)

9.00%,

(9.00%

Cash

or

13.00%

PIK),

06/01/30

......................

USD

122

127,209

9.00%,

(9.00%

Cash

or

14.00%

PIK),

06/01/31

......................

562

618,620

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(c)

....

GBP

430

615,324

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

.

USD

79

84,421

Duomo

Bidco

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

01/15/32

(a)(c)

......

EUR

124

147,370

Goldstory

SAS,

6.75%,

02/01/30

(c)

.........

230

268,505

Group

1

Automotive,

Inc.

(b)

4.00%,

08/15/28

...................

USD

18

17,603

6.38%,

01/15/30

...................

31

31,822

LCM

Investments

Holdings

II

LLC

(b)

4.88%,

05/01/29

...................

102

100,509

8.25%,

08/01/31

...................

66

69,528

Lithia

Motors,

Inc.,

5.50%,

10/01/30

(b)

.......

51

51,226

White

Cap

Supply

Holdings

LLC,

7.38%,

11/15/30

(b)

.......................

884

918,196

3,394,059

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Seagate

Data

Storage

Technology

Pte.

Ltd.,

5.88%,

07/15/30

(b)

..................

72

74,173

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Beach

Acquisition

Bidco

LLC

5.25%,

07/15/32

(c)

..................

EUR

200

242,735

10.00%,

(10.00%

Cash

or

10.75%

PIK),

07/15/33

(b)(j)

....................

USD

843

926,842

Crocs,

Inc.,

4.13%,

08/15/31

(b)

............

30

27,456

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

07/01/29

(a)(c)

...............

EUR

228

272,286

VF

Corp.,

4.25%,

03/07/29

..............

100

120,011

1,589,330

Trading

Companies

&

Distributors

—

0.2%

(b)

FTAI

Aviation

Investors

LLC

5.50%,

05/01/28

...................

USD

142

142,137

7.88%,

12/01/30

...................

155

164,347

7.00%,

05/01/31

...................

396

416,659

7.00%,

06/15/32

...................

458

482,016

5.88%,

04/15/33

...................

261

264,622

Herc

Holdings,

Inc.

6.63%,

06/15/29

...................

6

6,209

7.00%,

06/15/30

...................

502

526,881

5.75%,

03/15/31

...................

48

48,341

7.25%,

06/15/33

...................

23

24,341

6.00%,

03/15/34

...................

50

50,253

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

.

326

335,936

United

Rentals

North

America,

Inc.,

5.38%,

11/15/33

.........................

177

176,896

WESCO

Distribution,

Inc.

6.63%,

03/15/32

...................

30

31,347

6.38%,

03/15/33

...................

49

51,022

2,721,007

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC,

6.00%,

01/31/33

(d)(e)(g)

..

25

5,988

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

—

0.4%

Connect

Finco

SARL,

9.00%,

09/15/29

(b)

.....

USD

400

$

424,547

Digicel

International

Finance

Ltd.,

8.63%,

08/01/32

(b)

.......................

800

831,856

Eutelsat

SA,

1.50%,

10/13/28

(c)

...........

EUR

100

114,520

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%,

01/15/31

(b)

.................

USD

207

218,967

Maya

SAS

5.38%,

04/15/30

(c)

..................

EUR

181

221,509

6.88%,

04/15/31

(c)

..................

179

226,218

8.50%,

04/15/31

(b)

..................

USD

207

221,660

SoftBank

Group

Corp.

(c)

5.25%,

10/10/29

...................

EUR

400

483,005

6.88%,

01/10/31

...................

USD

200

198,953

5.88%,

07/10/31

...................

EUR

100

122,016

5.75%,

07/08/32

...................

381

458,225

6.38%,

07/10/33

...................

103

125,789

Turkcell

Iletisim

Hizmetleri

A/S,

7.65%,

01/24/32

(b)

.......................

USD

200

212,375

Veon

Midco

BV,

3.38%,

11/25/27

(b)

.........

200

190,686

VF

Ukraine

PAT,

9.62%,

02/11/27

(b)(l)

........

150

147,794

Vmed

O2

UK

Financing

I

plc

4.75%,

07/15/31

(b)

..................

200

182,752

5.63%,

04/15/32

(c)

..................

EUR

118

138,024

5.63%,

04/15/32

(c)

..................

200

233,939

7.75%,

04/15/32

(b)

..................

USD

396

407,244

WOM

Chile

Holdco

SpA,

5.00%,

(5.00%

Cash

or

5.00%

PIK),

04/01/32

(a)(b)(j)(m)

...........

274

241,494

WOM

Mobile

SA,

12.50%,

(12.50%

Cash

or

12.50%

PIK),

04/01/31

(a)(b)(j)

............

19

17,281

Zegona

Finance

plc

6.75%,

07/15/29

(c)

..................

EUR

328

407,619

5,826,473

Total

Corporate

Bonds

—

13.6%

(Cost:

$195,255,545)

..............................

196,814,378

Equity-Linked

Notes

Aerospace

&

Defense

—

0.1%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(L3Harris

Technologies,

Inc.),

14.80%, 02/02/26

.....

USD

—

(o)

120,647

Canadian

Imperial

Bank

of

Commerce

(RTX

Corp.),

20.50%, 03/05/26

.............

—

(o)

79,386

Morgan

Stanley

&

Co.

LLC

(

Lockheed

Martin

Corp.),

19.86%, 03/19/26

.............

—

(o)

61,404

Nomura

Bank

International

PLC

(L3Harris

Technologies,

Inc.),

17.36%, 03/26/26

.....

—

(o)

140,609

Royal

Bank

of

Canada

(Airbus

SE),

24.41%, 02/26/26

..................

EUR

—

(o)

46,505

Royal

Bank

of

Canada

(Boeing

Co.

(The)),

27.19%, 03/02/26

..................

USD

1

184,537

Royal

Bank

of

Canada

(Textron,

Inc.),

16.11%, 03/16/26

..................

1

89,621

722,709

Air

Freight

&

Logistics

—

0.0%

Morgan

Stanley

&

Co.

LLC

(FedEx

Corp.),

20.85%, 03/12/26

(b)(c)

................

—

(o)

93,509

Automobile

Components

—

0.0%

Royal

Bank

of

Canada

(Aptiv

plc),

25.42%, 03/02/26

(b)(c)

................

1

100,512

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.2%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Tesla,

Inc.),

30.10%, 03/11/26

...............

USD

4

$

1,735,668

Royal

Bank

of

Canada

(Tesla,

Inc.),

30.98%, 02/04/26

..................

4

1,642,931

3,378,599

Banks

—

1.1%

(b)(c)

BNP

Paribas

SA

(

Citigroup,

Inc.),

20.86%, 03/06/26

..................

31

3,566,498

BNP

Paribas

SA

(Citizens

Financial

Group,

Inc.),

24.04%, 03/05/26

..................

2

104,497

Mizuho

Markets

Cayman

LP

(First

Citizens

BancShares,

Inc.),

21.82%, 02/12/26

.....

—

(o)

415,550

Royal

Bank

of

Canada

(Bank

of

America

Corp.),

13.59%, 03/06/26

..................

49

2,588,376

Royal

Bank

of

Canada

(Flagstar

Bank

NA),

25.08%, 03/02/26

..................

7

87,679

Royal

Bank

of

Canada

(Wells

Fargo

&

Co.),

21.00%, 03/16/26

..................

4

372,703

Societe

Generale

SA

(Bank

of

America

Corp.),

11.14%, 02/06/26

..................

47

2,519,614

Societe

Generale

SA

(Citigroup,

Inc.)

14.81%,

02/03/26

..................

28

3,054,617

22.34%,

03/13/26

..................

31

3,563,289

16,272,823

Beverages

—

0.0%

(b)(c)

BNP

Paribas

SA

(Keurig

Dr

Pepper,

Inc.),

20.06%, 03/16/26

..................

5

148,404

JPMorgan

Structured

Products

BV

(PepsiCo,

Inc.),

20.01%, 02/19/26

...............

1

101,705

250,109

Biotechnology

—

0.2%

(b)(c)

Societe

Generale

SA

(Vertex

Pharmaceuticals,

Inc.),

15.41%, 02/06/26

...............

2

1,152,813

UBS

AG

(Vertex

Pharmaceuticals,

Inc.),

17.00%, 02/13/26

..................

3

1,159,577

2,312,390

Broadline

Retail

—

0.6%

(b)(c)

Barclays

Bank

plc

(Amazon.com,

Inc.)

23.05%,

02/20/26

..................

16

3,802,301

20.72%,

03/03/26

..................

17

4,013,198

Societe

Generale

SA

(Amazon.com,

Inc.),

22.60%, 02/05/26

..................

3

583,379

8,398,878

Building

Products

—

0.0%

Royal

Bank

of

Canada

(Fortune

Brands

Innovations,

Inc.),

27.48%, 03/05/26

(b)(c)

....

4

237,780

Capital

Markets

—

0.6%

(b)(c)

Barclays

Bank

plc

(MSCI,

Inc.),

18.51%, 02/24/26

..................

2

1,071,762

Barclays

Bank

plc

(Robinhood

Markets,

Inc.),

21.17%, 02/27/26

..................

3

264,173

BNP

Paribas

SA

(Carlyle

Group,

Inc.

(The)),

28.20%, 03/19/26

..................

2

131,645

BNP

Paribas

SA

(Charles

Schwab

Corp.

(The)),

19.80%, 03/05/26

..................

1

144,620

BNP

Paribas

SA

(Coinbase

Global,

Inc.),

20.69%, 03/03/26

..................

1

154,498

BNP

Paribas

SA

(Robinhood

Markets,

Inc.),

20.83%, 03/06/26

..................

3

275,651

JPMorgan

Structured

Products

BV

(MSCI,

Inc.),

16.14%, 03/03/26

..................

2

1,071,253

JPMorgan

Structured

Products

BV

(Raymond

James

Financial,

Inc.),

15.68%, 02/06/26

...

6

1,018,700

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Mizuho

Markets

Cayman

LP

(Raymond

James

Financial,

Inc.),

14.37%, 02/13/26

........

USD

6

$

1,026,898

Morgan

Stanley

&

Co.

LLC

(State

Street

Corp.),

16.51%, 02/20/26

..................

11

1,402,781

Royal

Bank

of

Canada

(Intercontinental

Exchange,

Inc.),

13.94%, 03/16/26

.......

2

326,884

Societe

Generale

SA

(Coinbase

Global,

Inc.),

22.59%, 

03/10/26

..................

1

165,605

UBS

AG

(State

Street

Corp.),

18.60%, 02/11/26

11

1,390,370

8,444,840

Chemicals

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(Axalta

Coating

Systems

Ltd.),

21.29%, 02/17/26

........

3

83,998

BMO

Capital

Markets

Corp.

(PPG

Industries,

Inc.),

25.50%, 02/12/26

...............

2

180,087

Canadian

Imperial

Bank

of

Commerce

(

Air

Products

&

Chemicals,

Inc.),

15.30%, 03/05/26

..................

1

162,338

Mizuho

Markets

Cayman

LP

(Ecolab,

Inc.),

15.60%, 02/13/26

..................

1

306,687

Societe

Generale

SA

(Ecolab,

Inc.),

12.61%, 02/06/26

..................

1

299,711

UBS

AG

(

LyondellBasell

Industries

NV),

18.70%, 03/05/26

..................

2

103,450

1,136,271

Commercial

Services

&

Supplies

—

0.5%

(b)(c)

Barclays

Bank

plc

(Rentokil

Initial

plc),

19.08%, 03/23/26

..................

GBP

43

268,669

BNP

Paribas

SA

(Rollins,

Inc.),

15.97%, 02/20/26

USD

35

2,157,648

Citigroup,

Inc.

(Rollins,

Inc.),

14.39%, 02/06/26

.

35

2,130,339

Mizuho

Markets

Cayman

LP

(Waste

Management,

Inc.),

9.57%, 02/11/26

......

6

1,314,649

Nomura

Holdings,

Inc.

(Waste

Management,

Inc.),

10.83%, 02/25/26

...............

6

1,336,350

7,207,655

Communications

Equipment

—

0.3%

(b)(c)

Barclays

Bank

plc

(Arista

Networks,

Inc.),

37.26%, 02/24/26

..................

4

524,719

Barclays

Bank

plc

(Motorola

Solutions,

Inc.),

12.95%, 03/04/26

..................

1

235,376

BNP

Paribas

SA

(Motorola

Solutions,

Inc.),

12.81%, 02/20/26

..................

1

225,236

Canadian

Imperial

Bank

of

Commerce

(Cisco

Systems,

Inc.),

16.65%, 02/27/26

........

14

1,065,983

Royal

Bank

of

Canada

(Cisco

Systems,

Inc.),

17.45%, 03/06/26

..................

14

1,087,369

Societe

Generale

SA

(Arista

Networks,

Inc.),

38.48%, 03/06/26

..................

4

526,388

Societe

Generale

SA

(Cisco

Systems,

Inc.),

26.01%, 02/09/26

..................

4

278,839

3,943,910

Consumer

Finance

—

0.9%

(b)(c)

BNP

Paribas

SA

(Capital

One

Financial

Corp.),

16.98%, 03/26/26

..................

—

(o)

87,334

Morgan

Stanley

&

Co.

LLC

(

Capital

One

Financial

Corp.),

17.10%, 02/10/26

.......

13

2,966,605

Royal

Bank

of

Canada

(Capital

One

Financial

Corp.)

21.62%,

03/10/26

..................

15

3,225,714

19.76%,

03/17/26

..................

14

3,081,682

Societe

Generale

SA

(

Capital

One

Financial

Corp.),

17.80%, 02/03/26

.............

14

3,062,555

12,423,890

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

—

1.3%

(b)(c)

Barclays

Bank

plc

(Walmart,

Inc.),

13.23%, 03/04/26

..................

USD

26

$

3,130,465

BNP

Paribas

SA

(Sysco

Corp.),

11.99%, 03/19/26

..................

1

103,139

BNP

Paribas

SA

(Walmart,

Inc.),

13.60%, 02/04/26

..................

35

4,071,038

Citigroup,

Inc.

(Costco

Wholesale

Corp.),

11.42%, 03/04/26

..................

3

2,770,074

JPMorgan

Structured

Products

BV

(Walmart,

Inc.),

16.75%, 03/11/26

...............

35

4,140,403

Royal

Bank

of

Canada

(Costco

Wholesale

Corp.),

10.68%, 02/04/26

.............

4

4,011,921

Societe

Generale

SA

(Dollar

General

Corp.),

25.82%, 02/17/26

..................

3

395,932

18,622,972

Containers

&

Packaging

—

0.4%

(b)(c)

BNP

Paribas

SA

(Avery

Dennison

Corp.),

12.46%, 02/13/26

..................

13

2,424,115

Canadian

Imperial

Bank

of

Commerce

(Crown

Holdings,

Inc.),

16.50%, 02/02/26

........

1

88,999

HSBC

Bank

plc

(

Smurfit

WestRock

plc),

17.45%, 03/23/26

..................

EUR

2

90,990

JPMorgan

Structured

Products

BV

(Amcor

plc),

29.28%, 03/04/26

..................

USD

11

461,463

Nomura

Bank

International

PLC

(Crown

Holdings,

Inc.),

22.64%, 03/26/26

........

1

149,013

Societe

Generale

SA

(Amcor

plc),

29.21%, 03/11/26

..................

10

440,788

Societe

Generale

SA

(Avery

Dennison

Corp.),

14.19%, 02/06/26

..................

13

2,409,823

6,065,191

Diversified

Telecommunication

Services

—

0.1%

(b)(c)

BNP

Paribas

SA

(TE

Connectivity

plc),

21.27%, 02/20/26

..................

1

231,230

Nomura

Holdings,

Inc.

(Comcast

Corp.),

29.64%, 03/02/26

..................

6

183,012

Royal

Bank

of

Canada

(TE

Connectivity

plc),

19.29%, 03/04/26

..................

1

235,079

Royal

Bank

of

Canada

(Verizon

Communications,

Inc.),

13.37%, 03/16/26

...............

2

97,566

746,887

Electric

Utilities

—

0.7%

(b)(c)

Barclays

Bank

plc

(American

Electric

Power

Co.,

Inc.),

19.89%, 02/27/26

...............

5

618,856

BNP

Paribas

SA

(Evergy,

Inc.),

9.30%, 03/05/26

2

165,550

BNP

Paribas

SA

(PG&E

Corp.),

19.35%, 02/02/26

..................

5

72,822

Canadian

Imperial

Bank

of

Commerce

(FirstEnergy

Corp.),

19.30%, 03/13/26

....

64

3,012,097

Citigroup,

Inc.

(FirstEnergy

Corp.),

17.93%, 02/24/26

..................

64

2,934,345

Mizuho

Markets

Cayman

LP

(American

Electric

Power

Co.,

Inc.),

17.92%, 02/20/26

.......

5

624,777

Morgan

Stanley

&

Co.

LLC

(FirstEnergy

Corp.),

18.61%, 03/06/26

..................

63

2,976,072

Royal

Bank

of

Canada

(American

Electric

Power

Co.,

Inc.),

18.02%, 03/12/26

...........

1

83,982

10,488,501

Electrical

Equipment

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(GE

Vernova,

Inc.),

26.89%, 02/11/26

..................

1

717,753

JPMorgan

Structured

Products

BV

(GE

Vernova,

Inc.),

31.16%, 02/25/26

...............

1

655,999

1,373,752

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.2%

(b)(c)

Barclays

Bank

plc

(Amphenol

Corp.),

29.02%, 02/24/26

..................

USD

5

$

646,723

BNP

Paribas

SA

(

Corning,

Inc.),

22.68%, 03/03/26

..................

3

264,784

Citigroup,

Inc.

(Corning,

Inc.),

19.83%, 02/24/26

3

282,106

Goldman

Sachs

International

(Ralliant

Corp.),

22.00%, 02/02/26

..................

1

70,066

Morgan

Stanley

&

Co.

LLC

(

Amphenol

Corp.),

27.11%, 02/10/26

..................

4

613,807

Nomura

Bank

International

PLC

(Ralliant

Corp.),

21.30%, 03/26/26

..................

1

71,042

Nomura

Holdings,

Inc.

(CDW

Corp.),

25.62%, 03/02/26

..................

1

178,855

2,127,383

Energy

Equipment

&

Services

—

0.7%

(b)(c)

BNP

Paribas

SA

(SLB

Ltd.)

17.13%,

02/04/26

..................

50

2,139,636

19.65%,

02/11/26

..................

52

2,179,327

Mizuho

Markets

Cayman

LP

(Baker

Hughes

Co.),

24.02%, 03/13/26

..................

53

2,969,380

Societe

Generale

SA

(Baker

Hughes

Co.),

29.02%, 03/06/26

..................

55

3,070,275

10,358,618

Entertainment

—

0.0%

Morgan

Stanley

&

Co.

LLC

(Walt

Disney

Co.

(The)),

17.60%, 03/19/26

(b)(c)

...........

2

191,544

Financial

Services

—

1.1%

(b)(c)

Barclays

Bank

plc

(Apollo

Global

Management,

Inc.),

24.90%, 03/03/26

...............

2

224,097

BMO

Capital

Markets

Corp.

(Global

Payments,

Inc.),

22.85%, 02/05/26

...............

1

64,803

BMO

Capital

Markets

Corp.

(Mastercard,

Inc.),

11.55%, 02/13/26

..................

3

1,586,911

BNP

Paribas

SA

(Apollo

Global

Management,

Inc.),

24.50%, 03/10/26

...............

2

222,666

BNP

Paribas

SA

(PayPal

Holdings,

Inc.),

20.63%, 03/06/26

..................

4

189,967

BNP

Paribas

SA

(Visa,

Inc.),

11.79%, 02/18/26

.

6

2,007,673

JPMorgan

Structured

Products

BV

(Fidelity

National

Information

Services,

Inc.),

23.76%, 02/19/26

..................

6

319,721

JPMorgan

Structured

Products

BV

(Visa,

Inc.),

11.14%, 02/10/26

..................

6

1,961,671

Mizuho

Markets

Cayman

LP

(PayPal

Holdings,

Inc.),

24.02%, 02/27/26

...............

4

188,187

Morgan

Stanley

&

Co.

LLC

(

Berkshire

Hathaway,

Inc.),

5.56%, 03/04/26

...............

7

3,530,256

Nomura

Holdings,

Inc.

(Voya

Financial,

Inc.),

25.83%, 03/12/26

..................

2

145,461

Societe

Generale

SA

(Berkshire

Hathaway,

Inc.),

8.46%, 03/11/26

...................

7

3,577,533

UBS

AG

(

Mastercard,

Inc.),

12.70%, 02/04/26

.

3

1,576,438

15,595,384

Food

Products

—

0.0%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Campbell's

Co.

(The)),

20.15%, 03/05/26

..

4

112,492

Canadian

Imperial

Bank

of

Commerce

(Kraft

Heinz

Co.

(The)),

12.60%, 02/02/26

......

5

115,750

Morgan

Stanley

&

Co.

LLC

(Lamb

Weston

Holdings,

Inc.),

22.19%, 03/19/26

........

2

94,529

Nomura

Bank

International

PLC

(Kraft

Heinz

Co.

(The)),

24.76%, 03/26/26

.............

4

82,307

405,078

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

—

0.1%

(b)(c)

BNP

Paribas

SA

(CSX

Corp.),

23.94%, 03/02/26

USD

2

$

54,083

Canadian

Imperial

Bank

of

Commerce

(Uber

Technologies,

Inc.),

21.80%, 02/25/26

.....

7

580,990

Nomura

Holdings,

Inc.

(

Union

Pacific

Corp.),

24.03%, 03/09/26

..................

—

(o)

70,046

Royal

Bank

of

Canada

(Uber

Technologies,

Inc.),

20.05%, 02/18/26

..................

7

585,032

1,290,151

Health

Care

Equipment

&

Supplies

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(Becton

Dickinson

&

Co.),

21.85%, 02/05/26

...............

2

374,994

Morgan

Stanley

&

Co.

LLC

(Medtronic

plc),

13.75%, 03/16/26

..................

4

398,845

Societe

Generale

SA

(GE

HealthCare

Technologies,

Inc.),

14.16%, 02/06/26

.....

15

1,182,972

Toronto-Dominion

Bank

(The)

(GE

HealthCare

Technologies,

Inc.),

15.41%, 02/13/26

.....

15

1,205,658

UBS

AG

(

Baxter

International,

Inc.),

25.70%, 03/12/26

..................

16

314,400

3,476,869

Health

Care

Providers

&

Services

—

2.4%

(b)(c)

Barclays

Bank

plc

(HCA

Healthcare,

Inc.),

18.35%, 02/06/26

..................

8

3,783,194

Barclays

Bank

plc

(McKesson

Corp.),

19.70%, 02/24/26

..................

4

3,210,165

BNP

Paribas

SA

(Cencora,

Inc.),

13.06%, 02/06/26

..................

9

3,097,536

BNP

Paribas

SA

(

Centene

Corp.),

38.19%, 03/02/26

..................

1

61,729

BNP

Paribas

SA

(Elevance

Health,

Inc.)

29.22%,

02/02/26

..................

1

222,373

17.25%,

03/26/26

..................

1

221,045

BNP

Paribas

SA

(McKesson

Corp.),

14.57%, 02/04/26

..................

4

3,232,877

BNP

Paribas

SA

(UnitedHealth

Group,

Inc.),

20.15%, 02/10/26

..................

8

2,296,045

Canadian

Imperial

Bank

of

Commerce

(Cencora,

Inc.),

14.00%, 03/11/26

...............

9

3,190,833

Canadian

Imperial

Bank

of

Commerce

(HCA

Healthcare,

Inc.),

23.85%, 03/11/26

......

8

3,806,722

JPMorgan

Structured

Products

BV

(Universal

Health

Services,

Inc.),

15.31%, 02/10/26

...

9

1,736,667

Morgan

Stanley

&

Co.

LLC

(Cencora,

Inc.),

14.35%, 03/04/26

..................

9

3,185,375

Royal

Bank

of

Canada

(

UnitedHealth

Group,

Inc.),

17.36%, 02/18/26

...............

8

2,344,752

Royal

Bank

of

Canada

(Universal

Health

Services,

Inc.),

12.69%, 02/18/26

........

9

1,758,353

Societe

Generale

SA

(Cardinal

Health,

Inc.)

26.08%,

02/19/26

..................

2

305,232

18.16%,

02/20/26

..................

5

1,054,088

Toronto-Dominion

Bank

(The)

(CVS

Health

Corp.),

27.41%, 03/12/26

.............

5

374,434

UBS

AG

(Cardinal

Health,

Inc.),

19.10%, 02/11/26

..................

5

1,053,565

34,934,985

Health

Care

REITs

—

0.0%

Barclays

Bank

plc

(Healthcare

Realty

Trust,

Inc.),

23.19%, 03/09/26

(b)(c)

................

7

108,733

Hotels,

Restaurants

&

Leisure

—

0.1%

(b)(c)

Barclays

Bank

plc

(DoorDash,

Inc.)

18.73%,

02/18/26

..................

1

246,502

24.99%,

02/27/26

..................

1

245,409

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

BNP

Paribas

SA

(Domino's

Pizza,

Inc.),

16.15%, 02/03/26

..................

USD

1

$

592,265

Morgan

Stanley

&

Co.

LLC

(Domino's

Pizza,

Inc.),

22.33%, 03/04/26

...............

2

616,843

1,701,019

Household

Products

—

0.0%

HSBC

Bank

plc

(Henkel

AG

&

Co.

KGaA),

15.35%, 02/26/26

(b)(c)

................

EUR

3

241,804

Industrial

REITs

—

0.0%

(b)(c)

Morgan

Stanley

&

Co.

LLC

(Rexford

Industrial

Realty,

Inc.),

24.00%, 03/09/26

.........

USD

4

163,981

Toronto-Dominion

Bank

(The)

(STAG

Industrial,

Inc.),

10.81%, 03/19/26

...............

3

103,687

267,668

Insurance

—

0.6%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Hartford

Insurance

Group,

Inc.

(The)),

15.10%, 03/11/26

..................

22

2,912,461

Goldman

Sachs

International

(Willis

Towers

Watson

plc),

13.30%, 02/02/26

.........

—

(o)

63,278

JPMorgan

Structured

Products

BV

(American

International

Group,

Inc.),

23.07%, 02/17/26

.

2

113,685

Mizuho

Markets

Cayman

LP

(Arthur

J

Gallagher

&

Co.),

20.32%, 02/17/26

.............

—

(o)

99,842

Mizuho

Markets

Cayman

LP

(

Hartford

Insurance

Group,

Inc.

(The)),

7.42%, 02/13/26

......

21

2,905,527

Morgan

Stanley

&

Co.

LLC

(Fidelity

National

Financial,

Inc.),

25.91%, 03/09/26

........

—

(o)

21,364

Royal

Bank

of

Canada

(Hartford

Insurance

Group,

Inc.

(The)),

10.20%, 02/06/26

.....

21

2,820,065

UBS

AG

(Fidelity

National

Financial,

Inc.),

21.60%, 03/12/26

..................

3

148,655

9,084,877

Interactive

Media

&

Services

—

2.9%

(b)(c)

Barclays

Bank

plc

(Alphabet,

Inc.),

17.80%, 02/03/26

..................

19

6,267,359

Barclays

Bank

plc

(Meta

Platforms,

Inc.)

20.39%,

02/06/26

..................

5

3,642,542

18.86%,

02/18/26

..................

5

3,706,114

19.07%,

03/09/26

..................

—

(o)

133,412

BMO

Capital

Markets

Corp.

(Alphabet,

Inc.),

20.94%, 02/18/26

..................

19

6,117,201

BNP

Paribas

SA

(Alphabet,

Inc.),

25.07%, 02/27/26

..................

19

6,245,456

Canadian

Imperial

Bank

of

Commerce

(Alphabet,

Inc.),

25.20%, 03/05/26

...............

1

405,338

Morgan

Stanley

&

Co.

LLC

(Alphabet,

Inc.),

25.60%, 02/10/26

..................

19

6,060,556

Societe

Generale

SA

(Alphabet,

Inc.),

23.85%, 03/13/26

..................

19

6,460,870

Societe

Generale

SA

(Meta

Platforms,

Inc.),

19.41%, 03/17/26

..................

5

3,656,494

42,695,342

IT

Services

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(International

Business

Machines

Corp.),

22.50%, 02/18/26

3

1,050,109

JPMorgan

Structured

Products

BV

(Accenture

plc),

21.51%, 02/25/26

...............

2

550,899

Nomura

Holdings,

Inc.

(

Cognizant

Technology

Solutions

Corp.),

19.67%, 03/02/26

.......

1

99,460

Royal

Bank

of

Canada

(International

Business

Machines

Corp.),

22.91%, 03/11/26

......

3

1,042,880

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

UBS

AG

(Accenture

plc),

22.80%, 02/11/26

...

USD

2

$

534,770

3,278,118

Leisure

Products

—

0.0%

Societe

Generale

SA

(Hasbro,

Inc.),

25.68%, 02/19/26

(b)(c)

................

2

140,720

Life

Sciences

Tools

&

Services

—

0.1%

(b)(c)

BNP

Paribas

SA

(IQVIA

Holdings,

Inc.),

16.04%, 02/10/26

..................

2

499,364

Royal

Bank

of

Canada

(IQVIA

Holdings,

Inc.),

15.30%, 02/03/26

..................

2

499,614

998,978

Machinery

—

1.3%

(b)(c)

BNP

Paribas

SA

(

CNH

Industrial

NV),

16.53%, 03/19/26

..................

8

80,547

Canadian

Imperial

Bank

of

Commerce

(Nordson

Corp.)

15.10%,

02/24/26

..................

8

2,122,564

16.30%,

03/11/26

..................

11

2,990,187

Citigroup,

Inc.

(Nordson

Corp.),

14.88%, 02/11/26

..................

8

1,961,567

JPMorgan

Structured

Products

BV

(Nordson

Corp.),

16.59%, 02/04/26

.............

6

1,580,652

Morgan

Stanley

&

Co.

LLC

(Fortive

Corp.),

18.33%, 03/16/26

..................

2

115,674

Morgan

Stanley

&

Co.

LLC

(Otis

Worldwide

Corp.),

12.16%, 02/13/26

.............

36

3,083,457

Royal

Bank

of

Canada

(Otis

Worldwide

Corp.)

12.09%,

02/03/26

..................

36

3,078,363

14.59%,

03/13/26

..................

37

3,217,572

Societe

Generale

SA

(Middleby

Corp.

(The)),

29.85%, 02/19/26

..................

1

103,093

18,333,676

Media

—

0.7%

(b)(c)

Mizuho

Markets

Cayman

LP

(Charter

Communications,

Inc.),

45.37%, 02/25/26

..

4

833,042

Mizuho

Markets

Cayman

LP

(Omnicom

Group,

Inc.),

18.52%, 03/11/26

...............

39

3,000,558

Societe

Generale

SA

(Charter

Communications,

Inc.),

43.29%, 03/06/26

...............

4

826,922

Societe

Generale

SA

(Omnicom

Group,

Inc.),

26.50%, 03/18/26

..................

38

2,658,724

Toronto-Dominion

Bank

(The)

(Omnicom

Group,

Inc.),

21.18%, 02/11/26

...............

38

2,926,528

10,245,774

Metals

&

Mining

—

0.0%

Royal

Bank

of

Canada

(Barrick

Mining

Corp.),

37.80%, 03/02/26

(b)(c)

................

3

141,882

Multi-Utilities

—

0.0%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(DTE

Energy

Co.),

10.40%, 03/05/26

.........

1

146,265

Morgan

Stanley

&

Co.

LLC

(Dominion

Energy,

Inc.),

22.52%, 03/09/26

...............

4

228,148

374,413

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(b)(c)

Barclays

Bank

plc

(BP

plc),

24.26%, 03/23/26

..

GBP

59

369,279

Barclays

Bank

plc

(Shell

plc),

22.02%, 02/26/26

8

291,853

BNP

Paribas

SA

(EQT

Corp.),

28.71%, 03/12/26

USD

3

158,630

Canadian

Imperial

Bank

of

Commerce

(Exxon

Mobil

Corp.),

12.30%, 02/03/26

.........

9

1,095,188

Mizuho

Markets

Cayman

LP

(Exxon

Mobil

Corp.),

11.72%, 02/10/26

..................

9

1,097,171

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Toronto-Dominion

Bank

(The)

(Chevron

Corp.),

19.58%, 03/19/26

..................

USD

1

$

137,475

3,149,596

Pharmaceuticals

—

0.0%

(b)(c)

Barclays

Bank

plc

(Sanofi

SA),

14.11%, 03/23/26

EUR

3

301,826

BMO

Capital

Markets

Corp.

(Merck

&

Co.,

Inc.),

21.25%, 02/12/26

..................

USD

1

91,196

JPMorgan

Structured

Products

BV

(Bayer

AG),

24.53%, 02/26/26

..................

EUR

4

209,707

602,729

Professional

Services

—

0.1%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Maximus,

Inc.)

14.90%,

02/02/26

..................

USD

3

247,646

29.40%,

03/26/26

..................

3

254,691

JPMorgan

Structured

Products

BV

(Automatic

Data

Processing,

Inc.),

15.55%, 02/25/26

..

1

357,416

Morgan

Stanley

&

Co.

LLC

(Automatic

Data

Processing,

Inc.),

12.02%, 02/13/26

......

1

356,708

Royal

Bank

of

Canada

(SS&C

Technologies

Holdings,

Inc.),

17.57%, 03/16/26

........

5

427,645

1,644,106

Residential

REITs

—

0.4%

(b)(c)

Barclays

Bank

plc

(Invitation

Homes,

Inc.),

16.16%, 02/24/26

..................

82

2,187,987

BNP

Paribas

SA

(AvalonBay

Communities,

Inc.),

12.71%, 03/05/26

..................

1

124,850

BNP

Paribas

SA

(Essex

Property

Trust,

Inc.),

20.18%, 02/04/26

..................

1

290,265

Mizuho

Markets

Cayman

LP

(Essex

Property

Trust,

Inc.),

15.12%, 03/11/26

..........

1

297,106

Morgan

Stanley

&

Co.

LLC

(Invitation

Homes,

Inc.),

21.07%, 02/04/26

...............

81

2,177,989

5,078,197

Semiconductors

&

Semiconductor

Equipment

—

4.0%

(b)(c)

Barclays

Bank

plc

(Broadcom,

Inc.),

27.73%, 03/03/26

..................

9

3,160,371

Barclays

Bank

plc

(

Intel

Corp.),

36.95%, 02/27/26

15

691,061

Barclays

Bank

plc

(NVIDIA

Corp.),

20.36%, 02/04/26

..................

43

8,271,268

Barclays

Bank

plc

(QUALCOMM,

Inc.),

20.85%, 02/25/26

..................

4

587,522

BNP

Paribas

SA

(KLA

Corp.),

24.72%, 02/18/26

—

(o)

615,086

BNP

Paribas

SA

(NVIDIA

Corp.),

29.21%, 03/12/26

..................

—

(o)

56,550

BNP

Paribas

SA

(Texas

Instruments,

Inc.),

25.46%, 02/20/26

..................

3

569,697

Citigroup,

Inc.

(Advanced

Micro

Devices,

Inc.),

36.88%, 02/20/26

..................

6

1,336,944

Citigroup,

Inc.

(Lam

Research

Corp.),

33.11%, 02/24/26

..................

4

890,526

Citigroup,

Inc.

(NVIDIA

Corp.),

19.51%, 03/06/26

43

8,205,244

JPMorgan

Structured

Products

BV

(NVIDIA

Corp.),

23.66%, 03/24/26

.............

44

8,312,718

JPMorgan

Structured

Products

BV

(Texas

Instruments,

Inc.),

29.89%, 03/03/26

......

3

609,463

Mizuho

Markets

Cayman

LP

(Applied

Materials,

Inc.),

31.52%, 02/20/26

...............

3

768,128

Mizuho

Markets

Cayman

LP

(KLA

Corp.),

33.47%, 02/27/26

..................

—

(o)

631,066

Mizuho

Markets

Cayman

LP

(Micron

Technology,

Inc.)

43.22%,

02/11/26

..................

4

1,083,282

43.27%,

02/27/26

..................

4

1,477,161

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Morgan

Stanley

&

Co.

LLC

(Advanced

Micro

Devices,

Inc.),

32.54%, 02/10/26

........

USD

6

$

1,291,104

Morgan

Stanley

&

Co.

LLC

(Broadcom,

Inc.)

27.09%,

02/10/26

..................

9

3,119,797

33.97%,

03/10/26

..................

9

3,008,441

Morgan

Stanley

Europe

SE

(Intel

Corp.),

0.00%, 03/13/26

...................

15

714,285

Royal

Bank

of

Canada

(Intel

Corp.),

32.29%, 

02/03/26

..................

14

648,042

Royal

Bank

of

Canada

(NVIDIA

Corp.),

20.54%, 02/13/26

..................

45

8,205,273

Royal

Bank

of

Canada

(QUALCOMM,

Inc.),

16.81%, 02/18/26

..................

4

563,221

Societe

Generale

SA

(Analog

Devices,

Inc.),

25.17%, 03/10/26

..................

2

528,453

Toronto-Dominion

Bank

(The)

(Analog

Devices,

Inc.),

19.45%, 03/03/26

...............

2

522,654

Toronto-Dominion

Bank

(The)

(STMicroelectronics

NV),

19.43%, 02/12/26

.

3

77,508

Toronto-Dominion

Bank

(The)

(Texas

Instruments,

Inc.),

27.21%, 03/16/26

......

1

161,410

UBS

AG

(Applied

Materials,

Inc.),

22.30%, 02/10/26

..................

3

754,327

UBS

AG

(Lam

Research

Corp.),

26.80%, 02/11/26

..................

5

803,800

57,664,402

Software

—

2.5%

(b)(c)

Barclays

Bank

plc

(Cadence

Design

Systems,

Inc.),

22.93%, 02/25/26

...............

1

275,710

Barclays

Bank

plc

(

Crowdstrike

Holdings,

Inc.),

23.69%, 02/24/26

..................

1

372,576

Barclays

Bank

plc

(Microsoft

Corp.),

14.98%, 02/06/26

..................

14

5,924,127

Barclays

Bank

plc

(Palo

Alto

Networks,

Inc.),

23.82%, 03/04/26

..................

2

428,465

BMO

Capital

Markets

Corp.

(Microsoft

Corp.),

14.45%, 02/24/26

..................

14

5,990,930

BNP

Paribas

SA

(Adobe,

Inc.),

16.34%, 02/13/26

1

442,777

BNP

Paribas

SA

(Crowdstrike

Holdings,

Inc.),

23.45%, 02/18/26

..................

1

386,935

BNP

Paribas

SA

(Workday,

Inc.),

32.11%, 03/26/26

..................

1

140,022

Canadian

Imperial

Bank

of

Commerce

(Adobe,

Inc.),

17.40%, 02/25/26

...............

2

452,541

Canadian

Imperial

Bank

of

Commerce

(AppLovin

Corp.),

53.40%, 02/27/26

.............

1

427,755

Canadian

Imperial

Bank

of

Commerce

(Microsoft

Corp.),

19.70%, 03/11/26

.............

14

6,008,805

Citigroup,

Inc.

(AppLovin

Corp.),

44.25%, 02/20/26

..................

1

421,551

Citigroup,

Inc.

(Autodesk,

Inc.),

21.70%, 03/04/26

1

192,546

Citigroup,

Inc.

(Microsoft

Corp.)

19.09%,

02/17/26

..................

1

260,572

14.59%,

03/03/26

..................

14

5,994,724

Citigroup,

Inc.

(Salesforce,

Inc.)

19.62%,

02/24/26

..................

3

706,618

25.94%,

03/04/26

..................

3

728,695

JPMorgan

Structured

Products

BV

(Autodesk,

Inc.),

18.60%, 02/25/26

...............

1

194,887

JPMorgan

Structured

Products

BV

(Oracle

Corp.),

27.64%, 02/27/26

.............

6

942,133

Morgan

Stanley

&

Co.

LLC

(Palantir

Technologies,

Inc.),

36.76%, 02/11/26

.....

8

1,138,029

Morgan

Stanley

&

Co.

LLC

(ServiceNow,

Inc.),

26.71%, 02/25/26

..................

4

430,609

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Morgan

Stanley

&

Co.

LLC

(Synopsys,

Inc.),

24.50%, 03/06/26

..................

USD

1

$

291,367

Nomura

Holdings,

Inc.

(Synopsys,

Inc.),

19.98%, 02/25/26

..................

1

276,806

Royal

Bank

of

Canada

(Cadence

Design

Systems,

Inc.),

17.83%, 02/18/26

........

1

270,981

Royal

Bank

of

Canada

(Palantir

Technologies,

Inc.),

27.50%, 02/20/26

...............

8

1,143,881

Royal

Bank

of

Canada

(ServiceNow,

Inc.),

32.95%, 02/13/26

..................

4

448,477

Societe

Generale

SA

(Intuit,

Inc.),

23.98%, 03/10/26

..................

1

510,897

Societe

Generale

SA

(Oracle

Corp.),

30.68%, 03/10/26

..................

6

984,791

Societe

Generale

SA

(Palo

Alto

Networks,

Inc.),

20.14%, 03/11/26

..................

2

435,119

Toronto-Dominion

Bank

(The)

(Intuit,

Inc.),

19.68%, 03/03/26

..................

1

528,820

Toronto-Dominion

Bank

(The)

(Workday,

Inc.),

16.89%, 02/02/26

..................

1

139,853

36,891,999

Specialized

REITs

—

0.0%

UBS

AG

(Crown

Castle,

Inc.),

22.40%, 03/19/26

(b)

(c)

.............................

1

69,043

Specialty

Retail

—

2.3%

(b)(c)

BNP

Paribas

SA

(AutoZone,

Inc.),

15.69%, 02/03/26

..................

1

2,866,048

BNP

Paribas

SA

(Home

Depot,

Inc.

(The))

11.88%,

02/04/26

..................

10

3,758,710

16.45%,

02/27/26

..................

10

3,800,772

Canadian

Imperial

Bank

of

Commerce

(O'Reilly

Automotive,

Inc.),

11.10%, 02/03/26

......

28

2,744,104

Citigroup,

Inc.

(AutoZone,

Inc.),

17.46%, 03/04/26

..................

1

4,218,388

Nomura

Holdings,

Inc.

(O'Reilly

Automotive,

Inc.),

15.37%, 03/03/26

..................

30

2,933,982

Societe

Generale

SA

(AutoZone,

Inc.),

18.51%, 03/13/26

..................

1

2,909,274

Societe

Generale

SA

(Home

Depot,

Inc.

(The)),

16.02%, 03/10/26

..................

10

3,880,669

Societe

Generale

SA

(O'Reilly

Automotive,

Inc.)

15.36%,

03/10/26

..................

31

3,027,610

14.79%,

03/17/26

..................

31

3,026,729

33,166,286

Technology

Hardware,

Storage

&

Peripherals

—

2.5%

(b)(c)

Barclays

Bank

plc

(Apple,

Inc.),

15.15%, 03/03/26

..................

27

6,913,983

Citigroup,

Inc.

(Western

Digital

Corp.),

29.08%, 02/12/26

..................

2

317,506

Morgan

Stanley

&

Co.

LLC

(Apple,

Inc.)

12.70%,

02/03/26

..................

26

6,732,668

13.42%,

02/10/26

..................

26

6,897,517

Morgan

Stanley

&

Co.

LLC

(Seagate

Technology

Holdings

plc),

24.10%, 02/11/26

.........

1

303,117

Nomura

Holdings,

Inc.

(Hewlett

Packard

Enterprise

Co.),

23.54%, 03/09/26

.......

9

197,956

Societe

Generale

SA

(Apple,

Inc.)

16.74%,

03/10/26

..................

26

6,732,797

12.01%,

03/17/26

..................

27

7,082,239

Toronto-Dominion

Bank

(The)

(Seagate

Technology

Holdings

plc),

24.75%, 02/04/26

1

287,121

35,464,904

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

HSBC

Bank

plc

(Swatch

Group

AG

(The)),

25.00%, 02/26/26

(b)(c)

................

CHF

1

$

187,690

Tobacco

—

0.0%

HSBC

Bank

plc

(British

American

Tobacco

plc),

22.50%, 02/26/26

(b)(c)

................

GBP

4

203,542

Trading

Companies

&

Distributors

—

0.9%

(b)(c)

Barclays

Bank

plc

(Fastenal

Co.),

14.79%, 02/03/26

..................

USD

89

3,857,616

Morgan

Stanley

&

Co.

LLC

(WESCO

International,

Inc.),

26.54%, 03/12/26

.....

1

342,521

Societe

Generale

SA

(Fastenal

Co.)

18.22%,

03/06/26

..................

89

3,927,025

13.86%,

03/13/26

..................

92

4,114,638

12,241,800

Wireless

Telecommunication

Services

—

0.0%

(b)(c)

Goldman

Sachs

International

(Rogers

Communications,

Inc.),

11.51%, 02/02/26

..

1

41,392

Mizuho

Markets

Cayman

LP

(

Rogers

Communications,

Inc.),

16.02%, 03/26/26

..

2

78,974

120,366

Total

Equity-Linked

Notes

—

30.7%

(Cost:

$446,161,607)

..............................

444,698,854

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

1st

Lien

Term

Loan,

7.63%

,

 05/01/31

...................

185

172,366

IT

Services

—

0.0%

X

Corp.,

1st

Lien

Term

Loan

B3,

9.50%

,

 10/26/29

41

42,384

Software

—

0.0%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan,

7.75%

,

 12/09/31

...................

334

327,365

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$560,436)

.................................

542,115

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.4%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

6.42%

,

 06/24/30

.............

245

245,187

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18%

,

 05/25/29

.............

628

128,383

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18%

,

 05/25/29

.............

85

17,327

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 10/31/30

...................

270

270,010

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.37%

,

 08/03/29

...

233

232,288

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/31/31

.............

736

737,520

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/31/31

.............

281

281,074

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Kaman

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.50%;

6-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.50%

at

0.50%

Floor

+

0.00%),

6.32%

-

6.54%

,

 02/26/32

...................

USD

158

$

157,295

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.15%

,

 02/26/32

.............

3

2,916

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.69%

,

 02/01/28

...................

425

392,128

Propulsion

BC

Finco

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 12/01/32

.............

153

152,869

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/06/28

........

56

56,186

TransDigm,

Inc.,

1st

Lien

Term

Loan

J,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 02/28/31

...................

1,375

1,373,748

TransDigm,

Inc.,

1st

Lien

Term

Loan

K,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 03/22/30

...................

343

342,446

TransDigm,

Inc.,

1st

Lien

Term

Loan

L,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/19/32

...................

228

228,103

TransDigm,

Inc.,

1st

Lien

Term

Loan

M,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 08/19/32

...................

760

759,434

5,376,914

Automobile

Components

—

0.2%

(a)

Allison

Transmission,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 01/03/33

.............

230

230,460

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%,

05/06/30

...........

936

933,753

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%,

01/28/32

...........

557

556,777

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 01/30/32

............

145

145,577

Gates

Corp.,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 06/04/31

...................

579

578,747

Gates

Global

LLC,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 11/16/29

...................

80

79,795

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.54%,

01/31/28

...........

49

37,783

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.79%,

01/31/28

...........

141

109,016

Tenneco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.77%

-

8.99%

,

 11/17/28

...................

377

372,797

3,044,705

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.0%

(a)

Bombardier

Recreational

Products,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.97%

,

 01/22/31

........

USD

136

$

136,471

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 07/02/31

.............

349

348,190

484,661

Beverages

—

0.0%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.02%,

01/24/29

...........

105

67,087

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.17%,

01/24/29

...........

345

342,471

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.00%),

4.77%,

01/24/30

...........

149

31,056

Sazerac

Co.,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

2.00%),

5.68%

,

 07/09/32

114

114,081

554,695

Biotechnology

—

0.1%

(a)

Biomarin

Pharmaceutical,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.17%

,

 01/28/33

(g)

............

198

198,000

PAREXEL

International

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 12/12/31

............

740

739,700

937,700

Broadline

Retail

—

0.1%

(a)

Boots

Group

Finco

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.21%

,

 08/30/32

.............

353

353,883

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42%

,

 03/15/30

.............

491

489,223

843,106

Building

Products

—

0.1%

(a)

AZZ,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 05/14/29

...................

25

25,001

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 09/08/32

...................

743

741,603

CP

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92%

,

 07/08/30

.............

258

253,325

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 10/27/32

...................

344

341,005

Gibraltar

Industries,

Inc.,

1st

Lien

Term

Loan,

01/31/33

(g)(p)

......................

40

40,000

Wilsonart

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 08/05/31

...................

789

763,126

2,164,060

Security

Par

(000)

Par

(000)

Value

Capital

Markets

—

0.4%

(a)

Allspring

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.69%

,

 11/01/30

...................

USD

145

$

145,251

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

0.0;

6-mo.

CME

Term

SOFR

at

2.75%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

6.37%

-

6.42%

,

 02/18/31

.............

565

562,387

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 08/09/30

.............

128

127,291

Ascensus

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 11/25/32

..............

325

323,645

Axalta

Coating

Systems

US

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

B7,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 12/20/29

...................

463

463,019

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 11/25/31

..............

378

376,224

Chicago

US

MidCo

III

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 10/29/32

.............

419

417,989

Citadel

Securities

Global

Holdings

LLC,

Facility

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/31/31

..

460

460,732

Edelman

Financial

Engines

Center

LLC

(The),

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 04/07/28

..

382

381,282

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.22%

,

 09/15/31

........

563

559,028

GTCR

Everest

Borrower

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 09/05/31

............

117

117,208

Hudson

River

Trading

LLC,

1st

Lien

Term

Loan

B2,

03/18/30

(p)

.....................

431

428,737

Jane

Street

Group

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.82%

,

 12/15/31

.............

858

850,794

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.60%

,

 08/02/32

...................

504

499,529

5,713,116

Chemicals

—

0.4%

(a)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77%

,

 11/24/27

............

269

248,621

Chemours

Co.

LLC,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 10/15/32

.............

581

576,722

Derby

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.68%

,

 11/01/30

...................

426

425,926

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 10/04/29

.............

294

274,985

Element

Solutions,

Inc.,

1st

Lien

Term

Loan,

12/18/30

(p)

.......................

111

111,295

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 12/18/30

.............

376

376,842

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Fortis

333,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 03/29/32

...................

USD

208

$

205,756

HB

Fuller

Co.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 02/15/30

...................

278

278,076

INEOS

US

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 02/18/30

.............

87

62,473

INEOS

US

Petrochem

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 10/07/31

.............

98

63,438

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

7.70%

,

 07/03/28

.............

308

259,709

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 11/26/31

(g)

............

193

193,663

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 11/03/32

............

379

372,527

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

B6,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 06/23/31

........

634

624,300

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.00%

,

 04/08/31

..

163

119,683

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.87%

,

 10/09/31

.............

93

92,887

Solstice

Advanced

Materials,

Inc.,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.76%

,

 10/29/32

........

322

323,208

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.70%

,

 08/02/30

.............

507

502,510

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 08/19/32

.............

329

326,998

5,439,619

Commercial

Services

&

Supplies

—

0.4%

(a)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%

,

 10/24/30

........

136

135,904

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 08/20/32

.............

1,227

1,227,805

Anticimex

Global

AB,

Facility

1st

Lien

Term

Loan

B8,

(1-day

SOFR

at

0.00%

Floor

+

2.90%),

6.81%

,

 11/17/31

...................

119

118,786

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B10,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 06/24/30

.............

517

517,360

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B9,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 04/06/28

.............

81

80,846

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52%

,

 09/06/27

.............

322

321,944

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 04/01/32

............

355

352,245

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.50%),

5.17%

,

 10/11/32

...................

USD

176

$

177,211

Deep

Blue

Operating

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.44%

,

 10/01/32

.............

72

72,135

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 06/02/31

............

429

422,701

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 10/17/30

(g)

...........

107

107,168

Novelis,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/11/32

...................

620

620,052

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 10/15/30

...

76

75,883

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.44%

,

 03/08/32

...

693

689,016

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 06/28/30

(g)

............

242

233,919

Reworld

Holding

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 01/15/31

.............

96

95,850

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 11/30/28

..............

240

240,184

Summer

BC

Holdco

B

SARL,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

8.93%

,

 02/15/29

...

66

61,293

TruGreen

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.67%

,

 11/02/27

...................

84

81,833

5,632,135

Communications

Equipment

—

0.0%

Ciena

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43%

,

 10/24/30

(a)

..................

286

285,615

Construction

&

Engineering

—

0.1%

(a)

Azuria

Water

Solutions,

Inc.,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.19%

,

 01/27/33

(g)

............

286

283,524

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

0.00%

,

 01/27/33

(g)

.......

38

37,803

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.35%

,

 08/01/30

........

618

544,100

Construction

Partners,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 11/03/31

..............

129

128,512

Dycom

Industries,

Inc.,

1st

Lien

Term

Loan

B,

01/20/33

(p)

.......................

138

138,259

Legence

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92%

,

 12/16/31

.............

265

265,288

1,397,486

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

0.2%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 01/31/31

...................

USD

458

$

459,033

MSOF

Beacon

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.50%),

6.17%

,

 12/23/32

269

268,580

NEW

AMI

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.67%

,

 03/08/29

...................

85

74,494

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 04/14/31

.............

350

349,576

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 03/19/29

.............

311

311,385

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 02/10/32

.............

306

305,461

Standard

Industries,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 09/22/28

.............

61

61,466

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97%

,

 10/19/29

...

970

966,843

2,796,838

Consumer

Staples

Distribution

&

Retail

—

0.1%

(a)

EG

America

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.32%,

02/07/28

...........

60

60,190

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

6.67%

-

6.92%,

01/30/31

(g)

.....

350

349,563

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47%,

11/22/28

............

269

270,800

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%,

10/03/31

...........

121

121,478

802,031

Containers

&

Packaging

—

0.2%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

6.44%

,

 11/29/30

............

841

840,157

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.18%),

6.85%,

04/13/29

...........

50

49,721

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%,

04/01/32

...........

494

491,281

Colossus

Acquireco

LLC,

1st

Lien

Term

Loan,

(1-day

SOFR

at

0.00%

Floor

+

1.75%),

5.41%

,

 07/30/32

...................

569

566,403

Graham

Packaging

Co.,

Inc.,

1st

Lien

Term

Loan

B,

01/14/33

(p)

.....................

361

360,397

LABL,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.77%

,

 10/30/28

(g)

..................

423

218,002

Mauser

Packaging

Solutions

Holding

Co.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.23%

,

 04/15/30

...

250

243,527

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 02/01/29

...................

189

188,974

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

ProAmpac

PG

Borrower

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.67%

-

7.88%

,

 09/15/28

........

USD

46

$

45,748

Reynolds

Consumer

Products

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/04/32

............

65

65,016

Ring

Container

Technologies

Group

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 09/15/32

...

128

127,813

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B7,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 09/15/28

.............

233

219,348

3,416,387

Diversified

Consumer

Services

—

0.1%

(a)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 08/23/32

...

328

328,805

OMNIA

Partners

LLC,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45%

,

 12/31/32

.............

192

192,442

PG

Polaris

BidCo

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 03/26/31

.............

170

169,597

Planet

US

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.82%

,

 02/07/31

.............

206

205,466

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/30/31

...................

480

479,152

1,375,462

Diversified

REITs

—

0.0%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47%

,

 05/18/30

(a)(g)

...........

274

273,546

Diversified

Telecommunication

Services

—

0.2%

(a)

Cogeco

Financing

2

LP,

1st

Lien

Term

Loan

B,

09/01/28

(p)

.......................

50

47,516

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 03/29/32

.............

855

855,214

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.72%

,

 06/01/28

.............

25

25,115

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.14%

,

 04/16/29

.............

242

241,438

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.14%

,

 04/15/30

.............

412

410,507

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

0.75;

3-mo.

CME

Term

SOFR

at

4.25%

Floor

+

0.75%

at

0.75%

Floor

+

0.04%),

8.04%

-

8.33%

,

 09/01/28

...................

105

97,512

Radiate

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.29%

,

 09/25/29

...................

453

388,102

Sunrise

Financing

Partnership,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

0.00%

,

 02/16/32

...

115

114,580

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.04%

,

 01/31/29

........

USD

83

$

82,808

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.83%

,

 03/11/30

..............

982

943,794

3,206,586

Electric

Utilities

—

0.1%

(a)

NRG

Energy,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

0.0;

3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

5.52%

,

 04/16/31

...

791

791,338

Vistra

Operations

Co.

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 12/20/30

(e)

............

402

402,322

1,193,660

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(a)

Celestica,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 06/20/31

...................

381

382,688

Coherent

Corp.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 07/02/29

...................

225

225,197

CoorsTek,

Inc.,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.68%

,

 10/28/32

...................

129

129,268

Sanmina

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70%

,

 10/27/32

(g)

..................

242

242,605

979,758

Energy

Equipment

&

Services

—

0.0%

Covia

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.40%

,

 02/26/32

(a)

..................

321

320,545

Entertainment

—

0.3%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.18%

,

 07/22/30

.............

317

315,030

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 10/01/31

.............

806

803,804

Delta

2

(Lux)

SARL,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 09/30/31

.............

774

773,281

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/21/32

(g)

.......

409

407,978

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 11/13/29

..............

585

498,545

TKO

Worldwide

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.87%

,

 11/21/31

........

905

906,072

WMG

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.57%

,

 01/24/31

.............

812

814,407

4,519,117

Security

Par

(000)

Par

(000)

Value

Financial

Services

—

0.4%

(a)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 12/21/28

........

USD

319

$

318,101

ABG

Intermediate

Holdings

2

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 02/13/32

..

158

157,793

Acuren

Delaware

Holdco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 07/30/31

............

97

96,483

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.39%

,

 02/27/32

.............

507

466,432

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 01/03/29

...................

669

669,995

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.12%

,

 10/16/31

.............

921

922,992

CPI

Holdco

B

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 05/19/31

...................

939

933,645

EOC

Borrower

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 03/24/32

.............

900

899,800

Gryphon

Acquire

NewCo

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.88%

,

 09/13/32

............

253

251,656

Guardian

US

Holdco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.17%

,

 01/31/30

.............

79

79,044

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 02/17/31

.............

629

627,357

Orion

US

Finco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.15%

,

 10/08/32

...................

237

236,853

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 05/30/31

.............

583

584,163

Summit

Acquisition,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 10/16/31

.............

37

36,988

WEX,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 04/03/28

...................

59

59,291

WEX,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/05/32

...................

139

138,169

6,478,762

Food

Products

—

0.2%

(a)

Chobani

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 10/28/32

...................

982

983,228

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.24%

,

 09/30/31

........

802

799,744

Froneri

US,

Inc.,

Facility

1st

Lien

Term

Loan

B6,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.12%

,

 09/30/32

.............

231

230,494

MP

Midco

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.50%),

10.17%

,

 03/29/30

.............

21

20,943

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Primo

Brands

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 03/31/28

...................

USD

241

$

240,616

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/29/32

.............

164

163,143

Wellness

Pet

LLC,

1st

Lien

Term

Loan

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.95%),

7.62%

,

 12/31/29

...................

54

26,967

Wellness

Pet

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.68%

,

 12/31/29

...................

30

2,419

2,467,554

Gas

Utilities

—

0.0%

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 04/01/32

(a)

...........

139

139,190

Ground

Transportation

—

0.1%

(a)

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 04/10/31

.............

922

920,010

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29%

,

 06/30/28

...................

263

223,625

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29%

,

 06/30/28

...................

52

44,131

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

8.00%),

11.89%

,

 08/20/29

(g)

............

41

15,583

1,203,349

Health

Care

Equipment

&

Supplies

—

0.2%

(a)

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

7.42%

,

 01/15/31

...................

763

767,826

Hologic,

Inc.,

1st

Lien

Term

Loan

B,

01/14/33

(p)

.

1,320

1,309,942

QuidelOrtho

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 08/20/32

...................

242

240,877

2,318,645

Health

Care

Providers

&

Services

—

0.3%

(a)

ACP

Tara

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97%

,

 12/15/32

(g)

............

64

64,240

AHP

Health

Partners,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 09/20/32

.............

45

45,294

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.59%

,

 09/29/28

............

276

275,641

CNT

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17%

,

 11/08/32

...................

402

400,972

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 07/28/31

........

243

243,154

Ensemble

RCM

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 08/01/29

.............

370

366,725

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 11/01/28

..............

USD

448

$

447,836

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.48%

,

 11/30/28

(d)(e)(g)

.........

6

978

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42%

,

 05/19/31

.............

273

272,736

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.27%

,

 11/01/28

............

131

25,801

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

10.77%

,

 11/01/29

...........

87

17,980

Medline

Borrower

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%,

10/23/28

...........

373

374,310

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.47%,

10/23/30

...........

377

377,438

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 09/22/32

.............

442

442,826

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 11/19/31

............

178

176,200

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 12/19/30

............

396

395,929

Team

Health

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17%

,

 06/30/28

.............

109

109,450

Vizient,

Inc.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 08/01/31

...................

73

73,108

4,110,618

Health

Care

Technology

—

0.2%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 02/15/29

.............

691

680,980

Cotiviti,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45%

,

 05/01/31

...................

679

626,451

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77%

,

 10/01/27

.............

148

141,274

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 11/03/31

............

216

214,308

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.85%

,

 06/02/28

...................

481

442,419

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/22/29

.............

163

161,721

2,267,153

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

0.6%

(a)

1011778

BC

ULC,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47%

,

 09/20/30

...................

USD

501

$

499,138

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.29%,

03/11/30

............

39

38,620

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.29%,

03/11/30

...........

37

36,106

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.22%

,

 05/31/30

(g)

............

254

253,982

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.18%

,

 10/02/28

.............

158

155,512

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 02/06/30

.............

252

249,703

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 02/06/31

.............

958

950,772

Churchill

Downs,

Inc.,

Facility

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/17/28

(g)

............

40

39,584

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.19%

,

 12/02/31

.............

268

260,675

DK

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/04/32

.............

481

481,212

Entain

Holdings

(Gibraltar)

Ltd.,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 07/30/32

........

85

84,572

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%

,

 01/29/29

.............

820

817,456

Flutter

Financing

BV,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%,

12/02/30

...........

769

766,694

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%,

06/04/32

...........

245

243,576

Fortrex

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.77%

,

 03/10/31

...................

21

20,435

Four

Seasons

Hotels

Ltd.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.47%

,

 09/22/32

.............

690

693,715

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.44%

,

 11/01/29

........

204

198,769

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan,

05/27/32

(p)

...................

242

242,318

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/08/30

....

507

509,015

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17%

,

 12/16/30

...................

381

380,292

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 04/16/29

........

336

335,029

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92%

,

 08/01/30

.............

114

106,524

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 05/03/29

.............

USD

243

$

242,961

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65%

,

 04/04/29

............

178

174,903

SeaWorld

Parks

&

Entertainment,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 12/04/31

...

72

71,760

Six

Flags

Entertainment

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 05/01/31

........

97

96,159

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 03/14/31

.............

613

613,098

TRQ

Sales

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.94%

,

 12/30/32

...................

191

189,806

Voyager

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

4.25%),

7.91%

,

 07/01/32

...................

289

288,529

Whatabrands

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 08/03/28

...................

194

193,375

Wyndham

Hotels

&

Resorts,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52%

,

 05/24/30

............

239

238,967

9,473,257

Household

Durables

—

0.0%

(a)

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 09/26/31

.............

130

130,167

Somnigroup

International,

Inc.,

1st

Lien

Term

Loan

B,

(1-day

SOFR

at

0.00%

Floor

+

2.25%),

5.93%

,

 10/24/31

.............

100

100,880

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.33%

,

 12/19/29

.............

42

41,335

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.50%),

8.17%

,

 12/19/29

........

28

27,556

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.41%

,

 10/01/32

........

381

380,524

680,462

Household

Products

—

0.0%

Lavender

Dutch

Borrower

Co.

BV,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.93%

,

 12/02/32

(a)

..

214

214,535

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 07/31/30

........

530

530,723

Constellation

Renewables

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.00%),

5.82%

,

 12/15/27

............

240

239,839

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.35%,

12/11/31

............

197

196,949

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%,

11/25/32

............

USD

275

$

274,794

1,242,305

Industrial

Conglomerates

—

0.2%

(a)

Beach

Acquisition

Bidco

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 09/13/32

.............

82

82,000

EMRLD

Borrower

LP,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.12%

,

 08/04/31

...................

561

560,100

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.07%

,

 05/31/30

.............

770

768,710

FCG

Acquisitions,

Inc.,

1st

Lien

Term

Loan,

03/31/28

(p)

.......................

26

26,011

INNIO

Group

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 11/02/28

....

201

200,833

LSF12

Crown

US

Commercial

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

6.68%

,

 12/02/31

.............

173

172,975

Pinnacle

Buyer

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.16%

,

 10/01/32

.............

217

217,372

Resideo

Funding,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.72%

,

 08/13/32

.............

252

251,895

Resilience

Parent

LLC,

1st

Lien

Term

Loan

B,

01/21/33

(p)

.......................

444

443,445

2,723,341

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 09/19/31

............

1,715

1,709,222

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

5.67%

,

 01/30/32

...................

805

802,962

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.50%),

6.17%

,

 12/29/31

...................

537

533,291

Baldwin

Insurance

Group

Holdings

LLC

(The),

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18%

,

 05/26/31

...................

231

229,598

CRC

Insurance

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 05/06/31

.............

890

886,186

HUB

International

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92%

,

 06/20/30

.............

1,070

1,069,092

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan,

12/09/32

(p)

.........

279

278,984

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 03/15/30

...................

233

232,049

OneDigital

Borrower

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 07/02/31

.............

115

114,176

Ryan

Specialty

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 09/15/31

.............

543

542,571

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

USI,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 09/27/30

...................

USD

615

$

613,270

USI,

Inc.,

1st

Lien

Term

Loan

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 11/21/29

...................

529

528,361

7,539,762

Interactive

Media

&

Services

—

0.0%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 01/31/31

(a)

............

200

182,789

IT

Services

—

0.5%

(a)

Asurion

LLC,

1st

Lien

Term

Loan

B11,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.02%

,

 08/21/28

...................

244

244,635

Asurion

LLC,

1st

Lien

Term

Loan

B12,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.97%

,

 09/19/30

...................

114

114,431

Asurion

LLC,

1st

Lien

Term

Loan

B13,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 09/19/30

...................

578

578,056

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.04%

,

 01/19/29

...................

42

41,935

Central

Parent

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 07/06/29

...................

710

566,461

Clearwater

Analytics

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 04/21/32

.............

317

316,412

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 06/12/31

........

158

157,790

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17%

,

 05/30/31

.............

763

756,570

Fortress

Intermediate

3,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 06/27/31

(g)

............

141

137,917

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 05/30/31

........

245

243,729

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/09/29

........

154

152,621

ION

Platform

Finance

US,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42%

,

 09/30/32

............

838

740,934

Iron

Mountain,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 01/31/31

...................

80

78,923

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

8.92%

,

 06/07/32

.............

74

73,027

Modena

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 07/01/31

...................

128

121,886

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 07/16/31

............

440

431,649

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 07/31/31

...

USD

992

$

987,702

Shift4

Payments

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.00%),

5.65%

,

 07/06/32

146

146,363

X

Corp.,

1st

Lien

Term

Loan

B1,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.45%

,

 10/26/29

..................

914

912,085

xAI

Corp.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.25%),

11.12%

,

 06/28/30

..................

544

553,188

7,356,314

Leisure

Products

—

0.0%

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.29%

,

 05/30/28

(a)

............

54

53,889

Life

Sciences

Tools

&

Services

—

0.0%

(a)

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 07/03/28

.............

63

63,208

Pra

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 07/03/28

.............

16

15,865

Star

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 09/27/30

...................

210

209,993

289,066

Machinery

—

0.6%

(a)

Aggreko

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.87%

,

 05/21/31

.............

627

622,948

AI

Aqua

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65%

-

6.85%

,

 07/31/28

........

558

558,358

Chart

Industries,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.16%

,

 03/15/30

...................

78

78,553

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 05/15/28

(g)

............

92

91,533

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

B,

01/21/33

(p)

.....................

354

351,345

CompoSecure

Holdings

LLC,

1st

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

+

2.25%),

5.75%

,

 01/14/33

...................

428

426,664

Filtration

Group

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 10/23/28

.............

736

736,519

Generac

Power

Systems,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45%

,

 06/12/31

............

201

201,792

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 01/16/32

.............

526

523,978

Indicor

LLC,

1st

Lien

Term

Loan

E,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 11/22/29

...................

188

187,869

INNIO

North

America

Holding,

Inc.,

Facility

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.93%,

11/02/28

............

25

24,902

0.00%,

11/03/31

(g)

..................

133

132,900

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

LSF12

Helix

Parent

LLC,

1st

Lien

Term

Loan

B,

01/24/33

(p)

.......................

USD

375

$

373,594

Madison

IAQ

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.13%

,

 06/21/28

...................

767

766,217

Rexnord

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.83%

,

 10/04/28

...................

132

132,925

SPX

FLOW,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 04/05/29

...................

667

667,278

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.95%

,

 04/30/30

.............

977

978,771

Vertiv

Group

Corp.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45%

,

 08/12/32

.............

973

975,579

Vortex

Opco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.04%

,

 12/18/28

(d)(e)

.................

136

16,377

WEC

US

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70%

,

 01/27/31

.............

561

560,291

8,408,393

Media

—

0.2%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.88%),

10.55%

,

 05/30/31

.............

367

372,389

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66%

,

 12/09/30

...

120

120,056

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.91%

,

 12/15/31

...

161

161,108

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.79%

,

 08/23/28

........

66

65,445

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25%

,

 04/15/27

...................

757

674,751

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.93%

,

 08/02/27

.............

14

13,791

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 08/30/30

.............

85

84,501

Fleet

US

Bidco,

Inc.,

1st

Lien

Term

Loan

B2,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.79%

,

 02/21/31

(g)

............

160

159,941

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.95%

,

 05/23/29

.............

1

899

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

4.75%),

8.47%

,

 06/30/28

............

162

162,395

NEP

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17%

,

 10/17/31

...................

366

334,140

Outfront

Media

Capital

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 09/24/32

.............

180

180,675

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Telenet

Financing

USD

LLC,

Facility

1st

Lien

Term

Loan

AR,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.79%

,

 05/01/28

...

USD

80

$

79,034

2,409,125

Multi-Utilities

—

0.1%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.27%

,

 03/03/32

(a)

...........

857

856,141

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)

BIP

Pipeco

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

0.00%

,

 12/05/30

.............

108

108,213

Blackfin

Pipeline

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.75%

,

 10/01/32

...................

115

115,670

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/22/32

..............

139

139,138

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan,

01/28/33

(p)

...................

363

361,639

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%

,

 12/21/28

........

511

510,634

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65%

,

 10/04/30

............

28

27,991

Hilcorp

Energy

I

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68%

,

 02/06/30

...................

199

199,493

Meade

Pipeline

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 09/22/32

.............

66

66,042

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45%

,

 04/07/32

...................

79

79,449

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 10/05/28

...

366

366,231

TransMontaigne

Operating

Co.

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 11/17/28

........

88

87,858

WhiteWater

Matterhorn

Holdings

LLC,

1st

Lien

Term

Loan

B,

06/16/32

(p)

..............

204

202,917

2,265,275

Paper

&

Forest

Products

—

0.0%

BradyPlus

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.19%

,

 12/29/32

(a)

............

560

556,265

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%,

04/20/28

...........

160

160,190

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%,

05/28/32

...........

163

162,933

Air

Canada,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/21/31

...................

375

374,634

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52%,

01/29/27

...........

200

199,867

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.00%,

02/15/28

...........

211

210,529

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.26%,

06/04/29

...........

USD

319

$

317,963

Jetblue

Airways

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.44%

,

 08/27/29

.............

338

323,851

Stonepeak

Nile

Parent

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 04/09/32

.............

129

128,839

United

Airlines,

Inc.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 02/24/31

.............

320

320,340

2,199,146

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

08/02/32

(p)

.......................

6

6,376

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.17%,

08/02/32

...........

531

531,997

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45%

,

 10/29/32

.............

119

119,085

Endo

Finance

Holdings

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 04/23/31

.............

129

129,310

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.97%

,

 05/05/28

.............

489

490,459

Organon

&

Co.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 05/19/31

...................

90

86,986

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 04/20/29

.............

214

213,999

1,578,212

Professional

Services

—

0.3%

(a)

AlixPartners

LLP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 08/12/32

...................

500

497,239

Amentum

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 09/29/31

.............

251

250,898

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29%

,

 06/02/28

...................

476

473,993

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 04/28/28

..

566

565,379

Dayforce,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 03/01/31

(g)

..................

538

537,149

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.68%),

7.35%

,

 06/22/29

...................

110

110,058

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.50%),

5.34%

,

 07/31/30

.............

112

106,276

TransUnion

LLC,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 06/24/31

...................

384

383,433

TransUnion

LLC,

1st

Lien

Term

Loan

B9,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 06/24/31

...................

244

243,674

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Zelis

Cost

Management

Buyer,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.47%

,

 09/28/29

...

USD

287

$

279,602

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97%

,

 11/26/31

..............

614

597,497

4,045,198

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.47%

,

 01/31/30

(a)

..

47

47,727

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

Entegris,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 07/06/29

...................

138

138,631

Qnity

Electronics,

Inc.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70%

,

 10/29/32

.............

614

616,302

754,933

Software

—

1.0%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 02/24/31

.............

819

811,788

Avalara,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 03/26/32

...................

242

237,071

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.17%

,

 08/15/29

.............

291

223,684

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.82%

,

 07/30/31

.............

830

796,637

Capstone

Borrower,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.75%),

6.42%

,

 06/17/30

(g)

..................

166

161,131

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 01/23/32

............

988

977,797

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%,

03/21/31

...........

1,070

1,036,209

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%,

08/16/32

...........

724

701,696

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.57%

,

 10/09/28

...................

117

100,070

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 12/09/31

.............

325

318,109

Darktrace

Finco

US

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.90%

,

 10/09/31

.............

55

53,353

Dawn

Bidco

LLC,

1st

Lien

Term

Loan,

08/20/32

(p)

730

708,100

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 06/26/31

(g)

............

127

122,065

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.47%

,

 10/09/29

.............

787

777,264

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.42%

,

 11/15/32

..............

USD

94

$

91,767

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%,

09/12/29

...........

792

782,678

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%,

04/16/32

...........

120

118,589

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/30/32

............

918

895,822

Kaseya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 03/22/32

...................

906

870,793

McAfee

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 03/01/29

...................

421

371,757

MH

Sub

I

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92%,

05/03/28

...........

159

144,089

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92%,

12/31/31

...........

110

89,817

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B,

01/27/33

(p)

.......................

348

348,435

MKS,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 08/17/29

...................

538

538,176

Ping

Identity

Holding

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.59%

,

 11/15/32

..............

136

134,697

Planview

Parent,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 12/17/27

.............

74

65,200

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 08/31/28

...................

850

842,717

RealPage,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.93%

,

 04/24/28

...................

416

410,149

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B1

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

10.02%,

07/30/29

...........

19

14,543

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.77%,

11/15/29

............

119

92,530

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B2

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

10.02%,

07/30/29

...........

31

24,207

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.00%),

9.77%,

11/15/29

............

51

39,636

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.72%

,

 05/09/31

.............

904

903,558

UKG,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 02/10/31

...................

688

670,027

VS

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 04/14/31

...................

653

644,869

15,119,030

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.1%

(a)

LS

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.0;

3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

6.17%

-

6.32%

,

 04/23/31

..................

USD

230

$

229,758

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.67%

,

 05/04/28

...

784

783,436

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B8,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 09/29/32

.............

88

87,890

Project

Aurora

US

Finco,

Inc.,

Facility

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.49%

,

 09/30/32

...

60

60,038

Pye-Barker

Fire

&

Safety

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.21%

,

 12/16/32

............

278

278,283

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.33%,

10/20/28

...........

74

73,127

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.02%,

10/20/28

...........

54

54,078

1,566,610

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Finastra

USA,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.72%

,

 09/15/32

(a)

..................

967

848,542

Tobacco

—

0.0%

Savor

Acquisition,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.84%

,

 02/19/32

(a)

............

16

15,990

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

1st

Lien

Term

Loan

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 07/27/28

...................

365

365,166

Core

&

Main

LP,

1st

Lien

Term

Loan

E,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 02/10/31

...................

476

475,307

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 06/17/31

...................

81

78,537

Herc

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 07/02/32

...................

71

71,030

QXO

Building

Products,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 04/30/32

.............

111

111,552

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.67%

,

 06/29/29

.............

150

67,530

1,169,122

Transportation

Infrastructure

—

0.1%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 09/23/31

...................

783

782,462

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 07/01/31

.............

319

319,433

OLA

Netherlands

BV,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.07%

,

 12/15/26

(g)

.................

102

101,476

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

(continued)

Rand

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 03/18/30

...................

USD

344

$

344,471

1,547,842

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.02%

,

 08/09/32

............

160

160,142

SBA

Senior

Finance

II

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43%

,

 01/27/31

.............

402

403,215

Windstream

Services

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 10/06/32

(g)

............

320

320,000

883,357

Total

Floating

Rate

Loan

Interests

—

9.9%

(Cost:

$146,166,785)

..............................

143,769,641

Foreign

Agency

Obligations

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile,

6.44%,

01/26/36

(c)

.......................

217

232,546

Empresa

Nacional

del

Petroleo,

5.95%,

07/30/34

(b)

.......................

200

208,632

441,178

Colombia

—

0.0%

Ecopetrol

SA,

8.88%,

01/13/33

............

315

337,759

France

—

0.0%

Electricite

de

France

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

.

EUR

200

229,448

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63%

........................

200

250,958

480,406

Hungary

—

0.1%

(c)

Magyar

Export-Import

Bank

Zrt.,

6.00%,

05/16/29

264

334,756

MVM

Energetika

Zrt.,

7.50%,

06/09/28

......

USD

200

210,942

545,698

Mexico

—

0.1%

Petroleos

Mexicanos

8.75%,

06/02/29

...................

325

349,300

5.95%,

01/28/31

...................

298

290,371

639,671

Morocco

—

0.0%

OCP

SA

5.13%,

06/23/51

(c)

..................

217

175,343

7.50%,

05/02/54

(b)

..................

232

252,658

428,001

Peru

—

0.0%

(b)

Corp.

Financiera

de

Desarrollo

SA,

5.50%,

05/06/30

........................

200

206,460

Petroleos

del

Peru

SA,

4.75%,

06/19/32

.....

200

151,025

357,485

Total

Foreign

Agency

Obligations

—

0.2%

(Cost:

$3,036,544)

...............................

3,230,198

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Foreign

Government

Obligations

Argentina

—

0.0%

Argentine

Republic

(The),

0.75%,

07/09/30

(l)

...

USD

180

$

152,640

Armenia

—

0.0%

Republic

of

Armenia,

6.75%,

03/12/35

(b)

......

200

208,750

Bahrain

—

0.0%

Kingdom

of

Bahrain,

5.45%,

09/16/32

(c)

......

200

189,626

Barbados

—

0.0%

Barbados

Government

Bond,

8.00%,

06/26/35

(b)

303

324,513

Benin

—

0.0%

Benin

Government

Bond,

7.96%,

02/13/38

(b)

...

400

418,224

Brazil

—

0.2%

Federative

Republic

of

Brazil

10.00%,

01/01/29

..................

BRL

7

1,213,165

6.00%,

08/15/30

...................

1

739,903

10.00%,

01/01/31

..................

2

407,558

6.63%,

03/15/35

...................

USD

297

305,910

Letras

do

Tesouro

Nacional

Treasury

Bills,

12.80%,

01/01/30

(q)

.................

BRL

6

662,469

3,329,005

Bulgaria

—

0.0%

Bulgaria

Government

Bond,

5.00%,

03/05/37

(c)

.

USD

186

183,210

Chile

—

0.1%

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

6.00%,

04/01/33

(b)(c)

.................

CLP

1,040,000

1,243,158

Republic

of

Chile

3.75%,

01/14/32

...................

EUR

140

169,517

4.34%,

03/07/42

...................

USD

268

238,520

1,651,195

Colombia

—

0.2%

Republic

of

Colombia

11.00%,

08/22/29

..................

COP

2,597,600

667,337

6.13%,

01/21/31

...................

USD

200

199,800

7.00%,

03/26/31

...................

COP

1,846,000

393,109

13.25%,

02/09/33

..................

1,374,000

381,598

8.00%,

04/20/33

...................

USD

256

275,456

7.75%,

11/07/36

...................

295

309,455

6.50%,

11/26/38

...................

EUR

136

158,104

7.25%,

10/26/50

...................

COP

929,400

155,476

Titulos

de

Tesoreria,

12.50%,

02/27/30

......

2,684,000

709,659

3,249,994

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

6.55%,

04/03/34

(c)

....

USD

230

248,860

Czech

Republic

—

0.2%

Czech

Republic

0.95%,

05/15/30

(c)

..................

CZK

29,920

1,303,900

1.50%,

04/24/40

...................

26,160

858,701

2,162,601

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

(b)

4.50%,

01/30/30

...................

USD

383

374,191

7.05%,

02/03/31

...................

155

166,160

6.95%,

03/15/37

...................

150

160,500

700,851

Ecuador

—

0.0%

Republic

of

Ecuador,

9.25%,

01/29/39

(b)

......

230

236,325

Egypt

—

0.1%

Arab

Republic

of

Egypt

5.63%,

04/16/30

(c)

..................

EUR

160

188,352

Security

Par

(000)

Par

(000)

Value

Egypt

(continued)

9.45%,

02/04/33

(b)

..................

USD

200

$

225,000

7.50%,

02/16/61

(b)

..................

200

170,400

583,752

Gabon

—

0.0%

Gabon

Government

Bond,

9.50%,

02/18/29

(c)

..

325

305,298

Guatemala

—

0.1%

Republic

of

Guatemala

(b)

7.05%,

10/04/32

...................

300

327,375

6.60%,

06/13/36

...................

225

240,750

568,125

Hungary

—

0.1%

Hungary

Government

Bond

5.25%,

06/16/29

(b)

..................

355

361,390

3.00%,

08/21/30

...................

HUF

396,000

1,080,610

5.50%,

03/26/36

(b)

..................

USD

200

198,800

1,640,800

Indonesia

—

0.1%

Republic

of

Indonesia

5.88%,

03/15/31

...................

IDR

20,296,000

1,216,578

3.88%,

01/15/33

...................

EUR

143

170,617

1,387,195

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire

5.88%,

10/17/31

(c)

..................

291

353,345

8.08%,

04/01/36

(b)

..................

USD

200

213,400

566,745

Jordan

—

0.0%

Hashemite

Kingdom

of

Jordan

7.50%,

01/13/29

(b)

..................

200

209,500

5.85%,

07/07/30

(c)

..................

200

200,548

410,048

Kenya

—

0.0%

Republic

of

Kenya

(b)

9.75%,

02/16/31

...................

200

221,100

8.80%,

10/09/38

...................

200

202,600

423,700

Kyrgyzstan

—

0.0%

Kyrgyz

Republic

International

Bond,

7.75%,

06/03/30

(b)

.......................

200

207,437

Latvia

—

0.0%

Latvia

Government

Bond,

5.13%,

07/30/34

(b)

..

302

306,346

Malaysia

—

0.0%

Malaysia

Government

Bond,

4.18%,

05/16/44

..

MYR

1,532

401,919

Mexico

—

0.4%

Eagle

Funding

Luxco

SARL,

5.50%,

08/17/30

(b)

.

USD

465

471,975

Mex

Bonos

Desarr

Fix

Rt

8.50%,

05/31/29

...................

MXN

144

836,355

8.50%,

02/28/30

...................

208

1,202,969

5.38%,

03/22/33

...................

USD

245

242,305

7.75%,

11/23/34

...................

MXN

160

861,868

8.00%,

02/21/36

...................

244

1,314,264

8.50%,

11/18/38

...................

44

241,030

United

Mexican

States

5.63%,

02/09/34

...................

USD

210

209,580

6.63%,

01/29/38

...................

200

207,600

5.13%,

03/19/38

...................

EUR

119

140,810

5.38%,

05/16/40

...................

100

117,883

6.75%,

02/09/56

...................

USD

200

198,200

6,044,839

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Montenegro

—

0.0%

Republic

of

Montenegro,

2.88%,

12/16/27

(c)

...

EUR

191

$

223,038

Morocco

—

0.1%

Kingdom

of

Morocco

2.38%,

12/15/27

(c)

..................

USD

256

246,241

4.75%,

04/02/35

(b)

..................

EUR

279

335,776

582,017

Nigeria

—

0.1%

Federal

Republic

of

Nigeria

10.38%,

12/09/34

(b)

.................

USD

200

236,200

9.13%,

01/13/46

(b)

..................

200

214,500

7.63%,

11/28/47

(c)

..................

200

187,000

637,700

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%,

03/13/27

(c)

EUR

182

222,171

Oman

—

0.0%

Oman

Government

Bond,

6.75%,

01/17/48

(c)

..

USD

260

280,020

Panama

—

0.0%

Republic

of

Panama

7.50%,

03/01/31

...................

200

220,900

6.40%,

02/14/35

...................

232

242,518

463,418

Paraguay

—

0.0%

Republic

of

Paraguay,

2.74%,

01/29/33

(c)

.....

398

353,424

Peru

—

0.1%

Bonos

de

la

Tesoreria,

7.60%,

08/12/39

(b)(c)

....

PEN

446

145,611

Republic

of

Peru

1.86%,

12/01/32

...................

USD

203

168,693

7.30%,

08/12/33

(c)

..................

PEN

988

335,370

7.60%,

08/12/39

(c)

..................

2,431

793,679

1,443,353

Philippines

—

0.3%

Republic

of

Philippines

6.38%,

07/27/30

...................

PHP

114,900

2,010,266

6.00%,

08/20/30

...................

71,940

1,240,270

6.75%,

09/15/32

...................

58,720

1,047,930

4,298,466

Poland

—

0.2%

Republic

of

Poland

4.88%,

10/04/33

...................

USD

75

75,624

5.00%,

10/25/35

...................

PLN

7,840

2,191,995

5.50%,

04/04/53

...................

USD

235

222,084

2,489,703

Republic

of

Turkiye

—

0.1%

Republic

of

Turkiye

(The)

(BISTREFI

+

0.00%),

39.73%,

08/19/26

(a)

..

TRY

31,440

742,133

7.13%,

02/12/32

...................

USD

296

309,172

6.30%,

03/14/33

...................

200

198,000

1,249,305

Romania

—

0.2%

Romania

Government

Bond

5.25%,

11/25/27

(b)

..................

72

73,008

2.12%,

07/16/31

(c)

..................

EUR

351

372,892

6.25%,

09/10/34

(c)

..................

970

1,234,586

6.25%,

09/10/34

(b)

..................

284

361,467

6.75%,

07/11/39

(b)

..................

127

162,394

6.50%,

10/07/45

(b)

..................

177

218,659

2,423,006

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia,

5.00%,

01/18/53

(b)

..

USD

200

$

174,250

Serbia

—

0.0%

Republic

of

Serbia

6.50%,

09/26/33

(c)

..................

200

215,126

6.00%,

06/12/34

(b)

..................

200

207,198

422,324

South

Africa

—

0.4%

Republic

of

South

Africa

10.50%,

12/21/26

..................

ZAR

6,566

418,710

10.50%,

12/21/27

..................

6,566

431,851

7.10%,

11/19/36

(b)

..................

USD

200

212,195

8.50%,

01/31/37

...................

ZAR

55,792

3,478,868

5.00%,

10/12/46

...................

USD

279

212,001

5.75%,

09/30/49

...................

252

207,120

7.95%,

11/19/54

(b)

..................

222

232,726

5,193,471

Thailand

—

0.1%

Kingdom

of

Thailand

2.80%,

06/17/34

...................

THB

20,070

683,559

2.41%,

03/17/35

...................

24,560

811,175

1,494,734

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

6.50%,

01/28/36

(b)

USD

320

319,002

Ukraine

—

0.0%

Ukraine

Government

Bond

(b)(l)

4.50%,

02/01/29

...................

52

40,513

0.00%,

02/01/30

...................

5

2,999

0.00%,

02/01/34

...................

18

8,659

4.50%,

02/01/34

...................

35

21,857

0.00%,

02/01/35

...................

15

8,465

0.00%,

02/01/36

...................

13

6,986

89,479

United

Arab

Emirates

—

0.0%

United

Arab

Emirates

Government

Bond,

3.90%,

09/09/50

(c)

.......................

207

152,275

Uruguay

—

0.1%

Oriental

Republic

of

Uruguay

8.00%,

10/29/35

...................

UYU

12,300

332,237

5.25%,

09/10/60

...................

USD

249

230,201

562,438

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

(b)

5.38%,

05/29/27

...................

EUR

165

199,408

7.85%,

10/12/28

...................

USD

200

214,126

413,534

Total

Foreign

Government

Obligations

—

3.4%

(Cost:

$47,476,320)

...............................

49,389,126

Shares

Shares

Investment

Companies

(r)

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

........................

71,272

673,518

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(f)

...........................

796,068

29,964,000

iShares

Core

Dividend

Growth

ETF

(s)

.......

302,592

21,735,183

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Investment

Companies

(r)

(continued)

iShares

Core

MSCI

Emerging

Markets

ETF

...

400,433

$

29,055,418

Total

Investment

Companies

—

5.6%

(Cost:

$75,774,312)

...............................

81,428,119

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.1%

Alternative

Loan

Trust

(a)

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

and

2.00%

Cap

+

1.73%),

5.40%,

11/25/46

..........

USD

52

44,125

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.17%,

07/25/46

.................

116

106,390

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.07%,

04/25/47

.................

135

123,871

Banc

of

America

Mortgage

Trust,

Series

2007-4,

Class

1A1,

6.25%,

12/28/37

...........

22

16,009

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(b)(l)

......

1,191

1,186,170

1,476,565

Commercial

Mortgage-Backed

Securities

—

3.2%

ARES

Commercial

Mortgage

Trust

(a)(b)

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.37%,

07/15/41

......................

80

80,150

Series

2026-GCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.95%,

02/15/43

......................

1,000

1,001,355

ARES1,

Series

2024-IND2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

10/15/34

(a)(b)

......................

820

820,769

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

5.95%,

04/15/35

(a)(b)

......

540

533,250

BAHA

Trust

(a)(b)

Series

2024-MAR,

Class

A,

6.17%,

12/10/41

1,610

1,670,481

Series

2024-MAR,

Class

C,

7.77%,

12/10/41

470

493,718

BAMLL

Trust

(a)(b)

Series

2024-BHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.03%,

08/15/39

......................

1,304

1,306,105

Series

2025-ASHF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.53%,

02/15/42

......................

988

988,850

BBCMS

Mortgage

Trust,

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

(a)(b)

...........

100

86,401

BFLD

Mortgage

Trust,

Series

2024-VICT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

5.57%,

07/15/41

(a)(b)

...........

170

170,744

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

7.50%,

10/15/35

(a)(b)

.................

946

11,787

BMP,

Series

2024-MF23,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.05%,

06/15/41

(a)(b)

......................

290

290,272

BPR

Trust

(a)(b)

Series

2021-TY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

4.85%,

09/15/38

......................

200

199,909

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

7.40%,

09/15/38

......................

USD

325

$

322,369

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

6.04%,

10/15/38

......................

714

713,777

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

5.44%,

12/09/40

......................

102

102,181

Series

2024-AIR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

10/15/41

......................

556

557,020

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.37%,

08/15/41

......................

1,032

1,034,286

Series

2024-BRBK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.88%

Floor

+

2.88%),

6.56%,

10/15/41

.................

740

741,850

Series

2024-GPA3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.97%,

12/15/39

.................

409

410,124

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

02/15/39

......................

257

257,103

Series

2024-PALM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

06/15/37

.................

69

69,274

Series

2024-PURE,

Class

A,

(CAONREPO

at

1.90%

Floor

+

1.90%),

4.15%,

11/15/41

.

CAD

278

204,672

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

02/15/39

......................

USD

548

547,883

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

03/15/41

......................

257

257,479

Series

2025-JDI,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.08%,

11/15/42

......................

957

959,247

Series

2025-SPOT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

04/15/40

.................

806

807,516

BX

Trust

(a)(b)

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

4.60%,

02/15/36

.................

120

119,925

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

6.80%,

02/15/36

.................

133

133,314

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

6.80%,

02/15/36

.................

395

395,405

Series

2022-LBA6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.68%,

01/15/39

......................

410

410,000

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

06/15/41

......................

520

520,650

Series

2025-LIFE,

Class

A,

5.88%,

06/13/47

1,000

1,025,381

BXP

Trust,

Series

2021-601L,

Class

D,

2.78%,

01/15/44

(a)(b)

......................

281

232,434

CFSP

Mortgage

Trust,

Series

2024-AHP1,

Class

A,

6.50%,

04/15/37

.................

450

432,028

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.12%,

08/15/36

(a)(b)

480

480,000

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Commercial

Mortgage

Trust,

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.52%,

06/15/41

(a)(b)

......

USD

270

$

269,916

CONE

Trust,

Series

2024-DFW1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.32%,

08/15/41

(a)(b)

.................

400

400,000

DBC

Mortgage

Trust,

Series

2025-DBC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

11/15/42

(a)(b)

...........

660

661,237

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

5.56%,

08/15/34

(a)(b)

......................

1,233

1,233,000

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

04/15/37

(a)(b)

...........

320

319,900

DGWD

Trust,

Series

2025-INFL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.28%,

08/15/35

(a)(b)

.................

1,000

1,004,110

EQT

Trust,

Series

2024-EXTR,

Class

A,

5.33%,

07/05/41

(a)(b)

......................

580

592,244

Fontainebleau

Miami

Beach

Mortgage

Trust,

Series

2024-FBLU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

12/15/39

(a)(b)

......................

1,150

1,152,875

FS

Trust,

Series

2024-HULA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.81%

Floor

+

1.81%),

5.49%,

08/15/39

(a)(b)

.................

180

180,225

GGP,

Series

2026-TY,

Class

A,

1.00%,

03/05/43

(a)

(b)

.............................

1,000

1,000,000

Grace

Trust,

Series

2020-GRCE,

Class

A,

2.35%,

12/10/40

(b)

.......................

500

448,765

Great

Wolf

Trust

(a)(b)

Series

2024-WLF2,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.69%),

5.37%,

05/15/41

..

455

456,849

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

03/15/39

.................

73

73,205

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

5.77%,

03/15/28

......................

520

522,600

Series

2023-SHIP,

Class

E,

7.43%,

09/10/38

1,400

1,405,082

Series

2025-800D,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

6.33%,

11/25/41

......................

1,001

1,003,510

HIH

Trust,

Series

2024-61P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.52%,

10/15/41

(a)(b)

.................

146

146,661

HILT

Commercial

Mortgage

Trust,

Series

2024-

ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

05/15/37

(a)(b)

.

100

100,187

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

4.95%,

10/15/36

(a)(b)

...........

280

277,200

Houston

Galleria

Mall

Trust,

Series

2025-HGLR,

Class

A,

5.46%,

02/05/45

(a)(b)

...........

680

706,890

Hudson

Yards

Mortgage

Trust,

Series

2025-

SPRL,

Class

A,

5.47%,

01/13/40

(a)(b)

......

880

912,113

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2016-NINE,

Class

B,

2.85%,

09/06/38

1,000

988,275

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

250

200,000

Series

2024-OMNI,

Class

A,

5.80%,

10/05/39

290

295,483

JW

Commercial

Mortgage

Trust,

Series

2024-

MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.30%,

06/15/39

(a)(b)

.

605

606,512

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

KSL

Commercial

Mortgage

Trust,

Series

2024-

HT2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

12/15/39

(a)(b)

.

USD

1,185

$

1,184,507

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/17/42

(a)(b)

......

940

941,871

MAC

Trust,

Series

2025-801B,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.38%,

10/15/40

(a)(b)

.................

1,000

1,003,736

MAIN

Trust,

Series

2026-OLAS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.45%,

01/15/41

(a)(b)

.................

1,000

1,000,000

MHP

Commercial

Mortgage

Trust,

Series

2021-

STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

7.75%,

07/15/38

(a)(b)

.

138

137,436

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

C,

4.86%,

07/15/51

.

160

152,285

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(b)

238

180,894

NCMF

Trust,

Series

2025-MFS,

Class

E,

7.53%,

06/10/33

(a)(b)

......................

1,000

1,015,991

NRTH

Commercial

Mortgage

Trust,

Series

2025-

PARK,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

10/15/40

(a)(b)

.

1,000

1,003,125

NYC

Commercial

Mortgage

Trust

(a)(b)

Series

2025-11X,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

10/15/40

......................

1,000

1,007,759

Series

2026-1PARK,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.95%,

02/15/43

.................

1,000

1,000,000

NYC

Trust,

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

5.67%,

08/15/29

(a)(b)

.................

309

310,583

ORL

Trust,

Series

2024-GLKS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

12/15/39

(a)(b)

.................

910

912,275

PGA

Trust,

Series

2024-RSR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

5.57%,

06/15/39

(a)(b)

.................

300

300,094

PKHL

Commercial

Mortgage

Trust,

Series

2021-

MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

8.15%,

07/15/38

(a)(b)

.

100

18,647

SCG

Mortgage

Trust,

Series

2024-MSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

04/15/41

(a)(b)

...........

190

190,000

SHR

Trust,

Series

2024-LXRY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.63%,

10/15/41

(a)(b)

.................

400

401,750

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.92%,

12/15/39

(a)(b)

.

1,150

1,152,875

VEGAS

Trust,

Series

2024-TI,

Class

A,

5.52%,

11/10/39

(b)

.......................

260

262,930

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-NXS5,

Class

B,

4.84%,

01/15/59

(a)

...

250

242,127

45,763,433

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

XD,

1.14%,

10/15/48

(a)(b)

......................

2,898

109

Total

Non-Agency

Mortgage-Backed

Securities

—

3.3%

(Cost:

$47,863,130)

...............................

47,240,107

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Preferred

Securities

Capital

Trusts

—

1.0%

Banks

—

0.3%

(a)(k)

AIB

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.71%),

6.00%

(c)

..................

EUR

200

$

245,435

Bank

of

America

Corp.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

6.63%

....

USD

557

578,732

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.35%),

6.25%

....

130

132,321

Barclays

plc

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

....

200

194,562

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.56%),

6.13%

(c)

.......................

EUR

200

240,981

BPER

Banca

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.57%),

5.88%

(c)

..............

200

240,432

CaixaBank

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.35%),

5.88%

(c)

..............

200

241,821

Citigroup,

Inc.

Series

CC,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13%

........................

USD

423

437,796

Series

EE,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75%

........................

77

78,521

Series

GG,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.88%

........................

157

160,384

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

6.63%

....

80

81,462

First

Abu

Dhabi

Bank

PJSC,

(6-Year

USD

Constant

Maturity

+

2.09%),

5.88%

(c)

......

200

201,850

PNC

Financial

Services

Group,

Inc.

(The),

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

...

29

29,952

Wells

Fargo

&

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

6.85%

....................

44

46,017

2,910,266

Broadline

Retail

—

0.0%

Rakuten

Group,

Inc.,

(5-Year

EUR

Swap

Annual

+

4.74%),

4.25%

(a)(c)(k)

................

EUR

245

285,360

Capital

Markets

—

0.2%

(a)

Brookfield

Finance,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30%, 01/15/55

..............

USD

100

99,332

Deutsche

Bank

AG

(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(c)

.......................

EUR

200

261,063

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.11%),

7.38%

(c)

.......................

200

258,525

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.04%),

6.75%

(c)

.......................

200

246,849

Goldman

Sachs

Group,

Inc.

(The)

(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.85%

....

USD

141

146,946

Series

Y,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13%

........................

261

265,925

UBS

Group

AG

(b)(k)

(USISSO05

+

3.12%),

6.60%

...........

200

202,039

Series

.14a,

(USISSO05

+

3.24%),

6.63%

..

200

201,120

(USISSO05

+

3.18%),

7.13%

...........

200

204,933

1,886,732

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

0.0%

Cemex

SAB

de

CV,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.52%),

7.20%

(a)(b)(k)

.................

USD

200

$

209,700

Consumer

Finance

—

0.0%

(c)

Volkswagen

International

Finance

NV

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.17%),

5.49%

(c)

.......................

EUR

100

124,242

(EUAMDB08

+

3.49%),

5.99%

(c)

.........

100

125,499

249,741

Diversified

REITs

—

0.0%

Unibail-Rodamco-Westfield

SE,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.43%),

4.75%

(a)

(c)(k)

............................

200

242,305

Diversified

Telecommunication

Services

—

0.0%

(c)

Telefonica

Emisiones

SA

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.38%

(c)

.......................

100

118,710

(EUAMDB08

+

2.13%),

4.88%

(c)

.........

100

118,151

236,861

Electric

Utilities

—

0.1%

(a)

Duke

Energy

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45%, 09/01/54

..............

USD

28

29,295

Electricite

de

France

SA

(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.07%),

4.38%

(c)

.......................

EUR

300

355,839

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38%

(c)

.........

GBP

200

286,744

NextEra

Energy

Capital

Holdings,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%, 06/15/54

.................

USD

15

15,938

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38%, 08/15/55

.................

71

73,329

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(b)(k)

.................

225

247,779

1,008,924

Electrical

Equipment

—

0.0%

Prysmian

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.01%),

5.25%

(a)(c)(k)

............

EUR

200

248,806

Financial

Services

—

0.0%

(a)

Apollo

Global

Management,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00%, 12/15/54

......

USD

74

73,988

Corebridge

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38%, 09/15/54

..............

40

40,866

114,854

Gas

Utilities

—

0.0%

AltaGas

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20%, 10/15/54

(a)(b)

.................

42

43,682

Ground

Transportation

—

0.0%

La

Poste

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.68%),

5.00%

(a)(c)(k)

................

EUR

200

246,874

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)

AES

Andes

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%, 06/10/55

(b)

..................

USD

215

$

228,008

AES

Corp.

(The)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60%, 01/15/55

.................

74

75,031

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.95%, 07/15/55

.................

67

65,498

Orsted

A/S,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13%, 03/14/3024

(c)

...........

EUR

100

121,943

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00%

(b)(k)

........................

USD

222

225,358

715,838

Insurance

—

0.0%

(a)(c)(k)

Ageas

SA/NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.88%

...................

EUR

200

241,381

BNP

Paribas

Cardif

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

6.00%

...........

300

360,524

NN

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75%

...................

200

243,066

844,971

Multi-Utilities

—

0.0%

(a)

CenterPoint

Energy,

Inc.,

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85%, 02/15/55

......

USD

19

20,152

Veolia

Environnement

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.32%

(c)(k)

.........

EUR

100

119,263

139,415

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Enbridge,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38%, 03/15/55

...................

USD

39

41,424

Energy

Transfer

LP

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%, 05/15/54

.................

95

101,516

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13%, 10/01/54

.................

309

319,305

Sunoco

LP,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

7.88%

(b)(k)

........................

574

591,237

Thaioil

Treasury

Center

Co.

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.38%),

6.10%

(b)(k)

...........

200

200,860

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%, 11/15/83

(c)

........

EUR

141

183,833

Venture

Global

LNG,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(b)(k)

..................

USD

326

286,790

Wintershall

Dea

Finance

2

BV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.12%

(c)(k)

......

EUR

152

187,124

1,912,089

Passenger

Airlines

—

0.0%

Air

France-KLM

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.58%),

5.75%

(a)(c)(k)

.....................

300

364,436

Deutsche

Lufthansa

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25%, 01/15/55

(a)(c)

..

200

244,618

609,054

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

0.1%

(c)

Bayer

AG

(a)

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%, 03/25/82

(c)

................

EUR

200

$

240,068

(5-Year

EUR

Swap

Annual

+

4.46%),

5.38%, 03/25/82

(c)

................

400

494,108

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%, 09/25/83

(c)

................

100

132,849

867,025

Real

Estate

Management

&

Development

—

0.1%

(a)(k)

Aroundtown

Finance

SARL

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.43%),

5.25%

(c)

.......................

494

578,858

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.13%

(c)

.......................

100

115,632

Grand

City

Properties

SA,

(5-Year

EUR

Swap

Annual

+

2.18%),

1.50%

(c)

.............

300

353,588

Heimstaden

Bostad

AB,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.53%),

5.00%

(c)

..........

200

236,965

Vivion

Investments

SARL,

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.16%),

8.13%

(c)

..........

100

111,586

1,396,629

Wireless

Telecommunication

Services

—

0.1%

(a)(c)

Telefonica

Europe

BV,

(EUAMDB08

+

3.12%),

5.75%

(k)

.........................

100

126,471

Vodafone

Group

plc,

Series

60NC10,

(5-Year

EUR

Swap

Annual

+

3.48%),

3.00%, 08/27/80

500

574,114

700,585

Total

Capital

Trusts

—

1.0%

(Cost:

$14,050,022)

...............................

14,869,711

Shares

Shares

Preferred

Stocks

—

0.1%

Automobiles

—

0.0%

Porsche

Automobil

Holding

SE

(Preference)

...

3,210

137,341

Household

Products

—

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

........

4,463

392,084

IT

Services

—

0.0%

(e)

Veritas

Newco

(g)

......................

244

5,235

Veritas

Newco,

Series

G-1

...............

168

3,953

9,188

Life

Sciences

Tools

&

Services

—

0.0%

Sartorius

AG

(Preference)

...............

85

23,757

Machinery

—

0.0%

Sirva-Bgrs

Holdings,

Inc.,

15.25%

(g)

........

17

3,017

Total

Preferred

Stocks

—

0.1%

(Cost:

$532,749)

.................................

565,387

Total

Preferred

Securities

—

1.1%

(Cost:

$14,582,771)

...............................

15,435,098

Rights

Construction

&

Engineering

—

0.0%

ACS

Actividades

de

Construccion

y

Servicios

SA

(Expires

02/03/26)

(e)

.................

6,825

3,754

Total

Rights

—

0.0%

(Cost:

$3,589)

..................................

3,754

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

3.79%, 04/25/28

(a)(b)

.................

USD

334

$

314,062

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

(Cost:

$329,746)

.................................

314,062

Shares

Shares

Warrants

Diversified

Consumer

Services

—

0.0%

Service

King

Midas

International

(Issued/

Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

10.00)

(e)(g)

501

—

Total

Warrants

—

0.0%

(Cost:

$—)

.....................................

—

Total

Long-Term

Investments

—

98.6%

(Cost:

$1,390,216,509)

............................

1,428,980,001

Par

(000)

Pa

r

(

000)

Short-Term

Securities

Foreign

Government

Obligations

—

0.4%

Brazil

—

0.3%

Letras

do

Tesouro

Nacional

Treasury

Bills,

14.12%,

04/01/26

(q)

.................

BRL

24

4,458,359

Egypt

—

0.1%

Arab

Republic

of

Egypt

Treasury

Bills,

26.20%,

05/05/26

(q)

.......................

EGP

55,600

1,114,044

Security

Par

(000)

Par

(000)

Value

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

Treasury

Bills

(q)

17.09%,

03/05/26

..................

NGN

336,755

$

238,626

16.63%,

03/19/26

..................

293,265

206,408

16.80%,

03/26/26

..................

48,877

34,311

479,345

Total

Foreign

Government

Obligations

—

0.4%

(Cost:

$5,982,576)

...............................

6,051,748

Shares

Shares

Money

Market

Funds

—

7.2%

(r)(t)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.82%

(u)

...................

14,020,772

14,027,783

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

3.57%

.....................

90,438,690

90,438,690

Total

Money

Market

Funds

—

7.2%

(Cost:

$104,466,473)

..............................

104,466,473

Total

Short-Term

Securities

—

7.6%

(Cost:

$110,449,049)

..............................

110,518,221

Total

Options

Purchased

—

0.0%

(

Cost:

$169,590

)

.................................

124,863

Total

Investments

Before

Options

Written

—

106.2%

(Cost:

$1,500,835,148

)

............................

1,539,623,085

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(75,449))

.....................

(63,197)

Total

Investments

Net

of

Options

Written

—

106.2%

(Cost:

$1,500,759,699

)

............................

1,539,559,888

Liabilities

in

Excess

of

Other

Assets

—

(6.2)%

.............

(89,244,242)

Net

Assets

—

100.0%

...............................

$

1,450,315,646

(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)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Non-income

producing

security.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$76,832,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,570.

(j)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(k)

Perpetual

security

with

no

stated

maturity

date.

(l)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(m)

Convertible

security.

(n)

Zero-coupon

bond.

(o)

Rounds

to

less

than

1,000.

(p)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(q)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(r)

Affiliate

of

the

Fund.

(s)

All

or

a

portion

of

the

security

has

been

pledged

and/or

segregated

as

collateral

in

connection

with

outstanding

exchange-traded

options

written.

(t)

Annualized

7-day

yield

as

of

period

end.

(u)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

50

Affiliates 

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

26,777,943

$

—

$

(12,749,243)

(a)

$

(917)

$

—

$

14,027,783

14,020,772

$

6,805

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

106,248,961

—

(15,810,271)

(a)

—

—

90,438,690

90,438,690

1,957,727

—

BlackRock

Allocation

Target

Shares-

High

Income

Taxable

Series,

Class

A

(c)

.

—

—

—

—

—

—

—

1,997

—

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

..............

662,179

23,270

—

—

(11,931)

673,518

71,272

23,271

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

66,100,584

—

(36,252,184)

1,339,390

(1,223,790)

29,964,000

796,068

1,426,889

—

iShares

Core

Dividend

Growth

ETF

................

79,521,227

23,806,351

(84,768,718)

2,421,105

755,218

21,735,183

302,592

95,219

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

—

26,917,137

—

—

2,138,281

29,055,418

400,433

456,068

—

iShares

International

Dividend

Growth

ETF

(c)

.........

5,885,168

—

(6,155,628)

953,719

(683,259)

—

—

33,525

—

$

4,713,297

$

974,519

$

185,894,592

$

4,001,501

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

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

Euro-Bund

..............................................................

587

03/06/26

$

89,181

$

(

242,125

)

JPY

Currency

............................................................

28

03/16/26

2,273

15,254

MSCI

EAFE

Index

.........................................................

1

03/20/26

152

5,563

S&P

500

E-Mini

Index

.......................................................

416

03/20/26

144,888

55,431

U.S.

Treasury

Ultra

Bond

.....................................................

183

03/20/26

21,417

(

511,598

)

U.S.

Treasury

5-Year

Note

....................................................

209

03/31/26

22,761

(

159,497

)

3-mo.

SOFR

.............................................................

18

09/15/26

4,345

(

3,176

)

(

840,148

)

Short

Contracts

U.S.

Treasury

10-Year

Note

...................................................

1,508

03/20/26

168,543

2,044,676

U.S.

Treasury

10-Year

Ultra

Note

...............................................

14

03/20/26

1,597

12,683

U.S.

Treasury

Long

Bond

.....................................................

8

03/20/26

919

12,238

2,069,597

$

1,229,449

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

18,969,012

USD

3,384,000

Barclays

Bank

plc

02/03/26

$

220,392

USD

2,761,000

BRL

14,351,678

Citibank

NA

02/03/26

33,970

COP

3,078,387,000

USD

830,000

Citibank

NA

02/12/26

1,269

EUR

270,000

USD

316,765

Morgan

Stanley

&

Co.

International

plc

02/17/26

3,481

USD

164,876

GBP

120,000

UBS

AG

02/17/26

677

CLP

1,379,795,640

USD

1,537,000

Goldman

Sachs

International

02/25/26

41,696

COP

3,145,708,800

USD

832,000

Morgan

Stanley

&

Co.

International

plc

02/25/26

15,514

CZK

60,405,059

USD

2,904,000

HSBC

Bank

plc

02/25/26

38,416

EUR

806,500

USD

943,460

UBS

AG

02/25/26

13,458

HUF

337,666,076

USD

1,016,000

HSBC

Bank

plc

02/25/26

31,697

IDR

34,928,060,000

USD

2,075,000

Citibank

NA

02/25/26

6,782

JPY

64,807,645

USD

415,000

Citibank

NA

02/25/26

4,504

KRW

1,807,397,760

USD

1,246,000

Barclays

Bank

plc

02/25/26

709

MXN

70,996,615

USD

3,944,000

Bank

of

America

NA

02/25/26

110,942

MXN

14,994,631

USD

830,000

HSBC

Bank

plc

02/25/26

26,412

MYR

15,133,224

USD

3,735,000

Barclays

Bank

plc

02/25/26

106,705

PHP

24,662,560

USD

416,000

HSBC

Bank

plc

02/25/26

2,305

PLN

14,535,312

USD

4,028,000

HSBC

Bank

plc

02/25/26

62,697

USD

832,023

EUR

697,000

Citibank

NA

02/25/26

5,028

USD

208,000

MXN

3,624,962

Barclays

Bank

plc

02/25/26

962

USD

415,000

MXN

7,179,500

Morgan

Stanley

&

Co.

International

plc

02/25/26

4,946

USD

415,000

SGD

525,403

JPMorgan

Chase

Bank

NA

02/25/26

1,380

ZAR

54,991,394

USD

3,342,000

Natwest

Markets

plc

02/25/26

57,005

CNY

6,608,836

USD

949,369

HSBC

Bank

plc

02/26/26

1,230

CZK

5,698,400

USD

274,611

Morgan

Stanley

&

Co.

International

plc

02/26/26

2,969

IDR

29,317,764,720

USD

1,726,947

Societe

Generale

SA

02/26/26

20,422

MXN

3,279,682

USD

181,491

Morgan

Stanley

&

Co.

International

plc

02/26/26

5,811

USD

654,855

EUR

548,875

Barclays

Bank

plc

02/26/26

3,583

USD

2,997,337

IDR

50,072,913,256

Morgan

Stanley

&

Co.

International

plc

02/26/26

12,941

USD

165,690

MXN

2,870,742

Standard

Chartered

Bank

02/26/26

1,743

USD

804,046

PEN

2,705,800

Citibank

NA

02/26/26

1,376

USD

247,559

ZAR

3,937,289

HSBC

Bank

plc

02/26/26

4,212

ZAR

6,566,333

USD

392,456

Morgan

Stanley

&

Co.

International

plc

02/26/26

13,380

USD

240,450

BRL

1,267,421

Citibank

NA

03/03/26

1,048

AUD

350,000

USD

235,190

Natwest

Markets

plc

04/16/26

8,473

CAD

328,000

USD

238,838

Natwest

Markets

plc

04/16/26

2,776

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

52

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CHF

26,000

USD

33,196

Natwest

Markets

plc

04/16/26

$

704

EUR

55,000

USD

64,283

Natwest

Markets

plc

04/16/26

1,138

EUR

29,000

USD

33,993

Standard

Chartered

Bank

04/16/26

500

GBP

47,000

USD

63,434

Natwest

Markets

plc

04/16/26

872

GBP

7,000

USD

9,410

Standard

Chartered

Bank

04/16/26

166

JPY

12,931,000

USD

82,299

Natwest

Markets

plc

04/16/26

1,775

KRW

99,679,000

USD

68,139

Standard

Chartered

Bank

04/16/26

742

USD

28,729

EUR

24,000

Standard

Chartered

Bank

04/16/26

182

USD

17,930

GBP

13,000

Standard

Chartered

Bank

04/16/26

143

USD

12,724

HKD

99,000

Natwest

Markets

plc

04/16/26

22

USD

36,242

HKD

282,000

Standard

Chartered

Bank

04/16/26

60

COP

2,041,236,879

USD

519,273

Citibank

NA

05/11/26

21,142

COP

2,309,018,300

USD

593,425

JPMorgan

Chase

Bank

NA

05/11/26

17,885

BRL

2,530,475

USD

455,187

JPMorgan

Chase

Bank

NA

06/02/26

12,776

USD

782,519

COP

2,970,833,712

JPMorgan

Chase

Bank

NA

07/07/26

6,612

MXN

38,180,000

USD

2,027,552

Morgan

Stanley

&

Co.

International

plc

08/18/26

116,010

1,051,640

USD

415,000

BRL

2,204,314

Citibank

NA

02/03/26

(

3,852

)

USD

208,000

BRL

1,131,728

Morgan

Stanley

&

Co.

International

plc

02/03/26

(

7,045

)

USD

376,866

CHF

300,000

UBS

AG

02/17/26

(

11,764

)

USD

58,399,796

EUR

50,030,000

Barclays

Bank

plc

02/17/26

(

940,628

)

USD

128,107

EUR

110,000

Morgan

Stanley

&

Co.

International

plc

02/17/26

(

2,365

)

USD

26,948

GBP

20,000

Citibank

NA

02/17/26

(

419

)

USD

6,853,387

GBP

5,090,000

Nomura

International

plc

02/17/26

(

111,396

)

CNY

8,655,043

USD

1,245,000

Goldman

Sachs

International

02/25/26

(

140

)

COP

1,152,566,000

USD

311,000

Citibank

NA

02/25/26

(

477

)

HUF

132,306,150

USD

415,000

Deutsche

Bank

AG

02/25/26

(

4,486

)

INR

374,565,485

USD

4,151,000

JPMorgan

Chase

Bank

NA

02/25/26

(

71,855

)

KRW

298,625,600

USD

208,000

Societe

Generale

SA

02/25/26

(

2,014

)

PEN

177,004

USD

53,000

Citibank

NA

02/25/26

(

491

)

PEN

178,419

USD

53,000

Goldman

Sachs

International

02/25/26

(

71

)

THB

68,619,100

USD

2,200,000

HSBC

Bank

plc

02/25/26

(

16,086

)

USD

415,000

MYR

1,636,137

Barclays

Bank

plc

02/25/26

(

348

)

USD

416,000

PHP

24,568,960

JPMorgan

Chase

Bank

NA

02/25/26

(

717

)

USD

830,000

SGD

1,063,871

UBS

AG

02/25/26

(

7,524

)

USD

415,000

ZAR

6,848,869

Morgan

Stanley

&

Co.

International

plc

02/25/26

(

8,327

)

ZAR

3,355,622

USD

208,000

Citibank

NA

02/25/26

(

590

)

CLP

1,102,297,040

USD

1,273,878

JPMorgan

Chase

Bank

NA

02/26/26

(

12,691

)

MXN

4,000,000

USD

231,780

Morgan

Stanley

&

Co.

International

plc

02/26/26

(

3,341

)

USD

2,332,416

CLP

2,149,227,580

Barclays

Bank

plc

02/26/26

(

126,611

)

USD

939,506

CNY

6,608,836

Goldman

Sachs

International

02/26/26

(

11,093

)

USD

2,427,274

CZK

50,456,625

Goldman

Sachs

International

02/26/26

(

30,565

)

USD

639,699

EUR

542,474

Morgan

Stanley

&

Co.

International

plc

02/26/26

(

3,978

)

USD

1,043,398

HUF

345,039,255

Goldman

Sachs

International

02/26/26

(

27,104

)

USD

4,576,426

MXN

83,912,688

HSBC

Bank

plc

02/26/26

(

215,811

)

USD

394,709

MYR

1,618,700

Barclays

Bank

plc

02/26/26

(

16,222

)

USD

473,218

PEN

1,596,030

Barclays

Bank

plc

02/26/26

(

240

)

USD

3,085,633

PHP

183,237,200

Bank

of

America

NA

02/26/26

(

22,179

)

USD

1,238,925

PHP

73,493,030

JPMorgan

Chase

Bank

NA

02/26/26

(

7,560

)

USD

1,553,575

THB

49,262,320

Barclays

Bank

plc

02/26/26

(

14,379

)

USD

3,181,345

ZAR

54,343,721

Goldman

Sachs

International

02/26/26

(

177,404

)

USD

236,832

ZAR

3,905,957

JPMorgan

Chase

Bank

NA

02/26/26

(

4,578

)

ZAR

4,000,000

USD

252,996

Bank

of

America

NA

02/26/26

(

5,773

)

BRL

14,440,858

USD

2,761,000

Citibank

NA

03/03/26

(

33,275

)

BRL

1,083,680

USD

208,000

Goldman

Sachs

International

03/03/26

(

3,304

)

USD

702,585

BRL

3,963,420

Barclays

Bank

plc

03/03/26

(

46,064

)

USD

2,215,717

BRL

12,106,870

JPMorgan

Chase

Bank

NA

03/03/26

(

71,143

)

USD

191,671

CAD

263,000

Natwest

Markets

plc

03/18/26

(

1,817

)

USD

154,049

EUR

130,358

Natwest

Markets

plc

03/18/26

(

786

)

USD

2,142,909

MXN

38,180,000

Morgan

Stanley

&

Co.

International

plc

03/23/26

(

32,114

)

USD

1,066,588

BRL

5,947,432

Deutsche

Bank

AG

04/02/26

(

48,052

)

USD

3,109,740

BRL

17,098,904

JPMorgan

Chase

Bank

NA

04/02/26

(

94,853

)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

53

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

CAD

22,000

USD

16,310

Natwest

Markets

plc

04/16/26

$

(

104

)

CHF

31,000

USD

40,573

Standard

Chartered

Bank

04/16/26

(

154

)

EUR

4,000

USD

4,766

Natwest

Markets

plc

04/16/26

(

8

)

GBP

16,000

USD

22,027

Natwest

Markets

plc

04/16/26

(

136

)

HKD

714,000

USD

91,800

Natwest

Markets

plc

04/16/26

(

190

)

JPY

2,292,000

USD

15,059

Natwest

Markets

plc

04/16/26

(

157

)

KRW

86,026,000

USD

60,114

Standard

Chartered

Bank

04/16/26

(

667

)

USD

14,994

AUD

22,000

Natwest

Markets

plc

04/16/26

(

322

)

USD

98,826

AUD

144,000

Standard

Chartered

Bank

04/16/26

(

1,424

)

USD

48,435

CAD

67,000

Natwest

Markets

plc

04/16/26

(

919

)

USD

31,173

CAD

43,000

Standard

Chartered

Bank

04/16/26

(

502

)

USD

121,775

CHF

96,000

Natwest

Markets

plc

04/16/26

(

3,394

)

USD

111,868

DKK

713,000

Natwest

Markets

plc

04/16/26

(

1,778

)

USD

119,240

EUR

101,491

Deutsche

Bank

AG

04/16/26

(

1,480

)

USD

1,697,034

EUR

1,447,968

JPMorgan

Chase

Bank

NA

04/16/26

(

25,271

)

USD

2,319,500

EUR

1,979,068

Morgan

Stanley

&

Co.

International

plc

04/16/26

(

34,533

)

USD

196,409

EUR

167,000

Natwest

Markets

plc

04/16/26

(

2,232

)

USD

22,370

EUR

19,000

Standard

Chartered

Bank

04/16/26

(

229

)

USD

5,390

GBP

4,000

Natwest

Markets

plc

04/16/26

(

83

)

USD

69,220

KRW

101,271,000

Natwest

Markets

plc

04/16/26

(

761

)

USD

61,907

NZD

107,000

Natwest

Markets

plc

04/16/26

(

2,693

)

USD

120,614

SGD

154,000

Natwest

Markets

plc

04/16/26

(

1,056

)

PEN

2,775,438

USD

830,000

Citibank

NA

05/04/26

(

7,843

)

USD

2,699,730

COP

10,367,227,161

JPMorgan

Chase

Bank

NA

05/11/26

(

44,983

)

USD

460,511

BRL

2,567,716

JPMorgan

Chase

Bank

NA

06/02/26

(

14,339

)

USD

147,887

COP

572,249,239

JPMorgan

Chase

Bank

NA

07/07/26

(

1,570

)

USD

1,568,217

PLN

5,763,988

Goldman

Sachs

International

08/06/26

(

54,221

)

USD

517,241

PLN

1,920,820

HSBC

Bank

plc

08/06/26

(

23,428

)

USD

1,221,343

ZAR

21,194,249

Citibank

NA

08/17/26

(

72,125

)

(

2,498,134

)

$

(

1,446,494

)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

................

One-Touch

Bank

of

America

NA

02/05/26

CZK

23.85

CZK

23.85

EUR

71

$

25

USD

Currency

................

One-Touch

Bank

of

America

NA

02/05/26

CZK

20.00

CZK

20.00

USD

50

908

USD

Currency

................

One-Touch

Bank

of

America

NA

02/27/26

INR

88.15

INR

88.15

USD

124

845

EUR

Currency

................

One-Touch

Barclays

Bank

plc

07/21/26

HUF

375.00

HUF

375.00

EUR

71

8,679

$

10,457

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

30-Year

Bond

....................

9

02/20/26

USD

116.00

USD

900

$

5,625

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Barclays

Bank

plc

02/06/26

BRL

5.55

USD

830

$

171

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

54

OTC

Currency

Options

Purchased

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

EUR

Currency

...........................

HSBC

Bank

plc

02/10/26

USD

1.18

EUR

1,069

$

14,156

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

02/10/26

USD

1.19

EUR

802

5,553

EUR

Currency

...........................

Citibank

NA

02/25/26

USD

1.20

EUR

694

3,149

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

03/12/26

THB

32.00

USD

830

4,314

USD

Currency

...........................

Standard

Chartered

Bank

03/12/26

THB

32.70

USD

1,660

2,778

USD

Currency

...........................

HSBC

Bank

plc

03/19/26

THB

31.30

USD

415

6,107

USD

Currency

...........................

HSBC

Bank

plc

04/13/26

CLP

910.00

USD

415

3,135

USD

Currency

...........................

UBS

AG

04/27/26

BRL

5.45

USD

830

14,372

USD

Currency

...........................

UBS

AG

05/27/26

COP

3,920.00

USD

830

18,809

72,544

Put

GBP

Currency

...........................

Citibank

NA

02/25/26

USD

1.36

GBP

912

4,794

GBP

Currency

...........................

Societe

Generale

SA

02/26/26

USD

1.37

GBP

904

8,224

USD

Currency

...........................

Bank

of

America

NA

03/25/26

TRY

45.25

USD

208

3,052

USD

Currency

...........................

Goldman

Sachs

International

03/25/26

TRY

45.25

USD

208

3,052

USD

Currency

...........................

HSBC

Bank

plc

01/08/27

INR

92.40

USD

1,660

17,115

36,237

$

108,781

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Barclays

Bank

plc

02/05/26

CNH

6.98

USD

623

$

(

295

)

USD

Currency

.............................

Barclays

Bank

plc

02/06/26

BRL

5.75

USD

1,245

(

39

)

EUR

Currency

.............................

HSBC

Bank

plc

02/10/26

USD

1.19

EUR

1,604

(

11,105

)

EUR

Currency

.............................

Citibank

NA

02/25/26

USD

1.22

EUR

1,387

(

2,169

)

EUR

Currency

.............................

HSBC

Bank

plc

03/05/26

BRL

6.45

EUR

354

(

2,662

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/12/26

THB

32.70

USD

1,660

(

2,778

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/18/26

MXN

18.00

USD

415

(

2,229

)

USD

Currency

.............................

HSBC

Bank

plc

03/19/26

THB

31.90

USD

623

(

4,173

)

USD

Currency

.............................

Bank

of

America

NA

03/25/26

TRY

47.50

USD

208

(

1,965

)

USD

Currency

.............................

Goldman

Sachs

International

03/25/26

TRY

47.50

USD

208

(

1,965

)

USD

Currency

.............................

UBS

AG

04/27/26

BRL

5.70

USD

1,245

(

9,476

)

USD

Currency

.............................

UBS

AG

05/27/26

COP

4,200.00

USD

1,245

(

11,413

)

–

(

50,269

)

–

Put

USD

Currency

.............................

Barclays

Bank

plc

02/05/26

CNH

6.98

USD

623

(

1,799

)

USD

Currency

.............................

Bank

of

America

NA

02/18/26

CLP

880.00

USD

208

(

3,018

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/18/26

MXN

17.50

USD

415

(

4,664

)

USD

Currency

.............................

HSBC

Bank

plc

04/13/26

CLP

850.00

USD

415

(

3,447

)

–

(

12,928

)

–

$

(

63,197

)

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.72%

Annual

6-mo.

PRIBOR

Semi-Annual

N/A

12/17/27

CZK

19,836

$

(

6,561

)

$

—

$

(

6,561

)

3.71%

Annual

6-mo.

PRIBOR

Semi-Annual

N/A

12/17/27

CZK

6,612

(

2,108

)

—

(

2,108

)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

55

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-week

CNREPOFIX_

CFXS

Quarterly

1.52%

Quarterly

N/A

12/17/28

CNY

3,030

$

(

495

)

$

—

$

(

495

)

1-week

CNREPOFIX_

CFXS

Quarterly

1.53%

Quarterly

N/A

12/17/28

CNY

9,090

(

876

)

—

(

876

)

3-mo.

CD_KSDA

Quarterly

2.79%

Quarterly

N/A

12/17/28

KRW

3,740,550

(

31,367

)

—

(

31,367

)

6-mo.

PRIBOR

Semi-Annual

3.88%

Annual

N/A

12/17/30

CZK

8,760

5,289

—

5,289

6-mo.

PRIBOR

Semi-Annual

3.95%

Annual

N/A

12/17/30

CZK

26,280

20,092

—

20,092

3.74%

Annual

6-mo.

WIBOR

Semi-Annual

03/18/26

(a)

03/18/31

PLN

4,435

4,014

—

4,014

$

(

12,012

)

$

—

$

(

12,012

)

(a)

Forward

swap.

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)

ADLER

Real

Estate

GmbH

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

100

$

1,529

$

(

507

)

$

2,036

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

60

3,214

2,727

487

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

58

3,107

2,386

721

Altice

France

SA

......

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

56

3,000

2,338

662

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Goldman

Sachs

International

12/20/28

B-

EUR

46

3,833

3,862

(

29

)

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

B-

EUR

102

8,499

8,904

(

405

)

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

257

44,663

27,211

17,452

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

143

24,852

21,243

3,609

Zegona

Finance

plc

....

5

.00

Quarterly

BNP

Paribas

SA

06/20/30

BB

EUR

45

8,791

6,962

1,829

Zegona

Finance

plc

....

5

.00

Quarterly

Deutsche

Bank

AG

06/20/30

BB

EUR

45

8,764

5,508

3,256

Forvia

SE

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

EUR

330

49,348

31,092

18,256

ZF

Europe

Finance

BV

..

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

EUR

61

7,651

7,195

456

$

167,251

$

118,921

$

48,330

(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.

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

56

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

IBR

Quarterly

9.31%

Quarterly

Goldman

Sachs

International

12/17/27

COP

1,233,241

$

(

9,684

)

$

—

$

(

9,684

)

1-day

IBR

Quarterly

9.37%

Quarterly

Goldman

Sachs

International

12/17/27

COP

1,224,211

(

9,255

)

—

(

9,255

)

1-day

IBR

Quarterly

9.54%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/17/27

COP

2,430,512

(

16,358

)

—

(

16,358

)

4.44%

Semi-Annual

1-day

CLICP

Semi-Annual

Bank

of

America

NA

12/17/27

CLP

614,452

(

994

)

—

(

994

)

4.50%

Semi-Annual

1-day

CLICP

Semi-Annual

Citibank

NA

12/17/27

CLP

1,621,074

(

4,822

)

—

(

4,822

)

4.59%

Semi-Annual

1-day

CLICP

Semi-Annual

HSBC

Bank

plc

12/17/27

CLP

540,358

(

2,736

)

—

(

2,736

)

9.36%

Quarterly

1-day

IBR

Quarterly

Goldman

Sachs

International

12/17/29

COP

684,677

9,233

—

9,233

9.42%

Quarterly

1-day

IBR

Quarterly

Goldman

Sachs

International

12/17/29

COP

682,670

8,848

—

8,848

9.54%

Quarterly

1-day

IBR

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/17/29

COP

1,338,772

15,948

—

15,948

9.22%

Quarterly

1-day

IBR

Quarterly

Citibank

NA

12/17/30

COP

847,000

14,207

—

14,207

9.33%

Quarterly

1-day

IBR

Quarterly

Citibank

NA

12/17/30

COP

2,541,000

39,722

—

39,722

$

44,109

$

—

$

44,109

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

5,000

$

25,721

$

(

27,423

)

$

53,144

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0

.01

%

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

8

.75

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

3

.68

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

1

.64

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

2

.73

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

3

.44

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

3

.69

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

—

$

—

$

29,395

$

(

41,407

)

$

—

OTC

Swaps

.....................................................

119,428

(

27,930

)

189,866

(

44,283

)

—

Options

Written

...................................................

N/A

N/A

26,653

(

14,401

)

(

63,197

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

57

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)

......

$

—

$

—

$

60,994

$

15,254

$

2,069,597

$

—

$

2,145,845

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

1,051,640

—

—

1,051,640

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

—

119,238

5,625

—

124,863

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

29,395

—

29,395

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

168,192

—

—

141,102

—

309,294

$

—

$

168,192

$

60,994

$

1,186,132

$

2,245,719

$

—

$

3,661,037

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

—

$

916,396

$

—

$

916,396

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

2,498,134

—

—

2,498,134

Options

written

Options

written

at

value

.....................

—

—

—

63,197

—

—

63,197

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

—

—

—

41,407

—

41,407

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

941

—

—

71,272

—

72,213

$

—

$

941

$

—

$

2,561,331

$

1,029,075

$

—

$

3,591,347

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

January

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

6,321,076

$

(

4,438,398

)

$

(

1,052,603

)

$

—

$

830,075

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

518,270

)

—

—

(

518,270

)

Options

purchased

(a)

.....................

—

—

—

(

24,245

)

—

—

(

24,245

)

Options

written

........................

—

—

—

12,951

—

—

12,951

Swaps

..............................

—

51,874

(

23,367

)

—

40,118

—

68,625

$

—

$

51,874

$

6,297,709

$

(4,967,962)

$

(1,012,485)

$

—

$

369,136

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

33,204

$

2,028,390

$

1,847,469

$

—

$

3,909,063

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

2,396,015

)

—

—

(

2,396,015

)

Options

purchased

(b)

.....................

—

—

—

(

45,746

)

1,019

—

(

44,727

)

Options

written

........................

—

—

—

12,252

—

—

12,252

Swaps

..............................

—

10,438

—

—

(

33,450

)

—

(

23,012

)

$

—

$

10,438

$

33,204

$

(401,119)

$

1,815,038

$

—

$

1,457,561

(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.

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

58

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

..................................................................................

$

292,138,064

Average

notional

value

of

contracts

—

short

.................................................................................

156,667,188

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

97,922,664

Average

amounts

sold

—

in

USD

........................................................................................

28,811,590

Options

Average

value

of

option

contracts

purchased

................................................................................

62,432

Average

value

of

option

contracts

written

...................................................................................

31,598

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

1,302,317

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

3,680,718

Average

notional

value

—

receives

fixed

rate

................................................................................

4,029,420

Total

return

swaps

Average

notional

value

...............................................................................................

5,500,000

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

60,767

$

866,447

Forward

f

oreign

currency

exchange

contracts

.................................................................

1,051,640

2,498,134

Options

(a)

.........................................................................................

124,863

63,197

Swaps

—

centrally

cleared

..............................................................................

—

134,017

Swaps

—

OTC

(b)

.....................................................................................

309,294

72,213

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

1,546,564

$

3,634,008

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

66,392

)

(

1,000,464

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

1,480,172

$

2,633,544

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

...............................

$

123,423

$

(

33,929

)

$

—

$

—

$

89,494

Barclays

Bank

plc

................................

341,201

(

341,201

)

—

—

—

BNP

Paribas

SA

.................................

53,454

—

—

—

53,454

Citibank

NA

.....................................

136,991

(

126,063

)

—

—

10,928

Deutsche

Bank

AG

................................

8,764

(

8,764

)

—

—

—

Goldman

Sachs

International

.........................

93,579

(

93,579

)

—

—

—

HSBC

Bank

plc

..................................

207,482

(

207,482

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

113,093

(

113,093

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

247,144

(

135,484

)

—

(

111,660

)

—

Natwest

Markets

plc

...............................

72,765

(

16,436

)

—

—

56,329

Societe

Generale

SA

..............................

28,646

(

2,014

)

—

—

26,632

Standard

Chartered

Bank

...........................

6,314

(

2,976

)

—

—

3,338

UBS

AG

.......................................

47,316

(

40,177

)

—

—

7,139

$

1,480,172

$

(

1,121,198

)

$

—

$

(

111,660

)

$

247,314

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

59

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

(b)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

...............................

$

33,929

$

(

33,929

)

$

—

$

—

$

—

Barclays

Bank

plc

................................

1,146,625

(

341,201

)

—

—

805,424

Citibank

NA

.....................................

126,063

(

126,063

)

—

—

—

Deutsche

Bank

AG

................................

54,018

(

8,764

)

—

—

45,254

Goldman

Sachs

International

.........................

325,342

(

93,579

)

—

—

231,763

HSBC

Bank

plc

..................................

279,448

(

207,482

)

—

—

71,966

JPMorgan

Chase

Bank

NA

..........................

359,636

(

113,093

)

—

(

246,543

)

—

Morgan

Stanley

&

Co.

International

plc

..................

135,484

(

135,484

)

—

—

—

Natwest

Markets

plc

...............................

16,436

(

16,436

)

—

—

—

Nomura

International

plc

............................

111,396

—

—

—

111,396

Societe

Generale

SA

..............................

2,014

(

2,014

)

—

—

—

Standard

Chartered

Bank

...........................

2,976

(

2,976

)

—

—

—

UBS

AG

.......................................

40,177

(

40,177

)

—

—

—

$

2,633,544

$

(

1,121,198

)

$

—

$

(

246,543

)

$

1,265,803

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

127,488,801

$

—

$

127,488,801

Common

Stocks

Aerospace

&

Defense

....................................

5,383,890

6,580,909

—

11,964,799

Air

Freight

&

Logistics

....................................

239,432

221,292

—

460,724

Automobile

Components

..................................

465,788

1,521,314

—

1,987,102

Automobiles

..........................................

—

3,873,474

—

3,873,474

Banks

...............................................

3,500,804

23,768,515

13

27,269,332

Beverages

...........................................

2,343,823

418,485

—

2,762,308

Biotechnology

.........................................

1,803,320

1,921,573

—

3,724,893

Broadline

Retail

........................................

1,192,766

681,709

—

1,874,475

Building

Products

.......................................

1,291,235

1,611,585

—

2,902,820

Capital

Markets

........................................

2,985,793

3,533,650

—

6,519,443

Chemicals

............................................

1,878,712

1,980,747

—

3,859,459

Commercial

Services

&

Supplies

.............................

541,666

1,649,611

54,947

2,246,224

Communications

Equipment

................................

1,412,476

1,022,832

—

2,435,308

Construction

&

Engineering

................................

791,341

4,332,719

—

5,124,060

Construction

Materials

....................................

—

187,070

—

187,070

Consumer

Finance

......................................

200,183

5,400

—

205,583

Consumer

Staples

Distribution

&

Retail

........................

3,378,201

2,783,068

—

6,161,269

Containers

&

Packaging

..................................

225,062

108,082

—

333,144

Diversified

REITs

.......................................

710,876

847,828

—

1,558,704

Diversified

Telecommunication

Services

........................

2,502,896

3,366,528

—

5,869,424

Electric

Utilities

........................................

12,274,944

4,329,761

—

16,604,705

Electrical

Equipment

.....................................

2,108,044

2,347,833

—

4,455,877

Electronic

Equipment,

Instruments

&

Components

.................

667,328

1,801,126

—

2,468,454

Energy

Equipment

&

Services

..............................

270,561

44,448

—

315,009

Entertainment

.........................................

445,396

179,584

—

624,980

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

60

Level

1

Level

2

Level

3

Total

Financial

Services

......................................

$

782,023

$

972,022

$

75,623

$

1,829,668

Food

Products

.........................................

962,348

3,203,320

—

4,165,668

Gas

Utilities

...........................................

912,643

493,727

—

1,406,370

Ground

Transportation

...................................

3,115,672

367,472

—

3,483,144

Health

Care

Equipment

&

Supplies

...........................

9,882,561

1,801,686

—

11,684,247

Health

Care

Providers

&

Services

............................

12,179,282

344,642

—

12,523,924

Health

Care

REITs

......................................

3,711,872

—

—

3,711,872

Health

Care

Technology

..................................

—

26,719

—

26,719

Hotel

&

Resort

REITs

....................................

—

281,640

—

281,640

Hotels,

Restaurants

&

Leisure

..............................

1,422,767

1,198,578

24,435

2,645,780

Household

Durables

.....................................

20,448

1,056,392

—

1,076,840

Household

Products

.....................................

2,866,275

196,962

—

3,063,237

Independent

Power

and

Renewable

Electricity

Producers

............

—

121,902

—

121,902

Industrial

Conglomerates

..................................

120,813

2,259,712

—

2,380,525

Industrial

REITs

........................................

3,166,200

3,606,051

—

6,772,251

Insurance

............................................

2,370,778

10,553,740

—

12,924,518

Interactive

Media

&

Services

...............................

1,588,764

265,302

—

1,854,066

IT

Services

...........................................

180,330

1,149,804

64,570

1,394,704

Leisure

Products

.......................................

224,883

—

—

224,883

Life

Sciences

Tools

&

Services

..............................

3,944,941

198,721

—

4,143,662

Machinery

............................................

1,815,333

4,983,307

—

6,798,640

Marine

Transportation

....................................

—

418,312

—

418,312

Media

...............................................

33,232

1,421,739

76,832

1,531,803

Metals

&

Mining

........................................

1,534,740

3,213,504

—

4,748,244

Multi-Utilities

..........................................

5,099,332

1,787,624

—

6,886,956

Municipal-Education

.....................................

—

—

29,710

29,710

Office

REITs

..........................................

2,729,769

9,828

—

2,739,597

Oil,

Gas

&

Consumable

Fuels

...............................

7,870,997

6,108,970

6

13,979,973

Passenger

Airlines

......................................

—

216,969

—

216,969

Personal

Care

Products

..................................

—

832,265

—

832,265

Pharmaceuticals

.......................................

4,673,654

23,553,844

—

28,227,498

Professional

Services

....................................

1,348,127

1,580,110

—

2,928,237

Real

Estate

Management

&

Development

.......................

—

5,970,728

1

5,970,729

Residential

REITs

.......................................

3,559,231

515,943

—

4,075,174

Retail

REITs

..........................................

3,897,892

99,956

—

3,997,848

Semiconductors

&

Semiconductor

Equipment

....................

950,079

7,544,301

—

8,494,380

Software

.............................................

2,521,610

1,808,613

—

4,330,223

Specialized

REITs

......................................

6,844,351

1,058,808

—

7,903,159

Specialty

Retail

........................................

136,622

2,414,624

—

2,551,246

Technology

Hardware,

Storage

&

Peripherals

....................

1,109,648

2,301,697

—

3,411,345

Textiles,

Apparel

&

Luxury

Goods

............................

—

1,539,067

—

1,539,067

Tobacco

.............................................

1,222,799

4,010,395

—

5,233,194

Trading

Companies

&

Distributors

............................

624,011

4,617,785

—

5,241,796

Transportation

Infrastructure

...............................

391,954

2,053,866

7,122

2,452,942

Water

Utilities

.........................................

113,118

714,707

—

827,825

Wireless

Telecommunication

Services

.........................

667,389

1,086,967

—

1,754,356

Corporate

Bonds

Aerospace

&

Defense

....................................

—

4,674,947

—

4,674,947

Air

Freight

&

Logistics

....................................

—

162,295

—

162,295

Automobile

Components

..................................

—

4,849,896

—

4,849,896

Automobiles

..........................................

—

2,158,062

—

2,158,062

Banks

...............................................

—

1,320,269

—

1,320,269

Biotechnology

.........................................

—

976,222

—

976,222

Broadline

Retail

........................................

—

1,177,759

—

1,177,759

Building

Products

.......................................

—

3,117,173

—

3,117,173

Capital

Markets

........................................

—

1,218,515

—

1,218,515

Chemicals

............................................

—

8,286,126

—

8,286,126

Commercial

Services

&

Supplies

.............................

—

10,243,484

129,675

10,373,159

Construction

&

Engineering

................................

—

1,395,770

—

1,395,770

Consumer

Finance

......................................

—

2,673,685

—

2,673,685

Consumer

Staples

Distribution

&

Retail

........................

—

2,778,777

—

2,778,777

Containers

&

Packaging

..................................

—

4,421,319

272,931

4,694,250

Distributors

...........................................

—

187,287

—

187,287

Diversified

Consumer

Services

..............................

—

1,249,939

—

1,249,939

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

61

Level

1

Level

2

Level

3

Total

Diversified

REITs

.......................................

$

—

$

385,746

$

—

$

385,746

Diversified

Telecommunication

Services

........................

—

10,655,032

—

10,655,032

Electric

Utilities

........................................

—

4,775,375

—

4,775,375

Electrical

Equipment

.....................................

—

174,302

—

174,302

Electronic

Equipment,

Instruments

&

Components

.................

—

587,954

—

587,954

Energy

Equipment

&

Services

..............................

—

3,038,119

—

3,038,119

Entertainment

.........................................

—

977,756

—

977,756

Financial

Services

......................................

—

7,976,847

—

7,976,847

Food

Products

.........................................

—

2,670,681

—

2,670,681

Gas

Utilities

...........................................

—

77,370

—

77,370

Ground

Transportation

...................................

—

4,472,540

—

4,472,540

Health

Care

Equipment

&

Supplies

...........................

—

1,681,426

—

1,681,426

Health

Care

Providers

&

Services

............................

—

5,601,900

—

5,601,900

Health

Care

REITs

......................................

—

986,294

—

986,294

Health

Care

Technology

..................................

—

142,336

—

142,336

Hotel

&

Resort

REITs

....................................

—

1,830,549

—

1,830,549

Hotels,

Restaurants

&

Leisure

..............................

—

11,566,743

—

11,566,743

Household

Durables

.....................................

—

1,571,115

—

1,571,115

Independent

Power

and

Renewable

Electricity

Producers

............

—

601,061

—

601,061

Industrial

REITs

........................................

—

219,570

—

219,570

Insurance

............................................

—

11,103,282

—

11,103,282

Interactive

Media

&

Services

...............................

—

531,825

—

531,825

IT

Services

...........................................

—

9,610,244

—

9,610,244

Machinery

............................................

—

2,093,871

—

2,093,871

Marine

Transportation

....................................

—

160,211

—

160,211

Media

...............................................

—

11,072,093

—

11,072,093

Metals

&

Mining

........................................

—

6,626,251

—

6,626,251

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

319,394

—

319,394

Office

REITs

..........................................

—

483,962

—

483,962

Oil,

Gas

&

Consumable

Fuels

...............................

—

11,602,017

—

11,602,017

Paper

&

Forest

Products

..................................

—

922,710

—

922,710

Passenger

Airlines

......................................

—

562,131

—

562,131

Personal

Care

Products

..................................

—

701,680

—

701,680

Pharmaceuticals

.......................................

—

4,037,646

—

4,037,646

Professional

Services

....................................

—

994,153

—

994,153

Real

Estate

Management

&

Development

.......................

—

3,198,214

—

3,198,214

Retail

REITs

..........................................

—

70,104

—

70,104

Semiconductors

&

Semiconductor

Equipment

....................

—

644,191

—

644,191

Software

.............................................

—

6,293,158

—

6,293,158

Specialized

REITs

......................................

—

889,364

—

889,364

Specialty

Retail

........................................

—

3,394,059

—

3,394,059

Technology

Hardware,

Storage

&

Peripherals

....................

—

74,173

—

74,173

Textiles,

Apparel

&

Luxury

Goods

............................

—

1,589,330

—

1,589,330

Trading

Companies

&

Distributors

............................

—

2,721,007

—

2,721,007

Transportation

Infrastructure

...............................

—

—

5,988

5,988

Wireless

Telecommunication

Services

.........................

—

5,826,473

—

5,826,473

Equity-Linked

Notes

......................................

—

444,698,854

—

444,698,854

Fixed

Rate

Loan

Interests

...................................

—

542,115

—

542,115

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

5,376,914

—

5,376,914

Automobile

Components

..................................

—

3,044,705

—

3,044,705

Automobiles

..........................................

—

484,661

—

484,661

Beverages

...........................................

—

554,695

—

554,695

Biotechnology

.........................................

—

739,700

198,000

937,700

Broadline

Retail

........................................

—

843,106

—

843,106

Building

Products

.......................................

—

2,124,060

40,000

2,164,060

Capital

Markets

........................................

—

5,713,116

—

5,713,116

Chemicals

............................................

—

5,245,956

193,663

5,439,619

Commercial

Services

&

Supplies

.............................

—

5,291,048

341,087

5,632,135

Communications

Equipment

................................

—

285,615

—

285,615

Construction

&

Engineering

................................

—

1,076,159

321,327

1,397,486

Construction

Materials

....................................

—

2,796,838

—

2,796,838

Consumer

Staples

Distribution

&

Retail

........................

—

452,468

349,563

802,031

Containers

&

Packaging

..................................

—

3,198,385

218,002

3,416,387

Fair

Value

Hierarchy

as

of Period

End

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

62

Level

1

Level

2

Level

3

Total

Diversified

Consumer

Services

..............................

$

—

$

1,375,462

$

—

$

1,375,462

Diversified

REITs

.......................................

—

—

273,546

273,546

Diversified

Telecommunication

Services

........................

—

3,206,586

—

3,206,586

Electric

Utilities

........................................

—

1,193,660

—

1,193,660

Electronic

Equipment,

Instruments

&

Components

.................

—

737,153

242,605

979,758

Energy

Equipment

&

Services

..............................

—

320,545

—

320,545

Entertainment

.........................................

—

4,111,139

407,978

4,519,117

Financial

Services

......................................

—

6,478,762

—

6,478,762

Food

Products

.........................................

—

2,467,554

—

2,467,554

Gas

Utilities

...........................................

—

139,190

—

139,190

Ground

Transportation

...................................

—

1,187,766

15,583

1,203,349

Health

Care

Equipment

&

Supplies

...........................

—

2,318,645

—

2,318,645

Health

Care

Providers

&

Services

............................

—

4,045,400

65,218

4,110,618

Health

Care

Technology

..................................

—

2,267,153

—

2,267,153

Hotels,

Restaurants

&

Leisure

..............................

—

9,179,691

293,566

9,473,257

Household

Durables

.....................................

—

680,462

—

680,462

Household

Products

.....................................

—

214,535

—

214,535

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,242,305

—

1,242,305

Industrial

Conglomerates

..................................

—

2,723,341

—

2,723,341

Insurance

............................................

—

7,539,762

—

7,539,762

Interactive

Media

&

Services

...............................

—

182,789

—

182,789

IT

Services

...........................................

—

7,218,397

137,917

7,356,314

Leisure

Products

.......................................

—

53,889

—

53,889

Life

Sciences

Tools

&

Services

..............................

—

289,066

—

289,066

Machinery

............................................

—

8,183,960

224,433

8,408,393

Media

...............................................

—

2,249,184

159,941

2,409,125

Multi-Utilities

..........................................

—

856,141

—

856,141

Oil,

Gas

&

Consumable

Fuels

...............................

—

2,265,275

—

2,265,275

Paper

&

Forest

Products

..................................

—

556,265

—

556,265

Passenger

Airlines

......................................

—

2,199,146

—

2,199,146

Pharmaceuticals

.......................................

—

1,578,212

—

1,578,212

Professional

Services

....................................

—

3,508,049

537,149

4,045,198

Real

Estate

Management

&

Development

.......................

—

47,727

—

47,727

Semiconductors

&

Semiconductor

Equipment

....................

—

754,933

—

754,933

Software

.............................................

—

14,835,834

283,196

15,119,030

Specialty

Retail

........................................

—

1,566,610

—

1,566,610

Technology

Hardware,

Storage

&

Peripherals

....................

—

848,542

—

848,542

Tobacco

.............................................

—

15,990

—

15,990

Trading

Companies

&

Distributors

............................

—

1,169,122

—

1,169,122

Transportation

Infrastructure

...............................

—

1,446,366

101,476

1,547,842

Wireless

Telecommunication

Services

.........................

—

563,357

320,000

883,357

Foreign

Agency

Obligations

.................................

—

3,230,198

—

3,230,198

Foreign

Government

Obligations

..............................

—

49,389,126

—

49,389,126

Investment

Companies

....................................

81,428,119

—

—

81,428,119

Non-Agency

Mortgage-Backed

Securities

........................

—

47,240,107

—

47,240,107

Preferred

Securities

Automobiles

..........................................

—

137,341

—

137,341

Banks

...............................................

—

2,910,266

—

2,910,266

Broadline

Retail

........................................

—

285,360

—

285,360

Capital

Markets

........................................

—

1,886,732

—

1,886,732

Construction

Materials

....................................

—

209,700

—

209,700

Consumer

Finance

......................................

—

249,741

—

249,741

Diversified

REITs

.......................................

—

242,305

—

242,305

Diversified

Telecommunication

Services

........................

—

236,861

—

236,861

Electric

Utilities

........................................

—

1,008,924

—

1,008,924

Electrical

Equipment

.....................................

—

248,806

—

248,806

Financial

Services

......................................

—

114,854

—

114,854

Gas

Utilities

...........................................

—

43,682

—

43,682

Ground

Transportation

...................................

—

246,874

—

246,874

Household

Products

.....................................

—

392,084

—

392,084

Independent

Power

and

Renewable

Electricity

Producers

............

—

715,838

—

715,838

Insurance

............................................

—

844,971

—

844,971

IT

Services

...........................................

—

3,953

5,235

9,188

Life

Sciences

Tools

&

Services

..............................

—

23,757

—

23,757

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

63

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Machinery

............................................

$

—

$

—

$

3,017

$

3,017

Multi-Utilities

..........................................

—

139,415

—

139,415

Oil,

Gas

&

Consumable

Fuels

...............................

—

1,912,089

—

1,912,089

Passenger

Airlines

......................................

—

609,054

—

609,054

Pharmaceuticals

.......................................

—

867,025

—

867,025

Real

Estate

Management

&

Development

.......................

—

1,396,629

—

1,396,629

Wireless

Telecommunication

Services

.........................

—

700,585

—

700,585

Rights

................................................

3,754

—

—

3,754

U.S.

Government

Sponsored

Agency

Securities

....................

—

314,062

—

314,062

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

6,051,748

—

6,051,748

Money

Market

Funds

......................................

104,466,473

—

—

104,466,473

Options

Purchased

Foreign

currency

exchange

contracts

...........................

—

119,238

—

119,238

Interest

rate

contracts

......................................

5,625

—

—

5,625

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

(

754

)

—

(

754

)

$

327,114,996

$

1,207,032,980

$

5,474,355

$

1,539,622,331

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

48,764

$

—

$

48,764

Equity

contracts

...........................................

60,994

—

—

60,994

Foreign

currency

exchange

contracts

............................

15,254

1,051,640

—

1,066,894

Interest

rate

contracts

.......................................

2,069,597

170,497

—

2,240,094

Liabilities

Credit

contracts

...........................................

—

(

434

)

—

(

434

)

Foreign

currency

exchange

contracts

............................

—

(

2,561,331

)

—

(

2,561,331

)

Interest

rate

contracts

.......................................

(

916,396

)

(

85,256

)

—

(

1,001,652

)

$

1,229,449

$

(

1,376,120

)

$

—

$

(

146,671

)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

1988

CLO

2

Ltd.,

Series

2023-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.87%,

04/15/38

(a)(b)

...........

USD

6,000

$

6,018,761

720

East

CLO

VIII

Ltd.,

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

5.39%,

07/20/38

(a)(b)

...........

10,000

10,050,281

AB

BSL

CLO

2

Ltd.,

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

5.03%,

04/15/34

(a)(b)

...........

15,000

15,016,174

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

5.81%,

02/15/37

(a)(c)

.................

EUR

490

591,116

ACRES

Commercial

Realty

Issuer

LLC,

Series

2026-FL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

0.00%,

08/18/44

(a)(b)

USD

2,000

2,000,831

AIMCO

CLO

11

Ltd.,

Series

2020-11A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

07/17/37

(a)(b)

..........

1,000

1,004,428

AMSR

Trust,

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

(b)

.......................

11,000

10,831,359

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-

11A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.07%,

07/22/37

(a)(b)

.

700

703,788

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/20/38

(a)(b)

.

7,000

7,035,994

Anchorage

Capital

CLO

18

Ltd.,

Series

2021-

18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.41%),

5.08%,

04/15/34

(a)(b)

.

1,000

1,000,676

Anchorage

Capital

CLO

19

Ltd.,

Series

2021-

19A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

10/15/38

(a)(b)

.

3,000

3,016,416

Anchorage

Capital

CLO

25

Ltd.,

Series

2022-

25A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.02%,

04/20/35

(a)(b)

.

5,000

5,004,755

Anchorage

Capital

CLO

31

Ltd.,

Series

2025-

31A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

5.06%,

10/20/38

(a)(b)

.

10,000

10,050,830

Anchorage

Capital

CLO

32

Ltd.,

Series

2025-

32A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

07/15/37

(a)(b)

.

8,000

8,021,255

Apidos

CLO

LIV,

Series

2025-54A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

10/20/38

(a)(b)

...........

2,000

2,010,568

Apidos

CLO

XL

Ltd.,

Series

2022-40A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/15/37

(a)(b)

...........

10,000

10,044,790

Apidos

Loan

Fund

Ltd.

(a)(b)

Series

2024-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/25/38

......................

2,000

2,009,372

Series

2024-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

10/25/38

......................

1,809

1,820,924

Arcano

Euro

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.37%,

07/25/39

(a)(c)

.................

EUR

530

635,059

AREIT,

Series

2025-CRE11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.23%,

07/25/43

(a)(b)

.................

USD

10,000

10,003,649

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

12/17/29

(a)(b)

.................

10,060

10,045,993

Ares

Loan

Funding

V

Ltd.,

Series

2024-ALF5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

07/27/37

(a)(b)

......

3,000

3,008,961

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Ares

LXXVII

CLO

Ltd.,

Series

2025-77A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

07/15/38

(a)(b)

...........

USD

2,000

$

2,010,790

Ares

XLIII

CLO

Ltd.,

Series

2017-43A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/15/38

(a)(b)

......

4,000

4,018,870

Ares

XXXIX

CLO

Ltd.,

Series

2016-39A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/18/37

(a)(b)

..........

4,000

4,013,730

Arini

European

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.82%,

01/15/39

(a)(c)

.................

EUR

770

923,740

Arini

US

CLO

IV

Ltd.,

Series

4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/15/39

(a)(b)

.................

USD

8,000

8,000,000

Aurium

CLO

VII

DAC,

Series

7X,

Class

DR,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

5.28%,

10/15/38

(a)(c)

.................

EUR

350

419,465

Aurium

CLO

XIII

DAC,

Series

13X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

4.82%,

04/15/38

(a)(c)

.................

530

632,112

Avoca

CLO

XVIII

DAC,

Series

18X,

Class

DR,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

5.07%,

01/15/38

(a)(c)

.................

570

685,224

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/20/37

.................

USD

5,000

5,018,818

Series

2020-14A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

07/20/37

.................

1,000

1,006,601

Ballyrock

CLO

22

Ltd.

(a)(b)

Series

2024-22A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.21%,

04/15/37

.................

5,000

5,012,500

Series

2024-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.02%,

04/15/37

......................

1,000

1,005,245

Ballyrock

CLO

Ltd.

(a)(b)

Series

2019-2A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/25/38

.................

4,500

4,517,100

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

5.88%,

10/20/31

......................

4,500

4,512,333

Battalion

CLO

XIX

Ltd.,

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

5.93%,

04/15/34

(a)(b)

...........

3,000

3,003,259

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2005-HE1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

5.03%,

01/25/35

.................

207

216,253

Series

2006-HE7,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.13%,

09/25/36

.................

252

248,197

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.07%,

03/25/37

.................

1,526

1,451,620

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.07%,

03/25/37

.................

1,229

1,185,891

Series

2007-HE3,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.07%,

04/25/37

......................

3,004

2,950,033

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

5.09%,

04/25/34

(a)

.......................

USD

912

$

915,301

Benefit

Street

Partners

CLO

43

Ltd.,

Series

2025-43A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

5.07%,

10/20/38

(a)(b)

5,000

5,020,980

Benefit

Street

Partners

CLO

Ltd.,

Series

2015-

6BR,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/20/38

(a)(b)

.

3,000

3,008,077

Benefit

Street

Partners

CLO

XV

Ltd.,

Series

2018-15A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

07/15/37

(a)(b)

......................

2,200

2,208,446

Benefit

Street

Partners

CLO

XXIX

Ltd.,

Series

2022-29A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/25/38

(a)(b)

20,250

20,294,550

Benefit

Street

Partners

CLO

XXXVIII

Ltd.,

Series

2024-38A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

01/25/38

(a)(b)

3,000

3,013,139

Birch

Grove

CLO

13

Ltd.,

Series

2025-13A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

5.47%,

10/23/38

(a)(b)

......

10,000

10,037,331

Birch

Grove

CLO

3

Ltd.

(a)(b)

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

4.93%,

01/19/38

......................

2,500

2,508,007

Series

2021-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

01/19/38

......................

7,500

7,521,533

Series

2021-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

01/19/38

......................

4,000

4,032,283

Birch

Grove

CLO

9

Ltd.

(a)(b)

Series

2024-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/22/37

......................

17,000

17,061,987

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/22/37

......................

2,000

2,007,466

Bridge

Street

CLO

II

Ltd.

(a)(b)

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.49%),

5.16%,

07/20/34

......................

11,000

11,000,000

Series

2021-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

5.68%,

07/20/34

......................

5,000

5,000,000

Bridge

Street

CLO

IV

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

04/20/37

(a)(b)

...........

1,000

1,002,499

Bridge

Street

CLO

V

Ltd.,

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

04/20/38

(a)(b)

...........

3,000

3,010,001

Bryant

Park

CLO

Ltd.,

Series

2025-27A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

07/20/38

(a)(b)

...........

10,000

10,040,880

Bryant

Park

Funding

Ltd.,

Series

2024-23A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.57%

Floor

+

1.57%),

5.42%,

05/15/37

(a)(b)

......

3,000

3,005,293

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

07/18/34

.................

9,000

9,033,482

Series

2019-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/18/34

.................

2,500

2,502,273

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

5.83%,

07/15/31

......................

USD

1,500

$

1,505,250

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

5.93%,

07/15/30

......................

5,000

5,015,000

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

5.87%,

04/15/35

......................

2,000

2,001,902

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/21/37

.................

10,000

10,039,185

Series

2019-2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/15/37

......................

5,500

5,525,965

Series

2019-3A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

04/20/37

.................

3,000

3,019,557

Series

2021-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.96%,

01/15/38

......................

5,000

5,024,425

Series

2021-11A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

07/25/37

.................

5,500

5,518,610

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

4.04%,

04/25/36

(a)

..

2,876

2,671,006

CarVal

CLO

VC

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

6.13%,

10/15/34

(a)(b)

...........

2,000

2,001,975

CIFC

European

Funding

CLO

II

DAC,

Series

2X,

Class

DR,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.02%,

10/15/39

(a)(c)

...........

EUR

710

852,430

CIFC

Funding

2017-I

Ltd.,

Series

2017-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.72%,

04/21/37

(a)(b)

..........

USD

2,000

2,013,675

CIFC

Funding

2018-IV

Ltd.,

Series

2018-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

4.89%,

01/17/38

(a)(b)

......

2,700

2,709,444

CIFC

Funding

2021-I

Ltd.,

Series

2021-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

5.77%,

07/25/37

(a)(b)

...........

9,500

9,533,881

CIFC

Funding

2021-IV

Ltd.,

Series

2021-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/23/37

(a)(b)

......

9,000

9,033,585

CIFC

Funding

Ltd.

(a)(b)

Series

2014-2RA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/24/37

.................

5,000

5,024,211

Series

2014-4RA,

Class

A1A2,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

0.99%),

4.66%,

01/17/35

.................

6,000

6,007,700

Series

2018-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/18/38

......................

1,000

1,006,631

Series

2018-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/17/38

......................

2,000

2,010,784

Series

2019-5A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

4.94%,

10/15/38

.................

16,500

16,581,791

Series

2019-5A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/15/38

......................

2,200

2,216,972

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

07/16/37

......................

USD

10,000

$

10,064,024

Series

2020-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

01/15/40

......................

2,500

2,510,896

Series

2020-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

01/15/40

......................

2,000

2,011,157

Series

2021-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/34

......................

600

600,429

Series

2023-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.91%,

10/15/38

......................

4,500

4,517,748

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/22/37

......................

3,000

3,006,920

Series

2024-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/21/37

......................

5,000

5,035,996

Series

2025-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

5.40%,

10/24/38

......................

5,000

5,025,595

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-

WFH2,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.47%

Floor

+

0.58%),

4.25%,

08/25/36

(a)

..

2,926

2,743,381

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.20%,

04/20/37

.................

5,300

5,311,642

Series

2018-1A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

04/20/37

.................

1,500

1,502,250

Series

2018-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.12%,

04/20/37

.................

2,500

2,513,835

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

..

39

46,149

Series

1997-7,

Class

M1,

7.03%,

07/15/28

..

677

687,465

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.12%,

10/15/37

(a)(c)

.................

EUR

770

912,573

Contego

CLO

XI

DAC,

Series

11X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.25%,

11/20/38

(a)(c)

.................

680

814,557

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.13%,

07/25/37

(a)(b)

......................

USD

1,029

688,253

Cumulus

Static

CLO

DAC,

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.70%

Floor

+

3.70%),

5.76%,

11/15/33

(a)(c)

.................

EUR

166

196,931

Diameter

Capital

CLO

10

Ltd.

(a)(b)

Series

2025-10A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

04/20/38

......................

USD

9,000

9,042,471

Series

2025-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

04/20/38

......................

5,000

5,018,320

Diameter

Capital

CLO

3

Ltd.,

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

01/15/38

(a)(b)

......

5,000

5,020,687

Diameter

Capital

CLO

6

Ltd.,

Series

2024-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.61%

Floor

+

1.61%),

5.28%,

04/15/37

(a)(b)

......

5,000

5,012,825

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Diameter

Capital

CLO

8

Ltd.,

Series

2024-8A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/20/37

(a)(b)

......

USD

4,810

$

4,827,998

Diameter

Capital

CLO

9

Ltd.,

Series

2025-9A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

4.84%,

04/20/38

(a)(b)

......

3,000

3,006,308

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

5.98%,

07/18/30

(a)(b)

......

2,000

2,004,630

Eaton

Vance

CLO

Ltd.,

Series

2019-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

5.18%,

07/15/37

(a)(b)

..........

2,500

2,507,403

Elevation

CLO

Ltd.,

Series

2026-19A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

0.00%,

03/31/38

(a)(b)

...........

2,500

2,500,000

Elm

Park

CLO

DAC,

Series

1X,

Class

DR3,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.32%,

01/15/38

(a)(c)

.................

EUR

1,340

1,608,591

Elmwood

CLO

37

Ltd.,

Series

2024-13A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/17/38

(a)(b)

...........

USD

1,000

1,002,206

Elmwood

CLO

I

Ltd.,

Series

2019-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

04/20/37

(a)(b)

......

2,500

2,505,705

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/20/37

(a)(b)

..........

2,000

2,013,483

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

04/20/38

(a)(b)

...........

1,500

1,512,280

Empower

CLO

Ltd.,

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

04/25/37

(a)(b)

...........

2,500

2,506,250

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF13,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

4.03%,

10/25/36

.................

2,753

1,769,819

Series

2006-FF13,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.11%,

10/25/36

.................

1,614

1,061,205

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

3.94%,

12/25/36

.................

1,763

1,545,286

Series

2006-FFH1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

+

0.67%),

4.34%,

01/25/36

.................

3,158

3,123,271

FirstKey

Homes

Trust,

Series

2022-SFR1,

Class

E1,

5.00%,

05/19/39

(b)

...............

6,000

5,952,182

Flatiron

CLO

28

Ltd.,

Series

2024-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.17%,

07/15/36

(a)(b)

...........

2,000

2,008,240

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

.......................

2,900

2,841,474

FS

Rialto

Issuer

LLC

(a)(b)

Series

2025-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/19/42

......................

10,740

10,759,378

Series

2026-FL11,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.15%,

01/19/44

......................

704

704,291

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.12%,

04/15/37

(a)(b)

...........

750

751,562

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

04/20/34

(a)(b)

......................

USD

9,500

$

9,495,436

Golub

Capital

Partners

CLO

43B

Ltd.,

Series

2019-43A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.34%),

5.01%,

10/20/37

(a)(b)

......................

17,000

17,073,032

Golub

Capital

Partners

CLO

52

B

R

Ltd.,

Series

2020-52A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

5.67%,

04/20/37

(a)(b)

2,000

2,008,788

Golub

Capital

Partners

CLO

58B-R

Ltd.,

Series

2021-58A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.28%),

4.95%,

10/25/37

(a)(b)

......................

2,350

2,360,657

Golub

Capital

Partners

CLO

64B-R

Ltd.,

Series

2022-64A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

10/25/37

(a)(b)

2,000

2,009,353

Golub

Capital

Partners

CLO

75B

Ltd.,

Series

2024-75A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/25/37

(a)(b)

2,000

2,007,484

Golub

Capital

Partners

CLO

76

B

Ltd.,

Series

2024-76A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.67%),

5.34%,

10/25/37

(a)(b)

3,000

3,021,191

Golub

Capital

Partners

CLO

81

B

Ltd.,

Series

2025-81A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

4.98%,

07/20/38

(a)(b)

5,000

5,025,060

Golub

Capital

Partners

CLO

Ltd.,

Series

2019-

41A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

07/20/38

(a)(b)

.

2,500

2,510,767

Greene

King

Finance

plc

(a)

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

5.66%,

12/15/34

..........

GBP

100

126,504

Series

B2,  (Sterling

Overnight

Index

Average

at

2.08%

Floor

+

2.20%),

5.94%,

03/15/36

(c)

.....................

100

129,901

GreenPoint

Manufactured

Housing,

Series

2000-

1,

Class

A4,

8.14%,

03/20/30

(a)

..........

USD

3,250

1,730,620

Greystone

CRE

Notes

2025

LLC,

Series

2025-

HC4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.78%

Floor

+

1.78%),

5.46%,

10/15/42

(a)(b)

.

7,000

6,993,375

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

4.49%,

12/25/35

(a)

.....................

1,025

457,707

Series

2006-4,

Class

1A1,

4.10%,

03/25/36

(a)

2,304

1,588,914

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.15%,

03/25/36

(a)

.....................

3,195

900,803

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(d)

3,125

686,051

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.07%,

11/25/36

......................

5,775

2,664,978

Series

2006-HE6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

4.27%,

08/25/36

......................

1,188

1,026,428

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.08%,

04/20/34

(a)(b)

...........

1,750

1,751,582

HalseyPoint

CLO

5

Ltd.,

Series

2021-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

5.73%,

01/30/35

(a)(b)

...........

3,500

3,508,953

HalseyPoint

CLO

6

Ltd.,

Series

2022-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/20/38

(a)(b)

..........

4,000

4,018,085

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Hambridge

Euro

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.34%,

10/20/38

(a)(c)

.................

EUR

710

$

853,779

Henley

CLO

XI

DAC,

Series

11X,

Class

D,

(3-mo.

EURIBOR

at

2.60%

Floor

+

2.60%),

4.63%,

04/25/39

(a)(c)

......................

1,120

1,334,473

Henley

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.12%,

01/15/38

(a)(c)

.................

680

813,224

ICG

US

CLO

I

Ltd.,

Series

2023-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

07/18/38

(a)(b)

...........

USD

2,000

2,010,840

Invesco

CLO

Ltd.

(a)(b)

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

04/20/35

......................

3,125

3,134,666

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

5.82%,

04/20/35

......................

5,000

5,004,576

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.31%),

4.99%,

07/25/36

(a)

.......................

2,975

2,737,116

Kennedy

Lewis

CLO

16

Ltd.,

Series

2024-16A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/20/37

(a)(b)

......

4,000

4,014,508

Kennedy

Lewis

CLO

17

Ltd.,

Series

2024-17A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/22/37

(a)(b)

......

10,000

10,037,500

Kennedy

Lewis

CLO

19

Ltd.,

Series

2025-19A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

04/22/36

(a)(b)

......

4,000

4,013,151

Kennedy

Lewis

CLO

2

Ltd.,

Series

2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.08%,

10/22/37

(a)(b)

..........

7,965

7,995,539

Kennedy

Lewis

CLO

4

Ltd.,

Series

4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

07/20/37

(a)(b)

..........

2,750

2,761,521

Kennedy

Lewis

CLO

7

Ltd.,

Series

7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.29%,

04/22/37

(a)(b)

..........

3,000

3,007,873

Kennedy

Lewis

CLO

9

Ltd.,

Series

9A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

01/20/38

(a)(b)

...........

3,000

3,013,257

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.41%),

6.09%,

12/25/37

(a)

............

4,201

4,259,950

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2005-3,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

4.31%,

08/25/45

......................

1,220

1,212,920

Series

2006-4,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.09%,

05/25/36

......................

19,295

10,128,585

Series

2006-6,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.09%,

07/25/36

......................

5,453

2,136,427

Series

2006-7,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.10%,

08/25/36

......................

5,689

2,951,919

Series

2006-WL3,

Class

2A4,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

4.39%,

01/25/36

.................

1,127

1,027,940

Madison

Park

Funding

LVIII

Ltd.,

Series

2024-

58A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

04/25/37

(a)(b)

.

1,700

1,702,550

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-

29A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

03/25/38

(a)(b)

.

USD

2,000

$

2,005,236

Madison

Park

Funding

XXXIII

Ltd.

(a)(b)

Series

2019-33A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

10/15/32

......................

6,000

6,015,729

Series

2019-33A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

5.87%,

10/15/32

.................

4,750

4,762,708

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.30%,

08/15/37

(a)(b)

......

5,000

5,017,985

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

4.31%,

06/25/36

(a)(b)

1,579

1,494,550

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2025-FL20,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

02/18/43

(a)(b)

......................

6,536

6,559,539

MidOcean

Credit

CLO

XIV

Ltd.,

Series

2024-14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

5.25%,

04/15/37

(a)(b)

......

10,000

10,018,000

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

6.42%,

09/25/46

(d)

...

563

112,806

Neuberger

Berman

Loan

Advisers

CLO

36R

Ltd.,

Series

2020-36RA,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/20/39

(a)(b)

......................

1,700

1,712,823

New

Mountain

CLO

3

Ltd.

(a)(b)

Series

CLO-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.00%,

10/20/38

......................

6,500

6,528,249

Series

CLO-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/20/38

......................

1,000

1,008,011

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(b)

....

5,006

4,862,140

Oaktree

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

01/20/38

.................

6,000

6,027,507

Series

2020-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

01/15/38

.................

3,500

3,509,426

Series

2023-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/20/38

......................

5,000

5,025,545

Series

2024-26A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

04/20/37

......................

3,000

3,004,773

Series

2024-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/22/37

......................

4,000

4,012,606

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

177

178,328

Series

1999-C,

Class

A2,

7.48%,

08/15/27

..

1,270

910,195

Series

2001-D,

Class

A3,

5.90%,

09/17/31

(a)

.

251

85,027

OCP

CLO

Ltd.

(a)(b)

Series

2015-10A,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

01/26/38

.................

3,700

3,717,322

Series

2016-11A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

07/26/38

.................

5,000

5,024,080

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2017-14A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

07/20/37

.................

USD

5,000

$

5,018,494

Series

2019-17A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

5.67%,

07/20/37

.................

1,000

1,004,851

Series

2020-18A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

07/20/37

.................

15,000

15,055,500

Series

2020-19A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/20/38

.................

3,000

3,006,600

Series

2020-20A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

04/18/37

.................

8,000

8,032,045

Series

2021-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

10/20/37

.................

4,500

4,521,622

Series

2022-25A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/20/37

.................

5,000

5,016,665

Series

2025-40A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.12%,

04/16/38

......................

2,500

2,507,880

Octagon

Investment

Partners

26

Ltd.,

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

5.73%,

07/15/30

(a)(b)

2,250

2,255,989

OHA

Credit

Funding

1

Ltd.,

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.12%,

04/20/37

(a)(b)

......

1,000

1,005,594

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/21/38

(a)(b)

......

1,500

1,508,022

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)(b)

......

2,000

2,008,425

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

10/20/37

(a)(b)

.

5,000

5,034,254

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

04/20/37

(a)(b)

.

1,750

1,760,553

OHA

Credit

Partners

XII

Ltd.,

Series

2015-12A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.07%,

04/23/37

(a)(b)

......

2,000

2,010,799

OHA

Credit

Partners

XIV

Ltd.,

Series

2017-14A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

07/21/37

(a)(b)

......

3,000

3,020,463

OHA

Loan

Funding

Ltd.

(a)(b)

Series

2013-1A,

Class

B1R3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

04/23/37

.................

1,000

1,006,904

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

5.77%,

07/20/37

.................

3,265

3,277,895

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.65%,

08/14/38

.................

1,500

1,512,585

Series

2021-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

10/15/38

......................

5,000

5,024,592

Series

2021-4A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

07/15/38

......................

7,250

7,303,281

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/15/38

......................

USD

4,850

$

4,891,027

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.02%,

07/20/37

......................

7,500

7,533,510

Series

2024-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/15/38

......................

1,000

1,005,297

Park

Blue

CLO

Ltd.,

Series

2025-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.43%,

10/20/38

(a)(b)

...........

2,000

2,008,984

PFP

Ltd.,

Series

2026-13,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.25%,

08/18/43

(a)(b)

......................

1,000

1,001,245

Pikes

Peak

CLO

3,

Series

2019-3A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

5.63%,

10/25/34

(a)(b)

...........

1,600

1,604,499

Pikes

Peak

CLO

9,

Series

2021-9A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

10/27/38

(a)(b)

...........

3,000

3,022,187

Progress

Residential

Trust

(b)

Series

2021-SFR10,

Class

G,

4.86%,

12/17/40

......................

4,982

4,882,707

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

10,000

9,871,907

Series

2022-SFR3,

Class

F,

6.60%,

04/17/39

500

501,650

Series

2026-SFR1,

Class

E,

4.10%,

02/17/43

1,000

918,281

Rad

CLO

10

Ltd.,

Series

2021-10A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

5.68%,

04/23/34

(a)(b)

...........

3,750

3,753,378

Rad

CLO

14

Ltd.,

Series

2021-14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

5.93%,

01/15/35

(a)(b)

...........

3,500

3,503,350

Regatta

30

Funding

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/25/38

(a)(b)

...........

4,100

4,117,358

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

10/20/38

(a)(b)

..........

1,250

1,255,778

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/17/37

(a)(b)

...........

12,500

12,550,531

Regatta

XIX

Funding

Ltd.,

Series

2022-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

10/20/38

(a)(b)

...........

1,320

1,328,871

Regatta

XX

Funding

Ltd.,

Series

2021-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

01/15/38

(a)(b)

...........

1,250

1,253,571

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

4.99%,

01/20/38

(a)(b)

......

3,000

3,012,614

Regatta

XXVIII

Funding

Ltd.,

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/25/37

(a)(b)

......

2,500

2,505,750

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

5.58%,

04/20/34

.................

3,500

3,510,265

Series

2017-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.06%),

5.73%,

10/20/30

......................

2,300

2,306,174

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.98%),

5.87%,

05/20/31

......................

1,000

1,003,000

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

5.09%,

10/20/31

......................

USD

581

$

581,326

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

5.73%,

10/20/31

......................

1,125

1,127,812

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

6.13%,

10/20/31

......................

700

701,929

Rockford

Tower

Europe

CLO

DAC

(a)(c)

Series

2025-1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.03%,

10/25/37

.

EUR

970

1,154,156

Series

2025-3X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.18%,

01/15/40

.

1,270

1,521,406

RR

14

Ltd.,

Series

2021-14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.05%,

04/15/36

(a)(b)

.................

USD

1,500

1,501,793

RR

28

Ltd.,

Series

2024-28RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.22%,

04/15/37

(a)(b)

...........

7,500

7,516,687

RR

5

Ltd.,

Series

2018-5A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

07/15/39

(a)(b)

.................

2,000

2,015,079

Sagard-HalseyPoint

CLO

8

Ltd.,

Series

2024-8A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

5.77%,

01/30/38

(a)(b)

......

1,250

1,256,287

Sandstone

Peak

III

Ltd.,

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

5.30%,

04/25/37

(a)(b)

...........

1,000

1,001,742

Sculptor

CLO

XXIX

Ltd.,

Series

29A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

07/22/38

(a)(b)

...........

3,000

3,017,082

Signal

Harmonic

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.50%

Floor

+

3.50%),

5.52%,

07/15/38

(a)(c)

...........

EUR

650

780,241

Signal

Peak

CLO

14

Ltd.,

Series

2024-14A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.97%,

01/22/38

(a)(b)

......

USD

3,000

3,012,000

Silver

Point

CLO

12

Ltd.,

Series

2025-12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.31%

Floor

+

1.31%),

5.29%,

10/15/38

(a)(b)

...........

5,000

5,020,000

Silver

Point

CLO

4

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

5.30%,

04/15/37

(a)(b)

...........

5,000

5,008,500

Silver

Point

CLO

6

Ltd.,

Series

2024-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

10/15/37

(a)(b)

...........

5,000

5,018,589

Silver

Point

CLO

8

Ltd.,

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.88%,

04/15/38

(a)(b)

...........

3,000

3,009,730

Silver

Point

CLO

9

Ltd.,

Series

2025-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.19%,

03/31/38

(a)(b)

...........

5,000

5,023,715

Silver

Point

Euro

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.10%,

01/15/39

(a)(c)

.................

EUR

710

849,546

Sixth

Street

CLO

XIV

Ltd.,

Series

2019-14A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

01/20/38

(a)(b)

......

USD

3,250

3,267,302

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.27%,

07/17/38

......................

3,000

3,019,562

Series

2021-19A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.52%,

07/17/38

.................

1,000

1,008,445

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Sixth

Street

CLO

XVI

Ltd.,

Series

2020-16A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

0.00%,

01/21/39

(a)(b)

.

USD

3,000

$

3,000,000

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.92%,

10/17/38

(a)(b)

......

5,000

5,019,462

Sona

Fios

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

3.30%

Floor

+

3.30%),

5.33%,

08/25/38

(a)(c)

.................

EUR

590

707,908

Sound

Point

CLO

XXIII

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

6.18%,

07/15/34

(a)(b)

......

USD

2,250

2,252,499

Sound

Point

CLO

XXXIII

Ltd.,

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

5.57%,

04/25/35

(a)(b)

......

5,200

5,205,815

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.11%,

10/25/36

......................

4,453

3,039,294

Series

2007-MN1A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

+

0.57%),

4.25%,

01/25/37

(b)

................

1,238

712,508

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.32%,

04/20/37

......................

9,000

9,017,626

Series

2023-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

6.27%,

04/20/37

......................

1,000

1,005,351

Symphony

CLO

30

Ltd.,

Series

2023-30A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

10/20/37

(a)(b)

..........

1,000

1,007,387

Symphony

CLO

38

Ltd.,

Series

2023-38A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.62%,

07/24/38

(a)(b)

...........

1,500

1,511,936

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2024-

1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

5.62%,

07/16/38

(a)(c)

..........

EUR

500

594,734

TICP

CLO

VI

Ltd.

(a)(b)

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

5.05%,

01/15/34

......................

USD

2,000

1,998,969

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

5.43%,

01/15/34

......................

2,000

2,004,000

Series

2016-6A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

5.83%,

01/15/34

.................

1,650

1,650,950

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.08%,

04/15/33

(a)(b)

...........

6,500

6,517,743

Trestles

CLO

VI

Ltd.,

Series

2023-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

4.85%,

04/25/38

(a)(b)

..........

2,000

2,005,280

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

7,000

6,974,612

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

1,000

955,333

Trimaran

CAVU

Ltd.

(a)(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.09%,

07/23/37

......................

7,000

7,023,505

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.47%,

07/23/37

......................

1,000

1,005,069

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-2A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

5.68%,

10/25/34

......................

USD

1,500

$

1,501,744

Trinitas

CLO

XXIX

Ltd.,

Series

2024-29A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.16%,

07/23/37

(a)(b)

...........

2,000

2,007,568

Trinitas

CLO

XXX

Ltd.,

Series

2024-30A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.04%,

10/23/37

(a)(b)

...........

6,000

6,021,625

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

..................

GBP

1,338

1,916,455

Victory

Street

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.45%

Floor

+

3.45%),

5.47%,

01/15/38

(a)(c)

.................

EUR

1,010

1,214,889

Victory

Street

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.20%,

01/15/39

(a)(c)

.................

2,060

2,472,807

Voya

CLO

Ltd.,

Series

2014-4A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.35%),

6.02%,

07/14/31

(a)(b)

...........

USD

500

501,157

Warwick

Capital

CLO

4

Ltd.

(a)(b)

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.07%,

07/20/37

......................

13,500

13,550,273

Series

2024-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

5.42%,

07/20/37

......................

1,000

1,003,737

Warwick

Capital

CLO

7

Ltd.,

Series

2025-7A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

5.25%,

10/21/38

(a)(b)

......

2,000

2,010,074

Washington

Mutual

Asset-Backed

Certificates

Trust,

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.09%,

10/25/36

(a)

..................

10,373

7,995,481

Wellington

Management

CLO

3

Ltd.,

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.03%,

07/18/37

(a)(b)

5,000

5,018,108

Wellington

Management

CLO

4

Ltd.,

Series

2025-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

4.82%,

04/18/38

(a)(b)

.

6,000

6,011,910

Wellington

Management

CLO

5

Ltd.,

Series

2025-5A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

5.25%,

10/18/38

(a)(b)

.

3,000

3,015,296

Whitebox

CLO

I

Ltd.,

Series

2019-1A,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.37%,

01/24/37

(a)(b)

..........

2,000

2,003,961

Total

Asset-Backed

Securities

—

10.2%

(Cost:

$1,088,469,144)

............................

1,082,034,444

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.7%

Airbus

SE

..........................

14,745

3,375,868

Axon

Enterprise,

Inc.

(e)

.................

337

162,966

BAE

Systems

plc

.....................

328,647

8,921,762

Boeing

Co.

(The)

(e)

....................

20,586

4,811,360

BWX

Technologies,

Inc.

................

2,131

437,771

Curtiss-Wright

Corp.

...................

1,177

772,924

Dassault

Aviation

SA

..................

2,760

1,049,283

Elbit

Systems

Ltd.

....................

944

667,690

GE

Aerospace

.......................

20,429

6,267,413

General

Dynamics

Corp.

................

1,328

466,248

Hanwha

Aerospace

Co.

Ltd.

(e)

............

679

611,223

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Aerospace

&

Defense

(continued)

Hanwha

Systems

Co.

Ltd.

(e)

..............

5,480

$

358,633

HEICO

Corp.

.......................

2,077

687,300

Hensoldt

AG

........................

6,598

655,463

Hexcel

Corp.

........................

3,118

258,202

Howmet

Aerospace,

Inc.

................

4,782

995,039

Huntington

Ingalls

Industries,

Inc.

..........

1,705

716,970

Kongsberg

Gruppen

ASA

...............

42,736

1,468,028

Korea

Aerospace

Industries

Ltd.

...........

2,588

301,630

Kratos

Defense

&

Security

Solutions,

Inc.

(e)

...

7,408

763,098

L3Harris

Technologies,

Inc.

..............

13,440

4,607,904

Leonardo

DRS,

Inc.

...................

13,875

569,707

Leonardo

SpA

.......................

24,596

1,643,668

Lockheed

Martin

Corp.

.................

7,624

4,835,293

Melrose

Industries

plc

..................

9,386

80,700

Moog,

Inc.

,

Class

A

...................

902

275,426

MTU

Aero

Engines

AG

.................

732

325,429

Northrop

Grumman

Corp.

...............

7,753

5,367,092

Rheinmetall

AG

......................

1,615

3,421,939

Rolls-Royce

Holdings

plc

...............

209,992

3,510,431

RTX

Corp.

.........................

23,300

4,681,669

Saab

AB

,

Class

B

....................

21,531

1,679,911

Safran

SA

..........................

11,934

4,263,916

Singapore

Technologies

Engineering

Ltd.

.....

117,300

901,754

Textron,

Inc.

........................

29,656

2,611,507

Thales

SA

..........................

8,026

2,456,967

TransDigm

Group,

Inc.

.................

744

1,062,090

Woodward,

Inc.

......................

1,119

355,663

76,399,937

Air

Freight

&

Logistics

—

0.1%

Deutsche

Post

AG

....................

16,219

907,104

DSV

A/S

...........................

262

73,671

FedEx

Corp.

........................

22,676

7,307,341

8,288,116

Automobile

Components

—

0.1%

Aisin

Corp.

.........................

2,600

46,579

Aptiv

plc

(e)

..........................

32,445

2,457,709

Bridgestone

Corp.

....................

64,100

1,443,164

Cie

Generale

des

Etablissements

Michelin

SCA

37,763

1,402,353

Continental

AG

......................

6,737

530,130

Denso

Corp.

........................

50,100

695,126

Magna

International,

Inc.

................

14,904

761,919

Sumitomo

Electric

Industries

Ltd.

..........

10,100

442,173

7,779,153

Automobiles

—

0.2%

Honda

Motor

Co.

Ltd.

..................

511,400

5,143,424

Kia

Corp.

..........................

29,604

3,149,961

Mercedes-Benz

Group

AG

...............

12,205

834,142

Stellantis

NV

........................

18,415

180,696

Subaru

Corp.

.......................

34,000

729,918

Suzuki

Motor

Corp.

...................

84,500

1,152,164

Toyota

Motor

Corp.

...................

385,300

8,733,020

Yamaha

Motor

Co.

Ltd.

.................

51,400

388,157

20,311,482

Banks

—

1.8%

AIB

Group

plc

.......................

112,639

1,259,095

Banca

Monte

dei

Paschi

di

Siena

SpA

.......

30,217

313,465

Banco

Bilbao

Vizcaya

Argentaria

SA

........

366,983

9,315,377

Banco

Santander

SA

..................

299,536

3,824,496

Bank

Hapoalim

BM

...................

23,160

572,548

Bank

Leumi

Le-Israel

BM

...............

24,068

578,579

Bank

of

America

Corp.

.................

238,112

12,667,558

Bank

of

Ireland

Group

plc

...............

49,658

1,008,925

Bankinter

SA

........................

13,296

226,963

Security

Shares

Shares

Value

Banks

(continued)

Banque

Cantonale

Vaudoise

(Registered)

....

1,794

$

242,782

Barclays

plc

........................

598,988

3,997,686

BAWAG

Group

AG

(b)(c)

..................

1,467

238,646

BNP

Paribas

SA

.....................

72,899

7,882,755

BOC

Hong

Kong

Holdings

Ltd.

............

244,000

1,284,902

BPER

Banca

SpA

....................

22,977

323,595

CaixaBank

SA

.......................

35,176

464,330

Citigroup,

Inc.

.......................

202,671

23,451,061

Citizens

Financial

Group,

Inc.

............

139,787

8,803,785

Commerzbank

AG

....................

14,459

594,333

Credit

Agricole

SA

....................

52,793

1,143,308

Danske

Bank

A/S

.....................

4,293

218,720

DBS

Group

Holdings

Ltd.

...............

147,800

6,870,092

DNB

Bank

ASA

......................

82,148

2,355,459

Erste

Group

Bank

AG

..................

3,218

418,369

First

Citizens

BancShares,

Inc.

,

Class

A

......

5,698

11,792,410

Flagstar

Bank

NA

.....................

195,576

2,585,515

Grupo

Financiero

Banorte

SAB

de

CV

,

Class

O

389,200

4,399,991

HSBC

Holdings

plc

...................

607,636

10,719,261

ING

Groep

NV

.......................

29,484

869,510

Intesa

Sanpaolo

SpA

..................

230,063

1,628,706

Israel

Discount

Bank

Ltd.

,

Class

A

.........

19,751

232,694

Japan

Post

Bank

Co.

Ltd.

...............

29,100

517,032

JPMorgan

Chase

&

Co.

................

29,786

9,111,240

Kotak

Mahindra

Bank

Ltd.

...............

978,375

4,342,058

Lloyds

Banking

Group

plc

...............

1,087,354

1,623,642

M&T

Bank

Corp.

.....................

23,616

5,232,597

Mitsubishi

UFJ

Financial

Group,

Inc.

........

186,100

3,370,340

Mizrahi

Tefahot

Bank

Ltd.

...............

5,308

415,240

Mizuho

Financial

Group,

Inc.

.............

34,300

1,489,235

NatWest

Group

plc

....................

561,671

5,119,511

Nordea

Bank

Abp

....................

201,914

3,901,061

Oversea-Chinese

Banking

Corp.

Ltd.

.......

237,700

3,967,107

Regions

Financial

Corp.

................

57,840

1,648,440

Resona

Holdings,

Inc.

.................

45,400

529,370

Sberbank

of

Russia

PJSC

(e)(f)

.............

877,548

116

Shizuoka

Financial

Group,

Inc.

............

4,000

65,344

Societe

Generale

SA

..................

17,669

1,548,326

Standard

Chartered

plc

.................

28,185

721,154

Sumitomo

Mitsui

Financial

Group,

Inc.

.......

76,700

2,699,108

Sumitomo

Mitsui

Trust

Group,

Inc.

.........

38,400

1,282,514

Svenska

Handelsbanken

AB

,

Class

A

.......

18,931

298,448

Swedbank

AB

,

Class

A

.................

5,116

198,911

UniCredit

SpA

.......................

84,026

7,322,535

United

Overseas

Bank

Ltd.

..............

69,000

2,079,602

Wells

Fargo

&

Co.

....................

102,256

9,253,145

187,020,992

Beverages

—

0.3%

Anheuser-Busch

InBev

SA/NV

............

3,502

252,085

Asahi

Group

Holdings

Ltd.

...............

8,600

90,032

Brown-Forman

Corp.

,

Class

B

............

40,861

1,118,366

Coca-Cola

Co.

(The)

..................

167,736

12,548,330

Coca-Cola

HBC

AG

...................

14,262

774,564

Diageo

plc

.........................

9,072

208,749

Heineken

Holding

NV

..................

1,477

109,784

Heineken

NV

.......................

905

74,707

Keurig

Dr

Pepper,

Inc.

.................

326,217

8,951,395

PepsiCo,

Inc.

.......................

35,125

5,396,254

29,524,266

Biotechnology

—

0.1%

AbbVie,

Inc.

........................

11,762

2,623,044

Amgen,

Inc.

........................

5,173

1,768,545

Argenx

SE

(e)

........................

793

666,890

CSL

Ltd.

...........................

26,294

3,313,303

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Genmab

A/S

(e)

.......................

1,490

$

485,420

Gilead

Sciences,

Inc.

..................

11,671

1,656,699

Regeneron

Pharmaceuticals,

Inc.

..........

996

738,484

Swedish

Orphan

Biovitrum

AB

(e)

...........

7,150

271,524

Zealand

Pharma

A/S

(e)

.................

978

65,406

11,589,315

Broadline

Retail

—

0.3%

Alibaba

Group

Holding

Ltd.

..............

316,840

6,740,323

Alibaba

Group

Holding

Ltd.

,

ADR

..........

16,294

2,762,811

Amazon.com,

Inc.

(e)

...................

60,488

14,474,778

Canadian

Tire

Corp.

Ltd.

,

Class

A

..........

2,779

341,893

eBay,

Inc.

..........................

15,246

1,390,740

Next

plc

...........................

2,056

373,285

Pan

Pacific

International

Holdings

Corp.

.....

133,700

791,576

PDD

Holdings,

Inc.

,

ADR

(e)

..............

33,965

3,432,163

Prosus

NV

,

Class

N

(e)

..................

21,824

1,254,908

Ryohin

Keikaku

Co.

Ltd.

................

3,700

73,796

31,636,273

Building

Products

—

0.2%

A

O

Smith

Corp.

.....................

7,015

515,532

AGC,

Inc.

..........................

2,500

92,249

Assa

Abloy

AB

,

Class

B

................

34,945

1,412,964

Carrier

Global

Corp.

...................

142,156

8,469,654

Cie

de

Saint-Gobain

SA

................

32,377

3,195,789

Daikin

Industries

Ltd.

..................

7,100

850,796

Fortune

Brands

Innovations,

Inc.

..........

146,481

7,924,622

Johnson

Controls

International

plc

.........

9,362

1,116,512

Trane

Technologies

plc

.................

3,210

1,350,062

24,928,180

Capital

Markets

—

0.7%

3i

Group

plc

........................

6,401

294,056

Bank

of

New

York

Mellon

Corp.

(The)

.......

20,930

2,509,926

Carlyle

Group,

Inc.

(The)

................

53,719

3,157,603

CBOE

Global

Markets,

Inc.

..............

3,355

889,276

Charles

Schwab

Corp.

(The)

.............

107,662

11,188,235

Daiwa

Securities

Group,

Inc.

.............

26,100

254,329

Deutsche

Bank

AG

(Registered)

...........

51,095

2,016,266

Deutsche

Boerse

AG

..................

3,947

999,481

Euronext

NV

(b)(c)

......................

311

43,557

Goldman

Sachs

Group,

Inc.

(The)

.........

8,085

7,562,790

Guotai

Junan

International

Holdings

Ltd.

.....

170,000

58,141

IG

Group

Holdings

plc

.................

6,915

128,287

Intercontinental

Exchange,

Inc.

...........

81,895

14,231,713

Julius

Baer

Group

Ltd.

.................

3,423

285,924

London

Stock

Exchange

Group

plc

.........

8,722

972,870

Moody's

Corp.

.......................

11,109

5,727,356

Morgan

Stanley

......................

59,182

10,818,470

MSCI,

Inc.

.........................

2,606

1,587,627

Nasdaq,

Inc.

........................

16,993

1,646,452

Nomura

Holdings,

Inc.

.................

197,100

1,786,187

Partners

Group

Holding

AG

..............

1,823

2,485,742

Raymond

James

Financial,

Inc.

...........

3,836

636,239

S&P

Global,

Inc.

.....................

3,870

2,042,547

SBI

Holdings,

Inc.

....................

4,000

90,456

Schroders

plc

.......................

25,063

155,234

St.

James's

Place

plc

..................

1,072

22,389

State

Street

Corp.

....................

12,747

1,668,072

Swissquote

Group

Holding

SA

(Registered)

...

105

59,777

UBS

Group

AG

(Registered)

.............

75,910

3,591,712

76,910,714

Chemicals

—

0.5%

Air

Liquide

SA

.......................

36,116

6,763,170

Air

Products

&

Chemicals,

Inc.

............

30,686

8,361,935

Security

Shares

Shares

Value

Chemicals

(continued)

Asahi

Kasei

Corp.

....................

102,600

$

995,324

Axalta

Coating

Systems

Ltd.

(e)

............

64,482

2,165,306

BASF

SE

..........................

3,877

210,188

DSM-Firmenich

AG

...................

20,380

1,607,037

DuPont

de

Nemours,

Inc.

...............

5,683

249,597

EMS-Chemie

Holding

AG

(Registered)

......

46

35,764

ICL

Group

Ltd.

.......................

4,232

22,979

Johnson

Matthey

plc

..................

2,905

93,941

Linde

plc

..........................

14,996

6,852,722

LyondellBasell

Industries

NV

,

Class

A

.......

51,340

2,515,660

Mitsui

Chemicals,

Inc.

..................

7,200

105,200

Mosaic

Co.

(The)

.....................

21,713

597,107

Nissan

Chemical

Corp.

.................

1,300

44,810

Nitto

Denko

Corp.

....................

8,700

193,343

Nutrien

Ltd.

.........................

25,901

1,783,291

PPG

Industries,

Inc.

...................

56,529

6,536,448

Sherwin-Williams

Co.

(The)

..............

5,675

2,012,582

Shin-Etsu

Chemical

Co.

Ltd.

.............

151,200

4,972,149

Sika

AG

(Registered)

..................

1,550

297,431

Sumitomo

Chemical

Co.

Ltd.

.............

320,300

974,393

Symrise

AG

........................

444

37,379

Toray

Industries,

Inc.

..................

21,500

158,589

Tosoh

Corp.

........................

15,700

256,234

47,842,579

Commercial

Services

&

Supplies

—

0.1%

Brambles

Ltd.

.......................

75,485

1,171,732

Dai

Nippon

Printing

Co.

Ltd.

.............

14,900

267,339

Rentokil

Initial

plc

.....................

1,163,256

7,220,116

Republic

Services,

Inc.

.................

2,727

586,550

Rollins,

Inc.

.........................

14,225

901,011

Secom

Co.

Ltd.

......................

13,000

476,237

Securitas

AB

,

Class

B

..................

59,280

980,308

Veralto

Corp.

........................

3,374

333,958

Waste

Management,

Inc.

................

4,774

1,060,974

12,998,225

Communications

Equipment

—

0.1%

Arista

Networks,

Inc.

(e)

.................

11,797

1,672,107

Cisco

Systems,

Inc.

...................

84,304

6,602,689

F5,

Inc.

(e)

..........................

3,857

1,063,028

Motorola

Solutions,

Inc.

................

1,232

495,929

Nokia

OYJ

.........................

105,693

680,759

Telefonaktiebolaget

LM

Ericsson

,

Class

B

....

236,850

2,565,125

13,079,637

Construction

&

Engineering

—

0.2%

ACS

Actividades

de

Construccion

y

Servicios

SA

21,854

2,451,937

Bouygues

SA

.......................

10,518

568,538

Eiffage

SA

.........................

3,690

547,254

EMCOR

Group,

Inc.

...................

1,602

1,154,610

Kajima

Corp.

........................

28,300

1,154,520

MasTec,

Inc.

(e)

.......................

4,589

1,103,563

Obayashi

Corp.

......................

29,400

663,656

Quanta

Services,

Inc.

..................

3,105

1,473,726

Shimizu

Corp.

.......................

22,500

399,576

Skanska

AB

,

Class

B

..................

33,358

1,013,156

Taisei

Corp.

........................

3,700

369,068

Vinci

SA

...........................

42,323

6,085,401

16,985,005

Construction

Materials

—

0.0%

Holcim

AG

.........................

8,934

920,817

Consumer

Finance

—

0.1%

American

Express

Co.

.................

10,482

3,691,446

Capital

One

Financial

Corp.

..............

10,384

2,273,369

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Credit

Saison

Co.

Ltd.

..................

3,500

$

94,493

6,059,308

Consumer

Staples

Distribution

&

Retail

—

0.4%

Aeon

Co.

Ltd.

.......................

16,100

220,209

Coles

Group

Ltd.

.....................

72,552

1,071,944

Costco

Wholesale

Corp.

................

9,954

9,359,248

Dollar

General

Corp.

..................

71,820

10,301,143

J

Sainsbury

plc

......................

62,252

272,771

Koninklijke

Ahold

Delhaize

NV

............

81,613

3,191,081

Kroger

Co.

(The)

.....................

48,896

3,073,114

Sysco

Corp.

........................

32,872

2,756,317

Target

Corp.

........................

64,742

6,828,339

Tesco

plc

..........................

474,777

2,762,633

Walmart,

Inc.

........................

58,669

6,989,825

46,826,624

Containers

&

Packaging

—

0.0%

Avery

Dennison

Corp.

..................

4,601

853,532

Crown

Holdings,

Inc.

..................

34,628

3,624,859

SIG

Group

AG

(e)

......................

16,510

255,466

4,733,857

Diversified

Consumer

Services

—

0.0%

Pearson

plc

........................

2,111

27,766

Service

Corp.

International

..............

57,026

4,586,601

4,614,367

Diversified

REITs

—

0.1%

British

Land

Co.

plc

(The)

...............

4,520

25,782

Broadstone

Net

Lease,

Inc.

..............

241,445

4,469,147

CapitaLand

Integrated

Commercial

Trust

.....

91,000

170,844

Merlin

Properties

Socimi

SA

.............

75,169

1,118,756

United

Urban

Investment

Corp.

...........

3,458

3,995,162

9,779,691

Diversified

Telecommunication

Services

—

0.4%

AT&T,

Inc.

..........................

93,507

2,450,818

BT

Group

plc

........................

327,693

861,348

Comcast

Corp.

,

Class

A

................

453,272

13,484,842

Deutsche

Telekom

AG

(Registered)

........

97,498

3,271,866

Elisa

OYJ

..........................

10,345

457,612

HKT

Trust

&

HKT

Ltd.

(g)

.................

17,000

25,477

Koninklijke

KPN

NV

...................

1,477,833

7,237,709

Orange

SA

.........................

102,044

1,897,002

Singapore

Telecommunications

Ltd.

........

615,900

2,222,593

Telefonica

SA

.......................

85,035

344,247

Telenor

ASA

........................

62,497

1,051,297

Telia

Co.

AB

........................

95,245

435,123

Verizon

Communications,

Inc.

............

111,911

4,982,278

38,722,212

Electric

Utilities

—

1.7%

Alliant

Energy

Corp.

...................

19,785

1,304,029

American

Electric

Power

Co.,

Inc.

..........

186,857

22,380,797

BKW

AG

..........................

224

42,350

Chubu

Electric

Power

Co.,

Inc.

............

142,000

2,063,062

CLP

Holdings

Ltd.

....................

88,000

831,823

Constellation

Energy

Corp.

..............

4,240

1,190,083

Contact

Energy

Ltd.

...................

2,845

16,034

Duke

Energy

Corp.

...................

181,311

22,002,090

EDP

SA

...........................

195,344

998,882

Elia

Group

SA/NV

....................

19,771

2,862,461

Endesa

SA

.........................

18,430

679,192

Enel

SpA

..........................

830,000

9,170,306

Entergy

Corp.

.......................

180,199

17,279,282

Evergy,

Inc.

.........................

202,232

15,517,261

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Eversource

Energy

...................

44,934

$

3,106,288

Exelon

Corp.

........................

14,269

638,966

FirstEnergy

Corp.

....................

205,980

9,751,093

Fortis,

Inc.

.........................

27,682

1,475,940

Iberdrola

SA

........................

169,131

3,802,530

Iberdrola

SA

(e)

.......................

2,316

52,070

Kansai

Electric

Power

Co.,

Inc.

(The)

.......

262,400

4,186,577

NextEra

Energy,

Inc.

..................

241,081

21,191,020

NRG

Energy,

Inc.

.....................

2,927

446,748

PG&E

Corp.

........................

735,111

11,335,412

Pinnacle

West

Capital

Corp.

.............

56,529

5,288,853

PPL

Corp.

.........................

51,065

1,851,106

Southern

Co.

(The)

...................

100,171

8,946,272

Terna

-

Rete

Elettrica

Nazionale

...........

20,596

223,185

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(e)

.....

12,400

46,578

Xcel

Energy,

Inc.

.....................

200,203

15,227,440

183,907,730

Electrical

Equipment

—

0.2%

ABB

Ltd.

(Registered)

..................

47,044

4,050,399

Accelleron

Industries

AG

................

947

90,710

AMETEK,

Inc.

.......................

2,533

567,341

Eaton

Corp.

plc

......................

4,173

1,466,476

Emerson

Electric

Co.

..................

10,685

1,570,268

Fujikura

Ltd.

........................

1,100

138,256

GE

Vernova,

Inc.

.....................

2,781

2,020,035

Generac

Holdings,

Inc.

(e)

................

4,510

757,860

Hubbell,

Inc.

........................

2,462

1,201,308

Legrand

SA

........................

3,525

562,794

Mitsubishi

Electric

Corp.

................

44,700

1,397,407

Nidec

Corp.

........................

33,300

476,349

Nordex

SE

(e)

........................

2,451

98,129

nVent

Electric

plc

.....................

7,028

788,963

Prysmian

SpA

.......................

7,814

925,517

Schneider

Electric

SE

..................

4,739

1,358,681

Siemens

Energy

AG

(e)

..................

14,060

2,395,544

Vertiv

Holdings

Co.

,

Class

A

.............

7,659

1,425,953

Vestas

Wind

Systems

A/S

...............

21,281

645,057

21,937,047

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Amphenol

Corp.

,

Class

A

...............

16,889

2,433,367

CDW

Corp.

.........................

49,695

6,280,951

Halma

plc

..........................

10,850

526,969

Hamamatsu

Photonics

KK

...............

17,300

193,315

Hexagon

AB

,

Class

B

..................

26,562

299,488

Keyence

Corp.

......................

2,900

1,063,895

Keysight

Technologies,

Inc.

(e)

.............

788

170,468

Kyocera

Corp.

.......................

17,000

255,048

Murata

Manufacturing

Co.

Ltd.

............

157,600

3,201,732

Ralliant

Corp.

.......................

31,260

1,655,842

Shimadzu

Corp.

......................

13,000

352,328

TDK

Corp.

.........................

46,500

600,000

Teledyne

Technologies,

Inc.

(e)

.............

757

469,567

17,502,970

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

,

Class

A

..............

88,105

4,937,404

Saipem

SpA

........................

6,419

23,707

Tenaris

SA

.........................

9,866

219,153

5,180,264

Entertainment

—

0.1%

Electronic

Arts,

Inc.

...................

2,970

605,643

Nintendo

Co.

Ltd.

.....................

15,000

928,883

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Entertainment

(continued)

Walt

Disney

Co.

(The)

.................

42,839

$

4,832,239

6,366,765

Financial

Services

—

0.2%

Adyen

NV

(b)(c)(e)

......................

295

437,439

Aimbridge

Topco

LLC

(e)(f)

................

8,082

488,961

Banca

Mediolanum

SpA

................

16,246

381,102

Edenred

SE

........................

13,082

274,013

Fidelity

National

Information

Services,

Inc.

....

136,341

7,532,840

Groupe

Bruxelles

Lambert

NV

............

2,094

198,140

Industrivarden

AB

,

Class

A

..............

4,531

226,507

M&G

plc

...........................

42,668

180,880

Mitsubishi

HC

Capital,

Inc.

...............

32,200

281,008

Nexi

SpA

(b)(c)

........................

13,946

59,542

ORIX

Corp.

.........................

30,700

935,595

Poste

Italiane

SpA

(b)(c)

..................

33,155

873,243

Sofina

SA

..........................

145

42,255

Visa,

Inc.

,

Class

A

....................

27,516

8,855,474

Voya

Financial,

Inc.

...................

45,670

3,501,062

24,268,061

Food

Products

—

0.3%

Ajinomoto

Co.,

Inc.

....................

16,500

377,468

Campbell's

Co.

(The)

..................

102,020

2,854,520

Chocoladefabriken

Lindt

&

Spruengli

AG

.....

15

215,572

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

......................

1

147,812

Danone

SA

.........................

4,656

364,844

General

Mills,

Inc.

....................

6,999

323,774

H-Food

Holdings

LLC

(e)

.................

11,259

145,432

Hormel

Foods

Corp.

...................

68,269

1,680,100

Kerry

Group

plc

,

Class

A

................

2,136

189,873

Kraft

Heinz

Co.

(The)

..................

105,591

2,506,730

Lamb

Weston

Holdings,

Inc.

.............

51,130

2,348,401

McCormick

&

Co.,

Inc.

(Non-Voting)

........

18,756

1,159,683

MEIJI

Holdings

Co.

Ltd.

................

1,800

42,139

Mondelez

International,

Inc.

,

Class

A

........

120,258

7,031,485

Mowi

ASA

..........................

3,395

78,262

Nestle

SA

(Registered)

.................

88,732

8,467,389

NH

Foods

Ltd.

.......................

1,900

86,263

Orkla

ASA

..........................

47,759

568,254

WH

Group

Ltd.

(b)(c)

....................

121,000

142,792

Yakult

Honsha

Co.

Ltd.

.................

4,300

69,487

28,800,280

Gas

Utilities

—

0.1%

APA

Group

(g)

........................

455,216

2,802,533

Atmos

Energy

Corp.

...................

18,894

3,142,828

Enagas

SA

.........................

8,740

143,848

Naturgy

Energy

Group

SA

...............

30,404

954,323

Snam

SpA

.........................

132,359

909,662

Spire,

Inc.

..........................

55,167

4,661,060

Tokyo

Gas

Co.

Ltd.

...................

20,400

905,060

13,519,314

Ground

Transportation

—

0.5%

Aurizon

Holdings

Ltd.

..................

1,576,694

4,033,145

Canadian

National

Railway

Co.

...........

112,227

10,796,177

Canadian

Pacific

Kansas

City

Ltd.

.........

128,842

9,577,697

Central

Japan

Railway

Co.

..............

3,900

108,803

CSX

Corp.

.........................

176,444

6,662,525

East

Japan

Railway

Co.

................

150,400

3,775,679

Norfolk

Southern

Corp.

.................

16,481

4,799,926

Union

Pacific

Corp.

...................

73,175

17,203,443

West

Japan

Railway

Co.

................

900

18,391

56,975,786

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

0.7%

Abbott

Laboratories

...................

114,037

$

12,464,244

Alcon

AG

..........................

1,232

99,721

Baxter

International,

Inc.

................

509,634

10,228,354

Becton

Dickinson

&

Co.

................

56,912

11,580,454

Boston

Scientific

Corp.

(e)

................

21,452

2,006,406

Coloplast

A/S

,

Class

B

.................

6,989

595,777

Cooper

Cos.,

Inc.

(The)

(e)

...............

15,003

1,220,944

Dexcom,

Inc.

(e)

......................

16,181

1,181,860

Edwards

Lifesciences

Corp.

(e)

............

18,970

1,543,399

EssilorLuxottica

SA

...................

4,496

1,374,410

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

.......

12,260

286,410

GE

HealthCare

Technologies,

Inc.

.........

23,062

1,821,206

Hologic,

Inc.

(e)

.......................

15,707

1,176,925

Hoya

Corp.

.........................

3,600

603,921

Insulet

Corp.

(e)

.......................

3,419

874,614

Intuitive

Surgical,

Inc.

(e)

.................

5,207

2,625,474

Koninklijke

Philips

NV

..................

25,452

730,875

Medtronic

plc

.......................

128,594

13,240,038

ResMed,

Inc.

.......................

10,176

2,628,563

Siemens

Healthineers

AG

(b)(c)

.............

22,265

1,111,325

Smith

&

Nephew

plc

...................

8,439

143,828

Solventum

Corp.

(e)

....................

13,739

1,057,491

Sonova

Holding

AG

(Registered)

..........

2,805

767,682

STERIS

plc

.........................

8,001

2,101,063

Stryker

Corp.

.......................

9,142

3,378,518

Sysmex

Corp.

.......................

64,700

612,209

Terumo

Corp.

.......................

73,800

965,397

Zimmer

Biomet

Holdings,

Inc.

............

11,118

968,044

77,389,152

Health

Care

Providers

&

Services

—

0.8%

Amplifon

SpA

.......................

8,516

137,301

Cardinal

Health,

Inc.

...................

56,150

12,065,512

Cencora,

Inc.

.......................

12,159

4,367,756

Centene

Corp.

(e)

.....................

112,159

4,858,728

Cigna

Group

(The)

....................

27,926

7,654,796

CVS

Health

Corp.

....................

179,361

13,365,982

Elevance

Health,

Inc.

..................

35,770

12,367,120

Fresenius

Medical

Care

AG

..............

6,232

280,558

Fresenius

SE

&

Co.

KGaA

...............

2,220

124,182

HCA

Healthcare,

Inc.

..................

4,285

2,092,237

Henry

Schein,

Inc.

(e)

...................

23,345

1,762,080

Humana,

Inc.

.......................

11,359

2,217,277

McKesson

Corp.

.....................

6,246

5,191,738

Molina

Healthcare,

Inc.

(e)

................

9,362

1,681,321

Sonic

Healthcare

Ltd.

..................

25,078

401,043

UnitedHealth

Group,

Inc.

................

74,707

21,435,679

90,003,310

Health

Care

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

........

40,140

2,193,249

American

Healthcare

REIT,

Inc.

...........

214,292

10,052,438

CareTrust

REIT,

Inc.

...................

157,361

5,875,860

Healthcare

Realty

Trust,

Inc.

,

Class

A

.......

155,495

2,610,761

Welltower,

Inc.

.......................

23,286

4,386,151

25,118,459

Hotel

&

Resort

REITs

—

0.0%

Invincible

Investment

Corp.

..............

4,183

1,771,578

Hotels,

Restaurants

&

Leisure

—

0.1%

Amadeus

IT

Group

SA

.................

2,435

163,259

Carnival

plc

(e)

.......................

2,236

66,416

Compass

Group

plc

...................

53,301

1,598,254

Darden

Restaurants,

Inc.

...............

9,296

1,853,158

Domino's

Pizza,

Inc.

...................

1,340

549,842

Entain

plc

..........................

21,142

175,399

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Evolution

AB

(b)(c)

......................

11,864

$

770,699

Fortrex

Holdings

LLC

(e)(f)

................

7,924

213,948

Galaxy

Entertainment

Group

Ltd.

..........

51,000

259,119

Genting

Singapore

Ltd.

.................

111,300

64,259

InterContinental

Hotels

Group

plc

..........

2,924

395,033

McDonald's

Corp.

....................

8,455

2,663,325

New

Topco

(e)(f)(g)

......................

12,872

—

Restaurant

Brands

International,

Inc.

........

17,152

1,149,177

Sands

China

Ltd.

.....................

141,200

306,444

Sodexo

SA

.........................

44,260

2,261,315

Yum!

Brands,

Inc.

....................

16,971

2,638,990

15,128,637

Household

Durables

—

0.1%

Bellway

plc

.........................

831

30,925

Lennar

Corp.

,

Class

A

..................

11,018

1,204,818

Panasonic

Holdings

Corp.

...............

38,900

533,346

Sekisui

House

Ltd.

....................

32,600

726,550

Sony

Group

Corp.

....................

424,300

9,354,928

Taylor

Wimpey

plc

....................

2,554,571

3,734,684

15,585,251

Household

Products

—

0.1%

Colgate-Palmolive

Co.

.................

10,720

967,909

Henkel

AG

&

Co.

KGaA

................

5,592

461,615

Kimberly-Clark

Corp.

..................

4,701

470,053

Procter

&

Gamble

Co.

(The)

.............

58,294

8,847,280

Reckitt

Benckiser

Group

plc

..............

48,220

4,019,613

Unicharm

Corp.

......................

61,000

370,273

15,136,743

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Orsted

A/S

(b)(c)(e)

......................

133,945

3,013,128

Industrial

Conglomerates

—

0.2%

CK

Hutchison

Holdings

Ltd.

..............

103,500

834,552

DCC

plc

...........................

5,330

337,866

Hitachi

Ltd.

.........................

295,900

10,267,770

Honeywell

International,

Inc.

.............

2,006

456,405

Jardine

Matheson

Holdings

Ltd.

...........

6,900

502,858

Keppel

Ltd.

.........................

397,800

3,422,206

Sekisui

Chemical

Co.

Ltd.

...............

21,400

378,510

Siemens

AG

(Registered)

...............

11,691

3,534,544

Smiths

Group

plc

.....................

22,973

788,935

Swire

Pacific

Ltd.

,

Class

A

...............

15,000

144,748

20,668,394

Industrial

REITs

—

0.4%

CapitaLand

Ascendas

REIT

..............

69,600

155,755

EastGroup

Properties,

Inc.

..............

35,332

6,417,705

Goodman

Group

.....................

322,708

6,855,509

LondonMetric

Property

plc

...............

2,192,696

6,019,149

Mitsui

Fudosan

Logistics

Park,

Inc.

.........

4,062

3,031,728

Prologis,

Inc.

........................

85,257

11,131,154

Rexford

Industrial

Realty,

Inc.

............

97,451

3,949,689

STAG

Industrial,

Inc.

..................

68,036

2,552,030

Tritax

Big

Box

REIT

plc

.................

1,315,617

2,986,358

Warehouses

De

Pauw

CVA

..............

127,626

3,616,365

46,715,442

Insurance

—

0.8%

Admiral

Group

plc

....................

18,354

690,734

Ageas

SA

..........................

15,389

1,093,087

AIA

Group

Ltd.

......................

277,400

3,200,498

Allianz

SE

(Registered)

.................

38,450

16,930,388

Allstate

Corp.

(The)

...................

11,458

2,280,027

American

International

Group,

Inc.

.........

24,089

1,803,784

Security

Shares

Shares

Value

Insurance

(continued)

Arthur

J

Gallagher

&

Co.

................

23,652

$

5,898,099

ASR

Nederland

NV

...................

15,024

1,091,204

Assurant,

Inc.

.......................

22,026

5,245,051

Aviva

plc

..........................

49,380

430,488

AXA

SA

...........................

157,441

7,179,174

Chubb

Ltd.

.........................

4,492

1,390,544

Cincinnati

Financial

Corp.

...............

2,094

336,904

Dai-ichi

Life

Holdings,

Inc.

...............

57,100

502,146

Fidelity

National

Financial,

Inc.

,

Class

A

......

78,659

4,278,263

Generali

...........................

60,129

2,452,688

Hartford

Insurance

Group,

Inc.

(The)

........

3,718

502,153

Japan

Post

Holdings

Co.

Ltd.

.............

52,900

636,536

Legal

&

General

Group

plc

..............

59,547

216,204

Marsh

&

McLennan

Cos.,

Inc.

............

13,708

2,579,709

MS&AD

Insurance

Group

Holdings,

Inc.

.....

20,900

532,482

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

...................

2,858

1,732,167

NN

Group

NV

.......................

18,948

1,501,956

Phoenix

Financial

Ltd.

.................

2,070

100,473

Progressive

Corp.

(The)

................

59,976

12,475,008

Prudential

plc

.......................

16,203

266,138

Sampo

OYJ

,

Class

A

..................

41,271

460,267

Sompo

Holdings,

Inc.

..................

13,100

451,747

T&D

Holdings,

Inc.

....................

7,600

187,712

Tokio

Marine

Holdings,

Inc.

..............

33,400

1,244,903

Travelers

Cos.,

Inc.

(The)

...............

2,977

846,986

Tryg

A/S

...........................

45,526

1,106,419

Unipol

Assicurazioni

SpA

................

21,132

470,647

Zurich

Insurance

Group

AG

..............

2,262

1,609,236

81,723,822

Interactive

Media

&

Services

—

0.6%

Alphabet,

Inc.

,

Class

A

.................

83,711

28,294,318

Alphabet,

Inc.

,

Class

C

.................

43,348

14,674,598

Autotrader

Group

plc

(b)(c)

................

3,177

23,419

LY

Corp.

...........................

184,700

472,910

Meta

Platforms,

Inc.

,

Class

A

.............

27,209

19,495,249

Rightmove

plc

.......................

13,652

92,416

Scout24

SE

(b)(c)

......................

988

98,367

63,151,277

IT

Services

—

0.2%

Accenture

plc

,

Class

A

.................

58,579

15,443,767

Capgemini

SE

.......................

243

37,757

Fujitsu

Ltd.

.........................

58,900

1,636,583

Indra

Sistemas

SA

....................

1,732

111,946

NEC

Corp.

.........................

37,700

1,278,017

NEXTDC

Ltd.

(e)

......................

336,164

3,105,991

Nomura

Research

Institute

Ltd.

...........

10,600

322,456

Obic

Co.

Ltd.

........................

3,200

88,941

Travelport

Technology

Ltd.

(e)(f)

.............

246

588,309

22,613,767

Leisure

Products

—

0.0%

Hasbro,

Inc.

........................

42,812

3,823,540

Life

Sciences

Tools

&

Services

—

0.2%

Agilent

Technologies,

Inc.

...............

19,397

2,596,288

Danaher

Corp.

......................

22,302

4,881,685

Eurofins

Scientific

SE

..................

2,856

231,031

Lonza

Group

AG

(Registered)

............

977

663,823

QIAGEN

NV

........................

6,123

324,637

Thermo

Fisher

Scientific,

Inc.

.............

10,827

6,264,610

West

Pharmaceutical

Services,

Inc.

........

6,547

1,513,143

16,475,217

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

—

0.7%

Amada

Co.

Ltd.

......................

3,700

$

47,399

Atlas

Copco

AB

,

Class

A

................

8,610

177,557

Atlas

Copco

AB

,

Class

B

................

1,189

21,387

Caterpillar,

Inc.

......................

2,883

1,895,169

CNH

Industrial

NV

....................

248,145

2,670,040

Cummins,

Inc.

.......................

8,201

4,746,903

Daifuku

Co.

Ltd.

......................

3,700

132,731

Deere

&

Co.

........................

9,343

4,933,104

DMG

Mori

Co.

Ltd.

....................

9,900

174,718

Epiroc

AB

,

Class

A

....................

8,944

250,729

Epiroc

AB

,

Class

B

....................

1,536

38,303

FANUC

Corp.

.......................

13,500

542,087

Fincantieri

SpA

(e)

.....................

18,763

356,152

Fortive

Corp.

........................

54,029

2,853,272

GEA

Group

AG

......................

8,026

573,882

IHI

Corp.

..........................

8,100

187,403

Illinois

Tool

Works,

Inc.

.................

21,768

5,687,108

Knorr-Bremse

AG

....................

1,991

231,823

Komatsu

Ltd.

.......................

52,800

2,020,932

Kone

OYJ

,

Class

B

...................

33,412

2,401,150

Kubota

Corp.

.......................

54,500

835,031

Metso

OYJ

.........................

2,918

57,049

Middleby

Corp.

(The)

(e)

.................

18,543

2,728,973

Mitsubishi

Heavy

Industries

Ltd.

...........

72,700

2,140,574

NGK

Insulators

Ltd.

...................

7,800

186,872

Nordson

Corp.

.......................

2,053

563,610

Oshkosh

Corp.

......................

1,745

250,966

Otis

Worldwide

Corp.

..................

86,776

7,412,406

PACCAR,

Inc.

.......................

59,704

7,338,219

Parker-Hannifin

Corp.

..................

8,078

7,559,716

Rational

AG

........................

226

181,098

RENK

Group

AG

.....................

6,943

447,004

Sandvik

AB

.........................

58,792

2,321,481

Schindler

Holding

AG

..................

1,793

691,816

Schindler

Holding

AG

(Registered)

.........

509

187,201

SKF

AB

,

Class

B

.....................

29,706

776,714

SMC

Corp.

.........................

300

116,631

Snap-on,

Inc.

.......................

3,277

1,199,742

Spirax

Group

plc

.....................

4,039

402,464

Techtronic

Industries

Co.

Ltd.

.............

138,500

1,890,733

Wartsila

OYJ

Abp

.....................

5,646

228,889

Weir

Group

plc

(The)

..................

4,726

208,741

Westinghouse

Air

Brake

Technologies

Corp.

...

1,903

437,956

Xylem,

Inc.

.........................

6,549

902,911

Yangzijiang

Shipbuilding

Holdings

Ltd.

.......

32,800

86,143

Yaskawa

Electric

Corp.

.................

1,400

44,687

69,139,476

Marine

Transportation

—

0.0%

AP

Moller

-

Maersk

A/S

,

Class

A

...........

21

51,495

AP

Moller

-

Maersk

A/S

,

Class

B

...........

41

101,382

Nippon

Yusen

KK

.....................

23,900

785,471

SITC

International

Holdings

Co.

Ltd.

........

43,000

160,570

1,098,918

Media

—

0.1%

CyberAgent,

Inc.

.....................

61,300

556,119

Dentsu

Group,

Inc.

(e)

...................

13,400

260,115

Informa

plc

.........................

17,908

216,110

Learfield

Communications

LLC,

(Acquired

09/13/23,

cost

$0)

(e)(f)(h)

...............

4,682

524,384

Mobvista,

Inc.

(b)(c)(e)

....................

27,000

51,497

Publicis

Groupe

SA

...................

19,152

1,914,210

SES

SA

,

ADR

.......................

285,666

2,339,759

SKY

Perfect

JSAT

Holdings,

Inc.

..........

148,200

2,142,213

Versant

Media

Group,

Inc.

(e)

..............

19,031

620,030

Security

Shares

Shares

Value

Media

(continued)

WPP

plc

...........................

1,564,757

$

6,490,963

15,115,400

Metals

&

Mining

—

0.2%

Alrosa

PJSC

(e)(f)

......................

607,124

80

Anglo

American

plc

...................

26,544

1,230,787

Antofagasta

plc

......................

16,067

796,144

Barrick

Mining

Corp.

...................

50,295

2,303,008

Boliden

AB

(e)

........................

14,741

1,032,264

Endeavour

Mining

plc

..................

14,672

835,105

Evolution

Mining

Ltd.

..................

115,292

1,107,175

Freeport-McMoRan,

Inc.

................

18,748

1,129,192

Glencore

plc

........................

198,769

1,355,079

Newmont

Corp.

......................

12,959

1,455,944

Nippon

Steel

Corp.

....................

6,000

25,002

Novolipetsk

Steel

PJSC

(e)(f)

..............

14

—

Rio

Tinto

plc

........................

7,402

675,317

South32

Ltd.

........................

241,558

765,224

Southern

Copper

Corp.

.................

7,269

1,383,436

Steel

Dynamics,

Inc.

...................

5,468

981,889

Sumitomo

Metal

Mining

Co.

Ltd.

...........

300

16,952

Teck

Resources

Ltd.

,

Class

B

............

152,591

8,203,292

23,295,890

Multi-Utilities

—

1.0%

Algonquin

Power

&

Utilities

Corp.

..........

423,740

2,782,092

Ameren

Corp.

.......................

22,599

2,334,025

Black

Hills

Corp.

.....................

30,322

2,212,900

CenterPoint

Energy,

Inc.

................

44,551

1,768,229

Centrica

plc

........................

1,335,925

3,498,134

CMS

Energy

Corp.

....................

275,264

19,678,623

Consolidated

Edison,

Inc.

...............

4,825

514,490

Dominion

Energy,

Inc.

..................

156,890

9,440,071

DTE

Energy

Co.

.....................

52,757

7,089,486

Engie

SA

..........................

36,010

1,075,130

National

Grid

plc

.....................

747,907

12,706,607

NiSource,

Inc.

.......................

104,027

4,607,356

Public

Service

Enterprise

Group,

Inc.

.......

38,903

3,204,051

Sempra

...........................

130,530

11,357,415

Veolia

Environnement

SA

...............

167,104

6,267,603

WEC

Energy

Group,

Inc.

................

117,191

12,969,528

101,505,740

Municipal-Education

—

0.0%

New

Knoxville

Local

School

District

(b)(c)(e)(f)

....

206,902

245,251

Office

REITs

—

0.2%

BXP,

Inc.

..........................

83,508

5,400,462

COPT

Defense

Properties

...............

92,435

2,847,922

Cousins

Properties,

Inc.

................

223,935

5,652,119

Gecina

SA

.........................

918

84,320

Hudson

Pacific

Properties,

Inc.

(e)

..........

132,668

1,143,598

SL

Green

Realty

Corp.

.................

47,252

2,115,945

17,244,366

Oil,

Gas

&

Consumable

Fuels

—

1.8%

Aker

BP

ASA

........................

6,345

186,784

Antero

Resources

Corp.

(e)

...............

24,066

875,280

BP

plc

............................

1,951,243

12,371,969

Canadian

Natural

Resources

Ltd.

..........

112,406

4,179,573

Cheniere

Energy,

Inc.

..................

58,772

12,431,453

Chevron

Corp.

.......................

21,279

3,764,255

ConocoPhillips

......................

108,397

11,298,219

Coterra

Energy,

Inc.

...................

112,826

3,255,030

DT

Midstream,

Inc.

....................

36,892

4,649,130

Enbridge,

Inc.

.......................

209,539

10,228,809

ENEOS

Holdings,

Inc.

.................

114,600

968,590

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Energy

Transfer

LP

...................

236,163

$

4,357,207

Eni

SpA

...........................

66,985

1,369,115

Enterprise

Products

Partners

LP

...........

127,183

4,221,204

EOG

Resources,

Inc.

..................

47,668

5,345,013

EQT

Corp.

.........................

90,171

5,205,572

Expand

Energy

Corp.

..................

23,825

2,678,168

Galp

Energia

SGPS

SA

,

Class

B

..........

2,960

58,897

Gibson

Energy,

Inc.

...................

53,734

1,057,987

Kinder

Morgan,

Inc.

...................

96,325

2,936,949

Kinetik

Holdings,

Inc.

,

Class

A

............

15,252

623,959

Koninklijke

Vopak

NV

..................

66,642

3,326,035

LUKOIL

PJSC

(e)(f)

.....................

417,114

55

MPLX

LP

..........................

91,246

5,100,651

Novatek

PJSC

(e)(f)

.....................

690

—

ONEOK,

Inc.

........................

9,880

782,397

Pembina

Pipeline

Corp.

................

238,106

9,893,906

Phillips

66

..........................

36,435

5,230,609

Plains

All

American

Pipeline

LP

...........

220,018

4,233,146

Plains

GP

Holdings

LP

,

Class

A

...........

274,214

5,615,903

Range

Resources

Corp.

................

20,317

768,999

Repsol

SA

.........................

103,080

2,030,790

Shell

plc

...........................

415,256

15,972,917

South

Bow

Corp.

.....................

52,798

1,499,638

Sunoco

LP

.........................

16,653

958,880

Targa

Resources

Corp.

.................

5,723

1,150,209

TC

Energy

Corp.

.....................

93,808

5,501,990

TotalEnergies

SE

.....................

94,399

6,865,523

Tourmaline

Oil

Corp.

...................

138,996

6,577,977

Var

Energi

ASA

......................

13,447

49,168

Western

Midstream

Partners

LP

...........

65,487

2,715,091

Williams

Cos.,

Inc.

(The)

................

342,172

23,014,489

193,351,536

Passenger

Airlines

—

0.0%

International

Consolidated

Airlines

Group

SA

..

83,228

477,381

JET2

plc

...........................

1,441

24,428

501,809

Personal

Care

Products

—

0.0%

Kao

Corp.

..........................

7,100

284,018

L'Oreal

SA

.........................

4,443

2,041,290

Unilever

plc

.........................

28,049

1,908,157

4,233,465

Pharmaceuticals

—

1.6%

Astellas

Pharma,

Inc.

..................

84,600

1,176,777

AstraZeneca

plc

.....................

103,278

19,242,147

Bayer

AG

(Registered)

.................

176,829

9,352,784

Bristol-Myers

Squibb

Co.

................

17,481

962,329

Chugai

Pharmaceutical

Co.

Ltd.

...........

2,600

148,514

Daiichi

Sankyo

Co.

Ltd.

.................

40,500

741,945

Eisai

Co.

Ltd.

.......................

5,800

161,701

Eli

Lilly

&

Co.

.......................

21,467

22,264,499

Galderma

Group

AG

...................

1,398

260,586

GSK

plc

...........................

201,962

5,223,072

Haleon

plc

.........................

524,157

2,741,291

Hikma

Pharmaceuticals

plc

..............

8,917

187,046

Ipsen

SA

..........................

12,346

2,016,909

Johnson

&

Johnson

...................

12,652

2,875,167

Kyowa

Kirin

Co.

Ltd.

...................

12,700

206,173

Merck

&

Co.,

Inc.

.....................

228,436

25,189,638

Novartis

AG

(Registered)

...............

68,486

10,161,255

Novo

Nordisk

A/S

,

Class

B

..............

182,255

10,822,164

Ono

Pharmaceutical

Co.

Ltd.

.............

38,500

573,587

Orion

OYJ

,

Class

B

...................

20,069

1,659,668

Otsuka

Holdings

Co.

Ltd.

...............

9,800

586,710

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Pfizer,

Inc.

.........................

53,445

$

1,413,086

Recordati

Industria

Chimica

e

Farmaceutica

SpA

26,137

1,440,132

Roche

Holding

AG

....................

38,904

17,708,881

Sanofi

SA

..........................

232,280

21,909,517

Shionogi

&

Co.

Ltd.

...................

5,400

111,182

Takeda

Pharmaceutical

Co.

Ltd.

...........

10,400

354,013

UCB

SA

...........................

13,927

4,243,915

Zoetis,

Inc.

,

Class

A

...................

19,854

2,478,176

166,212,864

Professional

Services

—

0.3%

Automatic

Data

Processing,

Inc.

...........

21,363

5,272,816

Broadridge

Financial

Solutions,

Inc.

........

4,582

903,158

Bureau

Veritas

SA

....................

9,490

305,505

Equifax,

Inc.

........................

24,296

4,893,214

Experian

plc

........................

33,768

1,278,954

Intertek

Group

plc

....................

16,715

1,025,426

Leidos

Holdings,

Inc.

..................

1,813

341,352

Maximus,

Inc.

.......................

65,987

6,231,812

Recruit

Holdings

Co.

Ltd.

...............

23,900

1,258,904

RELX

plc

..........................

39,985

1,417,549

SGS

SA

(Registered)

..................

3,977

478,670

SS&C

Technologies

Holdings,

Inc.

.........

125,874

10,307,822

Verisk

Analytics,

Inc.

...................

1,918

417,088

Wolters

Kluwer

NV

....................

11,375

1,068,148

35,200,418

Real

Estate

Management

&

Development

—

0.3%

ADLER

Group

SA

(e)(f)

..................

664,216

8

CapitaLand

Investment

Ltd.

..............

56,600

137,036

CK

Asset

Holdings

Ltd.

.................

66,500

389,566

Daiwa

House

Industry

Co.

Ltd.

............

52,600

1,792,296

Hongkong

Land

Holdings

Ltd.

............

32,000

271,516

Hulic

Co.

Ltd.

.......................

9,100

108,444

LEG

Immobilien

SE

...................

3,473

251,125

Lendlease

Corp.

Ltd.

(g)

.................

474,174

1,586,830

Mitsubishi

Estate

Co.

Ltd.

...............

87,300

2,224,921

Mitsui

Fudosan

Co.

Ltd.

................

787,500

9,030,188

Nomura

Real

Estate

Holdings,

Inc.

.........

19,400

128,918

PSP

Swiss

Property

AG

(Registered)

.......

350

70,252

Sumitomo

Realty

&

Development

Co.

Ltd.

....

13,700

381,504

Sun

Hung

Kai

Properties

Ltd.

.............

332,000

5,331,552

TAG

Immobilien

AG

...................

51,752

877,991

Tokyu

Fudosan

Holdings

Corp.

............

240,900

2,230,616

VGP

NV

...........................

17,938

2,199,817

Vonovia

SE

.........................

172,942

5,063,619

Wharf

Real

Estate

Investment

Co.

Ltd.

......

1,099,000

3,815,467

35,891,666

Residential

REITs

—

0.3%

American

Homes

4

Rent

,

Class

A

..........

121,793

3,814,557

AvalonBay

Communities,

Inc.

............

17,511

3,111,179

Centurion

Accommodation

REIT

(e)

.........

369,300

324,631

Equity

LifeStyle

Properties,

Inc.

...........

119,530

7,550,710

Equity

Residential

....................

84,676

5,277,008

UDR,

Inc.

..........................

123,344

4,582,230

UNITE

Group

plc

(The)

.................

374,975

2,916,325

27,576,640

Retail

REITs

—

0.2%

Agree

Realty

Corp.

...................

82,449

5,955,291

Federal

Realty

Investment

Trust

...........

30,529

3,088,314

Klepierre

SA

........................

7,892

304,027

Link

REIT

..........................

68,300

314,027

Primaris

REIT

.......................

164,634

2,001,023

Regency

Centers

Corp.

................

73,351

5,345,087

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

(continued)

Simon

Property

Group,

Inc.

..............

42,314

$

8,095,091

25,102,860

Semiconductors

&

Semiconductor

Equipment

—

1.0%

Advantest

Corp.

......................

12,800

2,116,948

Applied

Materials,

Inc.

.................

44,694

14,405,770

ASM

International

NV

..................

1,319

1,107,741

ASML

Holding

NV

....................

7,261

10,411,592

ASMPT

Ltd.

........................

4,500

60,012

BE

Semiconductor

Industries

NV

..........

5,168

1,005,917

Broadcom,

Inc.

......................

75,751

25,096,306

Disco

Corp.

.........................

1,100

468,876

Infineon

Technologies

AG

...............

9,591

468,832

Kioxia

Holdings

Corp.

(e)

.................

1,700

232,537

KLA

Corp.

..........................

2,155

3,077,211

MediaTek,

Inc.

.......................

118,000

6,545,523

Monolithic

Power

Systems,

Inc.

...........

714

802,643

Nova

Ltd.

(e)

.........................

830

405,161

NVIDIA

Corp.

.......................

9,521

1,819,749

NXP

Semiconductors

NV

...............

11,839

2,677,271

Renesas

Electronics

Corp.

(e)

.............

112,900

1,877,014

SCREEN

Holdings

Co.

Ltd.

..............

4,700

598,560

STMicroelectronics

NV

.................

8,067

227,796

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.

236,000

13,049,841

Texas

Instruments,

Inc.

.................

32,212

6,943,297

Tokyo

Electron

Ltd.

...................

32,800

8,739,858

102,138,455

Software

—

0.6%

Check

Point

Software

Technologies

Ltd.

(e)

....

1,041

186,870

Cipher

Mining,

Inc.

(e)

...................

16,023

255,727

Cleanspark,

Inc.

(e)(i)

....................

14,122

167,204

Core

Scientific,

Inc.

(e)

..................

20,831

374,750

CyberArk

Software

Ltd.

(e)

................

608

261,945

Dassault

Systemes

SE

.................

12,777

351,429

Fortinet,

Inc.

(e)

.......................

5,606

455,544

Gen

Digital,

Inc.

......................

8,576

205,738

Hut

8

Corp.

(e)(i)

.......................

7,388

412,472

Intuit,

Inc.

..........................

4,168

2,079,499

Microsoft

Corp.

......................

77,713

33,439,127

Nemetschek

SE

......................

5,390

470,948

Nice

Ltd.

(e)

.........................

4,841

512,052

Open

Text

Corp.

.....................

14,047

358,796

Oracle

Corp.

........................

26,084

4,292,905

Palo

Alto

Networks,

Inc.

(e)

...............

3,506

620,457

Sage

Group

plc

(The)

..................

125,602

1,647,045

SAP

SE

...........................

39,601

7,911,030

Terawulf,

Inc.

(e)

......................

20,838

278,604

Trend

Micro,

Inc.

(e)

....................

9,500

372,665

Workday,

Inc.

,

Class

A

(e)

................

20,050

3,521,381

Zscaler,

Inc.

(e)

.......................

1,484

296,815

58,473,003

Specialized

REITs

—

0.6%

Crown

Castle,

Inc.

....................

162,010

14,064,088

DigiCo

Infrastructure

REIT

(g)

.............

611,781

1,090,558

Digital

Realty

Trust,

Inc.

................

10,602

1,759,402

Equinix,

Inc.

........................

19,367

15,898,951

Iron

Mountain,

Inc.

....................

78,977

7,276,151

Keppel

DC

REIT

.....................

1,887,360

3,381,967

National

Storage

REIT

(g)

................

1,139,849

2,184,344

Outfront

Media,

Inc.

...................

171,428

4,169,129

Public

Storage

.......................

18,529

5,117,525

Smartstop

Self

Storage

REIT,

Inc.

..........

128,892

4,052,365

VICI

Properties,

Inc.

...................

14,479

406,570

59,401,050

Security

Shares

Shares

Value

Specialty

Retail

—

0.2%

Avolta

AG

(e)

.........................

894

$

54,732

Fast

Retailing

Co.

Ltd.

.................

2,600

991,985

H

&

M

Hennes

&

Mauritz

AB

,

Class

B

.......

27,200

544,684

Home

Depot,

Inc.

(The)

................

7,998

2,995,971

Industria

de

Diseno

Textil

SA

.............

151,712

9,871,920

Kingfisher

plc

.......................

66,441

306,186

Lowe's

Cos.,

Inc.

.....................

26,503

7,077,891

Williams-Sonoma,

Inc.

.................

3,841

786,061

Zalando

SE

(b)(c)(e)

.....................

1,468

42,213

22,671,643

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Apple,

Inc.

.........................

26,686

6,924,483

Canon,

Inc.

.........................

28,500

867,508

Dell

Technologies,

Inc.

,

Class

C

...........

23,740

2,716,806

FUJIFILM

Holdings

Corp.

...............

62,300

1,244,459

Hewlett

Packard

Enterprise

Co.

...........

273,237

5,880,060

HP,

Inc.

...........................

103,873

2,019,291

Logitech

International

SA

(Registered)

.......

7,829

674,485

Pure

Storage,

Inc.

,

Class

A

(e)

.............

10,799

750,962

Ricoh

Co.

Ltd.

.......................

7,000

61,941

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)(c)

......

9,469

26,067,409

Western

Digital

Corp.

..................

36,823

9,214,219

56,421,623

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

adidas

AG

.........................

2,310

409,571

Burberry

Group

plc

(e)

..................

3,679

55,586

Cie

Financiere

Richemont

SA

(Registered)

....

7,848

1,523,373

Hermes

International

SCA

...............

373

897,438

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......

4,462

2,879,796

Pandora

A/S

........................

9,874

799,237

Swatch

Group

AG

(The)

................

19,674

4,641,836

11,206,837

Tobacco

—

0.3%

Altria

Group,

Inc.

.....................

21,679

1,343,881

British

American

Tobacco

plc

.............

313,716

18,952,713

Imperial

Brands

plc

...................

67,015

2,822,523

Japan

Tobacco,

Inc.

...................

42,400

1,532,408

Philip

Morris

International,

Inc.

............

18,158

3,258,272

27,909,797

Trading

Companies

&

Distributors

—

0.2%

AddTech

AB

,

Class

B

..................

3,431

111,401

Ashtead

Group

plc

....................

5,499

354,024

Beijer

Ref

AB

,

Class

B

.................

2,655

37,794

Brenntag

SE

........................

6,834

415,779

Bunzl

plc

..........................

17,376

487,276

Diploma

plc

.........................

2,826

205,879

ITOCHU

Corp.

......................

8,600

110,102

Mitsubishi

Corp.

......................

53,500

1,421,299

Mitsui

&

Co.

Ltd.

.....................

179,600

5,866,641

Sumitomo

Corp.

.....................

60,600

2,460,911

Toyota

Tsusho

Corp.

...................

39,300

1,431,276

WESCO

International,

Inc.

...............

37,057

10,725,408

23,627,790

Transportation

Infrastructure

—

0.6%

Aena

SME

SA

(b)(c)

.....................

618,667

19,214,299

Aeroports

de

Paris

SA

.................

16,844

2,225,461

Auckland

International

Airport

Ltd.

.........

1,948,577

9,690,948

Flughafen

Zurich

AG

(Registered)

..........

22,503

6,989,011

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

......................

84,070

7,778,605

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Transportation

Infrastructure

(continued)

Transurban

Group

(g)

...................

1,351,153

$

13,069,394

58,967,718

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

...........

14,325

1,849,787

Guangdong

Investment

Ltd.

..............

5,150,000

4,869,011

Severn

Trent

plc

.....................

14,669

589,192

United

Utilities

Group

plc

................

42,874

734,240

8,042,230

Wireless

Telecommunication

Services

—

0.2%

Airtel

Africa

plc

(b)(c)

....................

18,591

81,057

Altice

France

Lux

3

(e)

..................

44,357

834,843

Array

Digital

Infrastructure,

Inc.

...........

61,442

2,960,890

KDDI

Corp.

.........................

23,000

388,331

Mobile

TeleSystems

PJSC

(e)(f)

.............

26,804

4

Rogers

Communications,

Inc.

,

Class

B

......

51,555

1,949,295

SoftBank

Corp.

......................

563,900

766,486

SoftBank

Group

Corp.

.................

52,400

1,430,907

Tele2

AB

,

Class

B

....................

48,060

884,233

T-Mobile

US,

Inc.

.....................

33,257

6,558,613

Vodafone

Group

plc

...................

776,158

1,143,068

16,997,727

Total

Common

Stocks

—

25.3%

(Cost:

$2,271,689,935)

............................

2,695,300,856

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.4%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

...

USD

1,212

1,254,410

ATI,

Inc.

4.88%,

10/01/29

...................

614

612,114

7.25%,

08/15/30

...................

188

197,081

5.13%,

10/01/31

...................

683

684,078

Axon

Enterprise,

Inc.,

6.25%,

03/15/33

(b)

.....

108

111,904

Boeing

Co.

(The)

6.26%,

05/01/27

...................

128

131,280

5.15%,

05/01/30

...................

1,906

1,958,906

3.63%,

02/01/31

...................

4,055

3,908,260

3.60%,

05/01/34

...................

3,809

3,467,073

Bombardier,

Inc.

(b)

6.00%,

02/15/28

...................

202

202,303

8.75%,

11/15/30

...................

675

723,375

7.25%,

07/01/31

...................

111

117,845

7.00%,

06/01/32

...................

280

293,921

6.75%,

06/15/33

...................

1,605

1,685,879

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

...

130

128,070

Carpenter

Technology

Corp.,

5.63%,

03/01/34

(b)

508

515,504

Czechoslovak

Group

A/S,

5.25%,

01/10/31

(c)

..

EUR

1,673

2,069,851

Efesto

Bidco

SpA

Efesto

US

LLC,

Series

XR,

7.50%,

02/15/32

(b)

..................

USD

3,055

3,114,328

Embraer

Netherlands

Finance

BV,

5.98%,

02/11/35

.........................

107

113,284

GE

Capital

Funding

LLC,

4.55%,

05/15/32

....

213

214,796

General

Electric

Co.,

4.30%,

07/29/30

.......

1,857

1,869,638

Goat

Holdco

LLC,

6.75%,

02/01/32

(b)

........

287

294,756

L3Harris

Technologies,

Inc.

5.25%,

06/01/31

...................

371

386,138

5.40%,

07/31/33

...................

208

216,577

5.35%,

06/01/34

...................

95

97,893

4.85%,

04/27/35

...................

594

592,407

Lockheed

Martin

Corp.

4.40%,

08/15/30

...................

1,630

1,646,487

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

4.70%,

12/15/31

...................

USD

545

$

560,555

4.75%,

02/15/34

...................

263

266,398

4.80%,

08/15/34

...................

199

201,271

RTX

Corp.

5.15%,

02/27/33

...................

808

835,669

6.10%,

03/15/34

...................

500

545,633

Textron,

Inc.,

4.95%,

03/15/36

............

1,685

1,667,284

TransDigm,

Inc.

(b)

6.75%,

08/15/28

...................

517

525,700

6.38%,

03/01/29

...................

646

664,298

6.63%,

03/01/32

...................

2,173

2,246,823

6.00%,

01/15/33

...................

3,130

3,189,135

6.38%,

05/31/33

...................

2,864

2,915,586

6.25%,

01/31/34

...................

483

499,166

6.75%,

01/31/34

...................

3,041

3,147,484

43,873,160

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

3.10%,

08/05/29

...................

414

399,548

2.40%,

05/15/31

...................

238

217,079

Rand

Parent

LLC,

8.50%,

02/15/30

(b)

........

269

281,108

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

(b)

.

129

136,275

United

Parcel

Service,

Inc.

3.40%,

03/15/29

...................

771

760,629

4.45%,

04/01/30

...................

333

338,703

2,133,342

Automobile

Components

—

0.3%

Allison

Transmission,

Inc.,

5.88%,

12/01/33

(b)

..

487

493,894

American

Axle

&

Manufacturing,

Inc.

(b)

6.38%,

10/15/32

...................

276

281,602

7.75%,

10/15/33

...................

289

297,302

Aptiv

Swiss

Holdings

Ltd.

4.35%,

03/15/29

...................

1,183

1,188,510

4.65%,

09/13/29

...................

1,895

1,933,946

3.25%,

03/01/32

...................

3,412

3,187,996

5.15%,

09/13/34

...................

2,200

2,221,229

Clarios

Global

LP

6.75%,

05/15/28

(b)

..................

546

558,668

6.75%,

02/15/30

(b)

..................

2,065

2,160,261

4.75%,

06/15/31

(b)

..................

EUR

300

361,292

4.75%,

06/15/31

(c)

..................

1,302

1,568,009

6.75%,

09/15/32

(b)

..................

USD

1,538

1,591,876

Dana,

Inc.

4.25%,

09/01/30

...................

51

48,717

4.50%,

02/15/32

...................

83

78,497

Dometic

Group

AB,

5.00%,

09/11/30

(c)

.......

EUR

712

853,390

Forvia

SE

5.50%,

06/15/31

(c)

..................

588

722,860

6.75%,

09/15/33

(b)

..................

USD

550

563,937

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

133

140,808

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

...................

352

344,725

6.63%,

07/15/30

...................

168

171,522

5.25%,

04/30/31

...................

15

14,436

5.63%,

04/30/33

...................

66

62,923

Icahn

Enterprises

LP

5.25%,

05/15/27

...................

1,948

1,927,133

9.75%,

01/15/29

...................

173

174,054

4.38%,

02/01/29

...................

294

259,511

10.00%,

11/15/29

(b)

.................

344

347,229

IHO

Verwaltungs

GmbH

(c)(j)

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(a)

.....................

EUR

1,164

1,430,444

6.75%,

(6.75%

Cash

or

7.50%

PIK),

11/15/29

550

688,188

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

Mahle

GmbH,

6.50%,

05/02/31

(c)

..........

EUR

864

$

1,068,041

Schaeffler

AG

(c)

4.25%,

04/01/28

...................

800

968,631

5.38%,

04/01/31

...................

400

503,799

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

..........

USD

812

816,832

ZF

Europe

Finance

BV

(c)

2.50%,

10/23/27

...................

EUR

500

586,485

7.00%,

06/12/30

...................

1,600

2,021,570

ZF

Finance

GmbH,

2.25%,

05/03/28

(c)

.......

2,200

2,522,066

ZF

North

America

Capital,

Inc.,

7.50%,

03/24/31

(c)

USD

343

351,571

32,511,954

Automobiles

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.,

10.38%,

03/31/29

(c)

.......................

GBP

1,488

1,831,879

Ford

Motor

Co.

4.35%,

12/08/26

...................

USD

700

699,715

6.63%,

10/01/28

...................

335

354,012

9.63%,

04/22/30

...................

109

126,825

7.45%,

07/16/31

...................

538

597,930

3.25%,

02/12/32

...................

180

159,899

General

Motors

Co.,

5.35%,

04/15/28

.......

2,438

2,499,497

Nissan

Motor

Acceptance

Co.

LLC,

6.13%,

09/30/30

(b)

.......................

817

814,732

Nissan

Motor

Co.

Ltd.

5.25%,

07/17/29

(c)

..................

EUR

1,703

2,077,549

7.75%,

07/17/32

(b)

..................

USD

303

319,779

6.38%,

07/17/33

(c)

..................

EUR

400

490,774

6.38%,

07/17/33

(b)

..................

225

276,061

8.13%,

07/17/35

(b)

..................

USD

1,435

1,532,468

RCI

Banque

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

.................

EUR

1,800

2,249,003

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%,

03/24/37

.................

1,300

1,581,063

Rivian

Holdings

LLC,

10.00%,

01/15/31

(b)

.....

USD

360

339,835

15,951,021

Banks

—

2.0%

AIB

Group

plc

,

(1-day

SOFR

+

1.65%),

5.32%,

05/15/31

(a)(b)

......................

2,100

2,169,857

Al

Rajhi

Sukuk

Ltd.,

(6-Year

USD

Constant

Maturity

+

1.59%),

6.25%

(a)(c)(k)

..........

1,160

1,167,610

Associated

Banc-Corp.,

(1-day

SOFR

+

3.03%),

6.46%,

08/29/30

(a)

..................

2,800

2,913,643

Banca

Monte

dei

Paschi

di

Siena

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.15%),

4.38%,

10/02/35

(a)(c)

......................

EUR

1,373

1,670,712

Banco

Espirito

Santo

SA

(c)(e)(l)

2.63%,

05/08/17

...................

800

208,622

4.75%,

01/15/18

...................

1,500

391,165

4.00%,

01/21/25

...................

5,400

1,408,196

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

USD

1,160

1,027,795

Bangkok

Bank

PCL,

5.30%,

09/21/28

(b)

......

606

622,017

Bank

of

America

Corp.

(a)

(3-mo.

CME

Term

SOFR

+

1.77%),

3.71%,

04/24/28

......................

11,179

11,132,894

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%,

07/21/28

......................

6,526

6,486,630

(1-day

SOFR

+

2.04%),

4.95%,

07/22/28

..

2,867

2,906,492

(1-day

SOFR

+

1.99%),

6.20%,

11/10/28

..

2,500

2,594,071

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%,

12/20/28

......................

3,491

3,452,978

(1-day

SOFR

+

1.06%),

2.09%,

06/14/29

..

3,714

3,549,786

(1-day

SOFR

+

1.33%),

2.97%,

02/04/33

..

3,495

3,196,413

(1-day

SOFR

+

1.91%),

5.29%,

04/25/34

..

1,848

1,898,382

(1-day

SOFR

+

1.31%),

5.51%,

01/24/36

..

33

34,257

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Bank

of

Nova

Scotia

(The),

(1-day

SOFR

+

1.05%),

4.81%,

02/02/34

(a)

............

USD

1,143

$

1,144,228

Banque

Federative

du

Credit

Mutuel

SA,

5.11%,

01/15/36

(b)

.......................

316

315,365

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.38%),

7.63%,

02/11/35

(a)(c)

....

295

311,719

BNP

Paribas

SA,

(1-day

SOFR

+

1.29%),

4.92%,

01/15/34

(a)(b)

......................

1,644

1,635,697

Citigroup,

Inc.

(1-day

SOFR

+

1.28%),

3.07%,

02/24/28

(a)

.

137

135,654

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%,

03/20/30

(a)

.....................

6,259

6,212,498

(1-day

SOFR

+

1.34%),

4.54%,

09/19/30

(a)

.

1,640

1,653,566

(1-day

SOFR

+

1.42%),

2.98%,

11/05/30

(a)

.

425

405,050

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

(a)

.

3,151

2,952,000

(1-day

SOFR

+

3.91%),

4.41%,

03/31/31

(a)

.

281

280,957

(1-day

SOFR

+

1.46%),

4.95%,

05/07/31

(a)

.

4,461

4,552,357

(1-day

SOFR

+

2.11%),

2.57%,

06/03/31

(a)

.

405

375,494

(1-day

SOFR

+

1.17%),

4.50%,

09/11/31

(a)

.

210

210,169

(1-day

SOFR

+

1.17%),

2.56%,

05/01/32

(a)

.

665

603,220

5.88%,

02/22/33

...................

1,705

1,817,234

(1-day

SOFR

+

1.94%),

3.79%,

03/17/33

(a)

.

375

356,809

(1-day

SOFR

+

2.09%),

4.91%,

05/24/33

(a)

.

269

271,818

(1-day

SOFR

+

2.66%),

6.17%,

05/25/34

(a)

.

1,385

1,466,413

(1-day

SOFR

+

1.49%),

5.17%,

09/11/36

(a)

.

260

261,105

Citizens

Financial

Group,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.45%),

5.30%,

01/29/36

(a)

.....

116

116,552

Credit

Agricole

SA,

(1-day

SOFR

+

1.46%),

5.22%,

05/27/31

(a)(b)

.................

7,617

7,824,149

Eurobank

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.00%),

4.25%,

04/30/35

.................

EUR

325

390,672

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%,

02/07/36

.................

2,112

2,525,373

Fifth

Third

Bancorp

(a)

(1-day

SOFR

+

0.95%),

4.57%,

04/29/32

..

USD

5,250

5,245,288

(1-day

SOFR

+

1.24%),

5.14%,

01/29/37

..

381

378,384

FNB

Corp.,

(SOFR

Index

+

1.93%),

5.72%,

12/11/30

(a)

.......................

2,344

2,397,324

HSBC

Holdings

plc

(a)

(1-day

SOFR

+

3.35%),

7.39%,

11/03/28

..

200

211,060

(1-day

SOFR

+

1.29%),

5.13%,

03/03/31

..

8,480

8,691,399

(1-day

SOFR

+

1.19%),

4.62%,

11/06/31

..

4,450

4,468,811

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

1.89%),

2.18%,

06/01/28

..

1,181

1,153,942

(3-mo.

CME

Term

SOFR

+

1.38%),

4.01%,

04/23/29

......................

2,943

2,941,190

(3-mo.

CME

Term

SOFR

+

1.52%),

4.20%,

07/23/29

......................

312

313,235

(1-day

SOFR

+

1.45%),

5.30%,

07/24/29

..

4,932

5,077,847

(1-day

SOFR

+

1.16%),

5.58%,

04/22/30

..

5,449

5,677,194

(3-mo.

CME

Term

SOFR

+

1.42%),

3.70%,

05/06/30

......................

2,348

2,314,928

(1-day

SOFR

+

1.13%),

5.00%,

07/22/30

..

3,986

4,091,301

(1-day

SOFR

+

2.04%),

2.52%,

04/22/31

..

2,864

2,666,286

(1-day

SOFR

+

0.84%),

4.35%,

01/22/32

..

702

700,151

(1-day

SOFR

+

1.81%),

6.25%,

10/23/34

..

1,300

1,418,440

(1-day

SOFR

+

1.46%),

5.29%,

07/22/35

..

2,827

2,902,017

(1-day

SOFR

+

1.68%),

5.57%,

04/22/36

..

1,192

1,243,677

(1-day

SOFR

+

1.07%),

4.90%,

01/22/37

..

490

486,272

Keybank

National

Association

3.90%,

04/13/29

...................

1,369

1,346,984

4.90%,

08/08/32

...................

1,130

1,128,414

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

KeyCorp

(a)

(SOFR

Index

+

2.06%),

4.79%,

06/01/33

..

USD

1,014

$

1,012,356

(SOFR

Index

+

2.42%),

6.40%,

03/06/35

..

6,864

7,437,298

(1-day

SOFR

+

1.37%),

5.31%,

01/28/37

..

276

276,315

Lloyds

Banking

Group

plc

(a)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.82%),

4.43%,

11/04/31

......................

6,667

6,644,996

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

7.95%,

11/15/33

......................

499

580,386

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

6.07%,

06/13/36

......................

1,640

1,719,080

M&T

Bank

Corp.

(a)

(1-day

SOFR

+

2.80%),

7.41%,

10/30/29

..

1,670

1,810,250

(1-day

SOFR

+

1.40%),

5.18%,

07/08/31

..

1,709

1,753,016

(1-day

SOFR

+

2.26%),

6.08%,

03/13/32

..

768

815,751

(1-day

SOFR

+

1.85%),

5.05%,

01/27/34

..

328

329,288

(1-day

SOFR

+

1.61%),

5.39%,

01/16/36

..

1,759

1,783,648

Mitsubishi

UFJ

Financial

Group,

Inc.

(a)

Series

8NC7,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.53%),

5.48%,

02/22/31

...........

467

485,472

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.90%),

5.06%,

01/14/37

......................

3,148

3,143,637

Morgan

Stanley

Bank

NA,

(1-day

SOFR

+

0.93%),

4.97%,

07/14/28

(a)

............

472

478,156

Morgan

Stanley

Private

Bank

NA,

(1-day

SOFR

+

0.78%),

4.46%,

11/17/28

(a)

.............

3,295

3,304,028

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

(a)(c)

EUR

1,062

1,362,897

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.20%),

5.49%,

05/14/30

..

USD

982

1,021,728

(1-day

SOFR

+

1.26%),

4.81%,

10/21/32

..

2,290

2,323,056

(SOFR

Index

+

2.14%),

6.04%,

10/28/33

..

180

193,779

(1-day

SOFR

+

1.93%),

5.07%,

01/24/34

..

250

254,760

(1-day

SOFR

+

1.95%),

5.94%,

08/18/34

..

200

213,773

(1-day

SOFR

+

2.28%),

6.88%,

10/20/34

..

178

200,044

(1-day

SOFR

+

1.90%),

5.68%,

01/22/35

..

190

199,323

(1-day

SOFR

+

1.60%),

5.40%,

07/23/35

..

1,181

1,216,169

(1-day

SOFR

+

1.42%),

5.37%,

07/21/36

..

655

670,647

Santander

UK

Group

Holdings

plc

(a)

(SOFR

Index

+

1.55%),

4.86%,

09/11/30

..

1,663

1,684,477

(SOFR

Index

+

1.52%),

5.69%,

04/15/31

..

1,116

1,163,769

(1-day

SOFR

+

1.48%),

2.90%,

03/15/32

..

1,740

1,600,241

Standard

Chartered

plc,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.07%),

5.24%,

01/13/37

(a)(b)

...........

654

652,413

Sumitomo

Mitsui

Financial

Group,

Inc.

3.04%,

07/16/29

...................

330

317,742

(1-day

SOFR

+

1.22%),

5.05%,

01/15/37

(a)

.

1,005

1,002,267

Truist

Bank,

(1-day

SOFR

+

0.91%),

4.14%,

10/23/29

(a)

.......................

2,955

2,953,274

Truist

Financial

Corp.,

Series

I.,

(1-day

SOFR

+

0.97%),

4.60%,

01/27/32

(a)

............

748

749,907

US

Bancorp,

(1-day

SOFR

+

0.87%),

4.48%,

01/26/32

(a)

.......................

1,129

1,131,462

Wells

Fargo

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.57%),

3.58%,

05/22/28

......................

1,019

1,013,491

(1-day

SOFR

+

1.74%),

5.57%,

07/25/29

..

1,907

1,973,179

(1-day

SOFR

+

0.74%),

4.18%,

01/23/30

..

3,175

3,177,668

(3-mo.

CME

Term

SOFR

+

1.26%),

2.57%,

02/11/31

......................

1,112

1,039,211

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(3-mo.

CME

Term

SOFR

+

4.03%),

4.48%,

04/04/31

......................

USD

1,440

$

1,446,950

(1-day

SOFR

+

1.50%),

5.15%,

04/23/31

..

7,406

7,626,034

(1-day

SOFR

+

1.99%),

5.56%,

07/25/34

..

1,999

2,083,221

(1-day

SOFR

+

2.06%),

6.49%,

10/23/34

..

117

128,733

(1-day

SOFR

+

1.78%),

5.50%,

01/23/35

..

1,936

2,008,510

208,486,165

Beverages

—

0.0%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

..

157

154,828

Anheuser-Busch

InBev

Finance,

Inc.,

4.70%,

02/01/36

........................

156

153,842

Anheuser-Busch

InBev

Worldwide,

Inc.

6.63%,

08/15/33

...................

140

157,063

5.00%,

06/15/34

...................

304

312,777

5.88%,

06/15/35

...................

142

153,505

932,015

Biotechnology

—

0.1%

AbbVie,

Inc.,

3.20%,

11/21/29

............

1,206

1,170,013

Amgen,

Inc.

4.20%,

03/01/33

...................

540

526,711

5.25%,

03/02/33

...................

2,628

2,719,575

BioMarin

Pharmaceutical,

Inc.,

5.50%,

02/15/34

(b)

637

638,765

Genmab

A/S

(b)

6.25%,

12/15/32

...................

323

331,087

7.25%,

12/15/33

...................

794

840,337

Gilead

Sciences,

Inc.,

5.25%,

10/15/33

......

1,084

1,134,626

Grifols

SA

(c)

2.25%,

11/15/27

...................

EUR

290

342,330

7.13%,

05/01/30

...................

1,130

1,400,333

7.50%,

05/01/30

...................

363

450,369

9,554,146

Broadline

Retail

—

0.2%

Amazon.com,

Inc.,

4.10%,

11/20/30

........

USD

9,275

9,275,844

B&M

European

Value

Retail

SA

6.50%,

11/27/31

(c)

..................

GBP

2,065

2,769,379

Getty

Images,

Inc.

(b)

11.25%,

02/21/30

..................

USD

670

599,712

10.50%,

11/15/30

..................

215

217,703

Match

Group

Holdings

II

LLC

(b)

3.63%,

10/01/31

...................

216

195,601

6.13%,

09/15/33

...................

1,043

1,046,873

MercadoLibre,

Inc.,

4.90%,

01/15/33

........

634

627,768

Prosus

NV,

4.19%,

01/19/32

(b)

............

654

626,810

Rakuten

Group,

Inc.

(b)

11.25%,

02/15/27

..................

353

376,036

9.75%,

04/15/29

...................

800

896,283

16,632,009

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

(b)

.......................

574

586,877

AmeriTex

HoldCo

Intermediate

LLC,

7.63%,

08/15/33

(b)

.......................

341

358,650

Builders

FirstSource,

Inc.

(b)

6.38%,

03/01/34

...................

249

257,635

6.75%,

05/15/35

...................

605

635,630

EMRLD

Borrower

LP

(b)

6.63%,

12/15/30

...................

4,651

4,814,143

6.75%,

07/15/31

...................

508

532,973

HT

Troplast

GmbH,

9.38%,

07/15/28

(c)

.......

EUR

1,459

1,805,853

JELD-WEN,

Inc.

(b)

4.88%,

12/15/27

...................

USD

831

730,283

7.00%,

09/01/32

...................

208

130,286

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

...................

USD

214

$

214,057

9.75%,

07/15/28

...................

399

400,995

Quikrete

Holdings,

Inc.

(b)

6.38%,

03/01/32

...................

2,593

2,689,178

6.75%,

03/01/33

...................

978

1,016,013

Smyrna

Ready

Mix

Concrete

LLC,

6.00%,

11/01/28

(b)

.......................

57

57,178

Standard

Building

Solutions,

Inc.

(b)

6.50%,

08/15/32

...................

2,403

2,477,822

6.25%,

08/01/33

...................

1,256

1,283,829

5.88%,

03/15/34

...................

509

508,506

Standard

Industries,

Inc.

(b)

4.75%,

01/15/28

...................

194

192,986

4.38%,

07/15/30

...................

269

259,507

3.38%,

01/15/31

...................

186

171,648

Wilsonart

LLC,

11.00%,

08/15/32

(b)

.........

327

298,686

19,422,735

Capital

Markets

—

1.1%

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.38%,

05/08/29

(b)

..................

1,116

1,150,864

Apollo

Debt

Solutions

BDC

5.88%,

08/30/30

...................

252

253,934

6.70%,

07/29/31

...................

130

135,574

6.55%,

03/15/32

...................

48

49,535

Ares

Capital

Corp.

3.20%,

11/15/31

...................

565

501,108

5.80%,

03/08/32

...................

2,598

2,612,356

Ares

Strategic

Income

Fund

5.70%,

03/15/28

...................

5,249

5,319,523

4.85%,

01/15/29

(b)

..................

801

792,301

5.80%,

09/09/30

(b)

..................

290

290,938

5.15%,

01/15/31

(b)

..................

325

316,308

Bain

Capital

Specialty

Finance,

Inc.,

5.95%,

03/15/30

........................

75

74,880

Blackstone

Private

Credit

Fund,

3.25%,

03/15/27

1,655

1,629,950

Blue

Owl

Capital

Corp.

5.95%,

03/15/29

...................

4,461

4,509,191

6.20%,

07/15/30

...................

2,652

2,676,136

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

....

166

169,989

Blue

Owl

Credit

Income

Corp.

6.60%,

09/15/29

...................

193

198,607

5.80%,

03/15/30

...................

390

386,811

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

..................

374

348,341

Credit

Suisse

USA

LLC,

7.13%,

07/15/32

.....

80

91,147

Deutsche

Bank

AG

(1-day

SOFR

+

1.59%),

5.71%,

02/08/28

(a)

.

1,696

1,722,540

(1-day

SOFR

+

3.18%),

6.72%,

01/18/29

(a)

.

2,547

2,667,919

5.41%,

05/10/29

...................

4,204

4,370,301

(1-day

SOFR

+

1.30%),

4.95%,

08/04/31

(a)

.

1,885

1,907,033

(1-day

SOFR

+

1.10%),

4.47%,

12/10/31

(a)

.

2,490

2,487,231

(5-Year

USD

Swap

Rate

+

2.55%),

4.88%,

12/01/32

(a)

.....................

261

262,403

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

1,292

1,322,659

FS

KKR

Capital

Corp.,

6.13%,

01/15/31

......

1,706

1,651,982

Goldman

Sachs

Group,

Inc.

(The)

(3-mo.

CME

Term

SOFR

+

1.42%),

3.81%,

04/23/29

(a)

.....................

313

311,124

(1-day

SOFR

+

1.77%),

6.48%,

10/24/29

(a)

.

5,299

5,609,878

2.60%,

02/07/30

...................

2,180

2,046,416

3.80%,

03/15/30

...................

2,135

2,102,672

(1-day

SOFR

+

1.27%),

5.73%,

04/25/30

(a)

.

3,013

3,145,899

(1-day

SOFR

+

1.21%),

5.05%,

07/23/30

(a)

.

3,000

3,072,482

(1-day

SOFR

+

1.58%),

5.22%,

04/23/31

(a)

.

3,410

3,512,477

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(1-day

SOFR

+

0.96%),

4.52%,

01/21/32

(a)

.

USD

10,644

$

10,639,987

(1-day

SOFR

+

1.28%),

2.62%,

04/22/32

(a)

.

402

366,127

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

(a)

.

431

385,425

(1-day

SOFR

+

1.26%),

2.65%,

10/21/32

(a)

.

575

519,616

(1-day

SOFR

+

1.42%),

5.02%,

10/23/35

(a)

.

1,330

1,331,064

(1-day

SOFR

+

1.38%),

5.54%,

01/28/36

(a)

.

544

562,371

(1-day

SOFR

+

1.19%),

5.07%,

01/21/37

(a)

.

1,251

1,245,636

Intercontinental

Exchange,

Inc.

3.63%,

09/01/28

...................

1,000

991,166

1.85%,

09/15/32

...................

449

382,464

4.60%,

03/15/33

...................

1,384

1,391,348

Jane

Street

Group

(b)

6.13%,

11/01/32

...................

119

121,202

6.75%,

05/01/33

...................

581

604,321

MDGH

GMTN

RSC

Ltd.,

4.38%,

11/22/33

(b)

...

666

648,597

Morgan

Stanley

(a)

(1-day

SOFR

+

1.01%),

5.65%,

04/13/28

..

3,668

3,737,150

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%,

01/24/29

......................

250

248,626

(1-day

SOFR

+

1.38%),

4.99%,

04/12/29

..

6,185

6,298,156

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

..

5,644

5,768,011

(1-day

SOFR

+

0.80%),

4.24%,

01/09/30

..

2,865

2,870,423

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%,

01/23/30

......................

1,042

1,048,833

(1-day

SOFR

+

1.26%),

5.66%,

04/18/30

..

1,993

2,075,364

(1-day

SOFR

+

1.22%),

5.04%,

07/19/30

..

4,419

4,527,297

(1-day

SOFR

+

1.10%),

4.65%,

10/18/30

..

6,313

6,390,393

(1-day

SOFR

+

1.36%),

2.48%,

09/16/36

..

1,985

1,745,470

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.80%),

5.94%,

02/07/39

......................

127

132,900

Osaic

Holdings,

Inc.

(b)

6.75%,

08/01/32

...................

195

202,091

Series

JAN,

6.75%,

08/01/32

...........

395

408,945

8.00%,

08/01/33

...................

608

630,210

Series

Jan,

8.00%,

08/01/33

...........

485

503,184

S&P

Global,

Inc.

2.50%,

12/01/29

...................

297

280,888

1.25%,

08/15/30

...................

160

140,784

SURA

Asset

Management

SA,

6.35%,

05/13/32

(b)

820

871,734

UBS

Group

AG

(a)(b)

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.60%),

6.33%,

12/22/27

......................

2,095

2,136,317

(3-mo.

SOFR

+

1.41%),

3.87%,

01/12/29

..

1,000

994,991

(1-day

SOFR

+

1.06%),

4.40%,

09/23/31

..

3,280

3,263,691

(1-day

SOFR

+

1.76%),

5.58%,

05/09/36

..

1,050

1,088,492

122,253,783

Chemicals

—

0.5%

Advancion

Sciences,

Inc.,

9.25%,

(9.25%

Cash

or

10.00%

PIK),

11/01/26

(b)(j)

...........

590

458,205

Avient

Corp.,

6.25%,

11/01/31

(b)

...........

164

168,613

Celanese

US

Holdings

LLC

7.00%,

02/15/31

...................

46

47,052

6.75%,

04/15/33

...................

204

206,641

7.38%,

02/15/34

...................

389

395,839

Chemours

Co.

(The)

5.38%,

05/15/27

...................

1,037

1,043,847

5.75%,

11/15/28

(b)

..................

1,063

1,054,193

4.63%,

11/15/29

(b)

..................

141

131,481

8.00%,

01/15/33

(b)

..................

153

153,403

Dow

Chemical

Co.

(The)

7.38%,

11/01/29

...................

199

219,279

4.80%,

01/15/31

...................

1,205

1,200,960

DuPont

de

Nemours,

Inc.,

4.73%,

11/15/28

(b)

..

1,628

1,649,827

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

....

USD

1,535

$

1,496,084

FIS

Fabbrica

Italiana

Sintetici

SpA

(c)

5.63%,

08/01/27

...................

EUR

875

1,037,612

(3-mo.

EURIBOR

+

3.25%),

5.27%,

02/05/31

(a)

.....................

211

250,064

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

.....

USD

777

683,665

INEOS

Finance

plc

(c)

6.38%,

04/15/29

...................

EUR

1,996

2,040,736

7.25%,

03/31/31

...................

1,525

1,511,268

INEOS

Quattro

Finance

2

plc,

8.50%,

03/15/29

(c)

1,142

1,103,275

INEOS

Styrolution

Ludwigshafen

GmbH,

2.25%,

01/16/27

(c)

.......................

280

324,272

Ingevity

Corp.,

3.88%,

11/01/28

(b)

..........

USD

204

198,413

Inversion

Escrow

Issuer

LLC,

6.75%,

08/01/32

(b)

2,212

2,190,976

Italmatch

Chemicals

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.23%,

02/05/31

(a)

................

EUR

376

446,262

6.25%,

02/05/31

...................

193

229,436

Itelyum

Regeneration

SpA,

5.75%,

04/15/30

(c)

..

544

654,279

Kronos

International,

Inc.

9.50%,

03/15/29

(c)

..................

2,396

2,580,435

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

.....

990

114,422

LYB

International

Finance

III

LLC

2.25%,

10/01/30

...................

USD

1,926

1,719,522

5.13%,

01/15/31

...................

1,797

1,806,361

5.63%,

05/15/33

...................

1,787

1,799,473

Mativ

Holdings,

Inc.,

8.00%,

10/01/29

(b)

......

160

161,145

Maxam

Prill

SARL,

6.00%,

07/15/30

(c)

.......

EUR

2,329

2,865,916

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(b)

.......................

USD

220

226,868

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

.

720

714,600

Nutrien

Ltd.,

4.20%,

04/01/29

.............

589

588,807

Olympus

Water

US

Holding

Corp.

5.38%,

10/01/29

(c)

..................

EUR

1,072

1,187,880

6.25%,

10/01/29

(b)

..................

USD

215

210,382

7.25%,

06/15/31

(b)

..................

984

1,008,646

6.13%,

02/15/33

(c)

..................

EUR

974

1,157,101

7.25%,

02/15/33

(b)

..................

USD

3,210

3,197,508

Perimeter

Holdings

LLC,

6.25%,

01/15/34

(b)

...

962

962,039

Sasol

Financing

USA

LLC,

6.50%,

09/27/28

...

941

935,411

SCIL

IV

LLC,

9.50%,

07/15/28

(c)

...........

EUR

982

1,221,042

Scotts

Miracle-Gro

Co.

(The)

4.00%,

04/01/31

...................

USD

355

334,171

4.38%,

02/01/32

...................

79

74,475

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

.......................

1,181

1,162,104

Solstice

Advanced

Materials,

Inc.,

5.63%,

09/30/33

(b)

.......................

756

759,996

Synthomer

plc,

7.38%,

05/02/29

(c)

..........

EUR

1,439

1,384,346

WR

Grace

Holdings

LLC

(b)

4.88%,

06/15/27

...................

USD

127

127,000

5.63%,

08/15/29

...................

3,564

3,406,041

7.38%,

03/01/31

...................

682

696,146

6.63%,

08/15/32

...................

950

944,752

7.00%,

08/01/33

...................

554

554,693

50,796,964

Commercial

Services

&

Supplies

—

0.5%

ADT

Security

Corp.

(The)

(b)

4.88%,

07/15/32

...................

309

299,225

5.88%,

10/15/33

...................

1,038

1,052,272

Allied

Universal

Holdco

LLC

4.63%,

06/01/28

(b)

..................

1,961

1,936,331

4.88%,

06/01/28

(c)

..................

GBP

1,433

1,934,081

6.00%,

06/01/29

(b)

..................

USD

2,781

2,757,375

6.88%,

06/15/30

(b)

..................

2,303

2,391,679

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

7.88%,

02/15/31

(b)

..................

USD

5,337

$

5,616,781

Amber

Finco

plc,

6.63%,

07/15/29

(c)

........

EUR

1,127

1,397,618

APCOA

GmbH,

6.00%,

04/15/31

(c)

.........

1,755

2,111,675

APi

Group

DE,

Inc.

(b)

4.13%,

07/15/29

...................

USD

234

227,565

4.75%,

10/15/29

...................

141

138,243

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

....

248

247,864

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.55%,

05/01/30

(a)(c)

......................

EUR

463

553,942

Bidvest

Group

UK

plc

(The),

6.20%,

09/17/32

(b)

.

USD

252

256,569

Biffa

Group

Holdings

Ltd.

(c)

5.25%,

06/15/31

...................

EUR

490

580,900

7.38%,

06/15/31

...................

GBP

875

1,217,351

Brink's

Co.

(The)

(b)

6.50%,

06/15/29

...................

USD

173

178,477

6.75%,

06/15/32

...................

833

867,082

Clean

Harbors,

Inc.,

6.38%,

02/01/31

(b)

......

64

65,532

Currenta

Group

Holdings

SARL,

5.50%,

05/15/30

(c)

.......................

EUR

779

946,763

Deluxe

Corp.,

8.13%,

09/15/29

(b)

..........

USD

133

139,556

Garda

World

Security

Corp.

(b)

7.75%,

02/15/28

...................

430

439,143

6.00%,

06/01/29

...................

104

102,335

8.25%,

08/01/32

...................

1,527

1,560,388

8.38%,

11/15/32

...................

3,814

3,915,704

GFL

Environmental

Holdings

US,

Inc.,

5.50%,

02/01/34

(b)

.......................

1,047

1,049,410

GFL

Environmental,

Inc.

(b)

4.00%,

08/01/28

...................

100

98,419

4.75%,

06/15/29

...................

2

1,987

4.38%,

08/15/29

...................

550

538,740

6.75%,

01/15/31

...................

144

150,643

Group

Labl,

Inc.

(f)

5.88%,

11/01/28

...................

430

195,650

9.50%,

11/01/28

...................

432

196,560

8.63%,

10/01/31

...................

339

154,245

Luna

1.5

SARL

(j)

10.36%,

(10.36%

Cash

or

11.25%

PIK),

07/01/32

(c)

.....................

EUR

744

920,810

10.36%,

(10.36%

Cash

or

10.50%

PIK),

07/01/32

(b)

.....................

165

204,212

Luna

2.5

SARL,

5.50%,

07/01/32

(c)

.........

438

529,242

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.......

USD

1,203

1,201,504

Paprec

Holding

SA,

4.13%,

07/15/30

(c)

......

EUR

1,227

1,465,084

Raven

Acquisition

Holdings

LLC,

6.88%,

11/15/31

(b)

.......................

USD

442

442,939

Republic

Services,

Inc.,

4.88%,

04/01/29

.....

1,803

1,848,183

Reworld

Holding

Corp.,

4.88%,

12/01/29

(b)

....

313

303,008

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(b)

..

1,096

1,140,605

Sabre

Financial

Borrower

LLC,

11.13%,

06/15/29

(b)

.......................

878

887,974

Techem

Verwaltungsgesellschaft

675

mbH

(c)

4.63%,

07/15/32

...................

EUR

400

477,294

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.00%),

5.03%,

07/15/32

(a)

................

206

245,872

Verisure

Holding

AB,

7.13%,

02/01/28

(c)

......

568

687,995

Veritiv

Operating

Co.,

10.50%,

11/30/30

(b)

....

USD

177

189,522

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

(b)

.....

2,624

2,695,806

Williams

Scotsman,

Inc.

(b)

6.63%,

06/15/29

...................

812

839,494

6.63%,

04/15/30

...................

735

761,542

7.38%,

10/01/31

...................

255

265,861

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

(b)

....

169

175,857

48,602,909

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.1%

Motorola

Solutions,

Inc.

4.60%,

05/23/29

...................

USD

739

$

747,919

2.75%,

05/24/31

...................

2,521

2,315,522

5.20%,

08/15/32

...................

3,869

3,992,744

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

......

174

165,382

7,221,567

Construction

&

Engineering

—

0.1%

AECOM,

6.00%,

08/01/33

(b)

..............

905

927,080

Arcosa,

Inc.

(b)

4.38%,

04/15/29

...................

838

823,775

6.88%,

08/15/32

...................

32

33,708

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

.......................

1,476

1,415,100

China

City

Construction

International

Co.

Ltd.,

5.35%,

07/03/17

(c)(e)(f)(l)

...............

CNY

6,794

—

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

....

USD

318

313,027

Heathrow

Finance

plc

(c)

3.88%,

03/01/27

(d)

..................

GBP

1,745

2,363,819

6.63%,

03/01/31

...................

821

1,145,590

Weekley

Homes

LLC,

6.75%,

01/15/34

(b)

.....

USD

304

305,562

7,327,661

Consumer

Finance

—

0.6%

AerCap

Ireland

Capital

DAC

4.95%,

09/10/34

...................

532

528,478

5.00%,

11/15/35

...................

1,910

1,881,417

Ally

Financial,

Inc.

(1-day

SOFR

+

2.82%),

6.85%,

01/03/30

(a)

.

950

1,005,658

(SOFR

Index

+

1.73%),

5.54%,

01/17/31

(a)

.

4,418

4,523,287

8.00%,

11/01/31

...................

367

416,141

(1-day

SOFR

+

1.78%),

5.55%,

07/31/33

(a)

.

2,695

2,712,293

American

Express

Co.

(a)

(1-day

SOFR

+

1.22%),

4.92%,

07/20/33

..

2,900

2,937,797

(1-day

SOFR

+

1.42%),

5.28%,

07/26/35

..

1,135

1,161,991

Azorra

Finance

Ltd.

(b)

7.75%,

04/15/30

...................

176

185,228

7.25%,

01/15/31

...................

521

545,663

Bread

Financial

Holdings,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.30%),

8.38%,

06/15/35

(a)(b)

....

46

47,214

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

+

1.25%),

4.49%,

09/11/31

..

760

754,950

(1-day

SOFR

+

3.07%),

7.62%,

10/30/31

..

1,540

1,728,683

(1-day

SOFR

+

2.04%),

6.18%,

01/30/36

..

1,331

1,378,029

(1-day

SOFR

+

1.63%),

5.20%,

09/11/36

..

1,185

1,168,494

Encore

Capital

Group,

Inc.,

4.25%,

06/01/28

(c)

.

GBP

400

526,417

Ford

Motor

Credit

Co.

LLC

7.35%,

11/04/27

...................

USD

364

380,158

6.80%,

05/12/28

...................

5,004

5,236,414

5.30%,

09/06/29

...................

3,905

3,956,461

7.35%,

03/06/30

...................

1,710

1,846,272

7.20%,

06/10/30

...................

1,045

1,124,166

4.00%,

11/13/30

...................

1,895

1,802,611

6.05%,

03/05/31

...................

369

381,429

3.63%,

06/17/31

...................

879

812,414

5.87%,

10/31/35

...................

821

817,519

General

Motors

Financial

Co.,

Inc.

4.00%,

10/06/26

...................

1,050

1,050,117

4.20%,

10/27/28

...................

2,240

2,245,750

4.90%,

10/06/29

...................

3,814

3,875,393

5.45%,

01/08/36

...................

430

431,860

GGAM

Finance

Ltd.

(b)

8.00%,

06/15/28

...................

239

251,645

6.88%,

04/15/29

...................

818

846,291

5.88%,

03/15/30

...................

45

45,731

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

.......................

USD

712

$

739,376

Navient

Corp.

9.38%,

07/25/30

...................

288

310,160

7.88%,

06/15/32

...................

158

159,473

OneMain

Finance

Corp.

6.63%,

05/15/29

...................

621

640,113

5.38%,

11/15/29

...................

280

279,262

7.88%,

03/15/30

...................

188

198,314

6.13%,

05/15/30

...................

503

512,756

4.00%,

09/15/30

...................

319

299,199

7.50%,

05/15/31

...................

89

93,303

7.13%,

11/15/31

...................

110

113,985

6.75%,

03/15/32

...................

2,031

2,075,773

7.13%,

09/15/32

...................

298

308,609

6.50%,

03/15/33

...................

783

787,012

6.75%,

09/15/33

...................

960

970,640

Phoenix

Aviation

Capital

Ltd.,

9.25%,

07/15/30

(b)

1,981

2,076,137

Synchrony

Financial

5.15%,

03/19/29

...................

359

364,432

(1-day

SOFR

+

1.40%),

5.02%,

07/29/29

(a)

.

1,245

1,259,530

7.25%,

02/02/33

...................

911

967,553

Toyota

Motor

Credit

Corp.

5.05%,

05/16/29

...................

287

296,114

4.55%,

08/09/29

...................

256

260,450

3.38%,

04/01/30

...................

180

175,008

59,493,170

Consumer

Staples

Distribution

&

Retail

—

0.1%

Albertsons

Cos.,

Inc.

(b)

5.50%,

03/31/31

...................

296

296,524

5.63%,

03/31/32

...................

260

259,736

6.25%,

03/15/33

...................

600

612,661

5.75%,

03/31/34

...................

1,045

1,027,730

Bellis

Acquisition

Co.

plc

(c)

8.13%,

05/14/30

...................

GBP

1,240

1,550,666

8.00%,

07/01/31

...................

EUR

1,798

2,016,980

Boots

Group

Finco

LP

5.38%,

08/31/32

(c)

..................

566

692,975

5.38%,

08/31/32

(b)

..................

565

691,750

Series

144*,

7.38%,

08/31/32

(b)

.........

GBP

245

346,914

7.38%,

08/31/32

(c)

..................

282

399,306

Cencosud

SA,

4.38%,

07/17/27

(c)

..........

USD

1,272

1,271,873

FR

Bondco

SAS

,

6.88%,

10/31/32

(c)

........

EUR

449

539,639

KeHE

Distributors

LLC,

9.00%,

02/15/29

(b)

....

USD

179

187,550

Market

Bidco

Finco

plc,

6.75%,

01/31/31

(c)

....

EUR

1,065

1,248,867

New

Immo

Holding

SA

(c)

5.88%,

04/17/28

...................

300

369,214

4.88%,

12/08/28

...................

700

845,534

4.95%,

11/14/30

...................

400

481,209

Ocado

Group

plc

(c)

6.25%,

08/06/29

(m)

.................

GBP

600

745,754

11.00%,

06/15/30

..................

325

454,694

Performance

Food

Group,

Inc.,

6.13%,

09/15/32

(b)

.......................

USD

852

875,053

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

..

293

293,516

US

Foods,

Inc.

(b)

4.75%,

02/15/29

...................

135

134,459

7.25%,

01/15/32

...................

54

56,658

15,399,262

Containers

&

Packaging

—

0.4%

Amcor

Flexibles

North

America,

Inc.,

5.50%,

03/17/35

........................

3,042

3,145,647

Ardagh

Group

SA

9.50%,

12/01/30

(b)

..................

771

833,292

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

12.00%,

(12.00%

Cash

or

6.50%

PIK),

12/01/30

(a)(b)(j)

...................

USD

1,400

$

1,284,072

12.00%,

(12.00

%

Cash

or

7.50%

PIK),

12/01/30

(a)(c)(j)

...................

EUR

2,232

2,463,388

Ardagh

Metal

Packaging

Finance

USA

LLC

3.25%,

09/01/28

(b)

..................

USD

200

192,372

3.00%,

09/01/29

(c)

..................

EUR

782

888,352

4.00%,

09/01/29

(b)

..................

USD

3,069

2,915,252

6.25%,

01/30/31

(b)

..................

575

590,911

Ardagh

Packaging

Finance

plc,

9.50%,

12/01/30

(c)

.......................

1,619

1,749,535

Ball

Corp.

4.25%,

07/01/32

...................

EUR

225

272,491

5.50%,

09/15/33

...................

USD

215

218,526

Berry

Global,

Inc.,

5.80%,

06/15/31

.........

4,019

4,252,649

Canpack

SA,

2.38%,

11/01/27

(c)

...........

EUR

300

351,348

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%,

04/15/29

...................

USD

460

464,053

6.88%,

01/15/30

...................

1,105

1,119,365

6.75%,

04/15/32

...................

1,821

1,835,212

Crown

Americas

LLC,

5.88%,

06/01/33

(b)

.....

847

866,332

Fiber

Midco

SpA,

10.75%,

(10.75%

Cash

or

10.75%

PIK),

06/15/29

(c)(j)

.............

EUR

371

320,489

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

.....

USD

665

600,202

Kleopatra

Finco

SARL,

0.00%,

01/30/31

(f)(n)

...

EUR

2,123

2,265,313

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%,

04/15/30

...................

USD

7,415

7,554,031

9.25%,

04/15/30

...................

541

532,184

OI

European

Group

BV

(c)

6.25%,

05/15/28

...................

EUR

928

1,128,820

5.25%,

06/01/29

...................

866

1,057,118

Sealed

Air

Corp.

(b)

4.00%,

12/01/27

...................

USD

83

82,684

5.00%,

04/15/29

...................

119

119,783

6.50%,

07/15/32

...................

300

311,444

Silgan

Holdings,

Inc.,

4.25%,

02/15/31

(b)

.....

EUR

560

670,816

Trivium

Packaging

Finance

BV

6.63%,

07/15/30

(b)

..................

130

162,580

6.63%,

07/15/30

(c)

..................

283

353,924

8.25%,

07/15/30

(b)

..................

USD

757

807,775

12.25%,

01/15/31

(b)

.................

200

218,842

39,628,802

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

................

30

28,950

Gates

Corp.,

6.88%,

07/01/29

............

327

339,927

Resideo

Funding,

Inc.

4.00%,

09/01/29

...................

190

183,022

6.50%,

07/15/32

...................

876

889,806

1,441,705

Diversified

Consumer

Services

—

0.1%

Belron

UK

Finance

plc,

5.75%,

10/15/29

(b)

....

963

981,337

Multiversity

SpA

(c)

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

6.28%,

10/30/28

(a)

................

EUR

600

712,187

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.28%,

05/17/31

(a)

................

1,315

1,563,242

7.13%,

05/17/31

...................

819

1,021,460

Service

Corp.

International

4.00%,

05/15/31

...................

USD

419

398,729

5.75%,

10/15/32

...................

1,881

1,910,838

Sotheby's

(b)

7.38%,

10/15/27

...................

794

790,920

5.88%,

06/01/29

...................

400

383,561

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

.....

USD

1,199

$

1,260,686

9,022,960

Diversified

REITs

—

0.1%

Digital

Realty

Trust,

Inc.,

1.88%,

11/15/29

(b)(m)

..

89

91,955

GLP

Capital

LP

5.75%,

06/01/28

...................

881

902,732

4.00%,

01/15/30

...................

813

791,062

3.25%,

01/15/32

...................

754

682,577

6.75%,

12/01/33

...................

362

392,193

5.63%,

09/15/34

...................

969

980,912

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

...............

430

411,246

Simon

Property

Group

LP

2.65%,

07/15/30

...................

500

468,520

4.38%,

10/01/30

...................

2,780

2,793,347

Trust

Fibra

Uno,

7.70%,

01/23/32

(c)

.........

580

633,592

Uniti

Group

LP,

Series

Feb,

8.63%,

06/15/32

(b)

.

1,138

1,146,535

VICI

Properties

LP

4.63%,

12/01/29

(b)

..................

1,263

1,263,293

4.95%,

02/15/30

...................

843

853,242

4.13%,

08/15/30

(b)

..................

4,674

4,536,038

15,947,244

Diversified

Telecommunication

Services

—

0.7%

Altice

Financing

SA,

3.00%,

01/15/28

(c)

......

EUR

1,435

1,220,401

Altice

France

SA

4.75%,

10/15/30

(c)

..................

1,765

2,019,198

6.88%,

10/15/30

(b)

..................

USD

448

440,247

5.50%,

10/15/31

(c)

..................

EUR

264

302,971

6.50%,

10/15/31

(b)

..................

USD

579

564,498

6.50%,

04/15/32

(b)

..................

1,059

1,034,489

5.63%,

07/15/32

(c)

..................

EUR

977

1,126,706

6.88%,

07/15/32

(b)

..................

USD

1,157

1,130,283

APLD

ComputeCo

LLC,

9.25%,

12/15/30

(b)

....

450

467,435

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(c)(e)(l)

1,000

200

CCO

Holdings

LLC

5.38%,

06/01/29

(b)

..................

693

685,311

6.38%,

09/01/29

(b)

..................

187

188,788

4.75%,

03/01/30

(b)

..................

1,300

1,241,891

4.50%,

08/15/30

(b)

..................

810

761,271

4.25%,

02/01/31

(b)

..................

1,046

957,660

4.75%,

02/01/32

(b)

..................

530

484,094

4.50%,

05/01/32

...................

240

215,373

7.00%,

02/01/33

(b)

..................

591

596,708

4.50%,

06/01/33

(b)

..................

658

575,729

4.25%,

01/15/34

(b)

..................

2,142

1,809,327

7.38%,

02/01/36

(b)

..................

1,743

1,745,090

Cipher

Compute

LLC,

7.13%,

11/15/30

(b)

.....

1,543

1,589,924

Comcast

Corp.

2.65%,

02/01/30

...................

562

530,016

3.40%,

04/01/30

...................

1,179

1,142,336

4.25%,

10/15/30

...................

132

131,961

1.95%,

01/15/31

...................

685

612,155

1.50%,

02/15/31

...................

223

194,643

4.20%,

08/15/34

...................

700

666,685

4.40%,

08/15/35

...................

4,693

4,461,736

eircom

Finance

DAC,

5.00%,

04/30/31

(c)

.....

EUR

1,869

2,254,024

Fibercop

SpA

4.75%,

06/30/30

(c)

..................

1,181

1,433,330

5.13%,

06/30/32

(c)

..................

262

317,725

Series

2033,

6.38%,

11/15/33

(b)

.........

USD

222

224,833

Series

2034,

6.00%,

09/30/34

(b)

.........

200

194,218

Flash

Compute

LLC,

7.25%,

12/31/30

(b)

......

1,417

1,421,808

Frontier

Communications

Holdings

LLC

5.00%,

05/01/28

(b)

..................

538

538,018

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

6.75%,

05/01/29

(b)

..................

USD

128

$

128,449

5.88%,

11/01/29

...................

309

311,559

6.00%,

01/15/30

(b)

..................

264

266,315

8.75%,

05/15/30

(b)

..................

567

584,684

8.63%,

03/15/31

(b)

..................

496

518,566

Iliad

SA,

4.25%,

01/09/32

(c)

..............

EUR

1,100

1,319,495

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

.

766

918,101

Level

3

Financing,

Inc.

(b)

3.63%,

01/15/29

...................

USD

96

89,052

6.88%,

06/30/33

...................

3,939

4,059,312

7.00%,

03/31/34

...................

3,214

3,329,369

8.50%,

01/15/36

...................

3,442

3,523,692

Lorca

Telecom

Bondco

SA,

5.75%,

04/30/29

(c)

.

EUR

1,345

1,649,399

Lumen

Technologies,

Inc.

(b)

4.13%,

04/15/29

...................

USD

397

397,320

4.13%,

04/15/30

...................

397

397,360

10.00%,

10/15/32

..................

396

395,898

Maya

SAS,

7.00%,

04/15/32

(b)

............

679

695,948

Sable

International

Finance

Ltd.,

7.13%,

10/15/32

(b)

.......................

946

958,175

Sprint

Capital

Corp.,

6.88%,

11/15/28

.......

4,469

4,794,508

Telecom

Argentina

SA,

9.25%,

05/28/33

(b)

....

609

643,201

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

1,024

1,144,038

Turk

Telekomunikasyon

A/S,

6.95%,

10/07/32

(b)

536

546,886

Uniti

Services

LLC,

7.50%,

10/15/33

(b)

.......

849

876,553

Verizon

Communications,

Inc.

2.36%,

03/15/32

...................

822

724,687

4.75%,

01/15/33

...................

1,880

1,880,512

Virgin

Media

Finance

plc,

5.00%,

07/15/30

(b)

...

520

454,361

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(c)

..................

GBP

361

484,611

5.50%,

05/15/29

(b)

..................

USD

400

394,525

4.13%,

08/15/30

(c)

..................

GBP

942

1,170,146

4.50%,

08/15/30

(b)

..................

USD

258

238,343

Windstream

Services

LLC,

8.25%,

10/01/31

(b)

..

3,702

3,877,938

WULF

Compute

LLC,

7.75%,

10/15/30

(b)

.....

2,156

2,248,751

Zayo

Group

Holdings,

Inc.

(a)(b)(j)

6.25%,

(6.25%

Cash

or

0.50%

PIK),

03/09/30

3,420

3,332,953

9.00%,

(9.00%

Cash

or

1.88%

PIK),

09/09/30

186

169,295

75,805,084

Electric

Utilities

—

1.1%

AEP

Transmission

Co.

LLC,

5.38%,

06/15/35

..

310

318,784

AES

Panama

Generation

Holdings

SRL,

4.38%,

05/31/30

(c)

.......................

580

544,782

Alabama

Power

Co.,

3.05%,

03/15/32

.......

500

463,226

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

....

309

320,372

Arizona

Public

Service

Co.,

5.70%,

08/15/34

..

1,680

1,762,068

Baltimore

Gas

&

Electric

Co.

5.30%,

06/01/34

...................

713

734,807

5.45%,

06/01/35

...................

1,174

1,215,155

California

Buyer

Ltd.

5.63%,

02/15/32

(c)

..................

EUR

1,754

2,103,606

6.38%,

02/15/32

(b)

..................

USD

236

235,338

CenterPoint

Energy

Houston

Electric

LLC

5.05%,

03/01/35

...................

535

540,407

Series

AQ,

4.95%,

08/15/35

...........

283

283,187

ContourGlobal

Power

Holdings

SA

5.00%,

02/28/30

(c)

..................

EUR

875

1,064,700

6.75%,

02/28/30

(b)

..................

USD

848

874,525

4.38%,

07/31/31

(c)

..................

EUR

1,043

1,229,002

DTE

Electric

Co.

5.20%,

03/01/34

...................

USD

208

214,443

Series

A,

6.63%,

06/01/36

.............

115

128,978

Duke

Energy

Carolinas

LLC

4.85%,

03/15/30

...................

699

719,186

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

2.55%,

04/15/31

...................

USD

773

$

712,362

6.45%,

10/15/32

...................

244

269,796

4.95%,

01/15/33

...................

834

856,101

Duke

Energy

Florida

LLC

2.50%,

12/01/29

...................

231

218,364

1.75%,

06/15/30

...................

217

195,802

2.40%,

12/15/31

...................

431

389,189

Duke

Energy

Kentucky,

Inc.,

(Acquired

08/11/25,

cost

$2,980,000),

6.01%,

09/15/35

(f)(h)

.....

2,980

3,032,150

Duke

Energy

Progress

LLC

3.40%,

04/01/32

...................

934

883,718

5.70%,

04/01/35

...................

30

31,350

Enel

Finance

International

NV

(b)

4.88%,

06/14/29

...................

710

731,809

4.38%,

09/30/30

...................

4,375

4,364,465

Exelon

Corp.,

4.05%,

04/15/30

............

135

133,743

FirstEnergy

Corp.

Series

B,

3.90%,

07/15/27

(d)

...........

3,905

3,896,106

2.65%,

03/01/30

...................

2,833

2,648,971

FirstEnergy

Transmission

LLC,

5.00%,

01/15/35

1,382

1,381,728

Florida

Power

&

Light

Co.

4.80%,

05/15/33

...................

144

146,239

4.95%,

06/01/35

...................

140

140,958

Georgia

Power

Co.

Series

B,

2.65%,

09/15/29

.............

540

514,593

4.55%,

03/15/30

...................

2,856

2,898,590

4.70%,

05/15/32

...................

1,523

1,543,409

5.25%,

03/15/34

...................

168

173,207

Interstate

Power

&

Light

Co.

5.70%,

10/15/33

...................

136

142,985

4.95%,

09/30/34

...................

882

879,621

MidAmerican

Energy

Co.

3.10%,

05/01/27

...................

477

473,743

5.35%,

01/15/34

...................

143

148,769

5.75%,

11/01/35

...................

80

85,315

Minejesa

Capital

BV,

5.63%,

08/10/37

(b)

......

511

505,307

NextEra

Energy

Capital

Holdings,

Inc.

4.85%,

02/04/28

...................

1,090

1,109,419

2.75%,

11/01/29

...................

794

756,807

2.44%,

01/15/32

...................

571

508,152

5.05%,

02/28/33

...................

274

280,051

NRG

Energy,

Inc.

(b)

2.45%,

12/02/27

...................

2,180

2,107,437

5.75%,

07/15/29

...................

764

761,119

6.00%,

02/01/33

...................

1,182

1,204,680

5.75%,

01/15/34

...................

1,106

1,113,335

6.25%,

11/01/34

...................

1,430

1,468,028

6.00%,

01/15/36

...................

3,242

3,275,837

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

............

1,049

919,767

5.00%,

06/01/33

...................

660

666,290

5.65%,

06/01/34

...................

508

528,983

Series

F,

5.85%,

10/01/35

.............

129

136,129

Pacific

Gas

&

Electric

Co.

5.55%,

05/15/29

...................

1,500

1,549,529

4.55%,

07/01/30

...................

5,838

5,821,922

2.50%,

02/01/31

...................

5,344

4,831,965

3.25%,

06/01/31

...................

999

930,193

6.95%,

03/15/34

...................

1,327

1,470,855

5.80%,

05/15/34

...................

3,150

3,267,656

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

89

88,143

PECO

Energy

Co.

4.90%,

06/15/33

...................

537

547,576

4.88%,

09/15/35

...................

218

218,756

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

5.95%,

10/01/36

...................

USD

197

$

212,987

PG&E

Corp.,

5.25%,

07/01/30

............

523

519,831

Pinnacle

West

Capital

Corp.,

5.15%,

05/15/30

.

2,307

2,376,186

PPL

Capital

Funding,

Inc.,

5.25%,

09/01/34

...

581

592,491

Public

Service

Electric

&

Gas

Co.

1.90%,

08/15/31

...................

427

377,131

3.10%,

03/15/32

...................

179

166,068

4.90%,

12/15/32

...................

824

840,142

Series

Q,

5.05%,

03/01/35

............

1,120

1,141,039

Renew

Treasury

Ifsc

Pvt

Ltd.,

6.50%,

02/02/31

(b)

646

648,584

Southern

California

Edison

Co.

Series

G,

2.50%,

06/01/31

............

1,010

909,600

2.75%,

02/01/32

...................

1,160

1,040,727

Southern

Co.

(The)

5.20%,

06/15/33

...................

2,256

2,313,820

5.70%,

03/15/34

...................

588

617,804

4.85%,

03/15/35

...................

1,475

1,455,177

4.25%,

07/01/36

...................

421

393,296

System

Energy

Resources,

Inc.,

5.30%,

12/15/34

927

936,242

Trans-Allegheny

Interstate

Line

Co.,

5.00%,

01/15/31

(b)

.......................

2,884

2,964,555

Vistra

Operations

Co.

LLC

(b)

4.38%,

05/01/29

...................

7,333

7,241,202

4.30%,

07/15/29

...................

1,399

1,391,961

4.70%,

01/31/31

...................

1,745

1,742,555

7.75%,

10/15/31

...................

142

150,253

6.88%,

04/15/32

...................

777

816,425

5.70%,

12/30/34

...................

2,401

2,461,465

5.35%,

01/31/36

...................

269

267,553

VoltaGrid

LLC,

7.38%,

11/01/30

(b)

..........

2,763

2,798,398

Wisconsin

Electric

Power

Co.,

4.60%,

10/01/34

2,305

2,289,263

XPLR

Infrastructure

Operating

Partners

LP

(b)

8.38%,

01/15/31

...................

878

922,268

8.63%,

03/15/33

...................

292

306,343

7.75%,

04/15/34

...................

1,076

1,096,816

112,703,767

Electrical

Equipment

—

0.0%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.......

289

284,594

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(b)

Coherent

Corp.,

5.00%,

12/15/29

..........

432

430,213

Insight

Enterprises,

Inc.,

6.63%,

05/15/32

....

162

165,839

Sensata

Technologies,

Inc.

4.38%,

02/15/30

...................

694

678,617

3.75%,

02/15/31

...................

904

847,147

6.63%,

07/15/32

...................

1,511

1,578,454

Zebra

Technologies

Corp.,

6.50%,

06/01/32

...

128

131,845

3,832,115

Energy

Equipment

&

Services

—

0.1%

Archrock

Partners

LP

(b)

6.25%,

04/01/28

...................

456

457,148

6.63%,

09/01/32

...................

1,741

1,804,716

Archrock

Services

LP,

6.00%,

02/01/34

(b)

.....

555

554,581

Deepocean

Ltd.,

6.00%,

04/08/31

(c)

.........

EUR

942

1,157,764

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

.

USD

210

223,299

Enerflex,

Inc.,

6.88%,

01/15/31

(b)

..........

175

180,860

Kodiak

Gas

Services

LLC

(b)

7.25%,

02/15/29

...................

855

886,819

6.50%,

10/01/33

...................

985

1,008,919

6.75%,

10/01/35

...................

430

444,308

Nabors

Industries,

Inc.,

7.63%,

11/15/32

(b)

....

231

235,321

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

.....

83

86,524

Oceaneering

International,

Inc.,

6.00%,

02/01/28

360

365,790

OEG

Finance

plc,

7.25%,

09/27/29

(c)

........

EUR

2,141

2,650,942

Star

Holding

LLC,

8.75%,

08/01/31

(b)

........

USD

272

272,664

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

Tidewater,

Inc.,

9.13%,

07/15/30

(b)

.........

USD

320

$

346,138

Transocean

International

Ltd.

(b)

8.25%,

05/15/29

...................

31

31,585

8.75%,

02/15/30

...................

21

21,891

8.50%,

05/15/31

...................

451

459,070

7.88%,

10/15/32

...................

331

349,151

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(b)

.......................

96

97,445

USA

Compression

Partners

LP

(b)

7.13%,

03/15/29

...................

766

793,131

6.25%,

10/01/33

...................

1,435

1,453,651

Valaris

Ltd.,

8.38%,

04/30/30

(b)

............

271

283,171

Vallourec

SACA,

7.50%,

04/15/32

(b)

........

751

798,114

Weatherford

International

Ltd.,

6.75%,

10/15/33

(b)

1,201

1,243,910

16,206,912

Entertainment

—

0.1%

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

......

83

85,882

Electronic

Arts,

Inc.,

2.95%,

02/15/51

.......

290

269,315

Live

Nation

Entertainment,

Inc.,

4.75%,

10/15/27

(b)

.......................

32

31,990

Netflix,

Inc.,

5.38%,

11/15/29

(b)

............

388

404,354

Odeon

Finco

plc,

12.75%,

11/01/27

(b)

.......

342

350,906

Pinewood

Finco

plc,

6.00%,

03/27/30

(c)

......

GBP

1,928

2,670,382

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

....

USD

154

133,753

Starz

Capital

Holdings

1,

Inc.,

6.00%,

04/15/30

(b)

648

605,880

Warnermedia

Holdings,

Inc.

3.76%,

03/15/27

...................

2,127

2,111,282

5.05%,

03/15/42

...................

3,024

2,124,360

8,788,104

Financial

Services

—

0.7%

AT&T

Reign

II

Multi-Property

Lease-Backed

Pass-Through

Trust,

6.09%,

12/15/44

(b)

....

3,009

3,023,573

Atlas

Warehouse

Lending

Co.

LP,

5.25%,

01/15/33

(b)

.......................

590

590,871

Block,

Inc.

2.75%,

06/01/26

...................

102

101,395

5.63%,

08/15/30

(b)

..................

528

537,421

6.50%,

05/15/32

...................

2,214

2,300,243

6.00%,

08/15/33

(b)

..................

675

689,501

Bracken

MidCo1

plc,

6.75%,

(6.75%

Cash

or

7.50%

PIK),

11/01/27

(c)(j)

..............

GBP

1,264

1,720,815

CrossCountry

Intermediate

HoldCo

LLC

(b)

6.50%,

10/01/30

...................

USD

419

425,281

6.75%,

12/01/32

...................

132

133,085

Fidelity

National

Information

Services,

Inc.

2.25%,

03/01/31

...................

1,169

1,046,830

5.10%,

07/15/32

...................

1,595

1,627,368

Fiserv,

Inc.

5.60%,

03/02/33

...................

582

598,717

5.63%,

08/21/33

...................

742

762,363

5.45%,

03/15/34

...................

191

193,115

5.15%,

08/12/34

...................

174

172,041

Freedom

Mortgage

Holdings

LLC

(b)

9.25%,

02/01/29

...................

130

136,094

6.88%,

05/01/31

...................

337

334,430

9.13%,

05/15/31

...................

879

929,338

8.38%,

04/01/32

...................

559

584,759

Garfunkelux

Holdco

3

SA,

9.00%,

09/01/28

(c)

..

EUR

1,865

2,153,066

Garfunkelux

Holdco

4

SA,

10.50%,

(10.50%

Cash

or

10.50%

PIK),

05/01/30

(c)(j)

.......

190

—

Global

Payments,

Inc.

3.20%,

08/15/29

...................

USD

208

198,836

5.30%,

08/15/29

...................

879

900,019

4.88%,

11/15/30

...................

4,905

4,903,868

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

2.90%,

11/15/31

...................

USD

754

$

676,433

Intrum

Investments

&

Financing

AB

(c)

8.00%,

09/11/27

...................

EUR

1,138

1,365,390

Series

1,

7.75%,

09/11/28

(b)

............

496

533,351

8.50%,

09/11/29

...................

487

508,065

ION

Platform

Finance

SARL

(c)

7.88%,

05/01/29

...................

2,694

3,106,089

6.50%,

09/30/30

...................

729

794,510

6.88%,

09/30/32

...................

562

600,559

Midcap

Financial

Issuer

Trust

(b)

6.50%,

05/01/28

...................

USD

688

689,286

5.63%,

01/15/30

...................

600

594,060

Midnights

SPV

SRL,

(3-mo.

EURIBOR

+

3.15%),

5.20%,

08/22/26

(a)(c)(f)

................

EUR

4,688

5,549,148

NTT

Finance

Corp.

(b)

5.10%,

07/02/27

...................

USD

521

528,970

4.62%,

07/16/28

...................

1,077

1,091,145

PennyMac

Financial

Services,

Inc.

(b)

7.88%,

12/15/29

...................

796

838,446

7.13%,

11/15/30

...................

81

83,624

6.88%,

05/15/32

...................

721

736,833

6.75%,

02/15/34

...................

658

664,011

PRA

Group

Europe

Holding

II

SARL,

6.25%,

09/30/32

(c)

.......................

EUR

1,839

2,114,729

Progroup

AG

(c)

5.13%,

04/15/29

...................

668

812,495

5.38%,

04/15/31

...................

1,026

1,243,223

Rocket

Cos.,

Inc.

(b)

6.50%,

08/01/29

...................

USD

558

573,970

6.13%,

08/01/30

...................

2,331

2,386,499

7.13%,

02/01/32

...................

1,545

1,614,505

6.38%,

08/01/33

...................

1,676

1,738,784

Rocket

Mortgage

LLC

(b)

2.88%,

10/15/26

...................

733

723,030

3.88%,

03/01/31

...................

54

50,691

4.00%,

10/15/33

...................

369

338,827

Shift4

Payments

LLC

6.75%,

08/15/32

(b)

..................

2,337

2,384,188

5.50%,

05/15/33

(b)

..................

EUR

415

500,898

5.50%,

05/15/33

(c)

..................

1,791

2,161,709

Stena

International

SA

7.25%,

01/15/31

(b)

..................

USD

868

891,802

7.25%,

01/15/31

(c)

..................

1,138

1,169,207

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$5,140,474),

(3-mo.

EURIBOR

+

3.25%),

5.77%,

08/22/27

(a)(c)(f)(h)

........

EUR

4,644

5,474,669

Titanium

2l

Bondco

SARL,

6.25%,

(6.25%

Cash

or

6.25%

PIK),

01/14/31

(j)

.............

2,952

614,364

UWM

Holdings

LLC

(b)

6.63%,

02/01/30

...................

USD

507

511,377

6.25%,

03/15/31

...................

784

779,047

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33

(b)

.....

162

166,063

WEX,

Inc.,

6.50%,

03/15/33

(b)

.............

1,138

1,161,511

Worldline

SA

(c)

0.00%,

07/30/26

(m)(n)

................

EUR

114

134,555

0.88%,

06/30/27

...................

600

653,078

4.13%,

09/12/28

...................

200

214,595

70,836,765

Food

Products

—

0.3%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

........

USD

99

93,432

Chobani

Holdco

II

LLC,

8.75%,

(8.75%

Cash

or

9.50%

PIK),

10/01/29

(b)(j)

..............

3,863

3,959,869

Chobani

LLC

(b)

4.63%,

11/15/28

...................

855

850,650

7.63%,

07/01/29

...................

1,109

1,153,416

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Darling

Global

Finance

BV

4.50%,

07/15/32

(c)

..................

EUR

1,191

$

1,440,644

4.50%,

07/15/32

(b)

..................

285

344,738

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

...

USD

333

337,434

Fiesta

Purchaser,

Inc.

(b)

7.88%,

03/01/31

...................

47

48,339

9.63%,

09/15/32

...................

96

97,113

Froneri

Lux

FinCo

SARL

(c)

Series

JAN,

4.75%,

08/01/32

...........

EUR

1,226

1,465,946

4.75%,

08/01/32

...................

909

1,086,904

Irca

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.85%,

12/15/29

(a)(c)

...........

1,150

1,365,993

JBS

NV,

5.95%,

04/20/35

...............

USD

2,930

3,078,961

Kraft

Heinz

Foods

Co.

3.88%,

05/15/27

...................

562

560,219

3.75%,

04/01/30

...................

1,306

1,277,380

5.20%,

03/15/32

...................

186

191,099

5.40%,

03/15/35

...................

2,767

2,829,348

Lamb

Weston

Holdings,

Inc.,

4.13%,

01/31/30

(b)

298

287,688

Mars,

Inc.,

4.80%,

03/01/30

(b)

.............

3,166

3,234,641

Post

Holdings,

Inc.

(b)

4.63%,

04/15/30

...................

50

48,826

4.50%,

09/15/31

...................

107

101,368

6.25%,

02/15/32

...................

13

13,348

6.38%,

03/01/33

...................

341

343,615

6.50%,

03/15/36

...................

1,200

1,201,084

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

.....

345

332,504

Tereos

Finance

Groupe

I

SA

(c)

4.75%,

04/30/27

...................

EUR

240

285,678

7.25%,

04/15/28

...................

850

1,030,490

27,060,727

Gas

Utilities

—

0.0%

AmeriGas

Partners

LP,

9.50%,

06/01/30

(b)

....

USD

192

205,778

Atmos

Energy

Corp.

1.50%,

01/15/31

...................

184

161,437

5.90%,

11/15/33

...................

218

235,606

Ferrellgas

LP,

9.25%,

01/15/31

(b)

..........

309

319,420

Promigas

SA

ESP,

3.75%,

10/16/29

(c)

.......

580

543,605

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

.......................

239

229,545

1,695,391

Ground

Transportation

—

0.4%

Albion

Financing

1

SARL

5.38%,

05/21/30

(c)

..................

EUR

692

847,439

7.00%,

05/21/30

(b)

..................

USD

1,722

1,794,775

BCP

V

Modular

Services

Finance

II

plc

(c)

4.75%,

11/30/28

...................

EUR

581

664,630

6.13%,

11/30/28

...................

GBP

794

1,042,843

6.50%,

07/10/31

...................

EUR

2,035

2,276,528

BCP

V

Modular

Services

Finance

plc,

6.75%,

11/30/29

(c)

........................

522

506,021

Boels

Topholding

BV

(c)

6.25%,

02/15/29

...................

1,209

1,477,410

5.75%,

05/15/30

...................

1,381

1,689,106

EC

Finance

plc,

3.25%,

10/15/26

(c)(d)

........

1,086

1,277,220

Edge

Finco

plc,

8.13%,

08/15/31

(c)

.........

GBP

2,397

3,497,334

Fedex

Freight

Holding

Co.,

Inc.,

4.30%,

03/15/29

(b)

.......................

USD

3,860

3,864,392

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

..

475

488,998

Hertz

Corp.

(The),

12.63%,

07/15/29

(b)

.......

155

156,021

Kapla

Holding

SAS

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.60%,

07/31/30

(a)

................

EUR

1,505

1,796,722

5.00%,

04/30/31

...................

1,851

2,224,653

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Loxam

SAS

(c)

6.38%,

05/31/29

...................

EUR

496

$

607,697

4.25%,

02/15/30

...................

558

667,211

4.25%,

02/15/31

...................

894

1,065,925

Mobico

Group

plc

(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(k)

...

GBP

289

256,172

4.88%,

09/26/31

...................

EUR

1,608

1,618,312

Norfolk

Southern

Corp.

5.05%,

08/01/30

...................

USD

2,225

2,300,298

4.45%,

03/01/33

...................

1,882

1,870,427

5.10%,

05/01/35

...................

905

924,320

Penske

Truck

Leasing

Co.

LP

(b)

4.20%,

04/01/27

...................

414

414,369

5.55%,

05/01/28

...................

265

272,358

5.35%,

03/30/29

...................

952

980,367

5.25%,

07/01/29

...................

635

652,769

Ryder

System,

Inc.,

6.60%,

12/01/33

........

553

614,025

SGL

Group

ApS

(a)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

6.78%,

04/22/30

.................

EUR

2,373

2,684,080

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.30%,

02/24/31

(b)(c)

...............

174

193,273

Triton

Container

International

Ltd.,

5.15%,

02/15/33

........................

USD

655

652,282

Uber

Technologies,

Inc.

4.30%,

01/15/30

...................

2,078

2,084,754

4.15%,

01/15/31

...................

1,210

1,199,322

4.80%,

09/15/34

...................

668

664,487

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

........

295

309,246

43,635,786

Health

Care

Equipment

&

Supplies

—

0.1%

Avantor

Funding,

Inc.

(b)

4.63%,

07/15/28

...................

1,038

1,030,012

3.88%,

11/01/29

...................

71

68,177

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(b)

....

2,448

2,552,040

Bausch

+

Lomb

Netherlands

BV,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

5.89%,

01/15/31

(a)(c)

......................

EUR

544

651,344

Baxter

International,

Inc.

3.95%,

04/01/30

...................

USD

355

346,768

2.54%,

02/01/32

...................

302

263,904

Becton

Dickinson

&

Co.,

4.87%,

02/08/29

....

1,690

1,724,641

Hologic,

Inc.,

3.25%,

02/15/29

(b)

...........

26

25,905

Insulet

Corp.,

6.50%,

04/01/33

(b)

...........

187

194,612

Medline

Borrower

LP

(b)

6.25%,

04/01/29

...................

1,447

1,493,464

5.25%,

10/01/29

...................

3,407

3,412,887

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

.

316

336,876

Solventum

Corp.,

5.45%,

03/13/31

.........

782

815,872

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

216

227,278

13,143,780

Health

Care

Providers

&

Services

—

0.7%

Acadia

Healthcare

Co.,

Inc.,

7.38%,

03/15/33

(b)

.

138

136,316

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

..

872

850,161

Banner

Health

2.34%,

01/01/30

...................

87

81,191

1.90%,

01/01/31

...................

821

735,458

Centene

Corp.

4.25%,

12/15/27

...................

5,915

5,879,833

4.63%,

12/15/29

...................

4,364

4,254,022

3.38%,

02/15/30

...................

3,595

3,316,501

3.00%,

10/15/30

...................

25

22,390

2.63%,

08/01/31

...................

1,761

1,514,385

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Clariane

SE

(c)

0.88%,

03/06/27

(m)

.................

EUR

1,231

$

843,261

7.88%,

06/27/30

...................

1,100

1,344,148

CommonSpirit

Health,

5.21%,

12/01/31

......

USD

1,116

1,151,574

Community

Health

Systems,

Inc.

(b)

5.25%,

05/15/30

...................

399

376,223

4.75%,

02/15/31

...................

848

760,695

10.88%,

01/15/32

..................

397

427,386

9.75%,

01/15/34

...................

3,141

3,274,753

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(b)

.......................

208

217,777

DaVita,

Inc.

(b)

6.88%,

09/01/32

...................

24

24,721

6.75%,

07/15/33

...................

183

187,829

Elevance

Health,

Inc.

4.10%,

05/15/32

...................

211

204,498

4.60%,

09/15/32

...................

3,260

3,256,145

5.38%,

06/15/34

...................

2,080

2,136,554

5.20%,

02/15/35

...................

195

197,889

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(c)

....

EUR

814

1,028,880

Gruppo

San

Donato

SpA,

6.50%,

10/31/31

(c)

..

1,041

1,251,009

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

USD

173

163,386

HCA,

Inc.

5.25%,

03/01/30

...................

4,480

4,624,715

3.50%,

09/01/30

...................

3,582

3,443,906

5.45%,

04/01/31

...................

2,195

2,282,048

2.38%,

07/15/31

...................

1,416

1,268,187

5.45%,

09/15/34

...................

586

601,479

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.......

1,648

1,606,400

Humana,

Inc.

3.13%,

08/15/29

...................

908

868,906

5.38%,

04/15/31

...................

79

80,917

2.15%,

02/03/32

...................

434

374,916

5.95%,

03/15/34

...................

377

390,185

LifePoint

Health,

Inc.

(b)

9.88%,

08/15/30

...................

188

201,693

11.00%,

10/15/30

..................

1,374

1,498,453

8.38%,

02/15/32

...................

1,266

1,375,623

10.00%,

06/01/32

..................

494

521,179

Mehilainen

Yhtiot

Oy

(c)

5.13%,

06/30/32

...................

EUR

1,211

1,456,379

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.38%),

5.39%,

06/30/32

(a)

................

221

263,081

Molina

Healthcare,

Inc.

(b)

6.50%,

02/15/31

...................

USD

683

699,971

6.25%,

01/15/33

...................

245

246,729

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

...

406

397,318

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(b)

.......................

125

130,156

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

........

1,635

1,725,697

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

2,616

2,633,822

Sutter

Health

Series

2018,

3.70%,

08/15/28

..........

544

538,922

Series

20A,

2.29%,

08/15/30

...........

728

668,600

5.16%,

08/15/33

...................

485

497,523

TEAM

Services

Holding,

Inc.,

9.00%,

02/15/33

(b)

147

147,000

Tenet

Healthcare

Corp.

6.13%,

06/15/30

...................

141

143,892

6.75%,

05/15/31

...................

1,000

1,038,653

6.00%,

11/15/33

(b)

..................

835

859,241

UnitedHealth

Group,

Inc.

4.40%,

06/15/28

...................

950

959,992

4.80%,

01/15/30

...................

1,090

1,114,646

5.30%,

02/15/30

...................

2,986

3,108,900

4.65%,

01/15/31

...................

4,826

4,886,238

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

4.90%,

04/15/31

...................

USD

1,835

$

1,879,552

4.95%,

01/15/32

...................

2,007

2,054,033

5.30%,

06/15/35

...................

430

442,470

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

671

673,938

79,342,345

Health

Care

REITs

—

0.2%

Diversified

Healthcare

Trust,

7.25%,

10/15/30

(b)

.

243

250,278

DOC

DR

LLC

4.30%,

03/15/27

...................

758

759,612

3.95%,

01/15/28

...................

480

479,137

Healthpeak

OP

LLC

3.00%,

01/15/30

...................

337

319,824

5.25%,

12/15/32

...................

1,093

1,120,778

4.75%,

01/15/33

...................

219

218,039

MPT

Operating

Partnership

LP

0.99%,

10/15/26

...................

EUR

144

165,017

7.00%,

02/15/32

(b)

..................

305

377,931

7.00%,

02/15/32

(c)

..................

1,148

1,422,509

8.50%,

02/15/32

(b)

..................

USD

1,875

2,008,794

Ventas

Realty

LP

5.63%,

07/01/34

...................

569

593,390

5.00%,

01/15/35

...................

2,450

2,446,670

Welltower

OP

LLC

4.50%,

07/01/30

...................

4,899

4,948,107

2.75%,

01/15/31

...................

694

645,590

2.75%,

01/15/32

...................

1,064

969,032

3.85%,

06/15/32

...................

970

937,045

17,661,753

Health

Care

Technology

—

0.0%

IQVIA,

Inc.,

6.25%,

06/01/32

(b)

............

770

799,992

Hotel

&

Resort

REITs

—

0.1%

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

.......................

367

378,109

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(b)

.....

129

131,883

RHP

Hotel

Properties

LP

(b)

4.50%,

02/15/29

...................

77

75,885

6.50%,

04/01/32

...................

1,837

1,899,735

6.50%,

06/15/33

...................

717

743,237

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

.....

56

55,671

Service

Properties

Trust

0.00%,

09/30/27

(b)(n)

.................

479

433,622

8.63%,

11/15/31

(b)

..................

3,632

3,814,617

8.88%,

06/15/32

...................

705

699,765

XHR

LP,

6.63%,

05/15/30

(b)

..............

122

125,996

8,358,520

Hotels,

Restaurants

&

Leisure

—

0.6%

1011778

BC

ULC

(b)

4.38%,

01/15/28

...................

275

273,375

4.00%,

10/15/30

...................

353

336,807

Acushnet

Co.,

5.63%,

12/01/33

(b)

..........

192

193,805

Allwyn

Entertainment

Financing

UK

plc

7.25%,

04/30/30

(c)

..................

EUR

2,239

2,776,994

Aramark

International

Finance

SARL,

4.38%,

04/15/33

(c)

.......................

885

1,042,699

Arcos

Dorados

BV,

6.38%,

01/29/32

(c)

.......

USD

604

634,200

Betclic

Everest

Group

SAS,

5.13%,

12/10/31

(c)

.

EUR

494

591,566

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

........

USD

313

308,858

Brightstar

Lottery

plc,

5.75%,

01/15/33

(b)

.....

413

410,572

Caesars

Entertainment,

Inc.

(b)

7.00%,

02/15/30

...................

918

947,945

6.50%,

02/15/32

...................

939

960,151

Carnival

Corp.

(b)

5.88%,

06/15/31

...................

354

365,920

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

5.75%,

08/01/32

...................

USD

3,068

$

3,150,910

6.13%,

02/15/33

...................

1,026

1,055,454

Carnival

plc,

4.13%,

07/15/31

(b)

...........

EUR

615

741,739

Churchill

Downs,

Inc.

(b)

4.75%,

01/15/28

...................

USD

608

605,925

5.75%,

04/01/30

...................

1,368

1,375,416

6.75%,

05/01/31

...................

1,017

1,047,849

Cirsa

Finance

International

SARL

(c)

4.88%,

10/15/31

...................

EUR

339

410,430

(3-mo.

EURIBOR

+

3.00%),

5.10%,

10/15/32

(a)

.....................

497

594,565

Deuce

Finco

plc

(c)

7.00%,

11/20/31

...................

GBP

826

1,146,985

(3-mo.

EURIBOR

+

3.50%),

5.55%,

11/20/32

(a)

.....................

EUR

562

671,342

Entain

plc,

4.88%,

11/30/31

(c)

.............

1,988

2,364,529

Essendi

SA

(c)

5.38%,

05/15/30

...................

659

806,156

5.50%,

11/15/31

...................

372

453,096

5.63%,

05/15/32

...................

955

1,164,514

(3-mo.

EURIBOR

+

3.75%),

5.81%,

05/15/32

(a)

.....................

389

465,107

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

...................

USD

222

214,702

6.75%,

01/15/30

...................

311

294,102

Flutter

Treasury

DAC,

4.00%,

06/04/31

(c)

.....

EUR

898

1,063,656

Fortune

Star

BVI

Ltd.,

5.88%,

11/20/30

(c)

.....

490

575,013

gategroup

Finance

Luxembourg

SA,

3.00%,

02/28/27

(c)

.......................

CHF

2,455

3,176,199

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(b)

.......................

USD

604

614,215

Hilton

Domestic

Operating

Co.,

Inc.

(b)

6.13%,

04/01/32

...................

138

142,545

5.88%,

03/15/33

...................

472

484,329

5.75%,

09/15/33

...................

51

51,956

5.50%,

03/31/34

...................

441

443,127

Light

&

Wonder

International,

Inc.

(b)

7.25%,

11/15/29

...................

183

187,877

7.50%,

09/01/31

...................

380

397,649

6.25%,

10/01/33

...................

443

448,538

Lindblad

Expeditions

LLC,

7.00%,

09/15/30

(b)

..

945

986,521

Lottomatica

Group

SpA,

4.88%,

01/31/31

(c)

...

EUR

862

1,051,320

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

USD

368

296,047

Melco

Resorts

Finance

Ltd.

(b)

5.75%,

07/21/28

...................

200

199,774

5.38%,

12/04/29

...................

1,088

1,076,250

7.63%,

04/17/32

...................

1,114

1,166,219

6.50%,

09/24/33

...................

686

683,643

Merlin

Entertainments

Group

US

Holdings,

Inc.,

7.38%,

02/15/31

(b)

..................

600

508,029

MGM

Resorts

International,

6.13%,

09/15/29

..

512

523,676

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

.......................

406

398,831

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(b)

.......................

316

329,477

Motion

Bondco

DAC,

6.63%,

11/15/27

(b)

......

409

388,189

Motion

Finco

SARL,

7.38%,

06/15/30

(c)

......

EUR

471

487,203

NCL

Corp.

Ltd.

(b)

5.88%,

01/15/31

...................

USD

92

92,252

6.75%,

02/01/32

...................

877

898,755

6.25%,

09/15/33

...................

1,288

1,295,116

Pinnacle

Bidco

plc

(c)

8.25%,

10/11/28

...................

EUR

376

466,367

10.00%,

10/11/28

..................

GBP

1,379

1,988,428

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

...................

USD

270

$

199,375

5.88%,

09/01/31

...................

342

219,461

Rivers

Enterprise

Borrower

LLC,

6.63%,

02/01/33

(b)

.......................

188

191,354

Rivers

Enterprise

Lender

LLC,

6.25%,

10/15/30

(b)

256

259,880

Sabre

GLBL,

Inc.,

10.75%,

03/15/30

(b)

.......

237

190,193

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

295

269,194

Six

Flags

Entertainment

Corp.

5.38%,

04/15/27

...................

79

79,007

8.63%,

01/15/32

(b)

..................

206

210,213

Station

Casinos

LLC

(b)

4.50%,

02/15/28

...................

519

516,630

4.63%,

12/01/31

...................

60

57,600

6.63%,

03/15/32

...................

538

550,283

Stonegate

Pub

Co.

Financing

plc

(c)

(3-mo.

EURIBOR

+

6.63%),

8.69%,

07/31/29

(a)

.....................

EUR

924

1,081,989

10.75%,

07/31/29

..................

GBP

585

804,880

TUI

AG,

5.88%,

03/15/29

(c)

..............

EUR

558

682,308

TUI

Cruises

GmbH

(c)

6.25%,

04/15/29

...................

1,261

1,548,790

5.00%,

05/15/30

...................

714

870,974

Vail

Resorts,

Inc.

(b)

5.63%,

07/15/30

...................

USD

290

294,531

6.50%,

05/15/32

...................

338

350,288

Viking

Cruises

Ltd.

(b)

7.00%,

02/15/29

...................

87

87,351

9.13%,

07/15/31

...................

835

890,586

5.88%,

10/15/33

...................

983

996,557

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

.......................

76

76,003

Voyager

Parent

LLC,

9.25%,

07/01/32

(b)

......

472

501,415

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

.......................

279

275,785

Wynn

Macau

Ltd.

(b)

5.63%,

08/26/28

...................

2,704

2,699,106

5.13%,

12/15/29

...................

414

410,522

6.75%,

02/15/34

...................

847

858,646

Wynn

Resorts

Finance

LLC

(b)

5.13%,

10/01/29

...................

112

112,333

7.13%,

02/15/31

...................

1,388

1,495,469

6.25%,

03/15/33

...................

845

860,909

63,468,546

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

4.63%,

08/01/29

...................

294

281,590

4.63%,

04/01/30

...................

126

119,226

6.88%,

08/01/33

...................

610

615,440

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27

...

63

62,757

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

...................

986

954,776

4.88%,

02/15/30

...................

969

904,602

Century

Communities,

Inc.,

6.63%,

09/15/33

(b)

.

316

320,036

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

.

115

118,221

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

.

56

57,866

Installed

Building

Products,

Inc.,

5.63%,

02/01/34

(b)

.......................

401

403,305

K.

Hovnanian

Enterprises,

Inc.

(b)

8.00%,

04/01/31

...................

904

926,116

8.38%,

10/01/33

...................

594

607,065

LGI

Homes,

Inc.

(b)

8.75%,

12/15/28

...................

166

172,994

7.00%,

11/15/32

...................

273

266,262

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Mattamy

Group

Corp.

(b)

4.63%,

03/01/30

...................

USD

502

$

490,174

6.00%,

12/15/33

...................

123

120,856

Meritage

Homes

Corp.,

1.75%,

05/15/28

(m)

....

634

643,355

New

Home

Co.,

Inc.

(The)

(b)

9.25%,

10/01/29

...................

245

258,164

8.50%,

11/01/30

...................

104

108,331

Newell

Brands,

Inc.,

8.50%,

06/01/28

(b)

......

257

269,450

Somnigroup

International,

Inc.

(b)

4.00%,

04/15/29

...................

298

289,108

3.88%,

10/15/31

...................

108

100,780

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

.....

197

207,161

Taylor

Morrison

Communities,

Inc.,

5.75%,

11/15/32

(b)

.......................

188

192,967

TRI

Pointe

Homes,

Inc.,

5.25%,

06/01/27

.....

363

364,041

8,854,643

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

...

137

131,538

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Andes

SA,

6.30%,

03/15/29

(b)

.........

483

498,697

AES

Corp.

(The)

3.95%,

07/15/30

(b)

..................

268

261,894

2.45%,

01/15/31

...................

1,325

1,204,593

Calpine

Corp.

(b)

4.50%,

02/15/28

...................

12

11,989

5.13%,

03/15/28

...................

4,738

4,735,658

Clearway

Energy

Operating

LLC

(b)

4.75%,

03/15/28

...................

431

430,696

3.75%,

01/15/32

...................

479

440,870

Lightning

Power

LLC,

7.25%,

08/15/32

(b)

.....

95

101,117

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

..

111

117,117

TransAlta

Corp.,

5.88%,

02/01/34

(b)

.........

382

382,306

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(a)(b)(k)

.......................

2,514

2,560,351

XPLR

Infrastructure

LP,

2.50%,

06/15/26

(b)(m)

..

1,506

1,477,838

12,223,126

Industrial

Conglomerates

—

0.1%

3M

Co.

2.38%,

08/26/29

...................

2,334

2,204,643

4.80%,

03/15/30

...................

1,307

1,334,660

5.15%,

03/15/35

...................

3,792

3,872,872

Honeywell

International,

Inc.

4.70%,

02/01/30

...................

1,517

1,550,495

4.95%,

09/01/31

...................

2,943

3,050,336

Siemens

Funding

BV,

4.60%,

05/28/30

(b)

.....

3,245

3,304,754

15,317,760

Industrial

REITs

—

0.0%

Prologis

LP

2.25%,

01/15/32

...................

260

230,719

4.63%,

01/15/33

...................

279

280,607

5.13%,

01/15/34

...................

255

260,718

5.00%,

03/15/34

...................

242

245,816

5.00%,

01/31/35

...................

826

833,957

Trust

2401,

6.95%,

01/30/44

(b)

............

289

299,947

2,151,764

Insurance

—

0.6%

Aegon

Funding

Co.

LLC,

5.50%,

04/16/27

(b)

...

1,773

1,798,946

Aegon

Ltd.,

(5-Year

EUR

Swap

Annual

+

5.21%),

5.63%

(a)(c)(k)

.......................

EUR

567

696,529

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

...................

USD

2,437

2,406,903

6.75%,

10/15/27

...................

481

482,360

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

6.75%,

04/15/28

...................

USD

337

$

342,576

5.88%,

11/01/29

...................

1,066

1,062,628

7.00%,

01/15/31

...................

1,274

1,320,829

7.38%,

10/01/32

...................

1,763

1,825,088

AmWINS

Group,

Inc.

(b)

6.38%,

02/15/29

...................

230

235,999

4.88%,

06/30/29

...................

900

887,978

Amynta

Agency

Borrower,

Inc.,

7.50%,

07/15/33

(b)

.......................

516

526,098

Aon

Corp.

2.80%,

05/15/30

...................

912

861,004

2.60%,

12/02/31

...................

207

187,090

5.00%,

09/12/32

...................

525

537,970

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

(b)

284

288,308

Ardonagh

Finco

Ltd.

6.88%,

02/15/31

(c)

..................

EUR

2,310

2,813,296

7.75%,

02/15/31

(b)

..................

USD

2,804

2,898,714

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

3,539

3,649,481

Arthur

J

Gallagher

&

Co.,

5.15%,

02/15/35

....

1,235

1,244,604

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

(b)

8.00%,

12/31/32

...................

1,702

1,778,257

8.38%,

02/01/34

...................

1,542

1,558,901

Howden

UK

Refinance

plc

(b)

7.25%,

02/15/31

...................

3,594

3,717,170

8.13%,

02/15/32

...................

1,275

1,299,145

Series

FEB.,

8.13%,

02/15/32

..........

260

264,923

HUB

International

Ltd.

(b)

7.25%,

06/15/30

...................

4,306

4,492,682

7.38%,

01/31/32

...................

8,397

8,795,908

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%,

03/15/30

...................

644

673,363

6.88%,

10/01/33

...................

643

626,753

Marsh

&

McLennan

Cos.,

Inc.

2.25%,

11/15/30

...................

204

186,185

5.88%,

08/01/33

...................

370

400,817

Met

Tower

Global

Funding,

5.25%,

04/12/29

(b)

.

2,621

2,709,489

Metropolitan

Life

Global

Funding

I

(b)

3.30%,

03/21/29

...................

450

439,034

3.05%,

06/17/29

...................

150

144,728

2.95%,

04/09/30

...................

1,187

1,128,562

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

.

5,026

5,176,408

Ryan

Specialty

LLC

(b)

4.38%,

02/01/30

...................

392

381,897

5.88%,

08/01/32

...................

614

624,201

Unipol

Assicurazioni

SpA,

4.90%,

05/23/34

(c)

..

EUR

600

752,611

USI,

Inc.,

7.50%,

01/15/32

(b)

..............

USD

1,369

1,433,165

60,650,600

Interactive

Media

&

Services

—

0.0%

Alphabet,

Inc.,

4.38%,

11/15/32

...........

1,590

1,595,335

Snap,

Inc.

(b)

6.88%,

03/01/33

...................

1,420

1,457,140

6.88%,

03/15/34

...................

793

809,752

3,862,227

IT

Services

—

0.6%

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(c)

.......................

EUR

1,600

1,880,242

Atos

SE

(c)(d)

9.36%,

12/18/29

...................

2,065

2,783,497

5.20%,

12/18/30

...................

562

687,645

1.04%,

12/18/32

...................

1,864

1,636,896

Beignet

Investor

LLC,

6.58%,

05/30/49

(b)

.....

USD

40,128

41,781,947

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

...................

693

689,889

5.63%,

09/15/28

...................

311

310,912

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Cedacri

SpA

(a)(c)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

6.69%,

05/15/28

.................

EUR

865

$

1,025,594

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

7.56%,

05/15/28

.................

1,876

2,229,529

CoreWeave,

Inc.,

9.25%,

06/01/30

(b)

........

USD

625

615,249

Engineering

-

Ingegneria

Informatica

-

SpA,

8.63%,

02/15/30

(c)

..................

EUR

329

407,209

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

USD

1,932

1,968,003

ION

Platform

Finance

US,

Inc.

(b)

4.63%,

05/01/28

...................

152

141,838

5.00%,

05/01/28

...................

396

373,851

5.75%,

05/15/28

...................

1,299

1,231,668

8.75%,

05/01/29

...................

200

190,630

7.88%,

09/30/32

...................

1,559

1,367,265

Twilio,

Inc.

3.63%,

03/15/29

...................

160

153,216

3.88%,

03/15/31

...................

139

131,355

United

Group

BV,

5.25%,

02/01/30

(c)

........

EUR

810

964,621

60,571,056

Life

Sciences

Tools

&

Services

—

0.0%

(b)

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

...................

USD

201

190,498

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

......

173

176,000

366,498

Machinery

—

0.1%

Amsted

Industries,

Inc.,

6.38%,

03/15/33

(b)

....

589

609,580

ATS

Corp.,

4.13%,

12/15/28

(b)

............

314

306,355

Chart

Industries,

Inc.

(b)

7.50%,

01/01/30

...................

297

309,018

9.50%,

01/01/31

...................

398

419,017

Columbus

McKinnon

Corp.,

7.13%,

02/01/33

(b)

.

374

375,945

CompoSecure

Holdings

LLC,

5.63%,

02/01/33

(b)

1,325

1,320,760

Daimler

Truck

Finance

North

America

LLC,

3.65%,

04/07/27

(b)

..................

336

334,724

Enpro,

Inc.,

6.13%,

06/01/33

(b)

............

249

256,039

Esab

Corp.,

6.25%,

04/15/29

(b)

............

292

300,039

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/23/29

(b)

.......................

272

231,367

IMA

Industria

Macchine

Automatiche

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

04/15/29

(a)(c)

......................

EUR

3,178

3,779,297

Ingersoll

Rand,

Inc.,

5.70%,

08/14/33

.......

USD

586

618,803

King

US

Bidco,

Inc.

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

12/01/32

(a)(c)

......

EUR

783

931,349

Lsf12

Helix

Parent

LLC,

7.13%,

02/01/33

(b)

....

USD

711

713,087

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(b)

..

143

155,314

Otis

Worldwide

Corp.

2.57%,

02/15/30

...................

337

315,736

5.13%,

11/19/31

...................

153

158,459

Terex

Corp.,

6.25%,

10/15/32

(b)

...........

470

481,237

TK

Elevator

Midco

GmbH

4.38%,

07/15/27

(c)

..................

EUR

1,341

1,595,378

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

2,512

2,512,731

15,724,235

Marine

Transportation

—

0.0%

Danaos

Corp.,

8.50%,

03/01/28

(b)

..........

1,890

1,892,491

Media

—

0.8%

Cable

One,

Inc.

(m)

0.00%,

03/15/26

(n)

..................

219

215,168

1.13%,

03/15/28

...................

85

64,600

Charter

Communications

Operating

LLC

2.80%,

04/01/31

...................

12,118

10,923,723

2.30%,

02/01/32

...................

4,482

3,854,823

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

6.55%,

06/01/34

...................

USD

5,490

$

5,766,863

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%,

04/15/28

...................

352

352,110

7.50%,

06/01/29

...................

1,061

1,049,881

7.88%,

04/01/30

...................

2,754

2,899,596

7.13%,

02/15/31

...................

1,253

1,306,632

7.50%,

03/15/33

...................

3,047

3,237,550

CMG

Media

Corp.,

8.88%,

06/18/29

(b)

.......

483

418,437

CSC

Holdings

LLC

(b)

5.50%,

04/15/27

...................

2,793

2,465,223

5.38%,

02/01/28

...................

800

597,078

11.25%,

05/15/28

..................

907

726,947

11.75%,

01/31/29

..................

189

137,813

DirecTV

Financing

LLC

(b)

5.88%,

08/15/27

...................

919

923,476

8.88%,

02/01/30

...................

886

897,083

10.00%,

02/15/31

..................

1,436

1,479,208

Discovery

Communications

LLC,

3.95%,

03/20/28

........................

2,080

2,043,600

DISH

DBS

Corp.

(b)

5.25%,

12/01/26

...................

1,473

1,431,552

5.75%,

12/01/28

...................

1,002

969,663

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

.....

3,571

3,695,835

EchoStar

Corp.

10.75%,

11/30/29

..................

2,378

2,606,445

6.75%,

(6.75%

Cash

or

6.75%

PIK),

11/30/30

(j)

......................

3,598

3,661,384

Gray

Media,

Inc.

(b)

10.50%,

07/15/29

..................

230

247,047

9.63%,

07/15/32

...................

1,129

1,163,944

7.25%,

08/15/33

...................

1,038

1,062,676

Lamar

Media

Corp.,

5.38%,

11/01/33

(b)

......

383

381,995

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

.......................

670

467,325

Midcontinent

Communications,

8.00%,

08/15/32

(b)

.......................

705

678,330

Neptune

Bidco

US,

Inc.

(b)

9.29%,

04/15/29

...................

567

582,199

10.38%,

05/15/31

..................

409

432,433

9.50%,

02/15/33

...................

674

686,312

Omnicom

Group,

Inc.

4.65%,

10/01/28

...................

289

291,557

4.75%,

03/30/30

...................

732

738,770

2.40%,

03/01/31

...................

543

488,886

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

...................

103

102,979

4.25%,

01/15/29

...................

155

151,292

4.63%,

03/15/30

...................

1,001

977,435

7.38%,

02/15/31

...................

145

152,709

Paramount

Global

4.95%,

01/15/31

...................

441

421,896

4.20%,

05/19/32

...................

447

403,622

SES

SA

,

4.88%,

06/24/33

(c)

..............

EUR

253

303,168

Sinclair

Television

Group,

Inc.,

8.13%,

02/15/33

(b)

USD

1,301

1,345,780

Sirius

XM

Radio

LLC

(b)

3.13%,

09/01/26

...................

532

528,800

4.00%,

07/15/28

...................

191

186,573

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

.....

608

589,555

Summer

BC

Holdco

B

SARL

(c)

5.88%,

02/15/30

...................

EUR

974

1,073,317

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.31%,

02/15/30

(a)

................

700

779,431

Sunrise

FinCo.

I

BV

4.88%,

07/15/31

(b)

..................

USD

1,192

1,141,721

4.63%,

05/15/32

(c)

..................

EUR

1,055

1,265,125

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

..................

USD

400

$

398,691

Univision

Communications,

Inc.

(b)

8.00%,

08/15/28

...................

2,374

2,449,961

8.50%,

07/31/31

...................

737

768,586

9.38%,

08/01/32

...................

1,193

1,284,450

Versant

Media

Group,

Inc.,

7.25%,

01/30/31

(b)

..

210

215,206

Virgin

Media

O2

Vendor

Financing

Notes

V

DAC,

7.88%,

03/15/32

(c)

..................

GBP

819

1,099,379

Virgin

Media

O2

Vendor

Financing

Notes

VII

DAC,

7.50%,

07/15/33

(c)

..............

EUR

349

411,976

Virgin

Media

O2

Vendor

Financing

Notes

VIII

DAC,

8.88%,

07/15/33

(c)

..............

GBP

410

555,384

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

..................

2,188

2,988,547

VZ

Secured

Financing

BV,

5.25%,

01/15/33

(c)

..

EUR

2,225

2,559,561

Ziggo

Bond

Co.

BV

3.38%,

02/28/30

(c)

..................

507

531,977

5.13%,

02/28/30

(b)

..................

USD

200

175,710

6.13%,

11/15/32

(c)

..................

EUR

705

781,649

Ziggo

BV

2.88%,

01/15/30

(c)

..................

276

309,515

4.88%,

01/15/30

(b)

..................

USD

200

188,813

83,088,972

Metals

&

Mining

—

0.5%

Anglo

American

Capital

plc,

5.75%,

04/05/34

(b)

.

1,449

1,517,132

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

840

807,542

Antofagasta

plc,

2.38%,

10/14/30

(b)

.........

674

608,056

Arsenal

AIC

Parent

LLC

(b)

8.00%,

10/01/30

...................

1,091

1,155,418

11.50%,

10/01/31

..................

1,202

1,324,501

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

......

1,671

1,686,507

Cleveland-Cliffs,

Inc.,

6.88%,

11/01/29

(b)

.....

442

459,329

Commercial

Metals

Co.

(b)

5.75%,

11/15/33

...................

587

596,801

6.00%,

12/15/35

...................

605

618,134

Constellium

SE

(b)

5.63%,

06/15/28

...................

250

250,220

3.75%,

04/15/29

...................

1,588

1,537,209

6.38%,

08/15/32

...................

1,320

1,365,068

Corp.

Nacional

del

Cobre

de

Chile,

5.53%,

01/30/37

(b)

.......................

675

677,211

CSN

Resources

SA

(c)

8.88%,

12/05/30

...................

320

308,659

4.63%,

06/10/31

...................

388

304,929

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

......

1,302

1,312,156

First

Quantum

Minerals

Ltd.

(b)

9.38%,

03/01/29

...................

1,070

1,122,162

8.00%,

03/01/33

...................

221

236,819

7.25%,

02/15/34

...................

698

733,347

Freeport

Indonesia

PT,

5.32%,

04/14/32

(b)

....

1,221

1,240,841

Freeport-McMoRan,

Inc.

5.00%,

09/01/27

...................

391

391,190

5.40%,

11/14/34

...................

191

196,936

Fresnillo

plc,

4.25%,

10/02/50

(b)

...........

616

493,724

Gerdau

Trade,

Inc.,

5.75%,

06/09/35

........

612

630,648

Glencore

Funding

LLC

(b)

2.63%,

09/23/31

...................

1,277

1,156,742

6.50%,

10/06/33

...................

1,787

1,973,895

5.63%,

04/04/34

...................

2,248

2,353,735

Kaiser

Aluminum

Corp.

(b)

4.50%,

06/01/31

...................

2,097

2,024,389

5.88%,

03/01/34

...................

1,267

1,276,418

Marcobre

SAC,

5.75%,

01/22/36

(b)

.........

576

572,587

Minera

Mexico

SA

de

CV,

5.63%,

02/12/32

(c)

...

617

638,688

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Navoi

Mining

&

Metallurgical

Combinat

(b)

6.70%,

10/17/28

...................

USD

411

$

425,796

6.95%,

10/17/31

...................

519

554,780

New

Gold,

Inc.,

6.88%,

04/01/32

(b)

.........

926

983,805

Nexa

Resources

SA,

6.75%,

04/09/34

(b)

......

295

319,537

Novelis

Corp.

(b)

4.75%,

01/30/30

...................

439

425,288

6.88%,

01/30/30

...................

327

338,919

3.88%,

08/15/31

...................

1,716

1,570,256

6.38%,

08/15/33

...................

1,878

1,912,997

Rio

Tinto

Finance

USA

plc,

5.00%,

03/14/32

...

1,599

1,645,962

Samarco

Mineracao

SA,

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)(j)

..............

1,303

1,303,295

Steel

Dynamics,

Inc.

5.38%,

08/15/34

...................

3,914

4,018,243

5.25%,

05/15/35

...................

962

976,999

Stillwater

Mining

Co.,

4.00%,

11/16/26

(c)

......

621

616,342

Vale

Overseas

Ltd.

3.75%,

07/08/30

...................

2,572

2,476,090

6.13%,

06/12/33

...................

2,330

2,493,403

6.40%,

06/28/54

...................

287

294,892

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.43%),

6.00%,

02/25/56

(a)(b)

....................

632

635,097

Vedanta

Resources

Finance

II

plc

(b)

9.48%,

07/24/30

...................

298

313,794

9.85%,

04/24/33

...................

384

413,280

Volcan

Cia

Minera

SAA,

8.50%,

10/28/32

(b)

...

649

671,715

51,961,483

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Blackstone

Mortgage

Trust,

Inc.,

3.75%,

01/15/27

376

371,021

Starwood

Property

Trust,

Inc.

7.25%,

04/01/29

...................

368

388,101

6.00%,

04/15/30

...................

94

96,619

6.50%,

07/01/30

...................

22

22,910

6.50%,

10/15/30

...................

1,073

1,117,464

1,996,115

Multi-Utilities

—

0.1%

Berkshire

Hathaway

Energy

Co.

3.70%,

07/15/30

...................

854

839,487

1.65%,

05/15/31

...................

668

583,027

Consumers

Energy

Co.

4.60%,

05/30/29

...................

751

764,085

4.70%,

01/15/30

...................

258

263,571

NiSource,

Inc.

1.70%,

02/15/31

...................

1,100

967,545

5.40%,

06/30/33

...................

869

898,023

5.35%,

04/01/34

...................

462

476,038

San

Diego

Gas

&

Electric

Co.

4.95%,

08/15/28

...................

150

153,733

Series

VVV,

1.70%,

10/01/30

...........

186

166,032

Sempra

3.40%,

02/01/28

...................

137

135,385

3.70%,

04/01/29

...................

1,058

1,042,386

6,289,312

Office

REITs

—

0.0%

Alstria

Office

AG

(c)

4.25%,

10/15/29

...................

EUR

400

473,288

5.50%,

03/20/31

...................

100

121,880

595,168

Oil,

Gas

&

Consumable

Fuels

—

1.2%

Aethon

United

BR

LP,

7.50%,

10/01/29

(b)

.....

USD

411

432,494

Antero

Midstream

Partners

LP,

6.63%,

02/01/32

(b)

297

308,524

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

...................

USD

179

$

220,515

5.88%,

06/30/29

...................

435

437,950

6.63%,

07/15/33

...................

264

273,370

Azule

Energy

Finance

plc,

8.25%,

01/22/31

(b)

..

1,150

1,151,265

Blue

Racer

Midstream

LLC

(b)

7.00%,

07/15/29

...................

246

256,354

7.25%,

07/15/32

...................

198

209,921

Breakwater

Energy

Holdings

SARL

9.25%,

11/15/30

(b)

..................

625

656,117

9.25%,

11/15/30

(c)

..................

952

998,410

Buckeye

Partners

LP

6.88%,

07/01/29

(b)

..................

22

22,872

6.75%,

02/01/30

(b)

..................

98

102,681

5.85%,

11/15/43

...................

249

232,318

5.60%,

10/15/44

...................

194

175,642

Caturus

Energy

LLC,

8.50%,

02/15/30

(b)

.....

1,338

1,395,039

Cheniere

Corpus

Christi

Holdings

LLC

5.13%,

06/30/27

...................

1,862

1,879,720

3.70%,

11/15/29

...................

547

535,189

Cheniere

Energy

Partners

LP

4.00%,

03/01/31

...................

3,767

3,667,970

3.25%,

01/31/32

...................

685

632,180

5.95%,

06/30/33

...................

302

319,967

5.75%,

08/15/34

...................

1,051

1,095,526

5.55%,

10/30/35

(b)

..................

385

393,778

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

......

3,057

3,169,457

Chord

Energy

Corp.,

6.75%,

03/15/33

(b)

......

124

128,547

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(b)

...

472

490,538

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

425

412,912

CNX

Resources

Corp.,

7.25%,

03/01/32

(b)

....

128

133,917

Comstock

Resources,

Inc.

(b)

6.75%,

03/01/29

...................

818

822,440

5.88%,

01/15/30

...................

193

188,310

Coterra

Energy,

Inc.

3.90%,

05/15/27

...................

798

796,215

5.60%,

03/15/34

...................

239

247,118

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.........

1,898

1,887,412

Crescent

Energy

Finance

LLC

(b)

7.75%,

07/31/29

...................

134

134,335

9.75%,

10/15/30

...................

74

78,700

7.63%,

04/01/32

...................

238

236,068

7.88%,

04/15/32

...................

180

179,088

7.38%,

01/15/33

...................

864

836,160

8.38%,

01/15/34

...................

192

193,817

CVR

Energy,

Inc.

(b)

7.50%,

02/15/31

...................

234

233,508

7.88%,

02/15/34

...................

156

154,734

DBR

Land

Holdings

LLC,

6.25%,

12/01/30

(b)

...

315

322,680

DCP

Midstream

Operating

LP

8.13%,

08/16/30

...................

635

733,873

3.25%,

02/15/32

...................

4,146

3,816,193

Delek

Logistics

Partners

LP,

7.38%,

06/30/33

(b)

.

454

466,859

Diamondback

Energy,

Inc.

5.15%,

01/30/30

...................

950

976,879

3.13%,

03/24/31

...................

2,302

2,156,897

5.40%,

04/18/34

...................

2,300

2,355,355

EIG

Pearl

Holdings

SARL

(b)

3.55%,

08/31/36

...................

445

408,433

4.39%,

11/30/46

...................

1,166

974,379

Enbridge,

Inc.,

Series

20-A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

5.75%,

07/15/80

(a)

............

3,221

3,260,267

Energean

plc

5.63%,

05/12/31

(c)

..................

EUR

1,238

1,473,895

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.63%,

05/12/31

(b)

..................

EUR

213

$

253,586

Energy

Transfer

LP

6.10%,

12/01/28

...................

USD

983

1,033,080

6.00%,

02/01/29

(b)

..................

1,029

1,039,096

3.75%,

05/15/30

...................

335

326,430

5.60%,

09/01/34

...................

4,208

4,332,402

5.70%,

04/01/35

...................

564

584,018

Enterprise

Products

Operating

LLC,

Series

E,

(3-mo.

CME

Term

SOFR

+

3.29%),

5.25%,

08/16/77

(a)

.......................

2,451

2,441,395

EQT

Corp.

3.13%,

05/15/26

(b)

..................

785

782,509

5.00%,

01/15/29

...................

165

167,908

4.75%,

01/15/31

...................

5,249

5,272,693

3.63%,

05/15/31

(b)

..................

1,323

1,250,927

5.75%,

02/01/34

...................

4,734

4,940,414

Expand

Energy

Corp.

5.38%,

02/01/29

...................

4,954

4,956,979

5.88%,

02/01/29

(b)

..................

875

875,047

6.75%,

04/15/29

(b)

..................

672

675,581

5.38%,

03/15/30

...................

6,967

7,090,959

4.75%,

02/01/32

...................

2,519

2,495,948

5.70%,

01/15/35

...................

913

944,102

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(c)

.......................

602

510,128

Genesis

Energy

LP

7.75%,

02/01/28

...................

239

240,028

8.00%,

05/15/33

...................

6

6,262

Global

Partners

LP,

7.13%,

07/01/33

(b)

.......

194

198,716

Greenko

Wind

Projects

Mauritius

Ltd.,

7.25%,

09/27/28

(b)

.......................

200

204,354

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(b)

.......................

197

203,164

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

....

124

129,518

Hess

Midstream

Operations

LP

(b)

6.50%,

06/01/29

...................

212

219,421

4.25%,

02/15/30

...................

174

169,964

Hilcorp

Energy

I

LP

(b)

6.25%,

11/01/28

...................

143

144,174

5.75%,

02/01/29

...................

621

621,149

6.25%,

04/15/32

...................

44

42,200

8.38%,

11/01/33

...................

402

417,369

6.88%,

05/15/34

...................

715

689,065

7.25%,

02/15/35

...................

84

81,281

Howard

Midstream

Energy

Partners

LLC

(b)

7.38%,

07/15/32

...................

87

91,898

6.63%,

01/15/34

...................

917

941,209

Ithaca

Energy

North

Sea

plc,

5.50%,

10/01/31

(c)

EUR

794

951,456

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.......

USD

1,185

1,142,448

KazMunayGas

National

Co.

JSC,

5.75%,

04/19/47

(c)

.......................

282

264,234

Kinder

Morgan,

Inc.

5.10%,

08/01/29

...................

449

462,485

5.20%,

06/01/33

...................

649

667,459

5.40%,

02/01/34

...................

1,201

1,242,249

Kinetik

Holdings

LP

(b)

6.63%,

12/15/28

...................

116

119,447

5.88%,

06/15/30

...................

62

62,740

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(b)

.......................

155

160,959

Matador

Resources

Co.

(b)

6.88%,

04/15/28

...................

359

366,809

6.50%,

04/15/32

...................

685

697,500

Medco

Cypress

Tree

Pte.

Ltd.,

8.63%,

05/19/30

(b)

250

263,850

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

388

404,878

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Murphy

Oil

Corp.,

5.88%,

12/01/42

(d)

........

USD

58

$

50,824

NGL

Energy

Operating

LLC

(b)

8.13%,

02/15/29

...................

305

316,508

8.38%,

02/15/32

...................

748

782,900

Northern

Oil

&

Gas,

Inc.,

7.88%,

10/15/33

(b)

...

653

659,281

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

.......................

190

193,308

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

.....

258

258,349

Permian

Resources

Operating

LLC

(b)

8.00%,

04/15/27

...................

927

935,429

7.00%,

01/15/32

...................

533

558,745

6.25%,

02/01/33

...................

629

647,965

Pertamina

Persero

PT,

6.45%,

05/30/44

(b)

....

598

626,040

Petrobras

Global

Finance

BV,

6.75%,

01/27/41

.

1,260

1,263,150

Petroleos

Mexicanos,

7.50%,

03/20/26

(b)

.....

1,193

1,194,491

Pluspetrol

Camisea

SA,

6.24%,

07/03/36

(b)

....

605

639,370

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

.......

300

311,160

PRIO

Luxembourg

Holding

SARL,

6.75%,

10/15/30

(b)

.......................

646

639,572

Raizen

Fuels

Finance

SA

(b)

6.45%,

03/05/34

...................

839

690,077

6.95%,

03/05/54

...................

341

259,058

Repsol

E&P

Capital

Markets

US

LLC,

4.81%,

09/16/28

(b)

.......................

955

966,014

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

.......................

162

161,497

Sabine

Pass

Liquefaction

LLC

5.88%,

06/30/26

...................

19

19,021

5.00%,

03/15/27

...................

142

142,859

4.50%,

05/15/30

...................

764

767,948

SM

Energy

Co.

(b)

8.38%,

07/01/28

...................

254

261,442

8.75%,

07/01/31

...................

333

349,769

Sunoco

LP

(b)

5.63%,

03/15/31

...................

225

226,379

6.63%,

08/15/32

...................

194

200,078

6.25%,

07/01/33

...................

203

208,242

5.88%,

03/15/34

...................

229

229,610

Tallgrass

Energy

Partners

LP

(b)

5.50%,

01/15/28

...................

283

282,902

7.38%,

02/15/29

...................

317

328,625

6.00%,

09/01/31

...................

104

104,657

Targa

Resources

Corp.

6.13%,

03/15/33

...................

136

145,318

6.50%,

03/30/34

...................

27

29,527

5.50%,

02/15/35

...................

556

569,578

5.55%,

08/15/35

...................

37

37,894

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

.......................

650

643,211

Transcanada

Trust,

Series

16-A,

5.88%,

08/15/76

(a)

.......................

2,437

2,442,788

Transcontinental

Gas

Pipe

Line

Co.

LLC,

5.10%,

03/15/36

(b)

.......................

1,505

1,510,664

TransMontaigne

Partners

LLC,

8.50%,

06/15/30

(b)

64

66,395

Venture

Global

LNG,

Inc.

(b)

9.50%,

02/01/29

...................

3,261

3,472,541

7.00%,

01/15/30

...................

70

70,434

8.38%,

06/01/31

...................

671

686,309

9.88%,

02/01/32

...................

1,124

1,188,400

Venture

Global

Plaquemines

LNG

LLC

(b)

6.13%,

12/15/30

...................

1,262

1,298,979

7.50%,

05/01/33

...................

456

499,944

6.50%,

01/15/34

...................

1,942

2,015,404

7.75%,

05/01/35

...................

530

591,005

6.75%,

01/15/36

...................

2,061

2,160,464

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Viper

Energy

Partners

LLC,

4.90%,

08/01/30

..

USD

1,493

$

1,511,767

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

.......................

451

457,217

Williams

Cos.,

Inc.

(The),

5.30%,

08/15/28

....

237

244,200

127,763,585

Paper

&

Forest

Products

—

0.1%

Fedrigoni

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.02%,

01/15/30

(a)

................

EUR

367

424,088

6.13%,

06/15/31

...................

1,011

1,156,918

LD

Celulose

International

GmbH,

7.95%,

01/26/32

(b)

.......................

USD

570

599,857

Sappi

Papier

Holding

GmbH,

4.50%,

03/15/32

(c)

EUR

1,760

1,991,384

Suzano

Austria

GmbH,

Series

DM3N,

3.13%,

01/15/32

........................

USD

879

787,584

WEPA

Hygieneprodukte

GmbH,

5.63%,

01/15/31

(c)

.......................

EUR

742

919,240

5,879,071

Passenger

Airlines

—

0.1%

American

Airlines,

Inc.

(b)

5.75%,

04/20/29

...................

USD

46

45,974

8.50%,

05/15/29

...................

291

303,656

AS

Mileage

Plan

IP

Ltd.,

5.31%,

10/20/31

(b)

...

2,456

2,484,546

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(b)

....

450

451,965

Latam

Airlines

Group

SA,

7.88%,

04/15/30

(b)

...

310

325,246

OneSky

Flight

LLC,

8.88%,

12/15/29

(b)

.......

253

270,516

United

Airlines

Holdings,

Inc.,

5.38%,

03/01/31

.

1,431

1,445,211

United

Airlines

Pass-Through

Trust

Series

2020-1,Class

A,

5.88%,

10/15/27

...

—

(o)

1

Series

2024-1,Class

A,

5.88%,

02/15/37

...

1,850

1,915,875

7,242,990

Personal

Care

Products

—

0.0%

Opal

Bidco

SAS

5.50%,

03/31/32

(c)

..................

EUR

1,333

1,622,971

6.50%,

03/31/32

(b)

..................

USD

1,098

1,120,423

Perrigo

Finance

Unlimited

Co.

5.38%,

09/30/32

...................

EUR

466

552,249

6.13%,

09/30/32

...................

USD

441

433,735

3,729,378

Pharmaceuticals

—

0.5%

1261229

BC

Ltd.,

10.00%,

04/15/32

(b)

.......

8,200

8,415,307

Amneal

Pharmaceuticals

LLC,

6.88%,

08/01/32

(b)

269

283,249

Astrazeneca

Finance

LLC,

4.90%,

02/26/31

...

37

38,237

Bausch

Health

Cos.,

Inc.

(b)

4.88%,

06/01/28

...................

256

236,796

11.00%,

09/30/28

..................

1,016

1,056,213

Bayer

Corp.,

6.65%,

02/15/28

(b)

...........

826

864,682

Bayer

US

Finance

II

LLC,

4.38%,

12/15/28

(b)

..

2,422

2,429,605

Bayer

US

Finance

LLC,

6.13%,

11/21/26

(b)

....

6,163

6,250,370

Dolcetto

Holdco

SpA

(c)

5.63%,

07/14/32

...................

EUR

1,148

1,384,246

(3-mo.

EURIBOR

+

3.63%),

5.73%,

07/14/32

(a)

.....................

142

170,008

Eli

Lilly

&

Co.

4.90%,

02/12/32

...................

USD

200

206,974

4.70%,

02/09/34

...................

301

304,213

Gruenenthal

GmbH,

4.63%,

11/15/31

(c)

......

EUR

1,340

1,607,114

Merck

&

Co.,

Inc.,

4.15%,

03/15/31

.........

USD

3,200

3,188,447

Nidda

Healthcare

Holding

GmbH

(c)

7.00%,

02/21/30

...................

EUR

2,253

2,767,647

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.28%,

10/15/32

(a)

................

2,001

2,383,914

Organon

&

Co.,

4.13%,

04/30/28

(b)

.........

USD

600

588,492

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.65%,

05/19/30

...................

USD

2,423

$

2,469,858

4.75%,

05/19/33

...................

1,305

1,318,147

Pfizer,

Inc.,

4.20%,

11/15/30

.............

485

486,196

Rossini

SARL

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

5.89%,

12/31/29

(a)

................

EUR

366

439,238

6.75%,

12/31/29

...................

530

655,561

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.38%,

05/09/30

...................

2,085

2,540,235

4.13%,

06/01/31

...................

541

652,497

7.88%,

09/15/31

...................

1,452

2,063,202

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/01/26

...................

USD

592

587,631

8.13%,

09/15/31

...................

8,259

9,468,985

6.00%,

12/01/32

...................

329

344,279

Teva

Pharmaceutical

Finance

Netherlands

IV

BV,

5.75%,

12/01/30

...................

2,205

2,283,123

55,484,466

Professional

Services

—

0.0%

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(b)

...

93

98,005

CACI

International,

Inc.,

6.38%,

06/15/33

(b)

....

887

920,295

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

.........

2,623

2,574,011

KBR,

Inc.,

4.75%,

09/30/28

(b)

.............

49

48,373

La

Financiere

Atalian

SAS,

8.50%,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(c)(j)

............

EUR

1,400

243,350

Science

Applications

International

Corp.

(b)

4.88%,

04/01/28

...................

USD

364

363,079

5.88%,

11/01/33

...................

431

434,391

4,681,504

Real

Estate

Management

&

Development

—

0.2%

ADLER

Financing

SARL,

8.25%,

(8.25%

Cash

or

8.25%

PIK),

12/31/28

(j)

...............

EUR

3,285

4,059,104

Alexandrite

Lake

Lux

Holdings

SARL,

6.75%,

07/30/30

(c)

.......................

1,102

1,320,135

Alpha

Star

Holding

IX

Ltd.,

7.00%,

08/26/28

(c)

..

USD

740

756,650

Anywhere

Real

Estate

Group

LLC

Series

AI,

7.00%,

04/15/30

............

423

428,276

9.75%,

04/15/30

(b)

..................

210

229,206

Aroundtown

SA

,

(5-Year

EUR

Swap

Annual

+

2.42%),

1.63%

(a)(c)(k)

.................

EUR

900

1,052,409

BRANICKS

Group

AG,

2.25%,

09/22/26

(c)

....

900

768,627

Citycon

Treasury

BV

(c)

1.63%,

03/12/28

...................

571

639,013

5.38%,

07/08/31

...................

425

480,198

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(b)

.......................

USD

566

603,225

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(c)(d)

.................

EUR

1,233

1,367,646

Fantasia

Holdings

Group

Co.

Ltd.

(c)(e)(l)

15.00%,

12/18/21

..................

USD

1,735

19,519

11.75%,

04/17/24

..................

2,039

22,939

11.88%,

06/01/24

..................

1,500

16,875

7.95%,

07/05/24

...................

1,650

18,562

9.25%,

07/28/24

...................

3,540

39,825

12.25%,

10/18/24

..................

3,269

36,776

9.88%,

10/19/24

...................

2,640

29,700

10.88%,

01/09/25

..................

1,345

15,131

Five

Point

Operating

Co.

LP,

8.00%,

10/01/30

(b)

153

159,020

Heimstaden

AB,

8.38%,

01/29/30

(c)

.........

EUR

237

300,659

Howard

Hughes

Corp.

(The)

(b)

4.13%,

02/01/29

...................

USD

149

144,101

4.38%,

02/01/31

...................

16

15,153

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Modernland

Overseas

Pte.

Ltd.,

6.00%,

(6.00%

Cash

or

6.00%

PIK),

04/30/27

(c)(j)

........

USD

1,075

$

346,608

NE

Property

BV,

3.88%,

09/30/33

(c)

.........

EUR

550

651,199

Sobha

Sukuk

I

Holding

Ltd.,

7.13%,

09/11/30

(c)

.

USD

634

640,739

Vivion

Investments

SARL

(c)

8.25%,

(8.25%

Cash

or

8.25%

PIK),

08/31/28

(j)

......................

EUR

392

460,700

8.25%,

(8.25%

Cash

or

8.00%

PIK),

02/28/29

(j)

......................

1,878

2,216,991

5.63%,

06/08/30

...................

1,407

1,642,964

Vonovia

SE,

Series

B

,

0.88%,

05/20/32

(c)(m)

....

800

920,220

19,402,170

Residential

REITs

—

0.1%

American

Homes

4

Rent

LP

2.38%,

07/15/31

...................

USD

636

567,667

3.63%,

04/15/32

...................

610

572,931

5.50%,

02/01/34

...................

320

327,603

5.50%,

07/15/34

...................

903

923,424

5.25%,

03/15/35

...................

187

187,477

AvalonBay

Communities,

Inc.,

5.00%,

02/15/33

493

503,689

Invitation

Homes

Operating

Partnership

LP

4.15%,

04/15/32

...................

561

541,659

4.95%,

01/15/33

...................

675

673,616

5.50%,

08/15/33

...................

860

882,136

4.88%,

02/01/35

...................

584

569,511

5,749,713

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

709

700,052

Realty

Income

Corp.

4.70%,

12/15/28

...................

400

407,451

5.13%,

02/15/34

...................

1,437

1,468,426

5.13%,

04/15/35

...................

410

416,619

Regency

Centers

LP

5.00%,

07/15/32

...................

346

353,563

5.25%,

01/15/34

...................

775

795,128

5.10%,

01/15/35

...................

873

882,591

5,023,830

Semiconductors

&

Semiconductor

Equipment

—

0.3%

Amkor

Technology,

Inc.,

5.88%,

10/01/33

(b)

....

139

141,656

ams-OSRAM

AG,

10.50%,

03/30/29

(c)

.......

EUR

1,119

1,406,330

Analog

Devices,

Inc.,

2.10%,

10/01/31

......

USD

742

659,668

AP

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$727,000),

6.50%,

03/20/45

(f)(h)

......

727

768,803

Applied

Materials,

Inc.,

4.60%,

01/15/36

.....

1,190

1,170,509

Broadcom,

Inc.

4.60%,

07/15/30

...................

2,125

2,154,738

4.20%,

10/15/30

...................

395

393,799

4.15%,

11/15/30

...................

2,071

2,059,701

4.30%,

01/15/31

...................

1,185

1,184,273

2.45%,

02/15/31

...................

1,500

1,372,736

5.15%,

11/15/31

...................

1,495

1,549,886

4.15%,

04/15/32

(b)

..................

2,564

2,508,030

4.60%,

01/15/33

...................

2,225

2,218,692

3.42%,

04/15/33

...................

3,526

3,258,135

Foundry

JV

Holdco

LLC

(b)

5.50%,

01/25/31

...................

420

434,951

6.15%,

01/25/32

...................

529

563,244

5.90%,

01/25/33

...................

1,520

1,594,250

6.20%,

01/25/37

...................

1,278

1,350,375

Lam

Research

Corp.

4.00%,

03/15/29

...................

200

200,189

1.90%,

06/15/30

...................

122

111,081

Micron

Technology,

Inc.

5.80%,

01/15/35

...................

205

217,250

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

6.05%,

11/01/35

...................

USD

898

$

964,925

MKS,

Inc.,

4.25%,

02/15/34

(c)

.............

EUR

1,472

1,744,784

NVIDIA

Corp.,

2.85%,

04/01/30

...........

USD

3,121

2,982,552

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(m)

..

394

384,851

Qnity

Electronics,

Inc.

(b)

5.75%,

08/15/32

...................

430

438,047

6.25%,

08/15/33

...................

742

765,814

QUALCOMM,

Inc.,

5.00%,

05/20/35

........

2,517

2,545,711

35,144,980

Software

—

0.6%

AppLovin

Corp.,

5.50%,

12/01/34

..........

4,903

5,019,681

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

..

6,973

6,762,722

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

...

1,396

1,297,865

Central

Parent

LLC,

8.00%,

06/15/29

(b)

......

195

151,542

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

......

244

186,976

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

...................

725

684,242

4.88%,

07/01/29

...................

1,672

1,437,192

Cloud

Software

Group,

Inc.

(b)

6.50%,

03/31/29

...................

3,533

3,510,981

9.00%,

09/30/29

...................

5,436

5,489,117

8.25%,

06/30/32

...................

538

547,190

Elastic

NV,

4.13%,

07/15/29

(b)

............

613

588,893

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

(b)

....

1,194

1,174,960

Fair

Isaac

Corp.

(b)

4.00%,

06/15/28

...................

259

254,709

6.00%,

05/15/33

...................

2,312

2,355,778

IPD

3

BV

5.50%,

06/15/31

(c)

..................

EUR

1,662

1,963,361

McAfee

Corp.,

7.38%,

02/15/30

(b)

..........

USD

365

290,394

Oracle

Corp.

4.20%,

09/27/29

...................

920

905,058

6.15%,

11/09/29

...................

863

900,093

2.95%,

04/01/30

...................

5,387

4,977,446

4.45%,

09/26/30

...................

2,200

2,147,429

4.80%,

09/26/32

...................

3,190

3,088,309

5.20%,

09/26/35

...................

302

287,805

5.88%,

09/26/45

...................

273

245,451

5.95%,

09/26/55

...................

366

322,729

6.10%,

09/26/65

...................

366

318,870

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(b)

...

963

994,224

Stripe,

Inc.,

(Acquired

09/26/25,

cost

$3,500,000),

5.04%,

09/26/30

(f)(h)

........

3,500

3,491,250

Synopsys,

Inc.,

5.00%,

04/01/32

..........

4,598

4,704,471

TeamSystem

SpA

(a)(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.52%,

07/31/31

.................

EUR

918

1,085,216

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.27%,

07/01/32

.................

214

252,103

UKG,

Inc.,

6.88%,

02/01/31

(b)

.............

USD

3,083

3,080,515

VMware

LLC,

2.20%,

08/15/31

............

2,988

2,660,146

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

15

13,711

61,190,429

Specialized

REITs

—

0.2%

American

Tower

Corp.

5.50%,

03/15/28

...................

1,539

1,582,181

5.80%,

11/15/28

...................

163

170,208

2.30%,

09/15/31

...................

883

786,185

5.55%,

07/15/33

...................

1,090

1,138,673

Crown

Castle,

Inc.

3.65%,

09/01/27

...................

1,844

1,831,054

5.00%,

01/11/28

...................

97

98,512

3.80%,

02/15/28

...................

622

617,992

4.80%,

09/01/28

...................

41

41,622

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

5.60%,

06/01/29

...................

USD

201

$

208,670

3.10%,

11/15/29

...................

404

386,035

2.25%,

01/15/31

...................

43

38,459

5.10%,

05/01/33

...................

390

394,089

5.80%,

03/01/34

...................

124

129,937

Equinix,

Inc.,

3.20%,

11/18/29

............

781

751,883

Extra

Space

Storage

LP

2.40%,

10/15/31

...................

488

433,406

2.35%,

03/15/32

...................

252

220,294

4.95%,

01/15/33

...................

1,865

1,875,935

5.40%,

02/01/34

...................

799

817,788

Iron

Mountain,

Inc.

5.25%,

07/15/30

(b)

..................

26

25,745

5.63%,

07/15/32

(b)

..................

1,104

1,090,169

6.25%,

01/15/33

(b)

..................

133

134,395

4.75%,

01/15/34

(c)

..................

EUR

1,925

2,226,383

4.75%,

01/15/34

(b)

..................

900

1,040,906

Millrose

Properties,

Inc.

(b)

6.38%,

08/01/30

...................

USD

742

757,348

6.25%,

09/15/32

...................

800

809,023

SBA

Communications

Corp.,

3.13%,

02/01/29

.

251

239,733

17,846,625

Specialty

Retail

—

0.2%

Advance

Auto

Parts,

Inc.,

7.00%,

08/01/30

(b)

...

258

262,374

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

...................

123

122,575

4.75%,

03/01/30

...................

89

87,622

5.00%,

02/15/32

(b)

..................

68

66,083

Bubbles

Bidco

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.27%,

09/30/31

(a)

................

EUR

686

820,192

6.50%,

09/30/31

...................

609

741,220

Carvana

Co.

(b)(j)

9.00%,

(9.00%

Cash

or

13.00%

PIK),

06/01/30

......................

USD

1,381

1,440,447

9.00%,

(9.00%

Cash

or

14.00

%

PIK),

06/01/31

......................

2,483

2,731,999

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(c)

....

GBP

1,759

2,517,103

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

.

USD

221

236,164

Duomo

Bidco

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

5.31%,

01/15/32

(a)(c)

......

EUR

783

930,568

Global

Auto

Holdings

Ltd.,

11.50%,

08/15/29

(b)

.

USD

200

212,000

Goldstory

SAS

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.05%,

02/01/30

(a)

................

EUR

396

457,385

6.75%,

02/01/30

...................

1,269

1,481,448

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(b)

..

USD

144

147,819

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

..

212

210,543

LCM

Investments

Holdings

II

LLC

(b)

4.88%,

05/01/29

...................

137

134,998

8.25%,

08/01/31

...................

670

705,816

Lithia

Motors,

Inc.,

5.50%,

10/01/30

(b)

.......

317

318,408

Lowe's

Cos.,

Inc.,

3.75%,

04/01/32

.........

638

611,952

Staples,

Inc.,

10.75%,

09/01/29

(b)

..........

199

195,544

White

Cap

Supply

Holdings

LLC,

7.38%,

11/15/30

(b)

.......................

3,656

3,797,425

18,229,685

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Dell

International

LLC

5.30%,

04/01/32

...................

859

882,657

4.75%,

10/06/32

...................

1,920

1,915,242

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/34

966

951,257

Seagate

Data

Storage

Technology

Pte.

Ltd.

(b)

8.25%,

12/15/29

...................

241

254,562

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

5.88%,

07/15/30

...................

USD

208

$

214,277

8.50%,

07/15/31

...................

926

979,885

5,197,880

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Beach

Acquisition

Bidco

LLC

5.25%,

07/15/32

(b)

..................

EUR

686

832,582

5.25%,

07/15/32

(c)

..................

777

943,026

10.00%,

(10.00%

Cash

or

10.75%

PIK),

07/15/33

(b)(j)

....................

USD

1,572

1,657,009

Crocs,

Inc.

(b)

4.25%,

03/15/29

...................

415

400,413

4.13%,

08/15/31

...................

40

36,608

European

TopSoho

SARL,

Series

SMCP,

4.00%,

10/14/24

(c)(e)(l)(m)

....................

EUR

1,300

1,233,428

Levi

Strauss

&

Co.,

4.00%,

08/15/30

(b)

.......

190

227,436

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.77%,

07/01/29

(a)(c)

...............

1,838

2,195,003

VF

Corp.

4.25%,

03/07/29

...................

896

1,075,303

0.63%,

02/25/32

...................

453

429,065

9,029,873

Tobacco

—

0.2%

Altria

Group,

Inc.

2.45%,

02/04/32

...................

USD

5,089

4,503,725

6.88%,

11/01/33

...................

600

674,803

BAT

Capital

Corp.

2.26%,

03/25/28

...................

800

771,320

4.91%,

04/02/30

...................

388

395,763

6.34%,

08/02/30

...................

770

832,227

5.83%,

02/20/31

...................

605

642,148

6.42%,

08/02/33

...................

1,508

1,657,142

6.00%,

02/20/34

...................

539

576,083

BAT

International

Finance

plc,

5.93%,

02/02/29

2,086

2,189,606

Philip

Morris

International,

Inc.

4.13%,

04/28/28

...................

1,410

1,416,966

5.63%,

11/17/29

...................

1,030

1,083,411

4.38%,

04/30/30

...................

2,836

2,852,786

4.75%,

11/01/31

...................

4,143

4,221,020

4.25%,

10/29/32

...................

1,417

1,394,123

23,211,123

Trading

Companies

&

Distributors

—

0.2%

Air

Lease

Corp.,

5.85%,

12/15/27

..........

1,165

1,200,159

Aviation

Capital

Group

LLC

(b)

1.95%,

09/20/26

...................

2,394

2,361,309

4.80%,

10/24/30

...................

5,245

5,257,869

FTAI

Aviation

Investors

LLC

(b)

5.50%,

05/01/28

...................

570

570,548

7.88%,

12/01/30

...................

538

570,444

7.00%,

05/01/31

...................

2,324

2,445,238

7.00%,

06/15/32

...................

1,139

1,198,726

5.88%,

04/15/33

...................

2,416

2,449,529

GATX

Corp.,

3.50%,

03/15/28

............

1,225

1,209,542

Herc

Holdings,

Inc.

(b)

7.00%,

06/15/30

...................

603

632,887

5.75%,

03/15/31

...................

269

270,910

7.25%,

06/15/33

...................

1,345

1,423,428

6.00%,

03/15/34

...................

278

279,409

QXO

Building

Products,

Inc.,

6.75%,

04/30/32

(b)

2,007

2,068,173

United

Rentals

North

America,

Inc.

(b)

6.00%,

12/15/29

...................

1,242

1,272,874

5.38%,

11/15/33

...................

983

982,422

WESCO

Distribution,

Inc.

(b)

6.63%,

03/15/32

...................

70

73,143

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

6.38%,

03/15/33

...................

USD

466

$

485,232

24,751,842

Transportation

Infrastructure

—

0.0%

TAV

Havalimanlari

Holding

A/S,

8.50%,

12/07/28

(c)

.......................

618

639,630

Wireless

Telecommunication

Services

—

0.3%

America

Movil

SAB

de

CV,

3.63%,

04/22/29

...

1,257

1,228,353

Colombia

Telecomunicaciones

SA

ESP,

4.95%,

07/17/30

(c)

.......................

727

681,199

Connect

Finco

SARL,

9.00%,

09/15/29

(b)

.....

428

454,265

Digicel

International

Finance

Ltd.,

8.63%,

08/01/32

(b)

.......................

2,626

2,730,567

Eutelsat

SA

(c)

1.50%,

10/13/28

...................

EUR

400

458,079

9.75%,

04/13/29

...................

726

913,349

Maya

SAS

7.00%,

10/15/28

(b)

..................

USD

369

373,236

5.38%,

04/15/30

(c)

..................

EUR

1,409

1,724,347

6.88%,

04/15/31

(c)

..................

1,377

1,740,232

8.50%,

04/15/31

(b)

..................

USD

953

1,020,491

Rogers

Communications,

Inc.

3.80%,

03/15/32

...................

793

751,446

Series

NC5,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

7.00%,

04/15/55

(a)

................

612

634,811

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.62%),

7.13%,

04/15/55

(a)

.....................

337

353,394

SoftBank

Group

Corp.

(c)

5.00%,

04/15/28

...................

EUR

247

298,738

5.38%,

01/08/29

...................

1,327

1,615,541

5.25%,

10/10/29

...................

613

740,204

6.88%,

01/10/31

...................

USD

620

616,754

5.88%,

07/10/31

...................

EUR

1,007

1,228,704

5.75%,

07/08/32

...................

1,990

2,393,356

6.38%,

07/10/33

...................

1,189

1,452,066

T-Mobile

USA,

Inc.

3.88%,

04/15/30

...................

USD

2,084

2,048,288

2.55%,

02/15/31

...................

500

457,389

6.70%,

12/15/33

...................

543

605,818

Veon

Midco

BV,

3.38%,

11/25/27

(b)

.........

662

631,171

Vmed

O2

UK

Financing

I

plc

4.00%,

01/31/29

(c)

..................

GBP

500

662,676

4.25%,

01/31/31

(b)

..................

USD

800

723,757

4.50%,

07/15/31

(c)

..................

GBP

2,011

2,441,098

4.75%,

07/15/31

(b)

..................

USD

400

365,503

5.63%,

04/15/32

(c)

..................

EUR

1,301

1,521,773

5.63%,

04/15/32

(c)

..................

100

116,969

6.75%,

01/15/33

(b)

..................

USD

763

744,047

WOM

Chile

Holdco

SpA,

5.00%,

(5.00%

Cash

or

5.00%

PIK),

04/01/32

(a)(b)(j)(m)

...........

512

460,149

WOM

Mobile

SA,

12.50%,

(12.50

%

Cash

or

12.50%

PIK),

04/01/31

(a)(b)(j)

............

35

33,523

Zegona

Finance

plc

6.75%,

07/15/29

(c)

..................

EUR

2,492

3,099,286

35,320,579

Total

Corporate

Bonds

—

19.3%

(Cost:

$2,038,968,748)

............................

2,061,453,096

Security

Par

(000)

Par

(000)

Value

Equity-Linked

Notes

Aerospace

&

Defense

—

0.1%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(L3Harris

Technologies,

Inc.),

14.80%, 02/02/26

.....

USD

8

$

2,473,256

Canadian

Imperial

Bank

of

Commerce

(RTX

Corp.),

20.50%, 03/05/26

.............

9

1,686,942

Morgan

Stanley

&

Co.

LLC

(Lockheed

Martin

Corp.),

19.86%, 03/19/26

.............

3

1,842,122

Nomura

Bank

International

PLC

(L3Harris

Technologies,

Inc.),

17.36%, 03/26/26

.....

8

2,706,730

Royal

Bank

of

Canada

(Airbus

SE),

24.41%, 02/26/26

..................

EUR

5

1,162,617

Royal

Bank

of

Canada

(Boeing

Co.

(The)),

27.19%, 03/02/26

..................

USD

15

3,506,210

Royal

Bank

of

Canada

(Textron,

Inc.),

16.11%, 03/16/26

..................

19

1,720,729

15,098,606

Air

Freight

&

Logistics

—

0.0%

Morgan

Stanley

&

Co.

LLC

(FedEx

Corp.),

20.85%, 03/12/26

(b)(c)

................

6

1,807,833

Automobile

Components

—

0.0%

Royal

Bank

of

Canada

(Aptiv

plc),

25.42%, 03/02/26

(b)(c)

................

24

1,847,876

Automobiles

—

0.1%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Tesla,

Inc.),

30.10%, 03/11/26

...............

12

5,152,263

Royal

Bank

of

Canada

(Tesla,

Inc.),

30.98%, 02/04/26

..................

12

5,011,284

10,163,547

Banks

—

0.6%

(b)(c)

BNP

Paribas

SA

(

Citigroup,

Inc.),

20.86%, 03/06/26

..................

92

10,656,467

BNP

Paribas

SA

(Citizens

Financial

Group,

Inc.),

24.04%, 03/05/26

..................

32

1,942,411

Mizuho

Markets

Cayman

LP

(First

Citizens

BancShares,

Inc.),

21.82%, 02/12/26

.....

4

8,518,777

Royal

Bank

of

Canada

(Bank

of

America

Corp.),

13.59%, 03/06/26

..................

146

7,696,030

Royal

Bank

of

Canada

(Flagstar

Bank

NA),

25.08%, 03/02/26

..................

117

1,556,965

Royal

Bank

of

Canada

(Wells

Fargo

&

Co.),

21.00%, 03/16/26

..................

76

6,699,772

Societe

Generale

SA

(Bank

of

America

Corp.),

11.14%, 02/06/26

..................

144

7,662,135

Societe

Generale

SA

(Citigroup,

Inc.)

14.81%,

02/03/26

..................

86

9,357,541

22.34%,

03/13/26

..................

91

10,565,943

64,656,041

Beverages

—

0.1%

(b)(c)

BNP

Paribas

SA

(Keurig

Dr

Pepper,

Inc.),

20.06%, 03/16/26

..................

97

2,652,038

JPMorgan

Structured

Products

BV

(PepsiCo,

Inc.),

20.01%, 02/19/26

...............

14

1,990,511

4,642,549

Biotechnology

—

0.1%

(b)(c)

Societe

Generale

SA

(Vertex

Pharmaceuticals,

Inc.),

15.41%, 02/06/26

...............

8

3,505,835

UBS

AG

(Vertex

Pharmaceuticals,

Inc.),

17.00%, 02/13/26

..................

8

3,521,814

7,027,649

Broadline

Retail

—

0.3%

(b)(c)

Barclays

Bank

plc

(Amazon.com,

Inc.)

23.05%,

02/20/26

..................

49

11,433,214

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

(continued)

20.72%,

03/03/26

..................

USD

50

$

12,005,122

Societe

Generale

SA

(Amazon.com,

Inc.),

22.60%, 02/05/26

..................

45

10,430,827

33,869,163

Building

Products

—

0.0%

Royal

Bank

of

Canada

(Fortune

Brands

Innovations,

Inc.),

27.48%, 03/05/26

(b)(c)

....

79

4,258,425

Capital

Markets

—

0.3%

(b)(c)

Barclays

Bank

plc

(MSCI,

Inc.),

18.51%, 02/24/26

..................

5

3,214,091

Barclays

Bank

plc

(Robinhood

Markets,

Inc.),

21.17%, 02/27/26

..................

8

792,621

BNP

Paribas

SA

(Carlyle

Group,

Inc.

(The)),

28.20%, 03/19/26

..................

40

2,369,617

BNP

Paribas

SA

(Charles

Schwab

Corp.

(The)),

19.80%, 03/05/26

..................

25

2,551,501

BNP

Paribas

SA

(Coinbase

Global,

Inc.),

20.69%, 03/03/26

..................

2

462,498

BNP

Paribas

SA

(Robinhood

Markets,

Inc.),

20.83%, 03/06/26

..................

8

823,734

JPMorgan

Structured

Products

BV

(MSCI,

Inc.),

16.14%, 03/03/26

..................

5

3,211,962

JPMorgan

Structured

Products

BV

(Raymond

James

Financial,

Inc.),

15.68%, 02/06/26

...

19

3,093,973

Mizuho

Markets

Cayman

LP

(

Raymond

James

Financial,

Inc.),

14.37%, 02/13/26

........

19

3,119,168

Morgan

Stanley

&

Co.

LLC

(State

Street

Corp.),

16.51%, 02/20/26

..................

33

4,259,169

Royal

Bank

of

Canada

(Intercontinental

Exchange,

Inc.),

13.94%, 03/16/26

.......

35

5,987,146

Societe

Generale

SA

(Coinbase

Global,

Inc.),

22.59%, 03/10/26

..................

2

494,823

UBS

AG

(State

Street

Corp.),

18.60%, 02/11/26

32

4,222,828

34,603,131

Chemicals

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(Axalta

Coating

Systems

Ltd.),

21.29%, 02/17/26

........

48

1,537,816

BMO

Capital

Markets

Corp.

(PPG

Industries,

Inc.),

25.50%, 02/12/26

...............

30

3,199,194

Canadian

Imperial

Bank

of

Commerce

(Air

Products

&

Chemicals,

Inc.),

15.30%, 03/05/26

..................

11

3,057,370

Mizuho

Markets

Cayman

LP

(Ecolab,

Inc.),

15.60%, 02/13/26

..................

3

931,887

Societe

Generale

SA

(Ecolab,

Inc.),

12.61%, 02/06/26

..................

3

911,577

UBS

AG

(LyondellBasell

Industries

NV),

18.70%, 03/05/26

..................

38

1,867,019

11,504,863

Commercial

Services

&

Supplies

—

0.2%

(b)(c)

Barclays

Bank

plc

(Rentokil

Initial

plc),

19.08%, 03/23/26

..................

GBP

758

4,737,331

BNP

Paribas

SA

(

Rollins,

Inc.),

15.97%, 02/20/26

USD

105

6,518,445

Citigroup,

Inc.

(Rollins,

Inc.),

14.39%, 02/06/26

.

105

6,470,109

Mizuho

Markets

Cayman

LP

(Waste

Management,

Inc.),

9.57%, 02/11/26

......

18

3,992,794

Nomura

Holdings,

Inc.

(Waste

Management,

Inc.),

10.83%, 02/25/26

...............

18

4,006,841

25,725,520

Communications

Equipment

—

0.2%

(b)(c)

Barclays

Bank

plc

(Arista

Networks,

Inc.),

37.26%, 02/24/26

..................

12

1,573,208

Barclays

Bank

plc

(Motorola

Solutions,

Inc.),

12.95%, 03/04/26

..................

2

704,548

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

BNP

Paribas

SA

(

Motorola

Solutions,

Inc.),

12.81%, 02/20/26

..................

USD

2

$

680,722

Canadian

Imperial

Bank

of

Commerce

(Cisco

Systems,

Inc.),

16.65%, 02/27/26

........

42

3,198,178

Royal

Bank

of

Canada

(Cisco

Systems,

Inc.),

17.45%, 03/06/26

..................

43

3,249,046

Societe

Generale

SA

(Arista

Networks,

Inc.),

38.48%, 03/06/26

..................

12

1,572,952

Societe

Generale

SA

(Cisco

Systems,

Inc.),

26.01%, 02/09/26

..................

65

5,042,333

16,020,987

Consumer

Finance

—

0.4%

(b)(c)

BNP

Paribas

SA

(Capital

One

Financial

Corp.),

16.98%, 03/26/26

..................

8

1,659,349

Morgan

Stanley

&

Co.

LLC

(

Capital

One

Financial

Corp.),

17.10%, 02/10/26

.......

41

9,032,001

Royal

Bank

of

Canada

(Capital

One

Financial

Corp.)

21.62%,

03/10/26

..................

44

9,591,041

19.76%,

03/17/26

..................

41

9,137,684

Societe

Generale

SA

(

Capital

One

Financial

Corp.),

17.80%, 02/03/26

.............

43

9,364,540

38,784,615

Consumer

Staples

Distribution

&

Retail

—

0.6%

(b)(c)

Barclays

Bank

plc

(Walmart,

Inc.),

13.23%, 03/04/26

..................

78

9,364,284

BNP

Paribas

SA

(Sysco

Corp.),

11.99%, 03/19/26

..................

24

1,919,977

BNP

Paribas

SA

(Walmart,

Inc.),

13.60%, 02/04/26

..................

106

12,394,802

Citigroup,

Inc.

(Costco

Wholesale

Corp.),

11.42%, 03/04/26

..................

9

8,273,327

JPMorgan

Structured

Products

BV

(Walmart,

Inc.),

16.75%, 03/11/26

...............

104

12,290,983

Royal

Bank

of

Canada

(

Costco

Wholesale

Corp.),

10.68%, 02/04/26

.............

13

12,188,429

Societe

Generale

SA

(Dollar

General

Corp.),

25.82%, 02/17/26

..................

51

7,003,895

63,435,697

Containers

&

Packaging

—

0.2%

(b)(c)

BNP

Paribas

SA

(Avery

Dennison

Corp.),

12.46%, 02/13/26

..................

40

7,362,142

Canadian

Imperial

Bank

of

Commerce

(Crown

Holdings,

Inc.),

16.50%, 02/02/26

........

18

1,730,535

HSBC

Bank

plc

(Smurfit

WestRock

plc),

17.45%, 03/23/26

..................

EUR

33

1,652,981

JPMorgan

Structured

Products

BV

(Amcor

plc),

29.28%, 03/04/26

..................

USD

33

1,378,053

Nomura

Bank

International

PLC

(Crown

Holdings,

Inc.),

22.64%, 03/26/26

........

26

2,714,169

Societe

Generale

SA

(Amcor

plc),

29.21%, 03/11/26

..................

30

1,317,053

Societe

Generale

SA

(Avery

Dennison

Corp.),

14.19%, 02/06/26

..................

40

7,328,490

23,483,423

Diversified

Telecommunication

Services

—

0.1%

(b)(c)

BNP

Paribas

SA

(TE

Connectivity

plc),

21.27%, 02/20/26

..................

3

698,644

Nomura

Holdings,

Inc.

(Comcast

Corp.),

29.64%, 03/02/26

..................

111

3,276,496

Royal

Bank

of

Canada

(TE

Connectivity

plc),

19.29%, 03/04/26

..................

3

703,202

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Royal

Bank

of

Canada

(Verizon

Communications,

Inc.),

13.37%, 03/16/26

...............

USD

44

$

1,784,650

6,462,992

Electric

Utilities

—

0.3%

(b)(c)

Barclays

Bank

plc

(American

Electric

Power

Co.,

Inc.),

19.89%, 02/27/26

...............

16

1,856,567

BNP

Paribas

SA

(Evergy,

Inc.),

9.30%, 03/05/26

39

2,927,227

BNP

Paribas

SA

(PG&E

Corp.),

19.35%, 02/02/26

..................

86

1,298,660

Canadian

Imperial

Bank

of

Commerce

(FirstEnergy

Corp.),

19.30%, 03/13/26

....

190

8,941,376

Citigroup,

Inc.

(FirstEnergy

Corp.),

17.93%, 02/24/26

..................

194

8,823,600

Mizuho

Markets

Cayman

LP

(American

Electric

Power

Co.,

Inc.),

17.92%, 02/20/26

.......

16

1,878,652

Morgan

Stanley

&

Co.

LLC

(FirstEnergy

Corp.),

18.61%, 03/06/26

..................

188

8,887,448

Royal

Bank

of

Canada

(American

Electric

Power

Co.,

Inc.),

18.02%, 03/12/26

...........

13

1,535,674

36,149,204

Electrical

Equipment

—

0.0%

(b)(c)

BMO

Capital

Markets

Corp.

(GE

Vernova,

Inc.),

26.89%, 02/11/26

..................

3

2,179,434

JPMorgan

Structured

Products

BV

(GE

Vernova,

Inc.),

31.16%, 02/25/26

...............

3

1,967,327

4,146,761

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)(c)

Barclays

Bank

plc

(Amphenol

Corp.),

29.02%, 02/24/26

..................

14

1,939,308

BNP

Paribas

SA

(Corning,

Inc.),

22.68%, 03/03/26

..................

8

793,879

Citigroup,

Inc.

(Corning,

Inc.),

19.83%, 02/24/26

9

848,165

Goldman

Sachs

International

(Ralliant

Corp.),

22.00%, 02/02/26

..................

23

1,239,635

Morgan

Stanley

&

Co.

LLC

(Amphenol

Corp.),

27.11%, 02/10/26

..................

13

1,864,305

Nomura

Bank

International

PLC

(Ralliant

Corp.),

21.30%, 03/26/26

..................

23

1,256,889

Nomura

Holdings,

Inc.

(CDW

Corp.),

25.62%, 03/02/26

..................

25

3,244,950

11,187,131

Energy

Equipment

&

Services

—

0.3%

(b)(c)

BNP

Paribas

SA

(SLB

Ltd.)

17.13%,

02/04/26

..................

153

6,499,933

19.65%,

02/11/26

..................

157

6,618,859

Mizuho

Markets

Cayman

LP

(Baker

Hughes

Co.),

24.02%, 03/13/26

..................

157

8,814,657

Societe

Generale

SA

(Baker

Hughes

Co.),

29.02%, 03/06/26

..................

163

9,128,958

31,062,407

Entertainment

—

0.0%

Morgan

Stanley

&

Co.

LLC

(Walt

Disney

Co.

(The)),

17.60%, 03/19/26

(b)(c)

...........

32

3,560,469

Financial

Services

—

0.5%

(b)(c)

Barclays

Bank

plc

(Apollo

Global

Management,

Inc.),

24.90%, 03/03/26

...............

5

670,244

BMO

Capital

Markets

Corp.

(Global

Payments,

Inc.),

22.85%, 02/05/26

...............

16

1,166,456

BMO

Capital

Markets

Corp.

(Mastercard,

Inc.),

11.55%, 02/13/26

..................

9

4,818,103

BNP

Paribas

SA

(Apollo

Global

Management,

Inc.),

24.50%, 03/10/26

...............

5

665,416

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

BNP

Paribas

SA

(PayPal

Holdings,

Inc.),

20.63%, 03/06/26

..................

USD

11

$

567,561

BNP

Paribas

SA

(Visa,

Inc.),

11.79%, 02/18/26

.

19

6,085,394

JPMorgan

Structured

Products

BV

(Fidelity

National

Information

Services,

Inc.),

23.76%, 02/19/26

..................

101

5,642,789

JPMorgan

Structured

Products

BV

(Visa,

Inc.),

11.14%, 02/10/26

..................

18

5,957,655

Mizuho

Markets

Cayman

LP

(PayPal

Holdings,

Inc.),

24.02%, 02/27/26

...............

11

564,136

Morgan

Stanley

&

Co.

LLC

(

Berkshire

Hathaway,

Inc.),

5.56%, 03/04/26

...............

22

10,543,044

Nomura

Holdings,

Inc.

(Voya

Financial,

Inc.),

25.83%, 03/12/26

..................

34

2,572,366

Societe

Generale

SA

(Berkshire

Hathaway,

Inc.),

8.46%, 03/11/26

...................

22

10,637,670

UBS

AG

(

Mastercard,

Inc.),

12.70%, 02/04/26

.

9

4,798,910

54,689,744

Food

Products

—

0.1%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Campbell's

Co.

(The)),

20.15%, 03/05/26

..

75

2,016,814

Canadian

Imperial

Bank

of

Commerce

(Kraft

Heinz

Co.

(The)),

12.60%, 02/02/26

......

90

2,074,236

Morgan

Stanley

&

Co.

LLC

(

Lamb

Weston

Holdings,

Inc.),

22.19%, 03/19/26

........

38

1,697,016

Nomura

Bank

International

PLC

(Kraft

Heinz

Co.

(The)),

24.76%, 03/26/26

.............

63

1,486,240

7,274,306

Ground

Transportation

—

0.1%

(b)(c)

BNP

Paribas

SA

(CSX

Corp.),

23.94%, 03/02/26

27

984,302

Canadian

Imperial

Bank

of

Commerce

(Uber

Technologies,

Inc.),

21.80%, 02/25/26

.....

22

1,742,081

Nomura

Holdings,

Inc.

(Union

Pacific

Corp.),

24.03%, 03/09/26

..................

6

1,330,878

Royal

Bank

of

Canada

(Uber

Technologies,

Inc.),

20.05%, 

02/18/26

..................

22

1,773,324

5,830,585

Health

Care

Equipment

&

Supplies

—

0.3%

(b)(c)

BMO

Capital

Markets

Corp.

(

Becton

Dickinson

&

Co.),

21.85%, 02/05/26

...............

34

6,651,210

Morgan

Stanley

&

Co.

LLC

(Medtronic

plc),

13.75%, 03/16/26

..................

69

7,066,711

Societe

Generale

SA

(GE

HealthCare

Technologies,

Inc.),

14.16%, 02/06/26

.....

45

3,597,330

Toronto-Dominion

Bank

(The)

(GE

HealthCare

Technologies,

Inc.),

15.41%, 02/13/26

.....

46

3,661,877

UBS

AG

(Baxter

International,

Inc.),

25.70%, 03/12/26

..................

281

5,556,382

26,533,510

Health

Care

Providers

&

Services

—

1.2%

(b)(c)

Barclays

Bank

plc

(HCA

Healthcare,

Inc.),

18.35%, 02/06/26

..................

23

11,489,573

Barclays

Bank

plc

(

McKesson

Corp.),

19.70%, 02/24/26

..................

12

9,624,713

BNP

Paribas

SA

(Cencora,

Inc.),

13.06%, 02/06/26

..................

26

9,407,965

BNP

Paribas

SA

(Centene

Corp.),

38.19%, 03/02/26

..................

26

1,150,808

BNP

Paribas

SA

(Elevance

Health,

Inc.)

29.22%,

02/02/26

..................

12

4,259,824

17.25%,

03/26/26

..................

12

4,234,395

BNP

Paribas

SA

(McKesson

Corp.),

14.57%, 02/04/26

..................

12

9,843,314

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

BNP

Paribas

SA

(UnitedHealth

Group,

Inc.),

20.15%, 02/10/26

..................

USD

24

$

6,973,035

Canadian

Imperial

Bank

of

Commerce

(Cencora,

Inc.),

14.00%, 03/11/26

...............

27

9,472,217

Canadian

Imperial

Bank

of

Commerce

(HCA

Healthcare,

Inc.),

23.85%, 03/11/26

......

23

11,299,719

JPMorgan

Structured

Products

BV

(Universal

Health

Services,

Inc.),

15.31%, 02/10/26

...

26

5,274,496

Morgan

Stanley

&

Co.

LLC

(Cencora,

Inc.),

14.35%, 03/04/26

..................

27

9,512,889

Royal

Bank

of

Canada

(

UnitedHealth

Group,

Inc.),

17.36%, 02/18/26

...............

25

7,107,249

Royal

Bank

of

Canada

(Universal

Health

Services,

Inc.),

12.69%, 02/18/26

........

26

5,329,982

Societe

Generale

SA

(Cardinal

Health,

Inc.)

26.08%,

02/19/26

..................

27

5,473,831

18.16%,

02/20/26

..................

15

3,199,330

Toronto-Dominion

Bank

(The)

(CVS

Health

Corp.),

27.41%, 03/12/26

.............

88

6,709,254

UBS

AG

(Cardinal

Health,

Inc.),

19.10%, 02/11/26

..................

15

3,198,878

123,561,472

Health

Care

REITs

—

0.0%

Barclays

Bank

plc

(Healthcare

Realty

Trust,

Inc.),

23.19%, 03/09/26

(b)(c)

................

115

1,922,065

Hotels,

Restaurants

&

Leisure

—

0.1%

(b)(c)

Barclays

Bank

plc

(DoorDash,

Inc.)

18.73%,

02/18/26

..................

4

744,678

24.99%,

02/27/26

..................

4

736,019

BNP

Paribas

SA

(Domino's

Pizza,

Inc.),

16.15%, 02/03/26

..................

4

1,803,491

Morgan

Stanley

&

Co.

LLC

(Domino's

Pizza,

Inc.),

22.33%, 03/04/26

...............

5

1,841,961

5,126,149

Household

Products

—

0.0%

HSBC

Bank

plc

(Henkel

AG

&

Co.

KGaA),

15.35%, 02/26/26

(b)(c)

................

EUR

52

4,302,442

Industrial

REITs

—

0.1%

(b)(c)

Morgan

Stanley

&

Co.

LLC

(Rexford

Industrial

Realty,

Inc.),

24.00%, 03/09/26

.........

USD

72

2,947,553

Toronto-Dominion

Bank

(The)

(STAG

Industrial,

Inc.),

10.81%, 03/19/26

...............

50

1,858,963

4,806,516

Insurance

—

0.3%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Hartford

Insurance

Group,

Inc.

(The)),

15.10%, 03/11/26

..................

65

8,645,733

Goldman

Sachs

International

(Willis

Towers

Watson

plc),

13.30%, 02/02/26

.........

4

1,328,851

JPMorgan

Structured

Products

BV

(American

International

Group,

Inc.),

23.07%, 02/17/26

.

28

2,122,117

Mizuho

Markets

Cayman

LP

(Arthur

J

Gallagher

&

Co.),

20.32%, 02/17/26

.............

8

2,021,794

Mizuho

Markets

Cayman

LP

(Hartford

Insurance

Group,

Inc.

(The)),

7.42%, 02/13/26

......

65

8,824,650

Morgan

Stanley

&

Co.

LLC

(Fidelity

National

Financial,

Inc.),

25.91%, 03/09/26

........

13

694,326

Royal

Bank

of

Canada

(Hartford

Insurance

Group,

Inc.

(The)),

10.20%, 02/06/26

.....

63

8,575,990

UBS

AG

(

Fidelity

National

Financial,

Inc.),

21.60%, 03/12/26

..................

45

2,394,408

34,607,869

Security

Par

(000)

Par

(000)

Value

Interactive

Media

&

Services

—

1.3%

(b)(c)

Barclays

Bank

plc

(Alphabet,

Inc.),

17.80%, 02/03/26

..................

USD

56

$

19,115,376

Barclays

Bank

plc

(Meta

Platforms,

Inc.)

20.39%,

02/06/26

..................

16

11,063,971

18.86%,

02/18/26

..................

16

11,233,608

19.07%,

03/09/26

..................

5

3,468,707

BMO

Capital

Markets

Corp.

(Alphabet,

Inc.),

20.94%, 02/18/26

..................

57

18,480,319

BNP

Paribas

SA

(Alphabet,

Inc.),

25.07%, 02/27/26

..................

56

18,722,686

Canadian

Imperial

Bank

of

Commerce

(Alphabet,

Inc.),

25.20%, 03/05/26

...............

22

7,431,196

Morgan

Stanley

&

Co.

LLC

(Alphabet,

Inc.),

25.60%, 02/10/26

..................

57

18,406,846

Societe

Generale

SA

(Alphabet,

Inc.),

23.85%, 03/13/26

..................

57

19,157,502

Societe

Generale

SA

(Meta

Platforms,

Inc.),

19.41%, 03/17/26

..................

16

10,872,098

137,952,309

IT

Services

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(

International

Business

Machines

Corp.),

22.50%, 02/18/26

10

3,172,356

JPMorgan

Structured

Products

BV

(Accenture

plc),

21.51%, 02/25/26

...............

6

1,651,631

Nomura

Holdings,

Inc.

(

Cognizant

Technology

Solutions

Corp.),

19.67%, 03/02/26

.......

22

1,840,003

Royal

Bank

of

Canada

(International

Business

Machines

Corp.),

22.91%, 03/11/26

......

10

3,095,423

UBS

AG

(Accenture

plc),

22.80%, 02/11/26

...

6

1,623,418

11,382,831

Leisure

Products

—

0.0%

Societe

Generale

SA

(Hasbro,

Inc.),

25.68%, 02/19/26

(b)(c)

................

32

2,607,457

Life

Sciences

Tools

&

Services

—

0.0%

(b)(c)

BNP

Paribas

SA

(IQVIA

Holdings,

Inc.),

16.04%, 02/10/26

..................

7

1,520,072

Royal

Bank

of

Canada

(IQVIA

Holdings,

Inc.),

15.30%, 02/03/26

..................

7

1,524,179

3,044,251

Machinery

—

0.6%

(b)(c)

BNP

Paribas

SA

(CNH

Industrial

NV),

16.53%, 03/19/26

..................

134

1,433,736

Canadian

Imperial

Bank

of

Commerce

(Nordson

Corp.)

15.10%,

02/24/26

..................

24

6,364,547

16.30%,

03/11/26

..................

33

8,876,094

Citigroup,

Inc.

(

Nordson

Corp.),

14.88%, 02/11/26

..................

24

5,957,151

JPMorgan

Structured

Products

BV

(Nordson

Corp.),

16.59%, 02/04/26

.............

19

4,820,802

Morgan

Stanley

&

Co.

LLC

(Fortive

Corp.),

18.33%, 03/16/26

..................

40

2,092,653

Morgan

Stanley

&

Co.

LLC

(Otis

Worldwide

Corp.),

12.16%, 02/13/26

.............

109

9,361,987

Royal

Bank

of

Canada

(Otis

Worldwide

Corp.)

12.09%,

02/03/26

..................

110

9,389,110

14.59%,

03/13/26

..................

110

9,540,754

Societe

Generale

SA

(

Middleby

Corp.

(The)),

29.85%, 02/19/26

..................

14

2,002,948

59,839,782

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

—

0.3%

(b)(c)

Mizuho

Markets

Cayman

LP

(

Charter

Communications,

Inc.),

45.37%, 02/25/26

..

USD

12

$

2,497,447

Mizuho

Markets

Cayman

LP

(Omnicom

Group,

Inc.),

18.52%, 03/11/26

...............

115

8,907,170

Societe

Generale

SA

(Charter

Communications,

Inc.),

43.29%, 03/06/26

...............

12

2,458,572

Societe

Generale

SA

(Omnicom

Group,

Inc.),

26.50%, 03/18/26

..................

114

7,883,754

Toronto-Dominion

Bank

(The)

(Omnicom

Group,

Inc.),

21.18%, 02/11/26

...............

115

8,888,557

30,635,500

Metals

&

Mining

—

0.0%

Royal

Bank

of

Canada

(Barrick

Mining

Corp.),

37.80%, 03/02/26

(b)(c)

................

55

2,535,578

Multi-Utilities

—

0.1%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(DTE

Energy

Co.),

10.40%, 03/05/26

.........

20

2,619,467

Morgan

Stanley

&

Co.

LLC

(Dominion

Energy,

Inc.),

22.52%, 03/09/26

...............

67

4,028,612

6,648,079

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(b)(c)

Barclays

Bank

plc

(BP

plc),

24.26%, 03/23/26

..

GBP

1,038

6,517,026

Barclays

Bank

plc

(Shell

plc),

22.02%, 02/26/26

138

5,152,325

BNP

Paribas

SA

(EQT

Corp.),

28.71%, 03/12/26

USD

52

2,822,520

Canadian

Imperial

Bank

of

Commerce

(Exxon

Mobil

Corp.),

12.30%, 02/03/26

.........

28

3,340,389

Mizuho

Markets

Cayman

LP

(Exxon

Mobil

Corp.),

11.72%, 02/10/26

..................

28

3,340,541

Toronto-Dominion

Bank

(The)

(Chevron

Corp.),

19.58%, 

03/19/26

..................

16

2,697,946

23,870,747

Pharmaceuticals

—

0.1%

(b)(c)

Barclays

Bank

plc

(Sanofi

SA),

14.11%, 03/23/26

EUR

57

5,366,839

BMO

Capital

Markets

Corp.

(Merck

&

Co.,

Inc.),

21.25%, 02/12/26

..................

USD

16

1,611,128

JPMorgan

Structured

Products

BV

(Bayer

AG),

24.53%, 02/26/26

..................

EUR

77

3,755,219

10,733,186

Professional

Services

—

0.2%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Maximus,

Inc.)

14.90%,

02/02/26

..................

USD

50

4,431,090

29.40%,

03/26/26

..................

49

4,584,438

JPMorgan

Structured

Products

BV

(Automatic

Data

Processing,

Inc.),

15.55%, 02/25/26

..

4

1,071,500

Morgan

Stanley

&

Co.

LLC

(Automatic

Data

Processing,

Inc.),

12.02%, 02/13/26

......

4

1,081,528

Royal

Bank

of

Canada

(SS&C

Technologies

Holdings,

Inc.),

17.57%, 03/16/26

........

69

5,699,190

Societe

Generale

SA

(SS&C

Technologies

Holdings,

Inc.),

21.41%, 02/23/26

........

24

1,956,705

18,824,451

Residential

REITs

—

0.2%

(b)(c)

Barclays

Bank

plc

(Invitation

Homes,

Inc.),

16.16%, 02/24/26

..................

246

6,579,300

BNP

Paribas

SA

(

AvalonBay

Communities,

Inc.),

12.71%, 03/05/26

..................

13

2,300,803

BNP

Paribas

SA

(Essex

Property

Trust,

Inc.),

20.18%, 02/04/26

..................

4

883,899

Mizuho

Markets

Cayman

LP

(Essex

Property

Trust,

Inc.),

15.12%, 03/11/26

..........

3

881,741

Security

Par

(000)

Par

(000)

Value

Residential

REITs

(continued)

Morgan

Stanley

&

Co.

LLC

(Invitation

Homes,

Inc.),

21.07%, 02/04/26

...............

USD

248

$

6,631,112

17,276,855

Semiconductors

&

Semiconductor

Equipment

—

1.7%

(b)(c)

Barclays

Bank

plc

(Broadcom,

Inc.),

27.73%, 03/03/26

..................

28

9,453,694

Barclays

Bank

plc

(Intel

Corp.),

36.95%, 02/27/26

45

2,073,369

Barclays

Bank

plc

(NVIDIA

Corp.),

20.36%, 

02/04/26

..................

131

25,126,945

Barclays

Bank

plc

(QUALCOMM,

Inc.),

20.85%, 02/25/26

..................

11

1,761,489

BNP

Paribas

SA

(KLA

Corp.),

24.72%, 02/18/26

1

1,860,162

BNP

Paribas

SA

(NVIDIA

Corp.),

29.21%, 03/12/26

..................

7

1,319,512

BNP

Paribas

SA

(Texas

Instruments,

Inc.),

25.46%, 02/20/26

..................

9

1,721,333

Citigroup,

Inc.

(Advanced

Micro

Devices,

Inc.),

36.88%, 02/20/26

..................

17

4,020,265

Citigroup,

Inc.

(Lam

Research

Corp.),

33.11%, 02/24/26

..................

13

2,677,755

Citigroup,

Inc.

(NVIDIA

Corp.),

19.51%, 03/06/26

129

24,503,432

JPMorgan

Structured

Products

BV

(NVIDIA

Corp.),

23.66%, 03/24/26

.............

131

24,676,129

JPMorgan

Structured

Products

BV

(Texas

Instruments,

Inc.),

29.89%, 03/03/26

......

9

1,828,591

Mizuho

Markets

Cayman

LP

(Applied

Materials,

Inc.),

31.52%, 02/20/26

...............

8

2,309,810

Mizuho

Markets

Cayman

LP

(KLA

Corp.),

33.47%, 02/27/26

..................

1

1,890,355

Mizuho

Markets

Cayman

LP

(Micron

Technology,

Inc.)

43.22%,

02/11/26

..................

12

3,290,427

43.27%,

02/27/26

..................

12

4,427,749

Morgan

Stanley

&

Co.

LLC

(Advanced

Micro

Devices,

Inc.),

32.54%, 02/10/26

........

18

3,921,329

Morgan

Stanley

&

Co.

LLC

(Broadcom,

Inc.)

27.09%,

02/10/26

..................

28

9,475,974

33.97%,

03/10/26

..................

27

8,983,775

Morgan

Stanley

Europe

SE

(Intel

Corp.),

0.00%, 03/13/26

...................

44

2,117,945

Royal

Bank

of

Canada

(Intel

Corp.),

32.29%, 02/03/26

..................

43

1,976,516

Royal

Bank

of

Canada

(NVIDIA

Corp.),

20.54%, 

02/13/26

..................

136

24,912,474

Royal

Bank

of

Canada

(QUALCOMM,

Inc.),

16.81%, 02/18/26

..................

11

1,707,244

Societe

Generale

SA

(Analog

Devices,

Inc.),

25.17%, 03/10/26

..................

5

1,571,193

Toronto-Dominion

Bank

(The)

(

Analog

Devices,

Inc.),

19.45%, 03/03/26

...............

5

1,563,689

Toronto-Dominion

Bank

(The)

(STMicroelectronics

NV),

19.43%, 02/12/26

.

51

1,400,685

Toronto-Dominion

Bank

(The)

(Texas

Instruments,

Inc.),

27.21%, 03/16/26

......

15

3,086,958

UBS

AG

(Applied

Materials,

Inc.),

22.30%, 02/10/26

..................

8

2,291,024

UBS

AG

(Lam

Research

Corp.),

26.80%, 02/11/26

..................

14

2,440,382

178,390,205

Software

—

1.1%

(b)(c)

Barclays

Bank

plc

(Cadence

Design

Systems,

Inc.),

22.93%, 02/25/26

...............

3

827,131

Barclays

Bank

plc

(Crowdstrike

Holdings,

Inc.),

23.69%, 02/24/26

..................

2

1,116,835

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Barclays

Bank

plc

(Microsoft

Corp.),

14.98%, 02/06/26

..................

USD

42

$

17,992,817

Barclays

Bank

plc

(Palo

Alto

Networks,

Inc.),

23.82%, 03/04/26

..................

7

1,281,631

BMO

Capital

Markets

Corp.

(Microsoft

Corp.),

14.45%, 02/24/26

..................

42

18,099,500

BNP

Paribas

SA

(Adobe,

Inc.),

16.34%, 02/13/26

5

1,342,212

BNP

Paribas

SA

(Crowdstrike

Holdings,

Inc.),

23.45%, 02/18/26

..................

3

1,168,836

BNP

Paribas

SA

(Workday,

Inc.),

32.11%, 03/26/26

..................

15

2,590,402

Canadian

Imperial

Bank

of

Commerce

(Adobe,

Inc.),

17.40%, 02/25/26

...............

5

1,357,030

Canadian

Imperial

Bank

of

Commerce

(AppLovin

Corp.),

53.40%, 02/27/26

.............

3

1,283,267

Canadian

Imperial

Bank

of

Commerce

(Microsoft

Corp.),

19.70%, 03/11/26

.............

41

17,836,570

Citigroup,

Inc.

(AppLovin

Corp.),

44.25%, 02/20/26

..................

3

1,267,577

Citigroup,

Inc.

(Autodesk,

Inc.),

21.70%, 03/04/26

2

575,349

Citigroup,

Inc.

(Microsoft

Corp.)

19.09%,

02/17/26

..................

11

4,950,869

14.59%,

03/03/26

..................

41

18,026,392

Citigroup,

Inc.

(Salesforce,

Inc.)

19.62%,

02/24/26

..................

10

2,124,597

25.94%,

03/04/26

..................

10

2,176,412

JPMorgan

Structured

Products

BV

(Autodesk,

Inc.),

18.60%, 02/25/26

...............

2

583,894

JPMorgan

Structured

Products

BV

(Oracle

Corp.),

27.64%, 02/27/26

.............

17

2,826,737

Morgan

Stanley

&

Co.

LLC

(Palantir

Technologies,

Inc.),

36.76%, 02/11/26

.....

23

3,456,416

Morgan

Stanley

&

Co.

LLC

(ServiceNow,

Inc.),

26.71%, 

02/25/26

..................

11

1,291,349

Morgan

Stanley

&

Co.

LLC

(Synopsys,

Inc.),

24.50%, 03/06/26

..................

2

871,252

Nomura

Holdings,

Inc.

(Synopsys,

Inc.),

19.98%, 02/25/26

..................

2

829,948

Royal

Bank

of

Canada

(

Cadence

Design

Systems,

Inc.),

17.83%, 02/18/26

........

3

821,596

Royal

Bank

of

Canada

(Palantir

Technologies,

Inc.),

27.50%, 02/20/26

...............

23

3,467,372

Royal

Bank

of

Canada

(ServiceNow,

Inc.),

32.95%, 02/13/26

..................

11

1,361,353

Societe

Generale

SA

(Intuit,

Inc.),

23.98%, 03/10/26

..................

3

1,527,142

Societe

Generale

SA

(Oracle

Corp.),

30.68%, 03/10/26

..................

17

2,928,086

Societe

Generale

SA

(Palo

Alto

Networks,

Inc.),

20.14%, 03/11/26

..................

7

1,299,840

Toronto-Dominion

Bank

(The)

(Intuit,

Inc.),

19.68%, 03/03/26

..................

3

1,582,406

Toronto-Dominion

Bank

(The)

(Workday,

Inc.),

16.89%, 02/02/26

..................

15

2,587,281

119,452,099

Specialized

REITs

—

0.0%

UBS

AG

(Crown

Castle,

Inc.),

22.40%, 03/19/26

(b)

(c)

.............................

16

1,346,349

Specialty

Retail

—

0.9%

(b)(c)

BNP

Paribas

SA

(AutoZone,

Inc.),

15.69%, 02/03/26

..................

2

8,724,207

BNP

Paribas

SA

(Home

Depot,

Inc.

(The))

11.88%,

02/04/26

..................

31

11,444,193

16.45%,

02/27/26

..................

30

11,393,693

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Canadian

Imperial

Bank

of

Commerce

(O'Reilly

Automotive,

Inc.),

11.10%, 02/03/26

......

USD

85

$

8,390,834

Citigroup,

Inc.

(AutoZone,

Inc.),

17.46%, 03/04/26

..................

3

12,597,327

Nomura

Holdings,

Inc.

(O'Reilly

Automotive,

Inc.),

15.37%, 03/03/26

..................

90

8,802,336

Societe

Generale

SA

(AutoZone,

Inc.),

18.51%, 03/13/26

..................

2

8,632,194

Societe

Generale

SA

(Home

Depot,

Inc.

(The)),

16.02%, 03/10/26

..................

31

11,537,789

Societe

Generale

SA

(O'Reilly

Automotive,

Inc.)

15.36%,

03/10/26

..................

91

9,001,931

14.79%,

03/17/26

..................

92

8,974,731

99,499,235

Technology

Hardware,

Storage

&

Peripherals

—

1.1%

(b)(c)

Barclays

Bank

plc

(Apple,

Inc.),

15.15%, 03/03/26

..................

79

20,681,970

Citigroup,

Inc.

(Western

Digital

Corp.),

29.08%, 02/12/26

..................

27

5,736,279

Morgan

Stanley

&

Co.

LLC

(Apple,

Inc.)

12.70%,

02/03/26

..................

79

20,497,922

13.42%,

02/10/26

..................

80

20,948,747

Morgan

Stanley

&

Co.

LLC

(Seagate

Technology

Holdings

plc),

24.10%, 02/11/26

.........

2

921,386

Nomura

Holdings,

Inc.

(Hewlett

Packard

Enterprise

Co.),

23.54%, 03/09/26

.......

164

3,526,633

Societe

Generale

SA

(Apple,

Inc.)

16.74%,

03/10/26

..................

78

20,018,515

12.01%,

03/17/26

..................

79

21,000,375

Toronto-Dominion

Bank

(The)

(Seagate

Technology

Holdings

plc),

24.75%, 02/04/26

2

872,130

114,203,957

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

HSBC

Bank

plc

(Swatch

Group

AG

(The)),

25.00%, 02/26/26

(b)(c)

................

CHF

14

3,378,422

Tobacco

—

0.0%

HSBC

Bank

plc

(British

American

Tobacco

plc),

22.50%, 02/26/26

(b)(c)

................

GBP

64

3,612,865

Trading

Companies

&

Distributors

—

0.4%

(b)(c)

Barclays

Bank

plc

(Fastenal

Co.),

14.79%, 02/03/26

..................

USD

272

11,765,839

Morgan

Stanley

&

Co.

LLC

(WESCO

International,

Inc.),

26.54%, 03/12/26

.....

22

6,308,092

Societe

Generale

SA

(Fastenal

Co.)

18.22%,

03/06/26

..................

267

11,733,535

13.86%,

03/13/26

..................

273

12,200,696

42,008,162

Wireless

Telecommunication

Services

—

0.0%

(b)(c)

Goldman

Sachs

International

(Rogers

Communications,

Inc.),

11.51%, 02/02/26

..

20

737,526

Mizuho

Markets

Cayman

LP

(

Rogers

Communications,

Inc.),

16.02%, 03/26/26

..

38

1,432,814

2,170,340

Total

Equity-Linked

Notes

—

15.1%

(Cost:

$

1,612,146,337)

............................

1,607,566,207

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Fixed

Rate

Loan

Interests

Financial

Services

—

0.3%

(f)

AS

HC

LP

-

Note

A

-

Assignment,

Delayed

Draw

1st

Lien

Term

Loan,

5.75%

,

 05/09/30

.....

USD

17,889

$

16,779,935

Aspen

Owner

LLC,

1st

Lien

Term

Loan,

7.27%

,

 02/09/27

...................

13,200

13,281,198

Houston

Center,

1st

Lien

Term

Loan,

0.00%

,

 09/13/32

(p)

..................

25,237

2

30,061,135

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

1st

Lien

Term

Loan,

7.63%

,

 05/01/31

...................

1,736

1,615,710

IT

Services

—

0.0%

X

Corp.,

1st

Lien

Term

Loan

B3,

9.50%

,

 10/26/29

265

273,944

Software

—

0.0%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan,

7.75%

,

 12/09/31

...................

2,509

2,455,723

Total

Fixed

Rate

Loan

Interests

—

0.3%

(Cost:

$34,378,083)

...............................

34,406,512

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.3%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

6.42%

,

 06/24/30

.............

1,585

1,587,720

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18%

,

 05/25/29

.............

4,552

931,193

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.18%

,

 05/25/29

.............

618

126,371

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 10/31/30

...................

1,764

1,762,318

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.37%

,

 08/03/29

...

1,497

1,494,522

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/31/31

.............

4,779

4,787,004

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/31/31

.............

1,818

1,820,695

Kaman

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.50%;

6-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.50%

at

0.50%

Floor

+

0.00%),

6.32%

-

6.54%

,

 02/26/32

...................

1,027

1,025,331

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.15%

,

 02/26/32

.............

19

19,008

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.69%

,

 02/01/28

...................

2,809

2,590,559

Propulsion

BC

Finco

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 12/01/32

.............

1,021

1,021,738

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/06/28

........

417

417,887

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

TransDigm,

Inc.,

1st

Lien

Term

Loan

J,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 02/28/31

...................

USD

10,792

$

10,785,154

TransDigm,

Inc.,

1st

Lien

Term

Loan

K,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 03/22/30

...................

1,123

1,121,364

TransDigm,

Inc.,

1st

Lien

Term

Loan

L,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/19/32

...................

1,198

1,196,879

TransDigm,

Inc.,

1st

Lien

Term

Loan

M,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 08/19/32

...................

4,930

4,925,356

35,613,099

Automobile

Components

—

0.2%

(a)

Allison

Transmission,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 01/03/33

.............

1,489

1,491,978

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%,

05/06/30

...........

6,061

6,049,321

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%,

01/28/32

...........

2,997

2,998,417

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 01/30/32

............

930

931,506

Gates

Corp.,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 06/04/31

...................

3,733

3,734,314

Gates

Global

LLC,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 11/16/29

...................

518

518,668

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.54%,

01/31/28

...........

317

244,479

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.79%,

01/31/28

...........

917

710,089

Tenneco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

8.77%

-

8.99%

,

 11/17/28

...................

2,437

2,409,827

19,088,599

Automobiles

—

0.0%

(a)

Bombardier

Recreational

Products,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.97%

,

 01/22/31

........

890

890,544

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 07/02/31

.............

1,789

1,784,990

2,675,534

Beverages

—

0.0%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.02%,

01/24/29

...........

695

443,878

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.17%,

01/24/29

...........

2,554

2,535,946

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.00%),

4.77%,

01/24/30

...........

964

180,125

Sazerac

Co.,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

2.00%),

5.68%

,

 07/09/32

748

746,077

3,906,026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Biotechnology

—

0.1%

(a)

Biomarin

Pharmaceutical,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

0.00%

,

 01/28/33

(f)

.............

USD

1,301

$

1,301,000

PAREXEL

International

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 12/12/31

............

4,773

4,768,555

6,069,555

Broadline

Retail

—

0.1%

(a)

Boots

Group

Finco

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.21%

,

 08/30/32

.............

2,280

2,285,700

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.42%

,

 03/15/30

.............

3,170

3,159,795

5,445,495

Building

Products

—

0.1%

(a)

AZZ,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 05/14/29

...................

202

202,756

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 09/08/32

...................

4,811

4,804,007

CP

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.92%

,

 07/08/30

.............

1,667

1,634,386

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 10/27/32

...................

2,316

2,298,507

Gibraltar

Industries,

Inc.,

1st

Lien

Term

Loan,

01/31/33

(f)(q)

.......................

265

265,000

Wilsonart

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 08/05/31

...................

5,130

4,960,234

14,164,890

Capital

Markets

—

0.4%

(a)

Allspring

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.69%

,

 11/01/30

...................

940

940,150

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

0.0;

6-mo.

CME

Term

SOFR

at

2.75%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

6.37%

-

6.42%

,

 02/18/31

.............

3,652

3,636,250

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 08/09/30

.............

969

963,767

Ascensus

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 11/25/32

..............

2,100

2,091,243

Axalta

Coating

Systems

US

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

B7,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 12/20/29

...................

2,557

2,555,835

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 11/25/31

..............

2,446

2,432,618

Chicago

US

MidCo

III

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 10/29/32

.............

2,710

2,701,845

Citadel

Securities

Global

Holdings

LLC,

Facility

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/31/31

..

2,975

2,977,419

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Edelman

Financial

Engines

Center

LLC

(The),

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 04/07/28

..

USD

2,472

$

2,469,740

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.22%

,

 09/15/31

........

3,649

3,623,909

Goodarz

Holding

Co.

SARL,

Delayed

Draw

1st

Lien

Term

Loan,

(1-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

7.44%

,

 11/19/30

(f)

.......

EUR

4,201

4,977,183

GTCR

Everest

Borrower

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 09/05/31

............

USD

757

755,893

Hudson

River

Trading

LLC,

1st

Lien

Term

Loan

B2,

03/18/30

(q)

.....................

2,795

2,782,355

Jane

Street

Group

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.82%

,

 12/15/31

.............

5,567

5,519,189

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.60%

,

 08/02/32

...................

3,266

3,237,030

41,664,426

Chemicals

—

0.3%

(a)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77%

,

 11/24/27

............

1,725

1,593,327

Chemours

Co.

LLC,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 10/15/32

.............

3,757

3,729,093

Derby

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.68%

,

 11/01/30

...................

2,759

2,760,351

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 10/04/29

.............

1,923

1,797,913

Element

Solutions,

Inc.,

1st

Lien

Term

Loan,

12/18/30

(q)

.......................

716

717,905

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 12/18/30

.............

2,354

2,360,749

Fortis

333,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 03/29/32

...................

1,345

1,328,984

HB

Fuller

Co.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 02/15/30

...................

1,784

1,785,824

INEOS

US

Finance

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 02/18/30

.............

625

450,216

INEOS

US

Petrochem

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 10/07/31

.............

734

474,183

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

7.70%

,

 07/03/28

.............

2,022

1,704,569

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 11/26/31

(f)

.............

1,260

1,262,908

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 11/03/32

............

2,456

2,414,052

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

B6,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 06/23/31

........

4,098

4,034,048

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.00%

,

 04/08/31

..

USD

1,581

$

1,162,295

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.87%

,

 10/09/31

.............

681

677,880

Solstice

Advanced

Materials,

Inc.,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.76%

,

 10/29/32

........

2,072

2,079,770

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.70%

,

 08/02/30

.............

3,268

3,240,375

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 08/19/32

.............

2,129

2,119,020

35,693,462

Commercial

Services

&

Supplies

—

0.3%

(a)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%

,

 10/24/30

........

1,038

1,035,014

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 08/20/32

.............

7,947

7,954,520

Anticimex

Global

AB,

Facility

1st

Lien

Term

Loan

B8,

(1-day

SOFR

at

0.00%

Floor

+

2.90%),

6.81%

,

 11/17/31

...................

769

770,193

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B10,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 06/24/30

.............

3,843

3,846,649

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52%

,

 09/06/27

.............

2,092

2,093,393

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 04/01/32

............

2,302

2,285,627

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.50%),

5.17%

,

 10/11/32

...................

1,147

1,154,891

Deep

Blue

Operating

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.44%

,

 10/01/32

.............

478

478,899

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 06/02/31

............

2,796

2,752,172

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 10/17/30

(f)

...........

738

738,162

Novelis,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/11/32

...................

4,014

4,011,984

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 10/15/30

...

743

741,182

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.44%

,

 03/08/32

...

4,433

4,408,163

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 06/28/30

(f)

.............

1,561

1,506,834

Reworld

Holding

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 01/15/31

.............

615

614,041

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 11/30/28

..............

USD

1,746

$

1,745,514

Summer

BC

Holdco

B

SARL,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

8.93%

,

 02/15/29

...

433

398,863

TruGreen

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.67%

,

 11/02/27

...................

535

523,050

37,059,151

Communications

Equipment

—

0.0%

Ciena

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43%

,

 10/24/30

(a)

..................

2,099

2,099,133

Construction

&

Engineering

—

0.1%

(a)

Azuria

Water

Solutions,

Inc.,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

0.00%

,

 01/27/33

(f)

.............

1,848

1,833,856

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

0.00%

,

 01/27/33

(f)

.......

246

244,514

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.35%

,

 08/01/30

........

3,993

3,518,212

Construction

Partners,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 11/03/31

..............

850

849,453

Dycom

Industries,

Inc.,

1st

Lien

Term

Loan

B,

01/20/33

(q)

.......................

886

887,666

Legence

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92%

,

 12/16/31

.............

1,688

1,691,810

9,025,511

Construction

Materials

—

0.2%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 01/31/31

...................

2,980

2,986,685

MSOF

Beacon

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.50%),

6.17%

,

 12/23/32

1,555

1,552,574

NEW

AMI

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.67%

,

 03/08/29

...................

566

494,072

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 04/14/31

.............

2,289

2,289,212

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 03/19/29

.............

2,031

2,032,163

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 02/10/32

.............

1,990

1,988,470

Standard

Industries,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 09/22/28

.............

565

565,681

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97%

,

 10/19/29

...

6,272

6,251,992

18,160,849

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

—

0.0%

(a)

EG

America

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.32%,

02/07/28

...........

USD

447

$

446,983

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

0.00%,

01/30/31

(f)

...........

2,266

2,263,168

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47%,

11/22/28

............

826

831,623

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%,

10/03/31

...........

1,061

1,067,414

4,609,188

Containers

&

Packaging

—

0.2%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

6.44%

,

 11/29/30

............

5,436

5,433,786

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.18%),

6.85%,

04/13/29

...........

310

308,270

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%,

04/01/32

...........

3,195

3,176,245

Colossus

Acquireco

LLC,

1st

Lien

Term

Loan,

(1-day

SOFR

at

0.00%

Floor

+

1.75%),

5.41%

,

 07/30/32

...................

3,713

3,697,564

Graham

Packaging

Co.,

Inc.,

1st

Lien

Term

Loan

B,

01/14/33

(q)

.....................

2,340

2,336,092

LABL,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

0.00%

,

 10/30/28

(f)

..................

2,743

1,412,826

Mauser

Packaging

Solutions

Holding

Co.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.23%

,

 04/15/30

...

1,620

1,578,058

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 02/01/29

...................

1,215

1,217,523

ProAmpac

PG

Borrower

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.67%

-

7.88%

,

 09/15/28

........

296

296,367

Reynolds

Consumer

Products

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/04/32

............

415

417,265

Ring

Container

Technologies

Group

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 09/15/32

...

823

823,793

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B7,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 09/15/28

.............

1,522

1,432,091

22,129,880

Diversified

Consumer

Services

—

0.1%

(a)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 08/23/32

...

2,127

2,134,404

OMNIA

Partners

LLC,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45%

,

 12/31/32

.............

1,268

1,268,145

PG

Polaris

BidCo

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 03/26/31

.............

1,091

1,089,983

Planet

US

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.82%

,

 02/07/31

.............

1,160

1,159,986

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/30/31

...................

USD

3,099

$

3,095,414

8,747,932

Diversified

REITs

—

0.0%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47%

,

 05/18/30

(a)(f)

............

1,791

1,787,869

Diversified

Telecommunication

Services

—

0.2%

(a)

Cogeco

Financing

2

LP,

1st

Lien

Term

Loan

B,

09/01/28

(q)

.......................

330

313,602

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 03/29/32

.............

5,534

5,535,383

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.72%

,

 06/01/28

.............

389

389,627

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.14%

,

 04/16/29

.............

1,566

1,561,007

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.14%

,

 04/15/30

.............

2,442

2,434,514

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

0.75;

3-mo.

CME

Term

SOFR

at

4.25%

Floor

+

0.75%

at

0.75%

Floor

+

0.04%),

8.04%

-

8.33%

,

 09/01/28

...................

895

831,094

Radiate

Holdco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.29%

,

 09/25/29

...................

4,138

3,521,709

Sunrise

Financing

Partnership,

Facility

1st

Lien

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

0.00%

,

 02/16/32

...

731

728,332

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.04%

,

 01/31/29

........

795

793,164

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.83%

,

 03/11/30

..............

6,359

6,114,149

22,222,581

Electric

Utilities

—

0.1%

(a)

NRG

Energy,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.75%

Floor

+

0.0;

3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

5.52%

,

 04/16/31

...

5,136

5,138,978

Vistra

Operations

Co.

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 12/20/30

.............

2,600

2,603,306

7,742,284

Electrical

Equipment

—

0.0%

GrafTech

Global

Enterprises,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

9.67%

,

 12/21/29

(a)

...........

197

199,853

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(a)

Celestica,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 06/20/31

...................

2,477

2,489,189

Coherent

Corp.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 07/02/29

...................

1,456

1,458,804

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

CoorsTek,

Inc.,

1st

Lien

Term

Loan

B,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.68%

,

 10/28/32

...................

USD

846

$

847,760

Sanmina

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70%

,

 10/27/32

(f)

..................

1,569

1,572,922

6,368,675

Energy

Equipment

&

Services

—

0.0%

Covia

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.40%

,

 02/26/32

(a)

..................

2,093

2,090,524

Entertainment

—

0.3%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.18%

,

 07/22/30

.............

2,041

2,030,060

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 10/01/31

.............

5,218

5,206,002

Delta

2

(Lux)

SARL,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 09/30/31

.............

5,017

5,010,235

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/21/32

(f)

.......

2,646

2,639,385

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 11/13/29

..............

3,796

3,232,368

TKO

Worldwide

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.87%

,

 11/21/31

........

5,823

5,830,219

WMG

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.57%

,

 01/24/31

.............

5,271

5,285,412

29,233,681

Financial

Services

—

0.6%

(a)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 12/21/28

........

2,071

2,068,678

ABG

Intermediate

Holdings

2

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 02/13/32

..

1,035

1,031,329

Acuren

Delaware

Holdco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 07/30/31

............

621

620,672

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.39%

,

 02/27/32

.............

3,278

3,016,034

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 01/03/29

...................

4,337

4,344,260

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.12%

,

 10/16/31

.............

5,951

5,964,462

CPI

Holdco

B

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 05/19/31

...................

6,176

6,142,960

CTP-02

Propco

LLC,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.93%

,

 12/06/29

(f)

...

5,477

5,474,425

EOC

Borrower

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 03/24/32

.............

5,837

5,832,292

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Gryphon

Acquire

NewCo

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.88%

,

 09/13/32

............

USD

1,589

$

1,580,562

Guardian

US

Holdco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.17%

,

 01/31/30

.............

520

518,615

Hilton

Garden

Inn,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.05%

,

 05/31/29

(f)

..................

7,581

7,561,727

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 02/17/31

.............

3,589

3,581,531

Macerich

Crabtree

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.50%),

6.51%

,

 08/06/29

(f)

...

4,161

4,134,395

Orion

US

Finco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.15%

,

 10/08/32

...................

1,532

1,531,050

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 05/30/31

.............

3,787

3,796,678

Summit

Acquisition,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 10/16/31

.............

235

235,925

WEX,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 04/03/28

...................

431

429,864

WEX,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/05/32

...................

898

893,165

58,758,624

Food

Products

—

0.2%

(a)

Chobani

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 10/28/32

...................

6,354

6,361,942

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B4,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.24%

,

 09/30/31

........

5,204

5,190,518

Froneri

US,

Inc.,

Facility

1st

Lien

Term

Loan

B6,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.12%

,

 09/30/32

.............

1,510

1,506,693

MP

Midco

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.50%),

10.17%

,

 03/29/30

.............

182

182,498

Primo

Brands

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 03/31/28

...................

1,568

1,566,702

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/29/32

.............

1,060

1,056,639

Wellness

Pet

LLC,

1st

Lien

Term

Loan

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.95%),

7.62%

,

 12/31/29

...................

326

164,382

Wellness

Pet

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

7.68%

,

 12/31/29

...................

182

14,743

16,044,117

Gas

Utilities

—

0.0%

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 04/01/32

(a)

...........

897

896,793

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

—

0.2%

(a)

CML

Project

Cold,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.15%),

7.13%

,

 09/01/31

(f)

GBP

2,003

$

2,738,072

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 04/10/31

.............

USD

6,454

6,442,101

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29%

,

 06/30/28

...................

1,713

1,455,656

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29%

,

 06/30/28

...................

338

287,262

One

Frio

HoldCo

BV,

Term

Loan,

(3M

EURIBOR

+

3.15%),

5.15%

,

 09/01/31

(f)

...........

EUR

6,594

7,809,208

18,732,299

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

7.42%

,

 01/15/31

...................

USD

4,562

4,590,097

Hologic,

Inc.,

1st

Lien

Term

Loan

B,

01/14/33

(q)

.

8,573

8,507,674

QuidelOrtho

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 08/20/32

...................

1,585

1,575,121

14,672,892

Health

Care

Providers

&

Services

—

0.2%

(a)

ACP

Tara

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97%

,

 12/15/32

(f)

.............

410

411,537

AHP

Health

Partners,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 09/20/32

.............

291

290,929

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.59%

,

 09/29/28

............

1,787

1,786,719

CNT

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17%

,

 11/08/32

...................

2,407

2,402,309

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 07/28/31

........

1,000

1,000,849

Ensemble

RCM

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 08/01/29

.............

2,398

2,375,796

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 11/01/28

..............

2,914

2,911,777

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

10.48%

,

 11/30/28

(e)(f)(l)

..........

56

9,702

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42%

,

 05/19/31

.............

1,758

1,755,911

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.27%

,

 11/01/28

............

979

192,092

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

10.77%

,

 11/01/29

...........

404

83,495

Medline

Borrower

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%,

10/23/28

...........

2,301

2,306,161

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.47%,

10/23/30

...........

2,446

2,451,677

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 09/22/32

.............

USD

3,318

$

3,320,816

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 11/19/31

............

1,001

989,708

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 12/19/30

............

2,580

2,581,758

Team

Health

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17%

,

 06/30/28

.............

724

724,360

Vizient,

Inc.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 08/01/31

...................

542

541,703

26,137,299

Health

Care

Technology

—

0.1%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 02/15/29

.............

4,506

4,442,944

Cotiviti,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.45%

,

 05/01/31

...................

4,397

4,059,025

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

7.77%

,

 10/01/27

.............

950

906,005

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 11/03/31

............

1,263

1,253,667

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.85%

,

 06/02/28

...................

3,096

2,846,888

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 10/22/29

.............

1,041

1,034,058

14,542,587

Hotels,

Restaurants

&

Leisure

—

0.7%

(a)

1011778

BC

ULC,

1st

Lien

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.47%

,

 09/20/30

...................

3,250

3,239,092

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.29%,

03/11/30

............

291

287,584

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.29%,

03/11/30

...........

272

268,861

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.22%

,

 05/31/30

(f)

.............

1,570

1,572,017

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.18%

,

 10/02/28

.............

1,031

1,012,897

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 02/06/30

.............

1,416

1,405,865

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 02/06/31

.............

6,206

6,156,550

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.19%

,

 12/02/31

.............

1,757

1,709,048

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

111

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

DK

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/04/32

.............

USD

3,131

$

3,131,442

Entain

Holdings

(Gibraltar)

Ltd.,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 07/30/32

........

548

546,234

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%

,

 01/29/29

.............

5,318

5,302,336

Flutter

Financing

BV,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%,

12/02/30

...........

4,978

4,965,597

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%,

06/04/32

...........

1,573

1,566,384

Fortrex

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.77%

,

 03/10/31

...................

185

178,740

Four

Seasons

Hotels

Ltd.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.47%

,

 09/22/32

.............

4,462

4,487,260

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

8.44%

,

 11/01/29

........

1,308

1,274,065

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan,

05/27/32

(q)

...................

1,568

1,570,589

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/08/30

....

3,163

3,175,713

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17%

,

 12/16/30

...................

2,480

2,478,548

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 04/16/29

........

2,184

2,175,683

Long

Point

Development

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.35%),

8.05%

,

 01/01/28

(f)

...........

5,600

5,600,000

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92%

,

 08/01/30

.............

750

700,100

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 05/03/29

.............

1,566

1,564,662

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65%

,

 04/04/29

............

1,148

1,127,828

SeaWorld

Parks

&

Entertainment,

Inc.,

1st

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 12/04/31

...

790

785,496

Six

Flags

Entertainment

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 05/01/31

........

624

616,492

Sodalite

Tahoe

Hotel

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.90%),

8.34%

,

 10/25/26

(f)

.............

7,532

7,410,220

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 03/14/31

.............

3,973

3,972,385

TRQ

Sales

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.94%

,

 12/30/32

...................

1,222

1,214,363

Voyager

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

4.25%),

7.91%

,

 07/01/32

...................

1,867

1,862,502

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Whatabrands

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 08/03/28

...................

USD

1,247

$

1,244,511

Wyndham

Hotels

&

Resorts,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52%

,

 05/24/30

............

1,717

1,720,019

74,323,083

Household

Durables

—

0.0%

(a)

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 09/26/31

.............

833

834,742

Somnigroup

International,

Inc.,

1st

Lien

Term

Loan

B,

(1-day

SOFR

at

0.00%

Floor

+

2.25%),

5.93%

,

 10/24/31

.............

720

724,491

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.33%

,

 12/19/29

.............

311

308,972

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.41%

,

 10/01/32

........

2,479

2,475,901

4,344,106

Household

Products

—

0.0%

Lavender

Dutch

Borrower

Co.

BV,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.93%

,

 12/02/32

(a)

..

1,383

1,386,457

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 07/31/30

........

3,462

3,464,600

Constellation

Renewables

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.00%),

5.82%

,

 12/15/27

............

1,568

1,568,159

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.35%,

12/11/31

............

1,290

1,289,570

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%,

11/25/32

............

1,789

1,787,658

8,109,987

Industrial

Conglomerates

—

0.2%

(a)

Beach

Acquisition

Bidco

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 09/13/32

.............

523

523,000

EMRLD

Borrower

LP,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.12%

,

 08/04/31

...................

3,633

3,626,240

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.07%

,

 05/31/30

.............

5,524

5,514,788

FCG

Acquisitions,

Inc.,

1st

Lien

Term

Loan,

03/31/28

(q)

.......................

167

167,070

INNIO

Group

Holding

GmbH,

Facility

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 11/02/28

....

1,290

1,288,929

LSF12

Crown

US

Commercial

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

6.68%

,

 12/02/31

.............

1,116

1,116,562

Pinnacle

Buyer

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.16%

,

 10/01/32

.............

1,410

1,409,544

Resideo

Funding,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.72%

,

 08/13/32

.............

1,638

1,634,832

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

112

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Industrial

Conglomerates

(continued)

Resilience

Parent

LLC,

1st

Lien

Term

Loan

B,

01/21/33

(q)

.......................

USD

2,908

$

2,904,365

18,185,330

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 09/19/31

............

11,127

11,088,579

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

5.67%

,

 01/30/32

...................

5,219

5,206,910

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.50%),

6.17%

,

 12/29/31

...................

3,500

3,476,757

Baldwin

Insurance

Group

Holdings

LLC

(The),

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.18%

,

 05/26/31

...................

1,501

1,492,385

CRC

Insurance

Group

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 05/06/31

.............

5,751

5,727,788

HUB

International

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

5.92%

,

 06/20/30

.............

6,924

6,918,680

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan,

12/09/32

(q)

.........

1,811

1,809,403

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 03/15/30

...................

1,492

1,489,315

OneDigital

Borrower

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 07/02/31

.............

385

383,763

Ryan

Specialty

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 09/15/31

.............

3,522

3,518,796

USI,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 09/27/30

...................

3,583

3,572,174

USI,

Inc.,

1st

Lien

Term

Loan

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 11/21/29

...................

3,882

3,876,697

48,561,247

Interactive

Media

&

Services

—

0.0%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 01/31/31

(a)

............

1,303

1,191,949

IT

Services

—

0.5%

(a)

Asurion

LLC,

1st

Lien

Term

Loan

B11,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.02%

,

 08/21/28

...................

1,594

1,595,314

Asurion

LLC,

1st

Lien

Term

Loan

B12,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.97%

,

 09/19/30

...................

1,595

1,596,281

Asurion

LLC,

1st

Lien

Term

Loan

B13,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 09/19/30

...................

3,935

3,937,555

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.04%

,

 01/19/29

...................

243

242,201

Central

Parent

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%

,

 07/06/29

...................

4,584

3,657,554

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Clearwater

Analytics

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 04/21/32

.............

USD

1,518

$

1,514,400

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 06/12/31

........

1,024

1,022,943

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.17%

,

 05/30/31

.............

4,963

4,922,728

Fortress

Intermediate

3,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 06/27/31

(f)

.............

897

879,419

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 05/30/31

........

1,576

1,565,940

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/09/29

........

1,484

1,474,299

ION

Platform

Finance

US,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

7.42%

,

 09/30/32

............

5,432

4,802,811

Iron

Mountain,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 01/31/31

...................

519

513,003

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

8.92%

,

 06/07/32

.............

479

470,058

Modena

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 07/01/31

...................

844

802,266

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 07/16/31

............

2,845

2,790,681

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 07/31/31

...

6,429

6,399,701

Shift4

Payments

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.00%),

5.65%

,

 07/06/32

934

938,328

X

Corp.,

1st

Lien

Term

Loan

B1,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

10.45%

,

 10/26/29

..................

5,917

5,903,741

xAI

Corp.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.25%),

11.12%

,

 06/28/30

..................

3,538

3,597,768

48,626,991

Leisure

Products

—

0.0%

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.29%

,

 05/30/28

(a)

............

400

401,114

Life

Sciences

Tools

&

Services

—

0.0%

(a)

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 07/03/28

.............

571

572,350

Pra

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 07/03/28

.............

142

142,602

Star

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 09/27/30

...................

1,355

1,355,060

2,070,012

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

113

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.5%

(a)

Aggreko

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.87%

,

 05/21/31

.............

USD

3,974

$

3,949,971

AI

Aqua

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.65%

-

6.85%

,

 07/31/28

........

3,634

3,632,755

Chart

Industries,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.16%

,

 03/15/30

...................

590

590,569

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 05/15/28

(f)

.............

681

677,188

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

B,

01/21/33

(q)

.....................

2,255

2,238,088

CompoSecure

Holdings

LLC,

1st

Lien

Term

Loan,

(12-mo.

CME

Term

SOFR

+

2.25%),

5.75%

,

 01/14/33

...................

2,766

2,757,370

Filtration

Group

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 10/23/28

.............

4,768

4,771,269

Generac

Power

Systems,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45%

,

 06/12/31

............

803

807,295

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 01/16/32

.............

3,401

3,387,894

Indicor

LLC,

1st

Lien

Term

Loan

E,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

0.00%

,

 11/22/29

...................

1,216

1,214,420

INNIO

North

America

Holding,

Inc.,

Facility

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.93%,

11/02/28

............

166

166,016

0.00%,

11/03/31

(f)

..................

875

872,829

LSF12

Helix

Parent

LLC,

1st

Lien

Term

Loan

B,

01/24/33

(q)

.......................

2,398

2,389,008

Madison

IAQ

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.13%

,

 06/21/28

...................

4,979

4,975,630

Rexnord

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.83%

,

 10/04/28

...................

950

953,563

SPX

FLOW,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.42%

,

 04/05/29

...................

4,547

4,545,363

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.95%

,

 04/30/30

.............

5,382

5,390,738

Vertiv

Group

Corp.,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45%

,

 08/12/32

.............

5,979

5,993,207

Vortex

Opco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.04%

,

 12/18/28

(e)(l)

.................

1,250

150,013

WEC

US

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70%

,

 01/27/31

.............

3,635

3,629,660

53,092,846

Security

Par

(000)

Par

(000)

Value

Media

—

0.2%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.88%),

10.55%

,

 05/30/31

.............

USD

2,370

$

2,401,756

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.66%

,

 12/09/30

...

1,188

1,185,050

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.91%

,

 12/15/31

...

1,188

1,185,966

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.79%

,

 08/23/28

........

656

655,110

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

8.25%

,

 04/15/27

...................

4,899

4,365,219

DirecTV

Financing

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

8.93%

,

 08/02/27

.............

95

95,431

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 08/30/30

.............

839

837,062

Fleet

US

Bidco,

Inc.,

1st

Lien

Term

Loan

B2,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.79%

,

 02/21/31

(f)

.............

1,042

1,042,892

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

8.95%

,

 05/23/29

.............

8

8,395

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

4.75%),

8.47%

,

 06/30/28

............

1,149

1,151,131

NEP

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.17%

,

 10/17/31

...................

2,389

2,181,038

Outfront

Media

Capital

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 09/24/32

.............

1,172

1,176,395

Telenet

Financing

USD

LLC,

Facility

1st

Lien

Term

Loan

AR,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.79%

,

 05/01/28

...

525

518,658

16,804,103

Multi-Utilities

—

0.1%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.27%

,

 03/03/32

(a)

...........

5,293

5,288,342

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

BIP

Pipeco

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

0.00%

,

 12/05/30

.............

717

716,911

Blackfin

Pipeline

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.75%

,

 10/01/32

...................

750

754,373

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 11/22/32

..............

1,003

1,005,654

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan,

01/28/33

(q)

...................

2,343

2,334,214

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

6.92%

,

 12/21/28

........

3,329

3,328,830

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.65%

,

 10/04/30

............

245

244,924

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

114

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Hilcorp

Energy

I

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.68%

,

 02/06/30

...................

USD

1,289

$

1,289,257

Meade

Pipeline

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 09/22/32

.............

431

431,272

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.45%

,

 04/07/32

...................

510

513,907

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 10/05/28

...

2,471

2,469,854

TransMontaigne

Operating

Co.

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

0.00%

,

 11/17/28

........

567

566,087

WhiteWater

Matterhorn

Holdings

LLC,

1st

Lien

Term

Loan

B,

06/16/32

(q)

..............

1,329

1,322,955

14,978,238

Paper

&

Forest

Products

—

0.0%

BradyPlus

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.19%

,

 12/29/32

(a)

............

3,639

3,614,728

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%,

04/20/28

...........

1,199

1,198,666

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%,

05/28/32

...........

1,061

1,062,043

Air

Canada,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 03/21/31

...................

2,421

2,417,600

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.52%,

01/29/27

...........

1,204

1,201,844

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.00%,

02/15/28

...........

2,097

2,094,773

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.26%,

06/04/29

...........

1,606

1,603,217

Jetblue

Airways

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.44%

,

 08/27/29

.............

2,193

2,098,219

Stonepeak

Nile

Parent

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 04/09/32

.............

837

835,954

United

Airlines,

Inc.,

Facility

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 02/24/31

.............

2,064

2,064,042

14,576,358

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

08/02/32

(q)

.......................

40

40,129

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.17%,

08/02/32

...........

3,438

3,446,979

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.45%

,

 10/29/32

.............

768

767,251

Endo

Finance

Holdings

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.42%

,

 04/23/31

.............

835

835,525

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.97%

,

 05/05/28

.............

USD

3,158

$

3,165,001

Organon

&

Co.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

5.92%

,

 05/19/31

...................

578

559,328

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 04/20/29

.............

1,397

1,393,690

10,207,903

Professional

Services

—

0.2%

(a)

AlixPartners

LLP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 08/12/32

...................

3,225

3,204,616

Amentum

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 09/29/31

.............

1,869

1,867,003

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.29%

,

 06/02/28

...................

3,089

3,078,921

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 04/28/28

..

3,655

3,652,540

Dayforce,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 03/01/31

(f)

..................

3,482

3,472,848

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.68%),

7.35%

,

 06/22/29

...................

824

824,973

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.50%),

5.34%

,

 07/31/30

.............

823

780,384

TransUnion

LLC,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 06/24/31

...................

1,989

1,988,577

TransUnion

LLC,

1st

Lien

Term

Loan

B9,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%

,

 06/24/31

...................

1,575

1,574,894

Zelis

Cost

Management

Buyer,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.47%

,

 09/28/29

...

1,300

1,264,782

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.97%

,

 11/26/31

..............

3,988

3,881,806

25,591,344

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.47%

,

 01/31/30

(a)

..

431

432,954

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

Entegris,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 07/06/29

...................

899

900,636

Qnity

Electronics,

Inc.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.70%

,

 10/29/32

.............

3,987

4,001,951

4,902,587

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

115

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

—

0.9%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 02/24/31

.............

USD

5,336

$

5,288,441

Avalara,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.42%

,

 03/26/32

...................

1,565

1,530,726

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.17%

,

 08/15/29

.............

1,876

1,442,326

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.82%

,

 07/30/31

.............

5,368

5,153,341

Capstone

Borrower,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.75%),

6.42%

,

 06/17/30

(f)

..................

1,065

1,035,073

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 01/23/32

............

6,179

6,117,403

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%,

03/21/31

...........

5,944

5,756,255

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.92%,

08/16/32

...........

4,740

4,591,967

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

7.57%

,

 10/09/28

...................

770

658,581

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 12/09/31

.............

2,106

2,063,636

Darktrace

Finco

US

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

6.90%

,

 10/09/31

.............

348

338,550

Dawn

Bidco

LLC,

1st

Lien

Term

Loan,

08/20/32

(q)

4,730

4,588,100

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

7.92%

,

 06/26/31

(f)

.............

954

918,697

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

6.47%

,

 10/09/29

.............

5,091

5,028,840

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

8.42%

,

 11/15/32

..............

703

686,304

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

5.42%,

09/12/29

...........

5,143

5,085,155

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%,

04/16/32

...........

767

755,638

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 01/30/32

............

5,938

5,796,586

Kaseya,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 03/22/32

...................

5,875

5,647,581

McAfee

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 03/01/29

...................

2,741

2,418,751

MH

Sub

I

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92%,

05/03/28

...........

1,044

944,048

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

7.92%,

12/31/31

...........

796

649,434

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B,

01/27/33

(q)

.......................

2,260

2,262,825

Security

Par

(000)

Par

(000)

Value

Software

(continued)

MKS,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

5.67%

,

 08/17/29

...................

USD

3,480

$

3,484,646

Ping

Identity

Holding

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.59%

,

 11/15/32

..............

875

866,618

Planview

Parent,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.17%

,

 12/17/27

.............

476

421,171

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.67%

,

 08/31/28

...................

5,499

5,453,918

RealPage,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

6.93%

,

 04/24/28

...................

2,708

2,671,265

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B1

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

10.02%,

07/30/29

...........

138

107,389

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

9.77%,

11/15/29

............

717

559,472

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B2

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.25%),

10.02%,

07/30/29

...........

231

179,262

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.00%),

9.77%,

11/15/29

............

378

293,513

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.72%

,

 05/09/31

.............

5,858

5,852,236

UKG,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 02/10/31

...................

4,462

4,345,213

VS

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 04/14/31

...................

4,234

4,180,862

97,173,823

Specialty

Retail

—

0.1%

(a)

LS

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.0;

3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

0.0%

at

0.00%

Floor

+

0.00%),

6.17%

-

6.32%

,

 04/23/31

..................

1,499

1,498,523

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

6.67%

,

 05/04/28

...

5,069

5,065,871

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

B8,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

5.92%

,

 09/29/32

.............

564

563,295

Project

Aurora

US

Finco,

Inc.,

Facility

1st

Lien

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

6.49%

,

 09/30/32

...

388

388,244

Pye-Barker

Fire

&

Safety

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.21%

,

 12/16/32

............

1,797

1,796,665

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.33%,

10/20/28

...........

534

525,130

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.02%,

10/20/28

...........

415

412,718

10,250,446

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

116

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Finastra

USA,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.72%

,

 09/15/32

(a)

..................

USD

6,251

$

5,485,253

Tobacco

—

0.0%

Savor

Acquisition,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.84%

,

 02/19/32

(a)

............

100

99,937

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

1st

Lien

Term

Loan

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 07/27/28

...................

3,344

3,348,539

Core

&

Main

LP,

1st

Lien

Term

Loan

E,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.69%

,

 02/10/31

...................

2,129

2,126,747

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 06/17/31

...................

605

585,612

Herc

Holdings,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.42%

,

 07/02/32

...................

454

454,191

QXO

Building

Products,

Inc.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

5.67%

,

 04/30/32

.............

720

720,736

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

7.67%

,

 06/29/29

.............

1,458

658,759

7,894,584

Transportation

Infrastructure

—

0.1%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.17%

,

 09/23/31

...................

5,061

5,060,111

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.17%

,

 07/01/31

.............

2,075

2,076,317

OLA

Netherlands

BV,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.07%

,

 12/15/26

(f)

.................

1,233

1,224,216

Rand

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

6.67%

,

 03/18/30

...................

2,226

2,227,936

10,588,580

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.02%

,

 08/09/32

............

1,040

1,040,925

SBA

Senior

Finance

II

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.43%

,

 01/27/31

.............

3,006

3,014,483

Windstream

Services

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

7.67%

,

 10/06/32

(f)

.............

2,077

2,077,000

6,132,408

Total

Floating

Rate

Loan

Interests

—

9.2%

(Cost:

$994,311,050)

..............................

979,897,518

Security

Par

(000)

Par

(000)

Value

Foreign

Agency

Obligations

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile

3.63%,

08/01/27

(c)

..................

USD

500

$

495,750

3.75%,

01/15/31

(b)

..................

491

471,790

6.44%,

01/26/36

(c)

..................

394

422,226

Empresa

Nacional

del

Petroleo

(b)

6.15%,

05/10/33

...................

656

693,556

5.95%,

07/30/34

...................

430

448,559

2,531,881

Colombia

—

0.0%

Ecopetrol

SA,

8.88%,

01/13/33

............

550

589,737

France

—

0.1%

Electricite

de

France

SA

(a)(c)(k)

(BPISDS15

+

3.32%),

5.88%

...........

GBP

1,400

1,933,054

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

.

EUR

5,200

5,965,653

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63%

........................

200

250,958

8,149,665

Hungary

—

0.1%

Magyar

Export-Import

Bank

Zrt.,

6.13%,

12/04/27

(b)

.......................

USD

1,201

1,233,283

MVM

Energetika

Zrt.

(c)

7.50%,

06/09/28

...................

529

557,942

6.50%,

03/13/31

...................

935

987,301

2,778,526

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.10%,

08/27/30

(c)

....

1,275

1,187,790

Mexico

—

0.1%

Petroleos

Mexicanos

6.50%,

01/23/29

...................

3,681

3,758,301

8.75%,

06/02/29

...................

1,255

1,348,390

5.95%,

01/28/31

...................

882

859,421

6.70%,

02/16/32

...................

2,408

2,403,641

8,369,753

Morocco

—

0.0%

OCP

SA,

7.50%,

05/02/54

(b)

..............

1,221

1,329,724

Nigeria

—

0.0%

Africa

Finance

Corp.,

5.55%,

10/08/29

(b)

.....

1,203

1,226,928

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

5.50%,

05/06/30

(b)

.......................

595

614,218

Poland

—

0.0%

Bank

Gospodarstwa

Krajowego

(b)

6.25%,

10/31/28

...................

466

493,163

5.75%,

07/09/34

...................

1,140

1,197,285

1,690,448

Republic

of

Turkiye

—

0.0%

Turkiye

Varlik

Fonu

Yonetimi

A/S,

8.25%,

02/14/29

(c)

.......................

429

459,700

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

5.88%,

07/17/64

(b)

.....

798

757,849

SRC

Sukuk

Ltd.,

4.88%,

10/02/35

(c)

.........

835

821,139

1,578,988

Total

Foreign

Agency

Obligations

—

0.3%

(Cost:

$29,139,938)

...............................

30,507,358

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

117

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Foreign

Government

Obligations

Argentina

—

0.0%

Argentine

Republic

(The),

0.75%,

07/09/30

(d)

..

USD

432

$

366,336

Armenia

—

0.0%

Republic

of

Armenia,

6.75%,

03/12/35

(b)

......

519

541,706

Bahrain

—

0.0%

Kingdom

of

Bahrain

(c)

7.38%,

05/14/30

...................

572

600,743

5.45%,

09/16/32

...................

480

455,102

1,055,845

Barbados

—

0.0%

Barbados

Government

Bond,

8.00%,

06/26/35

(b)

815

872,865

Benin

—

0.0%

Benin

Government

Bond,

7.96%,

02/13/38

(b)

...

649

678,568

Brazil

—

0.2%

Federative

Republic

of

Brazil

10.00%,

01/01/29

..................

BRL

36

6,351,276

6.00%,

08/15/30

...................

5

3,822,832

10.00%,

01/01/31

..................

12

2,105,714

6.63%,

03/15/35

...................

USD

1,218

1,254,540

Letras

do

Tesouro

Nacional

Treasury

Bills,

12.80%,

01/01/30

(r)

.................

BRL

28

3,359,665

16,894,027

Bulgaria

—

0.0%

Bulgaria

Government

Bond,

5.00%,

03/05/37

(c)

.

USD

732

721,020

Chile

—

0.1%

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

6.00%,

04/01/33

(b)(c)

.................

CLP

5,380,000

6,430,954

Republic

of

Chile

3.75%,

01/14/32

...................

EUR

558

675,646

3.10%,

05/07/41

...................

USD

1,509

1,161,176

8,267,776

Colombia

—

0.2%

Republic

of

Colombia

11.00%,

08/22/29

..................

COP

13,338,000

3,426,601

7.00%,

03/26/31

...................

9,484,000

2,019,636

13.25%,

02/09/33

..................

7,056,000

1,959,649

8.00%,

04/20/33

...................

USD

1,035

1,113,660

8.00%,

11/14/35

...................

439

470,279

7.75%,

11/07/36

...................

1,182

1,239,918

6.50%,

11/26/38

...................

EUR

553

642,880

7.25%,

10/26/50

...................

COP

4,772,600

798,389

Titulos

de

Tesoreria,

12.50%,

02/27/30

......

13,783,000

3,644,271

15,315,283

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

6.55%,

04/03/34

(c)

....

USD

553

598,346

Czech

Republic

—

0.1%

Czech

Republic

0.95%,

05/15/30

(c)

..................

CZK

153,720

6,699,045

1.50%,

04/24/40

...................

134,240

4,406,424

11,105,469

Dominican

Republic

—

0.0%

Dominican

Republic

Government

Bond

5.50%,

02/22/29

(b)

..................

USD

557

565,355

5.50%,

02/22/29

(c)

..................

150

152,250

7.05%,

02/03/31

(b)

..................

1,301

1,394,672

6.95%,

03/15/37

(b)

..................

596

637,720

2,749,997

Security

Par

(000)

Par

(000)

Value

Ecuador

—

0.0%

Republic

of

Ecuador,

9.25%,

01/29/39

(b)

......

USD

470

$

482,925

Egypt

—

0.0%

Arab

Republic

of

Egypt

5.63%,

04/16/30

(c)

..................

EUR

649

764,004

6.38%,

04/11/31

(b)

..................

479

574,028

9.45%,

02/04/33

(b)

..................

USD

590

663,750

2,001,782

Guatemala

—

0.0%

Republic

of

Guatemala

5.25%,

08/10/29

(b)

..................

767

775,514

5.25%,

08/10/29

(c)

..................

511

516,672

7.05%,

10/04/32

(b)

..................

1,076

1,174,185

6.60%,

06/13/36

(b)

..................

544

582,080

6.25%,

08/15/36

(b)

..................

618

643,492

3,691,943

Hungary

—

0.1%

Hungary

Government

Bond

5.25%,

06/16/29

(b)

..................

1,125

1,145,250

3.00%,

08/21/30

...................

HUF

2,032,000

5,544,950

5.50%,

03/26/36

(b)

..................

USD

575

571,550

6.75%,

09/23/55

(b)

..................

620

644,025

7,905,775

Indonesia

—

0.1%

Republic

of

Indonesia

5.88%,

03/15/31

...................

IDR

104,212,000

6,246,649

3.88%,

01/15/33

...................

EUR

550

656,219

6,902,868

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire

6.38%,

03/03/28

(c)

..................

USD

443

448,682

5.88%,

10/17/31

(c)

..................

EUR

1,300

1,578,516

8.08%,

04/01/36

(b)

..................

USD

412

439,604

8.25%,

01/30/37

(b)

..................

403

433,128

2,899,930

Jordan

—

0.0%

Hashemite

Kingdom

of

Jordan,

7.50%,

01/13/29

(b)

.......................

580

607,550

Kyrgyzstan

—

0.0%

Kyrgyz

Republic

International

Bond,

7.75%,

06/03/30

(b)

.......................

480

497,850

Latvia

—

0.0%

Latvia

Government

Bond,

5.13%,

07/30/34

(b)

..

1,209

1,226,398

Malaysia

—

0.0%

Malaysia

Government

Bond,

4.18%,

05/16/44

..

MYR

7,860

2,062,064

Mexico

—

0.3%

Eagle

Funding

Luxco

SARL,

5.50%,

08/17/30

(b)

.

USD

1,240

1,258,600

Mex

Bonos

Desarr

Fix

Rt

8.50%,

05/31/29

...................

MXN

740

4,297,933

8.50%,

02/28/30

...................

1,060

6,130,515

5.38%,

03/22/33

...................

USD

980

969,220

7.75%,

11/23/34

...................

MXN

820

4,417,075

8.00%,

02/21/36

...................

1,260

6,786,773

8.50%,

11/18/38

...................

226

1,236,867

United

Mexican

States

5.63%,

02/09/34

...................

USD

855

853,290

6.88%,

05/13/37

...................

560

594,160

6.63%,

01/29/38

...................

535

555,330

5.13%,

03/19/38

...................

EUR

475

562,056

5.38%,

05/16/40

...................

338

398,445

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

118

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Mexico

(continued)

6.75%,

02/09/56

...................

USD

637

$

631,267

28,691,531

Morocco

—

0.0%

Kingdom

of

Morocco

2.38%,

12/15/27

(c)

..................

566

544,424

5.95%,

03/08/28

(b)

..................

412

423,716

4.75%,

04/02/35

(b)

..................

EUR

1,115

1,341,900

2,310,040

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

10.38%,

12/09/34

(b)

.................

USD

688

812,528

9.13%,

01/13/46

(b)

..................

321

344,273

7.63%,

11/28/47

(c)

..................

690

645,150

1,801,951

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%,

03/13/27

(c)

EUR

498

607,919

Oman

—

0.0%

Oman

Government

Bond,

6.50%,

03/08/47

(c)

..

USD

953

1,005,110

Panama

—

0.0%

Republic

of

Panama

7.50%,

03/01/31

...................

1,068

1,179,606

6.40%,

02/14/35

...................

928

970,070

2,149,676

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

5.00%,

04/15/26

...................

70

70,033

2.74%,

01/29/33

...................

526

467,088

5.60%,

03/13/48

...................

423

403,119

940,240

Peru

—

0.1%

(c)

Bonos

de

la

Tesoreria,

7.60%,

08/12/39

(b)

.....

PEN

2,292

748,298

Republic

of

Peru

7.30%,

08/12/33

...................

5,076

1,723,012

7.60%,

08/12/39

...................

12,481

4,074,831

6,546,141

Philippines

—

0.2%

Republic

of

Philippines

6.38%,

07/27/30

...................

PHP

589,940

10,321,466

6.00%,

08/20/30

...................

369,430

6,369,096

6.75%,

09/15/32

...................

301,560

5,381,708

22,072,270

Poland

—

0.1%

Republic

of

Poland

5.75%,

11/16/32

...................

USD

867

923,979

5.00%,

10/25/35

...................

PLN

40,280

11,261,933

5.50%,

04/04/53

...................

USD

562

531,113

12,717,025

Republic

of

Turkiye

—

0.1%

Republic

of

Turkiye

(The)

(BISTREFI

+

0.00%),

39.73%,

08/19/26

(a)

..

TRY

161,400

3,809,808

7.13%,

02/12/32

...................

USD

1,181

1,233,554

6.30%,

03/14/33

...................

645

638,550

5,681,912

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(b)

..................

698

707,772

2.12%,

07/16/31

(c)

..................

EUR

1,229

1,305,653

6.25%,

09/10/34

(c)

..................

4,980

6,338,393

6.25%,

09/10/34

(b)

..................

1,136

1,445,866

Security

Par

(000)

Par

(000)

Value

Romania

(continued)

6.75%,

07/11/39

(b)

..................

EUR

509

$

650,856

6.50%,

10/07/45

(b)

..................

711

878,341

11,326,881

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

3.25%,

11/17/51

(c)

..................

USD

1,818

1,175,573

5.00%,

01/18/53

(b)

..................

1,520

1,324,300

2,499,873

Serbia

—

0.0%

Republic

of

Serbia

2.13%,

12/01/30

(b)

..................

1,099

966,142

6.50%,

09/26/33

(c)

..................

555

596,974

6.00%,

06/12/34

(b)

..................

712

737,625

2,300,741

South

Africa

—

0.3%

Republic

of

South

Africa

10.50%,

12/21/26

..................

ZAR

33,717

2,150,027

10.50%,

12/21/27

..................

33,717

2,217,502

7.10%,

11/19/36

(b)

..................

USD

923

979,280

8.50%,

01/31/37

...................

ZAR

286,500

17,864,493

5.75%,

09/30/49

...................

USD

1,166

958,341

7.95%,

11/19/54

(b)

..................

888

930,904

7.25%,

12/11/55

(b)

..................

231

224,243

25,324,790

Thailand

—

0.1%

Kingdom

of

Thailand

2.80%,

06/17/34

...................

THB

103,460

3,523,715

2.41%,

03/17/35

...................

126,080

4,164,209

7,687,924

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

6.50%,

01/28/36

(b)

USD

915

912,145

United

Arab

Emirates

—

0.0%

United

Arab

Emirates

Government

Bond,

3.90%,

09/09/50

(c)

.......................

826

607,630

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

8.00%,

10/29/35

...................

UYU

63,164

1,706,132

5.25%,

09/10/60

...................

USD

1,002

926,349

2,632,481

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

(b)

5.38%,

05/29/27

...................

EUR

667

806,093

7.85%,

10/12/28

...................

USD

522

558,869

1,364,962

Total

Foreign

Government

Obligations

—

2.1%

(Cost:

$218,163,275)

..............................

226,627,565

Shares

Shares

Investment

Companies

(s)

iShares

Core

Dividend

Growth

ETF

........

592,112

42,531,405

iShares

Core

MSCI

Emerging

Markets

ETF

...

3,168,850

229,931,756

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(i)

2,650,738

215,027,867

iShares

MSCI

Australia

ETF

.............

821,499

22,796,597

Total

Investment

Companies

—

4.8%

(Cost:

$480,594,696)

..............................

510,287,625

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

119

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

3.3%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

5.05%,

11/25/35

.

USD

957

$

847,411

Series

2005-8,

Class

7A2,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

and

11.00%

Cap

+

0.67%),

4.35%,

11/25/35

............

70

69,747

Alternative

Loan

Trust

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.65%

Floor

+

1.65%),

5.31%,

06/25/35

(a)

.....................

307

284,959

Series

2005-36,

Class

2A1A,

(1-mo.

CME

Term

SOFR

at

0.62%

Floor

and

11.00%

Cap

+

0.73%),

4.41%,

08/25/35

(a)

......

731

685,927

Series

2005-61,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

4.31%,

12/25/35

(a)

.....................

125

117,776

Series

2005-63,

Class

3A3,

4.65%,

11/25/35

(a)

1,203

1,127,117

Series

2005-63,

Class

5A1,

4.76%,

12/25/35

(a)

22

21,735

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

......................

33

29,543

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

4.67%,

02/25/36

(a)

.....................

2,866

2,651,106

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

......................

561

298,317

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

958

424,938

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

425

161,278

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

666

267,584

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

......................

2,647

969,639

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

......................

1,726

922,302

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

......................

743

367,146

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

303

113,933

Series

2006-J7,

Class

2A1,

(1-mo.

SOFR

at

1.50%

Floor

+

1.61%),

2.71%,

11/20/46

(a)

2,647

2,365,073

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

.

1,177

434,045

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%),

5.40%,

11/25/46

(a)

.........

3,922

3,309,344

Series

2006-OA14,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.17%,

11/25/46

(a)

................

1,310

1,193,082

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

4.52%,

11/25/46

(a)

................

5,140

4,718,966

Series

2006-OA16,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.17%,

10/25/46

(a)

................

226

213,647

Series

2006-OA2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

4.21%,

05/20/46

(a)

.....................

976

888,965

Series

2006-OA3,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

4.21%,

05/25/36

(a)

................

3,991

3,805,135

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.17%,

07/25/46

(a)

................

7,059

6,488,702

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

......................

1,708

713,600

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

USD

379

$

164,800

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

215

123,672

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

......................

194

111,568

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,111

501,863

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

541

244,177

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,048

1,297,176

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

440

199,695

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

3,123

1,250,161

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

536

214,594

Series

2007-AL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

0.61%),

4.29%,

06/25/37

(a)

.....................

4,511

3,822,867

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,484

544,477

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.38%

Floor

+

1.38%),

5.05%,

11/25/47

(a)

................

973

877,337

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.07%,

04/25/47

(a)

................

6,540

5,981,222

Series

2007-OA4,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.13%,

05/25/47

(a)

.....................

2,389

2,185,659

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.15%,

06/25/47

(a)

................

5,293

4,410,455

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

....

876

465,899

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%),

4.64%,

10/25/46

(a)

.....................

6,466

5,306,065

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

4.61%,

10/25/46

(a)

.....................

3,989

2,645,203

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(d)

388

347,381

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

212

192,197

Series

2006-D,

Class

6A1,

4.01%,

05/20/36

.

224

190,738

Series

2007-D,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

4.21%,

06/20/47

......................

650

537,941

Barclays

Mortgage

Loan

Trust

(b)

Series

2024-NQM4,

Class

A1,

4.79%,

12/26/64

(d)

.....................

11,255

11,273,525

Series

2024-NQM4,

Class

A2,

5.10%,

12/26/64

(d)

.....................

1,059

1,060,413

Series

2024-NQM4,

Class

A3,

5.25%,

12/26/64

(d)

.....................

1,186

1,189,379

Series

2024-NQM4,

Class

B1,

6.96%,

12/26/64

(a)

.....................

576

582,301

Series

2024-NQM4,

Class

B2,

7.53%,

12/26/64

(a)

.....................

440

441,996

Series

2024-NQM4,

Class

B3,

7.53%,

12/26/64

(a)

.....................

1,006

987,042

Series

2024-NQM4,

Class

M1,

6.31%,

12/26/64

(a)

.....................

948

960,957

Series

2024-NQM4,

Class

SA,

0.00%,

12/26/64

(a)

.....................

2

1,526

Series

2024-NQM4,

Class

XS,

2.29%,

12/26/64

(a)

.....................

16,469

602,658

Series

2025-NQM1,

Class

A1,

5.66%,

01/25/65

(d)

.....................

11,163

11,289,309

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

120

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2025-NQM1,

Class

A2,

5.87%,

01/25/65

(d)

.....................

USD

1,019

$

1,031,837

Series

2025-NQM1,

Class

A3,

5.97%,

01/25/65

(d)

.....................

970

982,680

Series

2025-NQM1,

Class

B1,

6.94%,

01/25/65

(a)

.....................

660

667,274

Series

2025-NQM1,

Class

B2,

7.73%,

01/25/65

(a)

.....................

574

579,654

Series

2025-NQM1,

Class

B3,

7.73%,

01/25/65

(a)

.....................

1,273

1,258,479

Series

2025-NQM1,

Class

M1,

6.49%,

01/25/65

(a)

.....................

1,062

1,082,433

Series

2025-NQM1,

Class

SA,

0.00%,

01/25/65

(a)

.....................

2

1,962

Series

2025-NQM2,

Class

A1,

5.75%,

05/25/65

(d)

.....................

12,382

12,626,786

Series

2025-NQM2,

Class

A2,

5.94%,

05/25/65

(d)

.....................

981

999,813

Series

2025-NQM2,

Class

A3,

6.04%,

05/25/65

(d)

.....................

1,926

1,964,198

Series

2025-NQM2,

Class

B1,

7.67%,

05/25/65

(a)

.....................

662

686,359

Series

2025-NQM2,

Class

B2,

7.67%,

05/25/65

(a)

.....................

263

264,745

Series

2025-NQM2,

Class

B3,

7.67%,

05/25/65

(a)

.....................

49

44,199

Series

2025-NQM2,

Class

M1,

6.71%,

05/25/65

(a)

.....................

1,342

1,376,785

Series

2025-NQM2,

Class

SA,

0.00%,

05/25/65

(a)

.....................

—

(o)

211

Series

2025-NQM3,

Class

B1,

7.60%,

05/25/65

(a)

.....................

2,000

2,045,670

Series

2025-NQM4,

Class

PT2,

6.03%,

07/25/65

(a)

.....................

18,497

19,177,010

Series

2025-NQM5,

Class

PT2,

0.00%,

10/25/55

(a)

.....................

18,696

18,521,179

Series

2025-NQM7,

Class

PT2,

0.00%,

12/25/64

(a)

.....................

18,040

18,558,558

Bear

Stearns

ALT-A

Trust,

Series

2006-2,

Class

11A1,

(1-mo.

CME

Term

SOFR

at

0.44%

Floor

and

11.50%

Cap

+

0.55%),

4.23%,

04/25/36

(a)

2,827

2,570,820

Bear

Stearns

Asset-Backed

Securities

I

Trust

(d)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

543

539,207

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

......................

580

601,984

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2007-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

10.50%

Cap

+

0.45%),

4.13%,

03/25/37

...........

818

750,531

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

and

10.50%

Cap

+

0.39%),

4.07%,

03/25/37

.......

1,229

1,171,878

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

10.50%

Cap

+

0.51%),

4.19%,

09/25/47

.......

1,357

1,261,441

BRAVO

Residential

Funding

Trust

(a)(b)

Series

2025-NQM2,

Class

B1,

7.29%,

11/25/64

......................

1,000

1,020,790

Series

2025-NQM2,

Class

B2,

7.29%,

11/25/64

......................

1,000

1,001,250

CAFL

Issuer

LLC,

Series

2024-RTL1,

Class

A1,

6.75%,

11/28/31

(b)(d)

.................

2,000

2,026,389

CHL

Mortgage

Pass-Through

Trust

Series

2005-11,

Class

4A1,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

and

10.50%

Cap

+

0.38%),

4.06%,

04/25/35

(a)

..........

462

441,665

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2005-9,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

4.39%,

05/25/35

(a)

.....................

USD

1,760

$

1,572,108

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

4.63%,

04/25/46

(a)

.....................

2,560

690,405

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

127

54,139

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

607

194,511

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

927

297,020

CHNGE

Mortgage

Trust,

Series

2022-2,

Class

A1,

3.76%,

03/25/67

(a)(b)

..............

6,018

5,952,163

CIM

Trust,

Series

2025-I1,

Class

B1B,

7.53%,

10/25/69

(a)(b)

......................

4,918

4,978,405

CitiMortgage

Alternative

Loan

Trust,

Series

2007-

A1,

Class

1A5,

6.00%,

01/25/37

.........

48

43,588

COLT

Mortgage

Loan

Trust

(a)(b)

Series

2025-12,

Class

B1,

6.86%,

01/26/71

.

1,332

1,338,183

Series

2025-6,

Class

B1,

7.21%,

08/25/70

..

357

363,407

Series

2025-9,

Class

B1,

6.82%,

09/25/70

..

2,000

2,022,320

Series

2026-1,

Class

B1,

6.46%,

02/25/71

..

282

281,791

Cross

Mortgage

Trust

(a)(b)

Series

2025-H10,

Class

B1,

7.13%,

01/25/71

611

601,210

Series

2025-H2,

Class

B1B,

7.64%,

03/25/70

894

904,156

Series

2025-H6,

Class

B1B,

7.59%,

07/25/70

1,227

1,235,434

Series

2025-H7,

Class

B1B,

7.52%,

09/25/70

822

826,968

CSMC

Trust

(b)

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

241

208,893

Series

2011-4R,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

5.49%,

09/27/37

(a)

.....................

2,352

1,974,862

Series

2022-ATH2,

Class

A1,

4.55%,

05/25/67

(a)

.....................

1,071

1,067,622

Deephaven

Residential

Mortgage

Trust,

Series

2026-INV1,

Class

B1,

6.57%,

12/25/70

(a)(b)

..

574

573,817

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.23%,

08/25/47

(a)

.......................

9,252

8,030,942

Easy

Street

Mortgage

Loan

Trust,

Series

2025-

RTL2,

Class

A1,

5.61%,

10/25/40

(b)(d)

......

3,788

3,807,834

EFMT,

Series

2026-NQM1,

Class

B1,

6.54%,

02/25/71

(a)(b)

......................

1,000

999,987

Ellington

Financial

Mortgage

Trust

(a)(b)

Series

2021-2,

Class

A1,

0.93%,

06/25/66

..

1,577

1,350,364

Series

2023-1,

Class

B1,

6.67%,

02/25/68

..

2,000

1,993,259

Series

2025-INV1,

Class

B1,

7.18%,

03/25/70

529

536,860

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

4.24%,

02/25/37

(a)

.......................

744

392,769

GCAT

Trust,

Series

2022-NQM3,

Class

A1,

4.35%,

04/25/67

(a)(b)

.................

11,956

11,918,669

GMACM

Mortgage

Loan

Trust,

Series

2005-AR2,

Class

4A,

4.01%,

05/25/35

(a)

...........

14

12,730

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(1-mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.28%),

3.96%,

02/25/36

.................

1,622

1,507,907

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

5.67%,

03/25/36

.......

839

775,999

GS

Mortgage-Backed

Securities

Trust

(b)

Series

2025-DSC1,

Class

B1,

6.74%,

06/25/65

(a)

.....................

1,873

1,879,025

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

121

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2025-NQM2,

Class

B1,

7.34%,

06/25/65

(a)

.....................

USD

280

$

286,704

Series

2025-NQM3,

Class

B1,

6.87%,

11/25/65

......................

843

852,234

Series

2025-NQM3,

Class

B2,

7.43%,

11/25/65

(a)

.....................

896

895,493

Series

2026-NQM1,

Class

B1,

6.63%,

03/25/66

(a)

.....................

373

372,543

Series

2026-NQM1,

Class

B2,

7.61%,

03/25/66

(a)

.....................

708

706,600

Homes

Trust

(a)(b)

Series

2025-NQM1,

Class

B1,

7.23%,

01/25/70

......................

2,355

2,388,255

Series

2025-NQM4,

Class

B1,

6.90%,

08/25/70

......................

1,456

1,473,080

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

and

11.00%

Cap

+

0.61%),

4.29%,

10/25/35

(a)

..

910

847,666

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

539

365,882

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,239

646,305

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

4.22%,

08/25/37

......................

84

57,657

Series

2007-AR15,

Class

2A1,

3.37%,

08/25/37

......................

412

287,467

J.P.

Morgan

Mortgage

Trust

(a)(b)

Series

2025-DSC2,

Class

B1,

6.92%,

10/25/65

......................

2,000

1,992,251

Series

2025-VIS2,

Class

B1,

7.25%,

12/25/55

2,000

2,036,846

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

5.63%,

12/25/35

169

162,305

Series

2006-1,

Class

2A1,

5.27%,

02/25/36

.

136

133,135

MFA

Trust

(b)

Series

2022-CHM1,

Class

M1,

4.57%,

09/25/56

(a)

.....................

4,000

3,595,747

Series

2023-NQM2,

Class

A1,

4.40%,

03/25/68

(d)

.....................

9,358

9,332,920

Series

2025-NQM3,

Class

B1,

6.93%,

08/25/70

(a)

.....................

1,500

1,517,483

Series

2025-NQM3,

Class

M1,

6.13%,

08/25/70

(a)

.....................

632

640,082

Mill

City

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A1,

6.05%,

10/25/67

(b)(d)

.....

3,538

3,530,932

New

Residential

Mortgage

Loan

Trust,

Series

2025-NQM1,

Class

B2,

7.03%,

01/25/65

(a)(b)

.

1,577

1,553,707

Prime

Mortgage

Trust,

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

(b)

...............

191

177,486

PRPM

LLC

(b)(d)

Series

2025-RCF4,

Class

A3,

4.50%,

08/25/55

......................

583

566,321

Series

2025-RCF4,

Class

M1A,

4.50%,

08/25/55

......................

700

674,139

Series

2025-RCF4,

Class

M2,

4.50%,

08/25/55

......................

667

617,808

PRPM

Trust

(b)

Series

2025-NQM3,

Class

B1,

6.92%,

05/25/70

(a)

.....................

3,012

3,036,390

Series

2025-NQM6,

Class

B1,

6.96%,

12/25/70

(a)

.....................

567

568,601

Series

2026-RCF1,

Class

M2,

5.50%,

01/25/56

(d)

.....................

945

907,016

Rain

City

Mortgage

Trust,

Series

2024-RTL1,

Class

A1,

6.53%,

09/25/29

(a)(b)

..........

5,000

5,065,506

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

........................

102

84,743

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

....

USD

308

$

100,912

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

........................

29

23,233

Santander

Mortgage

Asset

Receivable

Trust,

Series

2025-NQM3,

Class

B1,

7.23%,

05/25/65

(a)(b)

......................

2,001

2,024,371

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(b)(d)

.....

11,908

11,863,807

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

4.82%,

04/25/47

(a)

180

67,099

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

and

10.50%

Cap

+

0.57%),

4.25%,

02/25/36

...........

328

309,276

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

4.17%,

06/25/36

.......

6,034

5,406,051

Series

2006-AR6,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

4.17%,

07/25/46

.......

7,440

5,337,199

Series

2007-AR4,

Class

GA4B,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.15%,

09/25/47

.................

1,377

1,282,579

Verus

Securitization

Trust

(b)

Series

2022-3,

Class

A1,

4.13%,

02/25/67

(d)

.

8,099

7,807,143

Series

2023-2,

Class

B1,

7.39%,

03/25/68

(a)

.

1,000

998,987

Series

2025-12,

Class

B1,

6.56%,

12/25/70

(a)

367

369,990

Series

2025-4,

Class

B2,

7.44%,

05/25/70

(a)

.

500

504,477

Series

2025-7,

Class

B1,

6.62%,

08/25/70

(a)

.

1,000

1,006,038

Series

2025-7,

Class

B2,

7.51%,

08/25/70

(a)

.

707

713,405

Series

2025-8,

Class

B1,

6.48%,

09/25/70

..

1,338

1,343,968

Series

2025-8,

Class

B2,

7.51%,

09/25/70

(a)

.

1,967

1,992,830

Series

2025-INV1,

Class

B2,

7.30%,

02/25/70

(a)

.....................

2,094

2,092,969

Series

2026-1,

Class

B1,

6.47%,

01/25/71

(a)

.

350

350,793

Series

2026-1,

Class

B2,

6.95%,

01/25/71

(a)

.

152

149,490

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

03/25/65

(a)(b)

..........

2,800

2,807,819

Washington

Mutual

Mortgage

Pass-Through

Certificates

Trust

Series

2006-8,

Class

A5,

4.07%,

10/25/36

(d)

.

950

307,620

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.98%

Floor

+

0.98%),

4.65%,

06/25/46

(a)

.....................

2,614

2,130,934

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

4.52%,

10/25/46

(a)

.....................

3,953

3,509,419

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.75%

Floor

+

0.75%),

4.42%,

06/25/47

(a)

.....................

4,229

3,634,098

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.84%

Floor

+

0.84%),

4.51%,

05/25/47

(a)

................

1,985

1,745,560

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.81%

Floor

+

0.81%),

4.48%,

07/25/47

(a)

.....................

2,205

1,880,996

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

122

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust,

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

4.39%,

12/25/46

(a)

.......

USD

3,293

$

2,739,087

353,011,858

Commercial

Mortgage-Backed

Securities

—

6.0%

1301

Trust,

Series

2025-1301,

Class

A,

5.06%,

08/11/42

(a)(b)

......................

4,683

4,756,818

1345T,

Series

2025-AOA,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.50%

Floor

+

4.50%),

8.18%,

06/15/42

(a)(b)

......................

1,767

1,780,297

280

Park

Avenue

Mortgage

Trust,

Series

2017-

280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

6.09%,

09/15/34

(a)(b)

.

1,564

1,550,323

ARES

Commercial

Mortgage

Trust

(a)(b)

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.37%,

07/15/41

......................

1,270

1,272,381

Series

2026-GCP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

4.95%,

02/15/43

......................

1,000

1,001,356

ARES1,

Series

2024-IND2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

10/15/34

(a)(b)

......................

13,280

13,292,450

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

5.95%,

04/15/35

(a)(b)

......

3,467

3,423,663

Atrium

Hotel

Portfolio

Trust

(a)(b)

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.25%),

5.93%,

12/15/36

.................

3,624

3,460,920

Series

2025-ATRM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.33%,

08/15/42

.................

2,377

2,383,822

BAHA

Trust

(a)(b)

Series

2024-MAR,

Class

A,

6.17%,

12/10/41

15,300

15,874,760

Series

2024-MAR,

Class

C,

7.77%,

12/10/41

6,370

6,691,450

BAMLL

Trust

(a)(b)

Series

2024-BHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.03%,

08/15/39

......................

17,580

17,608,380

Series

2025-ASHF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.53%,

02/15/42

......................

8,893

8,900,654

BANK,

Series

2020-BN26,

Class

AS,

2.69%,

03/15/63

........................

2,091

1,891,141

BAY

Mortgage

Trust,

Series

2025-LIVN,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

5.48%,

05/15/35

(a)(b)

...........

1,900

1,900,557

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.11%

Cap

+

0.58%),

4.25%,

08/25/35

...........

1,560

1,522,418

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.80%

Cap

+

0.59%),

4.33%,

11/25/35

............

389

379,894

Series

2007-1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.44%),

4.18%,

03/25/37

......................

1,164

1,117,256

Series

2007-3,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.55%),

4.22%,

07/25/37

......................

1,944

1,848,441

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

4.46%,

09/25/37

......................

USD

462

$

438,643

Series

2007-6A,

Class

A4A,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.36%),

6.04%,

12/25/37

......................

1,060

951,719

BBCMS

Mortgage

Trust,

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

(a)(b)

...........

1,140

984,966

BFLD

Commercial

Mortgage

Trust

(a)(b)

Series

2025-5MW,

Class

A,

4.67%,

10/10/42

3,203

3,214,586

Series

2025-660F,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.18%,

11/15/42

......................

9,476

9,508,574

BFLD

Mortgage

Trust,

Series

2024-VICT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

5.57%,

07/15/41

(a)(b)

...........

2,830

2,842,381

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

7.50%,

10/15/35

(a)(b)

.................

2,433

30,315

BHMS

Commercial

Mortgage

Trust,

Series

2025-

ATLS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

5.53%,

08/15/42

(a)(b)

.

4,747

4,776,669

BMP,

Series

2024-MF23,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.05%,

06/15/41

(a)(b)

......................

4,710

4,714,416

BPR

Trust

(a)(b)

Series

2021-TY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

4.85%,

09/15/38

......................

1,900

1,899,133

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

7.40%,

09/15/38

......................

4,495

4,458,611

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

D,

3.63%,

03/10/33

(b)

................

3,600

3,240,134

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

6.04%,

10/15/38

......................

6,300

6,298,031

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

5.44%,

12/09/40

......................

1,619

1,619,174

Series

2024-AIR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

10/15/41

......................

8,920

8,931,526

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

5.37%,

08/15/41

......................

16,729

16,765,870

Series

2024-BRBK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.88%

Floor

+

2.88%),

6.56%,

10/15/41

.................

7,280

7,298,200

Series

2024-GPA3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

4.97%,

12/15/39

.................

3,885

3,892,153

Series

2024-MDHS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.32%,

05/15/41

.................

2,386

2,390,688

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

02/15/39

......................

4,170

4,175,704

Series

2024-PALM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

06/15/37

.................

3,254

3,255,880

Series

2024-PURE,

Class

A,

(CAONREPO

at

1.90%

Floor

+

1.90%),

4.15%,

11/15/41

.

CAD

4,518

3,324,159

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

123

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

02/15/39

......................

USD

8,875

$

8,880,347

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

03/15/41

......................

4,069

4,074,110

Series

2025-SPOT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

04/15/40

.................

6,939

6,952,450

Series

2025-SPOT,

Class

B,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

04/15/40

.................

1,813

1,817,818

BX

Trust

(a)(b)

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

4.60%,

02/15/36

.................

1,880

1,878,825

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

6.80%,

02/15/36

.................

1,765

1,764,885

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

6.80%,

02/15/36

.................

5,638

5,638,474

Series

2022-LBA6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

4.68%,

01/15/39

......................

6,710

6,710,000

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

4.53%,

01/15/39

.................

2,180

2,179,319

Series

2024-PAT,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.12%,

03/15/41

......................

2,615

2,624,192

Series

2024-PAT,

Class

D,

(1-mo.

CME

Term

SOFR

at

5.39%

Floor

+

5.39%),

9.07%,

03/15/41

......................

1,200

1,207,503

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

06/15/41

......................

7,770

7,779,712

Series

2025-ARIA,

Class

A,

5.03%,

12/13/42

9,185

9,340,969

Series

2025-LIFE,

Class

A,

5.88%,

06/13/47

2,852

2,924,386

Series

2025-OMG,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

10/15/42

......................

1,779

1,785,034

Series

2025-VLT6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.12%,

03/15/42

......................

3,798

3,802,747

Series

2025-VOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.38%,

12/15/44

......................

9,559

9,603,745

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.55%,

08/13/37

.

1,000

847,530

Series

2021-601L,

Class

D,

2.78%,

01/15/44

3,863

3,195,354

CFSP

Mortgage

Trust,

Series

2024-AHP1,

Class

A,

6.50%,

04/15/37

.................

4,262

4,094,870

Citigroup

Commercial

Mortgage

Trust,

Series

2016-C1,

Class

C,

4.94%,

05/10/49

(a)

.....

2,870

2,847,176

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.12%,

08/15/36

(a)(b)

7,120

7,120,000

Commercial

Mortgage

Trust

(b)

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(a)

.....................

1,321

1,000,442

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.52%,

06/15/41

(a)

................

4,380

4,378,631

Series

2025-167G,

Class

A,

5.50%,

08/10/40

2,531

2,531,314

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

CONE

Trust,

Series

2024-DFW1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.32%,

08/15/41

(a)(b)

.................

USD

1,900

$

1,900,000

CSMC

Trust,

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

3.44%),

7.12%,

02/15/27

(a)(b)(f)

................

8,800

8,753,951

DBC

Mortgage

Trust

(a)(b)

Series

2025-DBC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.03%,

11/15/42

......................

8,792

8,808,485

Series

2025-DBC,

Class

C,

(1-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

5.73%,

11/15/42

......................

4,162

4,167,200

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

5.56%,

08/15/34

(a)(b)

......................

12,500

12,500,000

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

04/15/37

(a)(b)

...........

3,040

3,039,050

DGWD

Trust,

Series

2025-INFL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.28%,

08/15/35

(a)(b)

.................

5,197

5,218,360

DK

Trust,

Series

2025-LXP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.27%,

08/15/37

(a)(b)

......................

1,214

1,216,276

EQT

Trust,

Series

2024-EXTR,

Class

A,

5.33%,

07/05/41

(a)(b)

......................

9,400

9,598,431

Extended

Stay

America

Trust,

Series

2025-ESH,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

4.98%,

10/15/42

(a)(b)

......

7,158

7,189,296

Fontainebleau

Miami

Beach

Mortgage

Trust,

Series

2024-FBLU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.13%,

12/15/39

(a)(b)

......................

10,700

10,726,750

FS

Trust,

Series

2024-HULA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.81%

Floor

+

1.81%),

5.49%,

08/15/39

(a)(b)

.................

1,750

1,752,187

GGP,

Series

2026-TY,

Class

A,

1.00%,

03/05/43

(a)

(b)

.............................

3,000

3,000,000

Great

Wolf

Trust

(a)(b)

Series

2024-WLF2,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.69%),

5.37%,

05/15/41

..

5,005

5,025,333

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

03/15/39

.................

1,086

1,089,054

GS

Mortgage

Securities

Corp.

Trust

(a)(b)

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

5.77%,

03/15/28

......................

8,480

8,522,400

Series

2023-SHIP,

Class

E,

7.43%,

09/10/38

8,600

8,631,216

Series

2025-800D,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

6.33%,

11/25/41

......................

1,659

1,663,161

GSMS

Trust,

Series

2024-FAIR,

Class

A,

6.07%,

07/15/29

(a)(b)

......................

2,253

2,324,775

Harvest

Commercial

Capital

Loan

Trust,

Series

2019-1,

Class

M4,

4.64%,

09/25/46

(a)(b)

....

3,150

3,082,450

HIH

Trust,

Series

2024-61P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

5.52%,

10/15/41

(a)(b)

.................

2,449

2,454,120

HILT

Commercial

Mortgage

Trust,

Series

2024-

ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

05/15/37

(a)(b)

.

1,525

1,527,859

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

4.95%,

10/15/36

(a)(b)

...........

8,500

8,415,000

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

124

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Houston

Galleria

Mall

Trust,

Series

2025-HGLR,

Class

A,

5.46%,

02/05/45

(a)(b)

...........

USD

6,550

$

6,809,015

Hudson

Yards

Mortgage

Trust,

Series

2025-

SPRL,

Class

A,

5.47%,

01/13/40

(a)(b)

......

8,310

8,613,248

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2016-NINE,

Class

B,

2.85%,

09/06/38

4,787

4,730,873

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

2,409

1,927,201

Series

2024-OMNI,

Class

A,

5.80%,

10/05/39

4,710

4,799,048

Series

2025-PHNY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.32%,

01/15/41

.................

5,000

5,012,500

JW

Commercial

Mortgage

Trust,

Series

2024-

MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.30%,

06/15/39

(a)(b)

.

8,750

8,771,865

KSL

Commercial

Mortgage

Trust,

Series

2024-

HT2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.22%,

12/15/39

(a)(b)

.

11,195

11,194,561

KSL

Trust,

(1M

Sofr

FWD

+

4.09%),

7.77%,

06/15/30

(a)(b)

......................

2,000

2,006,729

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.06%,

08/17/42

(a)(b)

......

8,940

8,957,796

MAC

Trust,

Series

2025-801B,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.38%,

10/15/40

(a)(b)

.................

2,000

2,007,471

MAIN

Trust,

Series

2026-OLAS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.45%,

01/15/41

(a)(b)

.................

3,000

2,999,999

MHP

Commercial

Mortgage

Trust

(a)(b)

Series

2021-STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

7.75%,

07/15/38

.................

1,277

1,271,786

Series

2025-MHIL2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.18%,

09/15/40

.................

5,928

5,929,852

MIC

Trust

(The),

Series

2023-MIC,

Class

A,

8.44%,

12/05/38

(a)(b)

.................

1,000

1,079,806

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

C,

4.86%,

07/15/51

.

1,440

1,370,567

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(b)

2,112

1,605,245

Series

2024-NSTB,

Class

A,

3.90%,

09/24/57

(b)

.....................

3,420

3,375,176

NRTH

Commercial

Mortgage

Trust,

Series

2025-

PARK,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.07%,

10/15/40

(a)(b)

.

7,744

7,768,200

NYC

Commercial

Mortgage

Trust

(a)(b)

Series

2025-11X,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

10/15/40

......................

3,000

3,023,279

Series

2025-3BP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

4.89%,

02/15/42

......................

3,197

3,198,998

NYC

Trust

(a)(b)

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

5.67%,

08/15/29

......................

6,179

6,203,675

Series

2025-77C,

Class

A,

4.79%,

01/10/36

.

12,630

12,675,781

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

3.95%,

05/10/39

(a)(b)

...........

4,300

3,799,456

ORL

Trust,

Series

2024-GLKS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.17%,

12/15/39

(a)(b)

.................

8,630

8,651,575

PENN

Commercial

Mortgage

Trust,

Series

2025-

P11,

Class

A,

5.34%,

08/10/42

(a)(b)

........

4,662

4,794,550

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

PGA

Trust,

Series

2024-RSR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

5.57%,

06/15/39

(a)(b)

.................

USD

2,850

$

2,850,891

PKHL

Commercial

Mortgage

Trust,

Series

2021-

MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

8.15%,

07/15/38

(a)(b)

.

1,400

261,055

SCG

Mortgage

Trust,

Series

2024-MSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

5.42%,

04/15/41

(a)(b)

...........

1,830

1,830,000

SHR

Trust,

Series

2024-LXRY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

5.63%,

10/15/41

(a)(b)

.................

6,600

6,628,875

SHRN

Trust,

Series

2025-MF18,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

4.88%,

10/15/40

(a)(b)

.................

7,200

7,209,000

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

4.92%,

12/15/39

(a)(b)

.

10,900

10,927,250

UNIV

Trust,

Series

2025-APTS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.33%,

11/15/42

(a)(b)

.................

4,250

4,255,287

VEGAS

Trust,

Series

2024-TI,

Class

A,

5.52%,

11/10/39

(b)

.......................

2,410

2,437,156

Velocity

Commercial

Capital

Loan

Trust

(b)

Series

2022-1,

Class

M4,

5.20%,

02/25/52

(a)

4,584

3,891,632

Series

2023-1,

Class

M5,

9.63%,

01/25/53

(a)

2,003

1,931,463

Series

2023-3,

Class

M2,

8.27%,

08/25/53

(a)

700

717,580

Series

2023-3,

Class

M3,

9.32%,

08/25/53

(a)

634

652,608

Series

2024-5,

Class

M3,

6.76%,

10/25/54

(a)

2,983

2,982,999

Series

2024-5,

Class

M4,

9.53%,

10/25/54

(a)

4,001

4,026,983

Series

2025-1,

Class

M3,

7.33%,

02/25/55

(a)

3,995

4,052,169

Series

2025-1,

Class

M4,

10.15%,

02/25/55

(a)

1,383

1,400,994

Series

2025-3,

Class

M3,

7.38%,

06/25/55

(a)

623

633,391

Series

2025-4,

Class

M2,

6.17%,

09/25/55

(a)

1,245

1,250,633

Series

2025-4,

Class

M3,

6.31%,

09/25/55

(a)

725

720,736

Series

2025-4,

Class

M4,

9.35%,

09/25/55

(a)

2,332

2,317,201

Series

2025-4,

Class

M5,

10.07%,

09/25/55

(a)

832

760,135

Series

2025-5,

Class

M2,

6.31%,

12/25/55

(a)

582

586,922

Series

2025-5,

Class

M3,

6.70%,

12/25/55

(a)

3,131

3,123,902

Series

2025-RTL1,

Class

A1,

6.80%,

03/25/30

(d)

.....................

3,000

3,040,234

VTR

Commercial

Mortgage

Trust,

Series

2025-

STEM,

Class

A,

5.20%,

10/13/39

(a)(b)

......

5,413

5,420,179

Wells

Fargo

Commercial

Mortgage

Trust

(a)

Series

2016-C37,

Class

C,

4.50%,

12/15/49

.

2,803

2,749,543

Series

2016-LC25,

Class

C,

4.31%,

12/15/59

8,320

8,114,928

Series

2016-NXS5,

Class

B,

4.84%,

01/15/59

1,875

1,815,956

Willobrook

Mall,

Series

2025-WBRK,

Class

A,

5.87%,

03/05/35

(a)(b)

.................

4,000

4,156,432

634,578,086

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Barclays

Mortgage

Loan

Trust

(a)(b)

Series

2025-NQM1,

Class

XS,

0.00%,

01/25/65

......................

16,722

563,877

Series

2025-NQM2,

Class

XS2,

1.70%,

05/25/65

......................

17,604

460,449

1,024,326

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

0.82%,

08/10/35

......................

65,130

565,007

Series

2015-SRCH,

Class

XB,

0.19%,

08/10/35

......................

35,000

87,114

Commercial

Mortgage

Trust,

Series

2014-UBS5,

Class

XB2,

0.86%,

09/10/47

(b)

..........

12,675

98,472

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

125

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.40%,

09/15/47

USD

323

$

6

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

40,477

156,711

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.88%,

03/10/50

(b)

......

30,573

153,841

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

XD,

1.14%,

10/15/48

(b)

.......................

7,900

297

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.59%,

03/15/49

(b)

......

13,600

263,395

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.20%,

04/10/37

40,610

98,211

Series

2017-75B,

Class

XB,

0.03%,

04/10/37

27,000

17,707

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.21%,

08/15/49

(b)

.....................

11,784

67,656

Series

2016-LC25,

Class

XA,

0.79%,

12/15/59

......................

16,569

60,074

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C20,

Class

XB,

0.48%,

05/15/47

....

41,355

55,531

1,624,022

Total

Non-Agency

Mortgage-Backed

Securities

—

9.3%

(Cost:

$996,110,197)

..............................

990,238,292

Preferred

Securities

Capital

Trusts

—

2.0%

Automobiles

—

0.0%

RCI

Banque

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.84%),

6.13%

(a)(c)(k)

............

EUR

600

729,276

Banks

—

0.9%

ABN

AMRO

Bank

NV,

(5-Year

EUR

Swap

Annual

+

3.90%),

6.38%

(a)(c)(k)

................

700

892,978

AIB

Group

plc

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.39%),

7.13%

(c)

.......................

587

754,943

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.71%),

6.00%

(c)

.......................

3,041

3,731,836

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

at

0.00%

Floor

+

5.10%),

9.38%

........................

USD

751

840,242

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(c)

EUR

1,400

1,813,936

Banco

BPM

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

7.25%

(a)(c)(k)

............

1,631

2,117,705

Banco

de

Credito

e

Inversiones

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

8.75%

(a)(b)(k)

..........

USD

337

362,861

Banco

de

Sabadell

SA,

(5-Year

EUR

Swap

Annual

+

5.17%),

5.00%

(a)(c)(k)

...........

EUR

600

722,234

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.07%),

8.38%

(a)(b)(k)

..........

USD

708

747,294

Banco

Santander

SA

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

9.63%

....

1,000

1,110,064

(5-Year

EUR

Swap

Annual

+

4.43%),

7.00%

(c)

EUR

1,000

1,286,105

Bank

of

America

Corp.

(a)(k)

Series

RR,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

4.38%

........................

USD

528

525,285

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

6.63%

....

1,820

1,891,009

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.35%),

6.25%

....

USD

1,166

$

1,186,814

Bank

of

Ireland

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.63%),

6.13%

(a)(c)(k)

........

EUR

400

490,399

Bank

of

Montreal,

Series

6,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.98%),

6.88%, 11/26/85

(a)

.............

USD

1,200

1,235,522

Bank

of

Nova

Scotia

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%, 01/27/84

(a)

............

1,754

1,877,988

Barclays

plc

(a)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.96%),

8.88%

(c)

.........

GBP

1,766

2,551,226

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

....

USD

1,795

1,746,192

(5-year

SONIA

Mid-Swaps

Rate

+

5.64%),

9.25%

........................

GBP

700

1,040,226

(USISSO05

+

5.78%),

9.63%

...........

USD

1,635

1,859,409

(USISSO05

+

3.69%),

7.63%

...........

1,008

1,086,402

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.56%),

6.13%

(c)

.......................

EUR

1,975

2,379,694

BNP

Paribas

Fortis

SA,

(3-mo.

EURIBOR

+

2.00%),

4.05%

(a)(c)(k)(m)

................

1,500

1,721,809

BNP

Paribas

SA

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(b)

...

USD

3,802

4,038,154

(5-Year

EUR

Swap

Annual

+

4.65%),

6.88%

(c)

EUR

400

512,576

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.94%),

4.50%

(b)

...

USD

924

867,642

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

6.88%

(b)

...

2,765

2,790,028

BPER

Banca

SpA

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.35%),

6.50%

(c)

.......................

EUR

1,109

1,379,249

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.57%),

5.88%

(c)

.......................

2,600

3,125,611

CaixaBank

SA

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.30%),

7.50%

(c)

.......................

1,200

1,581,549

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.35%),

5.88%

(c)

.......................

400

483,642

Citigroup,

Inc.

(a)(k)

Series

X,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.42%),

3.88%

........................

USD

1,050

1,048,308

Series

T,

(3-mo.

CME

Term

SOFR

+

4.78%),

6.25%

........................

519

522,066

Series

CC,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13%

........................

1,611

1,667,350

Series

EE,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75%

........................

1,556

1,586,738

Series

FF,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95%

........................

1,915

1,972,695

Series

GG,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.89%),

6.88%

........................

5,595

5,715,607

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

6.63%

....

1,830

1,863,441

Series

DD,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00%

........................

235

246,054

Commerzbank

AG

(a)(k)

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(c)

EUR

400

506,969

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

126

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

(c)

.......................

EUR

800

$

1,082,410

Cooperatieve

Rabobank

UA

(k)

(5-Year

EUR

Swap

Annual

+

3.72%),

4.88%

(a)

(c)

...........................

1,200

1,450,170

6.50%

(c)

.........................

266

365,168

Credit

Agricole

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.64%),

5.88%

(a)(c)(k)

............

1,000

1,222,869

Eurobank

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.79%),

6.25%

(a)(c)(k)

................

2,450

2,916,322

First

Abu

Dhabi

Bank

PJSC,

(6-Year

USD

Constant

Maturity

+

2.09%),

5.88%

(a)(c)(k)

...

USD

634

639,865

HSBC

Holdings

plc

(a)(k)

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

..

889

900,788

(5-Year

EUR

Swap

Annual

+

3.84%),

4.75%

(c)

EUR

3,516

4,201,616

ING

Groep

NV,

(USISSO05

+

4.36%),

8.00%

(a)(c)

(k)

.............................

USD

2,072

2,251,396

Intesa

Sanpaolo

SpA

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.26%),

9.13%

(a)(c)(k)

.....................

EUR

980

1,348,140

JPMorgan

Chase

&

Co.,

Series

KK,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.65%

(a)(k)

...........

USD

230

229,800

KBC

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.99%),

6.25%

(a)(c)(k)

............

EUR

800

1,008,619

Lloyds

Banking

Group

plc

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.82%),

6.75%

....

USD

362

364,807

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.88%),

8.50%

...........

GBP

2,694

3,880,052

(5-year

SONIA

Mid-Swaps

Rate

+

5.11%),

7.88%

(c)

.......................

498

724,880

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

....

USD

200

217,101

NatWest

Group

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

8.13%

(a)(k)

..................

289

326,642

Piraeus

Bank

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.70%),

6.13%

(a)(c)(k)

............

EUR

1,366

1,617,525

PNC

Financial

Services

Group,

Inc.

(The),

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

(a)(k)

.

USD

162

167,319

Societe

Generale

SA

(a)(b)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.39%),

9.38%

....

1,906

2,035,797

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.51%),

5.38%

....

645

627,087

Toronto-Dominion

Bank

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.98%),

7.25%, 07/31/84

(a)

.....

436

456,450

Unicaja

Banco

SA,

(5-Year

EUR

Swap

Annual

+

5.02%),

4.88%

(a)(c)(k)

.................

EUR

1,200

1,438,223

UniCredit

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.21%),

6.50%

(a)(c)(k)

............

1,102

1,402,919

Wells

Fargo

&

Co.

(a)(k)

Series

BB,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.45%),

3.90%

........................

USD

695

694,230

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

6.85%

....

237

247,865

95,697,912

Broadline

Retail

—

0.0%

Rakuten

Group,

Inc.,

(5-Year

EUR

Swap

Annual

+

4.74%),

4.25%

(a)(c)(k)

................

EUR

1,507

1,755,257

Security

Par

(000)

Par

(000)

Value

Capital

Markets

—

0.2%

(a)

Brookfield

Finance,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30%, 01/15/55

..............

USD

690

$

685,392

Charles

Schwab

Corp.

(The),

Series

K,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.26%),

5.00%

(k)

......

134

134,209

Deutsche

Bank

AG

(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63%

(c)

.......................

EUR

1,200

1,418,853

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.69%),

6.75%

(c)

.......................

1,400

1,746,115

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(c)

.......................

2,400

3,132,752

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.60%),

7.13%

(c)

.......................

600

760,476

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.11%),

7.38%

(c)

.......................

2,000

2,585,248

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.04%),

6.75%

(c)

.......................

1,400

1,727,944

Goldman

Sachs

Group,

Inc.

(The)

(k)

Series

U,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.92%),

3.65%

........................

USD

357

353,793

Series

V,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

4.13%

........................

332

329,294

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.85%

....

450

468,976

Series

Y,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13%

........................

1,484

1,512,006

State

Street

Corp.,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.26%),

4.98%, 06/15/47

...

1,115

1,006,665

UBS

Group

AG

(b)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

....

200

218,356

(USISSO05

+

3.08%),

7.00%

...........

1,330

1,358,751

(USISSO05

+

3.12%),

6.60%

...........

200

202,039

Series

.14a,

(USISSO05

+

3.24%),

6.63%

..

400

402,241

(USISSO05

+

4.16%),

7.75%

...........

1,000

1,072,301

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

....

1,000

1,169,580

(USISSO05

+

3.18%),

7.13%

...........

1,690

1,731,684

(USISSO05

+

3.30%),

7.00%

...........

1,665

1,692,229

(USISSO05

+

3.32%),

7.00%

...........

600

607,382

24,316,286

Chemicals

—

0.0%

FMC

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.37%),

8.45%, 11/01/55

(a)

..................

2,040

1,636,139

Construction

Materials

—

0.0%

Cemex

SAB

de

CV,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.52%),

7.20%

(a)(b)(k)

.................

540

566,190

Consumer

Finance

—

0.0%

(a)(k)

Ally

Financial,

Inc.,

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.87%),

4.70%

.............

1,112

1,105,234

American

Express

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.85%),

3.55%

....................

683

675,862

General

Motors

Financial

Co.,

Inc.,

Series

C,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70%

.......

1,754

1,762,584

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

127

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Volkswagen

International

Finance

NV

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.17%),

5.49%

(c)

.......................

EUR

200

$

248,484

(EUAMDB08

+

3.49%),

5.99%

(c)

.........

600

752,992

4,545,156

Diversified

REITs

—

0.0%

Unibail-Rodamco-Westfield

SE,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.43%),

4.75%

(a)

(c)(k)

............................

1,300

1,574,982

Diversified

Telecommunication

Services

—

0.0%

(a)

British

Telecommunications

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%, 12/20/83

(c)

............

GBP

1,726

2,546,121

Telefonica

Emisiones

SA

(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.38%

(c)

.......................

EUR

300

356,131

(EUAMDB08

+

2.13%),

4.88%

(c)

.........

400

472,604

TELUS

Corp.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

6.38%, 06/09/56

.................

USD

602

608,222

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.52%),

6.63%, 06/09/56

.................

581

583,596

4,566,674

Electric

Utilities

—

0.3%

(a)

Alliant

Energy

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

5.75%, 04/01/56

..............

1,315

1,305,442

American

Electric

Power

Co.,

Inc.

Series

C,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.13%),

5.80%, 03/15/56

.................

2,960

2,960,589

Series

D,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.94%),

6.05%, 03/15/56

.................

985

978,144

Duke

Energy

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45%, 09/01/54

..............

139

145,426

EDP

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75%, 05/29/54

(c)

............

EUR

2,700

3,311,251

Electricite

de

France

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.94%),

5.13%

(c)(k)

.........

200

245,827

Enel

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.66%),

4.13%

(c)(k)

..................

450

534,074

NextEra

Energy

Capital

Holdings,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%, 06/15/54

.................

USD

172

182,755

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38%, 08/15/55

.................

295

304,678

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.55%),

3.80%, 03/15/82

.................

1,101

1,082,400

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(b)(k)

.................

1,535

1,690,405

PG&E

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.88%),

7.38%, 03/15/55

...................

3,476

3,587,402

16,328,393

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.0%

Prysmian

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.01%),

5.25%

(a)(c)(k)

............

EUR

1,139

$

1,416,948

Financial

Services

—

0.0%

(a)(c)

Apollo

Global

Management,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00%, 12/15/54

......

USD

375

374,940

Corebridge

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38%, 09/15/54

..............

260

265,631

Nationwide

Building

Society

(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

(c)

.........

GBP

511

701,851

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50%

(c)

.........

499

718,516

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.59%),

7.88%

(c)

.........

225

329,430

2,390,368

Gas

Utilities

—

0.0%

AltaGas

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20%, 10/15/54

(a)(b)

.................

USD

229

238,169

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)(c)

AES

Andes

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%, 06/10/55

(b)

..................

860

912,030

AES

Corp.

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60%, 01/15/55

..............

308

312,292

Orsted

A/S

(5-Year

EUR

Swap

Annual

+

1.86%),

1.50%, 02/18/3021

(c)

..............

EUR

823

848,785

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.14%),

2.50%, 02/18/3021

(c)

.

GBP

886

951,701

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13%, 03/14/3024

(c)

..............

EUR

400

487,772

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00%

(b)(k)

........................

USD

1,725

1,751,089

5,263,669

Insurance

—

0.1%

Achmea

BV

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.78%),

4.63%

(c)

.......................

EUR

400

476,848

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.74%),

6.13%

(c)

.......................

300

370,646

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.21%),

5.75%

(c)

.......................

350

409,703

Ageas

SA/NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.88%

(a)(c)(k)

................

600

724,144

Athora

Netherlands

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.57%),

6.75%

(a)(c)(k)

........

863

1,076,439

AXA

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.60%),

5.75%

(a)(c)(k)

.................

400

494,929

BNP

Paribas

Cardif

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

6.00%

(a)(c)(k)

........

2,800

3,364,888

BUPA

Finance

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)(c)(k)

.......................

GBP

466

552,285

Just

Group

plc

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)(c)(k)

.......

750

944,162

Legal

&

General

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(c)(k)

.................

793

1,060,298

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

128

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

NN

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75%

(a)(c)(k)

................

EUR

1,839

$

2,234,992

Phoenix

Group

Holdings

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.19%),

8.50%

(a)(c)(k)

..........

USD

600

650,940

Unipol

Assicurazioni

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.24%),

6.00%

(a)(c)(k)

........

EUR

614

742,860

13,103,134

Media

—

0.0%

Paramount

Global,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%, 03/30/62

(a)

............

USD

386

362,994

Multi-Utilities

—

0.2%

(a)

CenterPoint

Energy,

Inc.

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85%, 02/15/55

.................

412

436,985

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.00%, 02/15/55

.................

1,083

1,135,454

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.70%, 05/15/55

.................

284

291,597

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.22%),

5.95%, 04/01/56

.................

3,265

3,289,961

Dominion

Energy,

Inc.

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00%, 06/01/54

.................

290

313,595

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.21%),

6.63%, 05/15/55

.................

85

87,392

Sempra,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.79%),

6.88%, 10/01/54

...................

4,465

4,576,848

Veolia

Environnement

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

1.84%),

4.32%

(c)(k)

.........

EUR

500

596,314

10,728,146

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Enbridge,

Inc.

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20%, 06/27/54

.................

USD

174

185,446

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38%, 03/15/55

.................

273

289,969

Energy

Transfer

LP

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50%

(k)

.......................

1,048

1,052,842

Series

G,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13%

(k)

.......................

3,040

3,139,964

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%, 05/15/54

.................

756

807,855

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13%, 10/01/54

.................

332

343,072

Sunoco

LP,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.23%),

7.88%

(b)(k)

........................

2,766

2,849,063

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Thaioil

Treasury

Center

Co.

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.38%),

6.10%

(b)(k)

...........

USD

648

$

650,786

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%, 11/15/83

(c)

........

EUR

1,078

1,405,473

Venture

Global

LNG,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(b)(k)

..................

USD

2,140

1,882,608

Wintershall

Dea

Finance

2

BV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.12%

(c)(k)

......

EUR

1,190

1,464,985

14,072,063

Passenger

Airlines

—

0.0%

(a)(c)

Air

France-KLM,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.58%),

5.75%

(k)

..............

600

728,871

Deutsche

Lufthansa

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25%, 01/15/55

....

1,300

1,590,016

2,318,887

Pharmaceuticals

—

0.1%

(c)

Bayer

AG

(a)

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%, 03/25/82

(c)

................

1,500

1,800,513

Series

NC5,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%, 09/25/83

(c)

..........

200

252,825

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%, 09/25/83

(c)

................

1,400

1,859,881

3,913,219

Real

Estate

Management

&

Development

—

0.1%

Aroundtown

Finance

SARL

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.43%),

5.25%

(c)

.......................

2,961

3,469,635

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.04%),

5.13%

(c)

.......................

550

635,976

Citycon

OYJ,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.18%),

3.63%

(a)(c)(k)

................

658

605,183

Grand

City

Properties

SA,

(5-Year

EUR

Swap

Annual

+

2.18%),

1.50%

(a)(c)(k)

...........

1,700

2,003,667

Heimstaden

Bostad

AB

(a)(k)

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(c)

1,725

2,017,225

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.53%),

5.00%

(c)

.......................

400

473,930

Vivion

Investments

SARL

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.16%),

8.13%

(a)(c)(k)

.....................

900

1,004,272

10,209,888

Wireless

Telecommunication

Services

—

0.0%

(c)

Telefonica

Europe

BV

(a)(k)

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

(c)

1,200

1,527,370

(EUAMDB08

+

3.12%),

5.75%

(c)

.........

700

885,297

2,412,667

Total

Capital

Trusts

—

2.0%

(Cost:

$202,133,667)

..............................

218,146,417

Shares

Shares

Preferred

Stocks

—

0.1%

Automobiles

—

0.0%

Porsche

Automobil

Holding

SE

(Preference)

...

13,710

586,589

Household

Products

—

0.1%

Henkel

AG

&

Co.

KGaA

(Preference)

........

72,341

6,355,303

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedule

of

Investments

129

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

0.0%

(e)

Veritas

Newco

(f)

......................

2,876

$

61,838

Veritas

Newco,

Series

G-1

...............

1,987

46,685

108,523

Life

Sciences

Tools

&

Services

—

0.0%

Sartorius

AG

(Preference)

...............

495

138,349

Total

Preferred

Stocks

—

0.1%

(Cost:

$6,578,648)

...............................

7,188,764

Total

Preferred

Securities

—

2.1%

(Cost:

$208,712,315)

..............................

225,335,181

Rights

Construction

&

Engineering

—

0.0%

ACS

Actividades

de

Construccion

y

Servicios

SA

(Expires

02/03/26)

(e)

.................

21,854

12,020

Total

Rights

—

0.0%

(Cost:

$11,493)

..................................

12,020

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

3.79%, 04/25/28

(a)(b)

.................

USD

4,627

4,350,786

Mortgage-Backed

Securities

—

0.0%

Federal

National

Mortgage

Association,

2.02%, 05/01/30

...................

3,831

3,539,095

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

(Cost:

$8,071,947)

...............................

7,889,881

Shares

Shares

Warrants

Diversified

Consumer

Services

—

0.0%

Service

King

Midas

International

(Issued/

Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

10.00)

(e)(f)

1,841

—

Total

Warrants

—

0.0%

(Cost:

$—)

.....................................

—

Total

Long-Term

Investments

—

98.1%

(Cost:

$9,980,767,158)

............................

10,451,556,555

Security

Par

(000)

Pa

r

(

000)

Value

Short-Term

Securities

Foreign

Government

Obligations

—

0.3%

Brazil

—

0.2%

Letras

do

Tesouro

Nacional

Treasury

Bills,

14.12%,

04/01/26

(r)

.................

BRL

120

$

22,291,794

Egypt

—

0.1%

Arab

Republic

of

Egypt

Treasury

Bills,

26.20%,

05/05/26

(r)

........................

EGP

285,200

5,714,483

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

Treasury

Bills

(r)

17.09%,

03/05/26

..................

NGN

1,725,890

1,222,974

16.63%,

03/19/26

..................

1,503,000

1,057,854

16.80%,

03/26/26

..................

250,501

175,848

2,456,676

Total

Foreign

Government

Obligations

—

0.3%

(Cost:

$30,115,023)

...............................

30,462,953

Shares

Shares

Money

Market

Funds

—

6.0%

(s)(t)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

3.82%

(u)

...................

217,660,123

217,768,953

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

3.57%

.....................

423,438,136

423,438,136

Total

Money

Market

Funds

—

6.0%

(Cost:

$641,189,744)

..............................

641,207,089

Total

Short-Term

Securities

—

6.3%

(Cost:

$671,304,767)

..............................

671,670,042

Total

Options

Purchased

—

0.0%

(

Cost:

$1,018,919

)

...............................

764,659

Total

Investments

Before

Options

Written

—

104.4%

(Cost:

$10,653,090,844

)

............................

11,123,991,256

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(458,414))

....................

(379,341)

Total

Investments

Net

of

Options

Written

—

104.4%

(Cost:

$10,652,632,430

)

............................

11,123,611,915

Liabilities

in

Excess

of

Other

Assets

—

(4.4)%

.............

(465,147,444)

Net

Assets

—

100.0%

...............................

$

10,658,464,471

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Non-income

producing

security.

(f)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$13,291,256,

representing

0.12%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$12,347,474.

(i)

All

or

a

portion

of

this

security

is

on

loan.

(j)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(k)

Perpetual

security

with

no

stated

maturity

date.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

Convertible

security.

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

130

Affiliates 

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

January

31,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(n)

Zero-coupon

bond.

(o)

Rounds

to

less

than

1,000.

(p)

All

or

a

portion

of

the

security

is

held

by

a

wholly-owned

subsidiary.

See

Note

1

of

the

Notes

to

Consolidated

Financial

Statements

for

details

on

the

wholly-owned

subsidiary.

(q)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(r)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

(s)

Affiliate

of

the

Fund.

(t)

Annualized

7-day

yield

as

of

period

end.

(u)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

07/31/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

01/31/26

Shares

Held

at

01/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

256,829,462

$

—

$

(39,091,810)

(a)

$

28,708

$

2,593

$

217,768,953

217,660,123

$

428,613

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

652,613,416

—

(229,175,280)

(a)

—

—

423,438,136

423,438,136

9,882,313

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(c)

..............

199,780,796

—

(200,330,461)

1,957,582

(1,407,917)

—

—

1,085,714

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

(c)

..............

219,135,324

—

(222,081,648)

2,699,359

246,965

—

—

3,819,001

—

iShares

Core

1-5

Year

USD

Bond

ETF

(c)

..........

55,124,727

—

(55,212,225)

393,634

(

306,136)

—

—

193,198

—

iShares

Core

Dividend

Growth

ETF

................

304,953,227

44,653,827

(318,104,200)

25,839,962

(14,811,411)

42,531,405

592,112

216,311

—

iShares

Core

MSCI

Emerging

Markets

ETF

..........

—

213,010,346

—

—

16,921,410

229,931,756

3,168,850

3,609,117

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

213,066,320

—

—

—

1,961,547

215,027,867

2,650,738

6,187,514

—

iShares

MSCI

Australia

ETF

.

—

22,774,345

(1,081,703)

41,526

1,062,429

22,796,597

821,499

362,620

—

$

30,960,771

$

3,669,480

$

1,151,494,714

$

25,784,401

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

131

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-Bund

..............................................................

4,232

03/06/26

$

642,952

$

(

1,541,630

)

JPY

Currency

............................................................

512

03/16/26

41,558

(

166,935

)

MSCI

EAFE

Index

.........................................................

3

03/20/26

456

4,008

S&P

500

E-Mini

Index

.......................................................

133

03/20/26

46,322

(

70,324

)

U.S.

Treasury

Ultra

Bond

.....................................................

1,470

03/20/26

172,036

(

4,114,082

)

U.S.

Treasury

5-Year

Note

....................................................

15,082

03/31/26

1,642,524

(

12,123,556

)

3-mo.

SOFR

.............................................................

90

09/15/26

21,727

(

15,874

)

(

18,028,393

)

Short

Contracts

U.S.

Treasury

10-Year

Note

...................................................

3,453

03/20/26

385,927

4,429,884

U.S.

Treasury

10-Year

Ultra

Note

...............................................

93

03/20/26

10,608

103,462

U.S.

Treasury

Long

Bond

.....................................................

48

03/20/26

5,511

77,721

U.S.

Treasury

Ultra

Bond

.....................................................

17

03/20/26

1,990

33,050

4,644,117

$

(

13,384,276

)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

97,356,324

USD

17,368,000

Barclays

Bank

plc

02/03/26

$

1,131,135

USD

14,171,000

BRL

73,660,858

Citibank

NA

02/03/26

174,352

COP

15,807,331,800

USD

4,262,000

Citibank

NA

02/12/26

6,517

EUR

200,000

USD

234,656

HSBC

Bank

plc

02/17/26

2,563

EUR

2,100,000

USD

2,463,747

Morgan

Stanley

&

Co.

International

plc

02/17/26

27,056

USD

607,113

EUR

510,000

Barclays

Bank

plc

02/17/26

2,203

USD

68,914

GBP

50,000

Barclays

Bank

plc

02/17/26

498

USD

411,664

GBP

300,000

BNP

Paribas

SA

02/17/26

1,166

USD

109,777

GBP

80,000

HSBC

Bank

plc

02/17/26

311

USD

728,202

GBP

530,000

UBS

AG

02/17/26

2,989

CLP

7,084,420,906

USD

7,886,000

Citibank

NA

02/25/26

219,654

COP

16,121,757,600

USD

4,264,000

Morgan

Stanley

&

Co.

International

plc

02/25/26

79,509

CZK

310,261,750

USD

14,916,000

HSBC

Bank

plc

02/25/26

197,289

EUR

4,140,750

USD

4,844,265

BNP

Paribas

SA

02/25/26

68,763

HUF

1,734,856,560

USD

5,220,000

HSBC

Bank

plc

02/25/26

162,845

IDR

179,353,484,000

USD

10,655,000

Citibank

NA

02/25/26

34,826

JPY

332,783,353

USD

2,131,000

Citibank

NA

02/25/26

23,125

KRW

9,274,880,640

USD

6,394,000

Barclays

Bank

plc

02/25/26

3,637

MXN

364,450,230

USD

20,246,000

Bank

of

America

NA

02/25/26

569,423

MXN

76,996,474

USD

4,262,000

Toronto

Dominion

Bank

02/25/26

135,622

MYR

8,583,668

USD

2,131,000

Barclays

Bank

plc

02/25/26

48,041

MYR

69,163,736

USD

17,048,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

02/25/26

509,834

PHP

126,395,620

USD

2,132,000

HSBC

Bank

plc

02/25/26

11,812

PLN

74,600,691

USD

20,673,000

HSBC

Bank

plc

02/25/26

321,998

USD

4,269,936

EUR

3,577,000

Citibank

NA

02/25/26

25,801

USD

1,066,000

MXN

18,577,928

Barclays

Bank

plc

02/25/26

4,929

USD

2,131,000

MXN

36,866,300

Morgan

Stanley

&

Co.

International

plc

02/25/26

25,397

USD

2,131,000

SGD

2,697,914

JPMorgan

Chase

Bank

NA

02/25/26

7,087

ZAR

280,645,336

USD

17,054,000

BNP

Paribas

SA

02/25/26

292,623

CNY

33,432,936

USD

4,802,705

HSBC

Bank

plc

02/26/26

6,206

CZK

29,256,192

USD

1,409,889

BNP

Paribas

SA

02/26/26

15,236

IDR

114,322,669,126

USD

6,749,080

Deutsche

Bank

AG

02/26/26

64,665

IDR

36,227,935,250

USD

2,141,321

Standard

Chartered

Bank

02/26/26

17,900

MXN

14,954,719

USD

827,468

Morgan

Stanley

&

Co.

International

plc

02/26/26

26,593

USD

3,362,037

EUR

2,817,936

Barclays

Bank

plc

02/26/26

18,392

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

132

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

15,391,069

IDR

257,120,128,709

Morgan

Stanley

&

Co.

International

plc

02/26/26

$

66,452

USD

849,405

MXN

14,713,350

Citibank

NA

02/26/26

9,129

USD

4,128,063

PEN

13,891,880

Citibank

NA

02/26/26

7,071

USD

1,254,801

ZAR

19,976,356

Standard

Chartered

Bank

02/26/26

20,149

ZAR

33,717,333

USD

2,015,156

Morgan

Stanley

&

Co.

International

plc

02/26/26

68,766

USD

1,229,810

BRL

6,483,028

BNP

Paribas

SA

03/03/26

5,235

USD

28,737

EUR

24,000

BNP

Paribas

SA

03/18/26

231

USD

235,815

EUR

198,000

Toronto

Dominion

Bank

03/18/26

638

AUD

8,659,000

USD

5,816,952

Deutsche

Bank

AG

04/16/26

211,262

CAD

2,520,000

USD

1,823,955

Bank

of

America

NA

04/16/26

32,359

CAD

3,065,000

USD

2,252,044

Barclays

Bank

plc

04/16/26

5,735

CAD

2,531,000

USD

1,833,580

Deutsche

Bank

AG

04/16/26

30,838

CHF

634,000

USD

809,440

UBS

AG

04/16/26

17,198

EUR

189,000

USD

221,431

Barclays

Bank

plc

04/16/26

3,378

EUR

53,581

USD

62,797

Canadian

Imperial

Bank

of

Commerce

04/16/26

936

EUR

1,911,000

USD

2,235,627

UBS

AG

04/16/26

37,444

GBP

1,344,000

USD

1,813,066

UBS

AG

04/16/26

25,804

JPY

321,757,000

USD

2,047,890

UBS

AG

04/16/26

44,101

KRW

2,473,829,000

USD

1,691,172

Deutsche

Bank

AG

04/16/26

18,318

USD

730,261

EUR

610,000

Deutsche

Bank

AG

04/16/26

4,686

USD

259,888

GBP

188,000

Deutsche

Bank

AG

04/16/26

2,665

USD

166,244

GBP

121,000

UBS

AG

04/16/26

691

USD

854,942

HKD

6,652,000

Deutsche

Bank

AG

04/16/26

1,456

USD

381,947

HKD

2,972,000

UBS

AG

04/16/26

624

COP

10,484,918,612

USD

2,667,273

Citibank

NA

05/11/26

108,599

COP

11,857,961,650

USD

3,047,536

JPMorgan

Chase

Bank

NA

05/11/26

91,847

BRL

12,994,547

USD

2,337,485

JPMorgan

Chase

Bank

NA

06/02/26

65,608

USD

4,018,428

COP

15,255,961,644

JPMorgan

Chase

Bank

NA

07/07/26

33,952

MXN

196,052,000

USD

10,411,356

Morgan

Stanley

&

Co.

International

plc

08/18/26

595,708

5,750,877

USD

2,131,000

BRL

11,319,020

Citibank

NA

02/03/26

(

19,780

)

USD

1,066,000

BRL

5,800,106

Morgan

Stanley

&

Co.

International

plc

02/03/26

(

36,106

)

USD

3,052,325

CHF

2,430,000

Morgan

Stanley

&

Co.

International

plc

02/17/26

(

95,577

)

USD

1,815,954

EUR

1,550,000

Barclays

Bank

plc

02/17/26

(

22,496

)

USD

46,540,668

EUR

39,860,000

Deutsche

Bank

AG

02/17/26

(

737,151

)

USD

1,770,199

EUR

1,520,000

Morgan

Stanley

&

Co.

International

plc

02/17/26

(

32,668

)

USD

351,119,751

EUR

300,830,000

Natwest

Markets

plc

02/17/26

(

5,693,757

)

USD

573,896

EUR

490,000

UBS

AG

02/17/26

(

7,291

)

USD

47,241,626

GBP

35,140,000

Barclays

Bank

plc

02/17/26

(

841,374

)

USD

11,916,357

GBP

8,850,000

Nomura

International

plc

02/17/26

(

193,334

)

CNY

44,444,328

USD

6,393,000

Societe

Generale

SA

02/25/26

(

545

)

COP

5,922,188,000

USD

1,598,000

Citibank

NA

02/25/26

(

2,450

)

HUF

679,384,110

USD

2,131,000

Deutsche

Bank

AG

02/25/26

(

23,033

)

INR

1,922,998,085

USD

21,311,000

JPMorgan

Chase

Bank

NA

02/25/26

(

368,901

)

KRW

1,530,456,200

USD

1,066,000

Societe

Generale

SA

02/25/26

(

10,320

)

PEN

892,440

USD

265,000

Barclays

Bank

plc

02/25/26

(

255

)

PEN

885,020

USD

265,000

Citibank

NA

02/25/26

(

2,457

)

THB

352,296,698

USD

11,295,000

HSBC

Bank

plc

02/25/26

(

82,589

)

USD

2,131,000

MYR

8,401,467

Barclays

Bank

plc

02/25/26

(

1,788

)

USD

2,132,000

PHP

125,915,920

JPMorgan

Chase

Bank

NA

02/25/26

(

3,675

)

USD

4,262,000

SGD

5,462,602

State

Street

Bank

and

Trust

Co.

02/25/26

(

38,393

)

USD

2,131,000

ZAR

35,168,532

Morgan

Stanley

&

Co.

International

plc

02/25/26

(

42,759

)

ZAR

17,197,565

USD

1,066,000

Citibank

NA

02/25/26

(

3,022

)

CLP

5,702,267,360

USD

6,589,870

JPMorgan

Chase

Bank

NA

02/26/26

(

65,655

)

MXN

20,500,000

USD

1,187,815

Toronto

Dominion

Bank

02/26/26

(

17,064

)

USD

12,065,741

CLP

11,118,098,030

Barclays

Bank

plc

02/26/26

(

654,964

)

USD

4,752,851

CNY

33,432,936

Credit

Agricole

Corporate

&

Investment

Bank

SA

02/26/26

(

56,060

)

USD

12,464,602

CZK

259,097,872

BNP

Paribas

SA

02/26/26

(

156,550

)

USD

3,284,225

EUR

2,785,072

Morgan

Stanley

&

Co.

International

plc

02/26/26

(

20,425

)

USD

5,352,867

HUF

1,770,504,460

Deutsche

Bank

AG

02/26/26

(

140,215

)

USD

23,377,561

MXN

428,762,295

JPMorgan

Chase

Bank

NA

02/26/26

(

1,108,967

)

USD

2,023,991

MYR

8,304,840

Credit

Agricole

Corporate

&

Investment

Bank

SA

02/26/26

(

84,313

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

133

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

2,431,468

PEN

8,200,650

Barclays

Bank

plc

02/26/26

$

(

1,234

)

USD

15,844,038

PHP

940,882,350

Bank

of

America

NA

02/26/26

(

113,882

)

USD

6,362,191

PHP

377,405,190

JPMorgan

Chase

Bank

NA

02/26/26

(

38,824

)

USD

7,977,082

THB

252,945,280

Barclays

Bank

plc

02/26/26

(

73,830

)

USD

16,328,252

ZAR

279,062,885

Bank

of

America

NA

02/26/26

(

919,411

)

USD

1,215,632

ZAR

20,052,428

State

Street

Bank

and

Trust

Co.

02/26/26

(

23,721

)

ZAR

20,000,000

USD

1,263,999

Canadian

Imperial

Bank

of

Commerce

02/26/26

(

27,886

)

BRL

74,118,581

USD

14,171,000

Citibank

NA

03/03/26

(

170,784

)

BRL

5,551,717

USD

1,066,000

Deutsche

Bank

AG

03/03/26

(

17,339

)

USD

3,630,020

BRL

20,477,668

Barclays

Bank

plc

03/03/26

(

237,995

)

USD

11,471,260

BRL

62,681,172

JPMorgan

Chase

Bank

NA

03/03/26

(

368,550

)

USD

3,287,609

CAD

4,511,000

Canadian

Imperial

Bank

of

Commerce

03/18/26

(

31,108

)

USD

212,813

EUR

183,000

Barclays

Bank

plc

03/18/26

(

4,548

)

USD

22,541,075

EUR

19,079,000

BNP

Paribas

SA

03/18/26

(

120,261

)

USD

7,823,180

EUR

6,623,305

JPMorgan

Chase

Bank

NA

03/18/26

(

43,738

)

USD

61,490

EUR

52,000

Toronto

Dominion

Bank

03/18/26

(

274

)

USD

2,105,329

GBP

1,573,000

Bank

of

New

York

Mellon

03/18/26

(

46,968

)

USD

11,003,710

MXN

196,052,000

Morgan

Stanley

&

Co.

International

plc

03/23/26

(

164,902

)

USD

5,324,420

BRL

29,684,592

Deutsche

Bank

AG

04/02/26

(

238,921

)

USD

15,548,699

BRL

85,494,520

JPMorgan

Chase

Bank

NA

04/02/26

(

474,267

)

CAD

554,000

USD

410,706

Barclays

Bank

plc

04/16/26

(

2,611

)

CHF

751,000

USD

982,905

UBS

AG

04/16/26

(

3,717

)

EUR

21,000

USD

25,170

Bank

of

America

NA

04/16/26

(

191

)

EUR

168,000

USD

200,871

UBS

AG

04/16/26

(

1,041

)

GBP

133,000

USD

182,698

Bank

of

America

NA

04/16/26

(

727

)

GBP

257,000

USD

354,177

Deutsche

Bank

AG

04/16/26

(

2,549

)

HKD

17,818,000

USD

2,290,891

Bank

of

New

York

Mellon

04/16/26

(

4,748

)

JPY

57,029,000

USD

374,722

UBS

AG

04/16/26

(

3,932

)

KRW

2,117,358,000

USD

1,480,004

UBS

AG

04/16/26

(

16,846

)

USD

2,456,166

AUD

3,579,000

Bank

of

America

NA

04/16/26

(

35,459

)

USD

357,124

AUD

524,000

Deutsche

Bank

AG

04/16/26

(

7,674

)

USD

1,979,447

CAD

2,735,000

Deutsche

Bank

AG

04/16/26

(

35,244

)

USD

3,132,704

CHF

2,469,000

Barclays

Bank

plc

04/16/26

(

86,490

)

USD

2,766,638

DKK

17,630,000

Barclays

Bank

plc

04/16/26

(

43,433

)

USD

5,435,542

EUR

4,621,000

Deutsche

Bank

AG

04/16/26

(

60,983

)

USD

14,280,487

EUR

12,184,577

Morgan

Stanley

&

Co.

International

plc

04/16/26

(

212,664

)

USD

128,004

GBP

95,000

Westpac

Banking

Corp.

04/16/26

(

1,976

)

USD

1,711,796

KRW

2,504,202,000

UBS

AG

04/16/26

(

18,683

)

USD

1,527,235

NZD

2,640,000

Deutsche

Bank

AG

04/16/26

(

66,635

)

USD

2,838,555

SGD

3,624,000

Barclays

Bank

plc

04/16/26

(

24,652

)

PEN

14,251,702

USD

4,262,000

Citibank

NA

05/04/26

(

40,274

)

USD

13,865,344

COP

53,244,274,197

JPMorgan

Chase

Bank

NA

05/11/26

(

231,024

)

USD

2,364,824

BRL

13,185,787

JPMorgan

Chase

Bank

NA

06/02/26

(

73,635

)

USD

759,421

COP

2,938,580,499

JPMorgan

Chase

Bank

NA

07/07/26

(

8,063

)

USD

8,059,246

PLN

29,613,957

BNP

Paribas

SA

08/06/26

(

276,439

)

USD

2,657,456

PLN

9,868,701

HSBC

Bank

plc

08/06/26

(

120,369

)

USD

6,271,451

ZAR

108,829,922

Citibank

NA

08/17/26

(

370,353

)

(

15,432,789

)

$

(

9,681,912

)

OTC

Barrier

Options

Purchased

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

Put

EUR

Currency

................

One-Touch

Bank

of

America

NA

02/05/26

CZK

23.85

CZK

23.85

EUR

366

$

130

USD

Currency

................

One-Touch

Bank

of

America

NA

02/05/26

CZK

20.00

CZK

20.00

USD

256

4,649

USD

Currency

................

One-Touch

Bank

of

America

NA

02/27/26

INR

88.15

INR

88.15

USD

639

4,356

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

134

OTC

Barrier

Options

Purchased

(continued)

Description

Type

of

Option

Counterparty

Expiration  

Date

Exercise

Price

Barrier

Price/Range

Notional

Amount

(000)

Value

EUR

Currency

................

One-Touch

Barclays

Bank

plc

07/21/26

HUF

375.00

HUF

375.00

EUR

364

$

44,495

$

53,630

$

–

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

30-Year

Bond

....................

48

02/20/26

USD

116.00

USD

4,800

$

30,000

Nasdaq-100

Index

...........................

3

09/18/26

USD

29,500.00

USD

7,666

122,459

$

152,459

OTC

Currency

Options

Purchased

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

...........................

Barclays

Bank

plc

02/06/26

BRL

5.55

USD

4,262

$

881

EUR

Currency

...........................

HSBC

Bank

plc

02/10/26

USD

1.18

EUR

5,489

72,688

EUR

Currency

...........................

JPMorgan

Chase

Bank

NA

02/10/26

USD

1.19

EUR

4,117

28,506

EUR

Currency

...........................

Citibank

NA

02/25/26

USD

1.20

EUR

3,562

16,165

USD

Currency

...........................

JPMorgan

Chase

Bank

NA

03/12/26

THB

32.00

USD

4,262

22,151

USD

Currency

...........................

Standard

Chartered

Bank

03/12/26

THB

32.70

USD

8,524

14,265

USD

Currency

...........................

HSBC

Bank

plc

03/19/26

THB

31.30

USD

2,131

31,357

USD

Currency

...........................

HSBC

Bank

plc

04/13/26

CLP

910.00

USD

2,131

16,097

USD

Currency

...........................

HSBC

Bank

plc

04/27/26

BRL

5.45

USD

4,262

73,799

USD

Currency

...........................

Morgan

Stanley

&

Co.

International

plc

05/27/26

COP

3,920.00

USD

4,262

96,582

372,491

Put

GBP

Currency

...........................

Citibank

NA

02/25/26

USD

1.36

GBP

4,683

24,615

GBP

Currency

...........................

Societe

Generale

SA

02/26/26

USD

1.37

GBP

4,643

42,238

USD

Currency

...........................

Bank

of

America

NA

03/25/26

TRY

45.25

USD

1,066

15,672

USD

Currency

...........................

Citibank

NA

03/25/26

TRY

45.25

USD

1,066

15,672

USD

Currency

...........................

HSBC

Bank

plc

01/08/27

INR

92.40

USD

8,524

87,882

186,079

$

558,570

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Nasdaq-100

Index

............................

3

09/18/26

USD

31,000.00

USD

7,666

$

(

54,868

)

OTC

Currency

Options

Written

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

USD

Currency

.............................

Barclays

Bank

plc

02/05/26

CNH

6.98

USD

3,197

$

(

1,518

)

USD

Currency

.............................

Barclays

Bank

plc

02/06/26

BRL

5.75

USD

6,393

(

198

)

EUR

Currency

.............................

HSBC

Bank

plc

02/10/26

USD

1.19

EUR

8,234

(

57,013

)

EUR

Currency

.............................

Citibank

NA

02/25/26

USD

1.22

EUR

7,124

(

11,139

)

EUR

Currency

.............................

HSBC

Bank

plc

03/05/26

BRL

6.45

EUR

1,820

(

13,687

)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

135

OTC

Currency

Options

Written

(continued)

Description

Counterparty

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/12/26

THB

32.70

USD

8,524

$

(

14,265

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/18/26

MXN

18.00

USD

2,131

(

11,445

)

USD

Currency

.............................

HSBC

Bank

plc

03/19/26

THB

31.90

USD

3,197

(

21,412

)

USD

Currency

.............................

Bank

of

America

NA

03/25/26

TRY

47.50

USD

1,066

(

10,089

)

USD

Currency

.............................

Citibank

NA

03/25/26

TRY

47.50

USD

1,066

(

10,089

)

USD

Currency

.............................

HSBC

Bank

plc

04/27/26

BRL

5.70

USD

6,393

(

48,660

)

USD

Currency

.............................

Morgan

Stanley

&

Co.

International

plc

05/27/26

COP

4,200.00

USD

6,393

(

58,607

)

–

(

258,122

)

–

Put

USD

Currency

.............................

Barclays

Bank

plc

02/05/26

CNH

6.98

USD

3,197

(

9,235

)

USD

Currency

.............................

Bank

of

America

NA

02/18/26

CLP

880.00

USD

1,066

(

15,467

)

USD

Currency

.............................

JPMorgan

Chase

Bank

NA

03/18/26

MXN

17.50

USD

2,131

(

23,950

)

USD

Currency

.............................

HSBC

Bank

plc

04/13/26

CLP

850.00

USD

2,131

(

17,699

)

–

(

66,351

)

–

$

(

324,473

)

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

45.V1

................

1

.00

%

Quarterly

12/20/30

USD

13,818

$

(

326,859

)

$

(

295,226

)

$

(

31,633

)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Verizon

Communications,

Inc.

.............

1

.00

%

Quarterly

06/20/29

BBB+

USD

7,197

$

134,433

$

95,596

$

38,837

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.72%

Annual

6-mo.

PRIBOR

Semi-Annual

N/A

12/17/27

CZK

101,850

$

(

33,687

)

$

—

$

(

33,687

)

3.71%

Annual

6-mo.

PRIBOR

Semi-Annual

N/A

12/17/27

CZK

33,950

(

10,827

)

—

(

10,827

)

1-week

CNREPOFIX_

CFXS

Quarterly

1.52%

Quarterly

N/A

12/17/28

CNY

15,557

(

2,544

)

—

(

2,544

)

1-week

CNREPOFIX_

CFXS

Quarterly

1.53%

Quarterly

N/A

12/17/28

CNY

46,671

(

4,495

)

—

(

4,495

)

3-mo.

CD_KSDA

Quarterly

2.79%

Quarterly

N/A

12/17/28

KRW

19,207,560

(

161,068

)

—

(

161,068

)

6-mo.

PRIBOR

Semi-Annual

3.88%

Annual

N/A

12/17/30

CZK

44,960

27,147

—

27,147

6-mo.

PRIBOR

Semi-Annual

3.95%

Annual

N/A

12/17/30

CZK

134,880

103,121

—

103,121

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

136

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.74%

Annual

6-mo.

WIBOR

Semi-Annual

03/18/26

(a)

03/18/31

PLN

22,775

$

20,612

$

—

$

20,612

$

(

61,741

)

$

—

$

(

61,741

)

(a)

Forward

swap.

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)

Toll

Brothers

Finance

Corp.

...

1

.00

%

Quarterly

Bank

of

America

NA

06/20/30

USD

128

$

(

1,966

)

$

50

$

(

2,016

)

Toll

Brothers

Finance

Corp.

...

1

.00

Quarterly

Bank

of

America

NA

06/20/30

USD

190

(

2,919

)

147

(

3,066

)

Campbell's

Co.

(The)

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

907

(

15,092

)

(

16,120

)

1,028

Campbell's

Co.

(The)

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

4,537

(

75,493

)

(

78,394

)

2,901

Campbell's

Co.

(The)

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

2,488

(

41,399

)

(

36,279

)

(

5,120

)

Campbell's

Co.

(The)

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

454

(

7,554

)

(

8,062

)

508

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

704

(

6,822

)

(

7,101

)

279

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

344

(

3,337

)

(

3,649

)

312

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

344

(

3,333

)

(

3,943

)

610

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

335

(

3,246

)

(

3,233

)

(

13

)

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

335

(

3,246

)

(

3,233

)

(

13

)

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

1,664

(

16,124

)

(

18,306

)

2,182

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

2,865

(

27,762

)

(

30,373

)

2,611

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

861

(

8,343

)

(

9,493

)

1,150

Conagra

Brands,

Inc.

.......

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

948

(

9,182

)

(

8,329

)

(

853

)

Markit

CDX

North

American

High

Yield

Index

Series

45.V1

...

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

USD

4,352

(

683,141

)

(

621,366

)

(

61,775

)

Markit

CDX

North

American

High

Yield

Index

Series

45.V1

...

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

USD

16,964

(

2,662,848

)

(

2,423,648

)

(

239,200

)

$

–

$

–

$

–

$

(

3,571,807

)

$

(

3,271,332

)

$

(

300,475

)

$

–

$

–

$

–

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)

ADLER

Real

Estate

GmbH

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/26

NR

EUR

800

$

12,229

$

(

4,060

)

$

16,289

Prudential

Financial,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/26

A

USD

4,810

21,018

14,431

6,587

TK

Elevator

Holdco

GmbH

5

.00

Quarterly

Goldman

Sachs

International

12/20/26

NR

EUR

476

25,174

4,556

20,618

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

BB+

EUR

1,090

81,052

72,529

8,523

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/27

BBB+

USD

5,712

60,253

51,226

9,027

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Bank

of

America

NA

12/20/27

NR

EUR

304

19,563

(

21,767

)

41,330

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

513

33,051

(

33,949

)

67,000

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

183

11,759

(

12,078

)

23,837

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

149

9,590

(

10,141

)

19,731

ADLER

Real

Estate

GmbH

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

NR

EUR

312

20,071

(

22,194

)

42,265

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

226

14,552

(

16,032

)

30,584

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

137

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)

Altice

France

SA

......

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

414

$

22,180

$

18,813

$

3,367

Altice

France

SA

......

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

359

19,233

14,771

4,462

Altice

France

SA

......

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

400

21,430

16,697

4,733

Virgin

Media

Finance

plc

.

5

.00

Quarterly

Goldman

Sachs

International

12/20/28

B-

EUR

257

21,413

21,575

(

162

)

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

B-

EUR

632

52,657

55,168

(

2,511

)

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

650

11,983

6,403

5,580

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,765

1,636

1,129

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,765

1,632

1,133

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

144

18,667

15,056

3,611

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

16,852

13,211

3,641

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

216

28,057

22,253

5,804

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

16,852

13,296

3,556

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

303

39,279

31,694

7,585

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

342

44,335

35,564

8,771

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB+

USD

282

6,086

3,570

2,516

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB+

USD

393

8,482

5,187

3,295

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

2,140

371,904

226,584

145,320

iTraxx

Europe

Crossover

Index

Series

42.V3

..

5

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

887

154,149

131,768

22,381

Zegona

Finance

plc

....

5

.00

Quarterly

BNP

Paribas

SA

06/20/30

BB

EUR

374

73,061

57,859

15,202

Zegona

Finance

plc

....

5

.00

Quarterly

Deutsche

Bank

AG

06/20/30

BB

EUR

371

72,379

45,493

26,886

Boeing

Co.

(The)

......

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BBB-

USD

1,704

33,776

24,447

9,329

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

470

50,304

55,992

(

5,688

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

250

26,758

30,600

(

3,842

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

240

25,687

28,391

(

2,704

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

280

29,968

33,396

(

3,428

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

240

25,687

28,264

(

2,577

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

470

50,304

55,555

(

5,251

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

120

12,844

14,499

(

1,655

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

12/20/30

BB-

USD

470

50,304

56,679

(

6,375

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

BB-

USD

1,760

188,373

204,331

(

15,958

)

CCO

Holdings

LLC

....

5

.00

Quarterly

Goldman

Sachs

International

12/20/30

BB-

USD

630

67,429

74,111

(

6,682

)

CCO

Holdings

LLC

....

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

USD

230

24,617

26,631

(

2,014

)

Eutelsat

SA

..........

5

.00

Quarterly

Deutsche

Bank

AG

12/20/30

NR

EUR

500

113,078

71,962

41,116

Forvia

SE

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB-

EUR

2,659

397,621

250,524

147,097

Oracle

Corp.

.........

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BBB

USD

2,210

(

50,033

)

(

10,562

)

(

39,471

)

Petroleos

Mexicanos

...

1

.00

Quarterly

BNP

Paribas

SA

12/20/30

BBB

USD

4,766

(

338,217

)

(

393,272

)

55,055

Petroleos

Mexicanos

...

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BBB

USD

864

(

61,313

)

(

76,983

)

15,670

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

12/20/30

BB+

USD

1,124

17,641

122

17,519

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Goldman

Sachs

International

12/20/30

BB+

USD

180

2,825

20

2,805

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/30

BB+

USD

120

1,883

13

1,870

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

138

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)

ZF

Europe

Finance

BV

..

5

.00

%

Quarterly

Bank

of

America

NA

12/20/30

BB-

EUR

364

$

45,656

$

42,935

$

2,721

$

2,028,033

$

1,278,406

$

749,627

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

IBR

Quarterly

9.31%

Quarterly

HSBC

Bank

plc

12/17/27

COP

6,295,000

$

(

49,432

)

$

—

$

(

49,432

)

1-day

IBR

Quarterly

9.38%

Quarterly

HSBC

Bank

plc

12/17/27

COP

6,295,000

(

47,281

)

—

(

47,281

)

1-day

IBR

Quarterly

9.54%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/17/27

COP

12,491,466

(

84,069

)

—

(

84,069

)

4.44%

Semi-Annual

1-day

CLICP

Semi-Annual

Bank

of

America

NA

12/17/27

CLP

3,155,176

(

5,106

)

—

(

5,106

)

4.50%

Semi-Annual

1-day

CLICP

Semi-Annual

Citibank

NA

12/17/27

CLP

8,324,121

(

24,759

)

—

(

24,759

)

4.59%

Semi-Annual

1-day

CLICP

Semi-Annual

HSBC

Bank

plc

12/17/27

CLP

2,774,707

(

14,052

)

—

(

14,052

)

9.36%

Quarterly

1-day

IBR

Quarterly

HSBC

Bank

plc

12/17/29

COP

3,505,167

47,346

—

47,346

9.42%

Quarterly

1-day

IBR

Quarterly

HSBC

Bank

plc

12/17/29

COP

3,505,167

45,431

—

45,431

9.54%

Quarterly

1-day

IBR

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/17/29

COP

6,878,674

81,941

—

81,941

9.22%

Quarterly

1-day

IBR

Quarterly

Citibank

NA

12/17/30

COP

4,350,000

72,964

—

72,964

9.33%

Quarterly

1-day

IBR

Quarterly

Citibank

NA

12/17/30

COP

13,050,000

204,003

—

204,003

$

226,986

$

—

$

226,986

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

03/20/26

USD

2,000

$

57,744

$

(

3,836

)

$

61,580

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/26

USD

28,000

144,036

(

153,567

)

297,603

$

201,780

$

(

157,403

)

$

359,183

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

CLICP

.........................................

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

0

.01

%

1-day

IBR

...........................................

Colombian

Reference

Banking

Indicator

8

.75

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

3

.68

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

1

.64

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

2

.73

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

3

.44

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

139

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Reference

Index

Reference

Rate

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

3

.69

%

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

95,596

$

(

295,226

)

$

189,717

$

(

244,254

)

$

—

OTC

Swaps

.....................................................

1,879,641

(

4,029,970

)

1,670,394

(

635,073

)

—

Options

Written

...................................................

N/A

N/A

153,273

(

74,200

)

(

379,341

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Consolidated

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

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)

......

$

—

$

—

$

4,008

$

—

$

4,644,117

$

—

$

4,648,125

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

5,750,877

—

—

5,750,877

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

122,459

612,200

30,000

—

764,659

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

38,837

—

—

150,880

—

189,717

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

2,739,167

—

—

810,868

—

3,550,035

$

—

$

2,778,004

$

126,467

$

6,363,077

$

5,635,865

$

—

$

14,903,413

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

70,324

$

166,935

$

17,795,142

$

—

$

18,032,401

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

15,432,789

—

—

15,432,789

Options

written

Options

written

at

value

.....................

—

—

54,868

324,473

—

—

379,341

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

31,633

—

—

212,621

—

244,254

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

4,282,941

—

—

382,102

—

4,665,043

$

—

$

4,314,574

$

125,192

$

15,924,197

$

18,389,865

$

—

$

38,753,828

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Consolidated

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Consolidated

Schedule

of

Investments.

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

140

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

For

the

period

ended

January

31,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

(

6,343,848

)

$

(

31,790,800

)

$

32,792,186

$

—

$

(

5,342,462

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

3,395,205

)

—

—

(

3,395,205

)

Options

purchased

(a)

.....................

—

—

—

(

123,132

)

—

—

(

123,132

)

Options

written

........................

—

—

—

66,981

—

—

66,981

Swaps

..............................

—

(

368,987

)

(

81,702

)

—

205,217

—

(

245,472

)

$

—

$

(368,987)

$

(6,425,550)

$

(35,242,156)

$

32,997,403

$

—

$

(9,039,290)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

144,234

)

$

14,783,686

$

(

19,545,859

)

$

—

$

(

4,906,407

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

19,871,492

)

—

—

(

19,871,492

)

Options

purchased

(b)

.....................

—

—

(

25,736

)

(

233,959

)

5,435

—

(

254,260

)

Options

written

........................

—

—

16,749

62,324

—

—

79,073

Swaps

..............................

—

(

92,185

)

—

—

(

150,766

)

—

(

242,951

)

$

—

$

(92,185)

$

(153,221)

$

(5,259,441)

$

(19,691,190)

$

—

$

(25,196,037)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,690,329,008

Average

notional

value

of

contracts

—

short

.................................................................................

300,801,992

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

668,553,648

Average

amounts

sold

—

in

USD

........................................................................................

164,709,164

Options

Average

value

of

option

contracts

purchased

................................................................................

382,330

Average

value

of

option

contracts

written

...................................................................................

189,670

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

56,611,816

Average

notional

value

—

sell

protection

...................................................................................

45,008,338

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

18,899,738

Average

notional

value

—

receives

fixed

rate

................................................................................

20,685,763

Total

return

swaps

Average

notional

value

...............................................................................................

33,500,000

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

843,998

$

2,791,295

Forward

f

oreign

currency

exchange

contracts

.................................................................

5,750,877

15,432,789

Options

(a)

.........................................................................................

764,659

379,341

Swaps

—

centrally

cleared

..............................................................................

—

25,388

Swaps

—

OTC

(b)

.....................................................................................

3,550,035

4,665,043

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

10,909,569

$

23,293,856

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

996,457

)

(

2,871,551

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

9,913,112

$

20,422,305

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Consolidated

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/(received)

in

the

Statements

of

Assets

and

Liabilities.

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

141

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

...............................

$

1,331,391

$

(

1,158,701

)

$

(

172,690

)

$

—

$

—

Barclays

Bank

plc

................................

1,354,161

(

1,354,161

)

—

—

—

BNP

Paribas

SA

.................................

883,274

(

883,274

)

—

—

—

Canadian

Imperial

Bank

of

Commerce

..................

936

(

936

)

—

—

—

Citibank

NA

.....................................

962,224

(

665,248

)

(

269,786

)

(

27,190

)

—

Credit

Agricole

Corporate

&

Investment

Bank

SA

............

509,834

(

140,373

)

—

—

369,461

Deutsche

Bank

AG

................................

519,347

(

519,347

)

—

—

—

Goldman

Sachs

International

.........................

498,454

(

498,454

)

—

—

—

HSBC

Bank

plc

..................................

1,077,624

(

472,194

)

—

—

605,430

JPMorgan

Chase

Bank

NA

..........................

855,951

(

855,951

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

1,560,253

(

921,212

)

—

(

550,000

)

89,041

Societe

Generale

SA

..............................

42,238

(

10,865

)

—

—

31,373

Standard

Chartered

Bank

...........................

52,314

—

—

—

52,314

Toronto

Dominion

Bank

.............................

136,260

(

17,338

)

—

—

118,922

UBS

AG

.......................................

128,851

(

51,510

)

—

—

77,341

$

9,913,112

$

(

7,549,564

)

$

(

442,476

)

$

(

577,190

)

$

1,343,882

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

...............................

$

1,158,701

$

(

1,158,701

)

$

—

$

—

$

—

Bank

of

New

York

Mellon

...........................

51,716

—

—

—

51,716

Barclays

Bank

plc

................................

2,052,648

(

1,354,161

)

—

—

698,487

BNP

Paribas

SA

.................................

946,522

(

883,274

)

—

—

63,248

Canadian

Imperial

Bank

of

Commerce

..................

58,994

(

936

)

—

—

58,058

Citibank

NA

.....................................

665,248

(

665,248

)

—

—

—

Credit

Agricole

Corporate

&

Investment

Bank

SA

............

140,373

(

140,373

)

—

—

—

Deutsche

Bank

AG

................................

1,329,744

(

519,347

)

—

—

810,397

Goldman

Sachs

International

.........................

710,003

(

498,454

)

—

—

211,549

HSBC

Bank

plc

..................................

472,194

(

472,194

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

5,884,056

(

855,951

)

—

(

4,022,000

)

1,006,105

Morgan

Stanley

&

Co.

International

plc

..................

921,212

(

921,212

)

—

—

—

Natwest

Markets

plc

...............................

5,693,757

—

—

—

5,693,757

Nomura

International

plc

............................

193,334

—

—

—

193,334

Societe

Generale

SA

..............................

10,865

(

10,865

)

—

—

—

State

Street

Bank

and

Trust

Co.

.......................

62,114

—

—

—

62,114

Toronto

Dominion

Bank

.............................

17,338

(

17,338

)

—

—

—

UBS

AG

.......................................

51,510

(

51,510

)

—

—

—

Westpac

Banking

Corp.

............................

1,976

—

—

—

1,976

$

20,422,305

$

(

7,549,564

)

$

—

$

(

4,022,000

)

$

8,850,741

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

142

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Consolidated

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

1,082,034,444

$

—

$

1,082,034,444

Common

Stocks

Aerospace

&

Defense

....................................

41,064,275

35,335,662

—

76,399,937

Air

Freight

&

Logistics

....................................

7,307,341

980,775

—

8,288,116

Automobile

Components

..................................

3,219,628

4,559,525

—

7,779,153

Automobiles

..........................................

—

20,311,482

—

20,311,482

Banks

...............................................

88,945,742

98,075,134

116

187,020,992

Beverages

...........................................

28,014,345

1,509,921

—

29,524,266

Biotechnology

.........................................

6,786,772

4,802,543

—

11,589,315

Broadline

Retail

........................................

22,402,385

9,233,888

—

31,636,273

Building

Products

.......................................

19,376,382

5,551,798

—

24,928,180

Capital

Markets

........................................

63,666,306

13,244,408

—

76,910,714

Chemicals

............................................

31,074,648

16,767,931

—

47,842,579

Commercial

Services

&

Supplies

.............................

2,882,493

10,115,732

—

12,998,225

Communications

Equipment

................................

9,833,753

3,245,884

—

13,079,637

Construction

&

Engineering

................................

3,731,899

13,253,106

—

16,985,005

Construction

Materials

....................................

—

920,817

—

920,817

Consumer

Finance

......................................

5,964,815

94,493

—

6,059,308

Consumer

Staples

Distribution

&

Retail

........................

39,307,986

7,518,638

—

46,826,624

Containers

&

Packaging

..................................

4,478,391

255,466

—

4,733,857

Diversified

Consumer

Services

..............................

4,586,601

27,766

—

4,614,367

Diversified

REITs

.......................................

4,469,147

5,310,544

—

9,779,691

Diversified

Telecommunication

Services

........................

21,969,235

16,752,977

—

38,722,212

Electric

Utilities

........................................

159,611,872

24,295,858

—

183,907,730

Electrical

Equipment

.....................................

9,798,204

12,138,843

—

21,937,047

Electronic

Equipment,

Instruments

&

Components

.................

11,010,195

6,492,775

—

17,502,970

Energy

Equipment

&

Services

..............................

4,937,404

242,860

—

5,180,264

Entertainment

.........................................

5,437,882

928,883

—

6,366,765

Financial

Services

......................................

19,889,376

3,889,724

488,961

24,268,061

Food

Products

.........................................

17,946,832

10,853,448

—

28,800,280

Gas

Utilities

...........................................

8,902,059

4,617,255

—

13,519,314

Ground

Transportation

...................................

49,039,768

7,936,018

—

56,975,786

Health

Care

Equipment

&

Supplies

...........................

70,097,597

7,291,555

—

77,389,152

Health

Care

Providers

&

Services

............................

89,060,226

943,084

—

90,003,310

Health

Care

REITs

......................................

25,118,459

—

—

25,118,459

Hotel

&

Resort

REITs

....................................

—

1,771,578

—

1,771,578

Hotels,

Restaurants

&

Leisure

..............................

8,854,492

6,060,197

213,948

15,128,637

Household

Durables

.....................................

1,204,818

14,380,433

—

15,585,251

Household

Products

.....................................

14,675,128

461,615

—

15,136,743

Independent

Power

and

Renewable

Electricity

Producers

............

—

3,013,128

—

3,013,128

Industrial

Conglomerates

..................................

456,405

20,211,989

—

20,668,394

Industrial

REITs

........................................

24,050,578

22,664,864

—

46,715,442

Insurance

............................................

37,636,528

44,087,294

—

81,723,822

Interactive

Media

&

Services

...............................

62,464,165

687,112

—

63,151,277

IT

Services

...........................................

15,443,767

6,581,691

588,309

22,613,767

Leisure

Products

.......................................

3,823,540

—

—

3,823,540

Life

Sciences

Tools

&

Services

..............................

15,255,726

1,219,491

—

16,475,217

Machinery

............................................

51,180,095

17,959,381

—

69,139,476

Marine

Transportation

....................................

—

1,098,918

—

1,098,918

Media

...............................................

620,030

13,970,986

524,384

15,115,400

Metals

&

Mining

........................................

15,456,761

7,839,049

80

23,295,890

Multi-Utilities

..........................................

77,958,266

23,547,474

—

101,505,740

Municipal-Education

.....................................

—

—

245,251

245,251

Office

REITs

..........................................

17,160,046

84,320

—

17,244,366

Oil,

Gas

&

Consumable

Fuels

...............................

150,151,693

43,199,788

55

193,351,536

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

143

Level

1

Level

2

Level

3

Total

Passenger

Airlines

......................................

$

—

$

501,809

$

—

$

501,809

Personal

Care

Products

..................................

—

4,233,465

—

4,233,465

Pharmaceuticals

.......................................

55,182,895

111,029,969

—

166,212,864

Professional

Services

....................................

28,367,262

6,833,156

—

35,200,418

Real

Estate

Management

&

Development

.......................

—

35,891,658

8

35,891,666

Residential

REITs

.......................................

24,335,684

3,240,956

—

27,576,640

Retail

REITs

..........................................

24,484,806

618,054

—

25,102,860

Semiconductors

&

Semiconductor

Equipment

....................

54,822,247

47,316,208

—

102,138,455

Software

.............................................

47,207,834

11,265,169

—

58,473,003

Specialized

REITs

......................................

52,744,181

6,656,869

—

59,401,050

Specialty

Retail

........................................

10,859,923

11,811,720

—

22,671,643

Technology

Hardware,

Storage

&

Peripherals

....................

27,505,821

28,915,802

—

56,421,623

Textiles,

Apparel

&

Luxury

Goods

............................

—

11,206,837

—

11,206,837

Tobacco

.............................................

4,602,153

23,307,644

—

27,909,797

Trading

Companies

&

Distributors

............................

10,725,408

12,902,382

—

23,627,790

Transportation

Infrastructure

...............................

9,690,948

49,276,770

—

58,967,718

Water

Utilities

.........................................

1,849,787

6,192,443

—

8,042,230

Wireless

Telecommunication

Services

.........................

11,468,798

5,528,925

4

16,997,727

Corporate

Bonds

Aerospace

&

Defense

....................................

—

43,873,160

—

43,873,160

Air

Freight

&

Logistics

....................................

—

2,133,342

—

2,133,342

Automobile

Components

..................................

—

32,511,954

—

32,511,954

Automobiles

..........................................

—

15,951,021

—

15,951,021

Banks

...............................................

—

208,486,165

—

208,486,165

Beverages

...........................................

—

932,015

—

932,015

Biotechnology

.........................................

—

9,554,146

—

9,554,146

Broadline

Retail

........................................

—

16,632,009

—

16,632,009

Building

Products

.......................................

—

19,422,735

—

19,422,735

Capital

Markets

........................................

—

122,253,783

—

122,253,783

Chemicals

............................................

—

50,796,964

—

50,796,964

Commercial

Services

&

Supplies

.............................

—

48,056,454

546,455

48,602,909

Communications

Equipment

................................

—

7,221,567

—

7,221,567

Construction

&

Engineering

................................

—

7,327,661

—

7,327,661

Consumer

Finance

......................................

—

59,493,170

—

59,493,170

Consumer

Staples

Distribution

&

Retail

........................

—

15,399,262

—

15,399,262

Containers

&

Packaging

..................................

—

37,363,489

2,265,313

39,628,802

Distributors

...........................................

—

1,441,705

—

1,441,705

Diversified

Consumer

Services

..............................

—

9,022,960

—

9,022,960

Diversified

REITs

.......................................

—

15,947,244

—

15,947,244

Diversified

Telecommunication

Services

........................

—

75,805,084

—

75,805,084

Electric

Utilities

........................................

—

109,671,617

3,032,150

112,703,767

Electrical

Equipment

.....................................

—

284,594

—

284,594

Electronic

Equipment,

Instruments

&

Components

.................

—

3,832,115

—

3,832,115

Energy

Equipment

&

Services

..............................

—

16,206,912

—

16,206,912

Entertainment

.........................................

—

8,788,104

—

8,788,104

Financial

Services

......................................

—

59,812,948

11,023,817

70,836,765

Food

Products

.........................................

—

27,060,727

—

27,060,727

Gas

Utilities

...........................................

—

1,695,391

—

1,695,391

Ground

Transportation

...................................

—

43,635,786

—

43,635,786

Health

Care

Equipment

&

Supplies

...........................

—

13,143,780

—

13,143,780

Health

Care

Providers

&

Services

............................

—

79,342,345

—

79,342,345

Health

Care

REITs

......................................

—

17,661,753

—

17,661,753

Health

Care

Technology

..................................

—

799,992

—

799,992

Hotel

&

Resort

REITs

....................................

—

8,358,520

—

8,358,520

Hotels,

Restaurants

&

Leisure

..............................

—

63,468,546

—

63,468,546

Household

Durables

.....................................

—

8,854,643

—

8,854,643

Household

Products

.....................................

—

131,538

—

131,538

Independent

Power

and

Renewable

Electricity

Producers

............

—

12,223,126

—

12,223,126

Industrial

Conglomerates

..................................

—

15,317,760

—

15,317,760

Industrial

REITs

........................................

—

2,151,764

—

2,151,764

Insurance

............................................

—

60,650,600

—

60,650,600

Interactive

Media

&

Services

...............................

—

3,862,227

—

3,862,227

IT

Services

...........................................

—

60,571,056

—

60,571,056

Life

Sciences

Tools

&

Services

..............................

—

366,498

—

366,498

Fair

Value

Hierarchy

as

of Period

End

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

144

Level

1

Level

2

Level

3

Total

Machinery

............................................

$

—

$

15,724,235

$

—

$

15,724,235

Marine

Transportation

....................................

—

1,892,491

—

1,892,491

Media

...............................................

—

83,088,972

—

83,088,972

Metals

&

Mining

........................................

—

51,961,483

—

51,961,483

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

1,996,115

—

1,996,115

Multi-Utilities

..........................................

—

6,289,312

—

6,289,312

Office

REITs

..........................................

—

595,168

—

595,168

Oil,

Gas

&

Consumable

Fuels

...............................

—

127,763,585

—

127,763,585

Paper

&

Forest

Products

..................................

—

5,879,071

—

5,879,071

Passenger

Airlines

......................................

—

7,242,990

—

7,242,990

Personal

Care

Products

..................................

—

3,729,378

—

3,729,378

Pharmaceuticals

.......................................

—

55,484,466

—

55,484,466

Professional

Services

....................................

—

4,681,504

—

4,681,504

Real

Estate

Management

&

Development

.......................

—

19,402,170

—

19,402,170

Residential

REITs

.......................................

—

5,749,713

—

5,749,713

Retail

REITs

..........................................

—

5,023,830

—

5,023,830

Semiconductors

&

Semiconductor

Equipment

....................

—

34,376,177

768,803

35,144,980

Software

.............................................

—

57,699,179

3,491,250

61,190,429

Specialized

REITs

......................................

—

17,846,625

—

17,846,625

Specialty

Retail

........................................

—

18,229,685

—

18,229,685

Technology

Hardware,

Storage

&

Peripherals

....................

—

5,197,880

—

5,197,880

Textiles,

Apparel

&

Luxury

Goods

............................

—

9,029,873

—

9,029,873

Tobacco

.............................................

—

23,211,123

—

23,211,123

Trading

Companies

&

Distributors

............................

—

24,751,842

—

24,751,842

Transportation

Infrastructure

...............................

—

639,630

—

639,630

Wireless

Telecommunication

Services

.........................

—

35,320,579

—

35,320,579

Equity-Linked

Notes

......................................

—

1,607,566,207

—

1,607,566,207

Fixed

Rate

Loan

Interests

Financial

Services

......................................

—

—

30,061,135

30,061,135

Health

Care

Technology

..................................

—

1,615,710

—

1,615,710

IT

Services

...........................................

—

273,944

—

273,944

Software

.............................................

—

2,455,723

—

2,455,723

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

35,613,099

—

35,613,099

Automobile

Components

..................................

—

19,088,599

—

19,088,599

Automobiles

..........................................

—

2,675,534

—

2,675,534

Beverages

...........................................

—

3,906,026

—

3,906,026

Biotechnology

.........................................

—

4,768,555

1,301,000

6,069,555

Broadline

Retail

........................................

—

5,445,495

—

5,445,495

Building

Products

.......................................

—

13,899,890

265,000

14,164,890

Capital

Markets

........................................

—

36,687,243

4,977,183

41,664,426

Chemicals

............................................

—

34,430,554

1,262,908

35,693,462

Commercial

Services

&

Supplies

.............................

—

34,814,155

2,244,996

37,059,151

Communications

Equipment

................................

—

2,099,133

—

2,099,133

Construction

&

Engineering

................................

—

6,947,141

2,078,370

9,025,511

Construction

Materials

....................................

—

18,160,849

—

18,160,849

Consumer

Staples

Distribution

&

Retail

........................

—

2,346,020

2,263,168

4,609,188

Containers

&

Packaging

..................................

—

20,717,054

1,412,826

22,129,880

Diversified

Consumer

Services

..............................

—

8,747,932

—

8,747,932

Diversified

REITs

.......................................

—

—

1,787,869

1,787,869

Diversified

Telecommunication

Services

........................

—

22,222,581

—

22,222,581

Electric

Utilities

........................................

—

7,742,284

—

7,742,284

Electrical

Equipment

.....................................

—

199,853

—

199,853

Electronic

Equipment,

Instruments

&

Components

.................

—

4,795,753

1,572,922

6,368,675

Energy

Equipment

&

Services

..............................

—

2,090,524

—

2,090,524

Entertainment

.........................................

—

26,594,296

2,639,385

29,233,681

Financial

Services

......................................

—

41,588,077

17,170,547

58,758,624

Food

Products

.........................................

—

16,044,117

—

16,044,117

Gas

Utilities

...........................................

—

896,793

—

896,793

Ground

Transportation

...................................

—

8,185,019

10,547,280

18,732,299

Health

Care

Equipment

&

Supplies

...........................

—

14,672,892

—

14,672,892

Health

Care

Providers

&

Services

............................

—

25,716,060

421,239

26,137,299

Health

Care

Technology

..................................

—

14,542,587

—

14,542,587

Hotels,

Restaurants

&

Leisure

..............................

—

59,740,846

14,582,237

74,323,083

Fair

Value

Hierarchy

as

of Period

End

(continued)

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

Consolidated

Schedules

of

Investments

145

Level

1

Level

2

Level

3

Total

Household

Durables

.....................................

$

—

$

4,344,106

$

—

$

4,344,106

Household

Products

.....................................

—

1,386,457

—

1,386,457

Independent

Power

and

Renewable

Electricity

Producers

............

—

8,109,987

—

8,109,987

Industrial

Conglomerates

..................................

—

18,185,330

—

18,185,330

Insurance

............................................

—

48,561,247

—

48,561,247

Interactive

Media

&

Services

...............................

—

1,191,949

—

1,191,949

IT

Services

...........................................

—

47,747,572

879,419

48,626,991

Leisure

Products

.......................................

—

401,114

—

401,114

Life

Sciences

Tools

&

Services

..............................

—

2,070,012

—

2,070,012

Machinery

............................................

—

51,542,829

1,550,017

53,092,846

Media

...............................................

—

15,761,211

1,042,892

16,804,103

Multi-Utilities

..........................................

—

5,288,342

—

5,288,342

Oil,

Gas

&

Consumable

Fuels

...............................

—

14,978,238

—

14,978,238

Paper

&

Forest

Products

..................................

—

3,614,728

—

3,614,728

Passenger

Airlines

......................................

—

14,576,358

—

14,576,358

Pharmaceuticals

.......................................

—

10,207,903

—

10,207,903

Professional

Services

....................................

—

22,118,496

3,472,848

25,591,344

Real

Estate

Management

&

Development

.......................

—

432,954

—

432,954

Semiconductors

&

Semiconductor

Equipment

....................

—

4,902,587

—

4,902,587

Software

.............................................

—

95,220,053

1,953,770

97,173,823

Specialty

Retail

........................................

—

10,250,446

—

10,250,446

Technology

Hardware,

Storage

&

Peripherals

....................

—

5,485,253

—

5,485,253

Tobacco

.............................................

—

99,937

—

99,937

Trading

Companies

&

Distributors

............................

—

7,894,584

—

7,894,584

Transportation

Infrastructure

...............................

—

9,364,364

1,224,216

10,588,580

Wireless

Telecommunication

Services

.........................

—

4,055,408

2,077,000

6,132,408

Foreign

Agency

Obligations

.................................

—

30,507,358

—

30,507,358

Foreign

Government

Obligations

..............................

—

226,627,565

—

226,627,565

Investment

Companies

....................................

510,287,625

—

—

510,287,625

Non-Agency

Mortgage-Backed

Securities

........................

—

981,484,341

8,753,951

990,238,292

Preferred

Securities

Automobiles

..........................................

—

1,315,865

—

1,315,865

Banks

...............................................

—

95,697,912

—

95,697,912

Broadline

Retail

........................................

—

1,755,257

—

1,755,257

Capital

Markets

........................................

—

24,316,286

—

24,316,286

Chemicals

............................................

—

1,636,139

—

1,636,139

Construction

Materials

....................................

—

566,190

—

566,190

Consumer

Finance

......................................

—

4,545,156

—

4,545,156

Diversified

REITs

.......................................

—

1,574,982

—

1,574,982

Diversified

Telecommunication

Services

........................

—

4,566,674

—

4,566,674

Electric

Utilities

........................................

—

16,328,393

—

16,328,393

Electrical

Equipment

.....................................

—

1,416,948

—

1,416,948

Financial

Services

......................................

—

2,390,368

—

2,390,368

Gas

Utilities

...........................................

—

238,169

—

238,169

Household

Products

.....................................

—

6,355,303

—

6,355,303

Independent

Power

and

Renewable

Electricity

Producers

............

—

5,263,669

—

5,263,669

Insurance

............................................

—

13,103,134

—

13,103,134

IT

Services

...........................................

—

46,685

61,838

108,523

Life

Sciences

Tools

&

Services

..............................

—

138,349

—

138,349

Media

...............................................

—

362,994

—

362,994

Multi-Utilities

..........................................

—

10,728,146

—

10,728,146

Oil,

Gas

&

Consumable

Fuels

...............................

—

14,072,063

—

14,072,063

Passenger

Airlines

......................................

—

2,318,887

—

2,318,887

Pharmaceuticals

.......................................

—

3,913,219

—

3,913,219

Real

Estate

Management

&

Development

.......................

—

10,209,888

—

10,209,888

Wireless

Telecommunication

Services

.........................

—

2,412,667

—

2,412,667

Rights

................................................

12,020

—

—

12,020

U.S.

Government

Sponsored

Agency

Securities

....................

—

7,889,881

—

7,889,881

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Foreign

Government

Obligations

..............................

—

30,462,953

—

30,462,953

Money

Market

Funds

......................................

641,207,089

—

—

641,207,089

Options

Purchased

Equity

contracts

..........................................

—

122,459

—

122,459

Fair

Value

Hierarchy

as

of Period

End

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

Consolidated

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2026

BlackRock

Multi-Asset

Income

Portfolio

146

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Foreign

currency

exchange

contracts

...........................

$

—

$

612,200

$

—

$

612,200

Interest

rate

contracts

......................................

30,000

—

—

30,000

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

1,596

63,437

65,033

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

(

6,736

)

—

(

6,736

)

$

2,891,708,537

$

8,093,484,659

$

138,856,357

$

11,124,049,553

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

898,363

$

—

$

898,363

Equity

contracts

...........................................

4,008

—

—

4,008

Foreign

currency

exchange

contracts

............................

—

5,750,877

—

5,750,877

Interest

rate

contracts

.......................................

4,644,117

961,748

—

5,605,865

Liabilities

Credit

contracts

...........................................

—

(

442,007

)

—

(

442,007

)

Equity

contracts

...........................................

(

70,324

)

(

54,868

)

—

(

125,192

)

Foreign

currency

exchange

contracts

............................

(

166,935

)

(

15,757,262

)

—

(

15,924,197

)

Interest

rate

contracts

.......................................

(

17,795,142

)

(

437,320

)

—

(

18,232,462

)

$

(

13,384,276

)

$

(

9,080,469

)

$

—

$

(

22,464,745

)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2025

............................

$

2,749,871

$

10,554,329

$

29,961,173

$

55,354,688

$

28,645,355

$

109,413

$

102,319

$

127,477,148

Transfers

into

Level

3

......................................

—

—

—

6,281,965

—

—

—

6,281,965

Transfers

out

of

Level

3

.....................................

—

—

—

(

5,320,805

)

(

19,926,612

)

(

46,685

)

—

(

25,294,102

)

Accrued

discounts/premiums

..................................

—

23,646

—

18,359

13,870

—

—

55,875

Net

realized

gain

(loss)

.....................................

435,309

—

—

(

1,368

)

—

—

—

433,941

Net

change

in

unrealized

appreciation

(depreciation)

(a)

(b)

................

(

405,349

)

(

827,279

)

31,831

(

1,437,057

)

21,338

(

890

)

(

38,882

)

(

2,656,288

)

Purchases

..............................................

474,555

11,377,116

68,131

45,936,898

—

—

—

57,856,700

Sales

.................................................

(

1,193,270

)

(

24

)

—

(

24,105,588

)

—

—

—

(

25,298,882

)

Closing

balance,

as

of

January

31,

2026

..........................

$

2,061,116

$

21,127,788

$

30,061,135

$

76,727,092

$

8,753,951

$

61,838

$

63,437

$

138,856,357

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2026

(b)

......................................

$

(

405,349

)

$

(

827,279

)

$

31,831

$

(

1,183,693

)

$

21,338

$

(

890

)

$

(

38,882

)

$

(

2,402,924

)

(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

January

31,

2026

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statements

of

Assets

and

Liabilities

(unaudited)

January

31,

2026

147

Statements

of

Assets

and

Liabilities

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

(a)

ASSETS

Investments,

at

value

—

unaffiliated

(b)

(c)

........................................................................

$

1,353,728,493‌

$

9,972,496,542‌

Investments,

at

value

—

affiliated

(d)

...........................................................................

185,894,592‌

1,151,494,714‌

Cash

..............................................................................................

712,582‌

2,203,729‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

300,000‌

4,022,000‌

Futures

contracts

.....................................................................................

13,779,740‌

41,529,000‌

Centrally

cleared

swaps

.................................................................................

64,000‌

6,874,000‌

Foreign

currency,

at

value

(e)

................................................................................

5,310,036‌

32,965,520‌

Receivables:

–‌

–‌

Investment

s

sold

.....................................................................................

5,347,044‌

37,746,900‌

Securities

lending

income

—

affiliated

.......................................................................

13,733,052‌

75,729‌

Swaps  

...........................................................................................

—‌

58‌

Capital

shares

sold

....................................................................................

2,122,821‌

10,735,550‌

Foreign

withholding

tax

claims

............................................................................

—‌

590,054‌

Dividends

—

unaffiliated

................................................................................

628,809‌

6,066,810‌

Dividends

—

affiliated

..................................................................................

248,129‌

1,168,789‌

Interest

—

unaffiliated

..................................................................................

9,469,056‌

63,323,565‌

From

the

Manager

....................................................................................

67,861‌

217,417‌

Due

from

broker

......................................................................................

—‌

310,000‌

Variation

margin

on

futures

contracts

........................................................................

60,767‌

843,998‌

Swap

premiums

paid

....................................................................................

119,428‌

1,879,641‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

1,051,640‌

5,750,877‌

OTC

swaps

.........................................................................................

189,866‌

1,670,394‌

Unfunded

floating

rate

loan

interests

........................................................................

—‌

65,033‌

Prepaid

e

xpenses

......................................................................................

70,390‌

58,754‌

Other

assets

..........................................................................................

—‌

180,172‌

Total

a

ssets

..........................................................................................

1,592,898,306‌

11,342,269,246‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

170,000‌

1,210,000‌

Collateral

on

securities

loaned

..............................................................................

14,059,180‌

218,176,804‌

Options

written,

at

value

(f)

.................................................................................

63,197‌

379,341‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

148

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

(a)

Payables:

–‌

–‌

Investments

purchased

.................................................................................

115,691,765‌

391,220,428‌

Accounting

services

fees

................................................................................

83,197‌

177,542‌

Dividends

on

short

sales

................................................................................

1,519,109‌

5,499,732‌

Administration

fees

....................................................................................

49,117‌

308,660‌

Capital

shares

redeemed

................................................................................

5,229,481‌

28,751,030‌

Custodian

fees

.......................................................................................

7,523‌

118,517‌

Deferred

foreign

capital

gain

tax

...........................................................................

—‌

823,628‌

Income

dividend

distributions

.............................................................................

801,162‌

5,504,094‌

Interest

expense

.....................................................................................

190,834‌

52,132‌

Investment

advisory

fees

................................................................................

591,436‌

4,037,716‌

Trustees'

and

Officer's

fees

..............................................................................

67‌

—‌

Other

affiliate

fees

....................................................................................

483‌

6,711‌

Professional

fees

.....................................................................................

28,296‌

106,124‌

Registration

fees

.....................................................................................

10,140‌

757,432‌

Service

and

distribution

fees

..............................................................................

40,926‌

1,005,412‌

Transfer

agent

fees

...................................................................................

399,502‌

2,651,033‌

Other

accrued

expenses

................................................................................

75,680‌

97,188‌

Variation

margin

on

futures

contracts

........................................................................

866,447‌

2,791,295‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

134,017‌

25,388‌

Swap

premiums

received

.................................................................................

27,930‌

4,029,970‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

2,498,134‌

15,432,789‌

OTC

swaps

.........................................................................................

44,283‌

635,073‌

Unfunded

floating

rate

loan

interests

........................................................................

754‌

6,736‌

Total

li

abilities

.........................................................................................

142,582,660‌

683,804,775‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

1,450,315,646‌

$

10,658,464,471‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2026

149

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

(a)

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

1,579,476,859‌

$

11,987,616,586‌

Accumulated

loss

......................................................................................

(

129,161,213‌

)

(

1,329,152,115‌

)

NET

ASSETS

.........................................................................................

$

1,450,315,646‌

$

10,658,464,471‌

(a)

  Consolidated

Statement

of

Assets

and

Liabilities.

(b)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

1,320,594,363‌

$

9,531,306,404‌

(c)

  Securities

loaned,

at

value

........................................................................

$

13,851,091‌

$

213,337,890‌

(d)

  Investments,

at

cost

—

affiliated

.....................................................................

$

180,240,785‌

$

1,121,784,440‌

(e)

  Foreign

currency,

at

cost

.........................................................................

$

5,311,414‌

$

33,187,457‌

(f)

  Premiums

received

.............................................................................

$

75,449‌

$

458,414‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

150

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-

Asset

Income

Portfolio

(a)

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

1,121,672,156‌

$

6,101,171,938‌

Shares

outstanding

...................................................................................

123,735,522‌

571,092,306‌

Net

asset

value

.....................................................................................

$

9.07‌

$

10.68‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.........................................................................................

$

120,238,586‌

$

3,591,451,016‌

Shares

outstanding

...................................................................................

13,258,069‌

336,573,735‌

Net

asset

value

.....................................................................................

$

9.07‌

$

10.67‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

.........................................................................................

$

17,775,835‌

$

294,040,805‌

Shares

outstanding

...................................................................................

1,962,761‌

27,589,987‌

Net

asset

value

.....................................................................................

$

9.06‌

$

10.66‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Class

K

Net

assets

.........................................................................................

$

190,629,069‌

$

671,800,712‌

Shares

outstanding

...................................................................................

21,016,570‌

62,915,624‌

Net

asset

value

.....................................................................................

$

9.07‌

$

10.68‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2026

151

Statements

of

Operations

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-

Asset

Income

Portfolio

(a)

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

.............................................................................

$

3,414,845‌

$

35,151,501‌

Dividends

—

affiliated

...............................................................................

3,994,696‌

25,355,788‌

Interest

—

unaffiliated

...............................................................................

48,102,141‌

287,809,643‌

Securities

lending

income

—

affiliated

—

net

...............................................................

6,805‌

428,613‌

Payment-in-kind

interest

—

unaffiliated

...................................................................

277,768‌

946,375‌

Foreign

taxes

withheld

..............................................................................

(

174,350‌

)

(

1,076,709‌

)

Foreign

withholding

tax

claims

.........................................................................

48,487‌

137,420‌

Total

investment

income

...............................................................................

55,670,392‌

348,752,631‌

EXPENSES

Investment

advisory

................................................................................

4,047,241‌

27,488,480‌

Transfer

agent

—

class

specific

........................................................................

606,047‌

3,553,519‌

Administration

...................................................................................

276,421‌

1,823,929‌

Accounting

services

................................................................................

243,191‌

506,337‌

Service

and

distribution

—

class

specific

..................................................................

242,089‌

6,091,617‌

Administration

—

class

specific

........................................................................

137,342‌

1,064,252‌

Professional

.....................................................................................

116,559‌

166,139‌

Custodian

.......................................................................................

68,520‌

66,609‌

Registration

.....................................................................................

52,878‌

90,135‌

Printing

and

postage

...............................................................................

30,346‌

36,312‌

Trustees

and

Officer

................................................................................

7,621‌

39,292‌

Miscellaneous

....................................................................................

35,239‌

83,330‌

Total

expenses

excluding

interest

expense

...................................................................

5,863,494‌

41,009,951‌

Interest

expense

..................................................................................

7,360‌

36,247‌

Total

e

xpenses

.....................................................................................

5,870,854‌

41,046,198‌

Less:

–‌

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

.....................................................

(

136,807‌

)

(

1,064,252‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

.............................................................

(

748,241‌

)

(

3,673,010‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

........................................

(

309,190‌

)

(

1,054,038‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

............................................................

4,676,616‌

35,254,898‌

Net

investment

income

................................................................................

50,993,776‌

313,497,733‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

45,875,637‌

$

341,419,354‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

32,982,395‌

290,392,933‌

Investments

—

affiliated

...........................................................................

4,713,297‌

30,960,771‌

Forward

foreign

currency

exchange

contracts

.............................................................

(

518,270‌

)

(

3,395,205‌

)

Foreign

currency

transactions

.......................................................................

1,234,599‌

7,838,543‌

Futures

contracts

................................................................................

830,075‌

(

5,342,462‌

)

Options

written

.................................................................................

12,951‌

66,981‌

Short

sales

—

unaffiliated

..........................................................................

—‌

(

60,381‌

)

Swaps  

......................................................................................

68,625‌

(

245,472‌

)

39,323,672‌

320,215,708‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(b)

........................................................................

4,073,029‌

42,141,644‌

Investments

—

affiliated

...........................................................................

974,519‌

3,669,480‌

Forward

foreign

currency

exchange

contracts

.............................................................

(

2,396,015‌

)

(

19,871,492‌

)

Foreign

currency

translations

........................................................................

2,822‌

377,803‌

Futures

contracts

................................................................................

3,909,063‌

(

4,906,407‌

)

Options

written

.................................................................................

12,252‌

79,073‌

Swaps  

......................................................................................

(

23,012‌

)

(

242,951‌

)

Unfunded

floating

rate

loan

interests

...................................................................

(

693‌

)

(

43,504‌

)

6,551,965‌

21,203,646‌

Net

realized

and

unrealized

gain

.........................................................................

45,875,637‌

341,419,354‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

................................................

$

96,869,413‌

$

654,917,087‌

(a)

  Consolidated

Statement

of

Operations.

(b)

  Net

of

increase

in

deferred

foreign

capital

gain

tax

of

..........................................................

$

—‌

$

(

27,319‌

)

Statements

of

Changes

in

Net

Assets

2026

Semi-Annual

Financial

Statements

and

Additional

Information

152

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

(a)

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

50,993,776‌

$

86,411,229‌

$

313,497,733‌

$

641,606,898‌

Net

realized

gain

................................................

39,323,672‌

17,872,818‌

320,215,708‌

138,329,897‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

6,551,965‌

2,168,136‌

21,203,646‌

42,586,909‌

Net

increase

in

net

assets

resulting

from

operations

...........................

96,869,413‌

106,452,183‌

654,917,087‌

822,523,704‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Institutional

...................................................

(

41,502,008‌

)

(

65,081,860‌

)

(

216,133,621‌

)

(

353,353,335‌

)

Investor

A

....................................................

(

4,549,116‌

)

(

8,728,441‌

)

(

125,127,612‌

)

(

210,066,355‌

)

Investor

C

....................................................

(

642,547‌

)

(

1,444,205‌

)

(

9,548,204‌

)

(

19,002,684‌

)

Class

K

......................................................

(

7,445,467‌

)

(

13,947,406‌

)

(

24,285,379‌

)

(

39,960,856‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(54,139,138‌)

(89,201,912‌)

(375,094,816‌)

(622,383,230‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

140,557,406‌

161,566,152‌

(52,833,048‌)

(714,519,832‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

183,287,681‌

178,816,423‌

226,989,223‌

(

514,379,358‌

)

Beginning

of

period

................................................

1,267,027,965‌

1,088,211,542‌

10,431,475,248‌

10,945,854,606‌

End

of

period

....................................................

$

1,450,315,646‌

$

1,267,027,965‌

$

10,658,464,471‌

$

10,431,475,248‌

(a)

Consolidated

Statements

of

Changes

in

Net

Assets.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

153

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(i)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

Institutional

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

8.78

‌

$

8.66

‌

$

8.28

‌

$

8.47

‌

$

10.23

‌

$

9.03

‌

Net

investment

income

(a)

...................

0

.34

‌

0

.66

‌

0

.59

‌

0

.51

‌

0

.47

‌

0

.50

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.31

‌

0

.14

‌

0

.39

‌

(

0

.19

)

(

1

.54

)

1

.20

‌

Net

increase

(decrease)

from

investment

operations

..

0.65

‌

0.80

‌

0.98

‌

0.32

‌

(1.07

)

1.70

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.36

)

(

0

.68

)

(

0

.60

)

(

0

.51

)

(

0

.58

)

(

0

.50

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.11

)

—

‌

Total

distributions

..........................

(0.36

)

(0.68

)

(0.60

)

(0.51

)

(0.69

)

(0.50

)

Net

asset

value,

end

of

period

................

$

9.07

‌

$

8.78

‌

$

8.66

‌

$

8.28

‌

$

8.47

‌

$

10.23

‌

Total

Return

(c)

Based

on

net

asset

value

....................

7.47

%

(d)

9.55

%

12.39

%

4.18

%

(11.04

)%

19.22

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...........................

0.84

%

(g)

0.84

%

0.85

%

0.84

%

0.81

%

0.81

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.65

%

(g)

0.65

%

0.65

%

0.65

%

0.65

%

0.65

%

Net

investment

income

.....................

7.45

%

(g)

7.54

%

7.16

%

6.39

%

5.00

%

5.12

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

1,121,672

‌

$

951,371

‌

$

763,465

‌

$

844,522

‌

$

924,072

‌

$

1,026,159

‌

Portfolio

turnover

rate

(h)

......................

66

%

148

%

109

%

66

%

(i)

59

%

77

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

151%

337%

272%

189%

196%

180%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

154

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(i)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

Investor

A

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

8.78

‌

$

8.67

‌

$

8.29

‌

$

8.47

‌

$

10.24

‌

$

9.03

‌

Net

investment

income

(a)

...................

0

.33

‌

0

.63

‌

0

.57

‌

0

.49

‌

0

.45

‌

0

.47

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.31

‌

0

.14

‌

0

.39

‌

(

0

.18

)

(

1

.56

)

1

.21

‌

Net

increase

(decrease)

from

investment

operations

..

0.64

‌

0.77

‌

0.96

‌

0.31

‌

(1.11

)

1.68

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.35

)

(

0

.66

)

(

0

.58

)

(

0

.49

)

(

0

.55

)

(

0

.47

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.11

)

—

‌

Total

distributions

..........................

(0.35

)

(0.66

)

(0.58

)

(0.49

)

(0.66

)

(0.47

)

Net

asset

value,

end

of

period

................

$

9.07

‌

$

8.78

‌

$

8.67

‌

$

8.29

‌

$

8.47

‌

$

10.24

‌

Total

Return

(c)

Based

on

net

asset

value

....................

7.34

%

(d)

9.15

%

12.10

%

4.04

%

(11.35

)%

19.04

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...........................

1.04

%

(g)

1.06

%

1.06

%

1.05

%

1.03

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.90

%

(g)

0.90

%

0.90

%

0.90

%

0.90

%

0.90

%

Net

investment

income

.....................

7.20

%

(g)

7.29

%

6.91

%

6.15

%

4.74

%

4.87

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

120,239

‌

$

115,275

‌

$

116,971

‌

$

130,935

‌

$

136,426

‌

$

175,444

‌

Portfolio

turnover

rate

(h)

......................

66

%

148

%

109

%

66

%

(i)

59

%

77

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

151%

337%

272%

189%

196%

180%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

155

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(i)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

Investor

C

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

8.77

‌

$

8.66

‌

$

8.28

‌

$

8.46

‌

$

10.22

‌

$

9.02

‌

Net

investment

income

(a)

...................

0

.29

‌

0

.57

‌

0

.51

‌

0

.43

‌

0

.38

‌

0

.40

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.31

‌

0

.13

‌

0

.39

‌

(

0

.18

)

(

1

.55

)

1

.20

‌

Net

increase

(decrease)

from

investment

operations

..

0.60

‌

0.70

‌

0.90

‌

0.25

‌

(1.17

)

1.60

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.31

)

(

0

.59

)

(

0

.52

)

(

0

.43

)

(

0

.48

)

(

0

.40

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.11

)

—

‌

Total

distributions

..........................

(0.31

)

(0.59

)

(0.52

)

(0.43

)

(0.59

)

(0.40

)

Net

asset

value,

end

of

period

................

$

9.06

‌

$

8.77

‌

$

8.66

‌

$

8.28

‌

$

8.46

‌

$

10.22

‌

Total

Return

(c)

Based

on

net

asset

value

....................

6.95

%

(d)

8.36

%

11.29

%

3.27

%

(11.94

)%

18.06

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...........................

1.83

%

(g)

1.83

%

1.84

%

1.84

%

1.80

%

1.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.65

%

(g)

1.65

%

1.65

%

1.65

%

1.65

%

1.65

%

Net

investment

income

.....................

6.46

%

(g)

6.54

%

6.16

%

5.39

%

4.00

%

4.13

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

17,776

‌

$

18,882

‌

$

24,119

‌

$

28,629

‌

$

35,475

‌

$

46,242

‌

Portfolio

turnover

rate

(h)

......................

66

%

148

%

109

%

66

%

(i)

59

%

77

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

151%

337%

272%

189%

196%

180%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

156

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Not

annualized.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(i)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

Class

K

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

8.79

‌

$

8.67

‌

$

8.29

‌

$

8.47

‌

$

10.24

‌

$

9.04

‌

Net

investment

income

(a)

...................

0

.34

‌

0

.66

‌

0

.60

‌

0

.52

‌

0

.48

‌

0

.50

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.30

‌

0

.14

‌

0

.38

‌

(

0

.19

)

(

1

.56

)

1

.20

‌

Net

increase

(decrease)

from

investment

operations

..

0.64

‌

0.80

‌

0.98

‌

0.33

‌

(1.08

)

1.70

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

0

.36

)

(

0

.68

)

(

0

.60

)

(

0

.51

)

(

0

.58

)

(

0

.50

)

From

net

realized

gain

.....................

—

‌

—

‌

—

‌

—

‌

(

0

.11

)

—

‌

Total

distributions

..........................

(0.36

)

(0.68

)

(0.60

)

(0.51

)

(0.69

)

(0.50

)

Net

asset

value,

end

of

period

................

$

9.07

‌

$

8.79

‌

$

8.67

‌

$

8.29

‌

$

8.47

‌

$

10.24

‌

Total

Return

(c)

Based

on

net

asset

value

....................

7.37

%

(d)

9.60

%

12.43

%

4.35

%

(11.09

)%

19.27

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...........................

0.74

%

(g)

0.75

%

0.76

%

0.76

%

0.72

%

0.72

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.60

%

(g)

0.60

%

0.60

%

0.60

%

0.60

%

0.60

%

Net

investment

income

.....................

7.50

%

(g)

7.59

%

7.21

%

6.44

%

5.05

%

5.14

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

190,629

‌

$

181,500

‌

$

183,657

‌

$

192,408

‌

$

217,072

‌

$

263,934

‌

Portfolio

turnover

rate

(h)

......................

66

%

148

%

109

%

66

%

(i)

59

%

77

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

151%

337%

272%

189%

196%

180%

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

157

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

Institutional

Six

Months

Ended

01/31/26

(unaudited)

(a)

Year

Ended

07/31/25

(a)

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

10.40

‌

$

10.20

‌

$

9.84

‌

$

10.04

‌

$

11.54

‌

$

10.62

‌

Net

investment

income

(b)

...................

0

.32

‌

0

.63

‌

0

.61

‌

0

.55

‌

0

.47

‌

0

.49

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.34

‌

0

.18

‌

0

.37

‌

(

0

.20

)

(

1

.36

)

0

.91

‌

Net

increase

(decrease)

from

investment

operations

..

0.66

‌

0.81

‌

0.98

‌

0.35

‌

(0.89

)

1.40

‌

Distributions

from

net

investment

income

(c)

......

(0.38

)

(0.61

)

(0.62

)

(0.55

)

(0.61

)

(0.48

)

Net

asset

value,

end

of

period

................

$

10.68

‌

$

10.40

‌

$

10.20

‌

$

9.84

‌

$

10.04

‌

$

11.54

‌

Total

Return

(d)

Based

on

net

asset

value

....................

6.46

%

(e)

8.22

%

10.35

%

3.77

%

(8.03

)%

13.40

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

...........................

0.67

%

(h)

0.66

%

0.67

%

0.66

%

0.65

%

0.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.55

%

(h)

0.55

%

0.56

%

0.55

%

0.55

%

0.55

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

.

0.55

%

(h)

0.55

%

0.55

%

0.55

%

0.55

%

0.55

%

Net

investment

income

.....................

6.00

%

(h)

6.17

%

6.22

%

5.65

%

4.27

%

4.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

6,101,172

‌

$

5,863,140

‌

$

6,025,063

‌

$

6,755,645

‌

$

8,470,092

‌

$

10,280,019

‌

Portfolio

turnover

rate

(i)

......................

54

%

99

%

83

%

56

%

(j)

57

%

74

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

100%

197%

162%

120%

130%

135%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

158

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

Investor

A

Six

Months

Ended

01/31/26

(unaudited)

(a)

Year

Ended

07/31/25

(a)

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

10.39

‌

$

10.19

‌

$

9.83

‌

$

10.03

‌

$

11.53

‌

$

10.61

‌

Net

investment

income

(b)

...................

0

.31

‌

0

.61

‌

0

.59

‌

0

.52

‌

0

.44

‌

0

.46

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.34

‌

0

.18

‌

0

.36

‌

(

0

.19

)

(

1

.36

)

0

.91

‌

Net

increase

(decrease)

from

investment

operations

..

0.65

‌

0.79

‌

0.95

‌

0.33

‌

(0.92

)

1.37

‌

Distributions

from

net

investment

income

(c)

......

(0.37

)

(0.59

)

(0.59

)

(0.53

)

(0.58

)

(0.45

)

Net

asset

value,

end

of

period

................

$

10.67

‌

$

10.39

‌

$

10.19

‌

$

9.83

‌

$

10.03

‌

$

11.53

‌

Total

Return

(d)

Based

on

net

asset

value

....................

6.33

%

(e)

7.95

%

10.08

%

3.51

%

(8.27

)%

13.13

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

...........................

0.90

%

(h)

0.90

%

0.91

%

0.89

%

0.89

%

0.88

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.80

%

(h)

0.80

%

0.81

%

0.80

%

0.80

%

0.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

.

0.80

%

(h)

0.80

%

0.80

%

0.80

%

0.80

%

0.80

%

Net

investment

income

.....................

5.75

%

(h)

5.92

%

5.98

%

5.41

%

4.03

%

4.10

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

3,591,451

‌

$

3,577,295

‌

$

3,802,753

‌

$

4,118,370

‌

$

4,786,022

‌

$

5,383,460

‌

Portfolio

turnover

rate

(i)

......................

54

%

99

%

83

%

56

%

(j)

57

%

74

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

100%

197%

162%

120%

130%

135%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

159

Financial

Highlights

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Excludes

underlying

investments

in

equity

swaps.

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

Investor

C

Six

Months

Ended

01/31/26

(unaudited)

(a)

Year

Ended

07/31/25

(a)

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

10.38

‌

$

10.18

‌

$

9.81

‌

$

10.02

‌

$

11.51

‌

$

10.59

‌

Net

investment

income

(b)

...................

0

.27

‌

0

.53

‌

0

.51

‌

0

.45

‌

0

.36

‌

0

.37

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.34

‌

0

.18

‌

0

.38

‌

(

0

.20

)

(

1

.35

)

0

.91

‌

Net

increase

(decrease)

from

investment

operations

..

0.61

‌

0.71

‌

0.89

‌

0.25

‌

(0.99

)

1.28

‌

Distributions

from

net

investment

income

(c)

......

(0.33

)

(0.51

)

(0.52

)

(0.46

)

(0.50

)

(0.36

)

Net

asset

value,

end

of

period

................

$

10.66

‌

$

10.38

‌

$

10.18

‌

$

9.81

‌

$

10.02

‌

$

11.51

‌

Total

Return

(d)

Based

on

net

asset

value

....................

5.93

%

(e)

7.15

%

9.38

%

2.63

%

(8.89

)%

12.30

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

...........................

1.67

%

(h)

1.67

%

1.68

%

1.67

%

1.66

%

1.65

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.55

%

(h)

1.55

%

1.56

%

1.55

%

1.55

%

1.55

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

.

1.55

%

(h)

1.55

%

1.55

%

1.55

%

1.55

%

1.55

%

Net

investment

income

.....................

4.99

%

(h)

5.17

%

5.23

%

4.64

%

3.26

%

3.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

294,041

‌

$

325,461

‌

$

454,149

‌

$

666,495

‌

$

1,010,613

‌

$

1,498,142

‌

Portfolio

turnover

rate

(i)

......................

54

%

99

%

83

%

56

%

(j)

57

%

74

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

100%

197%

162%

120%

130%

135%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

160

(a)

Consolidated

Financial

Highlights.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Excludes

underlying

investments

in

equity

swaps.

BlackRock

Multi-Asset

Income

Portfolio

Class

K

Six

Months

Ended

01/31/26

(unaudited)

(a)

Year

Ended

07/31/25

(a)

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Net

asset

value,

beginning

of

period

...........

$

10.40

‌

$

10.20

‌

$

9.83

‌

$

10.04

‌

$

11.53

‌

$

10.61

‌

Net

investment

income

(b)

...................

0

.32

‌

0

.64

‌

0

.62

‌

0

.55

‌

0

.47

‌

0

.49

‌

Net

realized

and

unrealized

gain

(loss)

..........

0

.35

‌

0

.18

‌

0

.37

‌

(

0

.20

)

(

1

.35

)

0

.91

‌

Net

increase

(decrease)

from

investment

operations

..

0.67

‌

0.82

‌

0.99

‌

0.35

‌

(0.88

)

1.40

‌

Distributions

from

net

investment

income

(c)

......

(0.39

)

(0.62

)

(0.62

)

(0.56

)

(0.61

)

(0.48

)

Net

asset

value,

end

of

period

................

$

10.68

‌

$

10.40

‌

$

10.20

‌

$

9.83

‌

$

10.04

‌

$

11.53

‌

Total

Return

(d)

Based

on

net

asset

value

....................

6.48

%

(e)

8.27

%

10.52

%

3.71

%

(7.90

)%

13.47

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

...........................

0.59

%

(h)

0.60

%

0.61

%

0.60

%

0.59

%

0.58

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.50

%

(h)

0.50

%

0.51

%

0.50

%

0.50

%

0.50

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

dividend

expense,

interest

expense

and

professional

fees

for

foreign

withholding

tax

claims

.

0.50

%

(h)

0.50

%

0.50

%

0.50

%

0.50

%

0.50

%

Net

investment

income

.....................

6.06

%

(h)

6.23

%

6.28

%

5.70

%

4.34

%

4.41

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

671,801

‌

$

665,579

‌

$

663,889

‌

$

698,375

‌

$

1,027,724

‌

$

1,109,227

‌

Portfolio

turnover

rate

(i)

......................

54

%

99

%

83

%

56

%

(j)

57

%

74

%

Six

Months

Ended

01/31/26

(unaudited)

Year

Ended

07/31/25

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Portfolio

turnover

rate

(including

equity-linked

notes)

.......................

100%

197%

162%

120%

130%

135%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

161

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

II (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business trust.

The

following,

each

of

which

is

a

series

of

the

Trust, are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

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.

Basis

of

Consolidation:

 The

accompanying

consolidated

financial

statements

of Multi-Asset

Income include

the

accounts

of

BR-INC

Subsidiary,

LLC

(the

“Taxable

Subsidiary”),

which is

a wholly-owned

taxable

subsidiary

of

Multi-Asset

Income.

The

Taxable

Subsidiary

enables

Multi-Asset

Income

to

hold

certain

pass-through

investments

and

satisfy

Regulated

Investment

Company

(“RIC”)

tax

requirements.

Income

earned

and

gains

realized

on

the

investment

held

by

the

Taxable

Subsidiary

are

taxable

to

such

subsidiary.

A

tax

provision

for

income,

if

any,

is

shown

as

income

tax

in

the

Consolidated

Statement

of

Operations

for

Multi-Asset

Income.

A

tax

provision

for

realized

and

unrealized

gains,

if

any,

is

included

as

a

reduction

of

realized

and/or

unrealized

gain

(loss)

in

the

Consolidated

Statement

of

Operations

for

Multi-Asset

Income.

Taxes

payable

or

deferred

as

of

January

31,

2026

,

if

any,

are

disclosed

in

the

Consolidated

Statement

of

Assets

and

Liabilities.

Multi-Asset

Income

may

invest

up

to

25%

of

its

total

assets

in

the

Taxable

Subsidiary.

The

net

assets

of

the

Taxable

Subsidiary

as

of

period

end

were

$237,160,

which

is

less

than 0.1%

of

Multi-Asset

Income's

consolidated

net

assets.

Intercompany

accounts

and

transactions,

if

any,

have

been

eliminated.

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

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Dynamic

High

Income

Portfolio

........................................

Dynamic

High

Income

Diversified

BlackRock

Multi-Asset

Income

Portfolio

..........................................

Multi-Asset

Income

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

("CDSC")

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

162

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Multi-Asset

Income

has

elected

to

treat

realized

gains

(losses)

from

certain

forward

foreign

currency

exchange

contracts

as

capital

gain

(loss)

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

January

31,

2026

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities. 

Consistent

with

U.S.

GAAP

accrual

requirements

for

uncertain

tax

positions,

each

Fund

recognizes

tax

reclaims

when

the

Fund

determines

that

it

is

more

likely

than

not

that

each

Fund

will

sustain

its

position

that

it

is

due

the

reclaim. 

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. 

Cash:

The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

each

Fund has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund's

financial

statements. 

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

(except

ETF

options,

equity

index

options

or

those

that

are

customized) 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

trade

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

and

certain

derivative

instruments for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price 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

of

securities

in

certain

asset

classes

may

trade

at

lower

prices

than

institutional

round

lots,

and

the

value

ultimately

realized

when

the

securities

are

sold

could

differ

from

the

prices

used

by

a

fund.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

163

Notes

to

Financial

Statements

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

ETFs

and

closed-end

funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

trade

or

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

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.

Customized

exchange-traded

equity

options,

ETF

options,

equity

index

options

and

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Interest

rate,

credit

default,

inflation

and

currency

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

market

data

and discounted

cash

flows.

Total

return

and

equity swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

models

that

incorporate

market

trades

and

fair

value

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 occurs

after

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

as

of

the

measurement

date.

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:

(i)

recent

market

transactions,

including

secondary

market

transactions,

merger

or

acquisition

activity

and

subsequent

rounds

of

financing

in

the

underlying investment

or

comparable

issuers

(ii)

recapitalizations

and

other

transactions

across

the

capital

structure

(iii)

market

or

relevant

indices

multiples

of

comparable

issuers

(iv)

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks

(v)

quoted

prices

for

similar

investments

or

assets

in

active

markets

(vi)

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

recovery

rates,

liquidation

amounts

and/

or default

rates

(vii) audited

or

unaudited

financial

statements,

investor

communications

and

Private

Company

financial

or

operational

metrics

(viii) relevant

market

news

and

other

public

sources.

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

a

market

approach to

determine the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

164

Private

Companies

are

not

subject

to

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund. Certain

information

made

available

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

at

the

measurement

date.

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

that

each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

165

Notes

to

Financial

Statements

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

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,

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

166

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: 

Short

Sale

Transactions:

In

short

sale

transactions,

a

fund

sells

a

security

it

does

not

hold

in

anticipation

of

a

decline

in

the

market

price

of

that

security.

When

a

fund

makes

a

short

sale,

it

will

borrow

the

security

sold

short

from

a

broker/counterparty

and

deliver

the

security

to

the

purchaser.

To

close

out

a

short

position,

a

fund

delivers

the

same

security

to

the

broker

and

records

a

liability

to

reflect

the

obligation

to

return

the

security

to

the

broker.

The

amount

of

the

liability

is

subsequently

marked-to-market

to

reflect

the

market

value

of

the

short

sale.

A

fund

maintains

a

segregated

account

of

securities

or

deposits

cash

with

the

broker-dealer

as

collateral

for

the

short

sales.

Cash

deposited

with

the

broker

is

recorded

as

an

asset

in

the

Statements

of

Assets

and

Liabilities.

Securities

segregated

as

collateral

are

denoted

in

the

Schedules

of

Investments.

A

fund

may

pay

a

financing

fee

for

the

difference

between

the

market

value

of

the

short

position

and

the

cash

collateral

deposited

with

the

broker

which

would

be

recorded

as

interest

expense.

A

fund

is

required

to

repay

the

counterparty

any

dividends

received

on

the

security

sold

short,

which,

if

applicable,

is

shown

as

dividend

expense

in

the

Statements

of

Operations.

A

fund

may

pay

a

fee

on

the

assets

borrowed

from

the

counterparty,

which,

if

applicable,

is

shown

as

broker

fees

and

expenses

on

short

sales

in

the

Statements

of

Operations.

A

fund

is

exposed

to

market

risk

based

on

the

amount,

if

any,

that

the

market

value

of

the

security

increases

beyond

the

market

value

at

which

the

position

was

sold.

Thus,

a

short

sale

of

a

security

involves

the

risk

that

instead

of

declining,

the

price

of

the

security

sold

short

will

rise.

The

short

sale

of

securities

involves

the

possibility

of

an

unlimited

loss

since

there

is

an

unlimited

potential

for

the

market

price

of

the

security

sold

short

to

increase.

A

gain

is limited

to

the

price

at

which

a

fund

sold

the

security

short.

A

realized

gain

or

loss

is

recognized

upon

the

termination

of

a

short

sale

if

the

market

price

is

either

less

than

or

greater

than

the

proceeds

originally

received.

There

is

no

assurance

that

a

fund

will

be

able

to

close

out

a

short

position

at

a

particular

time

or

at

an

acceptable

price.

Securities

Lending:

 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

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.

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Dynamic

High

Income

Chicago

US

MidCo

III

LP,

Delayed

Draw

1st

Lien

Term

Loan

....

$

62,272‌

$

62,116‌

$

62,078‌

$

(38‌)

Dynamic

High

Income

Citrin

Cooperman

Advisors

LLC,

Delayed

Draw

1st

Lien

Term

Loan

126,881‌

125,612‌

125,454‌

(158‌)

Dynamic

High

Income

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.......

31,760‌

31,761‌

31,522‌

(239‌)

Dynamic

High

Income

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

............

12,007‌

11,992‌

11,991‌

(1‌)

Dynamic

High

Income

Pinnacle

Buyer

LLC,

Delayed

Draw

1st

Lien

Term

Loan

B

......

41,907‌

41,907‌

41,907‌

–‌

Dynamic

High

Income

Pye-Barker

Fire

&

Safety

LLC,

Delayed

Draw

1st

Lien

Term

Loan

41,600‌

41,601‌

41,583‌

(18‌)

Dynamic

High

Income

Raven

Acquisition

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan

12,810‌

12,748‌

12,669‌

(79‌)

Dynamic

High

Income

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

......

27,776‌

27,777‌

27,556‌

(221‌)

$

(754‌)

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Multi-Asset

Income

AS

HC

LP

-

Note

A

-

Assignment,

Delayed

Draw

1st

Lien

Term

Loan

$

1,626,298‌

$

1,509,058‌

$

1,525,448‌

$

16,390‌

Multi-Asset

Income

Chicago

US

MidCo

III

LP,

Delayed

Draw

1st

Lien

Term

Loan

....

402,520‌

401,514‌

401,264‌

(250‌)

Multi-Asset

Income

Citrin

Cooperman

Advisors

LLC,

Delayed

Draw

1st

Lien

Term

Loan

821,387‌

813,173‌

812,146‌

(1,027‌)

Multi-Asset

Income

CML

Project

Crabtree,

Delayed

Draw

1st

Lien

Term

Loan

......

1,338,644‌

1,329,943‌

1,329,971‌

28‌

Multi-Asset

Income

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.......

214,073‌

214,073‌

212,467‌

(1,606‌)

Multi-Asset

Income

CTP-02

Propco

LLC

...............................

1,623,285‌

1,576,875‌

1,622,606‌

45,731‌

Multi-Asset

Income

Goodarz

Holding

Co.

SARL,

Delayed

Draw

1st

Lien

Term

Loan

..

1,199,002‌

1,311,904‌

1,313,192‌

1,288‌

Multi-Asset

Income

GrafTech

Global

Enterprises,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

.........................................

112,606‌

112,606‌

114,202‌

1,596‌

Multi-Asset

Income

Kaman

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

............

78,270‌

78,172‌

78,161‌

(11‌)

Multi-Asset

Income

Pinnacle

Buyer

LLC,

Delayed

Draw

1st

Lien

Term

Loan

B

......

271,745‌

271,745‌

271,745‌

–‌

Multi-Asset

Income

Pye-Barker

Fire

&

Safety

LLC,

Delayed

Draw

1st

Lien

Term

Loan

268,580‌

268,580‌

268,467‌

(113‌)

Multi-Asset

Income

Raven

Acquisition

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan

71,889‌

71,539‌

71,099‌

(440‌)

Multi-Asset

Income

SWF

Holdings

I

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

......

415,252‌

415,252‌

411,963‌

(3,289‌)

$

58,297‌

Notes

to

Financial

Statements

(unaudited)

(continued)

167

Notes

to

Financial

Statements

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, each

Fund benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the 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 each

Fund.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

As

of

period

end,

the

following

tables

are

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Dynamic

High

Income

Barclays

Capital,

Inc.

..........................

$

106,999‌

$

(106,999‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

....................

1,013,375‌

(1,013,375‌)

—‌

—‌

Jefferies

LLC

...............................

20,801‌

(20,801‌)

—‌

—‌

Morgan

Stanley

..............................

12,709,916‌

(

12,709,916‌)

—‌

—‌

$

13,851,091‌

$

(13,851,091‌)

$

—‌

$

—‌

Multi-Asset

Income

Barclays

Capital,

Inc.

..........................

36,879,880‌

(36,879,880‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

396,393‌

(396,393‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

238,006‌

(238,006‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

31,126,135‌

(31,126,135‌)

—‌

—‌

UBS

Securities

LLC

...........................

144,697,476‌

(144,697,476‌)

—‌

—‌

$

213,337,890‌

$

(213,337,890‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

these

tables.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds'

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

168

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Funds

may purchase

and

write

call

and

put

options

to

increase

or

decrease

their

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statements

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Funds

write

a

call

option,

such

option

is

typically

“covered,”

meaning

that

they

hold

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Funds

write

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statements

of

Assets

and

Liabilities.

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.

Barrier

options

– The

Funds

may

purchase

and

write

a

variety

of

options

with

non-standard

payout

structures

or

other

features

(“barrier

options”)

that

are

generally

traded

OTC.

The

Funds

may

invest

in

various

types

of

barrier

options,

including

down-and-out

options,

down-and-in

options,

double

no-touch

options,

one-touch

options,

instant

one-touch

options,

up-and-out

options

and

up-and-in

options.

Down-and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Down-and-in

options

expire

worthless

to

the

purchaser

unless

the

price

of

the

underlying

instrument

falls

below

a

specific

barrier

price

level

prior

to

the

expiration

date.

Double

no-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

does

not

reach

or

surpass

predetermined

barrier

price

levels

prior

to

the

option’s

expiration

date.

One-touch

options

and

instant

one-touch

options

provide

the

purchaser

an

agreed-upon

payout

if

the

price

of

the

underlying

instrument

reaches

or

surpasses

predetermined

barrier

price

levels

prior

to

the

expiration

date.

Up-

and-out

options

expire

worthless

to

the

purchaser

if

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level

prior

to

the

expiration

date.

Up-and-in

options

can

only

be

exercised

when

the

price

of

the

underlying

instrument

increases

beyond

a

predetermined

barrier

price

level.

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).

Notes

to

Financial

Statements

(unaudited)

(continued)

169

Notes

to

Financial

Statements

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of 

each

Fund

,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

majority-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

170

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 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 each

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

related

services

to

shareholders.

For

the six

months

ended

January

31,

2026,

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 each

Fund, entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

majority-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

January

31,

2026, 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

..............................................................................

$

148,825‌

$

93,264‌

$

242,089‌

Multi-Asset

Income

...............................................................................

4,529,116‌

1,562,501‌

6,091,617‌

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

.............................................................

$

104,839‌

$

11,906‌

$

1,865‌

$

18,732‌

$

137,342‌

Multi-Asset

Income

..............................................................

603,295‌

362,329‌

31,250‌

67,378‌

1,064,252‌

Notes

to

Financial

Statements

(unaudited)

(continued)

171

Notes

to

Financial

Statements

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the 

six

months

 ended January

31,

2026,

the

Funds 

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2026,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

six

months ended

January

31,

2026,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

six

months

ended 

January

31,

2026

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

each

Fund’s Investor

A

Shares

as

follows:

For

the six

months

ended

January

31,

2026,

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,

2027.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the six

months

ended

January

31,

2026

,

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,

2027.

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,

2027.

The

contractual

agreements

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

 These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

January

31,

2026,

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

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

Fund

Name

Institutional

Multi-Asset

Income

........................................................................................................

$

16,767‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

.............................................................

$

754‌

$

697‌

$

311‌

$

155‌

$

1,917‌

Multi-Asset

Income

..............................................................

5,321‌

17,119‌

4,749‌

582‌

27,771‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

.............................................................

$

559,443‌

$

34,370‌

$

8,654‌

$

3,580‌

$

606,047‌

Multi-Asset

Income

..............................................................

2,329,708‌

1,077,314‌

131,226‌

15,271‌

3,553,519‌

Fund

Name

Other

Fees

Dynamic

High

Income

......................................................................................................

$

2,106‌

Multi-Asset

Income

.......................................................................................................

22,966‌

Fund

Name

Investor

A

Investor

C

Dynamic

High

Income

...........................................................................................

$

2,656‌

$

50‌

Multi-Asset

Income

............................................................................................

32,785‌

4,183‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Dynamic

High

Income

......................................................................................................

$

37,099‌

Multi-Asset

Income

.......................................................................................................

190,019‌

Fund

Name

Amount

Waived

Dynamic

High

Income

......................................................................................................

$

220,627‌

Multi-Asset

Income

.......................................................................................................

1,497,579‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Dynamic

High

Income

...................................................................

0.65‌

%

0.90‌

%

1.65‌

%

0.60‌

%

Multi-Asset

Income

....................................................................

0.55‌

0

.80‌

1.55‌

0.50‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

172

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2027,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the

six

months ended January

31,

2026,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months ended

January

31,

2026,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

the

money

market

fund

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

The

money

market

fund

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

the

money

market

fund

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits the

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

securities

lending

agreement

effective

as

of

January

1,

2026, each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

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

specific

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

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Pursuant

to

the

securities

lending

agreement

effective

as

of

January

1,

2025,

identical

securities

lending

agreements

were

in

place

for

each

Fund

for

the

calendar

year

ended

December

31,

2025.

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Dynamic

High

Income

........................................................................................................

$

490,515‌

Multi-Asset

Income

.........................................................................................................

1,985,412‌

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

....................................................................................

$

104,839‌

$

296,392‌

Investor

A

.....................................................................................

11,371‌

5,139‌

Investor

C

.....................................................................................

1,865‌

4,079‌

Class

K

......................................................................................

18,732‌

3,580‌

$

136,807‌

$

309,190‌

Multi-Asset

Income

Institutional

....................................................................................

603,295‌

815,776‌

Investor

A

.....................................................................................

362,329‌

170,034‌

Investor

C

.....................................................................................

31,250‌

52,957‌

Class

K

......................................................................................

67,378‌

15,271‌

$

1,064,252‌

$

1,054,038‌

$

—‌

$

—‌

Notes

to

Financial

Statements

(unaudited)

(continued)

173

Notes

to

Financial

Statements

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the six

months

ended

January

31,

2026, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the Funds'

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

six

months

ended

January

31,

2026,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the

six

months

ended

January

31,

2026,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

equity

linked

notes,

were

as

follows:

For

the

six

months ended

January

31,

2026,

purchases

and

sales

related

to

equity-linked

notes

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns. No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

January

31,

2026,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of

July

31,

2025, the

Funds

had

non-expiring

capital

loss

carryforwards

as

follows: 

(a)

Amounts

available

to

offset

future

realized

capital

gains.

As

of

January

31,

2026, 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: 

Fund

Name

Amounts

Dynamic

High

Income

......................................................................................................

$

1,311‌

Multi-Asset

Income

.......................................................................................................

85,841‌

Fund

Name

Purchases

Sales

Net

Realized

Gain

Dynamic

High

Income

...................................................................

$

43,981,036‌

$

41,721,066‌

$

3,777,754‌

Multi-Asset

Income

....................................................................

143,690,765‌

199,098,448‌

8,244,554‌

U.S.

Government

Securities

Other

Securities

Fund

Name

Purchases

Sales

Purchases

Sales

Dynamic

High

Income

...................................................

$

—‌

$

—‌

$

633,737,838‌

$

599,160,714‌

Multi-Asset

Income

....................................................

4,272,568‌

798,656‌

4,716,854,117‌

4,935,606,612‌

Fund

Name

Purchases

Sales

Dynamic

High

Income

...................................................................................

$

1,474,431,502‌

$

1,335,388,009‌

Multi-Asset

Income

....................................................................................

5,528,492,465‌

5,151,495,326‌

Fund

Name

Non-expiring

Capital

Loss

Carryforwards

(a)

Dynamic

High

Income

..................................................................................................

$

(201,788,758‌)

Multi-Asset

Income

...................................................................................................

(1,871,353,807‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Dynamic

High

Income

..............................................

$

1,503,460,139‌

$

66,976,081‌

$

(30,884,357‌)

$

36,091,724‌

Multi-Asset

Income

................................................

10,697,753,675‌

650,176,142‌

(245,944,892‌)

404,231,250‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

174

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

each

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.40

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2026

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

January

31,

2026,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, each

Fund

invests 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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

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

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk

:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests.

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.

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

each

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Funds

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Funds

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Funds,

and

not

the

counterparty,

to

perform.

The

Funds

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

each

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

options

purchased

and

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

Notes

to

Financial

Statements

(unaudited)

(continued)

175

Notes

to

Financial

Statements

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Funds invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates. Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Funds' performance.

The

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

Certain

Funds

invest a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

have

been,

and

may

continue

to

be,

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

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.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

01/31/26

Year

Ended

07/31/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Dynamic

High

Income

Institutional

Shares

sold

..........................................

25,084,606‌

$

224,668,462‌

38,798,513‌

$

335,858,956‌

Shares

issued

in

reinvestment

of

distributions

.....................

4,144,420‌

37,219,023‌

6,585,515‌

57,327,614‌

Shares

redeemed

......................................

(13,848,234‌)

(124,093,152‌)

(25,148,663‌)

(218,280,007‌)

15,380,792‌

$

137,794,333‌

20,235,365‌

$

174,906,563‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

1,222,219‌

$

10,965,564‌

2,304,396‌

$

20,056,844‌

Shares

issued

in

reinvestment

of

distributions

.....................

456,973‌

4,105,532‌

883,325‌

7,695,076‌

Shares

redeemed

......................................

(1,544,884‌)

(13,838,755‌)

(3,559,122‌)

(30,903,382‌)

134,308‌

$

1,232,341‌

(371,401‌)

$

(3,151,462‌)

Investor

C

Shares

sold

..........................................

101,123‌

$

905,737‌

96,682‌

$

840,287‌

Shares

issued

in

reinvestment

of

distributions

.....................

70,186‌

629,567‌

159,906‌

1,391,434‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(361,175‌)

(3,230,401‌)

(890,343‌)

(7,722,429‌)

(189,866‌)

$

(1,695,097‌)

(

633,755‌)

$

(5,490,708‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

176

As

of

January

31,

2026,

BlackRock

HoldCo

2,

Inc.,

an

affiliate

of

the

Fund,

owned 22,548 Class

K Shares

of

Dynamic

High

Income.

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

01/31/26

Year

Ended

07/31/25

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Class

K

Shares

sold

..........................................

1,452,584‌

$

13,025,865‌

2,181,500‌

$

18,865,505‌

Shares

issued

in

reinvestment

of

distributions

.....................

827,282‌

7,432,384‌

1,596,943‌

13,916,565‌

Shares

redeemed

......................................

(

1,923,360‌)

(17,232,420‌)

(4,304,240‌)

(37,480,311‌)

356,506‌

$

3,225,829‌

(525,797‌)

$

(4,698,241‌)

15,681,740‌

$

140,557,406‌

18,704,412‌

$

161,566,152‌

Multi-Asset

Income

Institutional

Shares

sold

..........................................

43,563,209‌

$

461,795,459‌

81,244,489‌

$

833,029,522‌

Shares

issued

in

reinvestment

of

distributions

.....................

18,488,475‌

196,082,091‌

30,821,136‌

317,084,332‌

Shares

redeemed

......................................

(54,535,862‌)

(578,047,899‌)

(138,996,753‌)

(1,423,740,957‌)

7,515,822‌

$

79,829,651‌

(26,931,128‌)

$

(

273,627,103‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

16,529,006‌

$

174,928,537‌

37,202,666‌

$

381,001,887‌

Shares

issued

in

reinvestment

of

distributions

.....................

11,265,132‌

119,335,739‌

19,245,135‌

197,764,535‌

Shares

redeemed

......................................

(35,484,159‌)

(375,591,840‌)

(85,324,307‌)

(873,298,883‌)

(7,690,021‌)

$

(81,327,564‌)

(28,876,506‌)

$

(294,532,461‌)

Investor

C

Shares

sold

..........................................

1,409,497‌

$

14,908,016‌

2,038,988‌

$

20,881,546‌

Shares

issued

in

reinvestment

of

distributions

.....................

882,769‌

9,337,955‌

1,804,677‌

18,521,533‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(6,062,166‌)

(64,081,280‌)

(17,101,456‌)

(174,788,404‌)

(

3,769,900‌)

$

(39,835,309‌)

(13,257,791‌)

$

(135,385,325‌)

Class

K

Shares

sold

..........................................

4,032,617‌

$

42,679,626‌

11,475,933‌

$

117,545,044‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,199,902‌

23,318,117‌

3,709,789‌

38,149,044‌

Shares

redeemed

......................................

(7,326,846‌)

(77,497,569‌)

(16,277,697‌)

(166,669,031‌)

(1,094,327‌)

$

(11,499,826‌)

(1,091,975‌)

$

(10,974,943‌)

(5,038,426‌)

$

(52,833,048‌)

(70,157,400‌)

$

(714,519,832‌)

Additional

Information

177

Additional

Information

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

the

Trust

is

paid

by

the

Trust,

on

behalf

of

the

Funds.

General

Information 

Quarterly

performance,

shareholder

reports,

semi-annual

and

annual

financial

statements,

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.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

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)

2026

Semi-Annual

Financial

Statements

and

Additional

Information

178

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

8BL

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

Ropes

&

Gray

LLP

New

York,

NY

10036

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

these

Financial

Statements

179

Glossary

of

Terms

Used

in

these

Financial

Statements

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNH

Chinese

Yuan

Offshore

CNY

Chinese

Yuan

COP

Colombian

Peso

CZK

Czech

Koruna

DKK

Danish

Krone

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NGN

Nigerian

Naira

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PHP

Philippine

Peso

PLN

Polish

Zloty

SGD

Singapore

Dollar

THB

Thai

Baht

TRY

Turkish

Lira

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CLICP

Chile

Indice

de

Camara

Promedio

Interbank

Overnight

Index

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

IBR

Colombian

Reference

Banking

Indicator

JSC

Joint

Stock

Company

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

PRIBOR

Prague

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SAB

Special

Assessment

Bonds

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds II

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds II

Date: March 23, 2026 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds II

Date: March 23, 2026 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

Date: March 23, 2026