UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22061

Name of Fund: BlackRock Funds II

BlackRock Managed Income Fund

BlackRock Retirement Income 2030 Fund

BlackRock Retirement Income 2040 Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

II

BlackRock

Managed

Income

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

June

30,

2021

was

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

The

United

States,

along

with

most

of

the

world,

began

the

reporting

period

emerging

from

a

severe

recession,

prompted

by

pandemic-related

restrictions

that

disrupted

many

aspects

of

daily

life.

However,

easing

restrictions

and

robust

government

intervention

led

to

a

strong

rebound,

and

the

economy

grew

at

a

significant

pace

for

the

reporting

period,

recovering

much

of

the

output

lost

at

the

beginning

of

the

pandemic.

Equity

prices

rose

with

the

broader

economy,

as

investors

became

increasingly

optimistic

about

the

economic

outlook.

Stocks

rose

through

the

summer

of

2020,

fed

by

strong

fiscal

and

monetary

support

and

positive

economic

indicators.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

$1.9

trillion

of

fiscal

stimulus

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

also

gained,

as

both

developed

countries

and

emerging

markets

rebounded

substantially.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

in

early

2021,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

substantial

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near

zero

interest

rates

and

by

reiterating

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

Late

in

the

period

the

Fed

elaborated

on

their

expected

timeline,

raising

the

likelihood

of

slower

bond

purchasing

and

the

possibility

of

higher

rates

in

2023.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

will

continue

to

accelerate

as

vaccination

efforts

ramp

up

and

pent-up

consumer

demand

leads

to

higher

spending.

While

we

expect

inflation

to

increase

somewhat

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

with

an

overweight

in

equities.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

healthcare,

are

particularly

attractive

in

the

long-term.

U.S.

small-caps

and

European

equities

are

likely

to

benefit

from

the

continuing

vaccine-led

restart.

We

are

underweight

long-term

on

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

Chinese

government

bonds

offer

potential

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

June

30,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.25%

40.79%

U.S.

small

cap

equities

(Russell

2000

®

Index)

17.54

62.03

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

8.83

32.35

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

7.45

40.90

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.09

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.10)

(5.89)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(1.60)

(0.33)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

1.24

4.20

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

3.61

15.34

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report

Fund

Summary

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

4

About

Fund

Performance

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

6

Disclosure

of

Expenses

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

6

Derivative

Financial

Instruments

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

7

Financial

Statements:

Schedule

of

Investments

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

8

Statement

of

Assets

and

Liabilities

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

52

Statement

of

Operations

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

54

Statements

of

Changes

in

Net

Assets

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

55

Financial

Highlights

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

56

Notes

to

Financial

Statements

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

60

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

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

72

Additional

Information

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

75

Glossary

of

Terms

Used

in

this

Report

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

77

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Managed

Income

Fund

Investment

Objective

BlackRock

Managed

Income

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

with

consideration

for

risk-managed

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2021,

the

Fund’s

Institutional,

Investor

A

and

Class

K

Shares

outperformed

their

Customized

Reference

Benchmark,

a

blend

of

30%

S&P

500

®

Index/70%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

while

the

Investor

C

Shares

underperformed.

For

the

same

period,

all

of

the

Fund’s

share

classes

outperformed

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

Performance

is

reviewed

on

an

absolute

basis

due

to

the

nature

of

the

Fund’s

strategy.

The

Fund

is

managed

within

a

risk-controlled

framework,

and

it

strives

to

maintain

a

consistent

yield

with

a

risk

profile

below

that

of

the

benchmark.

What

factors

influenced

performance?

Positions

in

risk

assets,

including

global

equities,

generated

positive

returns.

U.S

dividend-oriented

stocks

were

particularly

robust

performers

on

the

strength

of

a

broadening

vaccine-led

economic

recovery,

as

were

holdings

in

international

equities.

Covered

calls

were

another

large

contributor

to

performance,

as

income

generation

augmented

the

favorable

price

movements

of

the

underlying

stocks.

The

Fund’s

efforts

to

manage

interest

rate

risk

through

the

use

of

derivatives

aided

performance

given

the

rise

in

interest

rates

during

the

first

quarter.

The

Fund

was

also

well

positioned

to

capitalize

on

the

outperformance

of

riskier

segments

of

the

bond

market

in

relation

to

“safe

haven”

investments.

Allocations

to

high

yield

bonds,

floating

rate

loan

interest

(“bank

loans”)

and

preferred

stocks

performed

especially

well

due

to

the

improving

economic

backdrop

and

elevated

demand

for

income-generating

assets.

The

Fund’s

allocation

to

investment-grade

bonds

modestly

detracted

from

performance.

Higher

interest

rates,

together

with

a

flurry

of

new

issuance,

weighed

on

the

asset

class.

The

Fund’s

effort

to

manage

equity

risk

through

the

use

of

U.S.

and

European

futures

was

a

small

detractor

due

to

the

strong

market

rally.

The

Fund

had

an

elevated

cash

position

at

period

end,

which

was

committed

for

pending

transactions.

The

cash

position

had

no

material

impact

on

Fund

performance.

The

Fund's

practice

of

maintaining

a

specified

level

of

monthly

distributions

to

shareholders

did

not

have

a

material

impact

on

the

Fund's

investment

strategy.

The

distribution

policy

did

not

result

in

return

of

capital

for

the

period.

Refer

to

the

financial

highlights

and

income

tax

information

sections

in

this

report

for

further

information

about

the

distributions.

Describe

recent

portfolio

activity.

The

investment

adviser

added

risk

to

the

portfolio,

primarily

by

increasing

the

allocations

to

global

dividend-oriented

stocks

and

higher

yielding,

lower-duration

fixed-income

categories

such

as

floating

rate

bank

loans.

In

addition,

it

reduced

the

Fund’s

weightings

in

agency

mortgage-backed

securities

and

cash.

This

shift

reflected

the

investment

adviser’s

belief

there

was

less

upside

potential

in

higher-quality

areas

of

fixed

income

relative

to

both

equities

and

the

lower-quality

segments

of

the

bond

market.

The

investment

adviser

also

continued

to

manage

the

Fund

with

a

low

duration

profile

on

the

view

that

robust

growth

and

inflation

would

likely

lead

to

higher

interest

rates.

(Duration

is

a

measure

of

interest-rate

sensitivity.)

Describe

portfolio

positioning

at

period

end.

The

Fund

was

diversified

across

several

income-producing

asset

classes,

including

investment-grade

debt,

floating

rate

bank

loans,

high

yield

bonds,

global

equities,

covered

calls,

mortgage-backed

securities,

preferred

stocks

and

cash.

The

Fund’s

duration

was

approximately

2.1

years

at

the

end

of

the

period.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

June

30,

2021

(continued)

5

Fund

Summary

BlackRock

Managed

Income

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

w/o

sales

charge

w/sales

charge

Institutional

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

2.88‌%

2.68‌%

3.48‌%

10.53‌%

N/A‌

5.09‌%

N/A‌

6.07‌%

N/A‌

Investor

A

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

2.53‌

2.36‌

3.36‌

10.26‌

5.85‌%

4.82‌

3.97‌%

5.75‌

5.32‌%

Investor

C

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

1.89‌

1.70‌

2.98‌

9.45‌

8.45‌

4.05‌

4.05‌

4.98‌

4.98‌

Class

K

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

2.93‌

2.75‌

3.60‌

10.56‌

N/A‌

5.16‌

N/A‌

6.15‌

N/A‌

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(c)

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

—‌

—‌

(1.60‌)

(0.33‌)

N/A‌

3.03‌

N/A‌

3.39‌

N/A‌

Customized

Reference

Benchmark

(d)

...

—‌

—‌

3.25‌

10.86‌

N/A‌

7.49‌

N/A‌

6.93‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

may

invest

up

to

100%

of

its

assets

in

fixed-income

securities

and

up

to

30%

of

its

assets

in

equity

securities.

The

Fund’s

returns

between

July

29,

2013

and

October

1,

2016

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Investment

Grade

Bond

Portfolio”.

The

Fund’s

returns

prior

to

July

29,

2013

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Long

Duration

Bond

Portfolio”.

(c)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(d)

A

customized

performance

benchmark

comprised

of

the

returns

of

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(70%)

and

the

S&P

500

®

Index

(30%).

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Corporate

Bonds

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

46‌

%

Investment

Companies

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

16‌

Floating

Rate

Loan

Interests

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

14‌

Common

Stocks

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

9‌

Equity-Linked

Notes

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

8‌

Asset-Backed

Securities

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

5‌

Preferred

Securities

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

2‌

Foreign

Agency

Obligations

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

—‌

(b)

Warrants

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

—‌

(b)

(a)

Excludes

short-term

securities.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(a)

Percent

of

Total

Investments

(b)

AAA/

Aaa

(c)

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

4‌

%

AA/Aa

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

3‌

A

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

14‌

BBB/Baa

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

25‌

BB/Ba

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

15‌

B

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

21‌

CCC/

Caa

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

4‌

CC/Ca

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

—‌

(d)

NR

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

14‌ 

(a)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/

Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(b)

Excludes

short-term

securities,

Equity-Linked

Notes

and

Investment

Companies.

(c)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

(d)

Represents

less

than

1%

of

the

Fund's

total

investments.

About

Fund

Performance

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

4.00%

and

a

service

fee

of 

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of 

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

performance

shown

prior

to

the

Investor

C

Shares

inception

date

of

October

3,

2016

is

that

of

Class

K

Shares

(which

have

no

distribution

or

service

fees)

and

was

restated

to

reflect

Investor

C

Shares

fees.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time,

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

the

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

to

the

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Actual

Hypothetical

(a)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00

$

1,034.80

$

2.02

$

1,000.00

$

1,022.81

$

2.01

0.40%

Investor

A

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

1,000.00

1,033.60

3.28

1,000.00

1,021.57

3.26

0.65

Investor

C

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

1,000.00

1,029.80

7.05

1,000.00

1,017.85

7.00

1.40

Class

K

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

1,000.00

1,036.00

1.77

1,000.00

1,023.06

1.76

0.35

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Derivative

Financial

Instruments

7

Derivative

Financial

Instruments

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

4.6%

AIG

CLO

Ltd.,

Series

2019-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.36%),

1.54%,

10/25/32

(a)(b)

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

USD

1,000

$

1,000,636

AIMCO

CLO,

Series

2017-AA,

Class

AR,

(LIBOR

USD

3

Month

+

1.05%),

1.24%,

04/20/34

(a)(b)

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

500

499,802

AMSR

Trust

(b)

:

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

1,000

1,017,971

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

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

1,000

1,017,050

Anchorage

Capital

CLO

Ltd.,

Series

2018-10A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.20%),

1.38%,

10/15/31

(a)(b)

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

500

499,999

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.30%),

1.45%,

05/24/30

(a)(b)

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

500

500,485

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.35%,

10/15/30

(a)(b)

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

250

250,023

Ares

XXXVR

CLO

Ltd.,

Series

2015-35RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

1.58%,

07/15/30

(a)(b)

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

1,000

1,000,278

Assurant

CLO

Ltd.

(a)(b)

:

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.44%,

10/20/29

...

900

900,537

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.89%,

10/20/29

...

500

499,014

Battalion

CLO

XX

Ltd.,

Series

2021-20A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

07/15/34

(a)(b)

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

500

500,000

Bayview

Financial

Revolving

Asset

Trust,

Series

2005-A,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

1.10%,

02/28/40

(a)(b)

...

828

790,571

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.10%),

1.29%,

01/20/31

(a)(b)

...

500

499,990

CBAM

Ltd.,

Series

2020-13A,

Class

A,

(LIBOR

USD

3

Month

+

1.43%),

1.62%,

01/20/34

(a)(b)

1,000

1,003,958

CIFC

Funding

Ltd.

(a)(b)

:

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.30%),

1.48%,

04/27/31

..

650

650,102

Series

2017-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

1.41%,

07/20/30

...

1,850

1,850,891

First

Franklin

Mortgage

Loan

Trust,

Series

2005-FF10,

Class

A6M,

(LIBOR

USD

1

Month

+

0.70%),

0.79%,

11/25/35

(a)

.....

843

815,125

Galaxy

XXII

CLO

Ltd.

(a)(b)

:

Series

2016-22A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.20%),

1.32%,

04/16/34

(c)

.

750

753,181

Series

2016-22A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

04/16/34

..

500

502,260

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.37%,

10/15/30

(a)(b)

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

750

750,093

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

07/20/34

(a)(b)

.........

1,000

995,289

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

A2AR,

(LIBOR

USD

3

Month

+

1.60%),

1.78%,

04/15/34

(a)(b)

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

300

300,004

Greywolf

CLO

VII

Ltd.,

Series

2018-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.37%,

10/20/31

(a)(b)

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

500

500,249

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Gulf

Stream

Meridian

4

Ltd.,

Series

2021-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.20%),

1.31%,

07/15/34

(a)(b)

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

USD

1,000

$

996,398

Halsey

Point

CLO

4

Ltd.,

Series

2021-4A,

Class

A,

(LIBOR

USD

3

Month

+

1.22%),

1.37%,

04/20/34

(a)(b)

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

500

499,500

Highbridge

Loan

Management

Ltd.,

Series

12A-18,

Class

A2,

(LIBOR

USD

3

Month

+

1.50%),

1.69%,

07/18/31

(a)(b)

.........

500

497,955

Invesco

CLO

Ltd.,

Series

2021-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

1.20%,

07/15/34

(a)(b)

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

1,000

1,000,000

Kayne

CLO

III

Ltd.,

Series

2019-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.48%),

1.66%,

04/15/32

(a)(b)

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

1,000

1,003,647

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.36%,

10/18/30

(a)(b)

...

750

750,019

OCP

CLO

Ltd.,

Series

2017-13A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.80%),

1.98%,

07/15/30

(a)(b)

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

500

500,063

Octagon

Investment

Partners

26

Ltd.,

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.78%,

07/15/30

(a)(b)

.........

500

499,799

Octagon

Investment

Partners

45

Ltd.,

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.33%),

1.51%,

10/15/32

(a)(b)

.........

500

500,262

OHA

Loan

Funding

Ltd.

(a)(b)

:

Series

2013-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

1.77%,

07/23/31

...

1,000

997,379

Series

2015-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.34%),

1.50%,

11/15/32

...

500

500,550

OZLM

XIX

Ltd.,

Series

2017-19A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

1.40%,

11/22/30

(a)(b)

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

250

250,000

Palmer

Square

CLO

Ltd.

(a)(b)

:

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.34%),

1.49%,

11/14/32

...

1,000

1,000,751

Series

2019-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.00%,

11/14/32

...

1,000

1,002,704

Pikes

Peak

CLO

6

(a)(b)

:

Series

2020-6A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.17%),

1.33%,

05/18/34

...

500

499,999

Series

2020-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.70%),

1.86%,

05/18/34

...

500

499,473

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.90%,

07/20/34

(a)(b)

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

500

499,500

Progress

Residential

Trust

(b)

:

Series

2020-SFR1,

Class

F,

3.43%,

04/17/37

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

1,000

1,010,496

Series

2020-SFR2,

Class

A,

2.08%,

06/17/37

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

1,000

1,021,423

Series

2020-SFR2,

Class

B,

2.58%,

06/17/37

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

1,000

1,021,883

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.44%,

10/17/30

(a)(b)

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

500

500,149

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

07/17/31

(a)(b)

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

650

650,038

Regatta

XIV

Funding

Ltd.,

Series

2018-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.37%,

10/25/31

(a)(b)

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

1,000

1,000,065

BlackRock

Managed

Income

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Regatta

XV

Funding

Ltd.,

Series

2018-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

10/25/31

(a)(b)

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

USD

700

$

699,967

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-19A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

07/20/34

(a)(b)

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

1,000

1,000,000

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.17%),

1.32%,

07/15/34

(a)(b)(c)

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

1,000

1,000,000

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

ASR,

(LIBOR

USD

3

Month

+

1.27%),

1.45%,

04/15/33

(a)(b)

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

1,300

1,301,473

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(LIBOR

USD

3

Month

+

1.35%),

1.54%,

07/20/30

(a)(b)

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

1,000

1,000,347

Total

Asset-Backed

Securities

—

4.6%

(Cost:

$38,597,872)

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

38,801,348

Shares

Shares

Common

Stocks

—

9.1%

Banks

—

0.5%

Citizens

Financial

Group,

Inc.

..........

40,809

1,871,909

DBS

Group

Holdings

Ltd.

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

36,300

807,577

M&T

Bank

Corp.

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

10,524

1,529,243

4,208,729

Beverages

—

0.2%

Diageo

plc

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

43,847

2,101,522

Biotechnology

—

0.3%

AbbVie,

Inc.

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

19,269

2,170,460

Building

Products

—

0.0%

AZEK

Co.,

Inc.

(The)

(d)

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

54

2,293

Capital

Markets

—

0.3%

Intercontinental

Exchange,

Inc.

.........

21,596

2,563,445

Consumer

Finance

—

0.1%

Synchrony

Financial

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

26,283

1,275,251

Diversified

Telecommunication

Services

—

0.3%

TELUS

Corp.

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

108,693

2,437,613

Electrical

Equipment

—

0.1%

Schneider

Electric

SE

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

8,129

1,281,492

Electronic

Equipment,

Instruments

&

Components

—

0.1%

TE

Connectivity

Ltd.

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

7,555

1,021,512

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

American

Tower

Corp.

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

5,961

1,610,305

Food

&

Staples

Retailing

—

0.1%

Wal-Mart

de

Mexico

SAB

de

CV

.........

253,450

827,838

Food

Products

—

0.2%

China

Feihe

Ltd.

(b)

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

648,000

1,397,103

Gas

Utilities

—

0.1%

ENN

Energy

Holdings

Ltd.

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

50,100

952,188

Health

Care

Equipment

&

Supplies

—

0.3%

Ansell

Ltd.

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

21,026

685,877

Koninklijke

Philips

NV

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

21,850

1,084,507

Medtronic

plc

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

6,355

788,846

2,559,230

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

0.3%

UnitedHealth

Group,

Inc.

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

5,851

$

2,342,974

Household

Products

—

0.4%

Reckitt

Benckiser

Group

plc

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

33,816

2,987,651

Insurance

—

0.5%

Assurant,

Inc.

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

10,551

1,647,855

Progressive

Corp.

(The)

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

11,341

1,113,800

Prudential

plc

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

100,306

1,908,400

4,670,055

IT

Services

—

0.8%

Amadeus

IT

Group

SA

(d)

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

17,640

1,243,561

Fidelity

National

Information

Services,

Inc.

..

16,445

2,329,763

Paychex,

Inc.

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

6,291

675,024

Visa,

Inc.,

Class

A

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

9,212

2,153,950

6,402,298

Leisure

Products

—

0.2%

Hasbro,

Inc.

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

16,538

1,563,172

Machinery

—

0.2%

Otis

Worldwide

Corp.

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

16,432

1,343,645

Media

—

0.2%

Comcast

Corp.,

Class

A

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

28,761

1,639,952

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(d)

...........

106

3,195

Energy

Transfer

LP

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

2,317

24,630

Enterprise

Products

Partners

LP

.........

538

12,982

Plains

All

American

Pipeline

LP

.........

2,578

29,286

70,093

Personal

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

5,398

1,716,996

Unilever

plc

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

33,785

1,974,179

3,691,175

Pharmaceuticals

—

1.1%

AstraZeneca

plc

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

17,397

2,090,149

Bristol-Myers

Squibb

Co.

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

34,313

2,292,795

Novo

Nordisk

A/S,

Class

B

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

19,924

1,667,811

Sanofi

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

29,131

3,060,578

9,111,333

Professional

Services

—

0.3%

NMG,

Inc.

(d)

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

265

33,037

RELX

plc

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

101,536

2,707,899

2,740,936

Semiconductors

&

Semiconductor

Equipment

—

0.6%

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

123,000

2,649,178

Texas

Instruments,

Inc.

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

11,573

2,225,488

4,874,666

Software

—

0.6%

Intuit,

Inc.

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

3,340

1,637,168

Microsoft

Corp.

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

11,757

3,184,971

4,822,139

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

EssilorLuxottica

SA

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

9,512

1,757,182

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

2,067

1,626,020

3,383,202

Tobacco

—

0.1%

Philip

Morris

International,

Inc.

..........

12,559

1,244,722

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

—

0.2%

Ferguson

plc

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

15,163

$

2,109,587

Total

Common

Stocks

—

9.1%

(Cost:

$70,202,800)

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

77,406,581

Par

(000)

Par

(000)

Corporate

Bonds

—

44.6%

Aerospace

&

Defense

—

0.8%

Bombardier,

Inc.

(b)

:

7.50%,

12/01/24

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

USD

84

87,780

7.50%,

03/15/25

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

10

10,283

7.13%,

06/15/26

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

241

252,327

7.88%,

04/15/27

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

62

64,325

7.45%,

05/01/34

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

100

107,000

Howmet

Aerospace,

Inc.,

5.13%,

10/01/24

.

2

2,208

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(b)

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

177

185,186

L3Harris

Technologies,

Inc.:

3.83%,

04/27/25

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

75

82,124

3.85%,

12/15/26

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

100

112,157

4.40%,

06/15/28

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

665

771,968

2.90%,

12/15/29

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

10

10,591

1.80%,

01/15/31

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

1,450

1,406,058

5.05%,

04/27/45

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

50

65,869

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

......

200

220,298

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(b)

.

57

60,563

SSL

Robotics

LLC,

9.75%,

12/31/23

(b)

....

19

20,967

TransDigm,

Inc.:

8.00%,

12/15/25

(b)

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

613

662,347

6.25%,

03/15/26

(b)

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

1,780

1,877,900

6.38%,

06/15/26

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

23

23,827

7.50%,

03/15/27

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

39

41,486

4.63%,

01/15/29

(b)

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

88

88,031

4.88%,

05/01/29

(b)

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

104

104,988

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

...

362

402,725

6,661,008

Air

Freight

&

Logistics

—

0.1%

FedEx

Corp.:

3.10%,

08/05/29

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

40

43,362

4.25%,

05/15/30

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

150

174,646

4.55%,

04/01/46

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

195

236,813

5.25%,

05/15/50

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

25

33,917

488,738

Airlines

—

0.5%

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

AA,

3.30%,

01/15/30

(b)

........

16

15,879

American

Airlines

Pass-Through

Trust:

Series

2019-1,

Class

B,

3.85%,

02/15/28

73

69,132

Series

2017-1,

Class

AA,

3.65%,

02/15/29

63

64,674

American

Airlines,

Inc.

(b)

:

11.75%,

07/15/25

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

352

441,760

5.50%,

04/20/26

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

242

256,217

5.75%,

04/20/29

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

362

391,737

British

Airways

Pass-Through

Trust,

Series

2019-1,

Class

A,

3.35%,

06/15/29

(b)

....

40

40,349

Delta

Air

Lines,

Inc.:

3.80%,

04/19/23

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

100

103,790

7.00%,

05/01/25

(b)

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

178

207,724

4.75%,

10/20/28

(b)

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

242

269,046

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

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

86

92,331

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

542

596,742

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

13

14,868

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

United

Airlines

Pass-Through

Trust:

Series

2013-1,

Class

B,

5.38%,

08/15/21

USD

91

$

91,025

Series

2020-1,

Class

B,

4.88%,

01/15/26

34

36,018

Series

2020-1,

Class

A,

5.88%,

10/15/27

709

786,671

Series

2019-2,

Class

AA,

2.70%,

05/01/32

43

43,346

United

Airlines,

Inc.

(b)

:

4.38%,

04/15/26

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

173

179,086

4.63%,

04/15/29

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

157

162,495

3,862,890

Auto

Components

—

0.4%

Adient

US

LLC,

9.00%,

04/15/25

(b)

......

21

23,126

Allison

Transmission,

Inc.

(b)

:

5.88%,

06/01/29

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

175

191,625

3.75%,

01/30/31

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

92

90,424

Aptiv

Corp.,

4.15%,

03/15/24

..........

32

34,720

Aptiv

plc,

5.40%,

03/15/49

...........

25

33,835

BorgWarner,

Inc.,

5.00%,

10/01/25

(b)

.....

100

114,753

Clarios

Global

LP

(b)

:

6.75%,

05/15/25

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

198

210,866

6.25%,

05/15/26

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

448

477,259

8.50%,

05/15/27

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

850

926,670

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

......

67

72,192

Goodyear

Tire

&

Rubber

Co.

(The):

9.50%,

05/31/25

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

47

52,464

5.00%,

07/15/29

(b)

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

49

51,303

5.25%,

07/15/31

(b)

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

147

153,615

5.63%,

04/30/33

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

111

117,071

Icahn

Enterprises

LP:

4.75%,

09/15/24

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

18

18,810

6.25%,

05/15/26

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

77

81,697

5.25%,

05/15/27

(b)

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

90

92,925

5.25%,

05/15/27

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

139

143,517

4.38%,

02/01/29

(b)

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

63

62,685

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

..

24

23,850

Tenneco,

Inc.,

7.88%,

01/15/29

(b)

.......

18

20,329

2,993,736

Automobiles

—

0.8%

BMW

US

Capital

LLC,

3.45%,

04/12/23

(b)

..

205

215,380

Daimler

Finance

North

America

LLC

(b)

:

3.25%,

08/01/24

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

175

186,921

1.45%,

03/02/26

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

150

150,671

Ford

Motor

Co.:

0.00%,

03/15/26

(b)(e)(f)

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

76

84,028

4.35%,

12/08/26

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

182

194,967

4.75%,

01/15/43

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

21

22,312

5.29%,

12/08/46

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

60

67,013

General

Motors

Co.:

5.40%,

10/02/23

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

1,050

1,156,398

6.13%,

10/01/25

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

50

59,190

6.25%,

10/02/43

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

125

172,562

6.75%,

04/01/46

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

60

86,506

5.95%,

04/01/49

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

50

68,064

Hyundai

Capital

America

(b)

:

0.80%,

01/08/24

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

675

672,047

1.80%,

10/15/25

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

395

400,778

Nissan

Motor

Acceptance

Corp.

(b)

:

3.88%,

09/21/23

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

78

82,530

2.00%,

03/09/26

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

400

402,527

2.75%,

03/09/28

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

130

131,170

Nissan

Motor

Co.

Ltd.

(b)

:

3.04%,

09/15/23

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

1,180

1,230,704

3.52%,

09/17/25

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

385

411,113

4.35%,

09/17/27

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

285

313,282

BlackRock

Managed

Income

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

Volkswagen

Group

of

America

Finance

LLC

(b)

:

0.75%,

11/23/22

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

USD

300

$

301,060

1.25%,

11/24/25

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

600

596,459

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

38

40,945

7,046,627

Banks

—

7.5%

AIB

Group

plc,

(LIBOR

USD

3

Month

+

1.87%),

4.26%,

04/10/25

(a)(b)

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

675

727,181

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(a)(g)

..

800

864,000

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

300

290,175

Banco

Santander

SA:

3.50%,

04/11/22

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

600

614,563

3.13%,

02/23/23

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

200

208,336

3.85%,

04/12/23

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

200

211,643

2.71%,

06/27/24

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

200

210,453

2.75%,

05/28/25

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

200

210,760

1.85%,

03/25/26

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

400

404,266

3.31%,

06/27/29

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

200

217,625

Bank

of

America

Corp.:

(SOFR

+

0.41%),

0.52%,

06/14/24

(a)

...

300

299,937

(LIBOR

USD

3

Month

+

0.94%),

3.86%,

07/23/24

(a)

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

400

426,503

4.20%,

08/26/24

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

300

328,870

4.00%,

01/22/25

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

250

274,366

(LIBOR

USD

3

Month

+

0.97%),

3.46%,

03/15/25

(a)

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

80

85,503

Series

L,

3.95%,

04/21/25

..........

473

519,093

(LIBOR

USD

3

Month

+

1.09%),

3.09%,

10/01/25

(a)

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

795

846,888

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

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

225

235,371

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

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

290

312,676

(LIBOR

USD

3

Month

+

0.64%),

2.01%,

02/13/26

(a)

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

300

309,314

4.45%,

03/03/26

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

312

354,368

(SOFR

+

1.15%),

1.32%,

06/19/26

(a)

...

140

140,306

4.25%,

10/22/26

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

91

102,754

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

...

100

99,042

Series

L,

4.18%,

11/25/27

..........

100

112,040

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

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

150

165,867

(LIBOR

USD

3

Month

+

1.37%),

3.59%,

07/21/28

(a)

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

300

330,284

(LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/28

(a)

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

875

952,971

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

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

20

22,680

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

(a)

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

300

322,969

(SOFR

+

2.15%),

2.59%,

04/29/31

(a)

...

225

231,961

(SOFR

+

1.32%),

2.69%,

04/22/32

(a)

...

420

432,094

Series

L,

4.75%,

04/21/45

..........

110

141,268

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

(a)

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

605

722,924

(SOFR

+

1.88%),

2.83%,

10/24/51

(a)

...

105

102,392

Banque

Federative

du

Credit

Mutuel

SA,

2.13%,

11/21/22

(b)

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

200

204,821

Barclays

Bank

plc

(e)(f)

:

0.00%,

02/04/25

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

399

572,272

Series

VUN,

0.00%,

02/18/25

........

369

411,886

Barclays

plc:

(USD

Swap

Semi

5

Year

+

6.77%),

7.88%

(a)

(g)

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

525

547,313

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

3.68%,

01/10/23

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

USD

200

$

203,421

(LIBOR

USD

3

Month

+

1.40%),

4.61%,

02/15/23

(a)

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

380

389,729

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%

(a)

(g)

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

475

521,906

(LIBOR

USD

3

Month

+

1.36%),

4.34%,

05/16/24

(a)

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

255

271,877

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.80%),

1.01%,

12/10/24

(a)

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

200

200,713

(LIBOR

USD

3

Month

+

1.61%),

3.93%,

05/07/25

(a)

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

200

215,901

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(a)(g)

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

325

360,139

4.38%,

01/12/26

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

200

223,938

5.20%,

05/12/26

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

270

308,378

4.84%,

05/09/28

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

200

224,837

(LIBOR

USD

3

Month

+

3.05%),

5.09%,

06/20/30

(a)

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

400

466,195

BNP

Paribas

SA:

4.25%,

10/15/24

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

200

221,428

3.38%,

01/09/25

(b)

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

200

214,513

(LIBOR

USD

3

Month

+

2.24%),

4.70%,

01/10/25

(a)(b)

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

200

218,199

(LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/25

(a)(b)

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

200

210,428

(SOFR

+

2.07%),

2.22%,

06/09/26

(a)(b)

..

400

412,243

(SOFR

+

1.00%),

1.32%,

01/13/27

(a)(b)

..

445

439,609

(USD

Swap

Semi

5

Year

+

3.98%),

7.00%

(a)

(b)(g)

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

200

240,200

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%

(a)(b)(g)

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

1,470

1,530,299

(USD

Swap

Semi

5

Year

+

1.48%),

4.38%,

03/01/33

(a)(b)

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

200

221,000

BofA

Finance

LLC,

0.13%,

09/01/22

(e)

....

472

571,120

CIT

Group,

Inc.,

5.00%,

08/01/23

.......

45

48,656

Citigroup,

Inc.:

(LIBOR

USD

3

Month

+

0.90%),

3.35%,

04/24/25

(a)

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

650

692,609

(SOFR

+

2.84%),

3.11%,

04/08/26

(a)

....

950

1,016,683

3.20%,

10/21/26

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

100

108,326

4.30%,

11/20/26

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

155

174,973

(SOFR

+

0.77%),

1.12%,

01/28/27

(a)

...

250

246,460

4.45%,

09/29/27

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

850

971,122

(LIBOR

USD

3

Month

+

1.56%),

3.89%,

01/10/28

(a)

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

70

77,906

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

(a)

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

125

137,860

4.13%,

07/25/28

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

100

112,654

(LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/28

(a)

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

125

136,886

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

....

250

264,796

(SOFR

+

3.91%),

4.41%,

03/31/31

(a)

...

200

233,534

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

....

595

611,673

(SOFR

+

1.17%),

2.56%,

05/01/32

(a)

...

190

193,411

Cooperatieve

Rabobank

UA

(a)(b)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.34%,

06/24/26

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

295

296,216

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

1.11%,

02/24/27

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

250

246,468

Credit

Agricole

SA

(a)(b)

:

(USD

Swap

Semi

5

Year

+

6.19%),

8.12%

(g)

1,225

1,488,375

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(SOFR

+

0.89%),

1.25%,

01/26/27

.....

USD

250

$

246,133

Danske

Bank

A/S:

5.00%,

01/12/22

(b)

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

200

204,640

(LIBOR

USD

3

Month

+

1.25%),

3.00%,

09/20/22

(a)(b)

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

200

200,979

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(a)(b)

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

485

487,433

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%),

7.00%

(a)(g)

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

725

811,094

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.35%),

1.62%,

09/11/26

(a)(b)

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

200

200,187

Discover

Bank,

4.20%,

08/08/23

........

250

269,190

DNB

Bank

ASA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.72%),

1.54%,

05/25/27

(a)(b)

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

200

200,364

HSBC

Holdings

plc:

4.25%,

03/14/24

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

225

243,733

(LIBOR

USD

3

Month

+

1.21%),

3.80%,

03/11/25

(a)

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

200

215,057

(SOFR

+

1.40%),

2.63%,

11/07/25

(a)

....

450

472,290

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.00%

(a)(g)

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

200

203,250

(SOFR

+

1.54%),

1.64%,

04/18/26

(a)

...

300

304,022

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

(a)(g)

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

260

269,750

(SOFR

+

1.19%),

2.80%,

05/24/32

(a)

...

520

533,650

ING

Groep

NV:

4.10%,

10/02/23

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

200

215,683

3.55%,

04/09/24

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

200

215,433

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.40%,

07/01/26

(a)(b)

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

400

400,979

(SOFR

+

1.01%),

1.73%,

04/01/27

(a)

...

200

201,708

Intesa

Sanpaolo

SpA

(b)

:

3.13%,

07/14/22

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

620

636,109

4.20%,

06/01/32

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

435

445,771

JPMorgan

Chase

&

Co.:

(LIBOR

USD

3

Month

+

0.73%),

3.56%,

04/23/24

(a)

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

585

616,858

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

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

400

431,731

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

...

550

572,836

(SOFR

+

1.59%),

2.00%,

03/13/26

(a)

...

435

449,094

(SOFR

+

0.80%),

1.05%,

11/19/26

(a)

....

200

197,468

4.13%,

12/15/26

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

400

452,446

(SOFR

+

0.70%),

1.04%,

02/04/27

(a)

...

100

98,356

(SOFR

+

0.89%),

1.58%,

04/22/27

(a)

...

300

301,554

4.25%,

10/01/27

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

175

199,407

3.63%,

12/01/27

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

180

197,792

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

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

490

544,121

(SOFR

+

1.02%),

2.07%,

06/01/29

(a)

...

225

226,769

(SOFR

+

2.52%),

2.96%,

05/13/31

(a)

...

100

105,051

(SOFR

+

1.25%),

2.58%,

04/22/32

(a)

...

355

364,351

Series

u,

(LIBOR

USD

3

Month

+

0.95%),

1.13%,

02/02/37

(a)

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

340

300,900

6.40%,

05/15/38

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

60

88,003

(LIBOR

USD

3

Month

+

1.36%),

3.88%,

07/24/38

(a)

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

455

524,145

(SOFR

+

2.46%),

3.11%,

04/22/41

(a)

....

535

555,032

5.63%,

08/16/43

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

50

70,544

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

4.85%,

02/01/44

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

USD

65

$

85,226

4.95%,

06/01/45

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

85

112,508

Series

W,

(LIBOR

USD

3

Month

+

1.00%),

1.16%,

05/15/47

(a)

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

117

100,503

Lloyds

Banking

Group

plc:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.33%,

06/15/23

(a)

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

200

201,605

4.05%,

08/16/23

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

510

546,767

4.50%,

11/04/24

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

200

221,245

4.45%,

05/08/25

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

400

448,868

(USD

Swap

Semi

5

Year

+

4.50%),

7.50%

(a)

(g)

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

200

234,000

4.58%,

12/10/25

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

540

606,764

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

2.44%,

02/05/26

(a)

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

200

208,565

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.75%

(a)(g)

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

200

230,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.63%,

05/11/27

(a)

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

200

200,103

Macquarie

Bank

Ltd.,

(USD

Swap

Semi

5

Year

+

3.70%),

6.13%

(a)(b)(g)

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

550

601,562

Mitsubishi

UFJ

Financial

Group,

Inc.:

3.46%,

03/02/23

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

150

157,547

3.76%,

07/26/23

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

220

235,047

2.53%,

09/13/23

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

200

208,971

3.41%,

03/07/24

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

70

75,014

1.41%,

07/17/25

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

400

403,819

2.05%,

07/17/30

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

400

398,609

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.25%),

1.24%,

07/10/24

(a)

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

220

223,032

Natwest

Group

plc:

(USD

Swap

Semi

5

Year

+

7.60%),

8.62%

(a)

(g)

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

700

705,054

3.88%,

09/12/23

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

650

694,359

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.15%),

2.36%,

05/22/24

(a)

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

380

391,534

(LIBOR

USD

3

Month

+

1.76%),

4.27%,

03/22/25

(a)

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

500

542,342

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

05/22/28

(a)

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

400

422,105

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.10%),

3.75%,

11/01/29

(a)

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

200

212,500

(LIBOR

USD

3

Month

+

1.91%),

5.08%,

01/27/30

(a)

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

200

237,094

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/35

(a)

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

400

400,640

Nordea

Bank

Abp

(b)

:

3.75%,

08/30/23

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

220

234,842

0.75%,

08/28/25

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

580

573,850

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(g)

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

550

630,784

PNC

Financial

Services

Group,

Inc.

(The):

2.20%,

11/01/24

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

100

104,888

3.45%,

04/23/29

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

70

78,192

Royal

Bank

of

Canada,

2.25%,

11/01/24

...

170

178,146

Santander

UK

Group

Holdings

plc,

(LIBOR

USD

3

Month

+

1.57%),

4.80%,

11/15/24

(a)

200

218,678

BlackRock

Managed

Income

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Santander

UK

plc,

5.00%,

11/07/23

(b)

.....

USD

487

$

530,918

Skandinaviska

Enskilda

Banken

AB,

0.85%,

09/02/25

(b)

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

200

197,840

Societe

Generale

SA

(a)(b)

:

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(g)

400

471,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.93%),

4.75%

(g)

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

685

709,831

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.79%,

06/09/27

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

525

523,724

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

(g)

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

400

423,500

Standard

Chartered

plc

(a)(b)

:

(LIBOR

USD

3

Month

+

1.21%),

2.82%,

01/30/26

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

565

592,988

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.46%,

01/14/27

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

200

198,087

Sumitomo

Mitsui

Financial

Group,

Inc.:

2.78%,

10/18/22

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

400

412,462

2.45%,

09/27/24

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

250

262,233

2.35%,

01/15/25

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

200

208,898

3.54%,

01/17/28

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

100

110,545

3.94%,

07/19/28

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

100

113,768

2.75%,

01/15/30

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

250

262,205

Svenska

Handelsbanken

AB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.63%),

1.42%,

06/11/27

(a)(b)

....

250

249,150

UniCredit

SpA:

6.57%,

01/14/22

(b)

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

440

453,579

3.75%,

04/12/22

(b)

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

705

721,959

(USD

Swap

Semi

5

Year

+

5.18%),

8.00%

(a)

(g)

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

400

444,925

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

1.98%,

06/03/27

(a)(b)

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

285

283,934

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

3.13%,

06/03/32

(a)(b)

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

335

335,738

US

Bancorp:

2.40%,

07/30/24

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

230

241,946

1.38%,

07/22/30

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

80

77,102

Wells

Fargo

&

Co.:

3.75%,

01/24/24

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

700

752,815

(SOFR

+

1.60%),

1.65%,

06/02/24

(a)

...

200

204,277

3.00%,

02/19/25

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

210

224,733

(SOFR

+

0.51%),

0.80%,

05/19/25

(a)

...

190

189,585

(LIBOR

USD

3

Month

+

0.50%),

0.68%,

01/15/27

(a)

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

20

19,343

4.30%,

07/22/27

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

131

149,352

(SOFR

+

2.10%),

2.39%,

06/02/28

(a)

...

150

155,564

4.15%,

01/24/29

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

75

86,376

5.61%,

01/15/44

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

50

68,331

4.40%,

06/14/46

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

360

433,949

4.75%,

12/07/46

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

100

126,544

(SOFR

+

4.50%),

5.01%,

04/04/51

(a)

...

250

342,460

Westpac

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/35

(a)

.........

135

132,789

63,403,542

Beverages

—

0.4%

Anheuser-Busch

Cos.

LLC:

3.65%,

02/01/26

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

245

270,525

Security

Par

(000)

Par

(000)

Value

Beverages

(continued)

4.70%,

02/01/36

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

USD

645

$

791,637

4.90%,

02/01/46

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

347

439,215

Anheuser-Busch

InBev

Finance,

Inc.,

3.65%,

02/01/26

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

195

213,567

Anheuser-Busch

InBev

Worldwide,

Inc.:

4.75%,

01/23/29

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

140

166,777

4.44%,

10/06/48

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

10

11,969

5.55%,

01/23/49

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

25

34,371

4.50%,

06/01/50

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

230

279,908

4.75%,

04/15/58

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

320

401,227

5.80%,

01/23/59

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

105

151,601

Fomento

Economico

Mexicano

SAB

de

CV,

3.50%,

01/16/50

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

150

156,894

Keurig

Dr

Pepper,

Inc.:

0.75%,

03/15/24

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

85

85,093

4.42%,

05/25/25

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

130

145,840

Triton

Water

Holdings,

Inc.,

6.25%,

04/01/29

(b)

82

82,205

3,230,829

Biotechnology

—

0.6%

AbbVie,

Inc.:

3.45%,

03/15/22

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

175

177,951

3.80%,

03/15/25

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

965

1,055,562

3.60%,

05/14/25

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

465

507,406

3.20%,

05/14/26

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

225

243,961

2.95%,

11/21/26

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

145

155,867

4.50%,

05/14/35

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

405

487,821

4.05%,

11/21/39

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

160

185,828

4.75%,

03/15/45

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

100

125,375

4.45%,

05/14/46

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

155

187,181

4.88%,

11/14/48

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

150

193,215

4.25%,

11/21/49

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

302

361,951

Amgen,

Inc.:

1.90%,

02/21/25

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

160

165,648

2.20%,

02/21/27

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

100

103,831

4.56%,

06/15/48

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

90

113,131

4.66%,

06/15/51

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

25

32,243

Baxalta,

Inc.,

3.60%,

06/23/22

.........

9

9,236

Emergent

BioSolutions,

Inc.,

3.88%,

08/15/28

(b)

24

23,508

Gilead

Sciences,

Inc.:

3.70%,

04/01/24

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

100

107,493

3.50%,

02/01/25

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

185

200,574

3.65%,

03/01/26

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

75

82,682

4.80%,

04/01/44

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

25

31,604

4.50%,

02/01/45

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

82

100,326

4.75%,

03/01/46

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

254

322,111

4,974,505

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

(b)

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

64

66,433

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

....

50

49,719

Builders

FirstSource,

Inc.,

6.75%,

06/01/27

(b)

22

23,567

Carrier

Global

Corp.,

2.24%,

02/15/25

....

70

72,784

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(b)

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

171

183,397

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(b)

...

112

116,060

Forterra

Finance

LLC,

6.50%,

07/15/25

(b)

..

136

146,540

Griffon

Corp.,

5.75%,

03/01/28

.........

29

30,813

JELD-WEN,

Inc.

(b)

:

6.25%,

05/15/25

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

30

31,995

4.63%,

12/15/25

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

16

16,300

4.88%,

12/15/27

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

6

6,236

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

23

24,373

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(b)

157

166,420

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Standard

Industries,

Inc.

(b)

:

5.00%,

02/15/27

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

USD

55

$

56,959

4.38%,

07/15/30

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

140

144,375

3.38%,

01/15/31

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

43

41,160

Summit

Materials

LLC,

5.25%,

01/15/29

(b)

..

58

61,621

Victors

Merger

Corp.,

6.38%,

05/15/29

(b)

...

74

74,555

1,313,307

Capital

Markets

—

2.6%

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

39

40,085

Bank

of

New

York

Mellon

Corp.

(The),

1.60%,

04/24/25

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

140

143,760

Charles

Schwab

Corp.

(The),

1.15%,

05/13/26

300

300,089

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

88

91,520

Credit

Suisse

AG,

2.95%,

04/09/25

......

250

267,673

Credit

Suisse

Group

AG:

3.80%,

06/09/23

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

600

635,866

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(b)(g)

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

500

554,670

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(b)(g)

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

400

438,000

4.55%,

04/17/26

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

500

566,306

(SOFR

+

2.04%),

2.19%,

06/05/26

(a)(b)

..

485

496,597

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%

(a)(b)(g)

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

550

613,046

(SOFR

+

0.98%),

1.31%,

02/02/27

(a)(b)

..

330

323,219

(SOFR

+

3.73%),

4.19%,

04/01/31

(a)(b)

..

250

280,957

(SOFR

+

1.73%),

3.09%,

05/14/32

(a)(b)

..

250

257,563

Deutsche

Bank

AG

(a)

:

(SOFR

+

2.16%),

2.22%,

09/18/24

.....

390

400,538

(SOFR

+

1.13%),

1.45%,

04/01/25

.....

555

558,336

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%),

6.00%

(g)

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

800

845,000

(SOFR

+

1.87%),

2.13%,

11/24/26

.....

150

152,206

Goldman

Sachs

Group,

Inc.

(The):

(LIBOR

USD

3

Month

+

1.05%),

2.91%,

06/05/23

(a)

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

260

265,771

(SOFR

+

0.57%),

0.67%,

03/08/24

(a)

...

300

300,536

3.50%,

01/23/25

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

350

378,419

3.50%,

04/01/25

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

460

499,053

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

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

295

315,586

4.25%,

10/21/25

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

100

111,791

(SOFR

+

0.61%),

0.86%,

02/12/26

(a)

...

100

99,266

3.75%,

02/25/26

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

100

110,629

3.50%,

11/16/26

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

285

309,909

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

...

500

498,590

(LIBOR

USD

3

Month

+

1.16%),

3.81%,

04/23/29

(a)

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

75

83,879

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

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

445

507,521

(SOFR

+

1.09%),

1.99%,

01/27/32

(a)

...

110

106,831

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

...

195

199,206

6.13%,

02/15/33

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

90

122,488

6.75%,

10/01/37

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

125

182,022

5.15%,

05/22/45

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

65

86,914

Hightower

Holding

LLC,

6.75%,

04/15/29

(b)

.

43

43,860

Intercontinental

Exchange,

Inc.,

4.25%,

09/21/48

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

65

76,527

Morgan

Stanley:

4.88%,

11/01/22

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

150

158,468

(SOFR

+

0.70%),

0.75%,

01/20/23

(a)

...

400

401,136

(SOFR

+

0.46%),

0.53%,

01/25/24

(a)

...

650

649,671

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(LIBOR

USD

3

Month

+

0.85%),

3.74%,

04/24/24

(a)

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

USD

100

$

105,761

(SOFR

+

0.53%),

0.79%,

05/30/25

(a)

...

455

453,394

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

...

454

477,507

4.00%,

07/23/25

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

430

478,270

3.88%,

01/27/26

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

250

279,499

(SOFR

+

1.99%),

2.19%,

04/28/26

(a)

...

575

597,023

(SOFR

+

0.72%),

0.98%,

12/10/26

(a)

...

420

413,375

3.63%,

01/20/27

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

275

304,925

3.95%,

04/23/27

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

85

94,976

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

...

280

281,981

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

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

75

83,081

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

300

336,698

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

...

565

630,684

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

...

55

58,302

(SOFR

+

1.43%),

2.80%,

01/25/52

(a)

...

40

39,216

MSCI,

Inc.

(b)

:

4.00%,

11/15/29

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

12

12,660

3.63%,

09/01/30

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

54

55,224

3.88%,

02/15/31

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

49

50,850

3.63%,

11/01/31

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

74

75,902

Northern

Trust

Corp.,

3.15%,

05/03/29

....

50

54,959

Owl

Rock

Technology

Finance

Corp.,

3.75%,

06/17/26

(b)

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

40

42,060

State

Street

Corp.

(a)

:

(LIBOR

USD

3

Month

+

0.77%),

3.78%,

12/03/24

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

55

59,269

(LIBOR

USD

3

Month

+

1.00%),

1.12%,

06/15/47

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

1,388

1,180,280

UBS

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(a)(b)

(g)

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

200

204,340

UBS

Group

AG

(a)

:

(USD

Swap

Semi

5

Year

+

5.88%),

7.13%

(g)

350

351,750

(LIBOR

USD

3

Month

+

0.95%),

2.86%,

08/15/23

(b)

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

925

949,230

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)

(g)

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

800

881,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

07/30/24

(b)

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

640

644,609

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(g)

200

230,500

21,900,829

Chemicals

—

0.5%

Air

Products

&

Chemicals,

Inc.,

1.50%,

10/15/25

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

50

51,189

Axalta

Coating

Systems

LLC

(b)

:

4.75%,

06/15/27

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

200

209,500

3.38%,

02/15/29

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

150

146,625

Chemours

Co.

(The),

5.75%,

11/15/28

(b)

...

37

39,581

Dow

Chemical

Co.

(The),

3.60%,

11/15/50

.

30

32,415

DuPont

de

Nemours,

Inc.:

4.21%,

11/15/23

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

500

541,656

5.32%,

11/15/38

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

110

145,476

5.42%,

11/15/48

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

36

49,984

Eastman

Chemical

Co.,

4.80%,

09/01/42

..

65

79,427

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

.

464

473,419

Gates

Global

LLC,

6.25%,

01/15/26

(b)

.....

180

188,553

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

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

46

47,313

HB

Fuller

Co.,

4.25%,

10/15/28

........

32

33,073

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

...

139

154,988

Ingevity

Corp.,

3.88%,

11/01/28

(b)

.......

26

25,805

BlackRock

Managed

Income

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

International

Flavors

&

Fragrances,

Inc.

(b)

:

1.23%,

10/01/25

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

USD

500

$

497,311

2.30%,

11/01/30

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

95

94,464

3.47%,

12/01/50

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

191

198,537

LYB

International

Finance

III

LLC:

2.88%,

05/01/25

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

295

313,030

1.25%,

10/01/25

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

245

244,388

4.20%,

10/15/49

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

75

85,237

LyondellBasell

Industries

NV,

4.63%,

02/26/55

25

30,023

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

46

47,826

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(b)

.

9

9,495

PPG

Industries,

Inc.,

1.20%,

03/15/26

....

45

44,885

PQ

Corp.,

5.75%,

12/15/25

(b)

..........

182

186,778

SCIH

Salt

Holdings,

Inc.

(b)

:

4.88%,

05/01/28

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

120

119,986

6.63%,

05/01/29

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

68

68,170

Scotts

Miracle-Gro

Co.

(The),

4.00%,

04/01/31

(b)

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

91

90,716

Sherwin-Williams

Co.

(The):

2.75%,

06/01/22

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

27

27,524

2.30%,

05/15/30

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

45

45,521

4.50%,

06/01/47

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

100

125,081

4,447,976

Commercial

Services

&

Supplies

—

0.7%

ADT

Security

Corp.

(The):

4.13%,

06/15/23

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

14

14,735

4.88%,

07/15/32

(b)

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

175

184,404

Allied

Universal

Holdco

LLC

(b)

:

6.63%,

07/15/26

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

826

875,750

9.75%,

07/15/27

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

425

468,031

4.63%,

06/01/28

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

607

608,041

6.00%,

06/01/29

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

200

202,758

APX

Group,

Inc.:

7.88%,

12/01/22

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

71

71,266

8.50%,

11/01/24

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

22

22,990

6.75%,

02/15/27

(b)

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

91

97,024

Aramark

Services,

Inc.

(b)

:

5.00%,

04/01/25

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

310

317,750

5.00%,

02/01/28

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

2

2,094

Brink's

Co.

(The),

5.50%,

07/15/25

(b)

.....

14

14,866

Clean

Harbors,

Inc.

(b)

:

4.88%,

07/15/27

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

190

199,025

5.13%,

07/15/29

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

139

151,162

Covanta

Holding

Corp.,

5.00%,

09/01/30

..

45

47,250

Garda

World

Security

Corp.

(b)

:

4.63%,

02/15/27

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

84

84,420

9.50%,

11/01/27

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

162

179,415

GFL

Environmental,

Inc.

(b)

:

4.25%,

06/01/25

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

18

18,748

3.75%,

08/01/25

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

53

54,458

5.13%,

12/15/26

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

239

252,843

4.00%,

08/01/28

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

105

103,724

3.50%,

09/01/28

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

109

108,727

4.75%,

06/15/29

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

150

155,745

IAA,

Inc.,

5.50%,

06/15/27

(b)

..........

141

148,011

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

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

45

46,913

Madison

IAQ

LLC

(b)

:

4.13%,

06/30/28

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

37

37,370

5.88%,

06/30/29

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

277

281,848

Nielsen

Finance

LLC

(b)

:

5.63%,

10/01/28

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

38

40,131

5.88%,

10/01/30

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

240

261,222

4.75%,

07/15/31

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

63

63,158

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Prime

Security

Services

Borrower

LLC

(b)

:

5.25%,

04/15/24

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

USD

24

$

25,717

5.75%,

04/15/26

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

22

24,303

3.38%,

08/31/27

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

56

54,320

6.25%,

01/15/28

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

243

258,491

RELX

Capital,

Inc.,

3.50%,

03/16/23

.....

40

41,941

Republic

Services,

Inc.:

0.88%,

11/15/25

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

90

89,118

3.38%,

11/15/27

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

35

38,476

3.95%,

05/15/28

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

140

159,262

2.30%,

03/01/30

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

100

101,549

Ritchie

Bros

Auctioneers,

Inc.,

5.38%,

01/15/25

(b)

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

25

25,734

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

.......

51

50,900

Waste

Management,

Inc.:

1.50%,

03/15/31

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

180

170,321

2.50%,

11/15/50

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

35

32,766

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

...

147

151,741

6,338,518

Communications

Equipment

—

0.3%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

.........

416

445,245

CommScope

Technologies

LLC

(b)

:

6.00%,

06/15/25

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

31

31,659

5.00%,

03/15/27

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

131

134,111

CommScope,

Inc.

(b)

:

5.50%,

03/01/24

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

148

152,255

6.00%,

03/01/26

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

59

62,286

8.25%,

03/01/27

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

75

80,160

7.13%,

07/01/28

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

119

128,966

Motorola

Solutions,

Inc.:

4.60%,

02/23/28

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

100

116,532

4.60%,

05/23/29

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

285

332,291

2.30%,

11/15/30

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

120

117,844

2.75%,

05/24/31

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

200

204,138

5.50%,

09/01/44

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

10

13,025

Nokia

OYJ,

6.63%,

05/15/39

..........

32

41,440

ViaSat,

Inc.

(b)

:

5.63%,

04/15/27

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

90

93,945

6.50%,

07/15/28

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

302

322,071

2,275,968

Construction

&

Engineering

—

0.1%

(b)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

130

132,275

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

157

159,627

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

35

35,303

MasTec,

Inc.,

4.50%,

08/15/28

.........

58

61,064

New

Enterprise

Stone

&

Lime

Co.,

Inc.:

6.25%,

03/15/26

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

17

17,455

9.75%,

07/15/28

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

21

23,520

Pike

Corp.,

5.50%,

09/01/28

..........

54

56,160

485,404

Consumer

Finance

—

1.3%

AerCap

Ireland

Capital

DAC:

3.50%,

05/26/22

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

150

153,593

4.13%,

07/03/23

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

150

159,146

4.88%,

01/16/24

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

175

190,512

3.50%,

01/15/25

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

410

434,504

1.75%,

01/30/26

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

150

148,240

3.65%,

07/21/27

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

220

235,022

Ally

Financial,

Inc.,

1.45%,

10/02/23

.....

125

126,861

American

Express

Co.,

3.40%,

02/22/24

...

200

213,948

American

Honda

Finance

Corp.:

2.15%,

09/10/24

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

100

104,468

1.20%,

07/08/25

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

100

100,698

1.00%,

09/10/25

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

510

509,414

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Capital

One

Financial

Corp.:

3.90%,

01/29/24

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

USD

180

$

194,260

3.30%,

10/30/24

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

300

323,109

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%

(a)(g)

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

1,000

1,021,250

3.80%,

01/31/28

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

195

219,663

Caterpillar

Financial

Services

Corp.,

1.45%,

05/15/25

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

174

178,299

Discover

Financial

Services,

3.85%,

11/21/22

60

62,871

Ford

Motor

Credit

Co.

LLC:

3.35%,

11/01/22

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

300

307,470

3.81%,

01/09/24

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

200

209,126

5.58%,

03/18/24

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

400

438,080

4.13%,

08/04/25

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

200

213,748

3.38%,

11/13/25

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

255

264,422

2.90%,

02/16/28

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

200

199,052

5.11%,

05/03/29

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

200

223,896

4.00%,

11/13/30

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

200

209,500

General

Motors

Financial

Co.,

Inc.:

3.45%,

01/14/22

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

40

40,558

3.25%,

01/05/23

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

415

430,654

5.20%,

03/20/23

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

300

323,035

4.15%,

06/19/23

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

800

849,651

3.95%,

04/13/24

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

200

215,161

4.00%,

01/15/25

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

235

256,016

2.90%,

02/26/25

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

560

592,781

4.30%,

07/13/25

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

35

38,680

1.25%,

01/08/26

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

130

129,134

Global

Aircraft

Leasing

Co.

Ltd.,

0.00%,

(0.00%

Cash

or

7.25%

PIK),

09/15/24

(b)(h)

.....

84

82,353

Navient

Corp.:

6.13%,

03/25/24

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

20

21,585

5.88%,

10/25/24

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

23

24,811

6.75%,

06/25/25

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

72

79,719

6.75%,

06/15/26

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

16

17,860

5.00%,

03/15/27

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

2

2,070

OneMain

Finance

Corp.:

6.13%,

05/15/22

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

14

14,543

6.88%,

03/15/25

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

35

39,501

3.50%,

01/15/27

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

115

115,862

6.63%,

01/15/28

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

282

323,274

5.38%,

11/15/29

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

6

6,526

Synchrony

Financial:

2.85%,

07/25/22

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

125

127,951

4.25%,

08/15/24

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

150

163,909

3.95%,

12/01/27

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

90

100,324

Toyota

Motor

Credit

Corp.:

1.80%,

02/13/25

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

100

103,238

0.80%,

10/16/25

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

115

113,974

1.15%,

08/13/27

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

340

335,743

2.15%,

02/13/30

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

190

194,739

11,184,804

Containers

&

Packaging

—

0.5%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

.....

400

420,000

Ardagh

Metal

Packaging

Finance

USA

LLC,

4.00%,

09/01/29

(b)

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

310

307,388

Ardagh

Packaging

Finance

plc

(b)

:

4.13%,

08/15/26

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

259

267,417

5.25%,

08/15/27

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

400

408,000

Berry

Global,

Inc.,

1.57%,

01/15/26

(b)

.....

430

430,129

Crown

Americas

LLC,

4.25%,

09/30/26

...

34

36,465

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

8

9,800

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(b)

39

42,023

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Graphic

Packaging

International

LLC

(b)

:

4.75%,

07/15/27

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

USD

15

$

16,206

3.50%,

03/15/28

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

3

3,022

Intelligent

Packaging

Ltd.

Finco,

Inc.,

6.00%,

09/15/28

(b)

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

52

54,080

International

Paper

Co.:

5.15%,

05/15/46

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

50

66,973

4.35%,

08/15/48

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

75

92,780

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(b)

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

51

51,716

LABL

Escrow

Issuer

LLC

(b)

:

6.75%,

07/15/26

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

95

101,339

10.50%,

07/15/27

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

111

122,378

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(b)

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

174

175,740

Sealed

Air

Corp.,

4.00%,

12/01/27

(b)

.....

26

27,658

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

....

8

8,300

Trivium

Packaging

Finance

BV

(b)(i)

:

5.50%,

08/15/26

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

200

210,140

8.50%,

08/15/27

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

600

652,320

WRKCo,

Inc.:

3.75%,

03/15/25

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

155

169,094

3.90%,

06/01/28

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

209

235,961

3.00%,

06/15/33

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

50

52,341

3,961,270

Distributors

—

0.1%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.:

4.00%,

01/15/28

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

5

5,124

3.88%,

11/15/29

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

52

51,675

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

41

41,988

Core

&

Main

LP,

6.13%,

08/15/25

.......

558

569,160

Wolverine

Escrow

LLC:

8.50%,

11/15/24

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

33

32,010

9.00%,

11/15/26

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

140

136,500

836,457

Diversified

Consumer

Services

—

0.1%

Bidfair

Holdings,

Inc.,

5.88%,

06/01/29

(b)

...

200

203,000

Graham

Holdings

Co.,

5.75%,

06/01/26

(b)

..

25

26,000

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

..

81

79,773

Service

Corp.

International,

4.00%,

05/15/31

135

137,791

Sotheby's,

7.38%,

10/15/27

(b)

..........

600

647,250

Trustees

of

Boston

University,

Series

CC,

4.06%,

10/01/48

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

21

25,756

1,119,570

Diversified

Financial

Services

—

0.6%

Fairstone

Financial,

Inc.,

7.88%,

07/15/24

(b)

.

26

27,105

GE

Capital

Funding

LLC:

3.45%,

05/15/25

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

450

489,721

4.40%,

05/15/30

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

450

524,400

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

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

900

1,078,633

LSEGA

Financing

plc,

1.38%,

04/06/26

(b)

..

300

300,493

MPH

Acquisition

Holdings

LLC,

5.75%,

11/01/28

(b)

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

179

179,879

NTT

Finance

Corp.,

1.16%,

04/03/26

(b)

....

835

833,080

Sabre

GLBL,

Inc.

(b)

:

9.25%,

04/15/25

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

123

146,226

7.38%,

09/01/25

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

79

85,912

Shell

International

Finance

BV:

3.25%,

05/11/25

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

200

217,049

2.38%,

11/07/29

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

10

10,379

2.75%,

04/06/30

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

10

10,659

3.63%,

08/21/42

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

25

28,176

BlackRock

Managed

Income

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

...

USD

113

$

117,944

Siemens

Financieringsmaatschappij

NV

(b)

:

1.20%,

03/11/26

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

260

260,179

2.88%,

03/11/41

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

500

516,491

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

.

665

700,744

5,527,070

Diversified

Telecommunication

Services

—

2.0%

Altice

France

Holding

SA

(b)

:

10.50%,

05/15/27

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

1,125

1,250,156

6.00%,

02/15/28

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

200

199,160

Altice

France

SA,

5.13%,

07/15/29

(b)

.....

380

381,862

AT&T,

Inc.:

3.40%,

05/15/25

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

150

163,355

3.60%,

07/15/25

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

260

285,095

1.70%,

03/25/26

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

70

70,740

4.35%,

03/01/29

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

140

162,100

2.55%,

12/01/33

(b)

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

253

250,632

4.50%,

05/15/35

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

530

622,125

4.85%,

03/01/39

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

100

121,467

5.35%,

09/01/40

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

473

610,138

3.50%,

06/01/41

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

355

368,762

3.10%,

02/01/43

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

100

97,985

4.65%,

06/01/44

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

17

20,025

4.75%,

05/15/46

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

25

30,363

3.50%,

09/15/53

(b)

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

140

140,654

3.55%,

09/15/55

(b)

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

300

301,006

CCO

Holdings

LLC:

4.75%,

03/01/30

(b)

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

178

188,235

4.50%,

08/15/30

(b)

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

148

154,100

4.25%,

02/01/31

(b)

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

291

296,456

4.50%,

05/01/32

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

494

511,907

4.50%,

06/01/33

(b)

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

137

140,187

Cincinnati

Bell,

Inc.

(b)

:

7.00%,

07/15/24

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

79

81,074

8.00%,

10/15/25

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

18

18,922

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

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

345

371,134

Frontier

Communications

Holdings

LLC

(b)

:

5.88%,

10/15/27

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

220

235,675

5.00%,

05/01/28

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

264

272,931

6.75%,

05/01/29

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

175

186,072

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(b)(i)

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

108

111,539

Level

3

Financing,

Inc.

(b)

:

4.25%,

07/01/28

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

285

289,207

3.75%,

07/15/29

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

42

40,845

Lumen

Technologies,

Inc.:

Series

W,

6.75%,

12/01/23

..........

27

29,942

Series

Y,

7.50%,

04/01/24

..........

2

2,245

5.13%,

12/15/26

(b)

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

379

393,686

4.00%,

02/15/27

(b)

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

115

117,300

Series

G,

6.88%,

01/15/28

..........

51

57,024

4.50%,

01/15/29

(b)

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

284

277,170

5.38%,

06/15/29

(b)

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

168

170,417

Series

P,

7.60%,

09/15/39

..........

28

31,850

Series

U,

7.65%,

03/15/42

..........

70

78,575

QualityTech

LP,

3.88%,

10/01/28

(b)

......

38

40,637

Sprint

Capital

Corp.:

6.88%,

11/15/28

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

394

505,305

8.75%,

03/15/32

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

429

652,080

Switch

Ltd.

(b)

:

3.75%,

09/15/28

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

113

114,413

4.13%,

06/15/29

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

85

87,231

Telecom

Italia

Capital

SA:

6.38%,

11/15/33

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

84

100,170

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

6.00%,

09/30/34

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

USD

178

$

205,367

7.20%,

07/18/36

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

29

37,410

7.72%,

06/04/38

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

21

28,629

Telefonica

Emisiones

SA:

4.10%,

03/08/27

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

150

168,833

7.05%,

06/20/36

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

50

71,988

5.52%,

03/01/49

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

150

195,182

Telesat

Canada,

4.88%,

06/01/27

(b)

......

94

90,710

Verizon

Communications,

Inc.:

3.50%,

11/01/24

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

420

454,387

0.85%,

11/20/25

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

175

173,084

1.45%,

03/20/26

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

250

252,126

1.50%,

09/18/30

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

100

95,548

2.55%,

03/21/31

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

100

102,213

4.27%,

01/15/36

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

1,465

1,743,094

2.65%,

11/20/40

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

150

144,348

3.40%,

03/22/41

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

140

148,098

3.85%,

11/01/42

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

143

162,304

4.52%,

09/15/48

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

50

61,853

3.55%,

03/22/51

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

28

29,914

4.67%,

03/15/55

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

31

39,879

2.99%,

10/30/56

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

325

305,512

3.70%,

03/22/61

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

367

393,079

Virgin

Media

Secured

Finance

plc,

5.50%,

05/15/29

(b)

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

200

215,000

Zayo

Group

Holdings,

Inc.

(b)

:

4.00%,

03/01/27

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

768

762,716

6.13%,

03/01/28

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

533

544,326

17,057,554

Electric

Utilities

—

1.8%

Alabama

Power

Co.,

3.75%,

03/01/45

....

25

28,286

Alliant

Energy

Finance

LLC,

3.75%,

06/15/23

(b)

245

259,498

Baltimore

Gas

&

Electric

Co.:

3.35%,

07/01/23

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

300

315,085

3.20%,

09/15/49

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

50

52,307

2.90%,

06/15/50

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

95

94,579

DTE

Electric

Co.:

Series

A,

4.05%,

05/15/48

..........

110

133,739

3.95%,

03/01/49

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

50

60,442

Series

B,

3.25%,

04/01/51

..........

50

54,140

Duke

Energy

Carolinas

LLC:

6.10%,

06/01/37

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

24

33,461

6.05%,

04/15/38

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

100

141,072

3.75%,

06/01/45

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

50

56,520

3.70%,

12/01/47

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

60

67,639

3.95%,

03/15/48

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

50

58,739

3.20%,

08/15/49

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

200

209,734

3.45%,

04/15/51

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

25

27,719

Duke

Energy

Corp.:

3.95%,

10/15/23

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

335

357,106

3.75%,

04/15/24

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

360

387,651

2.65%,

09/01/26

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

100

105,526

Duke

Energy

Florida

LLC:

2.50%,

12/01/29

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

395

413,927

1.75%,

06/15/30

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

225

220,229

6.40%,

06/15/38

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

80

118,122

5.65%,

04/01/40

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

50

70,107

Duke

Energy

Progress

LLC:

3.45%,

03/15/29

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

313

346,714

4.10%,

05/15/42

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

50

58,651

4.10%,

03/15/43

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

25

29,634

2.50%,

08/15/50

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

30

27,656

Edison

International,

2.40%,

09/15/22

....

250

254,419

Emera

US

Finance

LP,

0.83%,

06/15/24

(b)

..

265

263,503

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Entergy

Corp.:

0.90%,

09/15/25

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

USD

375

$

369,991

2.40%,

06/15/31

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

100

99,821

Exelon

Corp.:

3.50%,

06/01/22

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

150

153,787

4.05%,

04/15/30

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

50

56,947

4.70%,

04/15/50

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

70

88,418

FirstEnergy

Corp.:

Series

A,

3.35%,

07/15/22

(i)

.........

17

17,281

Series

B,

4.40%,

07/15/27

(i)

.........

230

250,125

2.65%,

03/01/30

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

218

217,121

Series

B,

2.25%,

09/01/30

..........

7

6,712

Series

C,

7.38%,

11/15/31

..........

21

28,760

Series

C,

5.35%,

07/15/47

(i)

.........

260

312,000

Series

C,

3.40%,

03/01/50

..........

73

71,357

FirstEnergy

Transmission

LLC

(b)

:

4.35%,

01/15/25

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

205

224,910

5.45%,

07/15/44

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

154

192,154

4.55%,

04/01/49

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

56

65,680

Florida

Power

&

Light

Co.:

4.13%,

02/01/42

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

120

146,862

3.70%,

12/01/47

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

25

29,404

3.95%,

03/01/48

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

50

60,734

3.15%,

10/01/49

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

100

108,667

Interstate

Power

and

Light

Co.:

3.25%,

12/01/24

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

100

107,532

3.50%,

09/30/49

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

25

26,961

MidAmerican

Energy

Co.:

3.65%,

04/15/29

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

225

254,417

4.25%,

07/15/49

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

260

326,801

Mid-Atlantic

Interstate

Transmission

LLC,

4.10%,

05/15/28

(b)

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

265

298,224

NextEra

Energy

Capital

Holdings,

Inc.:

3.15%,

04/01/24

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

355

377,308

2.75%,

05/01/25

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

65

69,034

3.55%,

05/01/27

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

30

33,123

1.90%,

06/15/28

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

185

186,987

NextEra

Energy

Operating

Partners

LP,

4.25%,

09/15/24

(b)

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

4

4,220

Northern

States

Power

Co.:

2.90%,

03/01/50

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

62

63,245

2.60%,

06/01/51

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

60

56,989

NRG

Energy,

Inc.

(b)

:

2.45%,

12/02/27

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

145

145,933

3.63%,

02/15/31

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

100

98,270

Ohio

Power

Co.:

Series

P,

2.60%,

04/01/30

..........

200

208,362

4.00%,

06/01/49

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

120

141,026

Oncor

Electric

Delivery

Co.

LLC:

2.75%,

06/01/24

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

240

254,371

2.75%,

05/15/30

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

132

140,273

4.10%,

11/15/48

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

146

177,870

3.10%,

09/15/49

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

100

105,130

3.70%,

05/15/50

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

264

309,915

Pacific

Gas

&

Electric

Co.:

(LIBOR

USD

3

Month

+

1.38%),

1.53%,

11/15/21

(a)

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

415

415,850

1.37%,

03/10/23

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

460

460,021

3.40%,

08/15/24

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

190

199,411

3.45%,

07/01/25

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

339

355,334

3.30%,

12/01/27

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

440

452,277

4.50%,

07/01/40

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

50

50,024

4.45%,

04/15/42

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

85

84,154

4.00%,

12/01/46

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

46

43,052

4.95%,

07/01/50

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

254

261,256

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

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

USD

83

$

85,922

PG&E

Corp.,

5.25%,

07/01/30

.........

63

63,598

PPL

Electric

Utilities

Corp.,

3.95%,

06/01/47

25

29,548

Progress

Energy,

Inc.,

6.00%,

12/01/39

...

105

144,568

Public

Service

Co.

of

Colorado:

3.80%,

06/15/47

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

60

70,548

Series

34,

3.20%,

03/01/50

.........

75

81,177

2.70%,

01/15/51

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

75

73,122

Southern

California

Edison

Co.:

1.10%,

04/01/24

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

505

508,478

Series

E,

3.70%,

08/01/25

..........

300

326,759

4.00%,

04/01/47

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

46

48,388

Series

C,

4.13%,

03/01/48

..........

9

9,591

Series

B,

4.88%,

03/01/49

..........

65

76,907

Series

20A,

2.95%,

02/01/51

........

75

67,913

Series

H,

3.65%,

06/01/51

..........

135

135,121

Tampa

Electric

Co.:

4.45%,

06/15/49

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

100

126,362

3.45%,

03/15/51

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

35

38,342

Virginia

Electric

&

Power

Co.:

8.88%,

11/15/38

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

205

364,318

4.45%,

02/15/44

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

100

123,952

2.45%,

12/15/50

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

25

23,032

Vistra

Operations

Co.

LLC,

4.38%,

05/01/29

(b)

86

86,430

Wisconsin

Electric

Power

Co.,

2.05%,

12/15/24

250

261,353

15,199,735

Electrical

Equipment

—

0.0%

(b)

Atkore,

Inc.,

4.25%,

06/01/31

..........

62

62,794

Sensata

Technologies

BV:

5.63%,

11/01/24

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

9

10,001

5.00%,

10/01/25

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

4

4,455

4.00%,

04/15/29

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

39

39,588

116,838

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Amphenol

Corp.,

2.05%,

03/01/25

.......

70

72,793

CDW

LLC,

3.25%,

02/15/29

..........

65

65,858

Sensata

Technologies,

Inc.,

4.38%,

02/15/30

(b)

182

191,799

330,450

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP

(b)

:

6.88%,

04/01/27

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

59

62,614

6.25%,

04/01/28

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

387

403,993

ChampionX

Corp.,

6.38%,

05/01/26

......

38

39,801

Halliburton

Co.:

3.50%,

08/01/23

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

21

22,135

3.80%,

11/15/25

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

4

4,421

2.92%,

03/01/30

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

165

171,460

5.00%,

11/15/45

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

85

103,560

Schlumberger

Finance

Canada

Ltd.,

1.40%,

09/17/25

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

40

40,440

TechnipFMC

plc,

6.50%,

02/01/26

(b)

......

142

153,327

Tervita

Corp.,

11.00%,

12/01/25

(b)

.......

63

70,543

Transocean,

Inc.,

11.50%,

01/30/27

(b)

.....

19

20,305

USA

Compression

Partners

LP:

6.88%,

04/01/26

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

243

254,543

6.88%,

09/01/27

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

172

183,744

1,530,886

Entertainment

—

0.3%

Cinemark

USA,

Inc.

(b)

:

5.88%,

03/15/26

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

40

41,858

5.25%,

07/15/28

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

43

44,075

BlackRock

Managed

Income

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

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

USD

24

$

25,230

Live

Nation

Entertainment,

Inc.:

2.50%,

03/15/23

(e)

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

163

227,597

4.88%,

11/01/24

(b)

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

9

9,144

2.00%,

02/15/25

(e)

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

323

360,468

6.50%,

05/15/27

(b)

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

512

568,218

4.75%,

10/15/27

(b)

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

148

153,365

3.75%,

01/15/28

(b)

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

60

60,265

Netflix,

Inc.:

4.38%,

11/15/26

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

237

269,521

5.88%,

11/15/28

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

73

89,602

6.38%,

05/15/29

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

11

14,050

5.38%,

11/15/29

(b)

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

246

298,791

4.88%,

06/15/30

(b)

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

68

80,872

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

..

148

147,898

TWDC

Enterprises

18

Corp.,

4.13%,

06/01/44

55

66,293

Walt

Disney

Co.

(The):

4.63%,

03/23/40

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

92

117,130

3.50%,

05/13/40

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

201

224,095

WMG

Acquisition

Corp.,

3.88%,

07/15/30

(b)

.

4

4,040

2,802,512

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.4%

Alexandria

Real

Estate

Equities,

Inc.:

3.80%,

04/15/26

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

200

222,694

2.75%,

12/15/29

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

175

182,356

4.90%,

12/15/30

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

185

225,376

2.00%,

05/18/32

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

75

73,060

1.88%,

02/01/33

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

160

151,249

American

Tower

Corp.:

3.00%,

06/15/23

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

35

36,680

5.00%,

02/15/24

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

285

316,078

2.40%,

03/15/25

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

330

344,798

4.00%,

06/01/25

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

175

192,798

1.30%,

09/15/25

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

100

100,224

3.38%,

10/15/26

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

185

201,528

2.75%,

01/15/27

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

115

121,657

3.95%,

03/15/29

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

255

286,080

1.88%,

10/15/30

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

150

144,699

2.70%,

04/15/31

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

400

412,522

Boston

Properties

LP:

4.50%,

12/01/28

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

155

180,652

3.40%,

06/21/29

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

30

32,561

3.25%,

01/30/31

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

10

10,709

Brookfield

Property

REIT,

Inc.,

5.75%,

05/15/26

(b)

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

102

107,228

Camden

Property

Trust,

2.80%,

05/15/30

..

70

74,177

Crown

Castle

International

Corp.:

3.15%,

07/15/23

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

770

808,364

3.20%,

09/01/24

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

130

138,844

3.65%,

09/01/27

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

220

242,570

4.30%,

02/15/29

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

45

51,754

3.10%,

11/15/29

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

60

63,658

2.25%,

01/15/31

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

250

246,757

2.50%,

07/15/31

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

95

95,676

2.90%,

04/01/41

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

125

121,591

4.15%,

07/01/50

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

60

68,504

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

...

62

63,309

Diversified

Healthcare

Trust,

9.75%,

06/15/25

21

23,258

Duke

Realty

LP,

2.88%,

11/15/29

.......

50

52,596

Equinix,

Inc.:

1.25%,

07/15/25

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

335

335,803

2.90%,

11/18/26

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

75

80,226

1.55%,

03/15/28

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

150

147,286

3.00%,

07/15/50

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

25

24,004

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

2.95%,

09/15/51

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

USD

185

$

176,227

3.40%,

02/15/52

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

25

25,714

ERP

Operating

LP:

2.85%,

11/01/26

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

90

96,128

4.15%,

12/01/28

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

50

57,401

2.50%,

02/15/30

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

50

51,726

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

..

67

66,313

GLP

Capital

LP,

4.00%,

01/15/31

.......

36

38,789

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(b)

...

74

74,555

Healthpeak

Properties,

Inc.:

3.00%,

01/15/30

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

55

58,277

2.88%,

01/15/31

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

50

52,312

Iron

Mountain,

Inc.

(b)

:

5.25%,

03/15/28

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

17

17,791

5.25%,

07/15/30

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

50

52,929

5.63%,

07/15/32

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

212

226,908

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

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

56

60,646

4.63%,

06/15/25

(b)

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

90

96,153

4.50%,

09/01/26

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

353

376,828

4.50%,

01/15/28

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

135

142,762

3.88%,

02/15/29

(b)

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

97

98,510

Mid-America

Apartments

LP,

1.70%,

02/15/31

45

42,743

MPT

Operating

Partnership

LP:

5.00%,

10/15/27

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

22

23,322

4.63%,

08/01/29

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

290

310,434

3.50%,

03/15/31

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

272

274,717

Prologis

LP:

3.88%,

09/15/28

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

50

57,234

2.25%,

04/15/30

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

100

102,140

Realty

Income

Corp.,

3.00%,

01/15/27

....

125

135,040

Regency

Centers

LP,

4.13%,

03/15/28

....

70

78,656

RHP

Hotel

Properties

LP:

4.75%,

10/15/27

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

261

268,060

4.50%,

02/15/29

(b)

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

126

126,103

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

..

51

51,510

SBA

Communications

Corp.,

3.88%,

02/15/27

287

294,722

Service

Properties

Trust:

4.50%,

06/15/23

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

10

10,250

4.35%,

10/01/24

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

10

10,070

7.50%,

09/15/25

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

124

140,393

5.50%,

12/15/27

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

41

43,756

Simon

Property

Group

LP,

3.75%,

02/01/24

.

240

257,255

UDR,

Inc.,

2.10%,

08/01/32

...........

70

67,205

Uniti

Group

LP

(b)

:

7.88%,

02/15/25

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

28

29,995

4.75%,

04/15/28

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

121

120,698

6.50%,

02/15/29

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

268

268,670

Ventas

Realty

LP:

3.00%,

01/15/30

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

55

57,484

4.75%,

11/15/30

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

100

118,938

VEREIT

Operating

Partnership

LP:

3.95%,

08/15/27

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

155

174,592

2.20%,

06/15/28

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

110

111,610

2.85%,

12/15/32

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

95

99,239

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

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

21

21,415

4.25%,

12/01/26

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

127

132,108

3.75%,

02/15/27

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

93

94,592

4.63%,

12/01/29

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

208

221,000

4.13%,

08/15/30

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

303

311,126

Welltower,

Inc.,

2.05%,

01/15/29

........

140

140,193

XHR

LP,

4.88%,

06/01/29

(b)

...........

24

24,780

11,971,345

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Food

&

Staples

Retailing

—

0.3%

7-Eleven,

Inc.

(b)

:

(LIBOR

USD

3

Month

+

0.45%),

0.61%,

08/10/22

(a)

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

USD

310

$

310,139

0.80%,

02/10/24

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

225

224,443

0.95%,

02/10/26

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

375

368,255

Albertsons

Cos.,

Inc.

(b)

:

3.25%,

03/15/26

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

109

110,553

4.63%,

01/15/27

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

261

272,993

5.88%,

02/15/28

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

80

86,192

4.88%,

02/15/30

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

6

6,399

Ingles

Markets,

Inc.,

4.00%,

06/15/31

(b)

....

14

13,982

Kroger

Co.

(The):

4.45%,

02/01/47

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

65

77,377

5.40%,

01/15/49

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

50

68,200

3.95%,

01/15/50

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

30

34,138

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

29

31,209

US

Foods,

Inc.

(b)

:

6.25%,

04/15/25

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

29

30,740

4.75%,

02/15/29

.................

101

103,020

Walmart,

Inc.:

2.65%,

12/15/24

.................

117

124,640

3.55%,

06/26/25

.................

46

50,712

3.05%,

07/08/26

.................

100

109,487

3.70%,

06/26/28

.................

342

389,314

4.05%,

06/29/48

.................

235

295,160

2,706,953

Food

Products

—

0.4%

Chobani

LLC

(b)

:

7.50%,

04/15/25

.................

207

215,365

4.63%,

11/15/28

.................

78

80,827

General

Mills,

Inc.:

4.00%,

04/17/25

.................

95

105,263

2.88%,

04/15/30

.................

10

10,593

Hershey

Co.

(The),

0.90%,

06/01/25

.....

160

160,474

JBS

USA

LUX

SA

(b)

:

6.50%,

04/15/29

.................

166

186,544

3.75%,

12/01/31

.................

147

150,418

Kraft

Heinz

Foods

Co.:

3.00%,

06/01/26

.................

65

69,221

4.25%,

03/01/31

.................

408

463,483

6.88%,

01/26/39

.................

47

67,511

4.63%,

10/01/39

.................

16

18,635

6.50%,

02/09/40

.................

35

48,607

5.00%,

06/04/42

.................

24

29,306

5.20%,

07/15/45

.................

79

98,074

4.38%,

06/01/46

.................

159

180,179

4.88%,

10/01/49

.................

386

468,585

5.50%,

06/01/50

.................

591

766,972

McCormick

&

Co.,

Inc.,

0.90%,

02/15/26

...

95

93,397

Post

Holdings,

Inc.

(b)

:

5.63%,

01/15/28

.................

61

64,660

4.50%,

09/15/31

.................

98

97,838

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

..

98

98,852

TreeHouse

Foods,

Inc.,

4.00%,

09/01/28

..

38

37,715

Tyson

Foods,

Inc.,

3.90%,

09/28/23

......

40

42,953

3,555,472

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.,

2.63%,

09/15/29

....

40

41,751

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

.....................

130

124,631

Eastern

Gas

Transmission

&

Storage,

Inc.,

4.60%,

12/15/44

................

50

58,341

ONE

Gas,

Inc.,

1.10%,

03/11/24

........

310

310,214

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

Piedmont

Natural

Gas

Co.,

Inc.,

3.35%,

06/01/50

.....................

USD

50

$

51,488

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

....................

63

64,496

Superior

Plus

LP,

4.50%,

03/15/29

(b)

.....

17

17,510

668,431

Health

Care

Equipment

&

Supplies

—

0.4%

Abbott

Laboratories:

3.88%,

09/15/25

.................

140

156,202

3.75%,

11/30/26

.................

68

76,794

4.75%,

11/30/36

.................

105

135,205

4.90%,

11/30/46

.................

70

95,800

Avantor

Funding,

Inc.,

4.63%,

07/15/28

(b)

..

377

398,025

Becton

Dickinson

&

Co.,

4.67%,

06/06/47

..

50

62,290

Becton

Dickinson

and

Co.:

2.89%,

06/06/22

.................

891

910,599

3.73%,

12/15/24

.................

190

206,900

3.70%,

06/06/27

.................

559

621,150

3.79%,

05/20/50

.................

180

201,263

Hologic,

Inc.,

3.25%,

02/15/29

(b)

........

27

26,764

Medtronic,

Inc.:

4.38%,

03/15/35

.................

108

134,359

4.63%,

03/15/45

.................

25

32,795

Ortho-Clinical

Diagnostics,

Inc.

(b)

:

7.38%,

06/01/25

.................

83

89,121

7.25%,

02/01/28

.................

401

437,992

Teleflex,

Inc.,

4.63%,

11/15/27

.........

20

21,304

3,606,563

Health

Care

Providers

&

Services

—

1.9%

Acadia

Healthcare

Co.,

Inc.

(b)

:

5.50%,

07/01/28

.................

22

23,485

5.00%,

04/15/29

.................

54

56,318

AdaptHealth

LLC

(b)

:

6.13%,

08/01/28

.................

40

42,596

4.63%,

08/01/29

.................

33

33,412

Aetna,

Inc.:

2.75%,

11/15/22

.................

25

25,674

4.13%,

11/15/42

.................

50

57,231

3.88%,

08/15/47

.................

100

111,836

AHP

Health

Partners,

Inc.

(b)

:

9.75%,

07/15/26

.................

154

165,673

5.75%,

07/15/29

.................

104

105,430

Akumin,

Inc.,

7.00%,

11/01/25

(b)

........

37

38,413

Anthem,

Inc.:

2.38%,

01/15/25

.................

615

644,040

4.10%,

03/01/28

.................

120

137,149

2.25%,

05/15/30

.................

15

15,129

2.75%,

10/15/42

(e)

................

44

237,499

4.65%,

01/15/43

.................

55

68,524

3.70%,

09/15/49

.................

1

1,109

3.13%,

05/15/50

.................

126

127,923

Banner

Health,

Series

2020,

3.18%,

01/01/50

25

26,448

Centene

Corp.:

4.25%,

12/15/27

.................

248

261,330

2.45%,

07/15/28

.................

387

392,224

4.63%,

12/15/29

.................

473

520,191

3.38%,

02/15/30

.................

30

31,360

3.00%,

10/15/30

.................

227

233,193

2.50%,

03/01/31

.................

609

600,626

Cigna

Corp.:

4.13%,

11/15/25

.................

545

610,749

1.25%,

03/15/26

.................

300

300,878

4.80%,

08/15/38

.................

50

62,271

4.90%,

12/15/48

.................

120

154,541

BlackRock

Managed

Income

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

CommonSpirit

Health:

3.35%,

10/01/29

.................

USD

200

$

216,606

2.78%,

10/01/30

.................

40

41,508

3.91%,

10/01/50

.................

205

225,321

Community

Health

Systems,

Inc.

(b)

:

6.63%,

02/15/25

.................

875

925,304

8.00%,

03/15/26

.................

231

248,902

5.63%,

03/15/27

.................

111

118,492

6.00%,

01/15/29

.................

81

86,670

6.88%,

04/15/29

.................

61

63,835

6.13%,

04/01/30

.................

98

99,470

CVS

Health

Corp.:

3.88%,

07/20/25

.................

270

298,105

1.30%,

08/21/27

.................

225

220,704

4.30%,

03/25/28

.................

392

450,371

3.75%,

04/01/30

.................

250

279,768

1.88%,

02/28/31

.................

710

688,670

4.78%,

03/25/38

.................

60

73,815

5.13%,

07/20/45

.................

125

162,581

5.05%,

03/25/48

.................

345

448,112

DaVita,

Inc.,

4.63%,

06/01/30

(b)

........

44

45,242

Encompass

Health

Corp.:

4.50%,

02/01/28

.................

20

20,749

4.75%,

02/01/30

.................

145

154,063

4.63%,

04/01/31

.................

75

80,359

HCA,

Inc.:

5.38%,

02/01/25

.................

27

30,456

5.38%,

09/01/26

.................

185

212,889

5.63%,

09/01/28

.................

123

145,755

3.50%,

09/01/30

.................

484

515,639

5.50%,

06/15/47

.................

189

246,157

5.25%,

06/15/49

.................

215

274,059

3.50%,

07/15/51

.................

380

379,827

Indigo

Merger

Sub,

Inc.,

2.88%,

07/15/26

(b)

.

200

203,162

Legacy

LifePoint

Health

LLC

(b)

:

6.75%,

04/15/25

.................

40

42,626

4.38%,

02/15/27

.................

36

36,432

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

...

151

147,225

MEDNAX,

Inc.,

6.25%,

01/15/27

(b)

.......

76

80,465

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

......

23

24,610

Molina

Healthcare,

Inc.

(b)

:

4.38%,

06/15/28

.................

82

85,485

3.88%,

11/15/30

.................

99

103,084

Northwell

Healthcare,

Inc.,

4.26%,

11/01/47

.

19

22,403

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

....................

145

156,974

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

...............

33

35,516

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25

(b)

..

49

51,144

Surgery

Center

Holdings,

Inc.

(b)

:

6.75%,

07/01/25

.................

315

321,300

10.00%,

04/15/27

................

229

251,327

Sutter

Health:

Series

20A,

2.29%,

08/15/30

........

223

224,889

Series

20A,

3.36%,

08/15/50

........

68

72,165

Tenet

Healthcare

Corp.

(b)

:

4.63%,

09/01/24

.................

19

19,501

7.50%,

04/01/25

.................

32

34,564

4.88%,

01/01/26

.................

477

494,744

5.13%,

11/01/27

.................

319

334,551

4.63%,

06/15/28

.................

12

12,350

6.13%,

10/01/28

.................

126

134,271

4.25%,

06/01/29

.................

113

114,413

UnitedHealth

Group,

Inc.:

3.70%,

12/15/25

.................

140

156,067

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

3.10%,

03/15/26

.................

USD

10

$

10,906

2.30%,

05/15/31

.................

120

122,890

3.50%,

08/15/39

.................

105

117,347

2.75%,

05/15/40

.................

105

106,334

3.05%,

05/15/41

.................

50

52,367

4.38%,

03/15/42

.................

200

247,045

4.75%,

07/15/45

.................

105

137,544

4.25%,

06/15/48

.................

20

24,797

3.70%,

08/15/49

.................

50

57,241

3.25%,

05/15/51

.................

70

74,674

3.88%,

08/15/59

.................

26

30,836

US

Acute

Care

Solutions

LLC,

6.38%,

03/01/26

(b)

....................

12

12,400

Vizient,

Inc.,

6.25%,

05/15/27

(b)

........

114

120,555

16,112,885

Health

Care

Technology

—

0.0%

IQVIA,

Inc.,

5.00%,

05/15/27

(b)

.........

200

209,500

Hotels,

Restaurants

&

Leisure

—

1.2%

1011778

BC

ULC

(b)

:

5.75%,

04/15/25

.................

100

105,876

3.88%,

01/15/28

.................

159

160,987

4.38%,

01/15/28

.................

229

232,149

Affinity

Gaming,

6.88%,

12/15/27

(b)

......

51

54,124

Airbnb,

Inc.,

0.00%,

03/15/26

(b)(e)(f)

.......

213

200,752

Booking

Holdings,

Inc.,

0.75%,

05/01/25

(e)

..

257

363,398

Boyd

Gaming

Corp.:

8.63%,

06/01/25

(b)

................

99

109,135

4.75%,

12/01/27

.................

63

65,205

4.75%,

06/15/31

(b)

................

142

147,325

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.....

90

92,856

Caesars

Entertainment,

Inc.

(b)

:

6.25%,

07/01/25

.................

500

530,000

8.13%,

07/01/27

.................

575

639,515

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

....................

175

184,406

Carnival

Corp.

(b)

:

11.50%,

04/01/23

................

135

151,929

10.50%,

02/01/26

................

129

150,188

5.75%,

03/01/27

.................

490

513,275

9.88%,

08/01/27

.................

122

142,435

Carrols

Restaurant

Group,

Inc.,

5.88%,

07/01/29

(b)

....................

38

37,477

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

.....

54

56,700

Cedar

Fair

LP

(b)

:

5.50%,

05/01/25

.................

254

265,112

6.50%,

10/01/28

.................

18

19,395

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

.................

91

94,827

4.75%,

01/15/28

.................

96

99,332

Everi

Holdings,

Inc.,

5.00%,

07/15/29

(b)

....

20

20,000

Expedia

Group,

Inc.:

3.60%,

12/15/23

.................

65

69,079

4.50%,

08/15/24

.................

325

355,589

6.25%,

05/01/25

(b)

................

75

87,244

3.25%,

02/15/30

.................

205

214,132

2.95%,

03/15/31

.................

85

86,132

Full

House

Resorts,

Inc.,

8.25%,

02/15/28

(b)

.

22

23,980

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(b)

...

301

304,076

Hilton

Domestic

Operating

Co.,

Inc.:

5.38%,

05/01/25

(b)

................

54

56,835

5.75%,

05/01/28

(b)

................

51

55,186

4.88%,

01/15/30

.................

354

377,895

4.00%,

05/01/31

(b)

................

36

36,319

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

4.88%,

07/01/31

(b)

...............

USD

18

$

17,953

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

41

42,743

Life

Time,

Inc.

(b)

:

5.75%,

01/15/26

.................

108

111,915

8.00%,

04/15/26

.................

77

82,062

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

40

39,900

Marriott

International,

Inc.,

Series

N,

3.13%,

10/15/21

.....................

70

70,071

Marriott

Ownership

Resorts,

Inc.:

6.50%,

09/15/26

.................

8

8,310

4.50%,

06/15/29

(b)

................

57

57,784

McDonald's

Corp.:

1.45%,

09/01/25

.................

320

326,331

4.88%,

12/09/45

.................

55

70,849

3.63%,

09/01/49

.................

50

55,407

MGM

Resorts

International:

7.75%,

03/15/22

.................

87

90,932

6.00%,

03/15/23

.................

8

8,558

5.75%,

06/15/25

.................

29

31,980

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

....................

90

90,113

NCL

Corp.

Ltd.

(b)

:

10.25%,

02/01/26

................

31

36,037

5.88%,

03/15/26

.................

86

90,085

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

.....

121

126,802

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

....................

83

89,142

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(b)

48

47,940

Powdr

Corp.,

6.00%,

08/01/25

(b)

........

120

126,000

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

.

67

67,937

Royal

Caribbean

Cruises

Ltd.

(b)

:

10.88%,

06/01/23

................

35

39,856

9.13%,

06/15/23

.................

43

47,193

11.50%,

06/01/25

................

70

80,675

5.50%,

04/01/28

.................

220

230,406

Scientific

Games

International,

Inc.

(b)

:

8.63%,

07/01/25

.................

55

60,225

5.00%,

10/15/25

.................

136

140,420

8.25%,

03/15/26

.................

117

125,480

7.00%,

05/15/28

.................

97

105,944

7.25%,

11/15/29

.................

27

30,456

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%,

08/01/25

(b)

....................

51

54,698

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

425

458,023

Station

Casinos

LLC,

4.50%,

02/15/28

(b)

...

33

33,562

Travel

+

Leisure

Co.,

6.63%,

07/31/26

(b)

...

46

52,118

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

.....

33

35,323

Viking

Cruises

Ltd.,

7.00%,

02/15/29

(b)

....

15

15,606

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

....................

67

67,670

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

....................

49

50,872

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

..

89

95,595

Wynn

Resorts

Finance

LLC

(b)

:

7.75%,

04/15/25

.................

44

47,410

5.13%,

10/01/29

.................

384

405,600

Yum!

Brands,

Inc.:

4.75%,

01/15/30

(b)

................

2

2,165

5.35%,

11/01/43

.................

14

14,875

9,985,888

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.2%

Ashton

Woods

USA

LLC,

6.63%,

01/15/28

(b)

USD

11

$

11,715

Brookfield

Residential

Properties,

Inc.

(b)

:

5.00%,

06/15/29

.................

79

79,593

4.88%,

02/15/30

.................

70

69,321

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

72

77,175

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(b)

....................

21

22,103

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

....................

64

67,840

KB

Home,

4.00%,

06/15/31

...........

36

36,315

Lennar

Corp.,

4.50%,

04/30/24

........

100

109,375

LGI

Homes,

Inc.,

4.00%,

07/15/29

(b)

......

30

30,150

Mattamy

Group

Corp.

(b)

:

5.25%,

12/15/27

.................

48

50,160

4.63%,

03/01/30

.................

29

29,624

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

17

18,998

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(b)

22

23,313

Newell

Brands,

Inc.,

6.00%,

04/01/46

(i)

....

14

17,741

Panasonic

Corp.,

2.54%,

07/19/22

(b)

.....

200

203,954

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

153

161,759

Taylor

Morrison

Communities,

Inc.

(b)

:

5.88%,

06/15/27

.................

21

23,756

5.13%,

08/01/30

.................

11

11,923

Tempur

Sealy

International,

Inc.,

4.00%,

04/15/29

(b)

....................

94

95,170

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

...

20

22,252

TRI

Pointe

Homes,

Inc.:

5.25%,

06/01/27

.................

19

20,615

5.70%,

06/15/28

.................

14

15,435

WASH

Multifamily

Acquisition,

Inc.,

5.75%,

04/15/26

(b)

....................

74

77,263

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

....................

77

79,518

1,355,068

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.:

4.13%,

10/15/30

.................

60

61,275

4.13%,

04/30/31

(b)

................

74

74,832

Energizer

Holdings,

Inc.

(b)

:

4.75%,

06/15/28

.................

29

29,718

4.38%,

03/31/29

.................

6

6,006

Kronos

Acquisition

Holdings,

Inc.,

5.00%,

12/31/26

(b)

....................

64

64,960

Spectrum

Brands,

Inc.:

5.75%,

07/15/25

.................

6

6,149

5.00%,

10/01/29

(b)

................

58

61,480

5.50%,

07/15/30

(b)

................

42

45,255

3.88%,

03/15/31

(b)

................

34

33,409

383,084

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

(b)

AES

Corp.

(The):

1.38%,

01/15/26

.................

390

386,174

2.45%,

01/15/31

.................

205

202,829

Alexander

Funding

Trust,

1.84%,

11/15/23

.

200

203,653

Calpine

Corp.:

5.25%,

06/01/26

.................

21

21,604

4.50%,

02/15/28

.................

66

67,320

5.13%,

03/15/28

.................

506

514,855

4.63%,

02/01/29

.................

25

24,578

5.00%,

02/01/31

.................

52

51,740

3.75%,

03/01/31

.................

2

1,905

BlackRock

Managed

Income

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

.....................

USD

33

$

34,609

1,509,267

Industrial

Conglomerates

—

0.1%

General

Electric

Co.:

3.45%,

05/01/27

.................

55

60,460

6.75%,

03/15/32

.................

200

277,228

Roper

Technologies,

Inc.:

3.65%,

09/15/23

.................

165

176,222

1.00%,

09/15/25

.................

85

84,569

3.80%,

12/15/26

.................

50

55,863

1.75%,

02/15/31

.................

85

81,680

736,022

Insurance

—

0.6%

Alliant

Holdings

Intermediate

LLC

(b)

:

4.25%,

10/15/27

.................

419

425,281

6.75%,

10/15/27

.................

648

681,022

Allianz

SE,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.50%

(a)(b)(g)

...................

400

413,500

Allstate

Corp.

(The),

Series

B,

(LIBOR

USD

3

Month

+

2.94%),

5.75%,

08/15/53

(a)

....

250

272,188

American

International

Group,

Inc.:

4.50%,

07/16/44

.................

252

305,863

4.80%,

07/10/45

.................

58

72,483

4.75%,

04/01/48

.................

50

63,544

AmWINS

Group,

Inc.,

7.75%,

07/01/26

(b)

...

35

37,123

Aon

Corp.,

3.75%,

05/02/29

..........

100

112,526

Aon

plc,

4.45%,

05/24/43

............

140

166,032

AssuredPartners,

Inc.,

5.63%,

01/15/29

(b)

..

84

84,000

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

(b)

71

72,420

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

.

205

218,325

Hartford

Financial

Services

Group,

Inc.

(The),

4.40%,

03/15/48

................

20

24,587

HUB

International

Ltd.,

7.00%,

05/01/26

(b)

..

376

389,946

Marsh

&

McLennan

Cos.,

Inc.:

3.50%,

06/03/24

.................

100

107,460

3.50%,

03/10/25

.................

210

228,299

4.38%,

03/15/29

.................

75

87,912

2.25%,

11/15/30

.................

190

192,442

MetLife,

Inc.,

4.72%,

12/15/44

(i)

........

35

45,278

NFP

Corp.

(b)

:

4.88%,

08/15/28

.................

102

103,646

6.88%,

08/15/28

.................

470

494,774

Principal

Life

Global

Funding

II,

2.25%,

11/21/24

(b)

....................

110

114,600

Prudential

Financial,

Inc.:

3.94%,

12/07/49

.................

50

58,430

4.35%,

02/25/50

.................

95

119,096

3.70%,

03/13/51

.................

75

85,511

Teachers

Insurance

&

Annuity

Association

of

America

(b)

:

6.85%,

12/16/39

.................

7

10,615

4.27%,

05/15/47

.................

125

149,440

Travelers

Cos.,

Inc.

(The):

4.30%,

08/25/45

.................

35

43,699

2.55%,

04/27/50

.................

15

14,473

5,194,515

Interactive

Media

&

Services

—

0.1%

Alphabet,

Inc.:

1.90%,

08/15/40

.................

280

254,547

2.05%,

08/15/50

.................

50

44,121

Security

Par

(000)

Par

(000)

Value

Interactive

Media

&

Services

(continued)

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

(b)

....................

USD

134

$

137,350

Tencent

Holdings

Ltd.,

3.84%,

04/24/51

(b)

..

200

216,564

Twitter,

Inc.,

3.88%,

12/15/27

(b)

.........

97

103,063

Zillow

Group,

Inc.,

1.38%,

09/01/26

(e)

.....

21

59,335

814,980

Internet

&

Direct

Marketing

Retail

—

0.2%

Alibaba

Group

Holding

Ltd.,

3.15%,

02/09/51

300

293,022

Amazon.com,

Inc.:

3.15%,

08/22/27

.................

405

447,479

3.88%,

08/22/37

.................

119

141,902

4.05%,

08/22/47

.................

30

36,595

2.50%,

06/03/50

.................

110

103,939

3.10%,

05/12/51

.................

200

210,087

2.70%,

06/03/60

.................

60

57,468

3.25%,

05/12/61

.................

200

210,770

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

.....

83

82,481

eBay,

Inc.,

3.60%,

06/05/27

..........

100

111,081

Go

Daddy

Operating

Co.

LLC

(b)

:

5.25%,

12/01/27

.................

50

52,500

3.50%,

03/01/29

.................

43

42,721

Match

Group

Holdings

II

LLC

(b)

:

4.63%,

06/01/28

.................

227

236,050

4.13%,

08/01/30

.................

38

38,665

2,064,760

IT

Services

—

0.9%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

.

200

199,372

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(b)

55

56,900

Arches

Buyer,

Inc.

(b)

:

4.25%,

06/01/28

.................

35

34,606

6.13%,

12/01/28

.................

15

15,450

Austin

BidCo,

Inc.,

7.13%,

12/15/28

(b)

.....

23

23,568

Banff

Merger

Sub,

Inc.,

9.75%,

09/01/26

(b)

..

522

549,405

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(b)

120

119,395

Booz

Allen

Hamilton,

Inc.

(b)

:

3.88%,

09/01/28

.................

79

80,580

4.00%,

07/01/29

.................

154

157,465

Cablevision

Lightpath

LLC

(b)

:

3.88%,

09/15/27

.................

200

197,668

5.63%,

09/15/28

.................

200

203,700

Endure

Digital,

Inc.,

6.00%,

02/15/29

(b)

....

62

61,380

Fidelity

National

Information

Services,

Inc.:

1.15%,

03/01/26

.................

65

64,490

3.10%,

03/01/41

.................

80

81,949

Fiserv,

Inc.:

2.75%,

07/01/24

.................

855

902,012

3.85%,

06/01/25

.................

150

165,023

3.50%,

07/01/29

.................

100

110,034

4.40%,

07/01/49

.................

40

48,246

Gartner,

Inc.

(b)

:

4.50%,

07/01/28

.................

119

125,678

3.63%,

06/15/29

.................

77

78,155

3.75%,

10/01/30

.................

51

52,179

Global

Payments,

Inc.:

3.75%,

06/01/23

.................

35

36,829

2.65%,

02/15/25

.................

145

152,777

1.20%,

03/01/26

.................

365

361,514

4.80%,

04/01/26

.................

50

57,165

3.20%,

08/15/29

.................

252

269,731

4.15%,

08/15/49

.................

130

149,066

International

Business

Machines

Corp.:

3.00%,

05/15/24

.................

995

1,060,412

4.15%,

05/15/39

.................

200

237,672

4.00%,

06/20/42

.................

30

35,341

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

4.25%,

05/15/49

.................

USD

245

$

302,532

Mastercard,

Inc.:

1.90%,

03/15/31

.................

90

90,967

3.65%,

06/01/49

.................

5

5,824

3.85%,

03/26/50

.................

45

54,344

Northwest

Fiber

LLC

(b)

:

6.00%,

02/15/28

.................

87

87,191

10.75%,

06/01/28

................

22

24,750

PayPal

Holdings,

Inc.:

1.65%,

06/01/25

.................

390

400,257

2.85%,

10/01/29

.................

50

53,923

2.30%,

06/01/30

.................

200

206,981

3.25%,

06/01/50

.................

145

157,727

Shift4

Payments,

Inc.,

0.00%,

12/15/25

(b)(e)(f)

.

131

176,601

Square,

Inc.,

3.50%,

06/01/31

(b)

........

236

238,065

Tempo

Acquisition

LLC

(b)

:

5.75%,

06/01/25

.................

101

106,303

6.75%,

06/01/25

.................

258

262,355

Twilio,

Inc.,

3.88%,

03/15/31

..........

71

72,864

Unisys

Corp.,

6.88%,

11/01/27

(b)

........

34

37,157

Visa,

Inc.:

2.05%,

04/15/30

.................

30

30,825

3.65%,

09/15/47

.................

55

64,408

8,060,836

Leisure

Products

—

0.0%

Mattel,

Inc.:

6.75%,

12/31/25

(b)

................

32

33,622

5.88%,

12/15/27

(b)

................

68

74,120

3.75%,

04/01/29

(b)

................

36

37,440

6.20%,

10/01/40

.................

65

80,112

5.45%,

11/01/41

.................

27

31,118

256,412

Life

Sciences

Tools

&

Services

—

0.0%

(b)

Charles

River

Laboratories

International,

Inc.:

4.25%,

05/01/28

.................

46

47,553

3.75%,

03/15/29

.................

12

12,165

4.00%,

03/15/31

.................

34

35,371

Syneos

Health,

Inc.,

3.63%,

01/15/29

....

147

145,530

240,619

Machinery

—

0.3%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

.

22

23,182

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(b)

....................

34

34,807

Clark

Equipment

Co.,

5.88%,

06/01/25

(b)

...

60

63,337

Colfax

Corp.,

6.38%,

02/15/26

(b)

........

30

31,680

Deere

&

Co.,

3.75%,

04/15/50

.........

70

84,628

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

108

113,897

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

..

44

45,155

Grinding

Media,

Inc.,

7.38%,

12/15/23

(b)

...

174

177,922

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(h)

........

131

142,135

Meritor,

Inc.,

4.50%,

12/15/28

(b)

........

24

24,330

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

39

40,077

Navistar

International

Corp.,

6.63%,

11/01/25

(b)

91

94,015

Otis

Worldwide

Corp.:

2.57%,

02/15/30

.................

43

44,533

3.11%,

02/15/40

.................

61

63,047

RBS

Global,

Inc.,

4.88%,

12/15/25

(b)

.....

25

25,500

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

21

22,523

Terex

Corp.,

5.00%,

05/15/29

(b)

........

103

107,378

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

...

297

307,766

Titan

International,

Inc.,

7.00%,

04/30/28

(b)

.

42

43,943

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

400

421,500

Vertical

Holdco

GmbH,

7.63%,

07/15/28

(b)

..

200

217,038

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Wabash

National

Corp.,

5.50%,

10/01/25

(b)

.

USD

101

$

103,020

2,231,413

Media

—

2.1%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(b)

....................

47

49,467

Altice

Financing

SA

(b)

:

7.50%,

05/15/26

.................

400

416,520

5.00%,

01/15/28

.................

200

196,034

AMC

Networks,

Inc.:

4.75%,

08/01/25

.................

83

85,216

4.25%,

02/15/29

.................

41

41,359

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

39

39,780

Cable

One,

Inc.

(b)

:

1.13%,

03/15/28

(e)

................

387

393,586

4.00%,

11/15/30

.................

23

23,086

Charter

Communications

Operating

LLC:

Series

USD,

4.50%,

02/01/24

........

730

795,094

4.91%,

07/23/25

.................

1,000

1,132,911

5.05%,

03/30/29

.................

300

354,357

6.38%,

10/23/35

.................

99

132,330

6.48%,

10/23/45

.................

661

910,317

5.75%,

04/01/48

.................

75

95,455

5.13%,

07/01/49

.................

125

148,863

6.83%,

10/23/55

.................

12

17,664

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

....................

200

210,166

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

:

7.75%,

04/15/28

.................

168

175,983

7.50%,

06/01/29

.................

263

272,294

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

...............

838

859,134

Comcast

Corp.:

3.95%,

10/15/25

.................

530

593,855

3.15%,

02/15/28

.................

185

203,023

4.15%,

10/15/28

.................

75

86,817

2.65%,

02/01/30

.................

300

315,801

3.20%,

07/15/36

.................

200

214,576

4.60%,

10/15/38

.................

450

557,731

3.75%,

04/01/40

.................

500

563,640

4.65%,

07/15/42

.................

15

18,828

4.00%,

03/01/48

.................

92

107,720

4.70%,

10/15/48

.................

225

290,066

2.80%,

01/15/51

.................

20

19,243

4.05%,

11/01/52

.................

150

178,540

4.95%,

10/15/58

.................

70

96,797

CSC

Holdings

LLC:

5.25%,

06/01/24

.................

27

29,260

5.75%,

01/15/30

(b)

................

400

415,500

4.63%,

12/01/30

(b)

................

646

633,797

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(b)

95

61,512

DISH

DBS

Corp.:

5.88%,

07/15/22

.................

247

257,671

5.00%,

03/15/23

.................

167

174,787

7.75%,

07/01/26

.................

254

287,655

5.13%,

06/01/29

(b)

................

330

325,852

DISH

Network

Corp.

(e)

:

2.38%,

03/15/24

.................

65

63,009

3.38%,

08/15/26

.................

340

346,970

Fox

Corp.,

3.05%,

04/07/25

..........

125

133,845

GCI

LLC,

4.75%,

10/15/28

(b)

..........

29

29,681

Gray

Television,

Inc.,

7.00%,

05/15/27

(b)

...

27

29,194

iHeartCommunications,

Inc.,

8.38%,

05/01/27

12

12,855

Interpublic

Group

of

Cos.,

Inc.

(The):

3.38%,

03/01/41

.................

75

77,807

5.40%,

10/01/48

.................

15

20,054

BlackRock

Managed

Income

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Media

(continued)

LCPR

Senior

Secured

Financing

DAC

(b)

:

6.75%,

10/15/27

.................

USD

200

$

215,540

5.13%,

07/15/29

.................

200

206,750

Liberty

Broadband

Corp.

(b)(e)

:

1.25%,

09/30/50

.................

152

152,988

2.75%,

09/30/50

.................

265

278,229

Meredith

Corp.,

6.88%,

02/01/26

.......

9

9,360

Midcontinent

Communications,

5.38%,

08/15/27

(b)

....................

39

40,950

News

Corp.,

3.88%,

05/15/29

(b)

........

43

43,430

Omnicom

Group,

Inc.,

3.65%,

11/01/24

...

125

135,704

Outfront

Media

Capital

LLC

(b)

:

5.00%,

08/15/27

.................

84

86,973

4.25%,

01/15/29

.................

41

41,256

Radiate

Holdco

LLC

(b)

:

4.50%,

09/15/26

.................

330

341,550

6.50%,

09/15/28

.................

672

706,037

Scripps

Escrow

II,

Inc.

(b)

:

3.88%,

01/15/29

.................

4

3,968

5.38%,

01/15/31

.................

53

52,833

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

....................

127

124,778

Sirius

XM

Radio,

Inc.

(b)

:

4.63%,

07/15/24

.................

31

31,819

4.00%,

07/15/28

.................

205

211,150

5.50%,

07/01/29

.................

106

115,508

4.13%,

07/01/30

.................

139

140,234

Sky

Ltd.,

3.75%,

09/16/24

(b)

...........

200

218,593

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

...............

200

210,400

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(b)

371

401,144

Time

Warner

Cable

LLC:

4.00%,

09/01/21

.................

100

100,000

5.88%,

11/15/40

.................

70

90,549

4.50%,

09/15/42

.................

37

41,127

Univision

Communications,

Inc.

(b)

:

5.13%,

02/15/25

.................

58

59,171

6.63%,

06/01/27

.................

78

84,517

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

200

200,460

ViacomCBS,

Inc.:

3.88%,

04/01/24

.................

90

96,811

4.38%,

03/15/43

.................

150

173,558

5.85%,

09/01/43

.................

50

68,506

Videotron

Ltd.,

3.63%,

06/15/29

(b)

.......

137

139,700

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

...............

403

411,060

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(b)

....

200

204,698

Ziggo

BV,

5.50%,

01/15/27

(b)

..........

250

259,750

18,194,803

Metals

&

Mining

—

0.5%

Allegheny

Technologies,

Inc.,

7.88%,

08/15/23

(i)

36

39,465

Arconic

Corp.

(b)

:

6.00%,

05/15/25

.................

61

65,012

6.13%,

02/15/28

.................

236

253,162

Barrick

Gold

Corp.,

5.25%,

04/01/42

.....

100

131,007

BHP

Billiton

Finance

USA

Ltd.,

5.00%,

09/30/43

105

142,689

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

...

592

651,940

Constellium

SE

(b)

:

5.88%,

02/15/26

.................

250

257,425

3.75%,

04/15/29

.................

250

247,500

Freeport-McMoRan,

Inc.:

5.40%,

11/14/34

.................

13

15,701

5.45%,

03/15/43

.................

440

537,821

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

....................

104

115,440

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Kaiser

Aluminum

Corp.

(b)

:

4.63%,

03/01/28

.................

USD

24

$

24,795

4.50%,

06/01/31

.................

49

50,251

New

Gold,

Inc.

(b)

:

6.38%,

05/15/25

.................

8

8,260

7.50%,

07/15/27

.................

231

250,635

Newmont

Corp.:

2.80%,

10/01/29

.................

111

116,947

2.25%,

10/01/30

.................

50

49,863

4.88%,

03/15/42

.................

25

31,663

Novelis

Corp.

(b)

:

5.88%,

09/30/26

.................

62

64,496

4.75%,

01/30/30

.................

352

369,600

Nucor

Corp.,

2.00%,

06/01/25

.........

125

129,347

Southern

Copper

Corp.,

5.88%,

04/23/45

..

75

104,250

Steel

Dynamics,

Inc.:

2.40%,

06/15/25

.................

20

20,914

1.65%,

10/15/27

.................

115

114,614

3.25%,

10/15/50

.................

100

99,645

TMS

International

Corp.,

6.25%,

04/15/29

(b)

.

37

38,850

United

States

Steel

Corp.:

6.25%,

03/15/26

.................

5

5,154

6.88%,

03/01/29

.................

94

100,580

4,037,026

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Apollo

Commercial

Real

Estate

Finance,

Inc.,

4.63%,

06/15/29

................

66

65,083

Starwood

Property

Trust,

Inc.,

5.50%,

11/01/23

10

10,475

75,558

Multiline

Retail

—

0.0%

(b)

Macy's,

Inc.,

8.38%,

06/15/25

.........

157

172,888

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

...

137

146,248

319,136

Multi-Utilities

—

0.3%

Berkshire

Hathaway

Energy

Co.,

2.85%,

05/15/51

.....................

50

48,374

CenterPoint

Energy,

Inc.,

2.50%,

09/01/22

.

25

25,558

CMS

Energy

Corp.:

3.00%,

05/15/26

.................

125

133,669

3.45%,

08/15/27

.................

100

110,470

Consumers

Energy

Co.:

3.25%,

08/15/46

.................

50

53,593

3.10%,

08/15/50

.................

80

84,511

2.50%,

05/01/60

.................

105

94,637

Dominion

Energy,

Inc.:

2.72%,

08/15/21

(i)

................

200

200,572

3.07%,

08/15/24

(i)

................

35

37,102

3.90%,

10/01/25

.................

120

132,691

Series

A,

1.45%,

04/15/26

..........

150

151,059

Series

C,

3.38%,

04/01/30

..........

100

108,891

NiSource,

Inc.:

0.95%,

08/15/25

.................

140

138,836

3.60%,

05/01/30

.................

30

33,216

4.80%,

02/15/44

.................

107

131,368

4.38%,

05/15/47

.................

50

59,840

Puget

Sound

Energy,

Inc.,

4.22%,

06/15/48

.

25

30,709

Sempra

Energy:

3.25%,

06/15/27

.................

50

54,236

3.40%,

02/01/28

.................

440

483,480

3.80%,

02/01/38

.................

150

166,535

2,279,347

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

4.7%

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

...

USD

330

$

357,291

Antero

Midstream

Partners

LP

(b)

:

7.88%,

05/15/26

.................

149

166,524

5.75%,

03/01/27

.................

76

79,040

5.75%,

01/15/28

.................

19

19,993

5.38%,

06/15/29

.................

78

81,315

Antero

Resources

Corp.

(b)

:

7.63%,

02/01/29

.................

98

108,780

5.38%,

03/01/30

.................

69

70,423

Apache

Corp.:

4.88%,

11/15/27

.................

129

139,706

4.38%,

10/15/28

.................

15

15,967

4.25%,

01/15/30

.................

93

98,115

5.10%,

09/01/40

.................

141

147,697

5.25%,

02/01/42

.................

13

13,747

4.75%,

04/15/43

.................

25

25,993

4.25%,

01/15/44

.................

56

54,719

5.35%,

07/01/49

.................

16

16,840

Ascent

Resources

Utica

Holdings

LLC

(b)

:

9.00%,

11/01/27

.................

127

175,532

8.25%,

12/31/28

.................

36

39,600

5.88%,

06/30/29

.................

143

143,000

Baytex

Energy

Corp.,

8.75%,

04/01/27

(b)

...

13

13,097

BP

Capital

Markets

America,

Inc.:

3.79%,

02/06/24

.................

85

91,691

3.54%,

04/06/27

.................

175

193,102

3.59%,

04/14/27

.................

35

38,751

3.94%,

09/21/28

.................

50

56,997

4.23%,

11/06/28

.................

135

156,545

1.75%,

08/10/30

.................

235

229,296

3.06%,

06/17/41

.................

455

458,441

3.38%,

02/08/61

.................

25

25,133

BP

Capital

Markets

plc:

3.81%,

02/10/24

.................

70

75,716

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%

(a)(g)

....................

350

372,750

3.28%,

09/19/27

.................

16

17,522

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%),

4.88%

(a)(g)

....................

300

329,400

Buckeye

Partners

LP:

4.13%,

03/01/25

(b)

................

7

7,254

5.85%,

11/15/43

.................

34

33,745

5.60%,

10/15/44

.................

38

36,860

Callon

Petroleum

Co.:

6.25%,

04/15/23

.................

20

20,023

6.13%,

10/01/24

.................

48

47,318

9.00%,

04/01/25

(b)

................

328

357,520

8.00%,

08/01/28

(b)

................

211

213,374

Cameron

LNG

LLC,

3.30%,

01/15/35

(b)

....

140

150,330

Canadian

Natural

Resources

Ltd.,

2.95%,

01/15/23

.....................

65

67,329

Centennial

Resource

Production

LLC:

6.88%,

04/01/27

(b)

................

87

88,967

3.25%,

04/01/28

(e)

................

337

443,357

Cheniere

Corpus

Christi

Holdings

LLC:

5.88%,

03/31/25

.................

365

418,315

5.13%,

06/30/27

.................

150

174,418

Cheniere

Energy

Partners

LP:

4.50%,

10/01/29

.................

223

239,725

4.00%,

03/01/31

(b)

................

228

238,260

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

(b)

..

784

827,120

Chesapeake

Energy

Corp.

(b)

:

5.50%,

02/01/26

.................

7

7,385

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.88%,

02/01/29

.................

USD

23

$

24,896

Chevron

Corp.,

1.55%,

05/11/25

........

615

630,188

Chevron

USA,

Inc.:

5.25%,

11/15/43

.................

25

33,983

4.20%,

10/15/49

.................

140

172,424

Cimarex

Energy

Co.,

4.38%,

06/01/24

....

130

141,496

CITGO

Petroleum

Corp.

(b)

:

7.00%,

06/15/25

.................

63

65,650

6.38%,

06/15/26

.................

81

84,443

CNX

Resources

Corp.:

2.25%,

05/01/26

(e)

................

188

243,648

6.00%,

01/15/29

(b)

................

143

154,614

Colgate

Energy

Partners

III

LLC

(b)

:

7.75%,

02/15/26

.................

92

100,855

5.88%,

07/01/29

.................

112

116,200

Comstock

Resources,

Inc.

(b)

:

7.50%,

05/15/25

.................

48

49,800

6.75%,

03/01/29

.................

239

254,590

5.88%,

01/15/30

.................

101

103,020

ConocoPhillips

(b)

:

2.40%,

02/15/31

.................

30

30,706

4.85%,

08/15/48

.................

50

66,257

Continental

Resources,

Inc.:

4.50%,

04/15/23

.................

6

6,243

5.75%,

01/15/31

(b)

................

111

132,923

4.90%,

06/01/44

.................

13

14,723

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

......

250

260,497

Crestwood

Midstream

Partners

LP,

5.63%,

05/01/27

(b)

....................

20

20,525

CrownRock

LP,

5.63%,

10/15/25

(b)

......

314

324,990

DCP

Midstream

Operating

LP

(b)

:

6.45%,

11/03/36

.................

78

91,260

6.75%,

09/15/37

.................

69

82,972

Devon

Energy

Corp.:

5.25%,

10/15/27

(b)

................

300

323,365

4.75%,

05/15/42

.................

93

104,937

Diamondback

Energy,

Inc.:

0.90%,

03/24/23

.................

100

100,021

2.88%,

12/01/24

.................

780

823,836

4.75%,

05/31/25

.................

110

123,854

3.50%,

12/01/29

.................

475

508,510

3.13%,

03/24/31

.................

50

51,818

DT

Midstream,

Inc.

(b)

:

4.13%,

06/15/29

.................

163

165,499

4.38%,

06/15/31

.................

211

215,597

Enbridge

Energy

Partners

LP,

7.38%,

10/15/45

50

78,451

Enbridge,

Inc.:

2.90%,

07/15/22

.................

135

138,240

4.00%,

10/01/23

.................

200

213,460

2.50%,

01/15/25

.................

305

319,538

3.70%,

07/15/27

.................

50

55,147

Series

16-A,

(LIBOR

USD

3

Month

+

3.89%),

6.00%,

01/15/77

(a)

........

775

859,434

(LIBOR

USD

3

Month

+

3.64%),

6.25%,

03/01/78

(a)

...................

67

73,133

Endeavor

Energy

Resources

LP

(b)

:

5.50%,

01/30/26

.................

198

205,672

5.75%,

01/30/28

.................

11

11,729

Energy

Transfer

LP:

5.00%,

10/01/22

.................

55

57,335

3.60%,

02/01/23

.................

30

31,130

5.88%,

01/15/24

.................

585

648,241

4.90%,

02/01/24

.................

330

358,791

4.25%,

04/01/24

.................

450

485,267

BlackRock

Managed

Income

Fund

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(a)(g)

....................

USD

436

$

444,502

4.20%,

04/15/27

.................

200

220,883

4.00%,

10/01/27

.................

90

99,016

5.25%,

04/15/29

.................

50

59,059

6.50%,

02/01/42

.................

110

142,816

5.95%,

10/01/43

.................

60

74,854

5.35%,

05/15/45

.................

50

57,856

5.30%,

04/15/47

.................

40

46,800

5.40%,

10/01/47

.................

200

236,949

6.25%,

04/15/49

.................

445

583,950

EnLink

Midstream

LLC,

5.63%,

01/15/28

(b)

.

55

58,101

EnLink

Midstream

Partners

LP:

4.40%,

04/01/24

.................

78

81,900

4.15%,

06/01/25

.................

38

39,799

4.85%,

07/15/26

.................

79

81,765

5.60%,

04/01/44

.................

7

6,335

5.05%,

04/01/45

.................

4

3,440

Enterprise

Products

Operating

LLC:

3.90%,

02/15/24

.................

220

236,621

3.75%,

02/15/25

.................

300

327,231

3.13%,

07/31/29

.................

171

184,498

6.45%,

09/01/40

.................

106

151,509

4.45%,

02/15/43

.................

150

177,381

4.90%,

05/15/46

.................

40

49,390

4.25%,

02/15/48

.................

145

166,000

4.80%,

02/01/49

.................

25

30,768

4.20%,

01/31/50

.................

60

69,204

3.70%,

01/31/51

.................

75

80,432

3.95%,

01/31/60

.................

60

66,881

EOG

Resources,

Inc.:

4.38%,

04/15/30

.................

40

47,352

4.95%,

04/15/50

.................

20

26,615

EQM

Midstream

Partners

LP:

6.00%,

07/01/25

(b)

................

72

78,300

4.13%,

12/01/26

.................

12

12,285

6.50%,

07/01/27

(b)

................

143

159,445

4.50%,

01/15/29

(b)

................

153

155,659

4.75%,

01/15/31

(b)

................

270

278,219

EQT

Corp.:

1.75%,

05/01/26

(e)

................

147

244,843

3.13%,

05/15/26

(b)

................

67

68,656

3.90%,

10/01/27

.................

137

146,761

5.00%,

01/15/29

.................

14

15,610

8.50%,

02/01/30

(i)

................

41

53,419

3.63%,

05/15/31

(b)

................

19

19,807

Exxon

Mobil

Corp.:

2.99%,

03/19/25

.................

55

58,992

3.04%,

03/01/26

.................

10

10,857

Genesis

Energy

LP:

5.63%,

06/15/24

.................

14

14,035

8.00%,

01/15/27

.................

67

70,392

7.75%,

02/01/28

.................

18

18,602

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(b)

....................

26

25,870

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(b)

.

45

48,870

Hess

Corp.:

4.30%,

04/01/27

.................

300

333,889

5.60%,

02/15/41

.................

202

252,152

5.80%,

04/01/47

.................

112

145,939

Hess

Midstream

Operations

LP,

5.13%,

06/15/28

(b)

....................

16

16,780

Hilcorp

Energy

I

LP

(b)

:

5.75%,

02/01/29

.................

42

43,785

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.00%,

02/01/31

.................

USD

26

$

27,560

HollyFrontier

Corp.,

2.63%,

10/01/23

.....

155

160,267

Independence

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

....................

186

195,332

Indigo

Natural

Resources

LLC,

5.38%,

02/01/29

(b)

....................

168

175,560

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.....

130

132,438

Kinder

Morgan

Energy

Partners

LP:

3.50%,

09/01/23

.................

160

168,811

4.25%,

09/01/24

.................

360

395,847

6.95%,

01/15/38

.................

145

207,242

6.38%,

03/01/41

.................

97

134,078

5.50%,

03/01/44

.................

70

87,715

Kinder

Morgan,

Inc.:

3.15%,

01/15/23

.................

415

431,829

4.30%,

06/01/25

.................

215

239,381

5.55%,

06/01/45

.................

184

238,210

5.20%,

03/01/48

.................

62

77,992

3.60%,

02/15/51

.................

100

101,782

Marathon

Oil

Corp.:

4.40%,

07/15/27

.................

391

442,852

6.60%,

10/01/37

.................

5

6,648

5.20%,

06/01/45

.................

10

11,994

Marathon

Petroleum

Corp.:

4.50%,

05/01/23

.................

395

421,250

4.70%,

05/01/25

.................

35

39,472

4.75%,

09/15/44

.................

54

63,803

Matador

Resources

Co.,

5.88%,

09/15/26

..

391

402,730

MEG

Energy

Corp.

(b)

:

7.13%,

02/01/27

.................

15

15,980

5.88%,

02/01/29

.................

30

31,275

MPLX

LP:

3.50%,

12/01/22

.................

210

218,119

3.38%,

03/15/23

.................

50

52,275

1.75%,

03/01/26

.................

640

646,900

4.13%,

03/01/27

.................

190

212,305

4.00%,

03/15/28

.................

70

78,201

4.70%,

04/15/48

.................

20

23,234

Murphy

Oil

Corp.:

5.75%,

08/15/25

.................

24

24,630

6.37%,

12/01/42

(i)

................

5

4,952

New

Fortress

Energy,

Inc.

(b)

:

6.75%,

09/15/25

.................

619

633,701

6.50%,

09/30/26

.................

503

513,966

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

272

285,600

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

166

178,865

NuStar

Logistics

LP:

5.75%,

10/01/25

.................

42

45,675

6.00%,

06/01/26

.................

39

42,315

6.38%,

10/01/30

.................

6

6,629

Occidental

Petroleum

Corp.:

2.70%,

08/15/22

.................

55

56,100

2.70%,

02/15/23

.................

23

23,511

6.95%,

07/01/24

.................

21

23,656

2.90%,

08/15/24

.................

403

412,068

5.50%,

12/01/25

.................

32

35,361

5.55%,

03/15/26

.................

11

12,155

3.40%,

04/15/26

.................

22

22,495

3.20%,

08/15/26

.................

3

3,022

8.88%,

07/15/30

.................

2

2,675

6.13%,

01/01/31

.................

242

284,720

6.45%,

09/15/36

.................

25

29,890

4.30%,

08/15/39

.................

111

106,005

6.20%,

03/15/40

.................

299

338,085

4.50%,

07/15/44

.................

138

132,825

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.63%,

06/15/45

.................

USD

474

$

462,150

6.60%,

03/15/46

.................

9

10,698

4.40%,

04/15/46

.................

104

99,892

4.10%,

02/15/47

.................

18

16,760

4.20%,

03/15/48

.................

62

57,970

4.40%,

08/15/49

.................

30

28,800

Ovintiv

Exploration,

Inc.,

5.38%,

01/01/26

..

24

27,047

Ovintiv,

Inc.:

3.90%,

11/15/21

.................

225

225,538

7.38%,

11/01/31

.................

27

35,848

6.50%,

08/15/34

.................

19

25,082

Parkland

Corp.

(b)

:

5.88%,

07/15/27

.................

48

51,162

4.50%,

10/01/29

.................

35

35,566

PBF

Holding

Co.

LLC,

9.25%,

05/15/25

(b)

..

397

399,934

PDC

Energy,

Inc.:

1.13%,

09/15/21

(e)

................

54

53,529

6.13%,

09/15/24

.................

35

35,794

6.25%,

12/01/25

.................

5

5,175

Phillips

66,

0.90%,

02/15/24

..........

145

145,190

Pioneer

Natural

Resources

Co.:

0.55%,

05/15/23

.................

170

170,162

0.25%,

05/15/25

(e)

................

197

314,314

1.13%,

01/15/26

.................

265

262,394

4.45%,

01/15/26

.................

50

56,373

1.90%,

08/15/30

.................

65

62,624

2.15%,

01/15/31

.................

115

112,685

Plains

All

American

Pipeline

LP:

3.65%,

06/01/22

.................

200

204,129

4.30%,

01/31/43

.................

120

121,224

Range

Resources

Corp.:

4.88%,

05/15/25

.................

11

11,385

9.25%,

02/01/26

.................

21

23,152

8.25%,

01/15/29

(b)

................

83

93,583

Sabine

Pass

Liquefaction

LLC:

5.75%,

05/15/24

.................

620

695,755

5.63%,

03/01/25

.................

310

354,311

4.20%,

03/15/28

.................

95

107,286

SM

Energy

Co.:

10.00%,

01/15/25

(b)

...............

212

239,208

5.63%,

06/01/25

.................

5

4,950

6.75%,

09/15/26

.................

9

9,158

6.63%,

01/15/27

.................

13

13,357

6.50%,

07/15/28

.................

73

75,008

Southwestern

Energy

Co.:

6.45%,

01/23/25

(i)

................

26

28,782

7.50%,

04/01/26

.................

13

13,764

8.38%,

09/15/28

.................

37

41,810

Spectra

Energy

Partners

LP,

3.50%,

03/15/25

300

322,878

Sunoco

LP:

6.00%,

04/15/27

.................

11

11,503

5.88%,

03/15/28

.................

22

23,375

Tallgrass

Energy

Partners

LP

(b)

:

7.50%,

10/01/25

.................

76

83,220

6.00%,

12/31/30

.................

48

49,902

Targa

Resources

Partners

LP:

6.50%,

07/15/27

.................

45

48,767

6.88%,

01/15/29

.................

51

57,458

5.50%,

03/01/30

.................

207

227,630

4.88%,

02/01/31

(b)

................

39

42,218

4.00%,

01/15/32

(b)

................

2

2,057

Tennessee

Gas

Pipeline

Co.

LLC,

7.00%,

10/15/28

.....................

9

11,662

TerraForm

Power

Operating

LLC,

4.75%,

01/15/30

(b)

....................

35

35,846

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

TransCanada

PipeLines

Ltd.:

4.63%,

03/01/34

.................

USD

15

$

17,793

7.63%,

01/15/39

.................

20

30,973

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.00%,

03/15/28

................

140

158,400

Valero

Energy

Corp.:

2.70%,

04/15/23

.................

200

207,348

1.20%,

03/15/24

.................

820

827,094

4.00%,

04/01/29

.................

20

22,334

Vine

Energy

Holdings

LLC,

6.75%,

04/15/29

(b)

205

215,763

Viper

Energy

Partners

LP,

5.38%,

11/01/27

(b)

24

25,001

Western

Midstream

Operating

LP:

4.75%,

08/15/28

.................

8

8,640

5.45%,

04/01/44

.................

296

318,940

5.30%,

03/01/48

.................

73

77,745

5.50%,

08/15/48

.................

23

25,033

6.50%,

02/01/50

(i)

................

352

407,558

Williams

Cos.,

Inc.

(The):

3.35%,

08/15/22

.................

360

368,637

3.70%,

01/15/23

.................

225

234,301

4.50%,

11/15/23

.................

79

85,521

4.30%,

03/04/24

.................

125

135,776

4.55%,

06/24/24

.................

150

165,257

3.90%,

01/15/25

.................

100

109,351

3.75%,

06/15/27

.................

121

134,426

40,352,944

Paper

&

Forest

Products

—

0.0%

Georgia-Pacific

LLC

(b)

:

3.73%,

07/15/23

.................

25

26,425

1.75%,

09/30/25

.................

160

164,092

190,517

Personal

Products

—

0.0%

(b)

Coty,

Inc.,

5.00%,

04/15/26

...........

46

46,643

Edgewell

Personal

Care

Co.,

5.50%,

06/01/28

18

19,080

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

52

50,135

115,858

Pharmaceuticals

—

1.0%

Astrazeneca

Finance

LLC:

0.70%,

05/28/24

.................

600

598,834

2.25%,

05/28/31

.................

45

45,646

Bausch

Health

Americas,

Inc.,

9.25%,

04/01/26

(b)

....................

20

21,754

Bausch

Health

Cos.,

Inc.

(b)

:

9.00%,

12/15/25

.................

109

116,881

5.75%,

08/15/27

.................

57

60,498

5.00%,

01/30/28

.................

12

11,385

4.88%,

06/01/28

.................

276

282,486

5.00%,

02/15/29

.................

208

193,960

6.25%,

02/15/29

.................

222

219,569

7.25%,

05/30/29

.................

245

250,368

5.25%,

01/30/30

.................

189

175,770

Bayer

US

Finance

II

LLC

(b)

:

2.20%,

07/15/22

.................

30

30,432

4.25%,

12/15/25

.................

400

445,739

Bayer

US

Finance

LLC,

3.38%,

10/08/24

(b)

.

400

429,668

Bristol-Myers

Squibb

Co.:

2.90%,

07/26/24

.................

61

65,074

3.40%,

07/26/29

.................

30

33,621

Catalent

Pharma

Solutions,

Inc.

(b)

:

5.00%,

07/15/27

.................

101

105,541

3.13%,

02/15/29

.................

63

61,008

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(i)

8

9,362

Endo

DAC,

9.50%,

07/31/27

(b)

.........

265

270,300

BlackRock

Managed

Income

Fund

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Endo

Luxembourg

Finance

Co.

I

SARL,

6.13%,

04/01/29

(b)

....................

USD

231

$

226,380

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

...

203

210,470

Johnson

&

Johnson:

3.55%,

03/01/36

.................

65

75,652

3.63%,

03/03/37

.................

100

116,676

Merck

&

Co.,

Inc.,

3.40%,

03/07/29

......

50

56,034

Organon

&

Co.

(b)

:

4.13%,

04/30/28

.................

204

208,039

5.13%,

04/30/31

.................

200

206,040

P&L

Development

LLC,

7.75%,

11/15/25

(b)

..

79

82,950

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(b)

450

460,049

Pfizer,

Inc.:

2.55%,

05/28/40

.................

135

135,760

4.30%,

06/15/43

.................

70

87,908

2.70%,

05/28/50

.................

185

184,049

Shire

Acquisitions

Investments

Ireland

DAC,

2.88%,

09/23/23

................

1,665

1,742,388

Takeda

Pharmaceutical

Co.

Ltd.:

4.40%,

11/26/23

.................

425

461,361

3.18%,

07/09/50

.................

600

606,385

Wyeth

LLC,

5.95%,

04/01/37

..........

70

100,528

8,388,565

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

(b)

..

29

29,205

ASGN,

Inc.,

4.63%,

05/15/28

(b)

.........

18

18,855

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

......

160

158,600

Dun

&

Bradstreet

Corp.

(The)

(b)

:

6.88%,

08/15/26

.................

157

166,420

10.25%,

02/15/27

................

73

80,609

Jaguar

Holding

Co.

II

(b)

:

4.63%,

06/15/25

.................

8

8,400

5.00%,

06/15/28

.................

397

430,316

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

...............

23

24,121

Verisk

Analytics,

Inc.,

4.13%,

09/12/22

....

50

52,111

968,637

Real

Estate

Management

&

Development

—

0.1%

(b)

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

................

104

112,160

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

141

148,924

Forestar

Group,

Inc.,

3.85%,

05/15/26

....

36

36,326

Howard

Hughes

Corp.

(The):

5.38%,

08/01/28

.................

6

6,370

4.13%,

02/01/29

.................

130

130,002

4.38%,

02/01/31

.................

73

72,736

Realogy

Group

LLC:

7.63%,

06/15/25

.................

9

9,762

5.75%,

01/15/29

.................

97

101,403

617,683

Road

&

Rail

—

0.7%

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

(b)

37

38,526

Burlington

Northern

Santa

Fe

LLC:

5.75%,

05/01/40

.................

5

7,105

5.15%,

09/01/43

.................

125

171,372

4.90%,

04/01/44

.................

90

119,841

3.30%,

09/15/51

.................

75

81,903

Canadian

Pacific

Railway

Co.,

2.05%,

03/05/30

30

29,859

CSX

Corp.:

3.25%,

06/01/27

.................

60

65,809

3.80%,

03/01/28

.................

75

84,452

4.30%,

03/01/48

.................

80

97,082

2.50%,

05/15/51

.................

75

68,085

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

.

106

110,638

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

Norfolk

Southern

Corp.:

2.90%,

06/15/26

.................

USD

175

$

188,932

3.80%,

08/01/28

.................

160

180,644

2.55%,

11/01/29

.................

70

73,677

4.15%,

02/28/48

.................

30

35,249

3.05%,

05/15/50

.................

205

204,912

Penske

Truck

Leasing

Co.

LP

(b)

:

2.70%,

03/14/23

.................

265

273,571

3.90%,

02/01/24

.................

345

370,066

4.00%,

07/15/25

.................

820

903,064

1.20%,

11/15/25

.................

100

99,047

Ryder

System,

Inc.:

3.40%,

03/01/23

.................

100

104,505

3.88%,

12/01/23

.................

250

268,517

Uber

Technologies,

Inc.

(b)

:

7.50%,

05/15/25

.................

122

131,662

0.00%,

12/15/25

(e)(f)

...............

596

604,344

8.00%,

11/01/26

.................

148

159,470

7.50%,

09/15/27

.................

250

274,745

6.25%,

01/15/28

.................

140

150,670

Union

Pacific

Corp.:

3.25%,

08/15/25

.................

100

108,315

3.55%,

08/15/39

.................

215

238,709

4.30%,

03/01/49

.................

10

12,210

3.80%,

10/01/51

.................

130

148,664

3.95%,

08/15/59

.................

25

29,079

3.84%,

03/20/60

.................

263

299,424

3.84%,

03/20/60

(b)

................

100

113,850

5,847,998

Semiconductors

&

Semiconductor

Equipment

—

0.9%

Analog

Devices,

Inc.:

2.88%,

06/01/23

.................

200

207,980

3.13%,

12/05/23

.................

25

26,444

Applied

Materials,

Inc.,

3.30%,

04/01/27

...

280

309,461

Broadcom

Corp.,

3.88%,

01/15/27

......

375

414,367

Broadcom,

Inc.:

4.70%,

04/15/25

.................

580

653,408

3.15%,

11/15/25

.................

65

69,666

4.75%,

04/15/29

.................

450

523,466

3.42%,

04/15/33

(b)

................

630

661,603

3.47%,

04/15/34

(b)

................

195

206,262

Entegris,

Inc.

(b)

:

4.38%,

04/15/28

.................

55

57,406

3.63%,

05/01/29

.................

37

37,463

Intel

Corp.:

2.45%,

11/15/29

.................

84

88,407

4.75%,

03/25/50

.................

105

139,484

3.10%,

02/15/60

.................

20

20,434

KLA

Corp.:

4.65%,

11/01/24

.................

144

160,750

4.10%,

03/15/29

.................

185

213,565

3.30%,

03/01/50

.................

268

283,579

Lam

Research

Corp.:

3.80%,

03/15/25

.................

270

297,373

3.75%,

03/15/26

.................

110

123,177

1.90%,

06/15/30

.................

15

15,066

4.88%,

03/15/49

.................

20

26,971

2.88%,

06/15/50

.................

25

25,160

Microchip

Technology,

Inc.:

0.13%,

11/15/24

(e)

................

97

109,125

1.63%,

02/15/25

(e)

................

15

49,453

4.25%,

09/01/25

.................

126

132,283

1.63%,

02/15/27

(e)

................

36

80,122

NVIDIA

Corp.,

3.50%,

04/01/40

........

152

172,409

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

NXP

BV

(b)

:

4.88%,

03/01/24

.................

USD

335

$

369,086

2.70%,

05/01/25

.................

235

247,162

5.35%,

03/01/26

.................

100

116,379

3.15%,

05/01/27

.................

100

107,214

5.55%,

12/01/28

.................

120

146,910

4.30%,

06/18/29

.................

76

86,909

2.50%,

05/11/31

.................

560

565,539

ON

Semiconductor

Corp.:

1.63%,

10/15/23

(e)

................

133

252,791

3.88%,

09/01/28

(b)

................

70

72,110

QUALCOMM,

Inc.:

4.80%,

05/20/45

.................

50

66,461

4.30%,

05/20/47

.................

79

99,742

3.25%,

05/20/50

.................

50

53,993

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

.......

66

66,330

7,355,510

Software

—

1.0%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(b)

...

128

134,240

Ascend

Learning

LLC:

6.88%,

08/01/25

(b)

................

185

187,997

Autodesk,

Inc.:

3.60%,

12/15/22

.................

50

51,785

3.50%,

06/15/27

.................

75

82,649

Boxer

Parent

Co.,

Inc.

(b)

:

7.13%,

10/02/25

.................

97

103,790

9.13%,

03/01/26

.................

268

282,879

BY

Crown

Parent

LLC

(b)

:

7.38%,

10/15/24

.................

14

14,252

4.25%,

01/31/26

.................

220

230,450

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

...

158

165,307

Castle

US

Holding

Corp.,

9.50%,

02/15/28

(b)

64

66,720

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(b)

....................

535

543,694

Clarivate

Science

Holdings

Corp.

(b)

:

3.88%,

06/30/28

.................

141

142,284

4.88%,

06/30/29

.................

195

200,119

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

107

107,102

Elastic

NV,

4.13%,

07/15/29

(b)

.........

113

113,848

Microsoft

Corp.:

3.45%,

08/08/36

.................

129

149,137

4.25%,

02/06/47

.................

50

64,921

2.53%,

06/01/50

.................

151

148,355

2.92%,

03/17/52

.................

561

595,416

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

....

121

121,000

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(b)

77

78,525

Oracle

Corp.:

2.50%,

04/01/25

.................

230

241,601

1.65%,

03/25/26

.................

755

765,315

2.95%,

04/01/30

.................

250

263,354

3.90%,

05/15/35

.................

25

27,840

3.85%,

07/15/36

.................

5

5,497

3.60%,

04/01/40

.................

300

316,427

3.65%,

03/25/41

.................

136

144,208

4.13%,

05/15/45

.................

100

111,426

4.00%,

07/15/46

.................

164

177,837

4.00%,

11/15/47

.................

285

310,898

3.60%,

04/01/50

.................

550

564,769

3.95%,

03/25/51

.................

166

181,187

3.85%,

04/01/60

.................

80

84,938

PTC,

Inc.,

4.00%,

02/15/28

(b)

..........

95

98,135

Rocket

Software,

Inc.,

6.50%,

02/15/29

(b)

..

143

141,896

salesforce.com,

Inc.:

0.63%,

07/15/24

.................

115

115,047

2.70%,

07/15/41

.................

95

95,393

Security

Par

(000)

Par

(000)

Value

Software

(continued)

2.90%,

07/15/51

.................

USD

105

$

106,023

3.05%,

07/15/61

.................

55

55,727

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

457

484,283

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

......

563

586,224

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

87

86,456

8,548,951

Specialty

Retail

—

0.5%

Ambience

Merger

Sub,

Inc.,

7.13%,

07/15/29

(b)

30

30,300

Asbury

Automotive

Group,

Inc.:

4.50%,

03/01/28

.................

23

23,632

4.75%,

03/01/30

.................

31

32,395

BCPE

Ulysses

Intermediate,

Inc.,

7.75%,

(7.75%

Cash

or

8.50%

PIK),

04/01/27

(b)(h)

.

46

47,150

Carvana

Co.,

5.50%,

04/15/27

(b)

........

100

103,273

eG

Global

Finance

plc

(b)

:

6.75%,

02/07/25

.................

400

413,586

8.50%,

10/30/25

.................

17

17,905

Gap,

Inc.

(The),

8.88%,

05/15/27

(b)

......

34

39,345

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

28

28,490

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

..

90

90,337

Home

Depot,

Inc.

(The):

0.90%,

03/15/28

.................

150

146,242

2.70%,

04/15/30

.................

100

106,918

4.25%,

04/01/46

.................

40

49,725

3.90%,

06/15/47

.................

75

89,023

4.50%,

12/06/48

.................

120

156,559

3.35%,

04/15/50

.................

150

165,832

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

39

39,780

L

Brands,

Inc.:

6.63%,

10/01/30

(b)

................

46

53,245

6.88%,

11/01/35

.................

82

103,832

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

...

163

164,255

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

....................

83

85,075

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(b)

.....

50

51,828

Lowe's

Cos.,

Inc.:

3.13%,

09/15/24

.................

70

74,977

3.70%,

04/15/46

.................

237

260,396

4.55%,

04/05/49

.................

70

87,231

5.13%,

04/15/50

.................

25

33,550

3.00%,

10/15/50

.................

160

157,748

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

34

35,775

National

Vision

Holdings,

Inc.,

2.50%,

05/15/25

(e)

....................

92

161,978

Penske

Automotive

Group,

Inc.:

3.50%,

09/01/25

.................

14

14,501

3.75%,

06/15/29

.................

26

26,162

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

.......

503

554,558

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

...............

100

104,722

SRS

Distribution,

Inc.

(b)

:

4.63%,

07/01/28

.................

164

167,690

6.13%,

07/01/29

.................

131

134,813

Staples,

Inc.

(b)

:

7.50%,

04/15/26

.................

374

387,365

10.75%,

04/15/27

................

67

68,115

Victoria's

Secret

&

Co.,

4.63%,

07/15/29

(b)

..

60

60,000

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

..

212

226,893

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(h)

...........

73

75,530

4,670,731

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Apple,

Inc.:

1.20%,

02/08/28

.................

130

128,141

BlackRock

Managed

Income

Fund

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

2.20%,

09/11/29

.................

USD

60

$

62,378

4.50%,

02/23/36

.................

75

94,571

4.38%,

05/13/45

.................

20

25,499

4.65%,

02/23/46

.................

325

431,251

3.85%,

08/04/46

.................

230

273,663

3.75%,

09/12/47

.................

130

153,278

2.65%,

05/11/50

.................

120

117,820

2.65%,

02/08/51

.................

135

131,973

Dell

International

LLC:

6.02%,

06/15/26

.................

167

200,488

8.35%,

07/15/46

.................

150

245,340

Diebold

Nixdorf,

Inc.,

9.38%,

07/15/25

(b)

...

34

37,698

HP,

Inc.,

1.45%,

06/17/26

(b)

...........

555

550,883

NCR

Corp.

(b)

:

5.00%,

10/01/28

.................

35

36,192

5.13%,

04/15/29

.................

64

66,000

6.13%,

09/01/29

.................

173

188,570

5.25%,

10/01/30

.................

36

37,350

2,781,095

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Crocs,

Inc.,

4.25%,

03/15/29

(b)

.........

54

55,080

Hanesbrands,

Inc.,

5.38%,

05/15/25

(b)

....

6

6,352

Levi

Strauss

&

Co.:

5.00%,

05/01/25

.................

8

8,160

3.50%,

03/01/31

(b)

................

38

37,780

William

Carter

Co.

(The),

5.50%,

05/15/25

(b)

.

9

9,522

116,894

Thrifts

&

Mortgage

Finance

—

0.2%

BPCE

SA,

2.38%,

01/14/25

(b)

..........

500

520,619

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

...

318

350,500

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

.

97

90,452

Ladder

Capital

Finance

Holdings

LLLP

(b)

:

4.25%,

02/01/27

.................

67

66,905

4.75%,

06/15/29

.................

52

52,000

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

52

55,120

Nationstar

Mortgage

Holdings,

Inc.

(b)

:

6.00%,

01/15/27

.................

75

77,721

5.50%,

08/15/28

.................

80

80,650

5.13%,

12/15/30

.................

44

43,780

United

Wholesale

Mortgage

LLC,

5.50%,

04/15/29

(b)

....................

34

33,992

1,371,739

Tobacco

—

0.4%

Altria

Group,

Inc.:

2.35%,

05/06/25

.................

215

224,777

4.80%,

02/14/29

.................

130

150,720

2.45%,

02/04/32

.................

75

72,531

5.38%,

01/31/44

.................

130

154,385

5.95%,

02/14/49

.................

455

581,820

4.00%,

02/04/61

.................

30

28,782

BAT

Capital

Corp.:

2.79%,

09/06/24

.................

510

535,737

4.70%,

04/02/27

.................

155

175,150

3.56%,

08/15/27

.................

257

275,209

2.26%,

03/25/28

.................

300

297,750

4.39%,

08/15/37

.................

75

80,871

3.73%,

09/25/40

.................

195

190,537

4.76%,

09/06/49

.................

90

97,521

Philip

Morris

International,

Inc.,

1.50%,

05/01/25

.....................

250

254,854

Reynolds

American,

Inc.:

4.45%,

06/12/25

.................

250

276,944

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

7.00%,

08/04/41

.................

USD

98

$

128,754

3,526,342

Trading

Companies

&

Distributors

—

0.4%

Air

Lease

Corp.:

3.75%,

02/01/22

.................

100

101,352

2.75%,

01/15/23

.................

80

82,538

3.88%,

07/03/23

.................

300

318,238

4.25%,

02/01/24

.................

350

379,509

0.70%,

02/15/24

.................

131

130,533

3.38%,

07/01/25

.................

195

209,456

2.88%,

01/15/26

.................

100

105,063

1.88%,

08/15/26

.................

705

705,545

3.00%,

02/01/30

.................

120

121,719

Aviation

Capital

Group

LLC

(b)

:

2.88%,

01/20/22

.................

100

101,016

3.88%,

05/01/23

.................

110

115,249

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(b)

38

37,903

Brightstar

Escrow

Corp.,

9.75%,

10/15/25

(b)

.

27

29,059

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

:

6.50%,

10/01/25

.................

24

24,930

9.75%,

08/01/27

.................

14

16,187

5.50%,

05/01/28

.................

107

111,414

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

....................

66

65,340

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

....................

29

28,536

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

....

116

122,290

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

....

170

174,887

WESCO

Distribution,

Inc.

(b)

:

7.13%,

06/15/25

.................

160

172,912

7.25%,

06/15/28

.................

213

237,250

3,390,926

Water

Utilities

—

0.0%

Solaris

Midstream

Holdings

LLC,

7.63%,

04/01/26

(b)

....................

37

39,220

Wireless

Telecommunication

Services

—

0.7%

America

Movil

SAB

de

CV,

4.38%,

04/22/49

400

490,575

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

...

1,050

1,110,375

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

.....................

59

66,091

Ligado

Networks

LLC,

0.00%,

(0.00%

Cash

or

15.50%

PIK),

11/01/23

(a)(b)(h)

.........

113

108,865

Rogers

Communications,

Inc.,

3.70%,

11/15/49

30

31,936

Sprint

Corp.:

7.88%,

09/15/23

.................

23

26,130

7.13%,

06/15/24

.................

26

29,997

7.63%,

03/01/26

.................

58

70,760

T-Mobile

USA,

Inc.:

3.50%,

04/15/25

.................

40

43,354

4.50%,

02/01/26

.................

30

30,574

1.50%,

02/15/26

.................

616

620,706

2.25%,

02/15/26

(b)

................

320

322,400

2.25%,

02/15/26

.................

265

266,987

4.75%,

02/01/28

.................

12

12,855

2.63%,

02/15/29

.................

29

28,638

2.88%,

02/15/31

.................

165

163,763

3.50%,

04/15/31

(b)

................

137

141,733

3.50%,

04/15/31

.................

162

167,597

4.38%,

04/15/40

.................

215

252,044

3.00%,

02/15/41

.................

40

39,507

4.50%,

04/15/50

.................

120

142,888

3.30%,

02/15/51

.................

85

84,860

Vmed

O2

UK

Financing

I

plc,

4.75%,

07/15/31

(b)

200

203,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

Vodafone

Group

plc:

6.15%,

02/27/37

.................

USD

125

$

172,970

5.25%,

05/30/48

.................

166

218,732

4.88%,

06/19/49

.................

50

63,063

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

(a)

...................

515

624,041

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

(a)

..............

265

266,537

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.07%),

5.12%,

06/04/81

(a)

..............

240

242,400

6,043,378

Total

Corporate

Bonds

—

44.6%

(Cost:

$368,959,407)

.............................

379,987,894

Equity-Linked

Notes

—

7.8%

Aerospace

&

Defense

—

0.0%

Citigroup

Global

Markets

Holdings,

Inc.

(L3Harris

Technologies,

Inc.),

5.76%, 07/30/21

(b)

................

1

131,987

Air

Freight

&

Logistics

—

0.0%

Societe

Generale

SA

(United

Parcel

Service,

Inc.),

9.57%, 07/28/21

.............

1

276,180

Automobiles

—

0.0%

Credit

Suisse

AG

(Ford

Motor

Co.),

14.85%, 07/29/21

................

11

163,535

Societe

Generale

SA

(General

Motors

Co.),

13.72%, 08/05/21

................

3

168,733

332,268

Banks

—

0.4%

BNP

Paribas

SA

(Citigroup,

Inc.),

12.09%, 07/15/21

................

5

375,827

BNP

Paribas

SA

(Truist

Financial

Corp.):

9.30%,

07/15/21

(b)

................

2

113,456

10.51%,

07/15/21

................

2

125,045

Citigroup

Global

Markets

Holdings,

Inc.

(Citizens

Financial

Group,

Inc.),

13.06%, 07/16/21

(b)

...............

3

131,536

Credit

Suisse

AG

(JPMorgan

Chase

&

Co.):

13.26%,

07/14/21

................

4

695,506

14.10%,

07/14/21

................

2

349,632

10.85%,

08/02/21

................

2

314,320

Credit

Suisse

AG

(US

BanCorp.),

15.65%, 07/15/21

................

2

136,834

Royal

Bank

of

Canada

(Bank

of

America

Corp.):

10.90%,

07/15/21

................

16

668,100

12.91%,

07/15/21

(b)

...............

6

251,118

Royal

Bank

of

Canada

(KeyCorp.),

15.44%, 07/21/21

(b)

...............

4

84,465

Toronto-Dominion

Bank

(The)

(Wells

Fargo

&

Co.),

13.14%, 07/15/21

.............

4

180,138

3,425,977

Beverages

—

0.0%

Royal

Bank

of

Canada

(Coca-Cola

Co.

(The)),

9.09%, 07/21/21

(b)

................

5

290,858

Biotechnology

—

0.0%

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

16.22%, 07/30/21

(b)

...........

3

295,727

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.1%

Barclays

Bank

plc

(Masco

Corp.),

10.83%, 07/30/21

................

USD

3

$

160,312

BNP

Paribas

SA

(Allegion

plc),

9.65%, 07/23/21

1

111,445

BNP

Paribas

SA

(Fortune

Brands

Home

&

Security,

Inc.),

11.47%, 07/29/21

......

1

108,692

Credit

Suisse

AG

(Carrier

Global

Corp.):

11.85%,

07/02/21

................

10

457,546

14.23%,

08/02/21

................

4

191,225

Toronto-Dominion

Bank

(The)

(Johnson

Controls

International

plc),

10.16%, 08/02/21

2

153,004

1,182,224

Capital

Markets

—

0.3%

BNP

Paribas

SA

(Charles

SchwabCorp.

(The)),

10.39%, 07/16/21

................

2

136,024

Citigroup

Global

Markets

Holdings,

Inc.

(Raymond

James

Financial,

Inc.),

12.47%, 07/28/21

(b)

...............

1

91,071

Credit

Suisse

AG

(T

Rowe

Price

Group,

Inc.),

11.60%, 07/29/21

................

1

152,486

Goldman

Sachs

International

(Berkshire

Hathaway,

Inc.),

5.96%, 08/02/21

......

2

636,533

JPMorgan

Structured

Products

BV

(Morgan

Stanley),

10.72%, 07/16/21

(b)

.........

8

686,961

Royal

Bank

of

Canada

(Ameriprise

Financial,

Inc.),

11.21%, 07/29/21

(b)

............

1

135,061

Royal

Bank

of

Canada

(S&P

Global,

Inc.),

7.49%, 07/28/21

(b)

................

1

228,391

Toronto-Dominion

Bank

(The)

(Goldman

Sachs

Group,

Inc.

(The)),

11.14%, 07/15/21

...

1

333,219

UBS

AG

(UBS

Group

AG),

9.70%, 07/16/21

.

1

121,963

2,521,709

Chemicals

—

0.1%

Bank

of

Montreal

(Mosaic

Co.

(The)),

18.28%, 08/03/21

................

3

105,576

BNP

Paribas

SA

(Sherwin-Williams

Co.

(The)):

9.70%,

07/28/21

.................

—

(j)

69,485

6.91%,

06/14/22

.................

1

180,154

Credit

Suisse

AG

(Corteva,

Inc.),

14.30%, 08/05/21

................

2

107,532

JPMorgan

Structured

Products

BV

(Dow,

Inc.),

13.06%, 07/23/21

(b)

...............

2

144,079

JPMorgan

Structured

Products

BV

(DuPont

de

Nemours,

Inc.),

10.99%, 07/30/21

(b)

....

2

135,230

Royal

Bank

of

Canada

(Linde

plc),

8.55%, 07/30/21

(b)

................

1

252,110

Royal

Bank

of

Canada

(LyondellBasell

Industries

NV),

14.53%, 07/30/21

(b)

.....

1

149,637

1,143,803

Commercial

Services

&

Supplies

—

0.1%

Barclays

Bank

plc

(Copart,

Inc.),

9.84%, 07/19/21

.................

2

237,844

Credit

Suisse

AG

(Waste

Management,

Inc.),

4.10%, 07/30/21

.................

1

135,819

Royal

Bank

of

Canada

(Republic

Services,

Inc.),

7.25%, 07/30/21

(b)

............

1

116,085

489,748

Communications

Equipment

—

0.0%

BNP

Paribas

SA

(Cisco

Systems,

Inc.),

9.51%, 08/18/21

(b)

................

5

269,686

Construction

&

Engineering

—

0.0%

JPMorgan

Structured

Products

BV

(Quanta

Services,

Inc.),

14.48%, 08/06/21

(b)

.....

2

173,108

BlackRock

Managed

Income

Fund

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Construction

Materials

—

0.0%

(b)

JPMorgan

Structured

Products

BV

(Martin

Marietta

Materials,

Inc.),

12.21%, 07/28/21

USD

—

(j)

$

139,588

Royal

Bank

of

Canada

(Vulcan

Materials

Co.),

14.43%, 08/04/21

................

1

101,423

241,011

Consumer

Finance

—

0.1%

BNP

Paribas

SA

(Ally

Financial,

Inc.):

7.13%,

07/16/21

.................

3

171,042

10.86%,

07/16/21

................

3

134,230

13.35%,

07/16/21

................

2

101,178

BNP

Paribas

SA

(American

Express

Co.),

12.52%, 07/23/21

................

1

186,827

Canadian

Imperial

Bank

of

Commerce

(Synchrony

Financial),

16.23%, 07/22/21

.

3

147,896

Merrill

Lynch

International

&

Co.

(Capital

One

Financial

Corp.),

11.48%, 07/21/21

.....

1

179,949

921,122

Containers

&

Packaging

—

0.1%

BNP

Paribas

SA

(Crown

Holdings,

Inc.),

11.87%, 07/21/21

................

1

75,404

Merrill

Lynch

International

&

Co.

(International

Paper,

Co.):

10.67%,

07/02/21

................

4

272,859

12.34%,

07/30/21

................

2

152,539

500,802

Distributors

—

0.0%

(b)

BNP

Paribas

SA

(Pool

Corp.),

7.92%, 07/22/21

—

(j)

118,014

Royal

Bank

of

Canada

(Genuine

Parts

Co.),

7.22%, 07/30/21

.................

1

103,086

221,100

Diversified

Telecommunication

Services

—

0.1%

Merrill

Lynch

International

&

Co.

(Verizon

Communications,

Inc.),

7.20%, 07/22/21

.

6

334,457

Royal

Bank

of

Canada

(AT&T,

Inc.),

11.93%, 07/23/21

(b)

...............

10

285,096

619,553

Electric

Utilities

—

0.2%

BNP

Paribas

SA

(American

Electric

Power

Co,

Inc.),

6.63%, 08/04/21

.............

3

262,230

BNP

Paribas

SA

(Duke

Energy

Corp.),

6.72%, 08/09/21

.................

3

260,894

BNP

Paribas

SA

(Southern

Co.

(The)),

8.50%, 07/28/21

.................

4

253,167

Societe

Generale

SA

(NextEra

Energy,

Inc.):

8.50%,

07/21/21

.................

4

267,421

10.22%,

07/23/21

................

4

331,514

1,375,226

Electrical

Equipment

—

0.1%

Barclays

Bank

plc

(Rockwell

Automation,

Inc.),

10.35%, 07/28/21

................

1

250,835

Credit

Suisse

AG

(Generac

Holdings,

Inc.),

11.40%, 07/30/21

................

1

496,726

Royal

Bank

of

Canada

(Eaton

Corp

plc),

7.12%, 07/29/21

(b)

................

1

207,800

955,361

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)

BNP

Paribas

SA

(CDW

Corp.),

9.54%, 08/05/21

—

(j)

76,375

Citigroup

Global

Markets

Holdings,

Inc.

(Corning,

Inc.):

12.51%,

07/28/21

................

2

63,935

14.65%,

07/28/21

................

2

87,789

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Royal

Bank

of

Canada

(Flex

Ltd.),

12.78%, 07/29/21

................

USD

9

$

153,964

382,063

Entertainment

—

0.1%

Barclays

Bank

plc

(Walt

Disney

Co.

(The)),

9.42%, 08/02/21

.................

2

432,769

JPMorgan

Structured

Products

BV

(Netflix,

Inc.),

13.59%, 08/18/21

(b)

...........

1

442,109

Royal

Bank

of

Canada

(Activision

Blizzard,

Inc.),

11.50%, 08/04/21

(b)

............

2

155,425

1,030,303

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

BNP

Paribas

SA

(Crown

Castle

International

Corp.),

11.75%, 07/27/21

...........

2

404,094

BNP

Paribas

SA

(Equinix,

Inc.),

9.27%, 07/27/21

.................

1

412,526

BNP

Paribas

SA

(Prologis,

Inc.):

11.66%,

07/20/21

(b)

...............

2

198,011

10.31%,

07/21/21

(b)

...............

4

500,841

10.15%,

07/22/21

................

2

182,967

BNP

Paribas

SA

(Simon

Property

Group,

Inc.),

16.29%, 08/09/21

................

3

386,984

Credit

Suisse

AG

(Public

Storage),

10.20%, 08/03/21

................

1

346,090

Royal

Bank

of

Canada

(American

Tower

Corp.),

11.29%, 07/30/21

(b)

...............

1

233,255

Societe

Generale

SA

(Weyerhaeuser

Co.),

13.95%, 07/30/21

................

9

308,883

2,973,651

Food

&

Staples

Retailing

—

0.0%

Citigroup

Global

Markets

Holdings,

Inc.

(Walmart,

Inc.),

6.66%, 08/18/21

(b)

.....

2

231,986

Toronto-Dominion

Bank

(The)

(Tesco

plc),

9.46%, 07/20/21

.................

1

95,261

327,247

Food

Products

—

0.1%

Citigroup

Global

Markets

Holdings,

Inc.

(Kraft

Heinz

Co.

(The)),

11.80%, 07/02/21

(b)

...

8

315,398

Royal

Bank

of

Canada

(Archer-Daniels-Midland

Co.),

10.19%, 07/29/21

(b)

............

1

67,947

Royal

Bank

of

Canada

(Hershey

Co.

(The)),

9.14%, 07/22/21

(b)

................

1

94,208

Royal

Bank

of

Canada

(Kellogg

Co.),

10.98%, 07/30/21

(b)

...............

2

107,891

Royal

Bank

of

Canada

(Mondelez

International,

Inc.):

6.95%,

07/28/21

.................

4

235,168

8.96%,

07/28/21

(b)

................

1

93,367

Royal

Bank

of

Canada

(Tyson

Foods,

Inc.),

11.06%, 08/02/21

(b)

...............

2

155,660

1,069,639

Health

Care

Equipment

&

Supplies

—

0.3%

BNP

Paribas

SA

(Medtronic

plc)

(b)

:

9.36%,

08/24/21

.................

2

187,558

7.75%,

08/25/21

.................

2

301,526

JPMorgan

Structured

Products

BV

(Boston

Scientific

Corp.),

12.67%, 07/29/21

(b)

....

4

185,192

JPMorgan

Structured

Products

BV

(Danaher

Corp.),

9.56%, 07/23/21

(b)

...........

1

259,299

Merrill

Lynch

International

&

Co.

(Abbott

Laboratories),

8.08%, 07/16/21

.......

4

453,924

Societe

Generale

SA

(Edwards

Lifesciences

Corp.),

11.06%, 07/22/21

...........

3

344,334

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Societe

Generale

SA

(IDEXX

Laboratories,

Inc.),

11.34%, 07/30/21

.............

USD

1

$

391,006

2,122,839

Health

Care

Providers

&

Services

—

0.3%

BNP

Paribas

SA

(Anthem,

Inc.):

8.90%,

07/22/21

.................

1

379,271

12.04%,

08/19/21

................

1

289,643

BNP

Paribas

SA

(CVS

Health

Corp.),

11.30%, 08/05/21

(b)

...............

4

296,749

Credit

Suisse

AG

(Laboratory

Corp.

of

America

Holdings):

9.99%,

07/27/21

(b)

................

1

198,486

10.87%,

07/27/21

................

—

(j)

61,443

9.60%,

07/28/21

.................

1

260,664

JPMorgan

Structured

Products

BV

(Cigna

Corp.),

9.25%, 08/05/21

(b)

...........

1

265,708

JPMorgan

Structured

Products

BV

(HCA

Healthcare,

Inc.),

12.01%, 07/23/21

(b)

...

1

121,971

JPMorgan

Structured

Products

BV

(McKesson

Corp.),

10.71%, 08/03/21

(b)

..........

1

114,000

JPMorgan

Structured

Products

BV

(Quest

Diagnostics,

Inc.),

11.64%, 07/23/21

(b)

...

1

94,836

Merrill

Lynch

International

&

Co.

(Humana,

Inc.),

11.00%, 07/28/21

.............

—

(j)

119,947

Royal

Bank

of

Canada

(UnitedHealth

Group,

Inc.)

(b)

:

9.79%,

08/19/21

.................

1

439,097

6.89%,

08/23/21

.................

1

227,483

2,869,298

Hotels,

Restaurants

&

Leisure

—

0.2%

Barclays

Bank

plc

(Booking

Holdings,

Inc.),

11.90%, 08/02/21

................

—

(j)

309,608

Credit

Suisse

AG

(McDonald's

Corp.),

5.65%, 07/28/21

.................

2

367,416

Merrill

Lynch

International

&

Co.

(Yum!

Brands,

Inc.),

8.06%, 07/30/21

.............

2

201,950

Royal

Bank

of

Canada

(Starbucks

Corp.),

11.71%, 08/20/21

(b)

...............

3

372,980

1,251,954

Household

Durables

—

0.1%

Barclays

Bank

plc

(Lennar

Corp.),

13.72%, 09/14/21

................

1

115,423

Credit

Suisse

AG

(DR

Horton,

Inc.):

14.00%,

07/28/21

................

1

108,365

17.58%,

07/28/21

(b)

...............

1

94,833

Credit

Suisse

AG

(Toll

Brothers,

Inc.),

14.70%, 08/25/21

................

2

136,661

JPMorgan

Structured

Products

BV

(Whirlpool

Corp.),

12.30%, 07/21/21

(b)

..........

—

(j)

90,951

Royal

Bank

of

Canada

(DFS

Furniture

plc),

13.73%, 07/21/21

(b)

...............

1

90,204

Societe

Generale

SA

(PulteGroup,

Inc.),

11.99%, 07/23/21

................

2

102,558

Societe

Generale

SA

(Tempur

Sealy

International,

Inc.),

14.15%, 07/30/21

...

3

104,380

843,375

Household

Products

—

0.2%

Citigroup

Global

Markets

Holdings,

Inc.

(Procter

&

Gamble

Co.

(The))

(b)

:

8.43%,

07/30/21

.................

7

977,045

9.51%,

07/30/21

.................

2

295,723

1,272,768

Security

Par

(000)

Par

(000)

Value

Industrial

Conglomerates

—

0.1%

Barclays

Bank

plc

(Roper

Technologies,

Inc.):

4.72%,

07/28/21

.................

USD

—

(j)

$

153,216

8.25%,

07/28/21

.................

—

(j)

70,836

Citigroup

Global

Markets

Holdings,

Inc.

(3M

Co.),

11.42%, 07/29/21

(b)

............

1

152,991

Societe

Generale

SA

(Honeywell

International,

Inc.),

9.87%, 07/21/21

.............

2

492,441

869,484

Insurance

—

0.1%

Barclays

Bank

plc

(Prudential

Financial,

Inc.),

9.92%, 08/04/21

.................

2

152,852

Credit

Suisse

AG

(Chubb

Ltd.),

10.30%, 07/28/21

................

1

89,487

JPMorgan

Structured

Products

BV

(Willis

Towers

Watson

plc),

10.27%, 07/30/21

(b)

.

—

(j)

84,375

Royal

Bank

of

Canada

(Marsh

&

McLennan

Cos,

Inc.),

7.31%, 07/30/21

(b)

.........

1

152,747

479,461

Interactive

Media

&

Services

—

0.6%

Citigroup

Global

Markets

Holdings,

Inc.

(Facebook,

Inc.):

12.33%,

07/27/21

(b)

...............

2

680,668

12.60%,

07/29/21

................

2

760,989

14.02%,

08/18/21

(b)

...............

1

478,184

Credit

Suisse

AG

(Alphabet,

Inc.):

9.28%,

07/28/21

(b)

................

—

(j)

837,047

9.15%,

07/30/21

.................

—

(j)

750,091

12.29%,

08/20/21

(b)

...............

1

1,511,615

5,018,594

Internet

&

Direct

Marketing

Retail

—

0.4%

Citigroup

Global

Markets

Holdings,

Inc.

(Amazon.com,

Inc.)

(b)

:

10.82%,

07/30/21

................

—

(j)

1,439,164

9.62%,

08/02/21

.................

—

(j)

661,625

11.03%,

08/16/21

................

—

(j)

1,147,950

3,248,739

IT

Services

—

0.3%

Barclays

Bank

plc

(Fiserv,

Inc.):

9.50%,

08/02/21

(b)

................

1

60,984

10.04%,

08/05/21

................

2

186,549

Barclays

Bank

plc

(Global

Payments,

Inc.),

8.16%, 08/04/21

.................

1

147,604

Barclays

Bank

plc

(PayPal

Holdings,

Inc.),

12.09%, 07/29/21

................

1

391,658

Citigroup

Global

Markets

Holdings,

Inc.

(Visa,

Inc.):

10.52%,

07/27/21

(b)

...............

3

681,047

8.99%,

07/28/21

.................

1

226,266

Credit

Suisse

AG

(Automatic

Data

Processing,

Inc.):

4.90%,

07/23/21

.................

1

205,314

8.58%,

07/29/21

.................

1

125,540

8.60%,

07/29/21

.................

1

186,705

Credit

Suisse

AG

(Fidelity

National

Information

Services,

Inc.):

9.35%,

08/02/21

.................

1

155,160

8.58%,

08/04/21

(b)

................

1

88,633

Toronto-Dominion

Bank

(The)

(Mastercard,

Inc.),

11.40%, 07/29/21

.............

1

278,378

2,733,838

Leisure

Products

—

0.0%

Royal

Bank

of

Canada

(Hasbro,

Inc.),

10.44%, 07/28/21

(b)

...............

1

66,560

BlackRock

Managed

Income

Fund

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

—

0.1%

Credit

Suisse

AG

(Thermo

Fisher

Scientific,

Inc.):

8.58%,

07/22/21

.................

USD

1

$

344,252

9.65%,

07/22/21

.................

1

300,855

10.43%,

08/16/21

(b)

...............

—

(j)

101,806

Royal

Bank

of

Canada

(Agilent

Technologies,

Inc.),

8.11%, 08/18/21

(b)

............

1

128,700

Societe

Generale

SA

(Charles

River

Laboratories

International,

Inc.),

12.23%, 08/05/21

................

—

(j)

171,024

1,046,637

Machinery

—

0.2%

BNP

Paribas

SA

(Cummins,

Inc.),

9.45%, 07/28/21

.................

—

(j)

105,114

BNP

Paribas

SA

(Pentair

plc),

8.50%, 07/23/21

(b)

................

2

114,059

BNP

Paribas

SA

(Stanley

Black

&

Decker,

Inc.):

11.22%,

07/29/21

................

1

143,470

11.68%,

07/30/21

(b)

...............

—

(j)

101,389

Credit

Suisse

AG

(Ingersoll

Rand,

Inc.),

12.75%, 08/04/21

................

2

111,680

Credit

Suisse

AG

(Parker-Hannifin

Corp.),

12.40%, 08/05/21

................

—

(j)

144,135

Goldman

Sachs

International

(Caterpillar,

Inc.),

10.88%, 07/26/21

................

2

452,220

JPMorgan

Structured

Products

BV

(Otis

Worldwide

Corp.),

7.61%, 07/28/21

(b)

...

2

153,451

JPMorgan

Structured

Products

BV

(PACCAR,

Inc.),

9.30%, 07/21/21

(b)

............

2

144,382

Merrill

Lynch

International

&

Co.

(Deere

&

Co.),

11.85%, 08/20/21

................

1

303,830

Societe

Generale

SA

(Dover

Corp.),

9.57%, 07/19/21

.................

1

200,137

1,973,867

Media

—

0.1%

Barclays

Bank

plc

(Fox

Corp.),

15.02%, 08/04/21

................

3

112,787

Barclays

Bank

plc

(Interpublic

Group

of

Cos.,

Inc.

(The)),

12.00%, 07/28/21

........

2

71,165

BNP

Paribas

SA

(Omnicom

Group,

Inc.):

12.30%,

07/28/21

................

1

63,627

13.40%,

06/26/26

................

EUR

1

109,311

Citigroup

Global

Markets

Holdings,

Inc.

(Comcast

Corp.):

8.79%,

07/02/21

(b)

................

USD

9

489,009

15.91%,

07/30/21

................

4

229,022

1,074,921

Metals

&

Mining

—

0.0%

Credit

Suisse

AG

(Alcoa

Corp.),

15.10%, 07/15/21

................

3

113,312

Multiline

Retail

—

0.1%

BNP

Paribas

SA

(Dollar

Tree,

Inc.),

9.88%, 08/30/21

(b)

................

1

149,247

Merrill

Lynch

International

&

Co.

(Target

Corp.):

11.90%,

07/29/21

................

—

(j)

104,028

10.34%,

08/19/21

................

1

275,355

Royal

Bank

of

Canada

(Dollar

General

Corp.),

6.95%, 08/27/21

(b)

................

—

(j)

101,795

630,425

Multi-Utilities

—

0.0%

Citigroup

Global

Markets

Holdings,

Inc.

(DTE

Energy

Co.),

6.71%, 07/28/21

(b)

.......

1

113,880

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.1%

JPMorgan

Structured

Products

BV

(Exxon

Mobil

Corp.),

12.55%, 07/27/21

(b)

......

USD

7

$

417,485

Royal

Bank

of

Canada

(Marathon

Oil

Corp.),

20.96%, 08/04/21

(b)

...............

9

122,383

Toronto-Dominion

Bank

(The)

(Chevron

Corp.),

11.55%, 07/30/21

................

2

257,691

797,559

Personal

Products

—

0.0%

Bank

of

Montreal

(Estee

Lauder

Cos.,

Inc.

(The)),

5.24%, 08/19/21

............

1

208,709

Pharmaceuticals

—

0.2%

Credit

Suisse

AG

(Merck

&

Co,

Inc.),

10.60%, 07/30/21

................

3

254,257

JPMorgan

Structured

Products

BV

(Pfizer,

Inc.),

5.31%, 07/29/21

(b)

................

8

300,070

Merrill

Lynch

International

&

Co.

(Johnson

&

Johnson):

5.10%,

07/16/21

(b)

................

3

554,161

6.57%,

07/16/21

.................

1

221,126

1,329,614

Professional

Services

—

0.0%

Royal

Bank

of

Canada

(TransUnion),

10.03%, 07/28/21

(b)

...............

1

141,825

Road

&

Rail

—

0.0%

Merrill

Lynch

International

&

Co.

(CSX

Corp.),

10.11%, 07/22/21

................

2

149,938

Royal

Bank

of

Canada

(Knight-Swift

Transportation

Holdings,

Inc.),

13.08%, 07/22/21

(b)

...............

1

58,493

Royal

Bank

of

Canada

(Old

Dominion

Freight

Line,

Inc.),

12.93%, 07/29/21

(b)

........

—

(j)

104,879

313,310

Semiconductors

&

Semiconductor

Equipment

—

0.2%

Barclays

Bank

plc

(Applied

Materials,

Inc.),

18.84%, 08/13/21

................

2

269,305

Citigroup

Global

Markets

Holdings,

Inc.

(NVIDIA

Corp.),

17.13%, 08/19/21

(b)

....

—

(j)

242,481

JPMorgan

Structured

Products

BV

(Broadcom,

Inc.),

14.72%, 07/27/21

(b)

...........

—

(j)

201,466

JPMorgan

Structured

Products

BV

(QUALCOMM,

Inc.),

13.69%, 07/27/21

(b)

.

3

487,032

Royal

Bank

of

Canada

(Texas

Instruments,

Inc.),

13.68%, 08/26/21

(b)

...........

1

206,367

1,406,651

Software

—

0.8%

BNP

Paribas

SA

(Microsoft

Corp.):

4.87%,

07/22/21

(b)

................

7

1,949,280

6.11%,

07/22/21

(b)

................

3

684,097

9.58%,

08/20/21

.................

7

1,943,092

Citigroup

Global

Markets

Holdings,

Inc.

(Adobe,

Inc.)

(b)

:

9.80%,

07/27/21

.................

1

424,300

11.69%,

09/15/21

................

1

307,422

Credit

Suisse

AG

(Oracle

Corp.),

8.70%, 09/09/21

.................

3

226,090

JPMorgan

Structured

Products

BV

(Autodesk,

Inc.),

13.66%, 07/27/21

(b)

...........

1

267,312

JPMorgan

Structured

Products

BV

(Citrix

Systems,

Inc.),

11.22%, 07/23/21

(b)

.....

1

75,055

JPMorgan

Structured

Products

BV

(ServiceNow,

Inc.),

12.23%, 07/27/21

(b)

..

1

352,460

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

36

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Royal

Bank

of

Canada

(salesforce.com,

Inc.),

12.48%, 08/25/21

(b)

...............

USD

1

$

306,398

6,535,506

Specialty

Retail

—

0.3%

BNP

Paribas

SA

(Ross

Stores,

Inc.),

11.84%, 08/20/21

(b)

...............

1

154,960

Citigroup

Global

Markets

Holdings,

Inc.

(Home

Depot,

Inc.

(The)):

13.24%,

07/02/21

(b)

...............

1

307,315

8.50%,

08/18/21

.................

2

609,005

Citigroup

Global

Markets

Holdings,

Inc.

(Lowe's

Cos,

Inc.)

(b)

:

13.20%,

07/12/21

................

1

121,994

9.21%,

08/18/21

.................

1

228,539

Citigroup

Global

Markets

Holdings,

Inc.

(Ulta

Beauty,

Inc.),

15.21%, 08/25/21

(b)

......

—

(j)

113,894

JPMorgan

Structured

Products

BV

(Best

Buy

Co,

Inc.),

10.77%, 08/25/21

(b)

.........

1

116,837

Royal

Bank

of

Canada

(TJX

Cos.,

Inc.

(The)),

11.54%, 08/19/21

(b)

...............

3

170,601

Societe

Generale

SA

(AutoZone,

Inc.),

12.30%, 07/19/21

................

—

(j)

339,632

Societe

Generale

SA

(O'Reilly

Automotive,

Inc.),

5.01%, 07/29/21

.............

—

(j)

207,748

2,370,525

Technology

Hardware,

Storage

&

Peripherals

—

0.7%

Citigroup

Global

Markets

Holdings,

Inc.

(Apple,

Inc.):

9.64%,

07/02/21

.................

8

1,149,689

9.92%,

07/19/21

.................

5

690,084

7.94%,

08/02/21

(b)

................

5

685,654

15.74%,

08/02/21

................

11

1,521,646

11.21%,

08/16/21

(b)

...............

12

1,566,012

Citigroup

Global

Markets

Holdings,

Inc.

(Hewlett

Packard

Enterprise

Co.),

10.70%, 08/25/21

(b)

...............

8

111,898

JPMorgan

Structured

Products

BV

(HP,

Inc.),

10.96%, 08/27/21

(b)

...............

5

153,743

5,878,726

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Royal

Bank

of

Canada

(Tapestry,

Inc.),

13.54%, 08/12/21

(b)

...............

2

95,845

Trading

Companies

&

Distributors

—

0.1%

Citigroup

Global

Markets

Holdings,

Inc.

(United

Rentals,

Inc.):

11.38%,

07/02/21

(b)

...............

1

315,385

16.77%,

07/30/21

................

—

(j)

152,325

467,710

Total

Equity-Linked

Notes

—

7.8%

(Cost:

$65,909,761)

..............................

66,426,285

Floating

Rate

Loan

Interests

—

13.9%

Aerospace

&

Defense

—

0.5%

(a)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

05/25/28

(k)

....................

1,047

1,049,239

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

05/25/28

(k)

...................

213

213,371

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

3.65%

,

 04/06/26

.................

483

470,076

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.50%),

3.65%

,

 04/06/26

.................

260

252,729

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Peraton

Corp.,

1st

Lien

Term

Loan

B,

02/01/28

(k)

.....................

USD

1,505

$

1,508,184

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(c)

281

286,620

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

.................

64

64,744

TransDigm,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 12/09/25

.....

143

141,032

TransDigm,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 08/22/24

.....

505

498,702

4,484,697

Air

Freight

&

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

5.50%

,

 04/06/28

(a)

................

51

50,920

Airlines

—

0.4%

(a)

AAdvantage

Loyality

IP

Ltd.,

Term

Loan,

04/20/28

(k)

.....................

509

530,251

American

Airlines,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 01/29/27

181

172,956

American

Airlines,

Inc.,

Term

Loan

B:

 04/28/23

(k)

.....................

1,046

1,019,822

(LIBOR

USD

1

Month

+

2.00%),

2.07%, 12/15/23

...............

12

12,038

Kestrel

Bidco,

Inc.,

Term

Loan,

12/11/26

(k)

..

741

726,511

United

AirLines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

769

778,470

3,240,048

Auto

Components

—

0.2%

(a)

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 04/10/28

.....

83

82,974

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/30/26

903

893,656

Truck

Hero,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 01/31/28

.....

333

332,999

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

02/05/26

(k)

.....................

605

597,074

1,906,703

Automobiles

—

0.1%

(a)

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 01/01/38

.....

500

500,136

Majordrive

Holdings

IV

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/01/28

.................

123

123,038

623,174

Building

Products

—

0.2%

(a)

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/31/25

(c)

................

168

167,513

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/12/28

.................

214

213,635

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 11/23/27

.

599

597,561

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

106

105,813

MI

Windows

and

Doors

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/18/27

.................

164

164,603

BlackRock

Managed

Income

Fund

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

.....

USD

456

$

455,997

1,705,122

Capital

Markets

—

0.1%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

07/24/26

(k)

.....................

90

89,810

Focus

Financial

Partners

LLC,

Delayed

Draw

Term

Loan,

06/23/28

(k)

.............

49

48,353

Focus

Financial

Partners

LLC,

Term

Loan,

01/01/38

(k)

.....................

210

209,528

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/12/24

(c)

...

130

129,230

Jefferies

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.13%

,

 06/03/26

63

62,832

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

05/29/26

(k)

..........

499

454,550

994,303

Chemicals

—

0.4%

(a)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 03/18/28

..........

724

719,931

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 11/24/27

.................

53

53,000

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 08/27/26

...........

179

181,780

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

1.90%

,

 06/01/24

...........

82

81,775

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/29/27

.................

56

55,703

Element

Solutions,

Inc.,

Term

Loan

B1,

07/30/21

(k)

.....................

351

350,344

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/28/24

(c)

................

51

50,694

Invictus

US

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 03/28/25

69

68,797

IPS

Acquisition

LLC,

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 11/07/24

.................

71

70,773

Lonza

Group

AG,

Term

Loan

B,

04/28/28

(k)

..

126

126,068

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 06/30/27

.................

166

165,281

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.65%

,

 01/01/38

.................

224

221,977

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/15/24

...........

481

477,907

Nouryon

Finance

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

-

5.00%

,

 10/01/25

17

17,068

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 10/14/24

.................

220

219,079

PQ

Corp.,

Term

Loan,

06/09/28

(k)

........

258

257,786

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 03/16/27

.................

152

151,873

Sparta

US

HoldCo

LLC,

Term

Loan,

04/28/28

(k)

156

156,048

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

WR

Grace

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.15%

,

 06/01/28

(c)

....

USD

97

$

96,515

3,522,399

Commercial

Services

&

Supplies

—

0.5%

(a)

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/12/28

.................

722

723,697

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.50%),

2.60%

,

 04/06/28

.................

205

204,355

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 09/07/27

249

247,781

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

06/21/24

(k)

.............

979

962,061

Diamond

(BC)

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.19%

,

 09/06/24

.....

226

224,676

GFL

Environmental,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 05/30/25

27

27,172

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

2.38%

,

 09/19/26

.................

169

166,532

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

,

 09/23/26

...........

113

112,404

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.40%

,

 07/30/25

.................

334

322,050

Tempo

Acquisition

LLC,

Term

Loan,

11/02/26

(k)

1,388

1,389,001

TruGreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 11/02/27

.................

124

124,651

4,504,380

Construction

&

Engineering

—

0.2%

(a)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/21/28

............

375

373,986

SRS

Distribution,

Inc.,

Term

Loan,

06/02/28

(k)

841

840,067

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 05/12/28

.................

269

268,049

1,482,102

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 01/15/27

...........

416

412,869

Core

&

Main

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 08/01/24

.....

193

193,037

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

....

73

73,039

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

.................

249

247,145

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.10%

-

3.19%

,

 05/29/26

.................

167

166,829

1,092,919

Containers

&

Packaging

—

0.4%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

12/01/27

(k)

.................

1,109

1,109,893

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/02/28

275

273,784

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Kleopatra

Finco

SARL,

Facility

Term

Loan

B,

02/12/26

(c)(k)

....................

USD

418

$

420,042

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

04/03/24

(k)

.................

735

717,016

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/05/26

247

245,122

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 07/31/26

137

136,719

Tosca

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/18/27

....

166

166,244

3,068,820

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/28/27

(a)

80

80,604

Diversified

Consumer

Services

—

0.3%

(a)

Ascend

Learning

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 07/12/24

....

50

49,625

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.50%

,

 11/07/23

.................

106

105,808

Frontdoor,

Inc.,

Term

Loan

B,

06/17/28

(k)

...

115

115,000

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

.................

469

456,377

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 06/21/27

517

551,722

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 12/20/24

.................

129

127,494

Reynolds

Consumer

Products

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 02/04/27

.................

16

15,747

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

5.60%

-

5.69%

,

 08/04/25

(c)

................

111

103,895

Sotheby's,

Term

Loan,

01/15/27

(k)

........

549

551,886

Vocus

Group

Ltd.,

Term

Loan,

05/26/28

(c)(k)

..

118

118,000

2,195,554

Diversified

Financial

Services

—

1.2%

(a)

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 02/16/28

167

167,658

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

07/31/26

(k)

.....................

478

478,919

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/05/27

(c)

249

248,419

AqGen

Ascensus,

Inc.,

Term

Loan,

05/19/28

(k)

542

540,309

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 10/30/26

....

79

78,233

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 04/13/28

.....

297

295,972

Connect

Finco

SARL,

Term

Loan,

12/11/26

(k)

1,495

1,495,871

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 04/09/27

.................

1,086

1,089,604

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

(c)

................

183

187,118

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

12/01/27

(k)

.....................

788

789,481

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

40

40,450

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

.................

USD

889

$

891,219

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 07/11/25

.................

203

198,872

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/17/27

.................

136

134,952

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

12/17/27

(k)

.............

9

8,968

LBM

Acquisition

LLC,

Delayed

Draw

Term

Loan,

12/17/27

(k)

.................

80

78,970

LBM

Acquisition

LLC,

Term

Loan

B2,

12/17/27

(k)

159

157,939

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/02/27

.

207

207,599

Refficiency

Holdings

LLC,

Delayed

Draw

Term

Loan,

12/16/27

(k)

.................

9

8,533

Refficiency

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/16/27

44

44,147

RVR

Dealership

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 02/08/28

(c)

................

71

71,000

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

2.60%

-

2.61%

,

 01/23/25

.................

220

212,188

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

.................

210

209,038

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

02/28/25

(k)

.................

79

83,168

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

3.07%

,

 01/31/29

.................

65

64,545

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

.....

1,101

1,107,067

VICI

Properties

1

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 12/20/24

210

208,139

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 02/28/27

.....

456

453,576

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

249

249,473

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

2.57%

,

 04/30/28

.................

213

210,634

10,012,061

Diversified

Telecommunication

Services

—

0.5%

(a)

Altice

Financing

SA,

Term

Loan:

(LIBOR

USD

3

Month

+

2.75%),

2.93%, 07/15/25

...............

15

14,863

(LIBOR

USD

3

Month

+

2.75%),

2.90%, 01/31/26

...............

511

501,338

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

3

Month

+

4.00%),

4.15%

,

 08/14/26

....

837

834,947

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

.

36

35,820

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 10/02/27

.................

54

54,332

Frontier

Communications

Holdings,

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/01/28

.................

171

171,277

BlackRock

Managed

Income

Fund

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

GCI

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

3.50%

,

 10/15/25

...........

USD

165

$

164,791

Iridium

Satellite

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 11/04/26

.

251

250,867

Level

3

Financing,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 03/01/27

169

166,306

MTN

Infrastructure

TopCo,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 11/15/24

.................

245

244,726

Orbcomm

Inc.,

First

Lien

Term

Loan,

06/17/28

(k)

125

124,688

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

2

Month

+

3.25%),

3.35%

,

 01/31/29

.................

144

143,780

Zayo

Group

Holdings,

Inc.,

Term

Loan,

03/09/27

(k)

.....................

1,512

1,495,106

4,202,841

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 01/15/25

.................

34

33,855

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 12/13/25

.................

125

119,117

152,972

Electrical

Equipment

—

0.2%

(a)

Fairbanks

Morse

Defense,

Term

Loan,

06/16/28

(k)

.....................

131

131,083

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 02/12/25

43

43,029

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

09/13/24

(k)

1,214

1,208,042

1,382,154

Entertainment

—

0.3%

(a)

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

07/03/24

(k)

.............

424

421,737

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

10/19/26

(k)

.....................

609

591,938

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 03/13/28

415

412,840

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 05/30/25

.................

39

38,921

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 05/18/25

.....

855

837,835

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

2.23%

,

 01/20/28

290

287,583

2,590,854

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(a)

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 08/21/25

.................

209

207,413

RHP

Hotel

Properties

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 05/11/24

.

38

37,719

245,132

Food

&

Staples

Retailing

—

0.1%

(a)

H-Food

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.69%),

3.79%

,

 05/23/25

....

183

181,573

H-Food

Holdings

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 05/23/25

210

209,168

US

Foods,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 06/27/23

.....

294

290,942

Security

Par

(000)

Par

(000)

Value

Food

&

Staples

Retailing

(continued)

US

Foods,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 09/13/26

.....

USD

139

$

136,743

818,426

Food

Products

—

0.5%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 11/19/26

.................

283

278,658

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.59%

,

 10/01/25

.................

289

287,541

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 03/11/25

.................

43

42,498

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.60%

,

 10/10/26

....

24

24,324

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

.....

1,109

1,110,483

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 01/29/27

.................

719

707,792

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.00%

,

 08/03/25

.................

250

248,685

JBS

USA

Lux

SA,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 05/01/26

.....

41

41,318

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.25%),

2.32%

,

 05/15/24

.................

81

80,856

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

2

Month

+

4.25%),

5.00%

,

 06/08/28

.................

150

150,958

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

03/31/28

(k)

.....................

914

912,729

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

01/20/28

(k)

.....................

349

348,446

4,234,288

Health

Care

Equipment

&

Supplies

—

0.0%

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 05/04/28

(a)

....

94

94,059

Health

Care

Providers

&

Services

—

0.5%

(a)

AHP

Health

Partners,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 06/30/25

.................

59

58,950

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.69%

,

 07/24/26

.................

559

555,547

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 06/07/23

.................

721

720,452

Envision

Healthcare

Corp.,

Term

Loan,

10/10/25

(k)

.....................

421

359,013

EyeCare

Partners

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 02/18/27

.................

165

163,799

Femur

Buyer,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.65%

,

 03/05/26

64

61,284

MPH

Acquisition

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 06/07/23

.................

55

55,244

Option

Care

Health,

Inc.,

Term

Loan

B,

08/06/26

(k)

.....................

1,019

1,018,290

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 06/30/25

.................

USD

421

$

420,668

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 02/14/25

.................

4

3,986

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

12/20/27

(c)(k)

................

260

260,097

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

01/08/27

(k)

.....................

262

262,311

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 08/13/26

174

174,633

4,114,274

Health

Care

Technology

—

0.2%

(a)

athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.41%

,

 02/11/26

.................

28

27,991

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 03/01/24

.................

82

81,705

GoodRx,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

,

 10/10/25

....

246

244,506

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

06/02/28

(k)

.....................

1,077

1,079,232

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 08/27/25

555

555,771

1,989,205

Hotels,

Restaurants

&

Leisure

—

0.6%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 02/02/26

.................

59

57,620

Aristocrat

Leisure

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/19/24

67

67,380

Boyd

Gaming

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Week

+

2.25%),

2.34%

,

 09/15/23

.

39

39,117

Caesars

Resort

Collection

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 12/23/24

.................

162

160,745

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.60%

,

 07/21/25

.................

1,084

1,086,938

Churchill

Downs,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 03/17/28

(c)

68

67,152

CityCenter

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 04/18/24

113

112,047

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.65%

,

 07/10/25

163

163,059

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 11/30/23

.................

75

74,536

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

12.00%),

13.00%

,

 10/04/23

(c)

...............

11

12,263

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

2.50%),

3.25%

,

 10/04/23

559

554,789

Herschend

Entertainment

Co.,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.75%),

6.75%

,

 08/25/25

(c)

................

36

35,909

IRB

Holding

Corp.,

Term

Loan,

12/15/27

(k)

..

1,322

1,321,533

IRB

Holding

Corp.,

Term

Loan

B,

02/05/25

(k)

.

239

238,407

Packers

Holdings

LLC,

Term

Loan,

03/09/28

(k)

722

717,828

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Playa

Resorts

Holding

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 04/29/24

USD

124

$

119,147

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 08/14/24

.................

51

50,828

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.50%

,

 02/08/27

.................

131

129,002

Whatabrands

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.83%

,

 07/31/26

.....

320

318,202

5,326,502

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

05/17/28

(k)

.....................

723

718,872

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 10/30/27

.................

167

167,593

886,465

Household

Products

—

0.0%

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.50%

,

 03/03/28

(a)(c)

43

42,678

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)

Calpine

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 08/12/26

.....

55

53,938

ExGen

Renewables

IV

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.50%

,

 12/15/27

.................

272

271,981

325,919

Industrial

Conglomerates

—

0.1%

(a)

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 03/31/25

....

762

754,837

Filtration

Group

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 03/29/25

78

78,407

833,244

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

(k)

:

 05/09/25

......................

423

418,265

 11/05/27

......................

229

228,739

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/19/28

....

239

237,019

AssuredPartners

Capital,

Inc.,

Term

Loan

B,

02/12/27

(k)

.....................

41

41,021

AssuredPartners,

Inc.,

Term

Loan:

(LIBOR

USD

1

Month

+

3.50%),

3.60%, 02/12/27

...............

288

286,439

(LIBOR

USD

1

Month

+

4.50%),

5.50%, 02/12/27

...............

29

28,652

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

01/31/28

(k)

.....................

559

562,958

Asurion

LLC,

Term

Loan

B6,

11/03/23

(k)

....

28

28,294

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 11/03/24

......

432

427,585

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 12/23/26

.....

286

282,918

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

2.93%

,

 04/25/25

....

327

323,490

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 04/25/25

39

39,374

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 09/01/27

102

102,131

BlackRock

Managed

Income

Fund

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan:

(LIBOR

USD

1

Month

+

3.25%),

3.35%, 12/31/25

...............

USD

394

$

389,181

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

...............

30

29,582

USI,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.15%

,

 05/16/24

...........

387

383,559

3,809,207

Interactive

Media

&

Services

—

0.3%

(a)

Adevinta

ASA,

Facility

Term

Loan

B2,

11/05/27

(k)

......................

414

413,714

Arches

Buyer,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 12/06/27

.....

335

333,564

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

.................

436

436,264

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

.....

1,180

1,196,764

2,380,306

Internet

&

Direct

Marketing

Retail

—

0.1%

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

11/08/27

(a)(k)

....................

555

554,610

IT

Services

—

0.8%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

09/19/24

(k)

.....................

238

237,810

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.25%

,

 09/19/25

.................

48

48,552

Camelot

US

Acquisition

1

Co.,

Term

Loan,

10/30/26

(k)

.....................

1,250

1,243,813

CCC

Information

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 04/29/24

.................

499

498,971

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

.................

132

136,208

Epicor

Software

Corp.,

Term

Loan

C,

07/30/27

(k)

.....................

247

246,146

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

04/28/28

(k)

...........

208

207,567

Flexential

Intermediate

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.65%

,

 08/01/24

.................

42

38,757

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 08/10/27

.................

289

287,343

IG

Investments

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 05/23/25

.................

111

111,514

Ion

Trading

Finance

Ltd,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

4.92%

,

 04/01/28

168

168,511

Maximus,

Inc.,

Term

Loan

B,

05/28/28

(k)

....

171

170,858

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

11/29/24

(k)

......................

281

278,395

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.35%

,

 12/01/25

.................

63

63,002

Mitchell

International,

Inc.,

Facility

1st

Lien

Term

Loan,

11/29/24

(k)

.............

370

371,232

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 02/12/27

...........

613

597,737

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Sabre

GLBL,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/17/27

(c)

....

USD

69

$

68,998

Sophia

LP,

Term

Loan,

10/07/27

(k)

........

1,076

1,076,118

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 04/16/25

.................

19

18,796

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/05/26

175

175,200

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 11/16/26

....

169

167,913

Virtusa

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 02/11/28

......

165

165,081

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 03/31/28

..........

106

104,876

6,483,398

Life

Sciences

Tools

&

Services

—

0.3%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

3.00%

,

 11/21/24

.

63

62,731

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.25%),

3.25%

,

 11/08/27

.

329

328,698

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 02/22/28

.................

130

130,425

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

.................

422

423,291

eResearchTechnology,

Inc.,

Facility

Term

Loan,

02/04/27

(k)

.....................

392

393,533

ICON

Luxembourg

SARL,

Term

Loan

B:

 06/16/28

(k)

.....................

621

622,338

Maravai

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 10/19/27

.................

165

165,897

PPD,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 01/13/28

...........

455

454,078

2,580,991

Machinery

—

0.4%

(a)

Clark

Equipment

Co.,

Term

Loan,

05/18/24

(k)

205

205,074

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 05/14/28

(c)

65

64,919

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.75%),

3.50%

,

 03/31/27

....

250

249,718

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 03/01/27

.................

90

88,455

Madison

IAQ

LLC,

Term

Loan,

06/21/28

(k)

..

677

677,000

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.17%

,

 03/28/25

....

1,343

1,318,410

Vertical

Midco

GmbH,

Term

Loan,

(LIBOR

USD

6

Month

+

4.25%),

4.48%

,

 06/30/27

....

291

291,538

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

,

 03/02/27

....

483

479,352

3,374,466

Media

—

0.7%

Ascend

Learning

LLC,

Term

Loan,

07/12/24

(a)(k)

112

111,839

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 03/03/25

(a)

................

800

732,098

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

15.00%

,

 10/15/26

(l)

................

78

93,560

Cable

One,

Inc.,

Term

Loan

B4,

05/03/28

(a)(k)

134

133,397

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/30/25

(a)

................

USD

131

$

130,385

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.69%

,

 08/21/26

(a)

................

1,480

1,443,845

CSC

Holdings

LLC,

Term

Loan:

(a)

(LIBOR

USD

1

Month

+

2.25%),

2.32%, 07/17/25

...............

32

31,691

(LIBOR

USD

1

Month

+

2.50%),

2.57%, 04/15/27

...............

424

419,440

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/12/27

(a)

................

90

89,466

EW

Scripps

Co.

(The),

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 01/07/28

(a)

63

62,567

Gray

Television,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.34%

-

2.35%

,

 02/07/24

(a)

................

75

74,578

Intelsat

Jackson

Holdings

SA,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 07/13/22

(a)

................

7

6,964

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.75%),

8.00%

,

 11/27/23

(a)

................

20

20,283

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

12/01/23

(a)(k)

................

516

498,060

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 03/24/25

(a)

................

212

210,155

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.59%

-

2.60%

,

 09/18/26

(a)

................

35

34,500

Radiate

Holdco

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 09/25/26

(a)

332

332,348

Sinclair

Television

Group,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 04/01/28

(a)

................

26

26,110

Terrier

Media

Buyer,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 12/17/26

(a)

................

192

190,460

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 09/28/23

(a)(c)

..

668

664,660

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

2.57%

,

 01/31/28

(a)

................

133

131,756

Xplornet

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.85%

,

 12/31/28

(a)

................

886

886,105

6,324,267

Metals

&

Mining

—

0.1%

(a)

Ball

Metalpack

Finco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.64%

,

 07/31/25

.................

180

178,878

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/08/24

(k)

.....................

1,006

962,398

1,141,276

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

9.00%),

10.00%

,

 11/01/25

...........

46

50,734

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.20%

,

 02/07/25

482

477,786

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

1.75%),

2.25%

-

4.00%

,

 01/31/28

.................

USD

48

$

47,910

576,430

Personal

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

10/01/26

(a)(k)

..............

1,108

1,110,966

Pharmaceuticals

—

0.3%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 05/04/25

.................

317

310,765

Bausch

Health

Cos.,

Inc.,

Term

Loan,

06/02/25

(k)

.....................

492

489,999

Elanco

Animal

Health,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 08/01/27

169

166,685

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Week

+

2.00%),

2.09%

,

 11/15/27

.................

211

208,767

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

365

366,026

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

6

Month

+

3.00%),

3.50%

,

 06/02/28

.....

250

250,158

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan,

11/18/27

(k)

.............

30

29,445

Precision

Medicine

Group

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/18/27

.................

251

249,877

Prestige

Brands,

Inc.,

Term

Loan

B,

06/09/28

(k)

81

81,034

2,152,756

Professional

Services

—

0.2%

(a)

AlixPartners

LLP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 02/04/28

.....

351

349,512

CoreLogic,

Inc.

1st

Lien

Term

Loan,

06/02/28

(k)

722

719,473

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/06/26

.................

1,035

1,029,651

2,098,636

Real

Estate

Management

&

Development

—

0.0%

Realogy

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/08/25

(a)

...

103

102,988

Road

&

Rail

—

0.1%

Uber

Technologies,

Inc.,

Term

Loan,

02/25/27

(a)

(k)

...........................

878

876,932

Semiconductors

&

Semiconductor

Equipment

—

0.0%

ON

Semiconductor

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 09/19/26

(a)

................

32

31,386

Software

—

1.6%

(a)

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

02/12/25

(k)

.....................

665

666,644

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/02/25

557

553,895

BY

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 02/02/26

414

413,635

Cloudera,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 12/22/27

.....

330

329,796

Cornerstone

OnDemand,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 04/22/27

.................

66

65,738

BlackRock

Managed

Income

Fund

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Software

(continued)

DTI

Holdco,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.75%),

5.75%

,

 09/29/23

.....

USD

289

$

278,736

E2open,

LLC,

Term

Loan,

02/04/28

(k)

......

47

47,000

Greeneden

US

Holdings

I

LLC,

Term

Loan,

12/01/27

(k)

.....................

1,500

1,502,415

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.92%

,

 03/11/28

.................

292

292,395

Informatica

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.13%),

7.13%

,

 02/25/25

(c)

110

112,200

Informatica

LLC,

Term

Loan,

02/25/27

(k)

....

784

778,301

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

05/03/28

(k)

.....................

816

815,184

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

05/03/29

(c)(k)

....................

391

386,113

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 09/30/24

.....

278

278,249

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 09/13/24

421

421,692

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.35%

,

 02/23/29

283

287,070

Netsmart,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

90

90,209

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 12/17/27

.................

556

556,743

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 04/26/24

.................

116

116,498

Proofpoint,

Inc.,

Term

Loan,

06/09/28

(k)

....

722

717,581

RealPage,

Inc.,

1st

Lien

Term

Loan,

04/24/28

(k)

1,805

1,798,938

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

08/01/25

(k)

.....................

908

901,395

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 04/16/25

.................

14

14,280

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

03/03/28

(k)

.....................

549

556,941

UKG,

Inc.,

1st

Lien

Term

Loan:

(LIBOR

USD

1

Month

+

3.75%),

3.85%, 05/04/26

...............

993

993,067

(LIBOR

USD

3

Month

+

3.25%),

4.00%, 05/04/26

...............

82

81,777

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 05/03/27

.....

124

125,963

13,182,455

Specialty

Retail

—

0.3%

(a)

EG

Group

Ltd.,

Facility

Term

Loan,

03/31/26

(k)

169

169,000

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 05/04/28

...........

502

503,255

MED

ParentCo.,

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 08/31/26

.................

213

212,629

Optiv

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 02/01/24

.....

488

476,512

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

......

1,196

1,196,299

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

.................

36

35,880

2,593,575

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

(a)

Electronics

for

Imaging,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.10%

,

 07/23/26

.................

USD

176

$

167,116

Western

Digital

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 04/29/23

31

30,808

197,924

Trading

Companies

&

Distributors

—

0.2%

(a)

Beacon

Roofing

Supply,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

2.60%

,

 05/19/28

.................

177

175,600

Core

&

Main

LP,

Term

Loan

B,

06/09/28

(k)

..

985

978,471

TMK

Hawk

Parent,

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

8.50%

,

 05/30/24

(c)

37

36,093

TMK

Hawk

Parent,

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 08/28/24

121

107,036

1,297,200

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

05/27/24

(k)

................

499

478,283

Gogo

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 04/30/28

..........

124

123,718

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

.................

92

91,751

MetroNet

Systems

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

06/02/28

(k)

...

10

10,195

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/11/25

.

291

288,427

992,374

Total

Floating

Rate

Loan

Interests

—

13.9%

(Cost:

$117,782,976)

.............................

118,064,962

Foreign

Agency

Obligations

—

0.0%

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

2.25%

,

11/24/30

(b)

...

400

392,420

Total

Foreign

Agency

Obligations

—

0.0%

(Cost:

$391,850)

................................

392,420

Shares

Shares

Investment

Companies

—

15.3%

BlackRock

Allocation

Target

Shares-

BATS

Series

A

(m)

.....................

5,931,053

59,666,397

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

(m)

................

1,996,989

19,870,042

Invesco

Senior

Loan

ETF

.............

25,864

572,888

iShares

Core

Dividend

Growth

ETF

(m)

.....

370,283

18,647,452

iShares

Emerging

Markets

Dividend

ETF

(m)

.

28,913

1,123,270

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(m)(n)

.......................

228,619

20,127,617

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(m)(n)

...................

74,134

9,960,644

Total

Investment

Companies

—

15.3%

(Cost:

$125,688,872)

.............................

129,968,310

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Pa

r

(

000)

Value

Preferred

Securities

—

2.3%

Capital

Trusts

—

2.2%

Banks

—

0.7%

(a)(g)

Bank

of

America

Corp.:

Series

JJ,

(LIBOR

USD

3

Month

+

3.30%),

5.12%

......................

USD

900

$

958,500

Series

X,

(LIBOR

USD

3

Month

+

3.71%),

6.25%

......................

71

78,544

Series

AA,

(LIBOR

USD

3

Month

+

3.90%),

6.10%

......................

3

3,368

Citigroup,

Inc.:

Series

U,

(SOFR

+

3.81%),

5.00%

.....

1,063

1,112,536

Series

V,

(SOFR

+

3.23%),

4.70%

.....

300

309,555

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

......................

225

232,594

JPMorgan

Chase

&

Co.:

Series

FF,

(SOFR

+

3.38%),

5.00%

....

1,369

1,446,965

Series

HH,

(SOFR

+

3.13%),

4.60%

....

490

507,787

Wells

Fargo

&

Co.:

Series

S,

(LIBOR

USD

3

Month

+

3.11%),

5.90%

......................

570

614,175

Series

U,

(LIBOR

USD

3

Month

+

3.99%),

5.87%

......................

443

496,120

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

......................

925

957,653

6,717,797

Capital

Markets

—

0.5%

(a)(g)

Bank

of

New

York

Mellon

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

775

806,969

Charles

Schwab

Corp.

(The):

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

......................

1,100

1,146,750

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

................

760

777,480

Goldman

Sachs

Group,

Inc.

(The):

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%

......................

275

301,650

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

......................

284

303,556

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

......................

600

610,680

Series

O,

(LIBOR

USD

3

Month

+

3.83%),

5.30%

......................

600

672,660

4,619,745

Consumer

Finance

—

0.4%

(a)(g)

Ally

Financial,

Inc.,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%

.............

1,200

1,242,840

Discover

Financial

Services,

Series

C,

(LIBOR

USD

3

Month

+

3.08%),

5.50%

.......

725

776,627

General

Motors

Financial

Co.,

Inc.:

Series

A,

(LIBOR

USD

3

Month

+

3.60%),

5.75%

......................

100

108,839

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

......................

631

706,720

2,835,026

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

—

0.1%

Voya

Financial,

Inc.,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%),

6.13%

(a)(g)

...........

USD

475

$

513,000

Electric

Utilities

—

0.2%

Edison

International,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%),

5.38%

(a)(g)

...........

1,250

1,259,125

Insurance

—

0.1%

MetLife,

Inc.,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%),

3.85%

(a)(g)

...............

950

998,688

Multi-Utilities

—

0.1%

Sempra

Energy,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.55%),

4.88%

(a)(g)

......................

450

488,250

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)(g)

Energy

Transfer

LP:

Series

B,

(LIBOR

USD

3

Month

+

4.16%),

6.63%

......................

200

195,750

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%

......................

550

567,875

EnLink

Midstream

Partners

LP,

Series

C,

(LIBOR

USD

3

Month

+

4.11%),

6.00%

..

86

66,220

Plains

All

American

Pipeline

LP,

Series

B,

(LIBOR

USD

3

Month

+

4.11%),

6.13%

..

217

191,654

1,021,499

Total

Capital

Trusts

—

2.2%

(Cost:

$17,749,423)

..............................

18,453,130

Shares

Shares

Preferred

Stocks

—

0.1%

Consumer

Finance

—

0.0%

SLM

Corp.,

Series

B,

(LIBOR

USD

3

Month

+

1.70%),

1.82%

(a)(g)

................

2,500

152,875

Insurance

—

0.0%

Allstate

Corp.

(The),

Series

H,

5.10%

(g)

....

15,000

422,100

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

E,

(LIBOR

USD

3

Month

+

5.16%),

7.60%

(a)(g)

..........

25,000

625,000

Total

Preferred

Stocks

—

0.1%

(Cost:

$1,170,582)

..............................

1,199,975

Trust

Preferreds

—

0.0%

Commercial

Services

&

Supplies

—

0.0%

ILFC

E-Capital

Trust

I

,

(30Y

CMT

+

1.55%),

3.66%, 12/21/65

(a)(b)

...............

100,000

83,000

Total

Trust

Preferreds

—

0.0%

(Cost:

$95,250)

................................

83,000

Total

Preferred

Securities

—

2.3%

(Cost:

$19,015,255)

..............................

19,736,105

BlackRock

Managed

Income

Fund

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Warrants

—

0.0%

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/exercisable

10/23/20,

1

share

for

1

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(d)

....

52

$

399

Total

Warrants

—

0.0%

.............................

399

Total

Long-Term

Investments

—

97.6%

(Cost:

$806,548,793)

.............................

830,784,304

Security

Shares

Shares

Value

Short-Term

Securities

—

7.5%

(m)(o)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

...................

33,535,863

$

33,535,863

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(p)

.......................

30,375,675

30,384,788

Total

Short-Term

Securities

—

7.5%

(Cost:

$63,920,651)

..............................

63,920,651

Total

Investments

—

105.1%

(Cost:

$870,469,444

)

.............................

894,704,955

Liabilities

in

Excess

of

Other

Assets

—

(5.1)%

............

(43,638,486)

Net

Assets

—

100.0%

..............................

$

851,066,469

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Non-income

producing

security.

(e)

Convertible

security.

(f)

Zero-coupon

bond.

(g)

Perpetual

security

with

no

stated

maturity

date.

(h)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(i)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(j)

Rounds

to

less

than

1,000.

(k)

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.

(l)

Fixed

rate.

(m)

Affiliate

of

the

Fund.

(n)

All

or

a

portion

of

this

security

is

on

loan.

(o)

Annualized

7-day

yield

as

of

period

end.

(p)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

46

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Affili

ates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

23,028,605

$

10,507,258

$

—

$

—

$

—

$

33,535,863

33,535,863

$

4,150

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

357,289

30,027,279

—

220

—

30,384,788

30,375,675

132,566

(b)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

46,574,822

12,689,090

—

—

402,485

59,666,397

5,931,053

686,934

—

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

...

11,008,080

21,424,493

(12,689,086)

403,874

(277,319)

19,870,042

1,996,989

438,085

—

BlackRock

GNMA

Portfolio,

Class

K

Shares

(c)

.............

25,564,430

144,080

(25,519,229)

(44,576)

(144,705)

—

—

157,986

—

BlackRock

High

Yield

Bond

Portfolio,

Class

K

Shares

(c)

..

1,215,777

14,742

(1,233,718)

23,497

(20,298)

—

—

22,509

—

iShares

Core

Dividend

Growth

ETF

..................

13,569,748

3,045,241

—

—

2,032,463

18,647,452

370,283

193,563

—

iShares

Emerging

Markets

Dividend

ETF

...........

1,076,431

—

—

—

46,839

1,123,270

28,913

46,329

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

29,486,186

—

(9,499,116)

255,127

(114,580)

20,127,617

228,619

443,986

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

10,240,130

—

—

—

(279,486)

9,960,644

74,134

96,538

—

$

638,142

$

1,645,399

$

193,316,073

$

2,222,646

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Managed

Income

Fund

Schedule

of

Investments

47

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

i

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

............................................

124

09/17/21

$

8,462

$

(33,885)

Short

Contracts

GBP

Currency

............................................................

192

09/13/21

16,566

438,791

JPY

Currency

............................................................

1

09/13/21

113

1,758

S&P

500

E-Mini

Index

......................................................

8

09/17/21

1,715

(13,179)

U.S.

Treasury

10

Year

Note

...................................................

195

09/21/21

25,822

(130,273)

U.S.

Treasury

10

Year

Ultra

Note

...............................................

68

09/21/21

10,000

(188,687)

U.S.

Treasury

Long

Bond

....................................................

95

09/21/21

15,253

(449,469)

U.S.

Treasury

Ultra

Bond

....................................................

103

09/21/21

19,828

(904,056)

U.S.

Treasury

5

Year

Note

....................................................

222

09/30/21

27,391

69,888

(1,175,227)

$

(1,209,112)

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)

CDX.NA.IG.36.V1

...................

1.00

%

Quarterly

06/20/26

USD

2,812

$

(72,434)

$

(65,735)

$

(6,699)

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)

Western

Union

Co.

(The)

....

1.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/21

USD

100

$

(420)

$

45

$

(465)

$

–

$

–

$

–

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

—

$

(65,735)

$

—

$

(6,699)

OTC

Swaps

...................................................................

45

—

—

(465)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

48

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

—

$

440,549

$

69,888

$

—

$

510,437

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

45

—

—

—

—

45

$

—

$

45

$

—

$

440,549

$

69,888

$

—

$

510,482

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

47,064

—

1,672,485

—

1,719,549

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

6,699

—

—

—

—

6,699

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

465

—

—

—

—

465

$

—

$

7,164

$

47,064

$

—

$

1,672,485

$

—

$

1,726,713

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

six

months

ended

June

30,

2021,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.......................

$

—

$

—

$

(477,239)

$

(590,697)

$

6,438,213

$

—

$

5,370,277

Options

purchased

(a)

....................

—

—

(74,223)

—

—

—

(74,223)

Options

written

........................

—

—

34,152

—

—

—

34,152

Swaps

..............................

—

2,037

—

—

—

—

2,037

$

—

$

2,037

$

(517,310)

$

(590,697)

$

6,438,213

$

—

$

5,332,243

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.......................

—

—

(228,991)

684,048

(1,989,036)

—

(1,533,979)

Options

purchased

(b)

....................

—

—

47,053

—

—

—

47,053

Options

written

........................

—

—

(24,747)

—

—

—

(24,747)

Swaps

..............................

—

(9,501)

—

—

—

—

(9,501)

$

—

$

(9,501)

$

(206,685)

$

684,048

$

(1,989,036)

$

—

$

(1,521,174)

(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

..................................................................................

$

15,734,779

Average

notional

value

of

contracts

—

short

.................................................................................

96,983,131

Options:

Average

value

of

option

contracts

purchased

................................................................................

—

(a)

Average

value

of

option

contracts

written

...................................................................................

—

(a)

Credit

default

swaps:

Average

notional

value

—

buy

protection

...................................................................................

1,506,000

Average

notional

value

—

sell

protection

...................................................................................

237,500

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

BlackRock

Managed

Income

Fund

Schedule

of

Investments

49

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments:

$

—

Futures

contracts

....................................................................................

$

58,206

$

265,357

Swaps

—

Centrally

cleared

.............................................................................

—

442

Swaps

—

OTC

(a)

....................................................................................

45

465

Total

derivative

assets

and

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

58,251

$

266,264

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(58,206)

(265,799)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

45

$

465

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

paid/received

in

the

Statement

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

JPMorgan

Chase

Bank

NA

..........................

$

45

$

(45)

$

—

$

—

$

—

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)

JPMorgan

Chase

Bank

NA

..........................

$

465

$

(45)

$

—

$

—

$

420

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

50

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

....................................

$

—

$

37,048,167

$

1,753,181

$

38,801,348

Common

Stocks:

Banks

...............................................

3,401,152

807,577

—

4,208,729

Beverages

...........................................

—

2,101,522

—

2,101,522

Biotechnology

.........................................

2,170,460

—

—

2,170,460

Building

Products

.......................................

2,293

—

—

2,293

Capital

Markets

........................................

2,563,445

—

—

2,563,445

Consumer

Finance

......................................

1,275,251

—

—

1,275,251

Diversified

Telecommunication

Services

........................

2,437,613

—

—

2,437,613

Electrical

Equipment

.....................................

—

1,281,492

—

1,281,492

Electronic

Equipment,

Instruments

&

Components

.................

1,021,512

—

—

1,021,512

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

1,610,305

—

—

1,610,305

Food

&

Staples

Retailing

..................................

827,838

—

—

827,838

Food

Products

.........................................

—

1,397,103

—

1,397,103

Gas

Utilities

...........................................

—

952,188

—

952,188

Health

Care

Equipment

&

Supplies

...........................

788,846

1,770,384

—

2,559,230

Health

Care

Providers

&

Services

............................

2,342,974

—

—

2,342,974

Household

Products

.....................................

—

2,987,651

—

2,987,651

Insurance

............................................

2,761,655

1,908,400

—

4,670,055

IT

Services

...........................................

5,158,737

1,243,561

—

6,402,298

Leisure

Products

.......................................

1,563,172

—

—

1,563,172

Machinery

............................................

1,343,645

—

—

1,343,645

Media

...............................................

1,639,952

—

—

1,639,952

Oil,

Gas

&

Consumable

Fuels

...............................

70,093

—

—

70,093

Personal

Products

......................................

1,716,996

1,974,179

—

3,691,175

Pharmaceuticals

.......................................

2,292,795

6,818,538

—

9,111,333

Professional

Services

....................................

—

2,740,936

—

2,740,936

Semiconductors

&

Semiconductor

Equipment

....................

2,225,488

2,649,178

—

4,874,666

Software

.............................................

4,822,139

—

—

4,822,139

Textiles,

Apparel

&

Luxury

Goods

............................

—

3,383,202

—

3,383,202

Tobacco

.............................................

1,244,722

—

—

1,244,722

Trading

Companies

&

Distributors

............................

—

2,109,587

—

2,109,587

Corporate

Bonds

........................................

—

379,987,894

—

379,987,894

Equity-Linked

Notes

......................................

—

66,426,285

—

66,426,285

Floating

Rate

Loan

Interests:

Aerospace

&

Defense

....................................

—

4,198,077

286,620

4,484,697

Air

Freight

&

Logistics

....................................

—

50,920

—

50,920

Airlines

..............................................

—

3,240,048

—

3,240,048

Auto

Components

......................................

—

1,906,703

—

1,906,703

Automobiles

..........................................

—

623,174

—

623,174

Building

Products

.......................................

—

1,537,609

167,513

1,705,122

Capital

Markets

........................................

—

865,073

129,230

994,303

Chemicals

............................................

—

3,375,190

147,209

3,522,399

Commercial

Services

&

Supplies

.............................

—

4,504,380

—

4,504,380

Construction

&

Engineering

................................

—

1,482,102

—

1,482,102

Construction

Materials

....................................

—

1,092,919

—

1,092,919

Containers

&

Packaging

..................................

—

2,648,778

420,042

3,068,820

Distributors

...........................................

—

80,604

—

80,604

Diversified

Consumer

Services

..............................

—

1,973,659

221,895

2,195,554

Diversified

Financial

Services

...............................

—

9,505,524

506,537

10,012,061

Diversified

Telecommunication

Services

........................

—

4,202,841

—

4,202,841

Electric

Utilities

........................................

—

152,972

—

152,972

Electrical

Equipment

.....................................

—

1,382,154

—

1,382,154

Entertainment

.........................................

—

2,590,854

—

2,590,854

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

245,132

—

245,132

BlackRock

Managed

Income

Fund

Schedule

of

Investments

51

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Food

&

Staples

Retailing

..................................

$

—

$

818,426

$

—

$

818,426

Food

Products

.........................................

—

4,234,288

—

4,234,288

Health

Care

Equipment

&

Supplies

...........................

—

94,059

—

94,059

Health

Care

Providers

&

Services

............................

—

3,854,177

260,097

4,114,274

Health

Care

Technology

..................................

—

1,989,205

—

1,989,205

Hotels,

Restaurants

&

Leisure

..............................

—

5,211,178

115,324

5,326,502

Household

Durables

.....................................

—

886,465

—

886,465

Household

Products

.....................................

—

—

42,678

42,678

Independent

Power

and

Renewable

Electricity

Producers

............

—

325,919

—

325,919

Industrial

Conglomerates

..................................

—

833,244

—

833,244

Insurance

............................................

—

3,809,207

—

3,809,207

Interactive

Media

&

Services

...............................

—

2,380,306

—

2,380,306

Internet

&

Direct

Marketing

Retail

............................

—

554,610

—

554,610

IT

Services

...........................................

—

6,414,400

68,998

6,483,398

Life

Sciences

Tools

&

Services

..............................

—

2,580,991

—

2,580,991

Machinery

............................................

—

3,309,547

64,919

3,374,466

Media

...............................................

—

5,659,607

664,660

6,324,267

Metals

&

Mining

........................................

—

1,141,276

—

1,141,276

Oil,

Gas

&

Consumable

Fuels

...............................

—

576,430

—

576,430

Personal

Products

......................................

—

1,110,966

—

1,110,966

Pharmaceuticals

.......................................

—

2,152,756

—

2,152,756

Professional

Services

....................................

—

2,098,636

—

2,098,636

Real

Estate

Management

&

Development

.......................

—

102,988

—

102,988

Road

&

Rail

...........................................

—

876,932

—

876,932

Semiconductors

&

Semiconductor

Equipment

....................

—

31,386

—

31,386

Software

.............................................

—

12,684,142

498,313

13,182,455

Specialty

Retail

........................................

—

2,593,575

—

2,593,575

Technology

Hardware,

Storage

&

Peripherals

....................

—

197,924

—

197,924

Trading

Companies

&

Distributors

............................

—

1,261,107

36,093

1,297,200

Wireless

Telecommunication

Services

.........................

—

992,374

—

992,374

Foreign

Agency

Obligations

.................................

—

392,420

—

392,420

Investment

Companies

....................................

70,301,913

—

—

70,301,913

Preferred

Securities:

Banks

...............................................

—

6,717,797

—

6,717,797

Capital

Markets

........................................

—

4,619,745

—

4,619,745

Commercial

Services

&

Supplies

.............................

—

83,000

—

83,000

Consumer

Finance

......................................

152,875

2,835,026

—

2,987,901

Diversified

Financial

Services

...............................

—

513,000

—

513,000

Electric

Utilities

........................................

—

1,259,125

—

1,259,125

Insurance

............................................

422,100

998,688

—

1,420,788

Multi-Utilities

..........................................

—

488,250

—

488,250

Oil,

Gas

&

Consumable

Fuels

...............................

625,000

1,021,499

—

1,646,499

Warrants

..............................................

399

—

—

399

Short-Term

Securities

.......................................

33,535,863

—

—

33,535,863

Liabilities:

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(105)

—

(105)

$

148,319,233

$

650,951,123

$

5,383,309

$

804,653,665

Investments

valued

at

NAV

(b)

......................................

90,051,185

$

—

$

894,704,850

$

—

Derivative

Financial

Instruments

(c)

Assets:

Foreign

currency

exchange

contracts

............................

$

440,549

$

—

$

—

$

440,549

Interest

rate

contracts

.......................................

69,888

—

—

69,888

Liabilities:

Credit

contracts

...........................................

—

(7,164)

—

(7,164)

Equity

contracts

...........................................

(47,064)

—

—

(47,064)

Interest

rate

contracts

.......................................

(1,672,485)

—

—

(1,672,485)

$

(1,209,112)

$

(7,164)

$

—

$

(1,216,276)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

52

BlackRock

Managed

Income

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

701,388,882‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

193,316,073‌

Cash

.............................................................................................................

628,944‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

2,705,000‌

Centrally

cleared

swaps

................................................................................................

37,268‌

Foreign

currency,

at

value

(d)

..............................................................................................

739,773‌

Receivables:

–‌

Investments

sold

....................................................................................................

2,723,417‌

Securities

lending

income

—

affiliated

......................................................................................

20,745‌

Capital

shares

sold

...................................................................................................

7,028,532‌

Dividends

—

affiliated

.................................................................................................

182,407‌

Dividends

—

unaffiliated

...............................................................................................

105,436‌

Interest

—

unaffiliated

.................................................................................................

4,538,205‌

From

the

Manager

...................................................................................................

60,031‌

Variation

margin

on

futures

contracts

.......................................................................................

58,206‌

Swap

premiums

paid

...................................................................................................

45‌

Prepaid

expenses

.....................................................................................................

96,675‌

Other

assets

.........................................................................................................

820‌

Total

assets

.........................................................................................................

913,630,459‌

LIABILITIES

Collateral

on

securities

loaned,

at

value

.......................................................................................

30,385,204‌

Payables:

–‌

Investments

purchased

................................................................................................

29,826,074‌

Administration

fees

...................................................................................................

831‌

Capital

shares

redeemed

...............................................................................................

1,293,629‌

Income

dividend

distributions

............................................................................................

37,957‌

Investment

advisory

fees

..............................................................................................

219,494‌

Trustees'

and

Officer's

fees

.............................................................................................

2,329‌

Other

affiliate

fees

...................................................................................................

526‌

Service

and

distribution

fees

.............................................................................................

91,147‌

Variation

margin

on

futures

contracts

.......................................................................................

265,357‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

442‌

Other

accrued

expenses

...............................................................................................

440,430‌

Unrealized

depreciation

on:

–‌

OTC

swaps

........................................................................................................

465‌

Unfunded

floating

rate

loan

interests

.......................................................................................

105‌

Total

liabilities

........................................................................................................

62,563,990‌

NET

ASSETS

........................................................................................................

$

851,066,469‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

811,423,968‌

Accumulated

earnings

..................................................................................................

39,642,501‌

NET

ASSETS

........................................................................................................

$

851,066,469‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

681,435,084‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

29,787,218‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

189,034,360‌

(d)

  Foreign

currency,

at

cost

...............................................................................................

$

747,070‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

53

Financial

Statements

BlackRock

Managed

Income

Fund

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

389,625,514‌

Shares

outstanding

.................................................................................................

37,165,994‌

Net

asset

value

....................................................................................................

$

10.48‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

Investor

A

Net

assets

........................................................................................................

$

337,645,522‌

Shares

outstanding

.................................................................................................

32,205,110‌

Net

asset

value

....................................................................................................

$

10.48‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

Investor

C

Net

assets

........................................................................................................

$

27,730,692‌

Shares

outstanding

.................................................................................................

2,643,422‌

Net

asset

value

....................................................................................................

$

10.49‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

Class

K

Net

assets

........................................................................................................

$

96,064,741‌

Shares

outstanding

.................................................................................................

9,140,586‌

Net

asset

value

....................................................................................................

$

10.51‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

0.001

See

notes

to

financial

statements.

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

54

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

2,090,080‌

Dividends

—

unaffiliated

...............................................................................................

984,748‌

Interest

—

unaffiliated

................................................................................................

10,970,220‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

132,566‌

Foreign

taxes

withheld

................................................................................................

(38,667‌)

Total

investment

income

.................................................................................................

14,138,947‌

EXPENSES

Investment

advisory

..................................................................................................

1,353,562‌

Service

and

distribution

—

class

specific

....................................................................................

497,491‌

Transfer

agent

—

class

specific

..........................................................................................

228,605‌

Administration

.....................................................................................................

160,894‌

Accounting

services

..................................................................................................

150,734‌

Administration

—

class

specific

..........................................................................................

77,340‌

Registration

.......................................................................................................

76,223‌

Professional

.......................................................................................................

73,208‌

Custodian

.........................................................................................................

37,408‌

Trustees

and

Officer

..................................................................................................

5,726‌

Miscellaneous

......................................................................................................

64,348‌

Total

expenses

.......................................................................................................

2,725,539‌

Less:

–‌

Administration

fees

waived

—

class

specific

..................................................................................

(74,727‌)

Fees

waived

and/or

reimbursed

by

the

Manager

...............................................................................

(584,811‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

.....................................................................

(59,303‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

2,006,698‌

Net

investment

income

..................................................................................................

12,132,249‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

14,739,293‌

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

638,142‌

Investments

—

unaffiliated

...........................................................................................

11,085,201‌

Foreign

currency

transactions

.........................................................................................

(35,749‌)

Futures

contracts

..................................................................................................

5,370,277‌

Options

written

...................................................................................................

34,152‌

Swaps

.........................................................................................................

2,037‌

A

17,094,060‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

1,645,399‌

Investments

—

unaffiliated

...........................................................................................

(2,419,936‌)

Foreign

currency

translations

..........................................................................................

(11,898‌)

Futures

contracts

..................................................................................................

(1,533,979‌)

Options

written

...................................................................................................

(24,747‌)

Swaps

.........................................................................................................

(9,501‌)

Unfunded

floating

rate

loan

interests

.....................................................................................

(105‌)

A

(2,354,767‌)

Net

realized

and

unrealized

gain

...........................................................................................

14,739,293‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

26,871,542‌

Statements

of

Changes

in

Net

Assets

55

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

..........................................................................

$

12,132,249‌

$

19,551,200‌

Net

realized

gain

(loss)

..............................................................................

17,094,060‌

(968,267‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(2,354,767‌)

15,970,983‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

26,871,542‌

34,553,916‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(5,569,336‌)

(9,566,525‌)

Investor

A

.....................................................................................

(4,019,342‌)

(7,243,709‌)

Investor

C

.....................................................................................

(272,990‌)

(659,196‌)

Class

K

.......................................................................................

(1,318,083‌)

(2,796,268‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(11,179,751‌)

(20,265,698‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

146,147,491‌

202,030,655‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

161,839,282‌

216,318,873‌

Beginning

of

period

..................................................................................

689,227,187‌

472,908,314‌

End

of

period

......................................................................................

$

851,066,469‌

$

689,227,187‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

56

(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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

(g)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

Institutional

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

$

10.28‌

$

10.08‌

$

9.56‌

$

10.02‌

$

9.95‌

$

10.10‌

$

9.61‌

Net

investment

income

(loss)

(a)

....

0.17‌

0.35‌

0.39‌

0.40‌

0.37‌

0.10‌

0.28‌

Net

realized

and

unrealized

gain

(loss)

..................

0.18‌

0.21‌

0.52‌

(0.46‌)

0.15‌

(0.04‌)

0.48‌

Net

increase

(decrease)

from

investment

operations

...............

0.35‌

0.56‌

0.91‌

(0.06‌)

0.52‌

0.06‌

0.76‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.....

(0.15‌)

(0.34‌)

(0.39‌)

(0.38‌)

(0.37‌)

(0.08‌)

(0.27‌)

From

net

realized

gain

..........

—‌

(0.02‌)

—‌

(0.02‌)

(0.08‌)

(0.13‌)

—‌

Total

distributions

..............

(0.15‌)

(0.36‌)

(0.39‌)

(0.40‌)

(0.45‌)

(0.21‌)

(0.27‌)

Net

asset

value,

end

of

period

.....

$

10.48‌

$

10.28‌

$

10.08‌

$

9.56‌

$

10.02‌

$

9.95‌

$

10.10‌

Total

Return

(c)

3.48%

5.78%

9.63%

(0.57)%

5.29%

—

—

Based

on

net

asset

value

.........

3.48%

(d)

5.78%

9.63%

(0.57)%

5.29%

0.60%

(d)

8.06%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................

0.60%

(f)

0.62%

0.59%

0.72%

1.03%

1.26%

(f)

0.84%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.40%

(f)

0.38%

0.34%

0.27%

0.38%

0.36%

(f)

0.52%

Net

investment

income

(loss)

......

3.27%

(f)

3.51%

3.90%

4.09%

3.74%

3.82%

(f)

2.85%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

389,626‌

$

317,679‌

$

199,220‌

$

117,904‌

$

51,542‌

$

23,083‌

$

15,100‌

Portfolio

turnover

rate

(g)

..........

33%

76%

71%

79%

68%

74%

67%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Investments

in

underlying

funds

.....

0.05%

0.07%

0.17%

0.17%

0.18%

0.22%

0.01%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-

linked

notes)

..................

53‌%

94‌%

91‌%

100‌%

96‌%

75‌%

—‌%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

57

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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

(g)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

Investor

A

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

$

10.28‌

$

10.08‌

$

9.56‌

$

10.02‌

$

9.95‌

$

10.10‌

$

9.61‌

Net

investment

income

(loss)

(a)

....

0.15‌

0.32‌

0.36‌

0.38‌

0.35‌

0.09‌

0.25‌

Net

realized

and

unrealized

gain

(loss)

..................

0.19‌

0.22‌

0.52‌

(0.46‌)

0.15‌

(0.04‌)

0.48‌

Net

increase

(decrease)

from

investment

operations

...............

0.34‌

0.54‌

0.88‌

(0.08‌)

0.50‌

0.05‌

0.73‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.....

(0.14‌)

(0.32‌)

(0.36‌)

(0.36‌)

(0.35‌)

(0.07‌)

(0.24‌)

From

net

realized

gain

..........

—‌

(0.02‌)

—‌

(0.02‌)

(0.08‌)

(0.13‌)

—‌

Total

distributions

..............

(0.14‌)

(0.34‌)

(0.36‌)

(0.38‌)

(0.43‌)

(0.20‌)

(0.24‌)

Net

asset

value,

end

of

period

.....

$

10.48‌

$

10.28‌

$

10.08‌

$

9.56‌

$

10.02‌

$

9.95‌

$

10.10‌

Total

Return

(c)

3.36%

5.51%

9.36%

(0.82)%

5.03%

—

—

Based

on

net

asset

value

.........

3.36%

(d)

5.51%

9.36%

(0.82)%

5.03%

0.54%

(d)

7.74%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................

0.82%

(f)

0.83%

0.80%

0.95%

1.26%

1.50%

(f)

1.11%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.65%

(f)

0.62%

0.59%

0.52%

0.63%

0.61%

(f)

0.82%

Net

investment

income

(loss)

......

3.00%

(f)

3.27%

3.65%

3.83%

3.45%

3.52%

(f)

2.56%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

337,646‌

$

261,322‌

$

190,848‌

$

107,314‌

$

59,591‌

$

33,604‌

$

29,957‌

Portfolio

turnover

rate

(g)

..........

33%

76%

71%

79%

68%

74%

67%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Investments

in

underlying

funds

.....

0.05%

0.07%

0.17%

0.17%

0.18%

0.22%

0.01%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-

linked

notes)

..................

53‌%

94‌%

91‌%

100‌%

96‌%

75‌%

—‌%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

58

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

Investor

C

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/03/16

(a)

to

12/31/16

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.29‌

$

10.09‌

$

9.56‌

$

10.03‌

$

9.96‌

$

10.10‌

Net

investment

income

(loss)

(b)

...................

0.12‌

0.25‌

0.29‌

0.31‌

0.28‌

0.07‌

Net

realized

and

unrealized

gain

(loss)

.............

0.18‌

0.21‌

0.53‌

(0.48‌)

0.14‌

(0.03‌)

Net

increase

(decrease)

from

investment

operations

......

0.30‌

0.46‌

0.82‌

(0.17‌)

0.42‌

0.04‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

(0.10‌)

(0.24‌)

(0.29‌)

(0.28‌)

(0.27‌)

(0.05‌)

From

net

realized

gain

.........................

—‌

(0.02‌)

—‌

(0.02‌)

(0.08‌)

(0.13‌)

Total

distributions

.............................

(0.10‌)

(0.26‌)

(0.29‌)

(0.30‌)

(0.35‌)

(0.18‌)

Net

asset

value,

end

of

period

....................

$

10.49‌

$

10.29‌

$

10.09‌

$

9.56‌

$

10.03‌

$

9.96‌

Total

Return

(d)

2.98%

4.72%

8.65%

(1.67)%

4.24%

—

Based

on

net

asset

value

........................

2.98%

(e)

4.72%

8.65%

(1.67)%

4.24%

0.43%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.58%

(g)

1.60%

1.58%

1.74%

1.95%

2.12%

(g)

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.40%

(g)

1.37%

1.34%

1.28%

1.38%

1.26%

(g)

Net

investment

income

(loss)

.....................

2.27%

(g)

2.54%

2.89%

3.11%

2.75%

2.76%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

27,731‌

$

26,419‌

$

23,347‌

$

11,983‌

$

4,122‌

$

693‌

Portfolio

turnover

rate

(h)

.........................

33%

76%

71%

79%

68%

74%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/03/16

(a)

to

12/31/16

2020

2019

2018

2017

Investments

in

underlying

funds

....................

0.05%

0.07%

0.17%

0.17%

0.18%

0.22%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/03/16

(a)

to

12/31/16

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

53‌%

94‌%

91‌%

100‌%

96‌%

75‌%

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

59

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)

Aggregate

total

return.

(e)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(f)

Annualized.

(g)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

Class

K

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

$

10.30‌

$

10.11‌

$

9.58‌

$

10.05‌

$

9.97‌

$

10.12‌

$

9.63‌

Net

investment

income

(loss)

(a)

....

0.17‌

0.36‌

0.39‌

0.41‌

0.38‌

0.10‌

0.29‌

Net

realized

and

unrealized

gain

(loss)

..................

0.20‌

0.20‌

0.53‌

(0.47‌)

0.16‌

(0.04‌)

0.48‌

Net

increase

(decrease)

from

investment

operations

...............

0.37‌

0.56‌

0.92‌

(0.06‌)

0.54‌

0.06‌

0.77‌

Distributions

(b)

–

–

–

–

–

–

–

From

net

investment

income

.....

(0.16‌)

(0.35‌)

(0.39‌)

(0.39‌)

(0.38‌)

(0.08‌)

(0.28‌)

From

net

realized

gain

..........

—‌

(0.02‌)

—‌

(0.02‌)

(0.08‌)

(0.13‌)

—‌

Total

distributions

..............

(0.16‌)

(0.37‌)

(0.39‌)

(0.41‌)

(0.46‌)

(0.21‌)

(0.28‌)

Net

asset

value,

end

of

period

.....

$

10.51‌

$

10.30‌

$

10.11‌

$

9.58‌

$

10.05‌

$

9.97‌

$

10.12‌

Total

Return

(c)

3.60%

5.72%

9.78%

(0.61)%

5.45%

—

—

Based

on

net

asset

value

.........

3.60%

(d)

5.72%

9.78%

(0.61)%

5.45%

0.62%

(d)

8.12%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

................

0.52%

(f)

0.52%

0.50%

0.64%

0.87%

1.07%

(f)

0.72%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.35%

(f)

0.33%

0.29%

0.22%

0.33%

0.31%

(f)

0.45%

Net

investment

income

(loss)

......

3.31%

(f)

3.58%

3.97%

4.10%

3.76%

3.86%

(f)

2.95%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....

$

96,065‌

$

83,808‌

$

59,493‌

$

59,030‌

$

59,555‌

$

54,321‌

$

54,344‌

Portfolio

turnover

rate

(g)

..........

33%

76%

71%

79%

68%

74%

67%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Investments

in

underlying

funds

.....

0.05%

0.07%

0.17%

0.17%

0.18%

0.22%

0.01%

Six

Months

Ended

06/30/21

(unaudited)

Year

Ended

December

31,

Period

from

10/01/16

to

12/31/16

Year

Ended

09/30/2016

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-

linked

notes)

..................

53‌%

94‌%

91‌%

100‌%

96‌%

75‌%

—‌%

Notes

to

Financial

Statements

(unaudited)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

60

1.

ORGANIZATION 

BlackRock

Funds

II (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business

trust.

BlackRock

Managed

Income

Fund

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income and

capital

gain

distributions,

if

any,

are recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value. Dividends

from

foreign

securities

where

the

ex-

dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

June

30,

2021

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Segregation

and

Collateralization:

In

cases

where the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

options

written

and

swaps)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

Share

Class

Initial

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)

61

Notes

to

Financial

Statements

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investment

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly. Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

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

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the NYSE.

Occasionally,

events

affecting

the

values

of

such

instruments

may

occur

between

the

foreign

market

close

and

the

close

of

trading

on

the NYSE that

may

not

be

reflected

in

the

computation

of

the

Fund’s

net

assets.

Each

business

day,

the

Fund

uses

a

pricing

service

to

assist

with

the

valuation

of

certain

foreign

exchange-traded

equity

securities

and

foreign

exchange-traded

and

over-the-counter

(“OTC”)

options

(the

“Systematic

Fair

Value

Price”).

Using

current

market

factors,

the

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

and

foreign

options

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets. 

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third

party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third

party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Fund

values

its

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

its

pro

rata

ownership

in

the

underlying

fund’s

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Exchange-traded

options

are

valued

at

the

mean

between

the

last

bid

and

ask

prices

at

the

close

of

the

options

market

in

which

the

options

trade.

An

exchange-traded

option

for

which

there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day's

price

will

be

used,

unless

it

is

determined

that

the

prior

day's

price

no

longer

reflects

the

fair

value

of

the

option.

OTC

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

If

events

(e.g.,

a

market

closure,

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

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

62

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

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

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

the

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

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

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

Global

Valuation

Committee

and

third

party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used,

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

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

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

June

30,

2021,

certain

investments

of

the

Fund

were fair valued

using

NAV per

share

or

its

equivalent as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

Standard

Inputs

Generally

Considered

By

Third

Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

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. 

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

London

Interbank

Offered

Rate

(“LIBOR”),

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. 

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

64

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

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

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 Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end,

the

Fund

had

the

following

unfunded

floating

rate

loan

interests: 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned

at

value,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.......................

$

19,519‌

$

19,473‌

$

19,368‌

$

(105‌)

As

of

period

end,

the

following

table

is

a

summary

of

the

Fund's

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Net

Amount

BNP

Paribas

Securities

Corp.

.............................................

$

2,293,970‌

$

(2,293,970‌)

$

—‌

Citigroup

Global

Markets,

Inc.

.............................................

17,632,299‌

(17,632,299‌)

—‌

TD

Prime

Services

LLC

.................................................

9,860,949‌

(9,860,949‌)

—‌

$

29,787,218‌

$

(29,787,218‌)

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund's

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).  

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Options:

The

Fund

may purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statement

of

Assets

and

Liabilities.

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

a

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

66

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager. The

Manager

pays

BIL for

services

it provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.35%

$1

Billion

-

$2

Billion

.....................................................................................................

0.34

$2

Billion

-

$3

Billion

.....................................................................................................

0.33

Greater

than

$3

Billion

...................................................................................................

0.32

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

June

30,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

June

30,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended June

30,

2021,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

June

30,

2021,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

six

months ended

June

30,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the 

six

months

ended 

June

30,

2021

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares of

$13,947

.

For

the six

months

ended

June

30,

2021,

affiliates

received

CDSCs

as

follows:

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

363,771‌

Investor

C

........................................................................................................

133,720‌

$

497,491‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

Million

0.0425

%

$500

Million

-

$1

Billion

0.0400

$1

Billion

-

$2

Billion

0.0375

$2

Billion

-

$4

Billion

0.0350

$4

Billion

-

$13

Billion

0.0325

Greater

than

$13

Billion

0.0300

Institutional

.......................................................................................................

$

36,949‌

Investor

A

........................................................................................................

29,099‌

Investor

C

........................................................................................................

2,674‌

Class

K

.........................................................................................................

8,618‌

$

77,340‌

Institutional

....................................................................................................

$

314‌

Investor

A

.....................................................................................................

840‌

Investor

C

.....................................................................................................

415‌

Class

K

......................................................................................................

75‌

$

1,644‌

Institutional

.......................................................................................................

$

147,632‌

Investor

A

........................................................................................................

72,237‌

Investor

C

........................................................................................................

8,661‌

Class

K

.........................................................................................................

75‌

$

228,605‌

Investor

A

$

8,975‌

Investor

C

2,093‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

68

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2023.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Fund,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30

,

2021,

the

amount

waived

was

$9,41

9.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2023.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

Manager

waived

$163,600

in

investment

advisory

fees

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

Other

Expenses

of

the

Fund,

excluding

dividend

expense,

interest

expense

and

certain

other

fund

expenses.

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

June

30,

2023,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund. For

the

six

months

ended

June

30,

2021,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of

$411,792

pursuant

to

this

arrangement,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

six

months ended

June

30,

2021,

class

specific

expense

reimbursements are

as

follows: 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

Money

Market

Series, managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold, the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the six

months

ended June

30,

2021,

the

Fund

paid

BIM $29,560

for

securities

lending agent

services. 

Institutional

.............................................................................................................

0.09‌%

Investor

A

..............................................................................................................

0.09‌

Investor

C

..............................................................................................................

0.09‌

Class

K

...............................................................................................................

0.04‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

BlackRock

Managed

Income

Fund

Institutional

....................................................................................

$

36,9

42‌

$

55,296‌

Investor

A

.....................................................................................

26,494‌

1,950‌

Investor

C

.....................................................................................

2,674‌

1,982‌

Class

K

......................................................................................

8,617‌

75‌

$

74,72

7‌

$

59,303‌

Notes

to

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Financial

Statements

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

June

30,

2021,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

trustees.

For

the

six

months ended

June

30

,

2021,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the six

months

ended

June

30,

2021,

purchases

and

sales

of

investments,

excluding

short-term

investments

and

equity-linked

notes, were $376,658,854

and

$226,689,883,

respectively.

For

the

six

months ended

June

30,

2021,

purchases

and

sales

related

to

equity-linked

notes

were

$176,302,631

and

166,320,362

respectively.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

June

30,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund's

financial

statements.

As

of

December

31,

2020, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$999,067. 

As

of

June

30,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

BlackRock

Funds

II,

on

behalf

of

the

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2022

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

June

30,

2021,

the

Fund

did

not

borrow

under

the

credit

agreement.

Purchases

...............................................................................................................

$

117,075‌

Sales

...................................................................................................................

—‌

Net

Realized

Gain

(Loss)

.....................................................................................................

—‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Managed

Income

Fund

......................................

$

871,405,649‌

$

27,364,387‌

$

(5,281,355‌)

$

22,083,032‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

70

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market Risk

:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third

party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

options

purchased,

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

Notes

to

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Financial

Statements

The

Fund

invests

a

significant

portion

of

its

assets

in

fixed-income

securities

and/or

uses

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

LIBOR.

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

06/30/21

Year

Ended

12/31/20

Shares

Amount

Shares

Amount

Institutional

Shares

sold

.............................................

13,066,250‌

$

135,113,166‌

24,684,729‌

$

241,044,536‌

Shares

issued

in

reinvestment

of

distributions

........................

537,002‌

5,562,610‌

965,987‌

9,562,431‌

Shares

redeemed

.........................................

(7,342,986‌)

(76,202,408‌)

(14,508,164‌)

(139,835,928‌)

Net

increase

...............................................

6,260,266‌

$

64,473,368‌

11,142,552‌

$

110,771,039‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

10,841,908‌

$

112,404,045‌

15,380,799‌

$

152,633,118‌

Shares

issued

in

reinvestment

of

distributions

........................

386,566‌

4,005,348‌

729,093‌

7,210,303‌

Shares

redeemed

.........................................

(4,442,871‌)

(46,030,677‌)

(9,619,172‌)

(93,859,380‌)

Net

increase

...............................................

6,785,603‌

$

70,378,716‌

6,490,720‌

$

65,984,041‌

Investor

C

Shares

sold

.............................................

363,376‌

$

3,768,517‌

926,127‌

$

9,225,445‌

Shares

issued

in

reinvestment

of

distributions

........................

26,307‌

272,713‌

65,043‌

643,147‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(314,395‌)

(3,256,963‌)

(737,194‌)

(7,217,940‌)

Net

increase

...............................................

75,288‌

$

784,267‌

253,976‌

$

2,650,652‌

Class

K

Shares

sold

.............................................

1,799,723‌

$

18,730,693‌

3,468,249‌

$

34,614,098‌

Shares

issued

in

reinvestment

of

distributions

........................

107,515‌

1,116,836‌

231,497‌

2,291,849‌

Shares

redeemed

.........................................

(899,757‌)

(9,336,389‌)

(1,453,502‌)

(14,281,024‌)

Net

increase

...............................................

1,007,481‌

$

10,511,140‌

2,246,244‌

$

22,624,923‌

Total

Net

Increase

14,128,638‌

$

146,147,491‌

20,133,492‌

$

202,030,655‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

2021

BlackRock

Semi-Annual

Report

to

Shareholders

72

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

II

(the

“Trust”)

met

on

April

7,

2021

(the

“April

Meeting”)

and

May

10-12,

2021

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Managed

Income

Fund

(the

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

of

the

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

the

Manager

and

BlackRock

International

Limited

(the

“Sub-Advisor”)

with

respect

to

the

Fund.

The

Manager

and

the

Sub-Advisor

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreement

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process:

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

the

Fund

on

an

annual

basis.

The

Board

members

whom

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

the

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

a

fifth

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

the

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

the

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

the

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

the

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock's

and

the

Fund's

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements.

As

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Fund;

(d)

the

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

members

of

the

Board

gave

attention

to

all

of

the

information

that

was

furnished,

and

each

Board

Member

placed

varying

degrees

of

importance

on

the

various

pieces

of

information

that

were

provided

to

them.

The

Board

evaluated

the

information

available

to

it

on

a

fund

by

fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

(continued)

73

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisroy

Agreement

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

the

Fund.

Throughout

the

year,

the

Board

compared

Fund

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

the

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

the

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

the

Fund.

BlackRock

and

its

affiliates

provide

the

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

the

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

the

Fund's

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

the

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Fund

and

BlackRock:

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2020,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers.

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

the

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

Fund

ranked

in

the

fourth,

fourth

and

third

quartiles,

respectively,

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Fund:

The

Board,

including

the

Independent

Board

Members,

reviewed

the

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

the

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

the

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

the

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2020

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

74

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

In

addition,

the

Board

noted

that,

the

Fund

is

party

to

an

expense

limitation

agreement

pursuant

to

which

BlackRock

has

agreed

to

waive

and/or

reimburse

certain

operating

and

other

expenses

to

a

specified

amount

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale:

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

the

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members:

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

The

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

the

Fund,

for

a

one-year

term

ending

June

30,

2022,

and

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

the

Fund,

for

a

one-year

term

ending

June

30,

2022.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

75

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted

new

regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Fund

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

76

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

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

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

77

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviations

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

MIIP-6/21-SAR

June

30,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

II

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

June

30,

2021

was

a

remarkable

period

of

adaptation

and

recovery,

as

the

global

economy

dealt

with

the

implications

of

the

coronavirus

(or

“COVID-19”)

pandemic.

The

United

States,

along

with

most

of

the

world,

began

the

reporting

period

emerging

from

a

severe

recession,

prompted

by

pandemic-related

restrictions

that

disrupted

many

aspects

of

daily

life.

However,

easing

restrictions

and

robust

government

intervention

led

to

a

strong

rebound,

and

the

economy

grew

at

a

significant

pace

for

the

reporting

period,

recovering

much

of

the

output

lost

at

the

beginning

of

the

pandemic.

Equity

prices

rose

with

the

broader

economy,

as

investors

became

increasingly

optimistic

about

the

economic

outlook.

Stocks

rose

through

the

summer

of

2020,

fed

by

strong

fiscal

and

monetary

support

and

positive

economic

indicators.

The

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

$1.9

trillion

of

fiscal

stimulus

further

boosted

stocks,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

significant

advance.

International

equities

also

gained,

as

both

developed

countries

and

emerging

markets

rebounded

substantially.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

had

fallen

sharply

prior

to

the

beginning

of

the

reporting

period,

which

meant

bonds

were

priced

for

extreme

risk

avoidance

and

economic

disruption.

Despite

expectations

of

doom

and

gloom,

the

economy

expanded

rapidly,

stoking

inflation

concerns

in

early

2021,

which

led

to

higher

yields

and

a

negative

overall

return

for

most

U.S.

Treasuries.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

substantial

returns

for

high-yield

corporate

bonds,

although

investment-grade

corporates

declined

slightly.

The

Fed

remained

committed

to

accommodative

monetary

policy

by

maintaining

near

zero

interest

rates

and

by

reiterating

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

Late

in

the

period

the

Fed

elaborated

on

their

expected

timeline,

raising

the

likelihood

of

slower

bond

purchasing

and

the

possibility

of

higher

rates

in

2023.

Looking

ahead,

while

coronavirus-related

disruptions

have

clearly

hindered

worldwide

economic

growth,

we

believe

that

the

global

expansion

will

continue

to

accelerate

as

vaccination

efforts

ramp

up

and

pent-up

consumer

demand

leads

to

higher

spending.

While

we

expect

inflation

to

increase

somewhat

as

the

expansion

continues,

we

believe

the

recent

uptick

owes

more

to

temporary

supply

disruptions

than

a

lasting

change

in

fundamentals.

The

change

in

Fed

policy

also

means

that

moderate

inflation

is

less

likely

to

be

followed

by

interest

rate

hikes

that

could

threaten

the

economic

expansion.

Overall,

we

favor

a

moderately

positive

stance

toward

risk,

with

an

overweight

in

equities.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

healthcare,

are

particularly

attractive

in

the

long-term.

U.S.

small-caps

and

European

equities

are

likely

to

benefit

from

the

continuing

vaccine-led

restart.

We

are

underweight

long-term

on

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

Chinese

government

bonds

offer

potential

opportunities.

We

believe

that

international

diversification

and

a

focus

on

sustainability

can

help

provide

portfolio

resilience,

and

the

disruption

created

by

the

coronavirus

appears

to

be

accelerating

the

shift

toward

sustainable

investments.

In

this

environment,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

June

30,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

15.25%

40.79%

U.S.

small

cap

equities

(Russell

2000

®

Index)

17.54

62.03

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

8.83

32.35

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

7.45

40.90

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.09

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(4.10)

(5.89)

U.S.

investment

grade

bonds

(Bloomberg

Barclays

U.S.

Aggregate

Bond

Index)

(1.60)

(0.33)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

1.24

4.20

U.S.

high

yield

bonds

(Bloomberg

Barclays

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

3.61

15.34

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summaries

.......................................................................................................

4

About

Fund

Performance

..................................................................................................

8

Disclosure

of

Expenses

...................................................................................................

8

Financial

Statements:

Schedules

of

Investments

...............................................................................................

9

Statements

of

Assets

and

Liabilities

.........................................................................................

13

Statements

of

Operations

................................................................................................

15

Statements

of

Changes

in

Net

Assets

........................................................................................

16

Financial

Highlights

.....................................................................................................

17

Notes

to

Financial

Statements

...............................................................................................

21

Additional

Information

....................................................................................................

27

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

29

Additional

Financial

Information:

Schedule

of

Investments

................................................................................................

31

Statement

of

Assets

and

Liabilities

..........................................................................................

109

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Retirement

Income

2030

Fund

Investment

Objective

BlackRock

Retirement

Income

2030

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

while

decumulating

the

Fund’s

assets

to

a

predefined

target

Fund

net

asset

value

(“NAV”)

per

share,

as

a

percentage

of

the

Fund’s

NAV

per

share

at

inception,

over

the

term

of

the

Fund.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2021,

the

Fund

underperformed

its

custom

benchmark,

a

blend

comprised

of

50%

MSCI

World

Index/50%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

BlackRock

Multi-Asset

Income

Portfolio

(the

“Portfolio”).

What

factors

influenced

performance?

The

following

discussion

relates

to

absolute

performance

due

to

the

nature

of

the

Portfolio’s

approach.

The

Portfolio

employs

an

unconstrained

strategy

(i.e.

one

with

flexibility

to

invest

across

all

asset

classes)

that

is

managed

within

a

risk-controlled

framework

and

seeks

to

maintain

a

competitive

yield

with

a

risk

profile

less

than

or

equal

to

the

50/50

custom

benchmark.

The

Portfolio

may

use

derivatives

to

manage

the

portfolio’s

positioning

and

to

provide

an

element

of

protection

during

periods

of

market

stress.

Covered

calls

were

the

largest

contributor

to

performance

during

the

period,

as

income

generation

augmented

the

favorable

price

movements

of

the

underlying

stocks.

Positions

in

other

risk

assets,

such

as

global

equities,

also

generated

positive

returns.

U.S

dividend-oriented

stocks

were

particularly

robust

performers

on

the

strength

of

a

broadening

vaccine-led

economic

recovery.

The

Portfolio

was

also

well

positioned

to

capitalize

on

the

outperformance

of

riskier

segments

of

the

bond

market

in

relation

to

“safe

haven”

investments.

An

allocation

to

high

yield

bonds

performed

especially

well

due

to

the

improving

economic

backdrop

and

strong

demand

for

income-generating

assets.

The

Portfolio’s

allocation

to

investment-grade

bonds

modestly

detracted

from

performance.

Higher

interest

rates,

together

with

a

flurry

of

new

issuance,

weighed

on

the

asset

class.

Emerging

market

bonds

were

also

weaker

due

to

the

combination

of

rising

inflation,

slow

vaccine

rollouts

in

a

number

of

countries,

and

concerns

about

China’s

growth.

The

Portfolio

employed

derivatives

during

the

period.

The

use

of

derivatives

to

manage

interest-rate

positioning

was

additive

to

returns

as

rates

increased

over

the

period.

The

Portfolio’s

currency-management

efforts

modestly

contributed

to

performance

as

well.

The

Portfolio

used

equity

covered

calls

to

provide

an

alternative

source

of

income.

Positions

in

U.S.

equity

futures

hurt

results,

while

positions

in

European

and

Japan

equity

futures

contributed.

The

Fund's

practice

of

maintaining

a

specified

level

of

monthly

distributions

to

shareholders

did

not

have

a

material

impact

on

the

Fund's

investment

strategy.

The

distribution

policy

did

not

result

in

return

of

capital

for

the

period.

Refer

to

the

financial

highlights

and

income

tax

information

sections

in

this

report

for

further

information

about

the

distributions.

Describe

recent

portfolio

activity.

The

Portfolio’s

investment

adviser

added

risk

during

the

period,

primarily

by

adding

to

U.S.

dividend-oriented

equities

and

maintaining

healthy

weightings

in

higher

yielding

fixed-income

sectors

such

as

high

yield

bonds

and

floating

rate

loan

interests.

This

positioning

reflected

the

investment

adviser’s

view

there

was

lower

potential

upside

in

higher-quality

areas

of

fixed

income,

such

as

agency

mortgages

and

investment-grade

debt.

The

investment

adviser

also

kept

the

Portfolio’s

interest-rate

exposure

at

very

low

levels

on

the

view

that

strong

growth

and

rising

inflation

would

cause

yields

to

rise.

Describe

portfolio

positioning

at

period

end.

The

Fund

invested

nearly

the

entirety

of

its

assets

in

the

Portfolio,

while

maintaining

a

small

position

in

cash

for

operational

purposes.

The

Fund

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporate

bonds,

floating

rate

loan

interests

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment-grade

corporates,

mortgage-backed

securities,

global

infrastructure

stocks

and

global

real

estate

investment

trusts.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

June

30,

2021

(continued)

5

Fund

Summary

BlackRock

Retirement

Income

2030

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Expense

Example

See

"Disclosure

of

Expenses"

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Total

Returns

(a)(b)

Since

Inception

(c)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

Institutional

................................................................

3.26‌%

(3.22‌)%

5.32‌%

1

2.65‌

%

N/A‌

Investor

A

.................................................................

2.85‌

(3.49‌)

5.19‌

1

2.40‌

6.50‌

%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(d)

...................................

—‌

—‌

(1.60‌)

(1.80‌)

N/A‌

MSCI

World

Index

(

e

)

.........................................................

—‌

—‌

13.05‌

32.70‌

N/A‌

50%

MSCI

World

Index/50%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(f

)

...............

—‌

—‌

5.54‌

14.53‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund,

indirectly

through

its

investment

in

BlackRock

Multi-Asset

Income

Portfolio

("MAI"),

may

invest

in

both

equity

securities

(including

common

stock,

preferred

stock,

securities

convertible

into

common

and

preferred

stock

and

non-convertible

preferred

stock)

and

fixed

income

securities

(including

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities

and

government

obligations).

Under

normal

circumstances,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

up

to

60%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

Additionally,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

The

Fund

commenced

operations

on

July

31,

2020.

(d)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(e)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(f)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,053.20‌

$

1.27‌

$

1,000.00‌

$

1,023.55‌

$

1.25‌

0.25‌%

Investor

A

................................

1,000.00‌

1,051.90‌

2.54‌

1,000.00‌

1,022.32‌

2.51‌

0.50‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

 Percent

of

Affiliated

Investment

Companies

Fixed

Income

Funds

...............................

99‌

%

Short-Term

Securities

..............................

1‌

–‌

Fund

Summary

as

of

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Retirement

Income

2040

Fund

Investment

Objective

BlackRock

Retirement

Income

2040

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

while

decumulating

the

Fund’s

assets

to

a

predefined

target

Fund

net

asset

value

(“NAV”)

per

share,

as

a

percentage

of

the

Fund’s

NAV

per

share

at

inception,

over

the

term

of

the

Fund.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2021,

the

Fund

underperformed

its

custom

benchmark,

a

blend

comprised

of

50%

MSCI

World

Index/50%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

BlackRock

Multi-Asset

Income

Portfolio

(the

“Portfolio”).

What

factors

influenced

performance?

The

following

discussion

relates

to

absolute

performance

due

to

the

nature

of

the

Portfolio’s

approach.

The

Portfolio

employs

an

unconstrained

strategy

(i.e.

one

with

flexibility

to

invest

across

all

asset

classes)

that

is

managed

within

a

risk-controlled

framework

and

seeks

to

maintain

a

competitive

yield

with

a

risk

profile

less

than

or

equal

to

the

50/50

custom

benchmark.

The

Portfolio

may

use

derivatives

to

manage

the

portfolio’s

positioning

and

to

provide

an

element

of

protection

during

periods

of

market

stress.

Covered

calls

were

the

largest

contributor

to

performance

during

the

period,

as

income

generation

augmented

the

favorable

price

movements

of

the

underlying

stocks.

Positions

in

other

risk

assets,

such

as

global

equities,

also

generated

positive

returns.

U.S

dividend-oriented

stocks

were

particularly

robust

performers

on

the

strength

of

a

broadening

vaccine-led

economic

recovery.

The

Portfolio

was

also

well

positioned

to

capitalize

on

the

outperformance

of

riskier

segments

of

the

bond

market

in

relation

to

“safe

haven”

investments.

An

allocation

to

high

yield

bonds

performed

especially

well

due

to

the

improving

economic

backdrop

and

strong

demand

for

income-generating

assets.

The

Portfolio’s

allocation

to

investment-grade

bonds

modestly

detracted

from

performance.

Higher

interest

rates,

together

with

a

flurry

of

new

issuance,

weighed

on

the

asset

class.

Emerging

market

bonds

were

also

weaker

due

to

the

combination

of

rising

inflation,

slow

vaccine

rollouts

in

a

number

of

countries,

and

concerns

about

China’s

growth.

The

Portfolio

employed

derivatives

during

the

period.

The

use

of

derivatives

to

manage

interest-rate

positioning

was

additive

to

returns

as

rates

increased

over

the

period.

The

Portfolio’s

currency-management

efforts

modestly

contributed

to

performance

as

well.

The

Portfolio

used

equity

covered

calls

to

provide

an

alternative

source

of

income.

Positions

in

U.S.

equity

futures

hurt

results,

while

positions

in

European

and

Japan

equity

futures

contributed.

The

Fund's

practice

of

maintaining

a

specified

level

of

monthly

distributions

to

shareholders

did

not

have

a

material

impact

on

the

Fund's

investment

strategy.

The

distribution

policy

did

not

result

in

return

of

capital

for

the

period.

Refer

to

the

financial

highlights

and

income

tax

information

sections

in

this

report

for

further

information

about

the

distributions.

Describe

recent

portfolio

activity.

The

Portfolio’s

investment

adviser

added

risk

during

the

period,

primarily

by

adding

to

U.S.

dividend-oriented

equities

and

maintaining

healthy

weightings

in

higher

yielding

fixed-income

sectors

such

as

high

yield

bonds

and

floating

rate

loan

interests.

This

positioning

reflected

the

investment

adviser’s

view

there

was

lower

potential

upside

in

higher-quality

areas

of

fixed

income,

such

as

agency

mortgages

and

investment-grade

debt.

The

investment

adviser

also

kept

the

Portfolio’s

interest-rate

exposure

at

very

low

levels

on

the

view

that

strong

growth

and

rising

inflation

would

cause

yields

to

rise.

Describe

portfolio

positioning

at

period

end.

The

Fund

invested

nearly

the

entirety

of

its

assets

in

the

Portfolio,

while

maintaining

a

small

position

in

cash

for

operational

purposes.

The

Fund

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporate

bonds,

floating

rate

loan

interests

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment-grade

corporates,

mortgage-backed

securities,

global

infrastructure

stocks

and

global

real

estate

investment

trusts.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

June

30,

2021

(continued)

7

Fund

Summary

BlackRock

Retirement

Income

2040

Fund

Performance

Summary

for

the

Period

Ended

June

30,

2021

Expense

Example

See

"Disclosure

of

Expenses"

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Total

Returns

(a)(b)

Since

Inception

(c)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

w/o

sales

charge

w/sales

charge

Institutional

................................................................

3.25‌%

(3.25‌)%

5.30‌%

12.69‌

%

N/A‌

Investor

A

.................................................................

2.84‌

(3.51‌)

5.18‌

12.44‌

6.54‌

%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(d)

...................................

—‌

—‌

(1.60‌)

(1.80‌)

N/A‌

MSCI

World

Index

(e

)

.........................................................

—‌

—‌

13.05‌

32.70‌

N/A‌

50%

MSCI

World

Index/50%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index

(f

)

...............

—‌

—‌

5.54‌

14.53‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund,

indirectly

through

its

investment

in

BlackRock

Multi-Asset

Income

Portfolio

("MAI"),

may

invest

in

both

equity

securities

(including

common

stock,

preferred

stock,

securities

convertible

into

common

and

preferred

stock

and

non-convertible

preferred

stock)

and

fixed

income

securities

(including

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities

and

government

obligations).

Under

normal

circumstances,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

up

to

60%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

Additionally,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

The

Fund

commenced

operations

on

July

31,

2020.

(d)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(e)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(f)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Actual

Hypothetical

(a)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(01/01/21)

Ending

Account

Value

(06/30/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,053.00‌

$

1.27‌

$

1,000.00‌

$

1,023.55‌

$

1.25‌

0.25‌%

Investor

A

................................

1,000.00‌

1,051.80‌

2.54‌

1,000.00‌

1,022.32‌

2.51‌

0.50‌

(a)

Hypothetical

5%

annual

return

before

expenses

is

calculated

by

prorating

the

number

of

days

in

the

most

recent

fiscal

half

year

divided

by

365.

(b)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

 Percent

of

Affiliated

Investment

Companies

Fixed

Income

Funds

...............................

99‌

%

Short-Term

Securities

..............................

1‌

–‌

About

Fund

Performance

2021

BlackRock

Semi-Annual

Report

to

Shareholders

8

Institutional

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of

5.25%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time,

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

each

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund's

performance

would

have

been

lower.

With

respect

to

each

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

on January

1,

2021 and

held

through

June

30,

2021) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only,

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

BlackRock

Retirement

Income

2030

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Shares

Value

Affiliated

Investment

Companies

—

99.0%

Fixed

Income

Funds

—

98.3%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

(a)

..........................

451,918

$

5,215,139

Security

Shares

Value

Short-Term

Securities

—

0.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(a)

(b)

..................

35,472

$

35,472

Total

Affiliated

Investment

Companies

—

99.0%

(Cost:

$4,830,327)

(c)

..............................

5,250,611

Other

Assets

Less

Liabilities

—

1.0

%

...................

51,502

Net

Assets

—

100.0%

..............................

$

5,302,113

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

8,004

$

27,468

$

—

$

—

$

—

$

35,472

35,472

$

2

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

........

5,142,058

—

(95,008)

5,598

162,491

5,215,139

451,918

110,756

—

$

5,598

$

162,491

$

5,250,611

$

110,758

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Retirement

Income

2030

Fund

10

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Affiliated

Investment

Companies

................................

$

5,215,139

$

—

$

—

$

5,215,139

Short-Term

Securities

.......................................

35,472

—

—

35,472

$

5,250,611

$

—

$

—

$

5,250,611

BlackRock

Retirement

Income

2040

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

No

Security

Shares

Value

Affiliated

Investment

Companies

—

98.9%

Fixed

Income

Funds

—

98.0%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

(a)

..........................

455,515

$

5,256,644

Security

Shares

Value

Short-Term

Securities

—

0.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

(a)

(b)

..................

47,070

$

47,070

Total

Affiliated

Investment

Companies

—

98.9%

(Cost:

$4,880,085)

(c)

..............................

5,303,714

Other

Assets

Less

Liabilities

—

1.1

%

...................

58,707

Net

Assets

—

100.0%

..............................

$

5,362,421

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

3,098

$

43,972

$

—

$

—

$

—

$

47,070

47,070

$

2

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

.........

5,150,485

—

(63,006)

3,752

165,413

5,256,644

455,515

111,437

—

$

3,752

$

165,413

$

5,303,714

$

111,439

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Retirement

Income

2040

Fund

12

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Affiliated

Investment

Companies

................................

$

5,256,644

$

—

$

—

$

5,256,644

Short-Term

Securities

.......................................

47,070

—

—

47,070

$

5,303,714

$

—

$

—

$

5,303,714

Statements

of

Assets

and

Liabilities

(unaudited)

June

30,

2021

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

ASSETS

Investments,

at

value

—

affiliated

(a)

..........................................................................

$

5,250,611‌

$

5,303,714‌

Receivables:

–‌

–‌

Dividends

—

affiliated

..................................................................................

19,662‌

19,819‌

From

the

Manager

....................................................................................

28,537‌

28,943‌

Deferred

offering

costs

...................................................................................

16,259‌

16,748‌

Prepaid

expenses

......................................................................................

46,83

5‌

46,700‌

Total

assets

..........................................................................................

5,361,90

4‌

5,415,924‌

LIABILITIES

Payables:

–‌

–‌

Accounting

services

fees

................................................................................

4,904‌

4,905‌

Custodian

fees

.......................................................................................

652‌

648‌

Income

dividend

distributions

.............................................................................

31,386‌

25,050‌

Trustees'

and

Officer's

fees

..............................................................................

1,271‌

1,271‌

Professional

fees

.....................................................................................

20,811‌

20,811‌

Transfer

agent

fees

...................................................................................

557‌

608‌

Other

accrued

expenses

................................................................................

2

10‌

210‌

Total

liabilities

.........................................................................................

59,79

1‌

53,503‌

NET

ASSETS

.........................................................................................

$

5,302,113‌

$

5,362,421‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

.........................................................................................

$

4,960,516‌

$

4,980,553‌

Accumulated

earnings

...................................................................................

341,597‌

381,868‌

NET

ASSETS

.........................................................................................

$

5,302,113‌

$

5,362,421‌

(a)

  Investments,

at

cost

—

affiliated

...........................................................................

$

4,830,327‌

$

4,880,085‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.......................................................................................

$

5,152,482‌

$

5,214,781‌

Shares

outstanding

................................................................................

48,880

.40‌

48,780

.29‌

Net

asset

value

...................................................................................

$

105.41‌

$

106.90‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.......................................................................................

$

149,631‌

$

147,640‌

Shares

outstanding

................................................................................

1,4

19.51‌

1,381

.11‌

Net

asset

value

...................................................................................

$

105.41‌

$

106.90‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2021

15

Financial

Statements

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

..................................................................................

$

110,758‌

$

111,439‌

Total

investment

income

..................................................................................

110,758‌

111,439‌

EXPENSES

O

ffering

...........................................................................................

92,017‌

95,001‌

Professional

........................................................................................

24,356‌

24,258‌

Accounting

services

...................................................................................

4,904‌

4,905‌

Trustees

and

Officer

...................................................................................

4,565‌

4,565‌

Registration

........................................................................................

4,226‌

4,226‌

Investment

advisory

...................................................................................

2,607‌

2,628‌

Administration

......................................................................................

1,108‌

1,117‌

Administration

—

class

specific

...........................................................................

522‌

525‌

Custodian

..........................................................................................

431‌

426‌

Transfer

agent

—

class

specific

...........................................................................

373‌

366‌

Service

and

distribution

—

class

specific

.....................................................................

177‌

181‌

Miscellaneous

.......................................................................................

5

,

533‌

5

,

533‌

Total

expenses

........................................................................................

140,819‌

143,731‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(132,131‌)

(134,979‌)

Administration

fees

waived

..............................................................................

(1,108‌)

(1,117‌)

Administration

fees

waived

—

class

specific

...................................................................

(522‌)

(525‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

......................................................

(365‌)

(359‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

6,693‌

6,751‌

Net

investment

income

...................................................................................

104,065‌

104,688‌

REALIZED

AND

UNREALIZED

GAIN

$

168,089‌

$

169,165‌

Net

realized

gain

from

investments

.........................................................................

$

5,598‌

$

3,752‌

Net

change

in

unrealized

appreciation

on

investments

............................................................

162,491‌

165,413‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

272,154‌

$

273,853‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Semi-Annual

Report

to

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

................................................

$

104,065‌

$

84,009‌

$

104,688‌

$

84,529‌

Net

realized

gain

(loss)

....................................................

5,598‌

(131‌)

3,752‌

1,890‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

162,491‌

257,793‌

165,413‌

258,216‌

Net

increase

in

net

assets

resulting

from

operations

...................................

272,154‌

341,671‌

273,853‌

344,635‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

(183,290‌)

(68,870‌)

(146,239‌)

(70,831‌)

  Investor

A

............................................................

(4,929‌)

(17,692‌)

(3,962‌)

(18,193‌)

Return

of

capital:

–

–

–

–

  Institutional

...........................................................

—‌

(53,667‌)

—‌

(26,883‌)

  Investor

A

............................................................

—‌

(13,786‌)

—‌

(6,905‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(188,219‌)

(154,015‌)

(150,201‌)

(122,812‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.........................

10,522‌

5,020,000‌

16,998‌

4,999,948‌

NET

ASSETS

Total

increase

in

net

assets

...................................................

94,457‌

5,207,656‌

140,650‌

5,221,771‌

Beginning

of

period

........................................................

5,207,656‌

—

5,221,771‌

—

End

of

period

............................................................

$

5,302,113‌

$

5,207,656‌

$

5,362,421‌

$

5,221,771‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

5.39%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.72%.

BlackRock

Retirement

Income

2030

Fund

Institutional

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.........................................................................

$

103.74‌

$

100.00‌

Net

investment

income

(loss)

(b)

.............................................................................

2.07‌

1.69‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

3.35‌

5.14‌

Net

increase

from

investment

operations

........................................................................

5.42‌

6.83‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(3.75‌)

(1.74‌)

Return

of

capital

.......................................................................................

—‌

(1.35‌)

Total

distributions

.......................................................................................

(3.75‌)

(3.09‌)

Net

asset

value,

end

of

period

..............................................................................

$

105.41‌

$

103.74‌

Total

Return

(d)

5.32%

6.96%

Based

on

net

asset

value

..................................................................................

5.32%

(e)

6.96%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................................................................

3.61%

(g)(h)

3.86%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.25%

(g)

0.25%

(g)

Net

investment

income

(loss)

...............................................................................

4.00%

(g)

4.05%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

5,152‌

$

5,070‌

Portfolio

turnover

rate

....................................................................................

—%

2%

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Investments

in

underlying

funds

..............................................................................

0.49%

0.50%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

18

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

5.89%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.00%.

BlackRock

Retirement

Income

2030

Fund

Investor

A

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.........................................................................

$

103.74‌

$

100.00‌

Net

investment

income

(loss)

(b)

.............................................................................

1.94‌

1.63‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

3.35‌

5.10‌

Net

increase

from

investment

operations

........................................................................

5.29‌

6.73‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(3.62‌)

(1.67‌)

R

eturn

of

capital

.......................................................................................

—‌

(1.32‌)

Total

distributions

.......................................................................................

(3.62‌)

(2.99‌)

Net

asset

value,

end

of

period

..............................................................................

$

105.41‌

$

103.74‌

Total

Return

(d)

5.19%

6.86%

Based

on

net

asset

value

..................................................................................

5.19%

(e)

6.86%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................................................................

4.11%

(g)(h)

4.13%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.50%

(g)

0.50%

(g)

Net

investment

income

(loss)

...............................................................................

3.75%

(g)

3.93%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

150‌

$

137‌

Portfolio

turnover

rate

....................................................................................

—%

2%

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Investments

in

underlying

funds

..............................................................................

0.49%

0.50%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

5.45%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.78%.

BlackRock

Retirement

Income

2040

Fund

Institutional

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.........................................................................

$

104.44‌

$

100.00‌

Net

investment

income

(loss)

(b)

.............................................................................

2.09‌

1.71‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

3.37‌

5.21‌

Net

increase

from

investment

operations

........................................................................

5.46‌

6.92‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(3.00‌)

(1.76‌)

From

net

realized

gain

...................................................................................

—‌

(0.04‌)

R

eturn

of

capital

.......................................................................................

—‌

(0.68‌)

Total

distributions

.......................................................................................

(3.00‌)

(2.48‌)

Net

asset

value,

end

of

period

..............................................................................

$

106.90‌

$

104.44‌

Total

Return

(d)

5.30%

7.02%

Based

on

net

asset

value

..................................................................................

5.30%

(e)

7.02%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................................................................

3.63%

(g)(h)

3.88%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.25%

(g)

0.25%

(g)

Net

investment

income

(loss)

...............................................................................

3.99%

(g)

4.07%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

5,215‌

$

5,078‌

Portfolio

turnover

rate

....................................................................................

—%

2%

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Investments

in

underlying

funds

..............................................................................

0.49%

0.50%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

20

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds

as

follows:

(g)

Annualized.

(h)

Offering

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

5.95%.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.06%.

BlackRock

Retirement

Income

2040

Fund

Investor

A

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.........................................................................

$

104.43‌

$

100.00‌

Net

investment

income

(loss)

(b)

.............................................................................

1.96‌

1.63‌

Net

realized

and

unrealized

gain

(loss)

.......................................................................

3.38‌

5.17‌

Net

increase

from

investment

operations

........................................................................

5.34‌

6.80‌

Distributions

(c)

–

–

From

net

investment

income

..............................................................................

(2.87‌)

(1.67‌)

From

net

realized

gain

...................................................................................

—‌

(0.04‌)

R

eturn

of

capital

.......................................................................................

—‌

(0.66‌)

Total

distributions

.......................................................................................

(2.87‌)

(2.37‌)

Net

asset

value,

end

of

period

..............................................................................

$

106.90‌

$

104.43‌

Total

Return

(d)

5.18%

6.90%

Based

on

net

asset

value

..................................................................................

5.18%

(e)

6.90%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.........................................................................................

4.13%

(g)(h)

4.16%

(g)(

i

)

Total

expenses

after

fees

waived

and/or

reimbursed

................................................................

0.50%

(g)

0.50%

(g)

Net

investment

income

(loss)

...............................................................................

3.74%

(g)

3.93%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................................................

$

148‌

$

144‌

Portfolio

turnover

rate

....................................................................................

—%

2%

Six

Months

Ended

06/30/21

(unaudited)

Period

from

07/31/20

(a)

to

12/31/20

Investments

in

underlying

funds

..............................................................................

0.49%

0.50%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

21

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

II

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business

trust.

The

following,

each

of

which

is

a

series

of

the

Trust,

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

seeks

to

achieve

its

investment

objective

by

investing

primarily

in

BlackRock

Multi-Asset

Income

Portfolio

("Multi-Asset

Income").

The

Schedule

of

Investments

and

Statement

of

Assets

and

Liabilities

for

Multi-Asset

Income

are

included

elsewhere

in

this

report

and

should

be

read

in

conjunction

with

the

Funds’

financial

statements

Multi-Asset

Income's

financial

statements

are

available,

without

charge,

on

the

U.S.

Securities

and

Exchange

Commission's

(“SEC's”)

website

at

www.sec.gov

.

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares.

Investor

A

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures.

(a)

Investor

A

Shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

are

included

in

a

complex

of

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

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.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

Funds

intend

to

make

monthly

cash

distributions

to

shareholders,

which

may

consist

of

net

investment

income,

and

net

realized

and

unrealized

gains

on

investments

and/or

return

of

capital.

The

character

of

distributions

is

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

portion

of

distributions

that

exceeds

a

Fund's

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

will

constitute

a

non-taxable

return

of

capital.

Offering

Costs:

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund's

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

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

a

policy

approved

by

the

Board

as

reflecting

fair

value.

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Retirement

Income

2030

Fund

........................................

Retirement

Income

2030

Diversified

BlackRock

Retirement

Income

2040

Fund

........................................

Retirement

Income

2040

Diversified

Share

Class

Initial

Sales

Charge

CDSC

Conversion

Privilege

Institutional

Shares

...........................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

22

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

If

events

(e.g.,

a

market

closure,

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

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

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

Global

Valuation

Committee,

or

its

delegate,

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

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.  

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

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

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds'

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

Service

and

Distribution

Fees:

The

Trust,

on behalf

of

the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

related

services

to

shareholders.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

Billion

.........................................................................................................

0.100

%

$1

Billion

-

$3

Billion

.....................................................................................................

0.094

$3

Billion

-

$5

Billion

....................................................................................................

0.090

$5

Billion

-

$10

Billion

....................................................................................................

0.087

Greater

than

$10

Billion

..................................................................................................

0.085

Service

Fees

Investor

A

..............................................................................................................

0.25‌%

Notes

to

Financial

Statements

(unaudited)

(continued)

23

Notes

to

Financial

Statements

For

the six

months

ended

June

30,

2021,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Administration

Agreement

with

BlackRock

Advisors,

LLC

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

June

30,

2021, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended June

30,

2021,

the

Funds 

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

For

the

six

months ended

June

30,

2021,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

202

3

.

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

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

June

30

,

2021,

the

amounts

waived

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

these

contractual

expense

limitations

through

June

30,

2023,

unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund. For

the

six

months

ended

June

30,

2021,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

Investor

A

Retirement

Income

2030

.....................................................................................................

$

177‌

Retirement

Income

2040

.....................................................................................................

181‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

Million

0.0425

%

$500

Million

-

$1

Billion

0.0400

$1

Billion

-

$2

Billion

0.0375

$2

Billion

-

$4

Billion

0.0350

$4

Billion

-

$13

Billion

0.0325

Greater

than

$13

Billion

0.0300

Institutional

Investor

A

Total

Retirement

Income

2030

................................................................................

$

507‌

$

15‌

$

522‌

Retirement

Income

2040

................................................................................

511‌

14‌

525‌

Institutional

Investor

A

Total

Retirement

Income

2030

................................................................................

$

190‌

$

183‌

$

373‌

Retirement

Income

2040

................................................................................

183‌

183‌

366‌

Retirement

Income

2030

........................................................................................................

$

4‌

Retirement

Income

2040

........................................................................................................

5‌

Institutional

Investor

A

Retirement

Income

2030

.........................................................................................

0.25‌%

0.50‌%

Retirement

Income

2040

.........................................................................................

0.25‌

0.50‌

Retirement

Income

2030

...............................................................................................

$

132,127‌

Retirement

Income

2040

...............................................................................................

134,974‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

24

These

amounts

waived

are

included

in

administration

fees

waived,

in

the

Statements

of

Operations.

For

the

six

months

ended

June

30,

2021,

the

amounts

were

as

follows:

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months ended

June

30,

2021,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

a

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

each

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

a

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

July

31,

2027,

the

repayment

arrangement

between

each

Fund

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

each

Fund's

contractual

caps

on

net

expenses

will

be

terminated.

As

of June

30,

2021,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

are

as

follows:  

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets,

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the

period

ended

June

30,

2021,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Retirement

Income

2030

...............................................................................................

$

1,108‌

Retirement

Income

2040

...............................................................................................

1,117‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

Retirement

Income

2030

Institutional

....................................................................................

$

507‌

$

182‌

Investor

A

.....................................................................................

15‌

183‌

$

522‌

$

365‌

Retirement

Income

2040

Institutional

....................................................................................

511‌

177‌

Investor

A

.....................................................................................

14‌

182‌

$

525‌

$

359‌

Expiring

December

31,

2022

2023

Retirement

Income

2030

Fund

Level

......................................................................................

$

116,955‌

$

133,235‌

Institutional

......................................................................................

475‌

689‌

Investor

A

.......................................................................................

238‌

198‌

Retirement

Income

2040

Fund

Level

......................................................................................

118,455‌

136,091‌

Institutional

......................................................................................

475‌

688‌

Investor

A

.......................................................................................

239‌

19

6‌

Notes

to

Financial

Statements

(unaudited)

(continued)

25

Notes

to

Financial

Statements

5.

PURCHASES

AND

SALES 

For

the

six

months

ended

June

30,

2021,

purchases

and

sales

of

investments

in

the

underlying

funds,

excluding

short-term

investments,

were

as

follows:

RuleAbove

6.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

fiscal

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

June

30,

2021,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

December

31,

2020, Retirement

Income

2030

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows: 

As

of

June

30,

2021, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

7.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

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)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(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.

The

agreement

expires

in

April

2022

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

June

30,

2021,

the

Funds

did

not

borrow

under

the

credit

agreement.

8.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

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

Other

Securities

Purchases

Sales

Retirement

Income

2030

.................................................................................

$

—‌

$

95,008‌

Retirement

Income

2040

.................................................................................

—‌

63,005‌

Non-expiring

Capital

Loss

Carryforwards

Retirement

Income

2030

..................................................................................................

$

131‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Retirement

Income

2030

............................................

$

4,830,327‌

$

420,284‌

$

–‌

$

420,284‌

Retirement

Income

2040

............................................

4,880,085‌

423,629‌

–‌

423,629‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

26

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. 

Concentration

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.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a phase

out of

the

London

Interbank

Offered

Rate

(“LIBOR”).

Although

many

LIBOR

rates

will

be

phased

out

by

the

end

of

2021,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

through

June

2023

in

order

to

assist

with

the

transition.

The

Funds

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against,

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain. 

9.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

(a)

Commencement

of

operations.

As

of

June

30,

2021,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:  

10.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

06/30/21

Period

from

07/31/20

(a)

to

12/31/20

Shares

Amount

Shares

Amount

Retirement

Income

2030

Institutional

Shares

sold

.............................................

4‌

$

501‌

48,876‌

$

4,920,000‌

        Net

increase

4‌

$

501‌

48,876‌

$

4,920,000‌

Investor

A

Shares

sold

.............................................

96‌

$

10,021‌

49,000‌

$

4,900,000‌

Shares

redeemed

.........................................

—‌

—‌

(47,676‌)

(4,800,000‌)

        Net

increase

96‌

$

10,021‌

1,324‌

$

100,000‌

Total

Net

Increase

100‌

$

10,522‌

50,200‌

$

5,020,000‌

Retirement

Income

2040

Institutional

Shares

sold

.............................................

161‌

$

16,981‌

48,968‌

$

4,935,000‌

Shares

redeemed

.........................................

—‌

—‌

(349‌)

(35,206‌)

        Net

increase

161‌

$

16,981‌

48,619‌

$

4,899,794‌

Investor

A

Shares

sold

.............................................

—‌

$

17‌

49,000‌

$

4,900,000‌

Shares

redeemed

.........................................

—‌

—‌

(47,619‌)

(4,799,846‌)

        Net

increase

—‌

$

17‌

1,381‌

$

100,154‌

Total

Net

Increase

161‌

$

16,998‌

50,000‌

$

4,999,948‌

Institutional

Investor

A

Retirement

Income

2030

.........................................................................................

$

48,676‌

$

1,324‌

Retirement

Income

2040

.........................................................................................

48,619‌

1,381‌

Additional

Information

27

Additional

Information

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

Additional

Information

(continued)

2021

BlackRock

Semi-Annual

Report

to

Shareholders

28

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

Delaware

19809

Glossary

of

Terms

Used

in

this

Report

29

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

USD

United

States

Dollar

2021

BlackRock

Semi-Annual

Report

to

Shareholders

30

Additional

Financial

Information

Schedule

of

Investments

June

30,

2021

Statement

of

Assets

and

Liabilities

June

30,

2021

BlackRock

Funds

II

BlackRock

Multi-Asset

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

6.9%

Accredited

Mortgage

Loan

Trust,

Series

2004-4,

Class

M2,

(LIBOR

USD

1

Month

+

1.58%),

1.67%,

01/25/35

(a)

.................

USD

1,089

$

1,083,030

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.33%,

01/15/33

(a)(b)

.....................

2,000

2,001,781

AIG

CLO

LLC

(a)(b)

:

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.13%,

04/15/34

....

3,000

3,000,000

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.13%,

04/15/34

....

3,100

3,100,019

AIG

CLO

Ltd.

(a)(b)

:

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.19%,

04/20/32

....

1,500

1,502,068

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.24%,

04/20/32

....

1,000

999,992

Series

2019-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.36%),

1.54%,

10/25/32

....

11,500

11,507,315

AIMCO

CLO,

Series

2015-AA,

Class

BR,

(LIBOR

USD

3

Month

+

1.30%),

1.48%,

01/15/28

(a)(b)

.....................

1,500

1,499,980

AIMCO

CLO

11

Ltd.

(a)(b)

:

Series

2020-11A,

Class

B1,

(LIBOR

USD

3

Month

+

1.80%),

1.98%,

10/15/31

....

2,000

1,998,082

Series

2020-11A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

2.58%,

10/15/31

....

2,000

2,002,897

Ajax

Mortgage

Loan

Trust

(b)

:

Series

2018-E,

Class

A,

4.38%,

06/25/58

(a)

5,541

5,580,918

Series

2018-E,

Class

B,

5.25%,

06/25/58

(a)(c)

630

635,292

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

1,556

1,391,088

Series

2018-F,

Class

C,

0.00%,

11/25/58

(c)

.

157

94,105

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)(c)

4,836

4,831,070

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(c)

816

615,703

Series

2018-G,

Class

C,

5.25%,

06/25/57

(c)

2,082

2,047,715

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

2,504

2,539,383

Series

2019-B,

Class

B,

5.25%,

01/25/59

(a)(c)

420

317,100

Series

2019-B,

Class

C,

0.00%,

01/25/59

(c)

1,073

920,776

Allegany

Park

CLO

Ltd.,

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.33%),

1.52%,

01/20/33

(a)(b)

.....................

4,000

4,006,578

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

B,

(LIBOR

USD

3

Month

+

2.15%),

2.34%,

10/21/28

(a)(b)

.....................

1,300

1,300,082

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.69%,

01/17/31

(a)(b)

.....................

1,000

994,504

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

06/13/31

(a)(b)

.....................

1,000

997,387

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.39%),

1.58%,

01/19/33

(a)(b)

................

2,000

2,002,334

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

10/15/29

(a)(b)

3,500

3,501,455

ALM

VII

R-2

Ltd.,

Series

2013-7R2A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.20%),

2.38%,

10/15/27

(a)(b)

................

600

600,000

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.43%,

11/02/30

(a)(b)

.....................

1,750

1,750,670

AMMC

CLO

XII

Ltd.,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.36%,

11/10/30

(a)(b)

.....................

2,000

2,000,746

AMSR

Trust

(b)

:

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

.....................

10,250

10,434,202

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

.....................

USD

19,850

$

20,188,454

Series

2020-SFR1,

Class

G,

4.31%,

04/17/37

.....................

7,500

7,609,148

Anchorage

Capital

CLO

3-R

Ltd.

(a)(b)

:

Series

2014-3RA,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.68%,

01/28/31

....

3,400

3,396,832

Series

2014-3RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

01/28/31

....

1,250

1,243,768

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)

:

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

01/28/31

....

600

595,537

Series

2014-4RA,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.78%,

01/28/31

....

2,250

2,192,808

Anchorage

Capital

CLO

5-R

Ltd.,

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

01/15/30

(a)(b)

..........

1,850

1,838,911

Anchorage

Capital

CLO

8

Ltd.

(a)(b)

:

Series

2016-8A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.78%,

07/28/28

....

1,400

1,398,877

Series

2016-8A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.18%,

07/28/28

....

4,000

4,004,759

Anchorage

Capital

CLO

Ltd.

(a)(b)

:

Series

2018-10A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.20%),

1.38%,

10/15/31

....

7,650

7,649,985

Series

2018-10A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.93%,

10/15/31

....

3,000

2,999,992

Series

2018-10A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

3.33%,

10/15/31

....

1,500

1,499,985

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

(a)

.................

EUR

499

586,891

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.71%,

04/25/34

(a)

.................

300

348,820

Antares

CLO

Ltd.,

Series

2017-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.53%),

1.72%,

01/20/30

(a)(b)

.....................

USD

5,000

4,999,992

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.26%,

04/15/31

(a)(b)

.....................

2,400

2,400,122

Apidos

CLO

XV

(a)(b)

:

Series

2013-15A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.85%),

2.04%,

04/20/31

...

7,000

6,981,127

Series

2013-15A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.70%),

2.89%,

04/20/31

...

2,000

1,966,018

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.95%),

2.13%,

07/16/31

(a)(b)

.....................

1,750

1,750,067

Apidos

CLO

XXII,

Series

2015-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

3.14%,

04/20/31

(a)(b)

.....................

1,000

1,000,049

Apidos

CLO

XXIX

(a)(b)

:

Series

2018-29A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

1.73%,

07/25/30

....

1,000

999,996

Series

2018-29A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.08%,

07/25/30

....

1,000

999,994

Apidos

CLO

XXV,

Series

2016-25A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.36%,

10/20/31

(a)(b)

.....................

4,500

4,501,005

Apidos

CLO

XXXII,

Series

2019-32A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

2.59%,

01/20/33

(a)(b)

.....................

1,000

1,002,958

Aqueduct

European

CLO

2

DAC,

Series

2017-

2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

(a)

.................

EUR

219

247,566

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Ares

L

CLO

Ltd.,

Series

2018-50A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.72%,

01/15/32

(a)(b)

.....................

USD

6,000

$

5,978,653

Ares

LII

CLO

Ltd.,

Series

2019-52A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.03%,

04/22/31

(a)(b)

.....................

5,000

5,001,220

Ares

LIII

CLO

Ltd.

(a)(b)

:

Series

2019-53A,

Class

C,

(LIBOR

USD

3

Month

+

2.65%),

2.83%,

04/24/31

....

4,500

4,503,680

Series

2019-53A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.93%,

04/24/31

....

3,000

3,004,233

Ares

XL

CLO

Ltd.,

Series

2016-40A,

Class

CR,

(LIBOR

USD

3

Month

+

3.40%),

3.58%,

01/15/29

(a)(b)

.....................

1,000

1,000,293

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

0.00%,

04/15/30

(a)(b)

............

4,500

3,205,917

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

1.99%,

07/20/30

(a)(b)

.....................

1,000

994,961

Ares

XXVII

CLO

Ltd.,

Series

2013-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.40%),

2.58%,

07/28/29

(a)(b)

.....................

1,000

1,000,571

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.30%),

1.45%,

05/24/30

(a)(b)

................

1,000

1,000,969

Ares

XXXIV

CLO

Ltd.,

Series

2015-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.29%,

04/17/33

(a)(b)

.....................

7,250

7,224,005

Ares

XXXVII

CLO

Ltd.

(a)(b)

:

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.35%,

10/15/30

....

3,000

3,000,282

Series

2015-4A,

Class

A3R,

(LIBOR

USD

3

Month

+

1.50%),

1.68%,

10/15/30

....

1,500

1,498,814

Series

2015-4A,

Class

BR,

(LIBOR

USD

3

Month

+

1.80%),

1.98%,

10/15/30

....

1,017

1,011,643

Ares

XXXVR

CLO

Ltd.

(a)(b)

:

Series

2015-35RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

1.58%,

07/15/30

....

1,500

1,500,416

Series

2015-35RA,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.08%,

07/15/30

....

1,000

1,000,851

Assurant

CLO

Ltd.

(a)(b)

:

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.44%,

10/20/29

....

4,000

4,002,386

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.89%,

10/20/29

....

3,000

2,994,082

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.29%,

10/20/29

....

1,250

1,248,021

Atlas

Senior

Loan

Fund

VII

Ltd.,

Series

2016-

7A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.55%),

1.69%,

11/27/31

(a)(b)

..........

5,500

5,505,317

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-

11A,

Class

A1L,

(LIBOR

USD

3

Month

+

1.10%),

1.28%,

07/26/31

(a)(b)

..........

2,000

1,999,996

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.36%,

10/24/31

(a)(b)

..........

1,700

1,700,167

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

.....................

11,500

311,650

Atrium

XIV

LLC,

Series

14A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.13%,

08/23/30

(a)(b)

1,000

997,093

Atrium

XV

(a)(b)

:

Series

15A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.92%,

01/23/31

.........

1,000

1,000,040

Series

15A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.17%,

01/23/31

.........

500

500,026

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

0.00%,

06/22/34

(a)

......................

EUR

200

$

232,407

Avoca

CLO

XV

DAC,

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

(a)

......................

670

762,836

Ballyrock

CLO

Ltd.

(a)(b)

:

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.55%),

2.74%,

10/20/31

....

USD

1,000

1,002,282

Series

2020-2A,

Class

C,

(LIBOR

USD

3

Month

+

3.77%),

3.96%,

10/20/31

....

1,000

1,001,809

Battalion

CLO

17

Ltd.,

Series

2021-17A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.29%,

03/09/34

(a)(b)

.....................

1,000

996,120

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.05%),

2.23%,

01/25/35

(a)(b)

................

2,000

1,999,186

Battalion

CLO

XIV

Ltd.,

Series

2019-14A,

Class

D,

(LIBOR

USD

3

Month

+

3.95%),

4.14%,

04/20/32

(a)(b)

.....................

2,500

2,500,418

Battalion

CLO

XIX

Ltd.

(a)(b)

:

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.18%,

04/15/34

....

3,000

3,003,619

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.43%,

04/15/34

....

3,000

2,999,971

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

5.91%,

07/22/34

(a)

......................

EUR

200

234,779

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

:

Series

2005-HE1,

Class

M2,

(LIBOR

USD

1

Month

+

1.25%),

1.34%,

01/25/35

....

USD

836

838,284

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

09/25/36

....

828

811,626

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

01/25/37

...

1,041

1,022,331

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

03/25/37

....

2,998

2,867,617

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

03/25/37

....

4,147

3,931,396

Series

2007-HE3,

Class

2A,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

04/25/37

....

5,145

6,258,031

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

1.82%,

04/25/34

(a)

.....

2,813

2,836,731

Benefit

Street

Partners

CLO

VI

Ltd.,

Series

2015-VIA,

Class

A1R,

(LIBOR

USD

3

Month

+

1.24%),

1.43%,

10/18/29

(a)(b)

.........

5,000

5,000,918

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.10%),

1.29%,

01/20/31

(a)(b)

.........

1,500

1,499,969

Benefit

Street

Partners

CLO

XIX

Ltd.

(a)(b)

:

Series

2019-19A,

Class

A,

(LIBOR

USD

3

Month

+

1.35%),

1.53%,

01/15/33

....

7,000

7,008,783

Series

2019-19A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.18%,

01/15/33

....

4,250

4,258,037

Benefit

Street

Partners

CLO

XV

Ltd.

(a)(b)

:

Series

2018-15A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.34%,

07/18/31

....

2,200

2,200,665

Series

2018-15A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.70%),

1.89%,

07/18/31

....

1,000

1,002,639

Bilbao

CLO

I

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

4.73%),

4.73%,

07/20/31

(a)

......................

EUR

550

637,679

Birch

Grove

CLO

Ltd.,

Series

19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.35%,

06/15/31

(a)(b)

.....................

USD

2,000

2,000,000

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

(a)(c)

................

EUR

300

$

351,734

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.36%,

10/22/30

(a)(b)

................

USD

980

980,488

Buckhorn

Park

CLO

Ltd.,

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.55%),

2.74%,

01/18/31

(a)(b)

................

1,250

1,251,026

Canyon

Capital

CLO

Ltd.,

Series

2016-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

1.93%,

10/15/31

(a)(b)

................

1,250

1,249,945

Canyon

CLO

Ltd.

(a)(b)

:

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.20%,

07/15/34

....

1,000

992,890

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.30%,

07/15/34

....

1,000

999,967

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

2.72%,

01/15/34

....

1,000

1,006,177

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

(a)

......................

EUR

300

347,076

Carlyle

C17

CLO

Ltd.,

Series

C17A,

Class

BR,

(LIBOR

USD

3

Month

+

1.85%),

2.04%,

04/30/31

(a)(b)

.....................

USD

1,000

991,910

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

04/25/36

(a)

...........

2,876

2,544,646

CarVal

CLO

IV

Ltd.

(a)(b)

:

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

0.00%,

07/20/34

....

6,500

6,500,000

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

0.00%,

07/20/34

....

5,000

5,000,000

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.70%),

3.89%,

04/20/29

(a)(b)

.....................

1,000

1,001,142

CBAM

Ltd.

(a)(b)

:

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.44%,

07/20/30

....

1,000

1,000,059

Series

2020-13A,

Class

A,

(LIBOR

USD

3

Month

+

1.43%),

1.62%,

01/20/34

....

4,000

4,015,834

C-BASS

Mortgage

Loan

Trust,

Series

2007-

CB3,

Class

A1,

3.46%,

03/25/37

(d)

......

6,243

3,133,964

Cedar

Funding

IV

CLO

Ltd.,

Series

2014-4A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.80%,

07/23/34

(a)(b)

................

5,000

5,000,000

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

04/20/31

(a)(b)

........

3,950

2,481,445

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.29%,

07/17/31

(a)(b)

................

1,750

1,751,707

Cedar

Funding

X

CLO

Ltd.

(a)(b)

:

Series

2019-10A,

Class

A,

(LIBOR

USD

3

Month

+

1.34%),

1.53%,

10/20/32

....

12,500

12,524,712

Series

2019-10A,

Class

D,

(LIBOR

USD

3

Month

+

3.85%),

4.04%,

10/20/32

....

2,000

2,006,214

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

(a)

.................

EUR

200

233,011

CIFC

Funding

Ltd.

(a)(b)

:

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.30%),

1.48%,

04/27/31

...

USD

1,700

1,700,266

Series

2014-2RA,

Class

A3,

(LIBOR

USD

3

Month

+

1.90%),

2.08%,

04/24/30

....

500

497,634

Series

2014-3A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.35%),

2.53%,

10/22/31

....

1,000

1,000,252

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2014-4RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

10/17/30

....

USD

1,000

$

999,997

Series

2014-4RA,

Class

B,

(LIBOR

USD

3

Month

+

2.20%),

2.39%,

10/17/30

....

400

399,984

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

3.20%),

3.39%,

10/17/30

....

1,750

1,750,335

Series

2015-2A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.23%,

04/15/30

....

2,000

2,000,399

Series

2017-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

1.41%,

07/20/30

....

3,500

3,501,686

Series

2017-5A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.04%,

11/16/30

....

500

497,356

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.59%,

04/18/31

....

1,000

992,498

Series

2018-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.34%,

10/17/31

....

2,700

2,700,018

Series

2018-4A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.29%,

10/17/31

....

1,000

999,950

Series

2019-5A,

Class

A1,

(LIBOR

USD

3

Month

+

1.34%),

1.52%,

10/15/32

....

12,500

12,507,944

Series

2019-6A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.51%,

01/16/33

....

8,500

8,509,336

Series

2019-6A,

Class

D,

(LIBOR

USD

3

Month

+

3.95%),

4.13%,

01/16/33

....

1,150

1,156,926

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.30%),

2.48%,

07/15/32

....

7,500

7,503,216

Series

2020-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.90%),

4.09%,

10/20/31

....

1,500

1,504,917

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M3,

(LIBOR

USD

1

Month

+

0.47%),

0.56%,

08/25/36

(a)

.....

2,778

2,684,985

Clear

Creek

CLO

(a)(b)

:

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.39%,

10/20/30

....

7,000

7,007,707

Series

2015-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.79%,

10/20/30

....

3,000

3,005,918

Conseco

Finance

Corp.

(a)

:

Series

1996-5,

Class

M1,

8.05%,

07/15/27

.

699

703,357

Series

1997-7,

Class

M1,

7.03%,

07/15/28

.

2,802

2,858,477

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

0.43%,

07/25/37

(a)(b)

1,535

1,229,166

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

(a)

.................

EUR

100

115,035

Deer

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.37%,

10/20/30

(a)(b)

.....................

USD

1,000

1,001,070

Dewolf

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.21%),

1.39%,

10/15/30

(a)(b)

.....................

3,000

3,000,439

Dryden

33

Senior

Loan

Fund,

Series

2014-33A,

Class

DR3,

(LIBOR

USD

3

Month

+

3.65%),

3.83%,

04/15/29

(a)(b)

................

2,200

2,200,996

Dryden

50

Senior

Loan

Fund

(a)(b)

:

Series

2017-50A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.43%,

07/15/30

....

1,000

1,000,203

Series

2017-50A,

Class

SUB,

0.00%,

07/15/30

.....................

4,000

2,587,576

Dryden

70

CLO

Ltd.,

Series

2018-70A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.93%,

01/16/32

(a)(b)

.....................

1,000

1,001,177

Dryden

86

CLO

Ltd.,

Series

2020-86A,

Class

A,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

07/17/30

(a)(b)

.....................

1,000

1,000,511

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-

28A,

Class

B1LR,

(LIBOR

USD

3

Month

+

3.15%),

3.31%,

08/15/30

(a)(b)

..........

USD

1,500

$

1,500,524

Eaton

Vance

CLO

Ltd.,

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

1.22%,

04/15/31

(a)(b)

.....................

2,500

2,496,098

Elmwood

CLO

I

Ltd.

(a)(b)

:

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.45%),

1.64%,

10/20/33

....

2,500

2,508,154

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

4.40%),

4.59%,

10/20/33

....

1,000

1,019,940

Elmwood

CLO

III

Ltd.,

Series

2019-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.55%,

10/15/32

(a)(b)

.....................

13,000

13,012,310

Elmwood

CLO

IV

Ltd.

(a)(b)

:

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.88%,

04/15/33

....

1,250

1,250,509

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

3.33%,

04/15/33

....

2,000

2,004,186

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.03%,

07/20/34

(a)(b)

.....................

1,500

1,500,000

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

0.00%,

10/20/34

(a)(b)

.....................

2,000

2,000,000

Elmwood

CLO

VI

Ltd.

(a)(b)(c)

:

Series

2020-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.32%),

1.50%,

10/15/31

....

2,500

2,506,850

Series

2020-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.65%),

3.83%,

10/15/31

....

1,000

1,005,499

First

Franklin

Mortgage

Loan

Trust

(a)

:

Series

2006-FF9,

Class

2A4,

(LIBOR

USD

1

Month

+

0.50%),

0.59%,

06/25/36

....

1,450

1,338,951

Series

2006-FF13,

Class

A1,

(LIBOR

USD

1

Month

+

0.24%),

0.33%,

10/25/36

....

3,676

2,904,572

Series

2006-FF13,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

0.41%,

10/25/36

...

2,334

1,886,170

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

0.24%,

12/25/36

....

3,301

3,094,853

Series

2006-FFH1,

Class

M1,

(LIBOR

USD

1

Month

+

0.56%),

0.65%,

01/25/36

...

7,976

7,846,013

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

1.14%,

05/15/30

(a)(b)

.....................

3,000

3,001,482

Flatiron

CLO

19

Ltd.

(a)(b)

:

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.32%),

1.48%,

11/16/32

....

3,000

3,002,969

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.70%),

2.86%,

11/16/32

....

1,500

1,507,059

Series

2019-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.90%),

4.06%,

11/16/32

....

3,500

3,514,028

Flatiron

CLO

20

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.79%),

3.95%,

11/20/33

(a)(b)

.....................

1,000

1,012,573

Flatiron

CLO

21

Ltd.

(a)(b)(c)

:

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.00%,

07/19/34

....

2,000

2,000,000

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.05%,

07/19/34

....

2,500

2,500,000

Galaxy

XX

CLO

Ltd.,

Series

2015-20A,

Class

D1R,

(LIBOR

USD

3

Month

+

2.60%),

2.79%,

04/20/31

(a)(b)

................

1,800

1,784,505

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

C,

(LIBOR

USD

3

Month

+

1.70%),

1.88%,

01/15/31

(a)(b)

.....................

500

495,811

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Galaxy

XXVII

CLO

Ltd.,

Series

2018-27A,

Class

A,

(LIBOR

USD

3

Month

+

1.02%),

1.18%,

05/16/31

(a)(b)

.....................

USD

3,000

$

3,000,358

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.37%,

10/15/30

(a)(b)

.....................

2,250

2,250,279

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

AJ,

(LIBOR

USD

3

Month

+

1.30%),

1.49%,

04/20/30

(a)(b)

....

2,000

1,997,163

GoldenTree

Loan

Management

US

CLO

4

Ltd.,

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.14%,

04/24/31

(a)(b)

....

1,000

999,997

GoldenTree

Loan

Management

US

CLO

5

Ltd.,

Series

2019-5A,

Class

A,

(LIBOR

USD

3

Month

+

1.30%),

1.49%,

10/20/32

(a)(b)

....

7,000

7,015,994

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

1.78%,

10/29/29

(a)(b)

.........

900

900,073

GoldenTree

Loan

Opportunities

X

Ltd.

(a)(b)

:

Series

2015-10A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

1.31%,

07/20/31

....

3,300

3,302,172

Series

2015-10A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.10%),

2.29%,

07/20/31

....

1,000

998,481

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

07/20/34

(a)(b)

..........

4,000

3,981,156

Greene

King

Finance

plc

(a)

:

Series

B1,  (LIBOR

GBP

3

Month

+

1.80%),

1.88%,

12/15/34

................

GBP

100

116,311

Series

B2,  (LIBOR

GBP

3

Month

+

2.08%),

2.16%,

03/15/36

................

100

113,492

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4,

8.14%,

03/20/30

(a)

.....

USD

6,060

5,269,967

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

B1RR,

(LIBOR

USD

3

Month

+

2.30%),

2.48%,

04/15/34

(a)(b)

................

1,500

1,501,724

Greywolf

CLO

III

Ltd.

(a)(b)

:

Series

2020-3RA,

Class

BR,

(LIBOR

USD

3

Month

+

2.45%),

2.63%,

04/15/33

....

3,000

3,005,305

Series

2020-3RA,

Class

CR,

(LIBOR

USD

3

Month

+

3.35%),

3.53%,

04/15/33

....

1,000

1,000,132

Greywolf

CLO

VI

Ltd.,

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.95%),

3.13%,

04/26/31

(a)(b)

.....................

1,000

997,967

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.30%),

2.49%,

01/20/30

(a)(b)

.....................

1,000

1,000,514

GSAA

Home

Equity

Trust:

Series

2005-14,

Class

1A2,

(LIBOR

USD

1

Month

+

0.70%),

0.79%,

12/25/35

(a)

...

1,025

451,490

Series

2006-4,

Class

1A1,

2.97%,

03/25/36

(a)

....................

3,361

2,685,738

Series

2006-5,

Class

1A1,

(LIBOR

USD

1

Month

+

0.36%),

0.45%,

03/25/36

(a)

...

4,033

1,802,214

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(d)

....................

3,616

1,360,871

GSAMP

Trust

(a)

:

Series

2006-FM3,

Class

A1,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

11/25/36

....

7,634

4,642,003

Series

2006-HE6,

Class

A4,

(LIBOR

USD

1

Month

+

0.24%),

0.33%,

08/25/36

....

1,807

1,628,674

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.28%,

07/28/31

(a)(b)

................

1,000

998,558

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Gulf

Stream

Meridian

1

Ltd.

(a)(b)

:

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.55%,

04/15/33

....

USD

7,500

$

7,514,234

Series

2020-IA,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.18%,

04/15/33

....

2,000

2,004,324

HalseyPoint

CLO

2

Ltd.,

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.86%),

2.05%,

07/20/31

(a)(b)

.....................

1,600

1,608,363

HalseyPoint

CLO

3

Ltd.,

Series

2020-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.45%),

1.64%,

11/30/32

(a)(b)

................

4,000

4,013,268

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.30%,

04/20/34

(a)(b)

.....................

1,750

1,750,000

HalseyPoint

CLO

I

Ltd.

(a)(b)

:

Series

2019-1A,

Class

A1A1,

(LIBOR

USD

3

Month

+

1.35%),

1.54%,

01/20/33

....

5,000

5,013,573

Series

2019-1A,

Class

B1,

(LIBOR

USD

3

Month

+

2.20%),

2.39%,

01/20/33

....

2,500

2,506,913

Harvest

CLO

XVI

DAC,

Series

16X,

Class

ER,

(EURIBOR

3

Month

+

5.57%),

5.57%,

10/15/31

(a)

......................

EUR

235

261,918

Harvest

CLO

XXIII

DAC,

Series

23X,

Class

E,

(EURIBOR

3

Month

+

5.33%),

5.33%,

10/20/32

(a)

......................

118

134,668

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.25%),

5.25%,

04/25/34

(a)(c)

.....................

300

353,345

Highbridge

Loan

Management

Ltd.,

Series

12A-

18,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.04%,

07/18/31

(a)(b)

................

USD

1,000

994,371

HPS

Loan

Management

Ltd.,

Series

8A-2016,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

2.14%,

07/20/30

(a)(b)

................

1,000

997,015

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.44%,

07/15/34

(a)

......................

EUR

300

350,389

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

(a)

......................

265

312,128

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.81%),

5.81%,

01/15/34

(a)

......................

200

231,318

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.18%,

01/17/38

(a)(b)

................

USD

2,838

2,845,861

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(LIBOR

USD

1

Month

+

0.80%),

0.89%,

07/25/36

(a)

..........

2,975

2,944,179

Kayne

CLO

5

Ltd.

(a)(b)

:

Series

2019-5A,

Class

B1,

(LIBOR

USD

3

Month

+

2.00%),

2.18%,

07/24/32

....

3,000

3,002,724

Series

2019-5A,

Class

D,

(LIBOR

USD

3

Month

+

3.80%),

3.98%,

07/24/32

....

1,300

1,300,817

Kayne

CLO

9

Ltd.,

Series

2020-9A,

Class

A1,

(LIBOR

USD

3

Month

+

1.40%),

1.64%,

01/15/34

(a)(b)

.....................

1,250

1,254,015

Kayne

CLO

II

Ltd.

(a)(b)(c)

:

Series

2018-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.26%,

10/15/31

....

5,375

5,380,375

Series

2018-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.50%),

1.68%,

10/15/31

....

5,000

5,000,000

Kayne

CLO

III

Ltd.

(a)(b)

:

Series

2019-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.48%),

1.66%,

04/15/32

....

15,500

15,556,524

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

1.66%,

04/15/32

(c)

...

USD

4,000

$

4,000,400

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

07/20/30

(a)(b)

350

350,010

Long

Beach

Mortgage

Loan

Trust

(a)

:

Series

2005-3,

Class

1A,

(LIBOR

USD

1

Month

+

0.52%),

0.61%,

08/25/45

....

2,213

2,200,802

Series

2006-4,

Class

1A,

(LIBOR

USD

1

Month

+

0.30%),

0.39%,

05/25/36

....

25,559

17,317,262

Series

2006-6,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.39%,

07/25/36

....

6,458

3,350,777

Series

2006-7,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

08/25/36

....

7,564

4,781,997

Series

2006-10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

11/25/36

....

4,175

1,798,874

Series

2006-10,

Class

2A4,

(LIBOR

USD

1

Month

+

0.22%),

0.31%,

11/25/36

....

4,006

1,745,658

Series

2006-WL3,

Class

2A4,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

01/25/36

...

1,783

1,626,231

Lucali

CLO

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.60%),

3.84%,

01/15/33

(a)(b)

.....................

2,250

2,260,692

Madison

Park

Funding

XVIII

Ltd.,

Series

2015-

18A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.38%,

10/21/30

(a)(b)

..........

12,250

12,252,448

Madison

Park

Funding

XX

Ltd.,

Series

2016-

20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.18%,

07/27/30

(a)(b)

..........

1,315

1,307,141

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.38%,

07/29/30

(a)(b)

..........

3,500

3,501,297

Madison

Park

Funding

XXVII

Ltd.,

Series

2018-27A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

2.79%,

04/20/30

(a)(b)

..........

1,000

985,282

Madison

Park

Funding

XXXI

Ltd.

(a)(b)

:

Series

2018-31A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.32%,

01/23/31

....

600

600,048

Series

2018-31A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.17%,

01/23/31

....

750

750,038

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.69%,

12/18/30

(a)(b)

................

1,500

1,485,333

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.67%),

5.67%,

01/16/34

(a)

......................

EUR

100

116,303

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(LIBOR

USD

1

Month

+

0.52%),

0.61%,

06/25/36

(a)(b)

.........

USD

2,516

2,337,128

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

5.92%,

09/25/46

(d)

..

654

244,276

Neuberger

Berman

CLO

XVIII

Ltd.

(a)(b)

:

Series

2014-18A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.15%),

2.34%,

10/21/30

....

1,500

1,500,184

Series

2014-18A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.00%),

3.19%,

10/21/30

....

1,250

1,243,764

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-

21A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.30%),

3.46%,

04/20/34

(a)(b)

..........

1,000

1,007,190

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

:

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

10/17/30

....

800

800,021

Series

2016-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.39%,

10/17/30

....

1,000

1,000,142

Neuberger

Berman

CLO

XXIII

Ltd.

(a)(b)

:

Series

2016-23A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.34%,

10/17/27

....

4,400

4,400,494

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2016-23A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

3.09%,

10/17/27

....

USD

1,100

$

1,098,372

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

(a)(b)

:

Series

2017-26A,

Class

A,

(LIBOR

USD

3

Month

+

1.17%),

1.36%,

10/18/30

....

14,850

14,850,376

Series

2017-26A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.69%,

10/18/30

....

1,500

1,496,640

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.29%,

10/19/31

(a)(b)

....

500

499,897

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.,

Series

2019-34A,

Class

C1,

(LIBOR

USD

3

Month

+

2.60%),

2.79%,

01/20/33

(a)(b)

....

665

666,753

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

CR,

(LIBOR

USD

3

Month

+

1.80%),

1.89%,

07/20/31

(a)(b)(c)

...

1,563

1,562,500

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

1.94%,

04/16/33

(a)(b)

....

1,000

993,714

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2018-27A,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.78%,

01/15/30

(a)(b)

....

1,000

984,356

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

5.52%,

04/17/34

(a)

.....

EUR

188

214,117

Newark

BSL

CLO

1

Ltd.,

Series

2016-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.28%,

12/21/29

(a)(b)

................

USD

4,750

4,751,117

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/34

(a)

...........

EUR

100

110,228

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/22/34

(a)

...........

200

231,221

Northwoods

Capital

23

Euro

DAC,

Series

2021-

23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

(a)

.................

200

233,136

Oakwood

Mortgage

Investors,

Inc.:

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

USD

726

760,331

Series

1999-C,

Class

A2,

7.48%,

08/15/27

.

3,517

3,302,784

Series

2001-D,

Class

A3,

5.90%,

09/15/22

(a)

374

265,953

Series

2002-B,

Class

A4,

7.09%,

06/15/32

(a)

37

39,138

OCP

CLO

Ltd.

(a)(b)

:

Series

2014-5A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.08%,

04/26/31

....

3,100

3,038,800

Series

2014-6A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.26%),

1.45%,

10/17/30

....

10,800

10,801,741

Series

2014-6A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.72%),

1.91%,

10/17/30

....

7,500

7,500,640

Series

2015-9A,

Class

CR,

(LIBOR

USD

3

Month

+

2.70%),

2.88%,

07/15/27

....

2,000

1,999,421

Series

2015-10A,

Class

CR,

(LIBOR

USD

3

Month

+

2.60%),

2.78%,

10/26/27

....

1,000

999,990

Series

2016-11A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.27%),

1.45%,

10/26/30

...

1,000

1,000,212

Series

2016-12A,

Class

CR,

(LIBOR

USD

3

Month

+

3.00%),

3.19%,

10/18/28

....

1,000

999,989

Series

2018-15A,

Class

A3,

(LIBOR

USD

3

Month

+

1.70%),

1.89%,

07/20/31

....

1,000

1,000,074

Series

2019-16A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.04%,

04/10/33

....

2,500

2,492,353

Series

2019-17A,

Class

C1,

(LIBOR

USD

3

Month

+

2.55%),

2.74%,

07/20/32

....

2,500

2,501,065

Series

2019-17A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

0.00%,

07/20/32

....

3,000

3,000,000

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-17A,

Class

D,

(LIBOR

USD

3

Month

+

3.95%),

4.14%,

07/20/32

....

USD

1,500

$

1,500,960

Series

2019-17A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

0.00%,

07/20/32

....

1,500

1,500,000

Series

2020-19A,

Class

A1,

(LIBOR

USD

3

Month

+

1.75%),

1.94%,

07/20/31

....

1,000

1,000,546

OCP

Euro

CLO

DAC

(a)

:

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

5.00%),

5.00%,

01/15/32

....

EUR

298

343,087

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

....

200

229,400

Series

2019-3X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

04/20/33

....

400

463,566

Octagon

Investment

Partners

26

Ltd.

(a)

:

Series

2016-1,

Class

AR,

3.03%,

07/15/30

.

USD

1,250

1,234,001

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.78%,

07/15/30

(b)

...

6,000

5,997,585

Octagon

Investment

Partners

27

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.28%,

07/15/30

(a)(b)

..........

1,500

1,499,929

Octagon

Investment

Partners

28

Ltd.,

Series

2016-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.25%),

2.43%,

10/24/30

(a)(b)

.........

4,000

4,000,918

Octagon

Investment

Partners

29

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.28%,

01/24/33

(a)(b)

..........

1,532

1,532,096

Octagon

Investment

Partners

34

Ltd.,

Series

2017-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.40%),

1.59%,

01/20/30

(a)(b)

..........

2,000

1,980,428

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

2.79%,

01/20/31

(a)(b)

..........

1,000

984,648

Octagon

Loan

Funding

Ltd.

(a)(b)

:

Series

2014-1A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.18%),

1.34%,

11/18/31

....

13,212

13,212,390

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.70%),

1.86%,

11/18/31

....

1,500

1,500,793

Series

2014-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.20%),

2.36%,

11/18/31

....

1,000

997,208

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.39%,

04/21/34

(a)(b)

................

1,500

1,505,397

OHA

Credit

Funding

3

Ltd.

(a)(b)

:

Series

2019-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.32%),

1.51%,

07/20/32

....

8,000

8,001,064

Series

2019-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.55%),

3.74%,

07/20/32

....

2,500

2,502,982

OHA

Credit

Funding

4

Ltd.

(a)(b)

:

Series

2019-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.55%,

10/22/32

....

11,500

11,519,744

Series

2019-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.65%),

2.87%,

10/22/32

....

2,000

2,004,306

Series

2019-4A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.97%,

10/22/32

....

2,000

2,009,911

OHA

Credit

Funding

6

Ltd,

Series

2020-6A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

0.00%,

07/20/34

(a)(b)

................

1,000

1,000,000

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

2.59%,

10/19/32

(a)(b)

................

5,000

5,006,479

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

DR,

(LIBOR

USD

3

Month

+

2.95%),

3.14%,

01/20/32

(a)(b)

................

400

400,020

OHA

Credit

Partners

XIV

Ltd.,

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.69%,

01/21/30

(a)(b)

................

1,000

995,193

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OHA

Loan

Funding

Ltd.

(a)(b)

:

Series

2015-1A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.34%),

1.50%,

11/15/32

....

USD

23,875

$

23,901,260

Series

2015-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.65%),

2.81%,

11/15/32

....

500

501,293

Series

2015-1A,

Class

DR2,

(LIBOR

USD

3

Month

+

4.00%),

4.16%,

11/15/32

....

1,500

1,506,524

OZLM

XIV

Ltd.,

Series

2015-14A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.16%),

1.34%,

01/15/29

(a)(b)

.....................

4,688

4,690,640

OZLM

XIX

Ltd.,

Series

2017-19A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

1.40%,

11/22/30

(a)(b)

.....................

10,000

9,999,988

Palmer

Square

CLO

Ltd.

(a)(b)

:

Series

2013-2A,

Class

BR3,

(LIBOR

USD

3

Month

+

1.85%),

2.01%,

10/17/31

....

1,950

1,950,090

Series

2014-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.65%),

2.84%,

01/17/31

....

500

497,415

Series

2015-1A,

Class

CR4,

(LIBOR

USD

3

Month

+

2.85%),

2.97%,

05/21/34

(c)

...

4,100

4,100,000

Series

2015-2A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.10%),

1.29%,

07/20/30

....

8,000

8,001,386

Series

2015-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.75%),

2.94%,

07/20/30

....

1,400

1,395,273

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.45%),

1.64%,

04/18/31

....

10,000

9,951,134

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.94%,

04/18/31

....

2,000

1,994,566

Series

2018-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

07/16/31

....

1,000

1,000,117

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.34%),

1.49%,

11/14/32

....

7,000

7,005,258

Series

2019-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.00%,

11/14/32

....

7,000

7,018,924

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.65%),

2.80%,

11/14/32

....

2,500

2,508,604

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.75%),

3.90%,

11/14/32

....

1,500

1,507,530

Palmer

Square

Loan

Funding

Ltd.

(a)(b)

:

Series

2019-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

04/20/27

....

7,500

7,501,067

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.15%),

3.34%,

04/20/27

....

5,000

5,000,871

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.44%,

04/20/28

....

2,000

2,000,575

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

:

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

1.95%,

08/23/31

....

2,600

2,600,145

Series

2018-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

1.79%,

10/20/31

....

4,700

4,687,477

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.85%),

4.01%,

05/15/32

....

2,500

2,500,431

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.70%),

1.86%,

05/18/34

(a)(b)

.....................

1,000

998,945

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.90%,

07/20/34

(a)(b)

.....................

2,000

1,998,000

Progress

Residential

Trust

(b)

:

Series

2018-SFR3,

Class

F,

5.37%,

10/17/35

.....................

27,477

27,790,982

Series

2019-SFR2,

Class

F,

4.84%,

05/17/36

.....................

5,580

5,425,712

Series

2019-SFR3,

Class

F,

3.87%,

09/17/36

.....................

3,000

3,065,435

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-SFR4,

Class

E,

3.44%,

10/17/36

.....................

USD

12,500

$

12,742,884

Series

2020-SFR1,

Class

F,

3.43%,

04/17/37

.....................

5,500

5,557,729

Series

2020-SFR1,

Class

G,

4.03%,

04/17/37

.....................

3,500

3,521,314

Providus

CLO

III

DAC,

Series

3X,

Class

ER,

(EURIBOR

3

Month

+

6.26%),

5.46%,

07/18/34

(a)

......................

EUR

300

352,168

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

(a)

......................

171

195,026

Regata

XII

Funding

Ltd.

(a)(b)

:

Series

2019-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.32%),

1.50%,

10/15/32

....

USD

21,000

21,013,003

Series

2019-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.93%,

10/15/32

....

1,000

1,002,664

Regatta

Funding

LP,

Series

2013-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.70%),

3.88%,

01/15/29

(a)(b)

................

4,500

4,502,164

Regatta

IX

Funding

Ltd.

(a)(b)

:

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

1.99%,

04/17/30

....

10,000

10,002,436

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.45%),

2.64%,

04/17/30

....

1,000

1,000,485

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

04/20/34

(a)(b)(c)

...............

1,000

1,000,000

Regatta

VII

Funding

Ltd.

(a)(b)(c)

:

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

2.18%,

06/20/34

....

750

750,000

Series

2016-1A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.18%,

06/20/34

....

1,000

1,000,000

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.44%,

10/17/30

(a)(b)

................

3,500

3,501,045

Regatta

X

Funding

Ltd.,

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

1.99%,

01/17/31

(a)(b)

.....................

1,500

1,487,650

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.28%,

07/15/31

(a)(b)

................

1,250

1,246,539

Regatta

XV

Funding

Ltd.,

Series

2018-4A,

Class

C,

(LIBOR

USD

3

Month

+

3.30%),

3.48%,

10/25/31

(a)(b)

................

1,000

1,000,357

Regatta

XVI

Funding

Ltd.

(a)(b)

:

Series

2019-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.05%),

2.23%,

01/15/33

....

6,700

6,718,775

Series

2019-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.90%),

4.08%,

01/15/33

....

1,000

1,005,919

Riserva

CLO

Ltd.

(a)(b)

:

Series

2016-3A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.80%),

1.99%,

01/18/34

....

1,000

999,066

Series

2016-3A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.25%),

3.44%,

01/18/34

....

1,250

1,245,125

Rockfield

Park

CLO

DAC,

Series

1X,

Class

D,

0.00%,

07/08/21

..................

EUR

357

419,080

Rockford

Tower

CLO

Ltd.

(a)(b)

:

Series

2017-1A,

Class

BR2A,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

04/20/34

...

USD

3,500

3,500,055

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.72%),

1.88%,

05/20/31

....

1,000

1,000,772

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

1.35%,

10/20/31

....

3,500

3,498,725

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

1.99%,

10/20/31

....

1,125

1,126,224

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.39%,

10/20/31

....

USD

700

$

700,874

Series

2018-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.29%,

10/20/31

....

1,600

1,600,078

Series

2019-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.33%),

1.49%,

08/20/32

....

6,500

6,505,831

Series

2019-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

2.66%,

08/20/32

....

1,000

1,002,328

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

0.00%,

07/20/34

....

2,000

2,000,000

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

0.00%,

07/20/34

....

1,250

1,250,000

Rockford

Tower

Europe

CLO

DAC

(a)

:

Series

2018-1X,

Class

E,

(EURIBOR

3

Month

+

5.36%),

5.36%,

12/20/31

....

EUR

300

348,596

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

5.96%,

04/20/34

....

300

348,534

RR

5

Ltd.,

Series

2018-5A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.43%,

10/15/31

(a)(b)

USD

1,250

1,250,347

RR

7

Ltd.,

Series

2019-7A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.35%),

1.53%,

01/15/33

(a)(b)

3,700

3,711,393

Signal

Peak

CLO

2

LLC,

Series

2015-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.09%,

04/20/29

(a)(b)

................

2,000

1,992,932

Signal

Peak

CLO

7

Ltd.

(a)(b)

:

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.50%),

1.69%,

04/30/32

....

5,000

5,000,750

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.19%,

04/30/32

....

5,000

5,004,947

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

:

Series

2021-19A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

07/20/34

....

3,000

3,000,000

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.13%,

07/20/34

....

1,000

1,000,000

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.13%,

07/20/34

....

4,000

4,000,000

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

A,

(LIBOR

USD

3

Month

+

1.24%),

1.43%,

01/20/34

(a)(b)

................

8,500

8,525,299

Sound

Point

CLO

XXI

Ltd.,

Series

2018-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.18%),

1.36%,

10/26/31

(a)(b)

................

6,600

6,600,006

Sound

Point

CLO

XXII

Ltd.,

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.37%),

1.56%,

01/20/32

(a)(b)

................

4,000

4,000,699

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.25%),

2.40%,

07/15/34

(a)(b)(c)

....................

2,250

2,247,750

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.70%),

1.84%,

04/25/34

(a)(b)

................

3,350

3,356,036

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.28%),

1.53%,

01/25/32

(a)(b)

................

1,500

1,504,775

Sound

Point

Euro

CLO

V

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

5.84%,

07/25/35

(a)

.................

EUR

300

349,039

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

2.69%,

07/20/32

(a)(b)

................

USD

1,550

1,551,196

Stewart

Park

CLO

Ltd.,

Series

2015-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.60%),

2.78%,

01/15/30

(a)(b)

.....................

1,700

1,694,979

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

:

Series

2006-BC3,

Class

A1,

(LIBOR

USD

1

Month

+

0.32%),

0.41%,

10/25/36

....

USD

6,825

$

5,441,282

Series

2007-MN1A,

Class

A1,

(LIBOR

USD

1

Month

+

0.23%),

0.32%,

01/25/37

(b)

..

1,703

1,238,427

Symphony

CLO

XX

Ltd.,

Series

2018-20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.75%),

3.93%,

01/16/32

(a)(b)

................

2,750

2,777,330

Symphony

CLO

XXI

Ltd.,

Series

2019-21A,

Class

D,

(LIBOR

USD

3

Month

+

3.65%),

3.83%,

07/15/32

(a)(b)

................

750

750,340

Taconic

Park

CLO

Ltd.,

Series

2016-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

1.19%,

01/20/29

(a)(b)

................

575

575,594

Tallman

Park

CLO

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.11%,

04/20/34

(a)(b)(c)

....................

830

830,000

TCW

CLO

AMR

Ltd.

(a)(b)

:

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.68%),

1.83%,

02/15/29

....

4,000

3,990,084

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.89%),

2.05%,

02/15/29

....

3,500

3,488,011

TCW

CLO

Ltd.

(a)(b)

:

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.23%,

07/29/29

....

5,700

5,687,064

Series

2017-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.33%,

07/29/29

....

7,250

7,246,351

Series

2020-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.05%),

2.21%,

04/20/34

(c)

...

3,500

3,485,977

Series

2020-1A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.40%),

3.56%,

04/20/34

(c)

...

2,250

2,249,899

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

0.00%,

07/25/34

....

2,500

2,500,000

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

0.00%,

07/25/34

....

5,000

5,000,000

TIAA

CLO

IV

Ltd.,

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.70%),

1.89%,

01/20/32

(a)(b)

.....................

1,000

997,171

TICP

CLO

IX

Ltd.,

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

1.79%,

01/20/31

(a)(b)

.....................

1,000

1,000,471

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.34%,

07/17/31

(a)(b)

.....................

2,500

2,500,726

TICP

CLO

VII

Ltd.

(a)(b)

:

Series

2017-7A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.88%,

04/15/33

....

2,000

2,003,937

Series

2017-7A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.33%,

04/15/33

....

6,500

6,502,965

Series

2017-7A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.38%,

04/15/33

....

4,000

4,010,000

TICP

CLO

VIII

Ltd.

(a)(b)

:

Series

2017-8A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.84%,

10/20/30

....

3,000

3,006,862

Series

2017-8A,

Class

C,

(LIBOR

USD

3

Month

+

3.10%),

3.29%,

10/20/30

....

1,000

1,000,157

TICP

CLO

XI

Ltd.

(a)(b)

:

Series

2018-11A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.37%,

10/20/31

....

8,545

8,545,555

Series

2018-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.24%,

10/20/31

....

1,100

1,100,123

TICP

CLO

XII

Ltd.

(a)(b)

:

Series

2018-12A,

Class

A,

(LIBOR

USD

3

Month

+

1.11%),

1.29%,

01/15/31

....

7,800

7,794,312

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-12A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.18%,

01/15/31

....

USD

500

$

497,859

Series

2018-12A,

Class

D,

(LIBOR

USD

3

Month

+

2.80%),

2.98%,

01/15/31

....

1,000

999,992

TICP

CLO

XIV

Ltd.

(a)(b)

:

Series

2019-14A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.34%),

1.53%,

10/20/32

....

7,000

7,006,326

Series

2019-14A,

Class

B,

(LIBOR

USD

3

Month

+

2.70%),

2.89%,

10/20/32

....

3,250

3,259,181

Treman

Park

CLO

Ltd.,

Series

2015-1A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.65%),

2.84%,

10/20/28

(a)(b)

................

1,000

1,001,429

Tricon

American

Homes

Trust

(b)

:

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

.....................

7,000

7,150,844

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

.....................

1,000

1,004,882

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.09%,

04/20/31

(a)(b)

.....................

1,500

1,482,002

Voya

CLO

Ltd.

(a)(b)

:

Series

2014-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.90%),

2.09%,

04/18/31

....

1,000

989,176

Series

2014-4A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.09%),

2.28%,

07/14/31

....

500

498,223

Series

2016-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.38%,

10/18/31

....

500

500,135

Voya

Euro

CLO

II

DAC,

Series

2X,

Class

ER,

0.00%,

07/15/35

..................

EUR

390

457,818

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE1,

Class

A,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

07/25/37

(a)(b)

USD

2,203

2,107,063

Washington

Mutual

Asset-Backed

CertificatesTrust,

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.25%,

10/25/36

(a)

......................

15,590

13,419,427

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(LIBOR

USD

3

Month

+

1.35%),

1.54%,

07/20/30

(a)(b)

................

3,800

3,801,318

York

CLO-1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.83%,

10/22/29

(a)(b)

.....................

2,100

2,102,995

York

CLO-2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

1.33%,

01/22/31

(a)(b)

.....................

7,660

7,657,694

York

CLO-3

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.60%),

3.79%,

10/20/29

(a)(b)

.....................

2,000

2,001,778

York

CLO-7

Ltd.,

Series

2019-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.55%,

01/22/33

(a)(b)

.....................

3,000

3,004,236

York

CLO-8

Ltd.,

Series

2020-1A,

Class

D1,

(LIBOR

USD

3

Month

+

4.50%),

4.69%,

04/20/32

(a)(b)

.....................

2,160

2,169,289

Total

Asset-Backed

Securities

—

6.9%

(Cost:

$1,261,602,767)

............................

1,258,931,543

Shares

Shares

Common

Stocks

—

23.5%

Aerospace

&

Defense

—

0.1%

Howmet

Aerospace,

Inc.

(e)

..............

7,247

249,804

L3Harris

Technologies,

Inc.

.............

2,631

568,691

MTU

Aero

Engines

AG

................

32,006

7,935,707

Singapore

Technologies

Engineering

Ltd.

(f)

...

373,600

1,077,995

Security

Shares

Shares

Value

Aerospace

&

Defense

(continued)

Teledyne

Technologies,

Inc.

(e)

............

736

$

308,259

TransDigm

Group,

Inc.

(e)

...............

749

484,820

10,625,276

Air

Freight

&

Logistics

—

0.1%

Agility

Public

Warehousing

Co.

KSC

.......

245,190

747,326

CH

Robinson

Worldwide,

Inc.

...........

1,991

186,497

DSV

Panalpina

A/S

..................

31,580

7,371,971

Expeditors

International

of

Washington,

Inc.

..

42,719

5,408,225

FedEx

Corp.

.......................

2,640

787,591

Hyundai

Glovis

Co.

Ltd.

...............

5,103

946,816

Sinotrans

Ltd.,

Class

A

................

288,600

225,281

Sinotrans

Ltd.,

Class

H

................

1,148,000

477,840

United

Parcel

Service,

Inc.,

Class

B

.......

7,958

1,655,025

17,806,572

Airlines

—

0.1%

(e)

Alaska

Air

Group,

Inc.

.................

2,533

152,765

American

Airlines

Group,

Inc.

............

9,998

212,057

Copa

Holdings

SA,

Class

A

.............

131,861

9,933,089

Delta

Air

Lines,

Inc.

..................

9,038

390,984

InterGlobe

Aviation

Ltd.

(b)

..............

496,043

11,469,568

Southwest

Airlines

Co.

................

8,131

431,675

United

Airlines

Holdings,

Inc.

............

5,176

270,653

22,860,791

Auto

Components

—

0.0%

Aptiv

plc

(e)

.........................

3,022

475,451

BorgWarner,

Inc.

....................

42,892

2,081,978

Bridgestone

Corp.

...................

72,000

3,272,571

Cheng

Shin

Rubber

Industry

Co.

Ltd.

......

140,000

234,730

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(b)

15,200

107,007

Hyundai

Mobis

Co.

Ltd.

................

2,008

520,737

6,692,474

Automobiles

—

0.1%

Ford

Motor

Co.

(e)

....................

42,523

631,892

General

Motors

Co.

(e)

.................

13,932

824,356

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

............................

1,614,000

1,448,659

Maruti

Suzuki

India

Ltd.

...............

116,307

11,777,665

Tesla,

Inc.

(e)

........................

8,339

5,668,018

20,350,590

Banks

—

1.5%

Abu

Dhabi

Commercial

Bank

PJSC

.......

402,821

753,408

Abu

Dhabi

Islamic

Bank

PJSC

...........

215,221

321,343

Agricultural

Bank

of

China

Ltd.,

Class

A

.....

473,700

221,881

Agricultural

Bank

of

China

Ltd.,

Class

H

.....

4,965,000

1,722,880

Al

Rajhi

Bank

......................

94,822

2,808,020

AMMB

Holdings

Bhd.

.................

317,300

225,469

Arab

National

Bank

..................

35,671

215,974

Axis

Bank

Ltd.

(e)

.....................

1,587,960

16,027,559

Bandhan

Bank

Ltd.

(b)(e)

................

2,417,690

10,765,462

Bangkok

Bank

PCL,

NVDR

.............

129,300

456,586

Bank

of

America

Corp.

................

82,129

3,386,179

Bank

of

China

Ltd.,

Class

H

.............

14,659,000

5,263,499

Bank

of

Communications

Co.

Ltd.,

Class

H

..

2,531,000

1,700,143

Bank

Polska

Kasa

Opieki

SA

(e)

...........

20,820

508,075

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

....

24,784,900

6,738,894

BNP

Paribas

SA

....................

56,676

3,556,966

BOC

Hong

Kong

Holdings

Ltd.

...........

953,000

3,230,014

Boubyan

Bank

KSCP

(e)

................

105,299

255,821

Chang

Hwa

Commercial

Bank

Ltd.

........

492,000

285,143

China

CITIC

Bank

Corp.

Ltd.,

Class

H

......

2,816,000

1,333,260

China

Construction

Bank

Corp.,

Class

H

....

24,946,000

19,575,219

China

Everbright

Bank

Co.

Ltd.,

Class

H

(e)

...

202,000

82,466

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Banks

(continued)

CIMB

Group

Holdings

Bhd.

.............

1,545,400

$

1,717,274

Citigroup,

Inc.

......................

23,540

1,665,455

Citizens

Financial

Group,

Inc.

...........

442,387

20,292,292

Comerica,

Inc.

......................

1,600

114,144

Commercial

Bank

PSQC

(The)

...........

131,633

187,361

Commercial

International

Bank

Egypt

SAE

(e)

..

1,350,527

4,491,916

Credicorp

Ltd.

(e)

.....................

115,338

13,968,585

CTBC

Financial

Holding

Co.

Ltd.

.........

3,625,000

2,951,961

DBS

Group

Holdings

Ltd.

..............

384,300

8,549,641

Dubai

Islamic

Bank

PJSC

..............

532,983

699,886

E.Sun

Financial

Holding

Co.

Ltd.

.........

2,189,138

2,066,384

Erste

Group

Bank

AG

.................

254,710

9,363,486

Fifth

Third

Bancorp

..................

8,026

306,834

First

Abu

Dhabi

Bank

PJSC

.............

338,025

1,536,833

First

Financial

Holding

Co.

Ltd.

...........

2,326,640

1,894,978

First

Republic

Bank

..................

1,921

359,554

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

1,873,506

12,063,973

Hana

Financial

Group,

Inc.

.............

415,669

17,034,701

HDFC

Bank

Ltd.,

ADR

(e)

...............

12,222

893,673

Hong

Leong

Bank

Bhd.

................

62,200

280,473

Hong

Leong

Financial

Group

Bhd.

........

18,200

78,107

Hua

Nan

Financial

Holdings

Co.

Ltd.

.......

855,000

566,007

Huaxia

Bank

Co.

Ltd.,

Class

A

(e)

..........

422,640

404,504

Huntington

Bancshares,

Inc.

............

15,992

228,206

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

........................

32,645,000

19,130,592

Israel

Discount

Bank

Ltd.,

Class

A

(e)

.......

51,592

245,776

JPMorgan

Chase

&

Co.

...............

33,341

5,185,859

KeyCorp

..........................

10,841

223,867

Kuwait

Finance

House

KSCP

............

742,100

1,869,412

M&T

Bank

Corp.

....................

114,318

16,611,549

Malayan

Banking

Bhd.

................

3,125,700

6,106,089

Masraf

Al

Rayan

QSC

.................

303,930

366,029

Mega

Financial

Holding

Co.

Ltd.

..........

304,000

358,403

National

Bank

of

Kuwait

SAKP

...........

541,209

1,525,013

Nordea

Bank

Abp

...................

723,011

8,051,390

People's

United

Financial,

Inc.

...........

4,768

81,723

PNC

Financial

Services

Group,

Inc.

(The)

...

4,532

864,524

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(e)

...........................

533,600

414,305

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(b)(e)

..........................

1,165,000

783,455

Public

Bank

Bhd.

....................

2,008,500

1,988,422

Qatar

International

Islamic

Bank

QSC

......

93,964

236,274

Qatar

Islamic

Bank

SAQ

...............

79,060

369,196

Qatar

National

Bank

QPSC

.............

191,008

926,021

Regions

Financial

Corp.

...............

11,134

224,684

RHB

Bank

Bhd.

.....................

1,179,100

1,534,254

Saudi

National

Bank

(The)

..............

18,859

289,628

Sberbank

of

Russia

PJSC,

ADR

..........

962,797

15,998,795

SinoPac

Financial

Holdings

Co.

Ltd.

(e)

......

985,000

485,883

SVB

Financial

Group

(e)

................

586

326,068

Taishin

Financial

Holding

Co.

Ltd.

.........

1,116,961

611,222

Taiwan

Business

Bank

................

1,185,000

401,956

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

958,741

731,219

Truist

Financial

Corp.

.................

14,802

821,511

US

Bancorp

.......................

15,199

865,887

Wells

Fargo

&

Co.

...................

47,091

2,132,751

Zions

Bancorp

NA

...................

1,913

101,121

271,013,367

Beverages

—

0.3%

Arca

Continental

SAB

de

CV

............

17,219

99,648

Brown-Forman

Corp.,

Class

B

...........

1,967

147,407

Cia

Cervecerias

Unidas

SA

.............

30,347

305,792

Cia

Cervecerias

Unidas

SA,

ADR

.........

14,761

297,287

Security

Shares

Shares

Value

Beverages

(continued)

Coca-Cola

Co.

(The)

.................

43,737

$

2,366,609

Coca-Cola

Femsa

SAB

de

CV

...........

296,223

1,567,750

Coca-Cola

Femsa

SAB

de

CV,

ADR

.......

4,705

249,035

Constellation

Brands,

Inc.,

Class

A

........

1,814

424,276

Diageo

plc

........................

472,106

22,627,346

Fomento

Economico

Mexicano

SAB

de

CV

..

105,435

891,813

Fraser

&

Neave

Holdings

Bhd.

...........

800

5,090

Kweichow

Moutai

Co.

Ltd.,

Class

A

........

40,500

12,869,244

Molson

Coors

Beverage

Co.,

Class

B

(e)

.....

2,035

109,259

Monster

Beverage

Corp.

(e)

..............

4,059

370,790

PepsiCo,

Inc.

......................

15,583

2,308,933

Suntory

Beverage

&

Food

Ltd.

...........

5,900

222,385

44,862,664

Biotechnology

—

0.2%

3SBio,

Inc.

(b)(e)

......................

968,000

1,197,023

AbbVie,

Inc.

.......................

229,061

25,801,431

Alexion

Pharmaceuticals,

Inc.

(e)

..........

3,938

723,450

Amgen,

Inc.

.......................

6,324

1,541,475

Biogen,

Inc.

(e)

......................

1,802

623,978

BioMarin

Pharmaceutical,

Inc.

(e)

..........

2,484

207,265

Gilead

Sciences,

Inc.

.................

45,506

3,133,543

Incyte

Corp.

(e)

......................

2,571

216,298

Regeneron

Pharmaceuticals,

Inc.

(e)

........

1,153

643,997

Vertex

Pharmaceuticals,

Inc.

(e)

...........

3,636

733,127

34,821,587

Building

Products

—

0.1%

Allegion

plc

........................

914

127,320

AO

Smith

Corp.

.....................

2,039

146,930

Assa

Abloy

AB,

Class

B

...............

260,529

7,854,408

Carrier

Global

Corp.

..................

9,771

474,871

Cie

de

Saint-Gobain

..................

104,388

6,889,174

Fortune

Brands

Home

&

Security,

Inc.

......

1,909

190,155

Johnson

Controls

International

plc

........

8,481

582,051

Kingspan

Group

plc

..................

3,966

374,840

Lennox

International,

Inc.

..............

2,913

1,021,880

Masco

Corp.

.......................

3,367

198,350

Trane

Technologies

plc

................

2,829

520,932

Xinyi

Glass

Holdings

Ltd.

..............

130,000

529,679

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

.....................

49,800

159,150

19,069,740

Capital

Markets

—

0.3%

Ameriprise

Financial,

Inc.

..............

1,267

315,331

B3

SA

-

Brasil

Bolsa

Balcao

.............

1,544,400

5,200,993

Bank

of

New

York

Mellon

Corp.

(The)

......

10,576

541,809

Cboe

Global

Markets,

Inc.

..............

1,615

192,266

Charles

Schwab

Corp.

(The)

............

33,168

2,414,962

CME

Group,

Inc.

....................

4,277

909,632

Franklin

Resources,

Inc.

...............

3,563

113,980

Goldman

Sachs

Group,

Inc.

(The)

........

3,791

1,438,798

Intercontinental

Exchange,

Inc.

..........

238,169

28,270,660

Invesco

Ltd.

.......................

3,785

101,173

MarketAxess

Holdings,

Inc.

.............

426

197,489

Moody's

Corp.

......................

1,931

699,736

Morgan

Stanley

.....................

16,230

1,488,129

MSCI,

Inc.

........................

873

465,379

Nasdaq,

Inc.

.......................

1,317

231,529

Northern

Trust

Corp.

..................

2,730

315,643

Raymond

James

Financial,

Inc.

..........

1,460

189,654

S&P

Global,

Inc.

....................

2,649

1,087,282

State

Street

Corp.

...................

4,385

360,798

T.

Rowe

Price

Group,

Inc.

..............

2,539

502,646

45,037,889

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Chemicals

—

0.4%

Air

Products

&

Chemicals,

Inc.

...........

2,388

$

686,980

Albemarle

Corp.

....................

1,248

210,238

Asian

Paints

Ltd.

....................

67,085

2,704,532

BASF

SE

.........................

14,674

1,158,362

Celanese

Corp.

.....................

1,240

187,984

CF

Industries

Holdings,

Inc.

.............

2,345

120,650

Corteva,

Inc.

.......................

8,087

358,658

Covestro

AG

(b)

......................

10,323

667,470

Dow,

Inc.

.........................

8,644

546,992

DuPont

de

Nemours,

Inc.

..............

6,219

481,413

Eastman

Chemical

Co.

................

1,480

172,790

Ecolab,

Inc.

.......................

3,003

618,528

Evonik

Industries

AG

.................

46,913

1,575,029

FMC

Corp.

........................

1,409

152,454

Formosa

Chemicals

&

Fibre

Corp.

........

21,000

63,833

Formosa

Plastics

Corp.

................

370,000

1,367,298

Givaudan

SA

(Registered)

..............

155

721,558

International

Flavors

&

Fragrances,

Inc.

.....

2,676

399,794

Koninklijke

DSM

NV

..................

42,153

7,879,791

Linde

plc

.........................

5,684

1,643,244

LyondellBasell

Industries

NV,

Class

A

......

5,950

612,077

Mesaieed

Petrochemical

Holding

Co.

......

70,782

36,000

Mosaic

Co.

(The)

....................

3,836

122,407

Nan

Ya

Plastics

Corp.

.................

490,000

1,461,785

Nitto

Denko

Corp.

...................

8,400

625,552

Novozymes

A/S,

Class

B

...............

6,125

462,129

PhosAgro

PJSC,

GDR

................

34,972

707,833

PPG

Industries,

Inc.

..................

3,480

590,800

Saudi

Basic

Industries

Corp.

............

86,913

2,825,529

Sherwin-Williams

Co.

(The)

.............

2,643

720,085

Sika

AG

(Registered)

.................

55,008

18,022,709

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

........................

672,000

156,407

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

318,006

15,051,224

Sumitomo

Chemical

Co.

Ltd.

............

212,100

1,127,283

Yanbu

National

Petrochemical

Co.

........

27,034

523,842

64,763,260

Commercial

Services

&

Supplies

—

0.0%

Brambles

Ltd.

......................

60,880

522,469

Cintas

Corp.

.......................

1,060

404,920

Copart,

Inc.

(e)

......................

2,243

295,694

Preston

Holdings

LLC

(c)(e)

..............

24,388

4,634

Republic

Services,

Inc.

................

3,187

350,602

Ritchie

Bros

Auctioneers,

Inc.

...........

3,022

179,160

Rollins,

Inc.

........................

2,571

87,928

S-1

Corp.

.........................

854

62,108

Waste

Management,

Inc.

...............

4,919

689,201

2,596,716

Communications

Equipment

—

0.0%

Arista

Networks,

Inc.

(e)

................

589

213,401

Cisco

Systems,

Inc.

..................

47,490

2,516,970

F5

Networks,

Inc.

(e)

..................

708

132,155

Juniper

Networks,

Inc.

................

5,225

142,904

Motorola

Solutions,

Inc.

...............

1,874

406,377

ZTE

Corp.,

Class

A

..................

434,500

2,229,516

5,641,323

Construction

&

Engineering

—

0.1%

Mcdermott

International

Ltd.

(e)

...........

165,884

81,283

Quanta

Services,

Inc.

.................

1,542

139,659

Vinci

SA

..........................

102,971

11,007,382

11,228,324

Security

Shares

Shares

Value

Construction

Materials

—

0.0%

BBMG

Corp.,

Class

H

.................

331,000

$

62,190

James

Hardie

Industries

plc,

CDI

.........

11,276

382,618

Martin

Marietta

Materials,

Inc.

...........

675

237,472

Siam

Cement

PCL

(The),

NVDR

..........

208,700

2,815,204

Vulcan

Materials

Co.

.................

1,469

255,709

3,753,193

Consumer

Finance

—

0.3%

American

Express

Co.

................

10,204

1,686,007

Capital

One

Financial

Corp.

.............

11,400

1,763,466

Cembra

Money

Bank

AG

...............

28,628

3,211,795

Discover

Financial

Services

.............

3,316

392,250

Hotai

Finance

Co.

Ltd.

................

135,000

420,028

Kaspi.KZ

JSC,

GDR

..................

194,434

20,610,004

SBI

Cards

&

Payment

Services

Ltd.

(e)

......

1,042,491

13,625,478

Synchrony

Financial

..................

288,226

13,984,725

55,693,753

Containers

&

Packaging

—

0.0%

Amcor

plc

.........................

19,795

226,851

Avery

Dennison

Corp.

.................

915

192,370

Ball

Corp.

.........................

3,696

299,450

International

Paper

Co.

................

4,450

272,829

Packaging

Corp.

of

America

............

1,096

148,420

Sealed

Air

Corp.

....................

1,662

98,473

WestRock

Co.

......................

2,753

146,515

1,384,908

Distributors

—

0.0%

Genuine

Parts

Co.

...................

41,874

5,295,805

LKQ

Corp.

(e)

.......................

3,039

149,579

Pool

Corp.

........................

788

361,424

5,806,808

Diversified

Consumer

Services

—

0.0%

Fu

Shou

Yuan

International

Group

Ltd.

.....

388,000

379,146

Diversified

Financial

Services

—

0.0%

Berkshire

Hathaway,

Inc.,

Class

B

(e)

.......

20,929

5,816,588

Diversified

Telecommunication

Services

—

0.6%

AT&T,

Inc.

.........................

327,970

9,438,976

BCE,

Inc.

.........................

10,787

531,953

Cellnex

Telecom

SA

(b)

.................

721,508

46,018,708

Chunghwa

Telecom

Co.

Ltd.

............

566,000

2,309,659

Emirates

Telecommunications

Group

Co.

PJSC

126,598

758,247

Hellenic

Telecommunications

Organization

SA

651,334

10,938,341

HKT

Trust

&

HKT

Ltd.

(g)

................

2,760,000

3,759,328

KT

Corp.

.........................

72,628

2,049,758

KT

Corp.,

ADR

.....................

54,943

766,455

LG

Uplus

Corp.

.....................

69,355

945,583

Lumen

Technologies,

Inc.

..............

10,677

145,100

Ooredoo

QPSC

.....................

121,899

240,293

Orange

Polska

SA

(e)

..................

135,158

237,857

Rostelecom

PJSC

...................

199,404

278,459

Saudi

Telecom

Co.

...................

41,853

1,469,393

Singapore

Telecommunications

Ltd.

.......

584,500

995,393

Telecom

Italia

SpA

...................

992,077

526,245

Telefonica

Brasil

SA

..................

36,808

310,964

Telefonica

Brasil

SA,

ADR

..............

32,692

277,882

Telekom

Malaysia

Bhd.

................

489,200

715,547

TELUS

Corp.

......................

1,100,102

24,671,536

Turk

Telekomunikasyon

A/S

.............

521,397

397,631

Verizon

Communications,

Inc.

...........

129,922

7,279,530

115,062,838

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Electric

Utilities

—

0.9%

Alliant

Energy

Corp.

..................

2,673

$

149,047

American

Electric

Power

Co.,

Inc.

.........

6,451

545,690

AusNet

Services

Ltd.

.................

2,066,284

2,708,217

CEZ

A/S

..........................

13,293

394,205

CK

Infrastructure

Holdings

Ltd.

...........

91,500

545,058

CLP

Holdings

Ltd.

...................

47,500

469,435

CPFL

Energia

SA

....................

184,276

995,145

Duke

Energy

Corp.

..................

189,993

18,756,109

Edison

International

..................

37,970

2,195,425

EDP

-

Energias

de

Portugal

SA

..........

2,741,108

14,528,702

Endesa

SA

........................

445,986

10,826,665

Enel

Americas

SA

...................

10,715,340

1,572,888

Enel

Americas

SA,

ADR

...............

150,704

1,088,083

Enel

Chile

SA

......................

4,911,527

282,564

Enel

SpA

.........................

1,748,899

16,252,301

Entergy

Corp.

......................

2,526

251,842

Evergy,

Inc.

........................

2,327

140,621

Eversource

Energy

..................

146,614

11,764,307

Exelon

Corp.

.......................

10,429

462,109

FirstEnergy

Corp.

...................

199,195

7,412,046

Hydro

One

Ltd.

(b)

....................

31,165

753,230

Iberdrola

SA

.......................

734,305

8,954,598

NextEra

Energy,

Inc.

.................

364,529

26,712,685

NRG

Energy,

Inc.

....................

2,472

99,622

Pinnacle

West

Capital

Corp.

............

1,214

99,512

Power

Assets

Holdings

Ltd.

.............

312,000

1,914,451

PPL

Corp.

........................

9,612

268,848

Southern

Co.

(The)

..................

324,732

19,649,533

Tenaga

Nasional

Bhd.

................

617,000

1,455,526

Xcel

Energy,

Inc.

....................

190,777

12,568,389

163,816,853

Electrical

Equipment

—

0.2%

AMETEK,

Inc.

......................

2,765

369,127

Eaton

Corp.

plc

.....................

4,644

688,148

Emerson

Electric

Co.

.................

57,563

5,539,863

Generac

Holdings,

Inc.

(e)

...............

678

281,472

Legrand

SA

.......................

14,594

1,546,721

Nidec

Corp.

.......................

15,000

1,724,853

Rockwell

Automation,

Inc.

..............

1,490

426,170

Schneider

Electric

SE

.................

137,059

21,606,601

Shanghai

Electric

Group

Co.

Ltd.,

Class

H

(e)

..

230,000

61,340

Yantai

Zhenghai

Magnetic

Material

Co.

Ltd.,

Class

A

........................

2,302,300

3,865,991

36,110,286

Electronic

Equipment,

Instruments

&

Components

—

0.2%

AAC

Technologies

Holdings,

Inc.

.........

111,500

834,183

Amphenol

Corp.,

Class

A

..............

6,424

439,466

CDW

Corp.

........................

1,561

272,629

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

.....................

629,103

553,188

Corning,

Inc.

.......................

8,165

333,948

Delta

Electronics,

Inc.

.................

57,000

619,240

IPG

Photonics

Corp.

(e)

................

383

80,725

Keyence

Corp.

.....................

4,600

2,316,668

Keysight

Technologies,

Inc.

(e)

............

2,012

310,673

Merry

Electronics

Co.

Ltd.

..............

51,000

192,954

Shimadzu

Corp.

.....................

11,900

459,825

Synnex

Technology

International

Corp.

.....

852,000

1,556,078

TE

Connectivity

Ltd.

..................

84,860

11,473,920

Trimble,

Inc.

(e)

......................

2,705

221,350

Unimicron

Technology

Corp.

............

2,949,000

13,639,541

Venture

Corp.

Ltd.

...................

245,000

3,504,958

WPG

Holdings

Ltd.

..................

900,000

1,650,901

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.,

Class

A

(e)

.......

582

$

308,163

38,768,410

Energy

Equipment

&

Services

—

0.0%

Baker

Hughes

Co.

...................

9,094

207,980

Halliburton

Co.

.....................

9,510

219,871

NOV,

Inc.

(e)

........................

6,475

99,197

Schlumberger

NV

...................

23,949

766,607

1,293,655

Entertainment

—

0.2%

Activision

Blizzard,

Inc.

................

58,566

5,589,539

Capcom

Co.

Ltd.

....................

3,200

93,532

Electronic

Arts,

Inc.

..................

18,749

2,696,669

Live

Nation

Entertainment,

Inc.

(e)

.........

1,554

136,115

NCSoft

Corp.

......................

16,463

11,978,851

NetEase,

Inc.

......................

102,800

2,362,468

NetEase,

Inc.,

ADR

..................

20,458

2,357,785

Netflix,

Inc.

(e)

.......................

4,774

2,521,674

NHN

Corp.

(e)

.......................

7,018

519,638

Nintendo

Co.

Ltd.

....................

5,800

3,356,303

Take-Two

Interactive

Software,

Inc.

(e)

.......

11,183

1,979,615

Walt

Disney

Co.

(The)

(e)

...............

19,643

3,452,650

37,044,839

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.7%

Alexandria

Real

Estate

Equities,

Inc.

.......

111,960

20,370,002

American

Tower

Corp.

................

108,251

29,242,925

Assura

plc

........................

29,361,786

30,019,602

AvalonBay

Communities,

Inc.

...........

1,475

307,818

Boston

Properties,

Inc.

................

193,573

22,181,530

Community

Healthcare

Trust,

Inc.

.........

159,503

7,570,012

Covivio

..........................

213,183

18,250,015

Cromwell

European

REIT

..............

5,039,420

14,878,976

Crown

Castle

International

Corp.

.........

202,783

39,562,963

Digital

Realty

Trust,

Inc.

...............

244,985

36,860,443

Duke

Realty

Corp.

...................

4,071

192,762

EPR

Properties

(e)

....................

355,807

18,743,913

Equinix,

Inc.

.......................

53,184

42,685,478

Equity

Residential

...................

12,867

990,759

ESR

Kendall

Square

REIT

Co.

Ltd.

(e)

.......

2,880,807

19,264,096

Essex

Property

Trust,

Inc.

..............

710

213,007

Extra

Space

Storage,

Inc.

..............

4,623

757,340

Federal

Realty

Investment

Trust

..........

991

116,115

Goodman

Group

....................

2,357,729

37,312,664

Healthpeak

Properties,

Inc.

.............

7,141

237,724

Host

Hotels

&

Resorts,

Inc.

(e)

............

7,887

134,789

Iron

Mountain,

Inc.

...................

39,802

1,684,421

Kimco

Realty

Corp.

..................

4,575

95,389

LondonMetric

Property

plc

..............

3,408,588

10,903,515

Medical

Properties

Trust,

Inc.

............

1,511,681

30,384,788

Mid-America

Apartment

Communities,

Inc.

...

1,180

198,736

Outfront

Media,

Inc.

(e)

.................

1,183,557

28,440,875

Prologis,

Inc.

.......................

322,691

38,571,255

Public

Storage

......................

19,056

5,729,949

Realty

Income

Corp.

..................

5,563

371,275

Regency

Centers

Corp.

...............

1,586

101,615

Rexford

Industrial

Realty,

Inc.

...........

405,433

23,089,409

SBA

Communications

Corp.

............

43,040

13,716,848

Secure

Income

REIT

plc

...............

2,144,588

11,261,908

Simon

Property

Group,

Inc.

.............

4,031

525,965

SL

Green

Realty

Corp.

................

188,735

15,098,800

Spirit

Realty

Capital,

Inc.

...............

442,792

21,183,169

Sun

Communities,

Inc.

................

133,073

22,808,712

Target

Healthcare

REIT

plc

.............

9,552,270

15,248,558

UDR,

Inc.

.........................

543,818

26,636,206

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Ventas,

Inc.

.......................

4,661

$

266,143

VICI

Properties,

Inc.

..................

469,201

14,554,615

Vornado

Realty

Trust

.................

3,167

147,804

Warehouses

De

Pauw

CVA

.............

593,653

22,677,195

Welltower,

Inc.

......................

325,972

27,088,273

Weyerhaeuser

Co.

...................

8,088

278,389

670,956,745

Food

&

Staples

Retailing

—

0.2%

Abdullah

Al

Othaim

Markets

Co.

..........

6,521

215,376

BGF

retail

Co.

Ltd.

...................

3,203

510,834

Clicks

Group

Ltd.

....................

66,508

1,144,282

Costco

Wholesale

Corp.

...............

13,079

5,174,968

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

........................

81,600

644,797

Dino

Polska

SA

(b)(e)

...................

5,777

424,365

Etablissements

Franz

Colruyt

NV

.........

23,695

1,325,024

ICA

Gruppen

AB

....................

14,927

694,713

J

Sainsbury

plc

.....................

187,829

706,965

Kesko

OYJ,

Class

B

..................

12,195

450,318

Kroger

Co.

(The)

....................

8,224

315,061

Lawson,

Inc.

.......................

17,200

796,645

President

Chain

Store

Corp.

............

114,000

1,075,763

Shoprite

Holdings

Ltd.

................

8,109

88,268

Sun

Art

Retail

Group

Ltd.

(e)

.............

127,500

94,942

Sysco

Corp.

.......................

5,984

465,256

Walgreens

Boots

Alliance,

Inc.

...........

8,686

456,970

Wal-Mart

de

Mexico

SAB

de

CV

..........

6,552,705

21,402,961

Walmart,

Inc.

.......................

15,491

2,184,541

X5

Retail

Group

NV,

GDR

..............

125,511

4,403,569

42,575,618

Food

Products

—

0.3%

Almarai

Co.

JSC

....................

25,021

423,083

Archer-Daniels-Midland

Co.

.............

6,022

364,933

Campbell

Soup

Co.

..................

2,013

91,773

China

Feihe

Ltd.

(b)

...................

6,948,000

14,980,049

China

Mengniu

Dairy

Co.

Ltd.

(e)

..........

2,349,000

14,190,905

Conagra

Brands,

Inc.

.................

5,258

191,286

Dali

Foods

Group

Co.

Ltd.

(b)

.............

469,500

279,972

General

Mills,

Inc.

...................

6,633

404,149

Grupo

Bimbo

SAB

de

CV

..............

212,484

467,947

Hershey

Co.

(The)

...................

1,540

268,237

Hormel

Foods

Corp.

..................

3,127

149,314

Indofood

Sukses

Makmur

Tbk.

PT

........

456,900

194,709

IOI

Corp.

Bhd.

......................

58,100

52,621

JM

Smucker

Co.

(The)

................

4,161

539,141

Kellogg

Co.

........................

17,474

1,124,102

Kraft

Heinz

Co.

(The)

.................

6,978

284,563

Kuala

Lumpur

Kepong

Bhd.

.............

55,200

270,715

Lamb

Weston

Holdings,

Inc.

............

1,574

126,959

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

2,650

234,048

Mondelez

International,

Inc.,

Class

A

.......

15,099

942,781

Nestle

Malaysia

Bhd.

.................

30,800

989,307

Nestle

SA

(Registered)

................

156,851

19,551,019

PPB

Group

Bhd.

....................

86,100

379,533

Savola

Group

(The)

..................

13,678

157,452

Tiger

Brands

Ltd.

....................

10,376

151,862

Tingyi

Cayman

Islands

Holding

Corp.

......

894,000

1,784,807

Toyo

Suisan

Kaisha

Ltd.

...............

1,500

57,814

Tyson

Foods,

Inc.,

Class

A

.............

3,036

223,935

Uni-President

China

Holdings

Ltd.

........

298,000

328,796

Uni-President

Enterprises

Corp.

..........

408,000

1,071,386

Want

Want

China

Holdings

Ltd.

..........

2,778,000

1,966,997

Security

Shares

Shares

Value

Food

Products

(continued)

Wilmar

International

Ltd.

...............

195,100

$

654,122

62,898,317

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

..................

49,841

4,790,219

Beijing

Enterprises

Holdings

Ltd.

.........

208,000

737,961

ENN

Energy

Holdings

Ltd.

..............

1,799,000

34,191,337

Hong

Kong

&

China

Gas

Co.

Ltd.

.........

93,450

145,102

Kunlun

Energy

Co.

Ltd.

................

15,228,000

14,018,728

Petronas

Gas

Bhd.

...................

86,700

323,702

Snam

SpA

........................

33,070

191,302

Tokyo

Gas

Co.

Ltd.

..................

208,300

3,928,887

UGI

Corp.

.........................

7,558

350,011

58,677,249

Health

Care

Equipment

&

Supplies

—

0.3%

Abbott

Laboratories

..................

19,136

2,218,436

ABIOMED,

Inc.

(e)

....................

1,889

589,576

Align

Technology,

Inc.

(e)

................

10,131

6,190,041

Ansell

Ltd.

........................

235,522

7,682,826

Baxter

International,

Inc.

...............

5,474

440,657

Becton

Dickinson

and

Co.

..............

3,140

763,617

Boston

Scientific

Corp.

(e)

...............

15,341

655,981

Coloplast

A/S,

Class

B

................

2,718

446,250

Cooper

Cos.,

Inc.

(The)

...............

536

212,401

Danaher

Corp.

.....................

6,895

1,850,342

Demant

A/S

(e)

......................

3,888

219,106

Dentsply

Sirona,

Inc.

.................

2,422

153,216

DexCom,

Inc.

(e)

.....................

1,023

436,821

Edwards

Lifesciences

Corp.

(e)

...........

6,698

693,712

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

......

23,443

509,989

Hologic,

Inc.

(e)

......................

2,754

183,747

Hoya

Corp.

........................

1,100

145,497

IDEXX

Laboratories,

Inc.

(e)

..............

2,568

1,621,820

Intuitive

Surgical,

Inc.

(e)

................

1,275

1,172,541

Koninklijke

Philips

NV

.................

234,347

11,631,621

Medtronic

plc

......................

96,248

11,947,264

ResMed,

Inc.

......................

1,555

383,339

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

.....................

7,634

565,509

Sonova

Holding

AG

(Registered)

.........

1,063

400,384

STERIS

plc

........................

969

199,905

Straumann

Holding

AG

(Registered)

.......

1,530

2,440,417

Stryker

Corp.

......................

3,540

919,444

Sysmex

Corp.

......................

5,300

628,764

Teleflex,

Inc.

.......................

500

200,895

West

Pharmaceutical

Services,

Inc.

.......

805

289,076

Zimmer

Biomet

Holdings,

Inc.

...........

2,216

356,377

56,149,571

Health

Care

Providers

&

Services

—

0.3%

AmerisourceBergen

Corp.

..............

1,644

188,222

Anthem,

Inc.

.......................

4,440

1,695,192

Bangkok

Dusit

Medical

Services

PCL,

NVDR

.

2,638,600

1,895,442

Cardinal

Health,

Inc.

..................

4,030

230,073

Centene

Corp.

(e)

....................

6,572

479,296

Cigna

Corp.

.......................

4,554

1,079,617

CVS

Health

Corp.

...................

14,667

1,223,814

DaVita,

Inc.

(e)

.......................

836

100,679

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

...........................

3,863

168,496

HCA

Healthcare,

Inc.

.................

2,873

593,964

Henry

Schein,

Inc.

(e)

..................

1,594

118,259

Humana,

Inc.

......................

1,425

630,876

IHH

Healthcare

Bhd.

.................

287,500

378,809

Laboratory

Corp.

of

America

Holdings

(e)

.....

1,055

291,022

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

McKesson

Corp.

....................

6,732

$

1,287,428

Notre

Dame

Intermedica

Participacoes

SA

...

787,064

13,466,393

Quest

Diagnostics,

Inc.

................

3,914

516,531

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

........................

295,800

646,003

Sinopharm

Group

Co.

Ltd.,

Class

H

.......

680,400

2,018,569

Sonic

Healthcare

Ltd.

.................

12,553

361,720

UnitedHealth

Group,

Inc.

...............

72,969

29,219,706

Universal

Health

Services,

Inc.,

Class

B

....

790

115,680

56,705,791

Health

Care

Technology

—

0.0%

Cerner

Corp.

.......................

41,077

3,210,578

M3,

Inc.

..........................

10,000

728,583

Veeva

Systems,

Inc.,

Class

A

(e)

..........

369

114,741

4,053,902

Hotels,

Restaurants

&

Leisure

—

0.2%

Booking

Holdings,

Inc.

(e)

...............

441

964,948

Caesars

Entertainment,

Inc.

(e)

...........

2,248

233,230

Carnival

Corp.

(e)

.....................

11,173

294,520

Chipotle

Mexican

Grill,

Inc.

(e)

............

311

482,156

Darden

Restaurants,

Inc.

..............

1,438

209,934

Domino's

Pizza,

Inc.

..................

421

196,392

Evolution

AB

(b)

......................

2,939

464,897

Expedia

Group,

Inc.

(e)

.................

1,431

234,269

Genting

Malaysia

Bhd.

................

694,600

463,457

Hilton

Worldwide

Holdings,

Inc.

(e)

.........

2,936

354,140

Las

Vegas

Sands

Corp.

(e)

..............

4,536

239,002

Leejam

Sports

Co.

JSC

(e)

..............

12,768

264,851

Marriott

International,

Inc.,

Class

A

(e)

.......

3,129

427,171

McDonald's

Corp.

...................

8,046

1,858,546

MGM

Resorts

International

.............

5,491

234,191

Norwegian

Cruise

Line

Holdings

Ltd.

(e)

......

5,438

159,932

Penn

National

Gaming,

Inc.

(e)

............

1,604

122,690

Royal

Caribbean

Cruises

Ltd.

(e)

..........

3,244

276,648

Seera

Group

Holding

(e)

................

58,656

339,368

SJM

Holdings

Ltd.

(e)

..................

10,194,000

11,127,495

Starbucks

Corp.

.....................

12,687

1,418,534

Wynn

Resorts

Ltd.

(e)

..................

1,809

221,241

Yum

China

Holdings,

Inc.

..............

304,823

20,194,524

Yum

China

Holdings,

Inc.

..............

8,550

557,436

Yum!

Brands,

Inc.

...................

3,183

366,141

41,705,713

Household

Durables

—

0.2%

Arcelik

A/S

........................

88,234

301,730

Coway

Co.

Ltd.

.....................

3,716

259,290

DR

Horton,

Inc.

.....................

3,741

338,074

Garmin

Ltd.

........................

1,572

227,374

Haier

Smart

Home

Co.

Ltd.,

Class

A

.......

2,802,708

11,228,624

Haier

Smart

Home

Co.

Ltd.,

Class

H

(e)

......

907,800

3,166,030

Leggett

&

Platt,

Inc.

..................

1,433

74,244

Lennar

Corp.,

Class

A

.................

3,032

301,229

Mohawk

Industries,

Inc.

(e)

..............

647

124,347

Newell

Brands,

Inc.

..................

4,118

113,122

NVR,

Inc.

(e)

........................

39

193,959

Persimmon

plc

.....................

256,052

10,488,820

PulteGroup,

Inc.

....................

2,992

163,273

Whirlpool

Corp.

.....................

682

148,690

27,128,806

Household

Products

—

0.2%

Church

&

Dwight

Co.,

Inc.

..............

2,770

236,059

Clorox

Co.

(The)

....................

1,360

244,678

Colgate-Palmolive

Co.

................

9,224

750,372

Hindustan

Unilever

Ltd.

................

3,281

109,212

Security

Shares

Shares

Value

Household

Products

(continued)

Kimberly-Clark

Corp.

.................

3,623

$

484,685

Pigeon

Corp.

.......................

4,900

138,200

Procter

&

Gamble

Co.

(The)

............

44,844

6,050,801

Reckitt

Benckiser

Group

plc

.............

362,831

32,056,197

Vinda

International

Holdings

Ltd.

.........

76,000

233,984

40,304,188

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

....................

7,188

187,391

China

Yangtze

Power

Co.

Ltd.,

Class

A

.....

588,200

1,877,068

Datang

International

Power

Generation

Co.

Ltd.,

Class

H

.....................

888,000

148,542

ERG

SpA

.........................

89,852

2,664,984

Unipro

PJSC

.......................

1,850,885

69,807

4,947,792

Industrial

Conglomerates

—

0.1%

3M

Co.

...........................

45,245

8,987,015

CITIC

Ltd.

.........................

246,000

264,891

General

Electric

Co.

..................

101,320

1,363,767

Industries

Qatar

QSC

.................

111,170

398,185

Roper

Technologies,

Inc.

...............

1,216

571,763

Sime

Darby

Bhd.

....................

456,800

239,871

11,825,492

Insurance

—

0.9%

Aflac,

Inc.

.........................

8,495

455,842

AIA

Group

Ltd.

.....................

85,600

1,061,917

Allianz

SE

(Registered)

................

37,830

9,440,740

Allstate

Corp.

(The)

..................

3,315

432,409

American

Financial

Group,

Inc.

..........

29,047

3,622,742

American

International

Group,

Inc.

........

9,292

442,299

Aon

plc,

Class

A

....................

2,656

634,147

Arthur

J

Gallagher

&

Co.

...............

2,336

327,227

Assurant,

Inc.

......................

110,483

17,255,235

BB

Seguridade

Participacoes

SA

.........

2,882,020

13,437,220

Bupa

Arabia

for

Cooperative

Insurance

Co.

..

7,872

260,679

China

Life

Insurance

Co.

Ltd.,

Class

H

.....

329,000

652,282

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

............................

87,400

274,547

Chubb

Ltd.

........................

5,224

830,302

Cincinnati

Financial

Corp.

..............

1,833

213,764

Direct

Line

Insurance

Group

plc

..........

2,411,284

9,510,621

Everest

Re

Group

Ltd.

................

644

162,294

Gjensidige

Forsikring

ASA

..............

318,532

7,023,150

Globe

Life,

Inc.

.....................

1,596

152,019

Great-West

Lifeco,

Inc.

................

8,127

241,397

Hartford

Financial

Services

Group,

Inc.

(The)

.

5,374

333,027

HDFC

Life

Insurance

Co.

Ltd.

(b)

..........

251,702

2,326,623

ICICI

Lombard

General

Insurance

Co.

Ltd.

(b)

..

3,516

74,191

Lincoln

National

Corp.

................

2,982

187,389

Loews

Corp.

.......................

3,158

172,585

Marsh

&

McLennan

Cos.,

Inc.

...........

5,899

829,871

Medibank

Pvt

Ltd.

...................

83,386

197,693

MetLife,

Inc.

.......................

9,150

547,627

MS&AD

Insurance

Group

Holdings,

Inc.

....

48,500

1,402,242

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

..................

13,891

3,806,978

New

China

Life

Insurance

Co.

Ltd.,

Class

H

..

217,300

740,942

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

....................

773,000

257,747

Phoenix

Group

Holdings

plc

............

1,242,476

11,630,853

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..

572,000

500,344

Powszechny

Zaklad

Ubezpieczen

SA

(e)

.....

52,327

503,894

Principal

Financial

Group,

Inc.

...........

3,945

249,284

Progressive

Corp.

(The)

...............

128,409

12,611,048

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Insurance

(continued)

Prudential

Financial,

Inc.

...............

5,027

$

515,117

Prudential

plc

......................

1,324,415

25,198,027

Qatar

Insurance

Co.

SAQ

(e)

.............

72,642

48,745

QBE

Insurance

Group

Ltd.

.............

9,118

73,578

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

..

1,494

292,617

SCOR

SE

(e)

........................

203,158

6,467,565

Travelers

Cos.,

Inc.

(The)

..............

12,397

1,855,955

Tryg

A/S

..........................

256,949

6,311,378

Unum

Group

.......................

4,660

132,344

Willis

Towers

Watson

plc

...............

2,524

580,570

WR

Berkley

Corp.

...................

1,637

121,842

Zurich

Insurance

Group

AG

.............

28,523

11,456,703

155,857,612

Interactive

Media

&

Services

—

0.5%

Alphabet,

Inc.,

Class

A

(e)

...............

4,454

10,875,732

Alphabet,

Inc.,

Class

C

(e)

...............

5,031

12,609,296

Auto

Trader

Group

plc

(b)(e)

..............

893,703

7,827,056

Baidu,

Inc.,

Class

A

(e)

.................

2,450

62,842

Facebook,

Inc.,

Class

A

(e)

..............

33,922

11,795,019

Kakao

Corp.

.......................

104,252

15,100,126

NAVER

Corp.

......................

8,478

3,145,921

REA

Group

Ltd.

.....................

3,671

465,150

Tencent

Holdings

Ltd.

.................

409,600

30,839,812

Twitter,

Inc.

(e)

.......................

60,817

4,184,818

96,905,772

Internet

&

Direct

Marketing

Retail

—

0.2%

Alibaba

Group

Holding

Ltd.

(e)

............

28,800

816,591

Alibaba

Group

Holding

Ltd.,

ADR

(e)

........

10,286

2,332,659

Amazon.com,

Inc.

(e)

..................

9,363

32,210,218

eBay,

Inc.

.........................

7,035

493,927

Etsy,

Inc.

(e)

........................

1,368

281,589

HelloFresh

SE

(e)

.....................

1,535

149,216

JD.com,

Inc.,

ADR

(e)

..................

36,833

2,939,642

Naspers

Ltd.,

Class

N

.................

1,228

258,920

Tongcheng-Elong

Holdings

Ltd.

(e)

.........

80,400

201,213

Trip.com

Group

Ltd.,

ADR

(e)

.............

11,211

397,542

40,081,517

IT

Services

—

1.0%

Accenture

plc,

Class

A

................

44,281

13,053,596

Akamai

Technologies,

Inc.

(e)

.............

1,783

207,898

Amadeus

IT

Group

SA

(e)

...............

189,200

13,337,963

Automatic

Data

Processing,

Inc.

..........

7,367

1,463,233

Broadridge

Financial

Solutions,

Inc.

.......

1,277

206,274

CGI,

Inc.,

Class

A

(e)

..................

7,595

688,611

Cognizant

Technology

Solutions

Corp.,

Class

A

18,932

1,311,230

DXC

Technology

Co.

(e)

................

4,096

159,498

Fidelity

National

Information

Services,

Inc.

...

183,781

26,036,254

Fiserv,

Inc.

(e)

.......................

6,512

696,068

FleetCor

Technologies,

Inc.

(e)

............

1,042

266,814

Gartner,

Inc.

(e)

......................

1,171

283,616

GDS

Holdings

Ltd.,

Class

A

(e)

............

1,363,500

13,393,193

GDS

Holdings

Ltd.,

ADR

(e)

..............

186,530

14,640,740

Global

Payments,

Inc.

................

3,444

645,888

Infosys

Ltd.

........................

198,893

4,207,580

Infosys

Ltd.,

ADR

....................

483,572

10,246,891

International

Business

Machines

Corp.

.....

10,396

1,523,950

Jack

Henry

&

Associates,

Inc.

...........

1,073

175,446

Mastercard,

Inc.,

Class

A

...............

9,752

3,560,358

Paychex,

Inc.

......................

109,716

11,772,527

PayPal

Holdings,

Inc.

(e)

................

15,711

4,579,442

Samsung

SDS

Co.

Ltd.

................

4,974

816,915

Shopify,

Inc.,

Class

A

(e)

................

577

843,842

Square,

Inc.,

Class

A

(e)

................

1,575

383,985

Security

Shares

Shares

Value

IT

Services

(continued)

SUNeVision

Holdings

Ltd.

..............

7,036,000

$

7,211,708

Switch,

Inc.,

Class

A

..................

140,870

2,973,766

Tata

Consultancy

Services

Ltd.

..........

63,161

2,846,387

VeriSign,

Inc.

(e)

.....................

1,274

290,077

Visa,

Inc.,

Class

A

...................

154,851

36,207,261

Western

Union

Co.

(The)

..............

4,580

105,203

Wipro

Ltd.

.........................

73,192

537,153

174,673,367

Leisure

Products

—

0.1%

Hasbro,

Inc.

.......................

178,711

16,891,764

Life

Sciences

Tools

&

Services

—

0.2%

Agilent

Technologies,

Inc.

..............

19,177

2,834,552

Bio-Rad

Laboratories,

Inc.,

Class

A

(e)

.......

229

147,542

Charles

River

Laboratories

International,

Inc.

(e)

539

199,387

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(b)

...........................

72,200

1,692,151

Illumina,

Inc.

(e)

......................

1,733

820,073

IQVIA

Holdings,

Inc.

(e)

.................

2,093

507,176

Joinn

Laboratories

China

Co.

Ltd.,

Class

A

...

430,144

12,206,210

Joinn

Laboratories

China

Co.

Ltd.,

Class

H

(b)

.

107,380

1,725,118

Lonza

Group

AG

(Registered)

...........

18,641

13,215,663

Mettler-Toledo

International,

Inc.

(e)

........

252

349,106

PerkinElmer,

Inc.

....................

1,280

197,645

Thermo

Fisher

Scientific,

Inc.

............

4,253

2,145,511

Waters

Corp.

(e)

.....................

652

225,338

WuXi

AppTec

Co.

Ltd.,

Class

A

...........

30,068

726,732

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)

.........

32,040

747,864

Wuxi

Biologics

Cayman,

Inc.

(b)(e)

..........

67,500

1,235,945

38,976,013

Machinery

—

0.4%

Alfa

Laval

AB

......................

215,057

7,601,241

Atlas

Copco

AB,

Class

A

...............

48,322

2,967,376

Caterpillar,

Inc.

.....................

10,878

2,367,379

Cummins,

Inc.

......................

1,769

431,300

Deere

&

Co.

.......................

7,083

2,498,245

Dover

Corp.

.......................

2,264

340,958

Epiroc

AB,

Class

A

...................

72,480

1,649,910

FANUC

Corp.

......................

13,100

3,141,352

Fortive

Corp.

.......................

5,099

355,604

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

.....................

1,961,894

12,241,084

IDEX

Corp.

........................

1,078

237,214

Illinois

Tool

Works,

Inc.

................

3,552

794,085

Ingersoll

Rand,

Inc.

(e)

.................

4,738

231,262

Kone

OYJ,

Class

B

..................

121,850

9,944,693

Makita

Corp.

.......................

7,300

343,736

Otis

Worldwide

Corp.

.................

225,286

18,421,636

PACCAR,

Inc.

......................

4,303

384,043

Parker-Hannifin

Corp.

.................

1,503

461,586

Pentair

plc

........................

2,398

161,841

SMC

Corp.

........................

2,600

1,538,146

Snap-on,

Inc.

......................

27,069

6,048,027

Stanley

Black

&

Decker,

Inc.

............

2,237

458,563

Techtronic

Industries

Co.

Ltd.

............

84,500

1,472,579

Thermax

Ltd.

(e)

.....................

4,660

93,179

Wartsila

OYJ

Abp

....................

19,200

285,257

Westinghouse

Air

Brake

Technologies

Corp.

..

3,190

262,537

Xylem,

Inc.

........................

2,292

274,948

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

..........

1,052,800

1,502,268

76,510,049

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Marine

—

0.0%

AP

Moller

-

Maersk

A/S,

Class

B

..........

304

$

875,189

Kuehne

+

Nagel

International

AG

(Registered)

19,626

6,717,181

MISC

Bhd.

........................

213,300

348,614

Projector

SA

(c)(e)

.....................

24,388

—

7,940,984

Media

—

0.1%

Charter

Communications,

Inc.,

Class

A

(e)

....

1,514

1,092,275

Comcast

Corp.,

Class

A

...............

358,232

20,426,389

Discovery,

Inc.,

Class

A

(e)

..............

1,753

53,782

Discovery,

Inc.,

Class

C

(e)

..............

3,190

92,446

DISH

Network

Corp.,

Class

A

(e)

..........

2,539

106,130

Fox

Corp.,

Class

A

...................

6,338

235,330

Fox

Corp.,

Class

B

...................

1,673

58,890

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

4,184

135,938

MultiChoice

Group

...................

27,862

228,945

News

Corp.,

Class

A

..................

4,257

109,703

News

Corp.,

Class

B

.................

1,327

32,312

Omnicom

Group,

Inc.

.................

2,285

182,777

Sirius

XM

Holdings,

Inc.

...............

275,299

1,800,456

Telenet

Group

Holding

NV

..............

18,261

687,911

ViacomCBS,

Inc.

....................

6,085

275,042

25,518,326

Metals

&

Mining

—

0.2%

Alrosa

PJSC

.......................

1,360,186

2,500,649

Angang

Steel

Co.

Ltd.,

Class

H

..........

348,000

220,319

China

Molybdenum

Co.

Ltd.,

Class

H

......

22,680,000

13,439,340

Freeport-McMoRan,

Inc.

...............

15,778

585,522

Hochschild

Mining

plc

.................

107,064

227,477

Industrias

Penoles

SAB

de

CV

(e)

..........

13,571

187,893

Newmont

Corp.

.....................

8,672

549,631

Novolipetsk

Steel

PJSC

...............

3,472,882

10,920,667

Nucor

Corp.

.......................

3,474

333,261

Wheaton

Precious

Metals

Corp.

..........

127,615

5,625,108

34,589,867

Multiline

Retail

—

0.1%

Dollar

General

Corp.

.................

2,682

580,358

Dollar

Tree,

Inc.

(e)

....................

2,556

254,322

Fix

Price

Group

Ltd.,

GDR

(e)

.............

1,288,052

11,270,455

Target

Corp.

.......................

12,106

2,926,504

15,031,639

Multi-Utilities

—

0.5%

AGL

Energy

Ltd.

....................

116,288

714,453

Ameren

Corp.

......................

111,296

8,908,132

Atco

Ltd.,

Class

I

....................

8,443

299,415

CenterPoint

Energy,

Inc.

...............

365,652

8,965,787

CMS

Energy

Corp.

...................

119,789

7,077,134

Consolidated

Edison,

Inc.

..............

17,726

1,271,309

Dominion

Energy,

Inc.

.................

268,243

19,734,638

DTE

Energy

Co.

....................

2,027

262,699

National

Grid

plc

....................

935,097

11,894,127

NiSource,

Inc.

......................

273,725

6,706,262

Public

Service

Enterprise

Group,

Inc.

......

171,738

10,259,628

Qatar

Electricity

&

Water

Co.

QSC

........

31,180

140,299

Sempra

Energy

.....................

92,796

12,293,614

WEC

Energy

Group,

Inc.

...............

43,230

3,845,309

92,372,806

Oil,

Gas

&

Consumable

Fuels

—

0.9%

APA

Corp.

........................

4,063

87,883

Cabot

Oil

&

Gas

Corp.

................

4,521

78,937

California

Resources

Corp.

(e)

............

3,020

91,023

Cheniere

Energy,

Inc.

(e)

................

7,541

654,106

Chesapeake

Energy

Corp.

.............

139,612

7,248,655

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Chevron

Corp.

......................

53,821

$

5,637,211

China

Petroleum

&

Chemical

Corp.,

Class

A

..

4,173,200

2,814,424

China

Petroleum

&

Chemical

Corp.,

Class

H

.

26,770,000

13,606,122

ConocoPhillips

.....................

14,761

898,945

Devon

Energy

Corp.

..................

6,390

186,524

Diamondback

Energy,

Inc.

..............

1,867

175,293

Enbridge,

Inc.

......................

517,519

20,719,964

Energy

Transfer

LP

..................

109,466

1,163,624

Enterprise

Products

Partners

LP

..........

76,777

1,852,629

EOG

Resources,

Inc.

.................

37,914

3,163,544

Equinor

ASA

.......................

240,361

5,088,086

Equitrans

Midstream

Corp.

.............

48,639

413,918

Extraction

Oil

&

Gas,

Inc.,

(Acquired

03/5/21,

cost

$1,050,145)

(e)(h)

................

29,987

1,639,725

Exxon

Mobil

Corp.

...................

45,737

2,885,090

Formosa

Petrochemical

Corp.

(e)

..........

62,000

236,939

Gibson

Energy,

Inc.

..................

29,794

570,835

Hess

Corp.

........................

3,023

263,968

Kinder

Morgan,

Inc.

..................

228,427

4,164,224

LUKOIL

PJSC

......................

64,732

5,989,021

LUKOIL

PJSC,

ADR

..................

231,130

21,451,736

Magellan

Midstream

Partners

LP

.........

33,774

1,651,886

Marathon

Oil

Corp.

...................

8,688

118,331

Marathon

Petroleum

Corp.

.............

7,038

425,236

Occidental

Petroleum

Corp.

.............

9,050

282,993

ONEOK,

Inc.

.......................

7,201

400,664

Pembina

Pipeline

Corp.

...............

228,509

7,261,189

PetroChina

Co.

Ltd.,

Class

A

............

1,672,900

1,369,085

PetroChina

Co.

Ltd.,

Class

H

............

424,000

207,637

Petroleo

Brasileiro

SA,

ADR

............

476,122

5,822,972

Petronas

Dagangan

Bhd.

..............

35,200

157,783

Petronet

LNG

Ltd.

...................

3,479,127

10,576,137

Phillips

66

.........................

4,686

402,152

Phillips

66

Partners

LP

................

28,607

1,128,832

Pioneer

Natural

Resources

Co.

..........

2,520

409,550

Plains

All

American

Pipeline

LP

..........

155,510

1,766,594

Plains

GP

Holdings

LP,

Class

A

(e)

.........

417,539

4,985,416

PTT

Exploration

&

Production

PCL,

NVDR

...

19,300

70,621

Qatar

Gas

Transport

Co.

Ltd.

............

497,810

403,535

Saudi

Arabian

Oil

Co.

(b)

................

201,677

1,887,395

Targa

Resources

Corp.

................

123,595

5,493,798

TC

Energy

Corp.

....................

5,817

288,058

Valero

Energy

Corp.

..................

4,312

336,681

Williams

Cos.,

Inc.

(The)

...............

327,200

8,687,160

155,216,131

Paper

&

Forest

Products

—

0.1%

Empresas

CMPC

SA

.................

85,177

202,971

Suzano

SA

(e)

.......................

1,005,247

12,106,296

12,309,267

Personal

Products

—

0.3%

AMOREPACIFIC

Group

...............

12,661

719,972

Colgate-Palmolive

India

Ltd.

............

53,335

1,210,617

Dabur

India

Ltd.

.....................

246,796

1,889,661

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

60,494

19,241,932

Kao

Corp.

.........................

23,300

1,436,680

LG

Household

&

Health

Care

Ltd.

.........

1,835

2,871,083

L'Oreal

SA

........................

17,622

7,869,877

Marico

Ltd.

........................

206,051

1,472,135

Unilever

plc

........................

363,584

21,245,519

57,957,476

Pharmaceuticals

—

1.1%

AstraZeneca

plc

....................

319,653

38,404,462

Bristol-Myers

Squibb

Co.

...............

502,239

33,559,610

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Catalent,

Inc.

(e)

.....................

1,794

$

193,967

China

Resources

Pharmaceutical

Group

Ltd.

(b)

586,000

364,937

CSPC

Pharmaceutical

Group

Ltd.

.........

1,141,600

1,648,988

Eli

Lilly

&

Co.

......................

8,574

1,967,904

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

...........

104,000

328,543

Johnson

&

Johnson

..................

97,689

16,093,286

Luye

Pharma

Group

Ltd.

(b)(e)

.............

112,000

73,608

Merck

&

Co.,

Inc.

....................

27,344

2,126,543

Novo

Nordisk

A/S,

Class

B

.............

363,333

30,414,115

Organon

&

Co.

(e)

....................

2,734

82,731

Perrigo

Co.

plc

.....................

1,463

67,079

Pfizer,

Inc.

........................

272,102

10,655,514

Roche

Holding

AG

...................

15,707

5,918,997

Sanofi

...........................

446,205

46,879,457

Sanofi

India

Ltd.

....................

881

90,972

Sino

Biopharmaceutical

Ltd.

............

1,035,000

1,014,022

Viatris,

Inc.

........................

16,245

232,141

Zoetis,

Inc.

........................

5,099

950,250

191,067,126

Professional

Services

—

0.3%

51job,

Inc.,

ADR

(e)

...................

2,752

214,023

Adecco

Group

AG

(Registered)

..........

14,710

1,000,895

Equifax,

Inc.

.......................

1,403

336,033

IHS

Markit

Ltd.

.....................

5,884

662,891

Nielsen

Holdings

plc

..................

3,843

94,807

Nihon

M&A

Center,

Inc.

................

2,700

69,931

NMG,

Inc.

(e)

........................

3,714

463,013

Randstad

NV

......................

3,043

233,277

Recruit

Holdings

Co.

Ltd.

..............

11,800

578,658

RELX

plc

.........................

1,437,729

38,299,622

Robert

Half

International,

Inc.

............

6,295

560,066

Teleperformance

....................

19,976

8,112,048

Thomson

Reuters

Corp.

...............

6,615

657,071

Verisk

Analytics,

Inc.

..................

1,971

344,373

51,626,708

Real

Estate

Management

&

Development

—

0.7%

Aldar

Properties

PJSC

................

79,017

82,207

Aroundtown

SA

.....................

2,656,480

20,726,477

Barwa

Real

Estate

Co.

................

234,595

189,008

CapitaLand

Ltd.

.....................

8,613,500

23,792,476

CBRE

Group,

Inc.,

Class

A

(e)

............

3,551

304,427

China

Resources

Land

Ltd.

.............

38,000

153,475

China

Vanke

Co.

Ltd.,

Class

H

...........

82,000

256,292

Daito

Trust

Construction

Co.

Ltd.

.........

9,700

1,058,295

Emaar

Development

PJSC

(e)

............

157,196

159,165

Emaar

Malls

PJSC

(e)

..................

130,402

72,483

ESR

Cayman

Ltd.

(b)(e)

.................

8,085,400

27,261,876

FirstService

Corp.

...................

1,389

238,234

Hang

Lung

Properties

Ltd.

..............

6,158,000

14,934,926

LEG

Immobilien

SE

..................

53,631

7,720,548

Shenzhen

Investment

Ltd.

..............

264,000

81,340

Sunac

China

Holdings

Ltd.

(e)

............

462,000

1,584,217

Vonovia

SE

........................

471,861

30,494,271

129,109,717

Road

&

Rail

—

0.2%

Canadian

Pacific

Railway

Ltd.

...........

99,095

7,619,987

CAR,

Inc.

(e)

........................

359,000

184,019

CJ

Logistics

Corp.

(e)

..................

4,673

733,839

CSX

Corp.

........................

359,895

11,545,431

East

Japan

Railway

Co.

...............

68,200

4,863,617

JB

Hunt

Transport

Services,

Inc.

.........

925

150,729

Kansas

City

Southern

.................

13,488

3,822,094

Security

Shares

Shares

Value

Road

&

Rail

(continued)

Norfolk

Southern

Corp.

................

2,909

$

772,078

Old

Dominion

Freight

Line,

Inc.

..........

1,092

277,150

Seibu

Holdings,

Inc.

..................

182,300

2,138,061

Union

Pacific

Corp.

..................

28,826

6,339,702

United

International

Transportation

Co.

.....

17,925

215,741

38,662,448

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Advanced

Micro

Devices,

Inc.

(e)

..........

13,059

1,226,632

Advantest

Corp.

.....................

1,000

89,787

Analog

Devices,

Inc.

..................

4,476

770,588

Applied

Materials,

Inc.

................

9,897

1,409,333

ASML

Holding

NV

...................

16,865

11,642,233

Broadcom,

Inc.

.....................

4,505

2,148,164

Disco

Corp.

........................

2,500

760,123

Enphase

Energy,

Inc.

(e)

................

1,366

250,839

GCL-Poly

Energy

Holdings

Ltd.

(e)

.........

299,000

47,840

Hua

Hong

Semiconductor

Ltd.

(b)(e)(f)

........

1,688,000

9,318,936

Intel

Corp.

........................

159,388

8,948,042

KLA

Corp.

.........................

1,668

540,782

Lam

Research

Corp.

.................

1,559

1,014,441

Maxim

Integrated

Products,

Inc.

..........

4,847

510,680

MediaTek,

Inc.

......................

406,000

14,001,414

Microchip

Technology,

Inc.

..............

3,050

456,707

Micron

Technology,

Inc.

(e)

..............

12,057

1,024,604

Monolithic

Power

Systems,

Inc.

..........

458

171,040

Nanya

Technology

Corp.

...............

2,712,000

7,750,427

NVIDIA

Corp.

......................

7,098

5,679,110

NXP

Semiconductors

NV

..............

2,989

614,897

Phison

Electronics

Corp.

...............

8,000

137,592

Qorvo,

Inc.

(e)

.......................

1,209

236,541

QUALCOMM,

Inc.

...................

12,258

1,752,036

Skyworks

Solutions,

Inc.

...............

1,785

342,274

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

4,255,000

91,644,330

Teradyne,

Inc.

......................

1,841

246,620

Texas

Instruments,

Inc.

................

134,105

25,788,392

Tokyo

Electron

Ltd.

..................

10,800

4,669,751

Xilinx,

Inc.

.........................

4,414

638,441

193,832,596

Software

—

0.7%

Adobe,

Inc.

(e)

.......................

6,491

3,801,389

ANSYS,

Inc.

(e)

......................

930

322,766

Autodesk,

Inc.

(e)

.....................

2,389

697,349

Cadence

Design

Systems,

Inc.

(e)

.........

9,293

1,271,468

Check

Point

Software

Technologies

Ltd.

(e)

...

17,223

2,000,107

Citrix

Systems,

Inc.

..................

1,355

158,901

Constellation

Software,

Inc.

.............

863

1,307,038

Cyient

Ltd.

........................

30,222

350,072

Fortinet,

Inc.

(e)

......................

7,114

1,694,484

Glodon

Co.

Ltd.,

Class

A

...............

837,398

8,810,051

HubSpot,

Inc.

(e)

.....................

1,546

900,885

Intuit,

Inc.

.........................

60,290

29,552,349

Microsoft

Corp.

.....................

220,580

59,755,122

Nice

Ltd.

(e)

........................

3,823

943,644

NortonLifeLock,

Inc.

..................

7,223

196,610

Oracle

Corp.

.......................

43,747

3,405,267

Paycom

Software,

Inc.

(e)

...............

531

193,003

PTC,

Inc.

(e)

........................

2,651

374,480

salesforce.com,

Inc.

(e)

.................

10,245

2,502,546

ServiceNow,

Inc.

(e)

...................

4,350

2,390,543

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

24,700

194,210

Synopsys,

Inc.

(e)

....................

1,691

466,361

Trend

Micro,

Inc.

....................

6,600

345,599

Tyler

Technologies,

Inc.

(e)

..............

439

198,590

WiseTech

Global

Ltd.

.................

2,520

60,220

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Software

(continued)

Zendesk,

Inc.

(e)

.....................

3,055

$

440,959

Zoom

Video

Communications,

Inc.,

Class

A

(e)

.

4,155

1,608,110

Zscaler,

Inc.

(e)

......................

4,951

1,069,713

125,011,836

Specialty

Retail

—

0.3%

ABC-Mart,

Inc.

.....................

19,200

1,104,298

Advance

Auto

Parts,

Inc.

...............

708

145,239

AutoZone,

Inc.

(e)

....................

244

364,101

Best

Buy

Co.,

Inc.

...................

2,504

287,910

CarMax,

Inc.

(e)

......................

1,761

227,433

China

Yongda

Automobiles

Services

Holdings

Ltd.

...........................

34,500

61,745

Fast

Retailing

Co.

Ltd.

................

3,100

2,330,234

Gap,

Inc.

(The)

.....................

2,303

77,496

Home

Depot,

Inc.

(The)

...............

13,286

4,236,772

Home

Product

Center

PCL,

NVDR

........

1,518,900

683,045

Hotai

Motor

Co.

Ltd.

..................

27,000

594,895

Jarir

Marketing

Co.

...................

10,472

589,689

JUMBO

SA

........................

14,962

252,007

L

Brands,

Inc.

......................

2,497

179,934

Lowe's

Cos.,

Inc.

....................

28,607

5,548,900

Nitori

Holdings

Co.

Ltd.

................

12,000

2,119,166

O'Reilly

Automotive,

Inc.

(e)

..............

767

434,283

Ross

Stores,

Inc.

....................

7,567

938,308

TJX

Cos.,

Inc.

(The)

..................

66,647

4,493,341

Topsports

International

Holdings

Ltd.

(b)

......

11,812,000

19,314,914

Tractor

Supply

Co.

...................

1,289

239,831

Ulta

Beauty,

Inc.

(e)

...................

14,878

5,144,366

USS

Co.

Ltd.

.......................

11,800

206,269

Yamada

Holdings

Co.

Ltd.

..............

54,600

252,477

49,826,653

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Acer,

Inc.

.........................

479,000

503,417

Advantech

Co.

Ltd.

..................

108,295

1,339,986

Apple,

Inc.

........................

302,104

41,376,164

Asustek

Computer,

Inc.

(e)

...............

139,000

1,853,428

Canon,

Inc.

........................

65,400

1,478,169

Catcher

Technology

Co.

Ltd.

............

347,000

2,266,467

Compal

Electronics,

Inc.

...............

3,436,000

2,755,917

Ennoconn

Corp.

....................

8,000

62,863

Hewlett

Packard

Enterprise

Co.

..........

13,270

193,477

HP,

Inc.

..........................

13,261

400,350

Inventec

Corp.

......................

1,764,000

1,661,732

Lenovo

Group

Ltd.

...................

3,920,000

4,501,734

Lite-On

Technology

Corp.

..............

978,000

2,020,425

Logitech

International

SA

(Registered)

......

2,678

325,223

NetApp,

Inc.

.......................

2,287

187,122

Quanta

Computer,

Inc.

................

504,000

1,581,864

Ricoh

Co.

Ltd.

......................

4,900

55,155

Samsung

Electronics

Co.

Ltd.

...........

3,358

240,386

Seagate

Technology

Holdings

plc

.........

2,392

210,329

Western

Digital

Corp.

(e)

................

3,199

227,673

Wiwynn

Corp.

......................

209,000

7,476,075

70,717,956

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

ANTA

Sports

Products

Ltd.

.............

3,000

70,412

Eclat

Textile

Co.

Ltd.

..................

17,000

400,270

EssilorLuxottica

SA

..................

99,894

18,453,739

Hanesbrands,

Inc.

...................

3,888

72,589

Kering

SA

.........................

8,803

7,713,345

Li

Ning

Co.

Ltd.

.....................

13,000

158,578

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

33,674

26,489,888

NIKE,

Inc.,

Class

B

..................

15,274

2,359,680

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

PVH

Corp.

(e)

.......................

774

$

83,275

Ralph

Lauren

Corp.

..................

459

54,075

Tapestry,

Inc.

(e)

.....................

3,099

134,744

Under

Armour,

Inc.,

Class

A

(e)

............

2,023

42,787

Under

Armour,

Inc.,

Class

C

(e)

...........

2,090

38,811

VF

Corp.

.........................

3,914

321,105

56,393,298

Thrifts

&

Mortgage

Finance

—

0.1%

Housing

Development

Finance

Corp.

Ltd.

...

443,980

14,817,011

Tobacco

—

0.2%

Altria

Group,

Inc.

....................

20,424

973,816

British

American

Tobacco

plc

............

36,780

1,428,005

ITC

Ltd.

..........................

1,035,125

2,827,076

Japan

Tobacco,

Inc.

..................

292,300

5,523,979

KT&G

Corp.

.......................

38,823

2,909,484

Philip

Morris

International,

Inc.

...........

175,313

17,375,271

RLX

Technology,

Inc.,

ADR

(e)

............

106,514

929,867

Smoore

International

Holdings

Ltd.

(b)

.......

10,000

55,360

32,022,858

Trading

Companies

&

Distributors

—

0.2%

BOC

Aviation

Ltd.

(b)

..................

1,411,400

11,906,973

Fastenal

Co.

.......................

6,186

321,672

Ferguson

plc

.......................

167,841

23,351,259

United

Rentals,

Inc.

(e)

.................

777

247,871

WW

Grainger,

Inc.

...................

5,419

2,373,522

38,201,297

Transportation

Infrastructure

—

0.7%

Aena

SME

SA

(b)(e)

....................

44,642

7,324,913

Atlantia

SpA

(e)

......................

344,128

6,248,678

Atlas

Arteria

Ltd.

(g)

...................

928,119

4,433,640

Auckland

International

Airport

Ltd.

(e)

.......

869,139

4,415,519

COSCO

SHIPPING

Ports

Ltd.

...........

226,000

176,454

Flughafen

Zurich

AG

(Registered)

(e)

.......

44,812

7,418,321

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

.....................

133,990

9,131,158

Getlink

SE

........................

550,892

8,603,366

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(e)

.......................

1,070,268

11,458,643

Hamburger

Hafen

und

Logistik

AG

........

104,620

2,632,082

International

Container

Terminal

Services,

Inc.

101,740

341,183

Japan

Airport

Terminal

Co.

Ltd.

..........

49,300

2,214,719

Jiangsu

Expressway

Co.

Ltd.,

Class

H

.....

11,192,000

12,666,751

Macquarie

Infrastructure

Corp.

...........

4,402

168,464

Shenzhen

Expressway

Co.

Ltd.,

Class

H

....

88,000

84,961

Shenzhen

International

Holdings

Ltd.

......

129,500

178,933

Sydney

Airport

(e)(g)

...................

2,769,744

12,017,965

Transurban

Group

(g)

..................

2,717,716

28,984,674

Westports

Holdings

Bhd.

...............

127,100

128,891

118,629,315

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

..........

38,462

5,928,148

Beijing

Enterprises

Water

Group

Ltd.

(e)(f)

.....

1,008,000

381,909

Guangdong

Investment

Ltd.

.............

808,000

1,160,542

Severn

Trent

plc

....................

138,702

4,801,548

12,272,147

Wireless

Telecommunication

Services

—

0.1%

Axiata

Group

Bhd.

...................

311,800

281,142

Bharti

Airtel

Ltd.

.....................

45,881

324,917

DiGi.Com

Bhd.

.....................

121,600

121,029

Etihad

Etisalat

Co.

...................

133,992

1,184,826

Far

EasTone

Telecommunications

Co.

Ltd.

(e)

..

229,000

530,819

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

(continued)

Global

Telecom

Holding

SAE

(c)(e)

..........

201,938

$

63,045

Globe

Telecom,

Inc.

..................

4,625

174,332

Maxis

Bhd.

........................

177,700

187,909

Mobile

Telecommunications

Co.

KSCP

.....

333,099

651,163

Mobile

TeleSystems

PJSC

..............

222,766

1,041,482

SK

Telecom

Co.

Ltd.

..................

6,777

1,925,905

Taiwan

Mobile

Co.

Ltd.

(e)

...............

269,000

984,764

Tele2

AB,

Class

B

...................

1,138,584

15,523,392

TIM

SA

(e)

.........................

67,496

156,602

TIM

SA,

ADR

(e)

.....................

21,056

242,565

T-Mobile

US,

Inc.

(e)

...................

6,327

916,339

Turkcell

Iletisim

Hizmetleri

A/S

...........

58,194

107,663

Vodacom

Group

Ltd.

.................

119,446

1,077,105

25,494,999

Total

Common

Stocks

—

23.5%

(Cost:

$3,470,502,769)

............................

4,268,749,589

Par

(000)

Par

(000)

Corporate

Bonds

—

32.5%

Aerospace

&

Defense

—

0.6%

Bombardier,

Inc.

(b)

:

7.50%,

12/01/24

..................

USD

1,309

1,367,905

7.50%,

03/15/25

..................

2,962

3,045,973

7.13%,

06/15/26

..................

4,900

5,130,300

7.88%,

04/15/27

..................

1,325

1,374,687

7.45%,

05/01/34

..................

362

387,340

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

.

2,887

2,973,610

Howmet

Aerospace,

Inc.:

5.13%,

10/01/24

..................

306

337,747

6.88%,

05/01/25

..................

500

581,990

5.90%,

02/01/27

..................

1,156

1,349,630

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(b)

................

2,960

3,096,900

L3Harris

Technologies,

Inc.:

3.83%,

04/27/25

..................

355

388,721

4.40%,

06/15/28

..................

1,650

1,915,410

1.80%,

01/15/31

..................

5,020

4,867,870

4.85%,

04/27/35

..................

500

626,238

5.05%,

04/27/45

..................

120

158,085

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

.......

4,361

4,803,598

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(b)

..

1,278

1,357,875

SSL

Robotics

LLC,

9.75%,

12/31/23

(b)

.....

356

392,857

TransDigm,

Inc.:

8.00%,

12/15/25

(b)

.................

11,477

12,400,898

6.25%,

03/15/26

(b)

.................

35,107

37,037,885

6.38%,

06/15/26

..................

1,416

1,466,934

7.50%,

03/15/27

..................

2,071

2,203,026

5.50%,

11/15/27

..................

1,000

1,042,500

4.63%,

01/15/29

(b)

.................

1,836

1,836,643

4.88%,

05/01/29

(b)

.................

2,289

2,310,745

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

....

7,863

8,747,588

101,202,955

Air

Freight

&

Logistics

—

0.0%

Cargo

Aircraft

Management,

Inc.,

4.75%,

02/01/28

(b)

.....................

90

91,785

FedEx

Corp.:

3.10%,

08/05/29

..................

781

846,637

4.55%,

04/01/46

..................

705

856,172

XPO

Logistics,

Inc.,

6.25%,

05/01/25

(b)

.....

160

170,200

1,964,794

Security

Par

(000)

Par

(000)

Value

Airlines

—

0.4%

Air

France-KLM,

3.88%,

07/01/26

........

EUR

400

$

466,958

American

Airlines,

Inc.

(b)

:

11.75%,

07/15/25

.................

USD

6,886

8,641,930

5.50%,

04/20/26

..................

5,117

5,417,624

5.75%,

04/20/29

..................

9,411

10,175,190

Avianca

Holdings

SA

(a)(b)

:

(LIBOR

USD

3

Month

+

12.00%),

10.65%,

11/10/21

.....................

8,402

8,256,131

(LIBOR

USD

3

Month

+

12.00%),

12.15%,

11/10/21

.....................

535

526,882

Delta

Air

Lines,

Inc.:

7.38%,

01/15/26

..................

825

968,001

4.75%,

10/20/28

(b)

.................

5,591

6,215,837

Deutsche

Lufthansa

AG,

3.75%,

02/11/28

...

EUR

500

610,721

Finnair

OYJ,

4.25%,

05/19/25

..........

1,000

1,209,465

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

................

USD

3,626

3,892,910

International

Consolidated

Airlines

Group

SA:

0.63%,

11/17/22

(i)

.................

EUR

600

686,193

2.75%,

03/25/25

..................

800

948,609

1.50%,

07/04/27

..................

200

214,621

1.13%,

05/18/28

(i)

.................

1,200

1,354,757

3.75%,

03/25/29

..................

600

713,229

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

USD

6,912

7,610,246

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

599

677,142

United

Airlines

Holdings,

Inc.,

4.88%,

01/15/25

175

181,562

United

Airlines

Pass-Through

Trust:

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

442

468,240

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

10,606

11,768,380

United

Airlines,

Inc.

(b)

:

4.38%,

04/15/26

..................

3,948

4,086,891

4.63%,

04/15/29

..................

3,439

3,559,365

78,650,884

Auto

Components

—

0.5%

Adient

Global

Holdings

Ltd.,

4.88%,

08/15/26

(b)

600

617,538

Adient

US

LLC,

9.00%,

04/15/25

(b)

.......

105

115,631

Allison

Transmission,

Inc.

(b)

:

5.88%,

06/01/29

..................

3,949

4,324,155

3.75%,

01/30/31

..................

3,155

3,100,955

American

Axle

&

Manufacturing,

Inc.:

6.25%,

04/01/25

..................

490

506,150

6.50%,

04/01/27

..................

350

371,000

Clarios

Global

LP:

6.75%,

05/15/25

(b)

.................

4,587

4,885,063

4.38%,

05/15/26

..................

EUR

1,500

1,839,774

6.25%,

05/15/26

(b)

.................

USD

7,820

8,330,724

8.50%,

05/15/27

(b)

.................

14,712

16,039,023

Cooper-Standard

Automotive,

Inc.,

13.00%,

06/01/24

(b)

.....................

1,800

2,034,000

Dana

Financing

Luxembourg

SARL,

3.00%,

07/15/29

......................

EUR

650

790,040

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

.......

USD

2,566

2,764,865

Faurecia

SE:

3.75%,

06/15/28

..................

EUR

590

736,335

2.38%,

06/15/29

..................

370

446,772

Goodyear

Tire

&

Rubber

Co.

(The):

5.00%,

07/15/29

(b)

.................

USD

1,499

1,569,453

5.25%,

07/15/31

(b)

.................

3,136

3,277,120

5.63%,

04/30/33

..................

2,998

3,161,991

Grupo

Antolin-Irausa

SA,

3.50%,

04/30/28

...

EUR

777

918,431

Icahn

Enterprises

LP:

6.75%,

02/01/24

..................

USD

1,000

1,021,430

4.75%,

09/15/24

..................

2,616

2,733,720

6.38%,

12/15/25

..................

2,650

2,726,055

6.25%,

05/15/26

..................

2,462

2,612,182

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Auto

Components

(continued)

5.25%,

05/15/27

..................

USD

2,504

$

2,585,368

5.25%,

05/15/27

(b)

.................

1,990

2,054,675

4.38%,

02/01/29

(b)

.................

3,981

3,961,095

IHO

Verwaltungs

GmbH

(j)

:

4.75%,

(4.75%

Cash

or

5.50%

PIK),

09/15/26

(b)

....................

600

613,374

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(a)

....................

EUR

906

1,106,282

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(b)

....................

USD

200

209,500

JB

Poindexter

&

Co.,

Inc.,

7.13%,

04/15/26

(b)

.

200

211,250

Nemak

SAB

de

CV,

3.63%,

06/28/31

(b)

.....

4,140

4,163,598

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

...

951

945,056

Tenneco,

Inc.:

5.00%,

07/15/26

..................

117

116,380

7.88%,

01/15/29

(b)

.................

1,051

1,186,978

5.13%,

04/15/29

(b)

.................

1,090

1,120,073

ZF

Europe

Finance

BV:

2.00%,

02/23/26

..................

EUR

1,200

1,437,325

2.50%,

10/23/27

..................

500

608,308

ZF

Finance

GmbH:

2.00%,

05/06/27

..................

700

834,175

2.75%,

05/25/27

..................

400

492,679

86,568,523

Automobiles

—

0.2%

Ford

Motor

Co.:

8.50%,

04/21/23

..................

USD

515

574,714

9.00%,

04/22/25

..................

640

789,037

4.35%,

12/08/26

..................

1,169

1,252,291

9.63%,

04/22/30

..................

635

911,225

4.75%,

01/15/43

..................

1,794

1,906,125

5.29%,

12/08/46

..................

704

786,284

General

Motors

Co.:

6.25%,

10/02/43

..................

65

89,732

5.20%,

04/01/45

..................

910

1,124,732

5.95%,

04/01/49

..................

445

605,771

Hyundai

Capital

America

(b)

:

1.25%,

09/18/23

..................

480

484,382

0.80%,

01/08/24

..................

3,620

3,604,167

Jaguar

Land

Rover

Automotive

plc:

5.63%,

02/01/23

(b)

.................

150

150,570

7.75%,

10/15/25

(b)

.................

570

625,575

4.50%,

01/15/26

..................

EUR

700

879,650

6.88%,

11/15/26

..................

400

551,450

4.50%,

10/01/27

(b)

.................

USD

450

442,575

5.88%,

01/15/28

(b)

.................

200

210,500

Nissan

Motor

Acceptance

Corp.,

2.75%,

03/09/28

(b)

.....................

575

580,173

Nissan

Motor

Co.

Ltd.

(b)

:

3.04%,

09/15/23

..................

4,540

4,735,082

4.35%,

09/17/27

..................

1,195

1,313,586

4.81%,

09/17/30

..................

340

383,874

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.62%,

02/18/30

(a)

...........

EUR

900

1,074,026

Renault

SA:

1.25%,

06/24/25

..................

100

116,797

2.38%,

05/25/26

..................

500

600,881

TML

Holdings

Pte.

Ltd.,

4.35%,

06/09/26

...

USD

4,200

4,215,750

Volkswagen

Group

of

America

Finance

LLC

(b)

:

0.75%,

11/23/22

..................

1,880

1,886,642

1.25%,

11/24/25

..................

305

303,200

Volvo

Car

AB,

2.50%,

10/07/27

.........

EUR

428

554,846

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

USD

1,802

1,941,655

32,695,292

Security

Par

(000)

Par

(000)

Value

Banks

—

4.1%

ABN

AMRO

Bank

NV,

(EUR

Swap

Annual

5

Year

+

4.67%),

4.37%

(a)(k)

...........

EUR

900

$

1,153,883

AIB

Group

plc

(a)

:

(EUR

Swap

Annual

5

Year

+

5.70%),

5.25%

(k)

......................

2,400

3,066,349

(LIBOR

USD

3

Month

+

1.87%),

4.26%,

04/10/25

(b)

....................

USD

1,500

1,615,959

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

(k)

......................

EUR

7,193

9,701,851

Al

Ahli

Bank

of

Kuwait

KSCP,

(USD

Swap

Semi

5

Year

+

4.17%),

7.25%

(a)(k)

..........

USD

630

666,934

Australia

&

New

Zealand

Banking

Group

Ltd.,

(USD

Swap

Rate

5

Year

+

5.17%),

6.75%

(a)(k)

2,062

2,424,149

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(k)

:

(EUR

Swap

Annual

5

Year

+

5.66%),

5.87%

EUR

200

256,122

(EUR

Swap

Annual

5

Year

+

6.04%),

6.00%

1,200

1,556,297

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

USD

20,400

22,032,000

Banco

BPM

SpA

(a)

:

(EUR

Swap

Annual

5

Year

+

5.42%),

5.00%,

09/14/30

.....................

EUR

352

455,989

(EUR

Swap

Annual

5

Year

+

3.17%),

2.87%,

06/29/31

.....................

4,575

5,418,025

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)(b)(k)

..............

USD

820

856,900

Banco

de

Reservas

de

la

Republica

Dominicana,

7.00%,

02/01/23

.........

3,817

4,004,987

Banco

de

Sabadell

SA

(a)

:

(EUR

Swap

Annual

5

Year

+

6.41%),

6.50%

(k)

......................

EUR

2,400

2,922,773

(EUR

Swap

Annual

5

Year

+

6.20%),

5.75%

(k)

......................

1,000

1,252,045

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

.....................

2,800

3,278,599

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

.....................

2,000

2,384,781

Banco

do

Brasil

SA,

4.75%,

03/20/24

......

USD

3,165

3,386,550

Banco

Espirito

Santo

SA

(e)(l)

:

2.63%,

05/08/17

..................

EUR

800

132,804

4.75%,

01/15/18

..................

1,500

249,007

4.00%,

01/21/19

..................

5,400

896,427

Banco

Internacional

del

Peru

SAA

Interbank,

3.25%,

10/04/26

(b)

................

USD

2,542

2,588,137

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

3,990

3,859,327

Banco

Santander

SA:

(EUR

Swap

Annual

5

Year

+

6.80%),

6.75%

(a)(k)

.....................

EUR

5,200

6,427,951

2.75%,

05/28/25

..................

USD

1,000

1,053,798

(EUR

Swap

Annual

5

Year

+

4.53%),

4.37%

(a)(k)

.....................

EUR

6,600

8,080,309

1.85%,

03/25/26

..................

USD

600

606,399

3.31%,

06/27/29

..................

600

652,874

Bancolombia

SA,

3.00%,

01/29/25

.......

2,355

2,409,754

Bangkok

Bank

PCL

(a)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.73%),

5.00%

(k)

......................

8,484

8,949,560

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

................

4,834

5,013,160

Bank

Leumi

Le-Israel

BM,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%),

3.27%,

01/29/31

(a)(b)

........

5,188

5,322,110

Bank

of

America

Corp.:

4.20%,

08/26/24

..................

2,650

2,905,023

Series

L,

3.95%,

04/21/25

...........

1,610

1,766,893

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(SOFR

+

0.91%),

0.98%,

09/25/25

(a)

....

USD

1,990

$

1,988,468

4.45%,

03/03/26

..................

2,220

2,521,464

(LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/28

(a)

....................

4,860

5,293,072

(LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/30

(a)

....................

25

26,335

Series

N,

(SOFR

+

1.22%),

2.65%,

03/11/32

(a)

....................

1,090

1,119,375

(SOFR

+

1.32%),

2.69%,

04/22/32

(a)

....

1,325

1,363,153

Series

L,

4.75%,

04/21/45

...........

225

288,957

(LIBOR

USD

3

Month

+

1.99%),

4.44%,

01/20/48

(a)

....................

445

551,704

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

(a)

....................

1,760

2,103,051

(SOFR

+

1.88%),

2.83%,

10/24/51

(a)

....

190

185,281

Bank

of

Communications

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.80%

(a)(k)

.....

5,000

5,185,312

Bank

of

Cyprus

PCL,

(EUR

Swap

Annual

5

Year

+

2.79%),

2.50%,

06/24/27

(a)

.........

EUR

1,025

1,191,329

Bank

of

East

Asia

Ltd.

(The)

(a)(k)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.26%),

5.87%

.......................

USD

6,917

7,389,518

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

5.83%

.......................

5,153

5,546,882

Barclays

plc:

3.20%,

08/10/21

..................

1,310

1,314,058

(USD

Swap

Semi

5

Year

+

6.77%),

7.88%

(a)

(k)

..........................

4,984

5,195,820

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%

(a)

(k)

..........................

18,490

20,315,888

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%

(a)(k)

.....................

2,900

3,298,750

3.65%,

03/16/25

..................

395

427,698

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)(k)

..

GBP

2,052

3,243,022

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(a)(k)

.....................

USD

13,075

14,488,669

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.02%),

6.37%

(a)(k)

..

GBP

3,026

4,682,586

5.20%,

05/12/26

..................

USD

1,100

1,256,354

4.84%,

05/09/28

..................

1,180

1,326,538

(LIBOR

USD

3

Month

+

3.05%),

5.09%,

06/20/30

(a)

....................

1,300

1,515,134

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.70%),

3.81%,

03/10/42

(a)

...............

470

495,842

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%,

01/18/33

(a)

...........

2,621

2,727,478

BNP

Paribas

SA

(a)

:

(LIBOR

USD

6

Month

+

0.08%),

0.28%

(k)

.

450

422,487

(EUR

Swap

Annual

5

Year

+

5.23%),

6.12%

(k)

......................

EUR

1,755

2,185,041

(LIBOR

USD

3

Month

+

2.24%),

4.70%,

01/10/25

(b)

....................

USD

1,335

1,456,480

(SOFR

+

2.07%),

2.22%,

06/09/26

(b)

....

1,205

1,241,881

(SOFR

+

1.00%),

1.32%,

01/13/27

(b)

....

1,155

1,141,007

(USD

Swap

Semi

5

Year

+

3.98%),

7.00%

(b)

(k)

..........................

4,429

5,319,229

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%

(b)(k)

.....................

USD

11,935

$

12,424,574

(USD

Swap

Semi

5

Year

+

1.48%),

4.38%,

03/01/33

(b)

....................

300

331,500

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.05%),

2.59%,

08/12/35

(b)

...............

610

595,917

Burgan

Bank

SAK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.01%),

5.75%

(a)(k)

................

2,225

2,246,972

CaixaBank

SA

(a)(k)

:

(EUR

Swap

Annual

5

Year

+

5.82%),

6.00%

EUR

1,800

2,227,583

(EUR

Swap

Annual

5

Year

+

6.22%),

6.37%

3,600

4,657,920

(EUR

Swap

Annual

5

Year

+

6.50%),

6.75%

8,200

10,962,852

(EUR

Swap

Annual

5

Year

+

4.50%),

5.25%

1,800

2,291,758

Chong

Hing

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%),

5.70%

(a)(k)

...............

USD

630

659,256

CIT

Group,

Inc.,

5.00%,

08/01/23

........

3,396

3,671,925

Citigroup,

Inc.:

(LIBOR

USD

3

Month

+

0.95%),

2.88%,

07/24/23

(a)

....................

1,000

1,025,675

3.20%,

10/21/26

..................

800

866,609

4.45%,

09/29/27

..................

4,225

4,827,046

(LIBOR

USD

3

Month

+

1.56%),

3.89%,

01/10/28

(a)

....................

275

306,060

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

.....

425

450,152

(SOFR

+

1.15%),

2.67%,

01/29/31

(a)

....

1,775

1,831,855

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

.....

2,355

2,420,992

(SOFR

+

1.17%),

2.56%,

05/01/32

(a)

....

665

676,938

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.12%

(a)(k)

................

EUR

5,400

7,058,697

Cooperatieve

Rabobank

UA,

3.88%,

02/08/22

USD

250

255,546

Credit

Agricole

SA

(a)(k)

:

(USD

Swap

Semi

5

Year

+

4.90%),

7.88%

(b)

3,600

4,068,000

(USD

Swap

Semi

5

Year

+

6.19%),

8.12%

(b)

3,886

4,721,490

(USD

Swap

Semi

5

Year

+

6.19%),

8.12%

1,796

2,182,140

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

.................

270

280,957

Danske

Bank

A/S

(a)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(b)

...............

1,460

1,467,325

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%),

7.00%

(k)

......................

24,620

27,543,625

Discover

Bank,

(USD

Swap

Semi

5

Year

+

1.73%),

4.68%,

08/09/28

(a)

...........

800

849,720

DNB

Bank

ASA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.88%

(a)(k)

.....................

2,000

2,115,160

Emirates

NBD

Bank

PJSC,

(USD

Swap

Semi

6

Year

+

3.66%),

6.13%

(a)(k)

...........

3,235

3,484,702

Erste

Group

Bank

AG,

(EUR

Swap

Annual

5

Year

+

6.20%),

6.50%

(a)(k)

...........

EUR

3,600

4,791,274

HSBC

Bank

plc,

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

0.42%

(a)(k)

..........

USD

3,590

3,361,963

HSBC

Holdings

plc:

(LIBOR

USD

3

Month

+

1.06%),

3.26%,

03/13/23

(a)

....................

2,300

2,346,463

(LIBOR

USD

3

Month

+

1.21%),

3.80%,

03/11/25

(a)

....................

1,160

1,247,330

(USD

Swap

Rate

5

Year

+

4.37%),

6.37%

(a)

(k)

..........................

4,019

4,480,381

(SOFR

+

0.71%),

0.98%,

05/24/25

(a)

....

1,710

1,708,564

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.00%

(a)(k)

.....................

USD

690

$

701,212

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

(a)(k)

.....................

9,830

10,198,625

(SOFR

+

1.19%),

2.80%,

05/24/32

(a)

....

1,195

1,226,368

5.25%,

03/14/44

..................

340

440,626

Huntington

National

Bank

(The):

3.13%,

04/01/22

..................

310

316,064

1.80%,

02/03/23

..................

700

715,134

ING

Groep

NV:

3.55%,

04/09/24

..................

430

463,180

(USD

Swap

Rate

5

Year

+

4.20%),

6.75%

(a)

(k)

..........................

6,777

7,471,643

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%

(a)

(k)

..........................

2,010

2,240,547

(SOFR

+

1.01%),

1.73%,

04/01/27

(a)

....

985

993,410

Intesa

Sanpaolo

SpA:

5.02%,

06/26/24

(b)

.................

1,500

1,632,244

(EUR

Swap

Annual

5

Year

+

6.07%),

5.87%

(a)(k)

.....................

EUR

2,050

2,676,866

5.71%,

01/15/26

(b)

.................

USD

1,000

1,131,135

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(a)(k)

.....................

EUR

7,405

10,744,374

(EUR

Swap

Annual

5

Year

+

5.75%),

5.87%,

03/04/29

(a)

....................

700

931,479

5.15%,

06/10/30

..................

GBP

1,725

2,717,348

(EUR

Swap

Annual

5

Year

+

6.09%),

5.87%

(a)(k)

.....................

EUR

1,900

2,558,444

4.20%,

06/01/32

(b)

.................

USD

3,485

3,571,289

4.95%,

06/01/42

(b)

.................

940

973,393

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

(b)

.

3,245

3,324,705

JPMorgan

Chase

&

Co.:

3.38%,

05/01/23

..................

1,680

1,768,459

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

....

350

364,532

4.25%,

10/01/27

..................

1,420

1,618,044

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

....................

2,585

2,870,515

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

(a)

....................

100

113,054

(SOFR

+

3.79%),

4.49%,

03/24/31

(a)

....

290

343,440

(SOFR

+

1.25%),

2.58%,

04/22/32

(a)

....

1,050

1,077,657

(LIBOR

USD

3

Month

+

1.36%),

3.88%,

07/24/38

(a)

....................

2,335

2,689,841

5.50%,

10/15/40

..................

970

1,329,410

5.40%,

01/06/42

..................

480

657,695

5.63%,

08/16/43

..................

15

21,163

4.95%,

06/01/45

..................

765

1,012,572

Series

W,

(LIBOR

USD

3

Month

+

1.00%),

1.16%,

05/15/47

(a)

...............

22,506

19,332,654

Kasikornbank

PCL

(a)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(k)

......................

4,660

4,937,561

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.70%),

3.34%,

10/02/31

................

4,561

4,653,075

KBC

Group

NV,

(EUR

Swap

Annual

5

Year

+

4.69%),

4.75%

(a)(k)

................

EUR

5,000

6,346,134

Lloyds

Banking

Group

plc:

(LIBOR

USD

3

Month

+

0.81%),

2.91%,

11/07/23

(a)

....................

USD

1,000

1,031,111

4.45%,

05/08/25

..................

500

561,084

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

07/09/25

(a)

...............

USD

1,100

$

1,191,709

(USD

Swap

Semi

5

Year

+

4.50%),

7.50%

(a)

(k)

..........................

3,975

4,650,750

4.58%,

12/10/25

..................

2,350

2,640,545

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.75%

(a)(k)

.....................

7,290

8,383,500

Macquarie

Bank

Ltd.

(a)(k)

:

(USD

Swap

Semi

5

Year

+

3.70%),

6.13%

1,680

1,837,500

(USD

Swap

Semi

5

Year

+

3.70%),

6.13%

(b)

20,220

22,115,625

Mitsubishi

UFJ

Financial

Group,

Inc.:

3.54%,

07/26/21

..................

685

686,527

3.22%,

03/07/22

..................

1,200

1,224,499

3.76%,

07/26/23

..................

15

16,026

1.41%,

07/17/25

..................

1,595

1,610,230

2.05%,

07/17/30

..................

1,000

996,523

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%),

5.00%

(a)(k)

...........

4,045

4,061,433

National

Westminster

Bank

plc

(a)(k)

:

Series

A,

(LIMEAN

USD

6

Month

+

0.25%),

0.50%

.......................

380

377,625

Series

B,

(LIBOR

USD

6

Month

+

0.25%),

0.50%

.......................

500

496,875

Natwest

Group

plc

(a)

:

(USD

Swap

Semi

5

Year

+

7.60%),

8.62%

(k)

26,358

26,548,305

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.15%),

2.36%,

05/22/24

................

590

607,908

(LIBOR

USD

3

Month

+

1.76%),

4.27%,

03/22/25

.....................

800

867,747

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.99%),

5.13%

(k)

...

GBP

750

1,116,582

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

06/14/27

................

USD

665

664,917

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

05/22/28

................

1,440

1,519,578

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/35

................

1,210

1,211,936

Nordea

Bank

Abp:

0.75%,

08/28/25

(b)

.................

1,745

1,726,496

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(b)(k)

....................

14,225

16,314,368

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(k)

.....................

5,594

6,415,647

PNC

Financial

Services

Group,

Inc.

(The),

2.55%,

01/22/30

.................

550

578,548

Rizal

Commercial

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.24%),

6.50%

(a)(k)

...........

4,500

4,673,812

Santander

Holdings

USA,

Inc.,

4.45%,

12/03/21

179

181,437

Santander

UK

Group

Holdings

plc:

2.88%,

08/05/21

..................

1,150

1,152,655

(GBP

Swap

5

Year

+

5.54%),

7.38%

(a)(k)

..

GBP

275

401,318

3.57%,

01/10/23

..................

USD

2,745

2,788,964

(GBP

Swap

5

Year

+

5.79%),

6.75%

(a)(k)

..

GBP

5,825

8,984,361

(SOFR

+

0.99%),

1.67%,

06/14/27

(a)

....

USD

1,150

1,148,241

Santander

UK

plc,

3.75%,

11/15/21

.......

990

1,003,032

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Shinhan

Financial

Group

Co.

Ltd.

(a)(k)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.05%),

5.87%

.......................

USD

1,420

$

1,525,435

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.06%),

2.87%

.......................

4,300

4,271,781

Societe

Generale

SA

(a)

:

(USD

Swap

Semi

5

Year

+

4.98%),

7.88%

(k)

6,732

7,525,164

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(k)

3,983

4,689,982

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(b)

(k)

..........................

16,275

19,163,813

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.93%),

4.75%

(b)(k)

.....................

18,745

19,424,506

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.79%,

06/09/27

(b)

...............

927

924,747

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

(b)(k)

.....................

15,900

16,834,125

Standard

Chartered

plc

(a)

:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.17%),

1.32%,

10/14/23

(b)

...............

925

932,964

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%),

6.00%

(k)

......................

1,200

1,315,560

(LIBOR

USD

3

Month

+

1.21%),

2.82%,

01/30/26

(b)

....................

1,325

1,390,636

Stichting

AK

Rabobank

Certificaten,

2.19%

(d)(k)

EUR

9,840

15,699,965

Sumitomo

Mitsui

Financial

Group,

Inc.:

2.35%,

01/15/25

..................

USD

1,675

1,749,520

2.75%,

01/15/30

..................

950

996,378

TMBThanachart

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(a)(k)

...............

4,281

4,343,342

UniCredit

SpA:

6.57%,

01/14/22

(b)

.................

2,450

2,525,612

3.75%,

04/12/22

(b)

.................

3,150

3,225,775

(EUR

Swap

Annual

5

Year

+

6.39%),

6.62%

(a)(k)

.....................

EUR

3,800

4,843,789

(USD

Swap

Semi

5

Year

+

5.18%),

8.00%

(a)

(k)

..........................

USD

24,210

26,929,073

(EUR

Swap

Annual

5

Year

+

4.93%),

5.38%

(a)(k)

.....................

EUR

1,000

1,256,729

(EURIBOR

Swap

Rate

5

Year

+

7.33%),

7.50%

(a)(k)

.....................

3,060

4,300,918

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

09/22/26

(a)(b)

..............

USD

835

846,560

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

1.98%,

06/03/27

(a)(b)

..............

1,025

1,021,168

(EURIBOR

Swap

Rate

5

Year

+

4.08%),

3.88%

(a)(k)

.....................

EUR

2,000

2,267,747

(EURIBOR

Swap

Rate

5

Year

+

4.74%),

4.87%,

02/20/29

(a)

...............

1,000

1,291,851

(EUR

Swap

Annual

5

Year

+

2.40%),

2.00%,

09/23/29

(a)

....................

400

477,628

(EUR

Swap

Annual

5

Year

+

2.80%),

2.73%,

01/15/32

(a)

....................

400

484,815

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

3.13%,

06/03/32

(a)(b)

..............

USD

760

761,674

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.75%),

5.46%,

06/30/35

(a)(b)

..............

USD

1,475

$

1,608,254

US

Bancorp,

3.00%,

07/30/29

..........

200

216,560

Wells

Fargo

&

Co.:

(LIBOR

USD

3

Month

+

0.50%),

0.68%,

01/15/27

(a)

....................

2,055

1,987,528

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

(a)

....................

715

787,708

5.61%,

01/15/44

..................

350

478,318

4.65%,

11/04/44

..................

210

258,729

3.90%,

05/01/45

..................

270

316,522

4.40%,

06/14/46

..................

525

632,842

4.75%,

12/07/46

..................

1,000

1,265,442

(SOFR

+

4.50%),

5.01%,

04/04/51

(a)

....

1,055

1,445,182

Westpac

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/35

(a)

..........

460

452,465

Woori

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.25%

(a)(k)

.....................

4,903

5,090,846

748,107,469

Beverages

—

0.1%

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

3.38%,

06/29/28

(b)

................

2,795

2,798,494

Anheuser-Busch

Cos.

LLC:

4.70%,

02/01/36

..................

1,245

1,528,043

4.90%,

02/01/46

..................

1,700

2,151,775

Anheuser-Busch

InBev

Worldwide,

Inc.:

4.75%,

01/23/29

..................

1,170

1,393,780

4.50%,

06/01/50

..................

790

961,423

4.75%,

04/15/58

..................

1,601

2,007,388

5.80%,

01/23/59

..................

195

281,544

Central

American

Bottling

Corp.,

5.75%,

01/31/27

(b)

.....................

5,119

5,326,319

Coca-Cola

Femsa

SAB

de

CV,

1.85%,

09/01/32

1,095

1,054,622

Embotelladora

Andina

SA,

3.95%,

01/21/50

(b)

.

2,515

2,664,014

Triton

Water

Holdings,

Inc.,

6.25%,

04/01/29

(b)

799

800,997

20,968,399

Biotechnology

—

0.1%

AbbVie,

Inc.:

3.38%,

11/14/21

..................

365

369,198

3.80%,

03/15/25

..................

850

929,769

3.60%,

05/14/25

..................

25

27,280

4.55%,

03/15/35

..................

350

424,799

4.40%,

11/06/42

..................

2,075

2,519,590

4.70%,

05/14/45

..................

470

585,265

4.45%,

05/14/46

..................

650

784,954

4.88%,

11/14/48

..................

840

1,082,003

4.25%,

11/21/49

..................

225

269,666

Amgen,

Inc.:

2.65%,

05/11/22

..................

1,000

1,017,081

4.56%,

06/15/48

..................

610

766,778

Biogen,

Inc.,

3.63%,

09/15/22

..........

600

623,362

Cidron

Aida

Finco

SARL:

5.00%,

04/01/28

..................

EUR

682

819,801

6.25%,

04/01/28

..................

GBP

663

935,470

Emergent

BioSolutions,

Inc.,

3.88%,

08/15/28

(b)

USD

704

689,582

Gilead

Sciences,

Inc.:

4.50%,

02/01/45

..................

900

1,101,140

4.75%,

03/01/46

..................

375

475,557

Horizon

Therapeutics

USA,

Inc.,

5.50%,

08/01/27

(b)

.....................

1,200

1,273,500

14,694,795

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

(b)

.....................

USD

3,101

$

3,218,900

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

.....

1,308

1,300,649

Builders

FirstSource,

Inc.

(b)

:

6.75%,

06/01/27

..................

1,074

1,150,523

5.00%,

03/01/30

..................

880

925,276

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(b)

.....................

3,809

4,085,152

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(b)

....

1,794

1,859,032

Forterra

Finance

LLC,

6.50%,

07/15/25

(b)

...

1,714

1,846,835

HT

Troplast

GmbH,

9.25%,

07/15/25

......

EUR

376

493,387

James

Hardie

International

Finance

DAC,

5.00%,

01/15/28

(b)

................

USD

1,484

1,571,682

JELD-WEN,

Inc.

(b)

:

6.25%,

05/15/25

..................

902

961,992

4.63%,

12/15/25

..................

616

627,556

4.88%,

12/15/27

..................

86

89,373

Masonite

International

Corp.,

5.38%,

02/01/28

(b)

2,046

2,168,105

PCF

GmbH:

4.75%,

04/15/26

..................

EUR

589

712,564

(EURIBOR

3

Month

+

4.75%),

4.75%,

04/15/26

(a)

....................

395

473,378

PGT

Innovations,

Inc.,

6.75%,

08/01/26

(b)

...

USD

430

453,897

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(b)

..

7,111

7,537,660

Standard

Industries,

Inc.:

2.25%,

11/21/26

..................

EUR

419

494,168

5.00%,

02/15/27

(b)

.................

USD

681

705,261

4.75%,

01/15/28

(b)

.................

625

654,187

4.38%,

07/15/30

(b)

.................

4,864

5,016,000

3.38%,

01/15/31

(b)

.................

2,515

2,407,383

Summit

Materials

LLC

(b)

:

6.50%,

03/15/27

..................

445

471,023

5.25%,

01/15/29

..................

1,062

1,128,301

Victors

Merger

Corp.,

6.38%,

05/15/29

(b)

....

1,499

1,510,243

41,862,527

Capital

Markets

—

1.3%

AG

Issuer

LLC,

6.25%,

03/01/28

(b)

.......

270

284,494

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

847

870,564

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

................

2,613

2,717,520

Credit

Suisse

AG:

3.00%,

10/29/21

..................

580

585,268

2.80%,

04/08/22

..................

780

795,094

Credit

Suisse

Group

AG:

3.80%,

06/09/23

..................

280

296,737

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(b)(k)

.........................

6,225

6,769,688

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(k)

..........................

1,200

1,331,208

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

(a)(b)

...................

250

266,264

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(b)(k)

.........................

42,134

46,136,730

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(k)

..........................

600

657,000

(SOFR

+

1.56%),

2.59%,

09/11/25

(a)(b)

...

665

691,849

(USD

Swap

Rate

5

Year

+

4.33%),

7.25%

(a)

(k)

..........................

1,000

1,130,500

(SOFR

+

2.04%),

2.19%,

06/05/26

(a)(b)

...

3,955

4,049,566

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%

(a)(b)(k)

....................

12,821

14,290,671

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%),

5.25%

(a)(b)(k)

....................

4,848

5,126,760

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.55%),

4.50%

(a)(b)(k)

....................

USD

1,783

$

1,769,449

(SOFR

+

3.73%),

4.19%,

04/01/31

(a)(b)

...

260

292,196

(SOFR

+

1.73%),

3.09%,

05/14/32

(a)(b)

...

775

798,445

Deutsche

Bank

AG:

(SOFR

+

2.16%),

2.22%,

09/18/24

(a)

....

3,440

3,532,952

4.50%,

04/01/25

..................

400

431,708

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%),

6.00%

(a)(k)

.....................

23,000

24,293,750

(SOFR

+

1.87%),

2.13%,

11/24/26

(a)

.....

595

603,751

(USD

Swap

Semi

5

Year

+

2.25%),

4.30%,

05/24/28

(a)

....................

1,200

1,244,024

(SOFR

+

2.76%),

3.73%,

01/14/32

(a)

....

200

203,526

(USD

Swap

Rate

5

Year

+

2.55%),

4.88%,

12/01/32

(a)

....................

700

754,894

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

(b)

................

583

603,090

Dresdner

Funding

Trust

I,

8.15%,

06/30/31

(b)

.

650

929,500

Goldman

Sachs

Group,

Inc.

(The):

(SOFR

+

0.57%),

0.67%,

03/08/24

(a)

....

1,400

1,402,502

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

....................

930

994,899

3.75%,

02/25/26

..................

675

746,747

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

....

2,000

1,994,362

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

....................

2,075

2,366,528

(SOFR

+

1.09%),

1.99%,

01/27/32

(a)

....

660

640,988

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

....

520

531,215

6.75%,

10/01/37

..................

650

946,512

5.15%,

05/22/45

..................

195

260,742

Hightower

Holding

LLC,

6.75%,

04/15/29

(b)

..

857

874,140

Huarong

Finance

2017

Co.

Ltd.,

4.75%,

04/27/27

......................

1,900

1,320,500

Huarong

Finance

2019

Co.

Ltd.:

3.38%,

05/29/22

..................

407

337,810

(LIBOR

USD

3

Month

+

1.13%),

1.28%,

02/24/23

(a)

....................

616

455,840

2.50%,

02/24/23

..................

534

405,840

3.75%,

05/29/24

..................

900

661,500

3.63%,

09/30/30

..................

1,985

1,359,725

Huarong

Finance

Co.

Ltd.,

3.25%,

11/13/24

..

200

147,000

Intercontinental

Exchange,

Inc.:

3.10%,

09/15/27

..................

25

27,178

4.25%,

09/21/48

..................

250

294,334

LPL

Holdings,

Inc.

(b)

:

4.63%,

11/15/27

..................

1,092

1,131,585

4.00%,

03/15/29

..................

200

200,894

4.38%,

05/15/31

..................

1,045

1,056,756

Morgan

Stanley:

4.88%,

11/01/22

..................

1,235

1,304,720

(SOFR

+

1.99%),

2.19%,

04/28/26

(a)

....

2,295

2,382,902

3.95%,

04/23/27

..................

425

474,881

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

....

855

861,049

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

....................

2,420

2,680,759

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

1,985

2,077,903

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

....

1,785

1,992,514

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

....

180

190,808

(SOFR

+

1.43%),

2.80%,

01/25/52

(a)

....

250

245,100

MSCI,

Inc.

(b)

:

5.38%,

05/15/27

..................

1,755

1,869,075

4.00%,

11/15/29

..................

838

884,090

3.63%,

09/01/30

..................

1,842

1,883,740

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.88%,

02/15/31

..................

USD

2,940

$

3,051,015

3.63%,

11/01/31

..................

1,485

1,523,164

Owl

Rock

Technology

Finance

Corp.,

3.75%,

06/17/26

(b)

.....................

960

1,009,443

Pershing

Square

Holdings

Ltd.,

5.50%,

07/15/22

(b)

.....................

4,100

4,248,031

State

Street

Corp.,

(LIBOR

USD

3

Month

+

1.00%),

1.12%,

06/15/47

(a)

...........

38,405

32,657,543

SURA

Asset

Management

SA,

4.88%,

04/17/24

(b)

.....................

4,419

4,761,472

UBS

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(a)(b)

(k)

..........................

6,640

6,784,088

UBS

Group

AG

(a)

:

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)

(k)

..........................

13,976

15,391,070

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

07/30/24

(b)

...............

1,055

1,062,598

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(k)

5,345

6,160,112

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.86%),

5.12%

(k)

......................

1,200

1,305,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.08%),

1.36%,

01/30/27

(b)

...............

530

526,290

XP,

Inc.,

3.25%,

07/01/26

(b)

............

5,489

5,434,110

240,376,272

Chemicals

—

0.5%

Alpek

SAB

de

CV,

3.25%,

02/25/31

(b)

......

365

367,692

Ashland

LLC,

4.75%,

08/15/22

(d)

.........

93

96,186

Ashland

Services

BV,

2.00%,

01/30/28

.....

EUR

520

624,627

Avient

Corp.,

5.25%,

03/15/23

..........

USD

400

428,000

Axalta

Coating

Systems

LLC

(b)

:

4.75%,

06/15/27

..................

214

224,165

3.38%,

02/15/29

..................

1,268

1,239,470

CeramTec

BondCo

GmbH,

5.25%,

12/15/25

.

EUR

400

480,324

CF

Industries,

Inc.,

4.95%,

06/01/43

......

USD

900

1,063,881

Chemours

Co.

(The):

4.00%,

05/15/26

..................

EUR

400

485,266

5.38%,

05/15/27

..................

USD

674

731,000

5.75%,

11/15/28

(b)

.................

2,581

2,761,076

CVR

Partners

LP

(b)

:

9.25%,

06/15/23

..................

44

44,114

6.13%,

06/15/28

..................

570

584,250

Dow

Chemical

Co.

(The),

3.60%,

11/15/50

..

135

145,867

DuPont

de

Nemours,

Inc.:

5.32%,

11/15/38

..................

375

495,941

5.42%,

11/15/48

..................

250

347,113

Eastman

Chemical

Co.,

4.80%,

09/01/42

...

220

268,828

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

..

10,121

10,326,456

Equate

Petrochemical

BV

(b)

:

4.25%,

11/03/26

..................

4,923

5,468,530

2.63%,

04/28/28

..................

1,605

1,620,548

Gates

Global

LLC,

6.25%,

01/15/26

(b)

......

3,414

3,576,216

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

.....................

1,931

1,986,130

GPD

Cos.,

Inc.,

10.13%,

04/01/26

(b)

.......

110

119,900

HB

Fuller

Co.,

4.25%,

10/15/28

.........

1,733

1,791,107

Herens

Midco

SARL:

4.75%,

05/15/28

(b)

.................

2,299

2,287,505

5.25%,

05/15/29

..................

EUR

1,483

1,720,899

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

USD

2,258

2,517,715

INEOS

Group

Holdings

SA,

5.63%,

08/01/24

(b)

400

401,400

Ingevity

Corp.,

3.88%,

11/01/28

(b)

........

933

926,003

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

International

Flavors

&

Fragrances,

Inc.

(b)

:

1.23%,

10/01/25

..................

USD

655

$

651,478

3.47%,

12/01/50

..................

735

764,003

Kraton

Polymers

LLC:

4.25%,

12/15/25

(b)

.................

395

402,900

5.25%,

05/15/26

..................

EUR

583

708,575

Kronos

International,

Inc.,

3.75%,

09/15/25

..

200

241,893

LYB

International

Finance

III

LLC:

2.88%,

05/01/25

..................

USD

1,250

1,326,398

4.20%,

10/15/49

..................

125

142,062

4.20%,

05/01/50

..................

55

63,284

LyondellBasell

Industries

NV,

4.63%,

02/26/55

220

264,204

Methanex

Corp.:

5.13%,

10/15/27

..................

300

324,000

5.65%,

12/01/44

..................

150

155,178

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

1,293

1,344,332

Monitchem

HoldCo

2

SA,

9.50%,

09/15/26

..

EUR

600

771,034

Monitchem

HoldCo

3

SA,

5.25%,

03/15/25

..

807

985,626

Nobian

Finance

BV,

3.63%,

07/15/26

......

583

688,942

Nouryon

Holding

BV,

6.50%,

10/01/26

.....

200

248,059

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(b)

..

USD

311

328,105

OCI

NV,

5.25%,

11/01/24

(b)

............

460

474,122

Orbia

Advance

Corp.

SAB

de

CV,

1.88%,

05/11/26

(b)

.....................

1,900

1,908,906

Pearl

Holding

III

Ltd.,

9.50%,

12/11/22

.....

1,200

435,083

Phosagro

OAO,

3.05%,

01/23/25

(b)

.......

4,047

4,213,433

PQ

Corp.,

5.75%,

12/15/25

(b)

...........

6,909

7,090,361

Rain

CII

Carbon

LLC,

7.25%,

04/01/25

(b)

....

400

413,000

Rayonier

AM

Products,

Inc.,

7.63%,

01/15/26

(b)

2,970

3,096,225

Sasol

Financing

USA

LLC:

4.38%,

09/18/26

..................

1,650

1,701,562

5.50%,

03/18/31

..................

2,705

2,847,013

SCIH

Salt

Holdings,

Inc.

(b)

:

4.88%,

05/01/28

..................

2,935

2,934,648

6.63%,

05/01/29

..................

1,368

1,371,420

Scotts

Miracle-Gro

Co.

(The):

4.50%,

10/15/29

..................

470

487,731

4.00%,

04/01/31

(b)

.................

2,002

1,995,754

Sherwin-Williams

Co.

(The):

3.45%,

06/01/27

..................

289

318,740

4.50%,

06/01/47

..................

150

187,621

3.30%,

05/15/50

..................

175

185,885

SPCM

SA,

4.88%,

09/15/25

(b)

..........

400

411,104

Trinseo

Materials

Operating

SCA

(b)

:

5.38%,

09/01/25

..................

625

639,763

5.13%,

04/01/29

..................

1,320

1,349,700

Tronox,

Inc.

(b)

:

6.50%,

05/01/25

..................

165

174,618

4.63%,

03/15/29

..................

570

575,688

Valvoline,

Inc.

(b)

:

4.25%,

02/15/30

..................

225

232,308

3.63%,

06/15/31

..................

9

9,000

WR

Grace

&

Co.-Conn.,

4.88%,

06/15/27

(b)

..

500

530,150

Yingde

Gases

Investment

Ltd.,

6.25%,

01/19/23

(b)

.....................

630

646,853

86,770,970

Commercial

Services

&

Supplies

—

0.7%

ADT

Security

Corp.

(The),

4.88%,

07/15/32

(b)

.

6,740

7,102,208

Allied

Universal

Holdco

LLC:

6.63%,

07/15/26

(b)

.................

14,544

15,419,985

9.75%,

07/15/27

(b)

.................

6,943

7,645,979

3.63%,

06/01/28

..................

EUR

756

889,166

4.63%,

06/01/28

(b)

.................

USD

10,266

10,284,887

4.88%,

06/01/28

..................

GBP

310

425,435

6.00%,

06/01/29

(b)

.................

USD

4,128

4,184,925

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

APX

Group,

Inc.:

7.88%,

12/01/22

..................

USD

3,377

$

3,389,664

8.50%,

11/01/24

..................

414

432,630

6.75%,

02/15/27

(b)

.................

800

852,960

Aramark

Services,

Inc.

(b)

:

5.00%,

04/01/25

..................

3,523

3,611,075

6.38%,

05/01/25

..................

1,537

1,633,062

5.00%,

02/01/28

..................

1,105

1,157,156

Brink's

Co.

(The),

5.50%,

07/15/25

(b)

......

102

108,311

Cimpress

plc,

7.00%,

06/15/26

(b)

.........

305

321,522

Clean

Harbors,

Inc.

(b)

:

4.88%,

07/15/27

..................

1,927

2,018,532

5.13%,

07/15/29

..................

1,050

1,141,875

Covanta

Holding

Corp.,

5.00%,

09/01/30

...

796

835,800

Deluxe

Corp.,

8.00%,

06/01/29

(b)

........

1,637

1,776,145

Derichebourg

SA,

2.25%,

07/15/28

.......

EUR

259

311,470

Garda

World

Security

Corp.

(b)

:

4.63%,

02/15/27

..................

USD

2,119

2,129,595

9.50%,

11/01/27

..................

1,740

1,927,050

GFL

Environmental,

Inc.

(b)

:

4.25%,

06/01/25

..................

535

557,224

3.75%,

08/01/25

..................

2,236

2,297,490

5.13%,

12/15/26

..................

5,236

5,539,269

4.00%,

08/01/28

..................

3,425

3,383,386

3.50%,

09/01/28

..................

1,663

1,658,843

4.75%,

06/15/29

..................

3,081

3,199,002

IAA,

Inc.,

5.50%,

06/15/27

(b)

...........

3,513

3,687,666

Intrum

AB:

4.88%,

08/15/25

..................

EUR

438

545,379

3.50%,

07/15/26

..................

952

1,150,056

3.00%,

09/15/27

..................

500

586,039

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

.....................

USD

2,224

2,318,520

Madison

IAQ

LLC

(b)

:

4.13%,

06/30/28

..................

1,126

1,137,260

5.88%,

06/30/29

..................

2,755

2,803,213

Nielsen

Co.

Luxembourg

SARL

(The),

5.00%,

02/01/25

(b)

.....................

20

20,575

Nielsen

Finance

LLC

(b)

:

5.63%,

10/01/28

..................

3,269

3,452,358

5.88%,

10/01/30

..................

2,037

2,217,118

4.75%,

07/15/31

..................

2,181

2,186,453

Paprec

Holding

SA,

3.50%,

07/01/28

......

EUR

513

606,733

Prime

Security

Services

Borrower

LLC

(b)

:

5.25%,

04/15/24

..................

USD

1,048

1,122,964

5.75%,

04/15/26

..................

4,232

4,674,963

3.38%,

08/31/27

..................

1,699

1,648,030

6.25%,

01/15/28

..................

1,869

1,988,149

Republic

Services,

Inc.,

2.30%,

03/01/30

...

600

609,294

Ritchie

Bros

Auctioneers,

Inc.,

5.38%,

01/15/25

(b)

.....................

340

349,987

RR

Donnelley

&

Sons

Co.,

6.13%,

11/01/26

(b)

.

300

316,132

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

........

1,523

1,520,000

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%,

07/30/26

.................

EUR

1,004

1,227,510

Tuspark

Forward

Ltd.,

7.95%,

08/15/21

....

USD

600

284,062

Verisure

Holding

AB:

3.50%,

05/15/23

..................

EUR

1,205

1,440,259

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(a)

....................

346

417,839

3.88%,

07/15/26

..................

538

651,847

3.25%,

02/15/27

..................

1,626

1,928,377

Verisure

Midholding

AB,

5.25%,

02/15/29

...

901

1,097,741

Waste

Management,

Inc.:

1.50%,

03/15/31

..................

USD

385

364,298

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

2.50%,

11/15/50

..................

USD

180

$

168,513

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

4,015

4,144,484

128,900,465

Communications

Equipment

—

0.2%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

..........

8,287

8,869,576

CommScope

Technologies

LLC

(b)

:

6.00%,

06/15/25

..................

2,464

2,516,360

5.00%,

03/15/27

..................

2,447

2,505,116

CommScope,

Inc.

(b)

:

5.50%,

03/01/24

..................

3,403

3,500,836

6.00%,

03/01/26

..................

2,234

2,358,434

8.25%,

03/01/27

..................

399

426,451

7.13%,

07/01/28

..................

1,745

1,891,144

Motorola

Solutions,

Inc.:

4.60%,

05/23/29

..................

1,025

1,195,080

2.30%,

11/15/30

..................

680

667,782

2.75%,

05/24/31

..................

915

933,930

Nokia

OYJ:

4.38%,

06/12/27

..................

380

419,752

6.63%,

05/15/39

..................

2,016

2,610,720

ViaSat,

Inc.

(b)

:

5.63%,

04/15/27

..................

4,959

5,176,353

6.50%,

07/15/28

..................

6,235

6,649,378

39,720,912

Construction

&

Engineering

—

0.2%

AECOM,

5.13%,

03/15/27

............

1,873

2,089,104

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%,

03/30/29

(b)

.....................

1,800

1,884,712

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

.........

3,192

3,247,860

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

(b)

.....................

3,391

3,447,731

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,

6.00%,

02/01/26

(b)

.............

1,755

1,847,489

China

City

Construction

International

Co.

Ltd.,

5.35%,

07/03/17

(c)(e)(l)

..............

CNY

6,794

—

Delhi

International

Airport

Ltd.,

6.13%,

10/31/26

USD

1,000

1,022,688

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

...

1,240

1,250,738

GMR

Hyderabad

International

Airport

Ltd.:

5.38%,

04/10/24

..................

6,136

6,351,910

4.25%,

10/27/27

..................

630

612,006

Heathrow

Finance

plc

(d)

:

5.25%,

03/01/24

(a)

.................

GBP

200

290,963

4.62%,

09/01/29

..................

1,071

1,524,108

MasTec,

Inc.,

4.50%,

08/15/28

(b)

.........

USD

2,133

2,245,686

Mexico

City

Airport

Trust,

4.25%,

10/31/26

(b)

.

5,101

5,514,819

New

Enterprise

Stone

&

Lime

Co.,

Inc.,

9.75%,

07/15/28

(b)

.....................

488

546,560

Pike

Corp.,

5.50%,

09/01/28

(b)

..........

2,022

2,102,880

PowerTeam

Services

LLC,

9.03%,

12/04/25

(b)

.

495

544,500

Tutor

Perini

Corp.,

6.88%,

05/01/25

(b)

......

2,000

2,057,500

Weekley

Homes

LLC,

4.88%,

09/15/28

(b)

....

125

129,375

Zhejiang

Baron

BVI

Co.

Ltd.,

6.80%,

08/27/21

2,995

2,974,035

39,684,664

Construction

Materials

—

0.0%

(b)

Cemex

SAB

de

CV:

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%

(a)(k)

.....................

2,980

3,070,294

5.20%,

09/17/30

..................

1,209

1,324,883

3.88%,

07/11/31

..................

1,072

1,084,328

US

Concrete,

Inc.,

5.13%,

03/01/29

.......

80

87,400

5,566,905

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

0.8%

AerCap

Ireland

Capital

DAC:

3.15%,

02/15/24

..................

USD

2,650

$

2,781,520

1.75%,

01/30/26

..................

745

736,257

Ally

Financial,

Inc.:

1.45%,

10/02/23

..................

720

730,717

5.75%,

11/20/25

..................

975

1,119,454

American

Honda

Finance

Corp.:

1.95%,

05/10/23

..................

590

607,695

1.20%,

07/08/25

..................

1,420

1,429,917

Capital

One

Financial

Corp.:

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%

(a)(k)

.....................

16,300

16,646,375

3.80%,

01/31/28

..................

860

968,769

Cembra

Money

Bank

AG,

0.00%,

07/09/26

(i)(m)

CHF

800

888,841

Credit

Acceptance

Corp.,

6.63%,

03/15/26

..

USD

680

715,700

Curo

Group

Holdings

Corp.,

8.25%,

09/01/25

(b)

2,050

2,121,750

Encore

Capital

Group,

Inc.:

4.88%,

10/15/25

..................

EUR

444

556,087

5.38%,

02/15/26

..................

GBP

300

437,296

4.25%,

06/01/28

..................

897

1,240,820

Enova

International,

Inc.,

8.50%,

09/15/25

(b)

..

USD

3,610

3,712,705

Ford

Motor

Credit

Co.

LLC:

5.60%,

01/07/22

..................

551

562,306

3.35%,

11/01/22

..................

3,011

3,085,974

3.09%,

01/09/23

..................

433

441,660

4.14%,

02/15/23

..................

1,178

1,220,702

3.10%,

05/04/23

..................

367

374,340

4.38%,

08/06/23

..................

586

618,816

3.81%,

01/09/24

..................

1,775

1,855,993

5.58%,

03/18/24

..................

1,700

1,861,840

4.69%,

06/09/25

..................

200

216,500

5.13%,

06/16/25

..................

5,855

6,447,819

4.13%,

08/04/25

..................

3,078

3,289,582

3.38%,

11/13/25

..................

724

750,752

2.33%,

11/25/25

..................

EUR

1,600

1,959,868

4.39%,

01/08/26

..................

USD

2,800

3,024,000

2.39%,

02/17/26

..................

EUR

200

245,943

4.13%,

08/17/27

..................

USD

319

338,388

3.82%,

11/02/27

..................

297

309,362

2.90%,

02/16/28

..................

3,210

3,194,785

5.11%,

05/03/29

..................

1,834

2,053,126

4.00%,

11/13/30

..................

1,938

2,030,055

General

Motors

Financial

Co.,

Inc.:

4.20%,

11/06/21

..................

640

648,382

3.55%,

07/08/22

..................

1,690

1,744,307

3.25%,

01/05/23

..................

5,750

5,966,897

2.40%,

04/10/28

..................

255

258,874

Global

Aircraft

Leasing

Co.

Ltd.,

0.00%,

(0.00%

Cash

or

7.25%

PIK),

09/15/24

(b)(j)

.......

3,313

3,257,228

goeasy

Ltd.,

5.38%,

12/01/24

(b)

.........

995

1,026,303

John

Deere

Capital

Corp.,

2.60%,

03/07/24

..

205

216,100

King

Talent

Management

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.52%),

5.60%

(a)(k)

...........

936

837,018

Manappuram

Finance

Ltd.,

5.90%,

01/13/23

.

6,044

6,235,897

Muthoot

Finance

Ltd.,

4.40%,

09/02/23

....

5,715

5,867,876

Navient

Corp.:

7.25%,

09/25/23

..................

628

693,155

6.13%,

03/25/24

..................

1,821

1,965,332

5.88%,

10/25/24

..................

600

647,250

6.75%,

06/15/26

..................

2,820

3,147,825

5.00%,

03/15/27

..................

500

517,375

4.88%,

03/15/28

..................

728

731,640

5.63%,

08/01/33

..................

150

145,019

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

OneMain

Finance

Corp.:

6.13%,

05/15/22

..................

USD

800

$

831,000

5.63%,

03/15/23

..................

630

671,737

6.13%,

03/15/24

..................

885

952,481

6.88%,

03/15/25

..................

3,103

3,502,046

7.13%,

03/15/26

..................

6,074

7,074,449

3.50%,

01/15/27

..................

2,628

2,647,710

6.63%,

01/15/28

..................

3,075

3,525,057

5.38%,

11/15/29

..................

47

51,124

4.00%,

09/15/30

..................

8

7,930

Shriram

Transport

Finance

Co.

Ltd.:

5.95%,

10/24/22

..................

3,988

4,079,923

5.10%,

07/16/23

..................

8,077

8,182,001

SLM

Corp.,

4.20%,

10/29/25

...........

225

241,875

Synchrony

Financial,

3.95%,

12/01/27

.....

350

390,148

Toyota

Motor

Credit

Corp.:

1.15%,

08/13/27

..................

1,525

1,505,908

3.38%,

04/01/30

..................

327

366,626

Volkswagen

International

Finance

NV

(a)(k)

:

(EUR

Swap

Annual

5

Year

+

3.75%),

3.50%

EUR

300

384,048

(EUR

Swap

Annual

10

Year

+

3.37%),

3.88%

.......................

300

393,048

137,289,303

Containers

&

Packaging

—

0.5%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

......

USD

7,635

8,016,869

Ardagh

Metal

Packaging

Finance

USA

LLC:

2.00%,

09/01/28

..................

EUR

388

461,138

3.00%,

09/01/29

..................

759

898,065

4.00%,

09/01/29

(b)

.................

USD

8,328

8,257,837

Ardagh

Packaging

Finance

plc

(b)

:

5.25%,

04/30/25

..................

280

294,350

4.13%,

08/15/26

..................

5,183

5,351,448

5.25%,

08/15/27

..................

6,990

7,129,800

Ball

Corp.:

4.00%,

11/15/23

..................

300

317,589

5.25%,

07/01/25

..................

1,163

1,312,736

2.88%,

08/15/30

..................

350

343,567

Berry

Global,

Inc.,

1.57%,

01/15/26

(b)

......

1,595

1,595,478

CANPACK

SA,

3.13%,

11/01/25

(b)

........

810

823,314

Cascades,

Inc.,

5.13%,

01/15/26

(b)

.......

450

479,250

Crown

Americas

LLC:

4.50%,

01/15/23

..................

750

785,625

4.75%,

02/01/26

..................

4,815

4,996,525

4.25%,

09/30/26

..................

4,926

5,283,135

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

368

450,800

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(b)

655

705,763

Graphic

Packaging

International

LLC

(b)

:

3.50%,

03/15/28

..................

200

201,500

3.50%,

03/01/29

..................

364

360,615

Greif,

Inc.,

6.50%,

03/01/27

(b)

...........

495

522,077

Intelligent

Packaging

Ltd.

Finco,

Inc.,

6.00%,

09/15/28

(b)

.....................

2,489

2,588,560

International

Paper

Co.,

4.35%,

08/15/48

...

250

309,268

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(b)

.....................

1,402

1,421,691

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

2,905

2,857,213

Kleopatra

Finco

SARL,

4.25%,

03/01/26

....

EUR

438

521,358

LABL

Escrow

Issuer

LLC

(b)

:

6.75%,

07/15/26

..................

USD

2,675

2,853,503

10.50%,

07/15/27

.................

1,059

1,167,547

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(b)

................

3,999

4,038,990

OI

European

Group

BV:

3.13%,

11/15/24

..................

EUR

200

245,180

2.88%,

02/15/25

..................

566

680,686

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

.....................

USD

450

$

485,267

Plastipak

Holdings,

Inc.,

6.25%,

10/15/25

(b)

..

350

357,875

Sealed

Air

Corp.

(b)

:

5.25%,

04/01/23

..................

486

513,646

4.00%,

12/01/27

..................

523

556,341

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

.....

725

752,188

Trivium

Packaging

Finance

BV

(d)

:

3.75%,

08/15/26

..................

EUR

303

364,240

5.50%,

08/15/26

(b)

.................

USD

7,598

7,983,219

8.50%,

08/15/27

(b)

.................

11,326

12,313,627

WRKCo,

Inc.:

3.75%,

03/15/25

..................

325

354,551

3.90%,

06/01/28

..................

890

1,004,810

89,957,241

Distributors

—

0.1%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.:

4.00%,

01/15/28

..................

4,991

5,114,328

3.88%,

11/15/29

..................

1,244

1,236,225

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

831

851,027

Core

&

Main

LP,

6.13%,

08/15/25

........

12,018

12,258,360

Performance

Food

Group,

Inc.,

5.50%,

10/15/27

......................

250

262,737

Wolverine

Escrow

LLC:

8.50%,

11/15/24

..................

345

334,650

9.00%,

11/15/26

..................

796

776,100

20,833,427

Diversified

Consumer

Services

—

0.1%

Adtalem

Global

Education,

Inc.,

5.50%,

03/01/28

(b)

.....................

850

863,218

Bidfair

Holdings,

Inc.,

5.88%,

06/01/29

(b)

....

1,776

1,802,640

Bright

Scholar

Education

Holdings

Ltd.,

7.45%,

07/31/22

......................

4,564

4,632,460

Carriage

Services,

Inc.,

4.25%,

05/15/29

(b)

..

376

375,428

Graham

Holdings

Co.,

5.75%,

06/01/26

(b)

...

998

1,037,920

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

...

1,634

1,609,245

Rekeep

SpA,

7.25%,

02/01/26

..........

EUR

1,260

1,608,041

Service

Corp.

International:

4.63%,

12/15/27

..................

USD

833

880,897

5.13%,

06/01/29

..................

716

776,860

3.38%,

08/15/30

..................

1,285

1,259,043

4.00%,

05/15/31

..................

2,736

2,792,567

Sotheby's,

7.38%,

10/15/27

(b)

...........

4,779

5,155,346

22,793,665

Diversified

Financial

Services

—

0.3%

Arrow

Global

Finance

plc,

5.13%,

09/15/24

..

GBP

908

1,263,912

CPI

CG,

Inc.,

8.63%,

03/15/26

(b)

.........

USD

1,165

1,237,812

Fairstone

Financial,

Inc.,

7.88%,

07/15/24

(b)

..

1,217

1,268,722

Garfunkelux

Holdco

3

SA:

6.75%,

11/01/25

..................

EUR

1,732

2,138,965

7.75%,

11/01/25

..................

GBP

544

783,368

GE

Capital

Funding

LLC,

3.45%,

05/15/25

..

USD

2,630

2,862,147

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

..............

4,350

5,213,394

Midcap

Financial

Issuer

Trust

(b)

:

6.50%,

05/01/28

..................

330

345,358

5.63%,

01/15/30

..................

250

250,965

MPH

Acquisition

Holdings

LLC,

5.75%,

11/01/28

(b)

.....................

4,033

4,052,802

NTT

Finance

Corp.,

1.16%,

04/03/26

(b)

.....

1,645

1,641,217

Operadora

de

Servicios

Mega

SA

de

CV

SOFOM

ER,

8.25%,

02/11/25

(b)

........

3,375

3,366,141

Petronas

Capital

Ltd.,

3.50%,

04/21/30

(b)

....

4,599

5,034,249

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

ProGroup

AG,

3.00%,

03/31/26

.........

EUR

200

$

239,522

REC

Ltd.,

2.25%,

09/01/26

............

USD

6,000

5,863,024

Sabre

GLBL,

Inc.

(b)

:

9.25%,

04/15/25

..................

2,322

2,760,463

7.38%,

09/01/25

..................

1,453

1,580,138

Shell

International

Finance

BV:

2.38%,

11/07/29

..................

20

20,759

4.38%,

05/11/45

..................

10

12,262

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

....

2,954

3,083,238

Siemens

Financieringsmaatschappij

NV

(b)

:

0.65%,

03/11/24

..................

880

880,938

2.88%,

03/11/41

..................

1,060

1,094,962

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

..

14,394

15,167,678

60,162,036

Diversified

Telecommunication

Services

—

1.5%

Altice

France

Holding

SA:

8.00%,

05/15/27

(b)

.................

EUR

500

639,594

8.00%,

05/15/27

..................

299

382,477

10.50%,

05/15/27

(b)

................

USD

14,913

16,572,071

6.00%,

02/15/28

(b)

.................

2,886

2,873,879

Altice

France

SA:

2.50%,

01/15/25

..................

EUR

817

954,071

7.38%,

05/01/26

(b)

.................

USD

1,848

1,921,791

5.88%,

02/01/27

..................

EUR

1,400

1,759,308

8.13%,

02/01/27

(b)

.................

USD

11,961

13,031,509

5.50%,

01/15/28

(b)

.................

4,359

4,523,334

4.13%,

01/15/29

..................

EUR

1,499

1,779,661

5.13%,

01/15/29

(b)

.................

USD

894

898,470

5.13%,

07/15/29

(b)

.................

8,754

8,796,895

Arqiva

Broadcast

Finance

plc,

6.75%,

09/30/23

GBP

700

993,970

AT&T,

Inc.:

2.63%,

12/01/22

..................

USD

416

426,870

4.35%,

03/01/29

..................

25

28,946

2.55%,

12/01/33

(b)

.................

795

787,560

4.50%,

05/15/35

..................

2,250

2,641,094

5.25%,

03/01/37

..................

700

881,846

5.15%,

03/15/42

..................

1,150

1,441,624

4.65%,

06/01/44

..................

200

235,588

3.50%,

09/15/53

(b)

.................

670

673,129

3.55%,

09/15/55

(b)

.................

926

929,105

3.80%,

12/01/57

(b)

.................

615

640,758

3.65%,

09/15/59

(b)

.................

406

411,724

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(e)(l)

1,000

4,987

CCO

Holdings

LLC:

4.00%,

03/01/23

(b)

.................

165

166,444

5.13%,

05/01/27

(b)

.................

4,578

4,801,864

5.00%,

02/01/28

(b)

.................

1,891

1,983,186

5.38%,

06/01/29

(b)

.................

5,674

6,202,249

4.75%,

03/01/30

(b)

.................

4,890

5,171,175

4.50%,

08/15/30

(b)

.................

6,425

6,689,799

4.25%,

02/01/31

(b)

.................

4,661

4,748,394

4.50%,

05/01/32

..................

4,390

4,549,138

4.50%,

06/01/33

(b)

.................

2,768

2,832,384

Cellnex

Telecom

SA

(i)

:

0.50%,

07/05/28

..................

EUR

400

646,850

0.75%,

11/20/31

..................

4,600

5,328,998

Cincinnati

Bell,

Inc.

(b)

:

7.00%,

07/15/24

..................

USD

2,681

2,751,376

8.00%,

10/15/25

..................

680

714,850

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

.....................

5,422

5,832,716

Deutsche

Telekom

International

Finance

BV,

8.75%,

06/15/30

(d)

................

12

17,981

Embarq

Corp.,

8.00%,

06/01/36

.........

350

396,777

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Frontier

Communications

Holdings

LLC

(b)

:

5.88%,

10/15/27

..................

USD

3,485

$

3,733,306

5.00%,

05/01/28

..................

5,279

5,457,589

6.75%,

05/01/29

..................

3,802

4,042,552

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(b)(d)

....................

2,572

2,656,284

Koninklijke

KPN

NV,

(USD

Swap

Semi

10

Year

+

5.21%),

7.00%,

03/28/73

(a)(b)

........

200

215,250

Level

3

Financing,

Inc.:

5.38%,

05/01/25

..................

550

561,688

4.63%,

09/15/27

(b)

.................

2,262

2,347,775

4.25%,

07/01/28

(b)

.................

1,996

2,025,461

3.75%,

07/15/29

(b)

.................

3,103

3,017,667

Liquid

Telecommunications

Financing

plc,

5.50%,

09/04/26

(b)

................

775

790,258

Lorca

Telecom

Bondco

SA,

4.00%,

09/18/27

..................

EUR

828

998,983

Lumen

Technologies,

Inc.:

Series

W,

6.75%,

12/01/23

...........

USD

1,103

1,223,205

Series

Y,

7.50%,

04/01/24

...........

2,989

3,355,152

5.13%,

12/15/26

(b)

.................

4,726

4,909,133

4.00%,

02/15/27

(b)

.................

3,281

3,346,620

Series

G,

6.88%,

01/15/28

...........

150

167,718

4.50%,

01/15/29

(b)

.................

5,072

4,950,018

5.38%,

06/15/29

(b)

.................

4,018

4,075,799

Series

P,

7.60%,

09/15/39

...........

1,633

1,857,537

Series

U,

7.65%,

03/15/42

...........

2,821

3,166,573

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(a)(k)

.....................

10,215

10,904,513

Oi

SA,

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(j)

.....................

763

782,533

QualityTech

LP,

3.88%,

10/01/28

(b)

.......

2,014

2,153,772

Sable

International

Finance

Ltd.,

5.75%,

09/07/27

(b)

.....................

750

789,150

Sprint

Capital

Corp.:

6.88%,

11/15/28

..................

9,828

12,604,410

8.75%,

03/15/32

..................

6,979

10,608,080

Switch

Ltd.

(b)

:

3.75%,

09/15/28

..................

3,024

3,061,800

4.13%,

06/15/29

..................

2,162

2,218,753

Telecom

Italia

Capital

SA:

6.38%,

11/15/33

..................

2,987

3,561,998

6.00%,

09/30/34

..................

5,359

6,182,946

7.20%,

07/18/36

..................

333

429,570

Telecom

Italia

Finance

SA,

7.75%,

01/24/33

.

EUR

610

1,059,347

Telecom

Italia

SpA:

5.30%,

05/30/24

(b)

.................

USD

2,046

2,239,756

2.38%,

10/12/27

..................

EUR

600

740,103

1.63%,

01/18/29

..................

1,349

1,572,071

Telefonica

Emisiones

SA,

4.90%,

03/06/48

..

USD

820

981,894

Telesat

Canada

(b)

:

5.63%,

12/06/26

..................

150

150,563

4.88%,

06/01/27

..................

3,160

3,049,400

Verizon

Communications,

Inc.:

3.88%,

02/08/29

..................

2,575

2,941,760

4.02%,

12/03/29

..................

24

27,519

1.50%,

09/18/30

..................

285

272,312

1.68%,

10/30/30

..................

711

678,901

2.55%,

03/21/31

..................

420

429,293

4.50%,

08/10/33

..................

900

1,075,471

4.27%,

01/15/36

..................

1,520

1,808,534

2.65%,

11/20/40

..................

1,000

962,317

3.40%,

03/22/41

..................

465

491,897

3.85%,

11/01/42

..................

480

544,797

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

4.86%,

08/21/46

..................

USD

200

$

258,758

3.55%,

03/22/51

..................

251

268,160

2.99%,

10/30/56

..................

160

150,406

3.70%,

03/22/61

..................

1,439

1,541,253

Virgin

Media

Finance

plc:

3.75%,

07/15/30

..................

EUR

661

782,801

5.00%,

07/15/30

(b)

.................

USD

200

202,058

Virgin

Media

Secured

Finance

plc:

5.50%,

08/15/26

(b)

.................

500

515,625

5.25%,

05/15/29

..................

GBP

100

145,870

5.50%,

05/15/29

(b)

.................

USD

2,877

3,092,775

4.50%,

08/15/30

(b)

.................

1,806

1,819,545

Windstream

Escrow

LLC,

7.75%,

08/15/28

(b)

.

680

700,400

Zayo

Group

Holdings,

Inc.

(b)

:

4.00%,

03/01/27

..................

16,888

16,771,811

6.13%,

03/01/28

..................

10,488

10,710,870

279,246,802

Electric

Utilities

—

0.6%

AEP

Transmission

Co.

LLC,

3.15%,

09/15/49

.

75

78,116

American

Electric

Power

Co.,

Inc.,

Series

I,

3.65%,

12/01/21

.................

430

436,157

Baltimore

Gas

&

Electric

Co.:

3.20%,

09/15/49

..................

525

549,220

2.90%,

06/15/50

..................

116

115,486

DPL,

Inc.,

4.35%,

04/15/29

............

1,225

1,328,721

Drax

Finco

plc,

6.63%,

11/01/25

(b)

........

450

464,625

DTE

Electric

Co.:

Series

C,

2.63%,

03/01/31

...........

4

4,212

Series

A,

4.05%,

05/15/48

...........

675

820,673

Duke

Energy

Carolinas

LLC:

6.05%,

04/15/38

..................

300

423,217

3.70%,

12/01/47

..................

600

676,384

3.20%,

08/15/49

..................

982

1,029,795

Duke

Energy

Corp.,

2.45%,

06/01/30

......

225

227,501

Duke

Energy

Florida

LLC:

2.50%,

12/01/29

..................

2,225

2,331,613

1.75%,

06/15/30

..................

255

249,592

3.85%,

11/15/42

..................

320

368,122

Duke

Energy

Progress

LLC,

3.45%,

03/15/29

.

2,868

3,176,917

Edison

International,

2.40%,

09/15/22

.....

1,985

2,020,087

Emera

US

Finance

LP,

0.83%,

06/15/24

(b)

...

975

969,494

Entergy

Corp.,

0.90%,

09/15/25

.........

2,110

2,081,814

Eversource

Energy,

2.80%,

05/01/23

......

690

715,085

Exelon

Corp.:

3.95%,

06/15/25

..................

595

654,716

4.70%,

04/15/50

..................

250

315,779

FirstEnergy

Corp.:

Series

B,

4.40%,

07/15/27

(d)

..........

2,068

2,248,950

2.65%,

03/01/30

..................

195

194,214

Series

B,

2.25%,

09/01/30

...........

161

154,370

Series

C,

7.38%,

11/15/31

...........

1,506

2,062,482

Series

C,

5.35%,

07/15/47

(d)

..........

4,691

5,629,200

Series

C,

3.40%,

03/01/50

...........

1,881

1,838,677

FirstEnergy

Transmission

LLC

(b)

:

4.35%,

01/15/25

..................

1,235

1,354,943

5.45%,

07/15/44

..................

3,388

4,227,400

4.55%,

04/01/49

..................

1,448

1,698,305

Florida

Power

&

Light

Co.:

3.70%,

12/01/47

..................

365

429,298

3.15%,

10/01/49

..................

650

706,336

Greenko

Investment

Co.,

4.88%,

08/16/23

..

2,238

2,268,493

Huachen

Energy

Co.

Ltd.,

6.63%,

05/18/20

(e)(l)

901

346,603

Kallpa

Generacion

SA,

4.88%,

05/24/26

....

4,804

5,046,602

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

07/01/29

(b)

................

480

486,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

MidAmerican

Energy

Co.:

3.65%,

04/15/29

..................

USD

825

$

932,863

4.25%,

07/15/49

..................

1,175

1,476,890

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

......................

9,160

9,170,305

NextEra

Energy

Capital

Holdings,

Inc.:

2.75%,

05/01/25

..................

257

272,950

3.55%,

05/01/27

..................

615

679,024

1.90%,

06/15/28

..................

600

606,445

NextEra

Energy

Operating

Partners

LP

(b)

:

4.25%,

07/15/24

..................

365

385,075

4.25%,

09/15/24

..................

35

36,925

Northern

States

Power

Co.:

2.90%,

03/01/50

..................

350

357,029

2.60%,

06/01/51

..................

360

341,931

NRG

Energy,

Inc.:

7.25%,

05/15/26

..................

425

440,557

6.63%,

01/15/27

..................

2,915

3,017,666

2.45%,

12/02/27

(b)

.................

800

805,145

5.75%,

01/15/28

..................

614

653,910

5.25%,

06/15/29

(b)

.................

261

277,639

3.63%,

02/15/31

(b)

.................

2,068

2,032,224

Ohio

Power

Co.,

4.00%,

06/01/49

........

975

1,145,839

Oncor

Electric

Delivery

Co.

LLC:

3.75%,

04/01/45

..................

840

970,260

3.70%,

05/15/50

..................

1,305

1,531,965

Pacific

Gas

&

Electric

Co.:

(LIBOR

USD

3

Month

+

1.38%),

1.53%,

11/15/21

(a)

....................

2,330

2,334,774

3.45%,

07/01/25

..................

1,460

1,530,345

3.30%,

12/01/27

..................

1,065

1,094,715

4.45%,

04/15/42

..................

475

470,272

4.00%,

12/01/46

..................

258

241,468

4.95%,

07/01/50

..................

872

896,910

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

.....................

2,869

2,969,989

PG&E

Corp.,

5.25%,

07/01/30

..........

1,992

2,010,924

PPL

Electric

Utilities

Corp.,

3.95%,

06/01/47

.

125

147,740

Progress

Energy,

Inc.,

6.00%,

12/01/39

....

350

481,893

Public

Service

Co.

of

Colorado,

Series

34,

3.20%,

03/01/50

.................

600

649,415

Southern

California

Edison

Co.:

1.10%,

04/01/24

..................

1,200

1,208,265

4.00%,

04/01/47

..................

575

604,844

Series

B,

4.88%,

03/01/49

...........

70

82,823

Series

20A,

2.95%,

02/01/51

.........

340

307,873

Series

H,

3.65%,

06/01/51

...........

435

435,389

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

.....................

5,095

5,600,679

Star

Energy

Geothermal

Wayang

Windu

Ltd.,

6.75%,

04/24/33

.................

1,348

1,537,569

Tampa

Electric

Co.:

4.45%,

06/15/49

..................

375

473,856

3.45%,

03/15/51

..................

135

147,891

Virginia

Electric

&

Power

Co.:

Series

B,

6.00%,

01/15/36

...........

250

345,852

4.45%,

02/15/44

..................

160

198,323

4.60%,

12/01/48

..................

595

768,243

Vistra

Operations

Co.

LLC

(b)

:

5.63%,

02/15/27

..................

944

979,400

5.00%,

07/31/27

..................

365

374,720

4.38%,

05/01/29

..................

1,733

1,741,665

100,499,678

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.1%

Atkore,

Inc.,

4.25%,

06/01/31

(b)

..........

USD

1,739

$

1,761,259

Energizer

Gamma

Acquisition

BV,

3.50%,

06/30/29

......................

EUR

588

694,417

Sensata

Technologies

BV

(b)

:

5.00%,

10/01/25

..................

USD

3,445

3,836,869

4.00%,

04/15/29

..................

3,487

3,539,595

9,832,140

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Belden,

Inc.:

4.13%,

10/15/26

..................

EUR

1,260

1,531,211

3.88%,

03/15/28

..................

500

617,886

CDW

LLC:

5.50%,

12/01/24

..................

USD

1,000

1,114,730

4.13%,

05/01/25

..................

1,605

1,677,225

4.25%,

04/01/28

..................

110

115,500

3.25%,

02/15/29

..................

3,050

3,090,260

Ingram

Micro,

Inc.,

5.45%,

12/15/24

(d)

.....

375

426,846

Sensata

Technologies,

Inc.,

4.38%,

02/15/30

(b)

1,240

1,306,763

9,880,421

Energy

Equipment

&

Services

—

0.2%

Anton

Oilfield

Services

Group,

7.50%,

12/02/22

1,725

1,698,909

Archrock

Partners

LP

(b)

:

6.88%,

04/01/27

..................

1,728

1,833,840

6.25%,

04/01/28

..................

3,858

4,027,405

Baker

Hughes

a

GE

Co.

LLC,

2.77%,

12/15/22

410

423,561

Bristow

Group,

Inc.,

6.88%,

03/01/28

(b)

.....

310

316,200

CGG

SA,

7.75%,

04/01/27

............

EUR

367

451,054

ChampionX

Corp.,

6.38%,

05/01/26

.......

USD

1,349

1,412,942

Halliburton

Co.:

3.80%,

11/15/25

..................

475

525,019

2.92%,

03/01/30

..................

350

363,702

5.00%,

11/15/45

..................

275

335,047

Hilong

Holding

Ltd.,

9.75%,

11/18/24

......

1,465

1,289,200

Nabors

Industries,

Inc.,

9.00%,

02/01/25

(b)

...

200

210,000

Oceaneering

International,

Inc.:

4.65%,

11/15/24

..................

425

427,869

6.00%,

02/01/28

..................

1,250

1,259,375

Patterson-UTI

Energy,

Inc.,

5.15%,

11/15/29

.

175

182,991

Precision

Drilling

Corp.

(b)

:

7.13%,

01/15/26

..................

500

515,000

6.88%,

01/15/29

..................

725

746,750

TechnipFMC

plc,

6.50%,

02/01/26

(b)

.......

3,732

4,029,685

Tervita

Corp.,

11.00%,

12/01/25

(b)

........

989

1,107,413

Transocean,

Inc.,

11.50%,

01/30/27

(b)

......

1,164

1,243,961

USA

Compression

Partners

LP:

6.88%,

04/01/26

..................

4,205

4,404,737

6.88%,

09/01/27

..................

4,299

4,592,536

Weatherford

International

Ltd.,

8.75%,

09/01/24

(b)

.....................

400

418,500

31,815,696

Entertainment

—

0.2%

Banijay

Entertainment

SASU,

5.38%,

03/01/25

(b)

.....................

200

206,500

Banijay

Group

SAS,

6.50%,

03/01/26

......

EUR

700

856,792

Cinemark

USA,

Inc.

(b)

:

5.88%,

03/15/26

..................

USD

881

921,922

5.25%,

07/15/28

..................

877

898,925

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

.....................

486

510,907

Live

Nation

Entertainment,

Inc.

(b)

:

4.88%,

11/01/24

..................

659

669,544

6.50%,

05/15/27

..................

8,572

9,513,206

4.75%,

10/15/27

..................

921

954,386

3.75%,

01/15/28

..................

1,435

1,441,343

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

Netflix,

Inc.:

4.38%,

11/15/26

..................

USD

1,040

$

1,182,709

4.88%,

04/15/28

..................

673

782,362

5.88%,

11/15/28

..................

4,740

5,818,018

6.38%,

05/15/29

..................

343

438,097

3.88%,

11/15/29

..................

EUR

480

685,126

5.38%,

11/15/29

(b)

.................

USD

3,013

3,659,579

3.63%,

06/15/30

..................

EUR

763

1,074,816

4.88%,

06/15/30

(b)

.................

USD

4,366

5,192,484

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

...

3,266

3,263,746

TWDC

Enterprises

18

Corp.,

4.13%,

06/01/44

85

102,454

Walt

Disney

Co.

(The):

1.65%,

09/01/22

..................

10

10,158

3.50%,

05/13/40

..................

358

399,134

3.60%,

01/13/51

..................

300

340,052

WMG

Acquisition

Corp.,

3.88%,

07/15/30

(b)

..

1,234

1,246,217

40,168,477

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.8%

Alexandria

Real

Estate

Equities,

Inc.:

3.95%,

01/15/28

..................

1,925

2,173,902

4.90%,

12/15/30

..................

635

773,589

1.88%,

02/01/33

..................

300

283,592

American

Tower

Corp.:

3.50%,

01/31/23

..................

680

712,375

3.38%,

10/15/26

..................

995

1,083,892

3.95%,

03/15/29

..................

925

1,037,741

2.10%,

06/15/30

..................

1,195

1,175,153

2.70%,

04/15/31

..................

1,500

1,546,957

Boston

Properties

LP,

2.90%,

03/15/30

.....

825

856,664

Brookfield

Property

REIT,

Inc.,

5.75%,

05/15/26

(b)

.....................

3,234

3,399,742

Crown

Castle

International

Corp.:

3.80%,

02/15/28

..................

1,075

1,194,411

4.30%,

02/15/29

..................

715

822,317

2.10%,

04/01/31

..................

200

194,905

2.50%,

07/15/31

..................

1,200

1,208,543

2.90%,

04/01/41

..................

200

194,545

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

....

1,248

1,274,358

Diversified

Healthcare

Trust,

9.75%,

06/15/25

705

780,787

Duke

Realty

LP,

3.05%,

03/01/50

........

120

117,987

EPR

Properties,

3.75%,

08/15/29

........

100

100,139

Equinix,

Inc.:

2.90%,

11/18/26

..................

575

615,070

3.00%,

07/15/50

..................

125

120,019

2.95%,

09/15/51

..................

665

633,464

ERP

Operating

LP,

2.85%,

11/01/26

......

530

566,085

ESH

Hospitality,

Inc.,

5.25%,

05/01/25

(b)

....

945

962,577

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

...

1,505

1,489,568

GLP

Capital

LP,

4.00%,

01/15/31

........

830

894,308

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(b)

....

1,491

1,502,183

Healthpeak

Properties,

Inc.:

3.00%,

01/15/30

..................

458

485,287

2.88%,

01/15/31

..................

75

78,468

Iron

Mountain,

Inc.

(b)

:

4.88%,

09/15/27

..................

500

518,327

4.88%,

09/15/29

..................

500

516,100

5.25%,

07/15/30

..................

5,643

5,973,567

4.50%,

02/15/31

..................

740

749,250

5.63%,

07/15/32

..................

6,171

6,604,945

iStar,

Inc.,

4.25%,

08/01/25

............

700

720,125

LMIRT

Capital

Pte.

Ltd.,

7.25%,

06/19/24

...

3,250

3,384,713

MGM

Growth

Properties

Operating

Partnership

LP:

5.63%,

05/01/24

..................

2,080

2,252,541

4.63%,

06/15/25

(b)

.................

2,345

2,505,328

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

4.50%,

09/01/26

..................

USD

3,798

$

4,054,365

5.75%,

02/01/27

..................

2,046

2,276,420

4.50%,

01/15/28

..................

4,794

5,069,655

3.88%,

02/15/29

(b)

.................

2,382

2,419,088

Mid-America

Apartments

LP,

1.70%,

02/15/31

230

218,463

MPT

Operating

Partnership

LP:

5.25%,

08/01/26

..................

1,055

1,086,650

5.00%,

10/15/27

..................

1,392

1,475,645

4.63%,

08/01/29

..................

3,406

3,645,987

3.38%,

04/24/30

..................

GBP

200

285,786

3.50%,

03/15/31

..................

USD

7,113

7,184,059

Park

Intermediate

Holdings

LLC,

5.88%,

10/01/28

(b)

.....................

1,675

1,783,674

Prologis

LP,

2.25%,

04/15/30

...........

900

919,260

Realty

Income

Corp.:

3.88%,

04/15/25

..................

450

496,474

3.00%,

01/15/27

..................

370

399,719

RHP

Hotel

Properties

LP:

4.75%,

10/15/27

..................

4,598

4,722,376

4.50%,

02/15/29

(b)

.................

2,738

2,740,245

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

...

1,260

1,272,600

SBA

Communications

Corp.:

4.88%,

09/01/24

..................

4,513

4,591,977

3.88%,

02/15/27

..................

4,571

4,693,983

Service

Properties

Trust:

4.50%,

06/15/23

..................

255

261,375

4.65%,

03/15/24

..................

500

509,100

4.35%,

10/01/24

..................

238

239,666

7.50%,

09/15/25

..................

3,021

3,420,371

5.50%,

12/15/27

..................

1,323

1,411,946

4.38%,

02/15/30

..................

850

809,625

Trust

Fibra

Uno,

5.25%,

01/30/26

(b)

.......

1,955

2,189,600

UDR,

Inc.:

3.20%,

01/15/30

..................

300

324,284

2.10%,

08/01/32

..................

85

81,607

Uniti

Group

LP

(b)

:

7.88%,

02/15/25

..................

1,250

1,339,062

4.75%,

04/15/28

..................

2,681

2,674,297

6.50%,

02/15/29

..................

4,563

4,574,408

Ventas

Realty

LP,

3.00%,

01/15/30

.......

680

710,708

VEREIT

Operating

Partnership

LP:

3.95%,

08/15/27

..................

660

743,424

2.20%,

06/15/28

..................

320

324,683

2.85%,

12/15/32

..................

245

255,931

VICI

Properties

LP

(b)

:

3.50%,

02/15/25

..................

1,385

1,412,340

4.25%,

12/01/26

..................

4,856

5,051,308

3.75%,

02/15/27

..................

3,497

3,556,869

4.63%,

12/01/29

..................

2,586

2,747,625

4.13%,

08/15/30

..................

6,977

7,164,123

Welltower,

Inc.,

2.05%,

01/15/29

.........

485

485,668

XHR

LP

(b)

:

6.38%,

08/15/25

..................

450

478,687

4.88%,

06/01/29

..................

668

689,710

140,296,367

Food

&

Staples

Retailing

—

0.1%

7-Eleven,

Inc.,

0.95%,

02/10/26

(b)

........

915

898,543

Albertsons

Cos.,

Inc.:

5.75%,

03/15/25

..................

305

311,862

3.25%,

03/15/26

(b)

.................

2,763

2,802,373

4.63%,

01/15/27

(b)

.................

3,587

3,751,823

5.88%,

02/15/28

(b)

.................

1,903

2,050,283

4.88%,

02/15/30

(b)

.................

2,102

2,241,804

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Food

&

Staples

Retailing

(continued)

Casino

Guichard

Perrachon

SA:

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(a)(k)

.....................

EUR

700

$

610,898

4.05%,

08/05/26

(d)

.................

100

115,611

5.25%,

04/15/27

..................

900

1,091,186

Iceland

Bondco

plc:

4.63%,

03/15/25

..................

GBP

600

816,493

4.38%,

05/15/28

..................

625

813,486

Ingles

Markets,

Inc.:

5.75%,

06/15/23

..................

USD

210

210,315

4.00%,

06/15/31

(b)

.................

482

481,397

Kroger

Co.

(The):

4.45%,

02/01/47

..................

450

535,687

3.95%,

01/15/50

..................

100

113,792

Picard

Groupe

SAS:

(EURIBOR

3

Month

+

3.00%),

3.00%,

11/30/23

(a)

....................

EUR

1,500

1,776,996

3.88%,

07/01/26

..................

504

597,618

Quatrim

SASU,

5.88%,

01/15/24

........

900

1,108,656

SEG

Holding

LLC,

5.63%,

10/15/28

(b)

......

USD

120

125,964

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

669

719,951

US

Foods,

Inc.,

4.75%,

02/15/29

(b)

.......

3,340

3,406,800

Walmart,

Inc.:

3.70%,

06/26/28

..................

25

28,459

4.05%,

06/29/48

..................

1,420

1,783,522

26,393,519

Food

Products

—

0.5%

Chobani

LLC

(b)

:

7.50%,

04/15/25

..................

4,281

4,453,995

4.63%,

11/15/28

..................

1,734

1,796,858

General

Mills,

Inc.,

3.00%,

02/01/51

(b)

.....

46

46,357

Health

&

Happiness

H&H

International

Holdings

Ltd.,

5.63%,

10/24/24

..............

630

649,215

JBS

USA

Food

Co.,

7.00%,

01/15/26

(b)

.....

350

371,000

JBS

USA

LUX

SA

(b)

:

6.75%,

02/15/28

..................

1,906

2,084,687

6.50%,

04/15/29

..................

5,804

6,522,303

5.50%,

01/15/30

..................

1,185

1,325,280

3.75%,

12/01/31

..................

2,678

2,740,264

Knight

Castle

Investments

Ltd.,

7.99%,

01/23/21

(e)(l)

....................

231

161,700

Kraft

Heinz

Foods

Co.:

4.63%,

01/30/29

..................

500

581,945

3.75%,

04/01/30

..................

1,600

1,755,552

4.25%,

03/01/31

..................

7,669

8,711,898

5.00%,

07/15/35

..................

837

1,026,681

6.88%,

01/26/39

..................

2,541

3,649,917

4.63%,

10/01/39

..................

1,024

1,192,618

6.50%,

02/09/40

..................

1,215

1,687,362

5.00%,

06/04/42

..................

3,010

3,675,506

5.20%,

07/15/45

..................

986

1,224,061

4.38%,

06/01/46

..................

5,204

5,897,166

4.88%,

10/01/49

..................

9,738

11,821,458

5.50%,

06/01/50

..................

9,202

11,941,921

Lamb

Weston

Holdings,

Inc.

(b)

:

4.63%,

11/01/24

..................

400

413,912

4.88%,

11/01/26

..................

800

827,000

4.88%,

05/15/28

..................

661

731,231

Pilgrim's

Pride

Corp.,

5.88%,

09/30/27

(b)

....

900

958,500

Post

Holdings,

Inc.

(b)

:

5.75%,

03/01/27

..................

1,500

1,569,375

5.63%,

01/15/28

..................

2,142

2,270,520

4.63%,

04/15/30

..................

444

451,472

4.50%,

09/15/31

..................

2,145

2,141,461

Premier

Foods

Finance

plc,

3.50%,

10/15/26

.

GBP

569

787,098

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

USD

3,808

$

3,841,091

Tereos

Finance

Groupe

I

SA,

7.50%,

10/30/25

EUR

687

870,501

TreeHouse

Foods,

Inc.,

4.00%,

09/01/28

...

USD

695

689,787

88,869,692

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP:

5.63%,

05/20/24

..................

550

600,875

5.88%,

08/20/26

..................

250

279,912

5.75%,

05/20/27

..................

350

390,250

Atmos

Energy

Corp.,

0.63%,

03/09/23

.....

525

525,161

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

......................

455

436,210

China

Oil

&

Gas

Group

Ltd.,

5.50%,

01/25/23

.

630

645,474

Infraestructura

Energetica

Nova

SAB

de

CV,

4.75%,

01/15/51

(b)

................

5,235

5,306,981

Promigas

SA

ESP,

3.75%,

10/16/29

(b)

......

925

912,443

Suburban

Propane

Partners

LP:

5.88%,

03/01/27

..................

800

839,924

5.00%,

06/01/31

(b)

.................

1,270

1,300,163

Superior

Plus

LP,

4.50%,

03/15/29

(b)

......

539

555,181

11,792,574

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories:

4.75%,

11/30/36

..................

600

772,603

6.15%,

11/30/37

..................

240

353,471

4.90%,

11/30/46

..................

95

130,014

Avantor

Funding,

Inc.,

4.63%,

07/15/28

(b)

...

6,959

7,347,103

Becton

Dickinson

and

Co.:

2.89%,

06/06/22

..................

1,194

1,220,263

3.73%,

12/15/24

..................

575

626,146

3.70%,

06/06/27

..................

2,175

2,416,818

4.69%,

12/15/44

..................

540

672,019

3.79%,

05/20/50

..................

61

68,206

DH

Europe

Finance

II

SARL,

2.05%,

11/15/22

715

731,405

Hologic,

Inc.

(b)

:

4.63%,

02/01/28

..................

300

315,000

3.25%,

02/15/29

..................

962

953,583

Medtronic,

Inc.,

4.38%,

03/15/35

........

625

777,537

Ortho-Clinical

Diagnostics,

Inc.

(b)

:

7.38%,

06/01/25

..................

5,484

5,888,445

7.25%,

02/01/28

..................

4,784

5,225,324

Teleflex,

Inc.:

4.63%,

11/15/27

..................

350

372,816

4.25%,

06/01/28

(b)

.................

1,227

1,279,148

Varex

Imaging

Corp.,

7.88%,

10/15/27

(b)

....

20

22,400

29,172,301

Health

Care

Providers

&

Services

—

1.2%

Acadia

Healthcare

Co.,

Inc.

(b)

:

5.50%,

07/01/28

..................

2,301

2,456,318

5.00%,

04/15/29

..................

3,460

3,608,503

AdaptHealth

LLC

(b)

:

6.13%,

08/01/28

..................

1,349

1,436,537

4.63%,

08/01/29

..................

1,910

1,933,875

Aetna,

Inc.,

4.75%,

03/15/44

...........

550

681,317

AHP

Health

Partners,

Inc.

(b)

:

9.75%,

07/15/26

..................

3,264

3,511,411

5.75%,

07/15/29

..................

2,226

2,256,608

Akumin,

Inc.,

7.00%,

11/01/25

(b)

.........

828

859,621

Anthem,

Inc.:

2.38%,

01/15/25

..................

105

109,958

4.65%,

01/15/43

..................

350

436,063

3.70%,

09/15/49

..................

550

609,716

CAB

SELAS,

3.38%,

02/01/28

..........

EUR

714

842,392

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Centene

Corp.:

5.38%,

06/01/26

(b)

.................

USD

525

$

548,625

5.38%,

08/15/26

(b)

.................

1,565

1,635,425

4.25%,

12/15/27

..................

1,674

1,763,977

2.45%,

07/15/28

..................

6,233

6,317,146

4.63%,

12/15/29

..................

7,326

8,056,915

3.00%,

10/15/30

..................

8,370

8,598,334

2.50%,

03/01/31

..................

9,548

9,416,715

Chrome

Bidco

SASU,

3.50%,

05/31/28

.....

EUR

693

833,023

Chrome

Holdco

SASU,

5.00%,

05/31/29

....

332

403,019

Cigna

Corp.:

4.13%,

11/15/25

..................

USD

400

448,256

6.13%,

11/15/41

..................

240

343,127

4.90%,

12/15/48

..................

580

746,949

3.40%,

03/15/50

..................

155

161,304

CommonSpirit

Health:

3.35%,

10/01/29

..................

500

541,513

2.78%,

10/01/30

..................

225

233,483

3.91%,

10/01/50

..................

440

483,616

Community

Health

Systems,

Inc.

(b)

:

6.63%,

02/15/25

..................

10,556

11,162,864

8.00%,

03/15/26

..................

9,717

10,470,068

5.63%,

03/15/27

..................

3,600

3,843,000

8.00%,

12/15/27

..................

400

445,020

6.00%,

01/15/29

..................

2,569

2,748,830

6.88%,

04/15/29

..................

984

1,029,726

6.13%,

04/01/30

..................

1,702

1,727,530

4.75%,

02/15/31

..................

460

461,725

CVS

Health

Corp.:

3.50%,

07/20/22

..................

2,370

2,436,190

1.30%,

08/21/27

..................

760

745,488

4.30%,

03/25/28

..................

2,031

2,333,430

1.88%,

02/28/31

..................

3,235

3,137,813

5.13%,

07/20/45

..................

700

910,455

5.05%,

03/25/48

..................

810

1,052,089

DaVita,

Inc.,

4.63%,

06/01/30

(b)

.........

2,066

2,124,302

Encompass

Health

Corp.:

4.50%,

02/01/28

..................

566

587,208

4.75%,

02/01/30

..................

3,043

3,233,187

4.63%,

04/01/31

..................

1,444

1,547,174

HCA,

Inc.:

5.88%,

05/01/23

..................

300

326,010

5.38%,

02/01/25

..................

2,268

2,558,304

5.88%,

02/15/26

..................

1,000

1,155,650

5.38%,

09/01/26

..................

5,759

6,627,169

5.63%,

09/01/28

..................

2,414

2,860,590

5.88%,

02/01/29

..................

2,425

2,928,188

3.50%,

09/01/30

..................

10,370

11,047,887

5.50%,

06/15/47

..................

850

1,107,059

5.25%,

06/15/49

..................

665

847,670

3.50%,

07/15/51

..................

860

859,608

Indigo

Merger

Sub,

Inc.,

2.88%,

07/15/26

(b)

..

2,941

2,987,497

Kaiser

Foundation

Hospitals,

Series

2021,

2.81%,

06/01/41

.................

299

304,963

Korian

SA,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(a)(k)

GBP

800

1,117,351

Laboratoire

Eimer

Selas,

5.00%,

02/01/29

...

EUR

217

262,008

Legacy

LifePoint

Health

LLC

(b)

:

6.75%,

04/15/25

..................

USD

1,540

1,641,101

4.38%,

02/15/27

..................

1,962

1,985,544

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

....

3,050

2,973,750

MEDNAX,

Inc.,

6.25%,

01/15/27

(b)

........

1,607

1,701,411

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

.......

2,951

3,157,570

Molina

Healthcare,

Inc.:

5.38%,

11/15/22

(d)

.................

530

554,512

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

4.38%,

06/15/28

(b)

.................

USD

3,023

$

3,151,478

3.88%,

11/15/30

(b)

.................

2,020

2,103,325

Owens

&

Minor,

Inc.,

4.50%,

03/31/29

(b)

....

480

493,200

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

.....................

4,944

5,352,275

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

................

649

698,486

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25

(b)

...

1,537

1,604,244

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

2,130

2,268,493

Surgery

Center

Holdings,

Inc.

(b)

:

6.75%,

07/01/25

..................

4,077

4,158,540

10.00%,

04/15/27

.................

4,850

5,322,875

Sutter

Health:

Series

20A,

2.29%,

08/15/30

.........

870

877,368

Series

20A,

3.36%,

08/15/50

.........

244

258,946

Team

Health

Holdings,

Inc.,

6.38%,

02/01/25

(b)

432

410,858

Tenet

Healthcare

Corp.:

4.63%,

07/15/24

..................

1,132

1,148,640

4.63%,

09/01/24

(b)

.................

1,371

1,407,140

7.50%,

04/01/25

(b)

.................

1,506

1,626,676

4.88%,

01/01/26

(b)

.................

7,029

7,290,479

6.25%,

02/01/27

(b)

.................

2,524

2,634,425

5.13%,

11/01/27

(b)

.................

7,002

7,343,347

4.63%,

06/15/28

(b)

.................

234

240,833

6.13%,

10/01/28

(b)

.................

3,548

3,780,891

4.25%,

06/01/29

(b)

.................

2,278

2,306,475

UnitedHealth

Group,

Inc.:

3.50%,

08/15/39

..................

775

866,133

2.75%,

05/15/40

..................

345

349,383

4.75%,

07/15/45

..................

440

576,377

4.25%,

06/15/48

..................

510

632,325

3.70%,

08/15/49

..................

400

457,930

3.25%,

05/15/51

..................

180

192,018

US

Acute

Care

Solutions

LLC,

6.38%,

03/01/26

(b)

.....................

467

482,551

Vizient,

Inc.,

6.25%,

05/15/27

(b)

.........

2,319

2,452,342

216,761,740

Health

Care

Technology

—

0.0%

IQVIA,

Inc.

(b)

:

5.00%,

10/15/26

..................

1,065

1,102,275

5.00%,

05/15/27

..................

5,401

5,657,547

6,759,822

Hotels,

Restaurants

&

Leisure

—

1.6%

1011778

BC

ULC

(b)

:

4.25%,

05/15/24

..................

407

411,477

5.75%,

04/15/25

..................

2,266

2,399,150

3.88%,

01/15/28

..................

3,250

3,290,625

4.38%,

01/15/28

..................

1,974

2,001,143

4.00%,

10/15/30

..................

1,250

1,209,375

Accor

SA,

0.70%,

12/07/27

(i)

...........

EUR

892

553,064

Affinity

Gaming,

6.88%,

12/15/27

(b)

.......

USD

1,277

1,355,216

Bloomin'

Brands,

Inc.,

5.13%,

04/15/29

(b)

...

245

251,737

Boyd

Gaming

Corp.:

8.63%,

06/01/25

(b)

.................

991

1,092,449

4.75%,

12/01/27

..................

1,104

1,142,640

4.75%,

06/15/31

(b)

.................

3,025

3,138,437

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

2,414

2,490,596

Burger

King

France

SAS,

6.00%,

05/01/24

..

EUR

700

843,707

Caesars

Entertainment,

Inc.

(b)

:

6.25%,

07/01/25

..................

USD

13,572

14,386,320

8.13%,

07/01/27

..................

10,306

11,462,333

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

.....................

5,490

5,785,087

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Carnival

Corp.:

11.50%,

04/01/23

(b)

................

USD

2,800

$

3,151,120

10.13%,

02/01/26

.................

EUR

604

835,260

10.50%,

02/01/26

(b)

................

USD

3,235

3,766,349

7.63%,

03/01/26

(b)

.................

245

266,131

7.63%,

03/01/26

..................

EUR

636

834,887

5.75%,

03/01/27

(b)

.................

USD

10,825

11,339,188

9.88%,

08/01/27

(b)

.................

2,816

3,287,680

Carrols

Restaurant

Group,

Inc.,

5.88%,

07/01/29

(b)

.....................

759

748,564

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

......

1,275

1,338,750

Cedar

Fair

LP

(b)

:

5.50%,

05/01/25

..................

5,328

5,561,100

6.50%,

10/01/28

..................

435

468,712

Champion

Path

Holdings

Ltd.:

4.50%,

01/27/26

..................

4,832

5,025,280

4.85%,

01/27/28

..................

4,811

5,014,866

Churchill

Downs,

Inc.

(b)

:

5.50%,

04/01/27

..................

6,993

7,287,101

4.75%,

01/15/28

..................

2,264

2,342,584

Cirsa

Finance

International

SARL:

7.88%,

12/20/23

(b)

.................

1,417

1,442,647

4.75%,

05/22/25

..................

EUR

1,133

1,348,493

Codere

Finance

2

Luxembourg

SA:

10.75%,

09/30/23

(d)

................

736

925,077

10.75%,

09/30/23

.................

139

176,274

4.50%,

(4.50%

Cash

or

11.63%

PIK),

11/01/23

(a)(b)(j)

..................

USD

518

369,018

4.50%,

(4.50%

Cash

or

10.75%

PIK),

11/01/23

(a)(j)

....................

EUR

615

521,346

CPUK

Finance

Ltd.:

4.88%,

08/28/25

..................

GBP

619

866,435

4.50%,

08/28/27

..................

482

675,119

Diamond

Resorts

International,

Inc.,

7.75%,

09/01/23

(b)

.....................

USD

300

308,400

Everi

Holdings,

Inc.,

5.00%,

07/15/29

(b)

.....

546

546,000

Expedia

Group,

Inc.:

3.60%,

12/15/23

..................

1,510

1,604,773

6.25%,

05/01/25

(b)

.................

308

358,283

2.95%,

03/15/31

..................

890

901,849

Fortune

Star

BVI

Ltd.:

5.95%,

01/29/23

..................

630

645,671

6.75%,

07/02/23

..................

10,490

11,006,632

6.85%,

07/02/24

..................

1,558

1,660,731

5.95%,

10/19/25

..................

6,198

6,514,873

5.05%,

01/27/27

..................

5,930

5,962,615

Full

House

Resorts,

Inc.,

8.25%,

02/15/28

(b)

..

476

518,840

Gamma

Bidco

SpA:

5.13%,

07/15/25

..................

EUR

146

178,556

6.25%,

07/15/25

..................

839

1,049,063

Genting

New

York

LLC,

3.30%,

02/15/26

(b)

..

USD

632

637,978

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(b)

....

5,941

6,001,717

Hilton

Domestic

Operating

Co.,

Inc.:

5.38%,

05/01/25

(b)

.................

1,228

1,292,470

5.75%,

05/01/28

(b)

.................

1,614

1,746,461

4.88%,

01/15/30

..................

3,234

3,452,295

4.00%,

05/01/31

(b)

.................

1,656

1,670,689

Hilton

Grand

Vacations

Borrower

Escrow

LLC

(b)

:

5.00%,

06/01/29

..................

380

388,550

4.88%,

07/01/31

..................

710

708,140

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

......................

1,175

1,224,938

International

Game

Technology

plc:

6.50%,

02/15/25

(b)

.................

1,000

1,121,250

4.13%,

04/15/26

(b)

.................

205

213,456

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

3.50%,

06/15/26

..................

EUR

200

$

242,842

5.25%,

01/15/29

(b)

.................

USD

310

332,475

IRB

Holding

Corp.,

7.00%,

06/15/25

(b)

.....

490

529,210

Jacobs

Entertainment,

Inc.,

7.88%,

02/01/24

(b)

40

41,800

KFC

Holding

Co.,

4.75%,

06/01/27

(b)

......

525

549,281

Life

Time,

Inc.

(b)

:

5.75%,

01/15/26

..................

2,588

2,681,815

8.00%,

04/15/26

..................

1,592

1,696,658

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

791

789,023

Marriott

Ownership

Resorts,

Inc.:

6.13%,

09/15/25

(b)

.................

620

659,339

6.50%,

09/15/26

..................

248

257,610

4.75%,

01/15/28

..................

325

333,028

4.50%,

06/15/29

(b)

.................

1,159

1,174,936

McDonald's

Corp.,

4.88%,

12/09/45

.......

320

412,214

Melco

Resorts

Finance

Ltd.:

5.25%,

04/26/26

..................

9,061

9,402,486

5.63%,

07/17/27

..................

630

658,665

5.38%,

12/04/29

..................

431

453,170

5.38%,

12/04/29

(b)

.................

400

420,575

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

600

627,786

MGM

China

Holdings

Ltd.:

5.25%,

06/18/25

..................

4,566

4,746,643

5.88%,

05/15/26

..................

3,334

3,492,990

MGM

Resorts

International:

7.75%,

03/15/22

..................

4,734

4,947,977

6.00%,

03/15/23

..................

5,798

6,202,120

5.75%,

06/15/25

..................

261

287,818

4.63%,

09/01/26

..................

261

275,681

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

.....................

2,327

2,329,909

NCL

Corp.

Ltd.

(b)

:

10.25%,

02/01/26

.................

701

814,913

5.88%,

03/15/26

..................

2,065

2,163,087

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

......

2,350

2,462,682

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

.....................

1,923

2,065,302

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(b)

1,252

1,250,435

Powdr

Corp.,

6.00%,

08/01/25

(b)

.........

1,605

1,685,250

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

..

1,681

1,704,500

Royal

Caribbean

Cruises

Ltd.

(b)

:

10.88%,

06/01/23

.................

935

1,064,731

9.13%,

06/15/23

..................

1,114

1,222,615

11.50%,

06/01/25

.................

4,370

5,036,425

4.25%,

07/01/26

..................

250

249,687

5.50%,

04/01/28

..................

4,592

4,809,202

Scientific

Games

International,

Inc.

(b)

:

8.63%,

07/01/25

..................

1,982

2,170,290

5.00%,

10/15/25

..................

2,379

2,456,317

8.25%,

03/15/26

..................

3,658

3,923,132

7.00%,

05/15/28

..................

1,055

1,152,271

7.25%,

11/15/29

..................

475

535,800

SeaWorld

Parks

&

Entertainment,

Inc.,

9.50%,

08/01/25

(b)

.....................

979

1,049,978

Sisal

Group

SpA,

7.00%,

07/31/23

.......

EUR

935

1,115,985

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

USD

7,035

7,581,620

Stars

Group

Holdings

BV,

7.00%,

07/15/26

(b)

.

500

517,520

Stonegate

Pub

Co.

Financing

plc:

8.00%,

07/13/25

..................

GBP

1,111

1,590,943

8.25%,

07/31/25

..................

400

578,220

Studio

City

Finance

Ltd.:

6.00%,

07/15/25

..................

USD

1,000

1,048,937

5.00%,

01/15/29

(b)

.................

6,870

6,931,693

Travel

+

Leisure

Co.:

6.63%,

07/31/26

(b)

.................

1,041

1,179,453

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

6.00%,

04/01/27

(d)

.................

USD

500

$

549,285

4.63%,

03/01/30

(b)

.................

134

138,114

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

......

954

1,021,143

Viking

Cruises

Ltd.,

7.00%,

02/15/29

(b)

.....

336

349,584

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

.....................

1,358

1,371,580

VOC

Escrow

Ltd.,

5.00%,

02/15/28

(b)

......

600

606,600

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

.....................

834

865,867

Wynn

Las

Vegas

LLC

(b)

:

4.25%,

05/30/23

..................

300

311,250

5.50%,

03/01/25

..................

750

807,645

5.25%,

05/15/27

..................

2,243

2,409,206

Wynn

Macau

Ltd.:

4.88%,

10/01/24

..................

630

638,780

5.50%,

01/15/26

..................

6,674

6,971,410

5.50%,

10/01/27

..................

2,279

2,365,602

5.63%,

08/26/28

(b)

.................

435

454,521

5.13%,

12/15/29

(b)

.................

650

669,500

Wynn

Resorts

Finance

LLC

(b)

:

7.75%,

04/15/25

..................

1,605

1,729,387

5.13%,

10/01/29

..................

5,543

5,854,794

Yum!

Brands,

Inc.:

7.75%,

04/01/25

(b)

.................

2,131

2,317,462

4.75%,

01/15/30

(b)

.................

3,298

3,570,118

5.35%,

11/01/43

..................

48

51,000

292,079,454

Household

Durables

—

0.2%

Beazer

Homes

USA,

Inc.:

5.88%,

10/15/27

..................

750

783,787

7.25%,

10/15/29

..................

768

852,726

Brookfield

Residential

Properties,

Inc.

(b)

:

6.25%,

09/15/27

..................

300

316,875

5.00%,

06/15/29

..................

1,588

1,599,910

4.88%,

02/15/30

..................

2,761

2,734,218

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

2,805

3,006,623

Century

Communities,

Inc.:

5.88%,

07/15/25

..................

500

517,110

6.75%,

06/01/27

..................

100

106,125

Empire

Communities

Corp.,

7.00%,

12/15/25

(b)

280

294,000

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

.....................

2,464

2,611,840

KB

Home:

6.88%,

06/15/27

..................

650

773,500

4.00%,

06/15/31

..................

745

751,519

LGI

Homes,

Inc.,

4.00%,

07/15/29

(b)

.......

983

987,915

M/I

Homes,

Inc.,

4.95%,

02/01/28

........

1,435

1,497,064

Mattamy

Group

Corp.

(b)

:

5.25%,

12/15/27

..................

520

543,400

4.63%,

03/01/30

..................

1,686

1,722,249

MDC

Holdings,

Inc.,

6.00%,

01/15/43

......

250

322,175

Meritage

Homes

Corp.,

5.13%,

06/06/27

....

745

832,537

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(b)

520

551,044

Newell

Brands,

Inc.:

4.88%,

06/01/25

..................

174

192,488

4.70%,

04/01/26

(d)

.................

500

557,560

5.87%,

04/01/36

(d)

.................

200

246,500

6.00%,

04/01/46

(d)

.................

271

343,411

Nobel

Bidco

BV,

3.13%,

06/15/28

........

EUR

582

690,107

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

USD

2,344

2,478,194

Shea

Homes

LP

(b)

:

4.75%,

02/15/28

..................

1,085

1,110,357

4.75%,

04/01/29

..................

280

287,526

Taylor

Morrison

Communities,

Inc.

(b)

:

5.88%,

06/15/27

..................

300

339,375

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

5.75%,

01/15/28

..................

USD

225

$

254,025

5.13%,

08/01/30

..................

61

66,117

Tempur

Sealy

International,

Inc.,

4.00%,

04/15/29

(b)

.....................

3,933

3,981,966

Toll

Brothers

Finance

Corp.,

4.35%,

02/15/28

.

80

87,800

TopBuild

Corp.,

3.63%,

03/15/29

(b)

.......

420

415,800

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

....

1,665

1,852,479

TRI

Pointe

Homes,

Inc.:

5.25%,

06/01/27

..................

2,050

2,224,250

5.70%,

06/15/28

..................

493

543,532

WASH

Multifamily

Acquisition,

Inc.,

5.75%,

04/15/26

(b)

.....................

1,553

1,621,487

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

.....................

1,858

1,918,757

40,016,348

Household

Products

—

0.1%

Central

Garden

&

Pet

Co.:

4.13%,

10/15/30

..................

1,343

1,371,539

4.13%,

04/30/31

(b)

.................

1,491

1,507,773

Energizer

Holdings,

Inc.

(b)

:

4.75%,

06/15/28

..................

1,014

1,039,097

4.38%,

03/31/29

..................

108

108,111

Kimberly-Clark

de

Mexico

SAB

de

CV,

2.43%,

07/01/31

(b)

.....................

1,630

1,612,681

Kronos

Acquisition

Holdings,

Inc.,

5.00%,

12/31/26

(b)

.....................

1,946

1,975,190

Spectrum

Brands,

Inc.

(b)

:

5.00%,

10/01/29

..................

340

360,400

5.50%,

07/15/30

..................

946

1,019,315

3.88%,

03/15/31

..................

912

896,159

9,890,265

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(b)

AES

Corp.

(The):

1.38%,

01/15/26

..................

1,345

1,331,804

2.45%,

01/15/31

..................

860

850,893

Calpine

Corp.:

5.25%,

06/01/26

..................

3,588

3,691,155

4.50%,

02/15/28

..................

2,071

2,112,420

5.13%,

03/15/28

..................

10,682

10,868,935

4.63%,

02/01/29

..................

669

657,721

5.00%,

02/01/31

..................

2,597

2,584,015

3.75%,

03/01/31

..................

207

197,136

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

......................

2,246

2,355,493

InterGen

NV,

7.00%,

06/30/23

..........

500

496,250

Talen

Energy

Supply

LLC:

10.50%,

01/15/26

.................

440

318,175

7.25%,

05/15/27

..................

150

139,959

6.63%,

01/15/28

..................

680

622,778

26,226,734

Industrial

Conglomerates

—

0.0%

Alfa

SAB

de

CV:

6.88%,

03/25/44

(b)

.................

1,506

1,983,025

6.88%,

03/25/44

..................

774

1,019,165

General

Electric

Co.,

6.88%,

01/10/39

.....

30

44,882

Roper

Technologies,

Inc.:

3.65%,

09/15/23

..................

350

373,804

1.00%,

09/15/25

..................

355

353,203

1.75%,

02/15/31

..................

205

196,992

3,971,071

Insurance

—

0.6%

Alliant

Holdings

Intermediate

LLC

(b)

:

4.25%,

10/15/27

..................

9,546

9,689,095

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

6.75%,

10/15/27

..................

USD

12,596

$

13,237,892

Allianz

SE,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.50%

(a)(b)(k)

....................

26,200

27,084,250

American

International

Group,

Inc.:

4.50%,

07/16/44

..................

1,005

1,219,809

4.80%,

07/10/45

..................

355

443,645

AmWINS

Group,

Inc.,

7.75%,

07/01/26

(b)

....

629

667,149

Aon

Corp.,

3.75%,

05/02/29

...........

550

618,896

Aon

plc,

4.60%,

06/14/44

.............

365

456,807

Ardonagh

Midco

2

plc,

11.50%,

(11.50%

Cash

or

12.70%

PIK),

01/15/27

(b)(j)

..........

532

551,128

Asahi

Mutual

Life

Insurance

Co.,

(USD

Swap

Semi

5

Year

+

4.59%),

6.50%

(a)(k)

.......

4,260

4,592,280

Assicurazioni

Generali

SpA,

(EURIBOR

3

Month

+

5.35%),

5.50%,

10/27/47

(a)

.....

EUR

2,315

3,380,756

AssuredPartners,

Inc.,

5.63%,

01/15/29

(b)

...

USD

2,020

2,020,000

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

(b)

1,461

1,490,220

FWD

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.08%),

5.50%

(a)(k)

.....................

760

763,562

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

.......

GBP

1,267

1,846,846

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

..

USD

2,482

2,643,330

Heungkuk

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.47%),

4.48%

(a)(k)

...........

1,721

1,744,449

Highlands

Holdings

Bond

Issuer

Ltd.,

7.63%,

10/15/25

(b)

.....................

1,436

1,519,058

HUB

International

Ltd.,

7.00%,

05/01/26

(b)

...

8,054

8,352,723

KDB

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.66%),

7.50%

(a)(k)

...............

2,100

2,122,706

Legal

&

General

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(k)

................

GBP

2,875

4,454,226

Liberty

Mutual

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%,

05/23/59

(a)

.....

EUR

300

370,413

Marsh

&

McLennan

Cos.,

Inc.,

4.38%,

03/15/29

USD

1,175

1,377,284

NFP

Corp.

(b)

:

4.88%,

08/15/28

..................

2,065

2,098,329

6.88%,

08/15/28

..................

9,089

9,568,081

Poste

Italiane

SpA,

(EURIBOR

Swap

Rate

5

Year

+

2.68%),

2.62%

(a)(k)

...........

EUR

1,275

1,510,319

Prudential

Financial,

Inc.,

4.35%,

02/25/50

..

USD

425

532,798

QBE

Insurance

Group

Ltd.,

(USD

Swap

Rate

10

Year

+

4.40%),

5.87%,

06/17/46

(a)

....

677

750,218

Societa

Cattolica

di

Assicurazioni

SC,

(EURIBOR

3

Month

+

4.46%),

4.25%,

12/14/47

(a)

.....................

EUR

700

935,060

Teachers

Insurance

&

Annuity

Association

of

America,

4.27%,

05/15/47

(b)

..........

USD

775

926,531

Travelers

Cos.,

Inc.

(The),

2.55%,

04/27/50

..

160

154,381

Union

Life

Insurance

Co.

Ltd.,

3.00%,

09/19/21

708

680,919

Unipol

Gruppo

SpA,

3.25%,

09/23/30

......

EUR

950

1,266,320

109,069,480

Interactive

Media

&

Services

—

0.1%

Alphabet,

Inc.:

1.90%,

08/15/40

..................

USD

730

663,641

2.05%,

08/15/50

..................

435

383,851

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

(b)

.....................

5,670

5,811,750

Tencent

Holdings

Ltd.,

3.84%,

04/24/51

(b)

...

460

498,097

TripAdvisor,

Inc.,

7.00%,

07/15/25

(b)

.......

125

134,500

Twitter,

Inc.,

3.88%,

12/15/27

(b)

..........

2,754

2,926,125

10,417,964

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.,

3.15%,

02/09/51

.

USD

1,220

$

1,191,623

Amazon.com,

Inc.:

3.15%,

08/22/27

..................

525

580,066

3.88%,

08/22/37

..................

1,075

1,281,884

2.50%,

06/03/50

..................

360

340,165

3.10%,

05/12/51

..................

600

630,260

2.70%,

06/03/60

..................

180

172,404

3.25%,

05/12/61

..................

810

853,618

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

......

3,907

3,882,581

Go

Daddy

Operating

Co.

LLC

(b)

:

5.25%,

12/01/27

..................

1,328

1,394,400

3.50%,

03/01/29

..................

960

953,760

HSE

Finance

SARL,

5.63%,

10/15/26

.....

EUR

401

488,847

Match

Group

Holdings

II

LLC

(b)

:

5.00%,

12/15/27

..................

USD

300

315,375

4.63%,

06/01/28

..................

2,599

2,702,622

5.63%,

02/15/29

..................

1,965

2,122,200

4.13%,

08/01/30

..................

2,523

2,567,153

MercadoLibre,

Inc.,

2.38%,

01/14/26

......

11

11,041

QVC,

Inc.:

4.38%,

03/15/23

..................

200

210,898

4.85%,

04/01/24

..................

200

217,000

4.45%,

02/15/25

..................

1,000

1,067,991

4.75%,

02/15/27

..................

1,500

1,590,555

4.38%,

09/01/28

..................

345

351,900

5.95%,

03/15/43

..................

200

202,500

Rakuten

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

4.74%),

4.25%

(a)(k)

...............

EUR

925

1,129,723

Very

Group

Funding

plc

(The),

7.75%,

11/15/22

GBP

300

417,390

24,675,956

IT

Services

—

0.5%

21Vianet

Group,

Inc.,

7.88%,

10/15/21

.....

USD

5,755

5,750,684

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

..

3,073

3,063,351

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(b)

.

1,096

1,133,856

Arches

Buyer,

Inc.

(b)

:

4.25%,

06/01/28

..................

1,306

1,291,307

6.13%,

12/01/28

..................

358

368,740

Austin

BidCo,

Inc.,

7.13%,

12/15/28

(b)

......

544

557,431

Banff

Merger

Sub,

Inc.:

8.38%,

09/01/26

..................

EUR

720

892,918

9.75%,

09/01/26

(b)

.................

USD

10,402

10,948,105

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(b)

2,332

2,320,247

Booz

Allen

Hamilton,

Inc.

(b)

:

3.88%,

09/01/28

..................

3,231

3,295,620

4.00%,

07/01/29

..................

3,248

3,321,080

Cablevision

Lightpath

LLC

(b)

:

3.88%,

09/15/27

..................

1,468

1,450,883

5.63%,

09/15/28

..................

1,358

1,383,123

Centurion

Bidco

SpA,

5.88%,

09/30/26

.....

EUR

785

972,079

Cogent

Communications

Group,

Inc.,

5.38%,

03/01/22

(b)

.....................

USD

182

185,134

Endure

Digital,

Inc.,

6.00%,

02/15/29

(b)

.....

1,380

1,366,200

Fidelity

National

Information

Services,

Inc.,

3.10%,

03/01/41

.................

365

373,894

Fiserv,

Inc.:

3.50%,

07/01/29

..................

10

11,003

2.65%,

06/01/30

..................

755

781,709

4.40%,

07/01/49

..................

225

271,387

Gartner,

Inc.

(b)

:

4.50%,

07/01/28

..................

4,484

4,735,642

3.63%,

06/15/29

..................

1,999

2,028,985

3.75%,

10/01/30

..................

4,007

4,099,602

Global

Payments,

Inc.:

1.20%,

03/01/26

..................

955

945,880

3.20%,

08/15/29

..................

1,300

1,391,469

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

4.15%,

08/15/49

..................

USD

475

$

544,665

International

Business

Machines

Corp.:

4.15%,

05/15/39

..................

600

713,015

4.00%,

06/20/42

..................

25

29,451

4.25%,

05/15/49

..................

665

821,158

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(b)

.....................

1,471

1,527,244

Mastercard,

Inc.:

1.90%,

03/15/31

..................

230

232,472

3.85%,

03/26/50

..................

260

313,986

Nexi

SpA,

0.00%,

02/24/28

(i)(m)

..........

EUR

900

1,077,559

Northwest

Fiber

LLC,

6.00%,

02/15/28

(b)

....

USD

1,782

1,785,903

PayPal

Holdings,

Inc.:

1.65%,

06/01/25

..................

455

466,966

3.25%,

06/01/50

..................

805

875,656

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

(b)

...

295

303,484

Square,

Inc.,

3.50%,

06/01/31

(b)

.........

4,721

4,762,309

Tempo

Acquisition

LLC

(b)

:

5.75%,

06/01/25

..................

1,215

1,278,787

6.75%,

06/01/25

..................

6,593

6,704,290

Twilio,

Inc.,

3.88%,

03/15/31

...........

1,360

1,395,700

Unisys

Corp.,

6.88%,

11/01/27

(b)

.........

2,425

2,650,137

United

Group

BV:

4.88%,

07/01/24

..................

EUR

866

1,037,898

4.00%,

11/15/27

..................

1,411

1,661,215

VeriSign,

Inc.,

4.75%,

07/15/27

.........

USD

1,690

1,793,512

82,915,736

Leisure

Products

—

0.0%

Mattel,

Inc.:

6.75%,

12/31/25

(b)

.................

676

710,273

5.88%,

12/15/27

(b)

.................

4,409

4,805,810

3.75%,

04/01/29

(b)

.................

783

814,320

6.20%,

10/01/40

..................

691

851,658

5.45%,

11/01/41

..................

888

1,023,420

8,205,481

Life

Sciences

Tools

&

Services

—

0.0%

(b)

Charles

River

Laboratories

International,

Inc.:

4.25%,

05/01/28

..................

1,754

1,813,197

3.75%,

03/15/29

..................

347

351,771

4.00%,

03/15/31

..................

747

777,127

Syneos

Health,

Inc.,

3.63%,

01/15/29

.....

4,157

4,115,430

7,057,525

Machinery

—

0.3%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

..

360

379,350

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(b)

.....................

1,189

1,217,239

Colfax

Corp.,

6.38%,

02/15/26

(b)

.........

1,853

1,956,768

Deere

&

Co.,

3.75%,

04/15/50

..........

325

392,915

EnPro

Industries,

Inc.,

5.75%,

10/15/26

....

559

589,521

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

...

4,018

4,123,473

Grinding

Media,

Inc.,

7.38%,

12/15/23

(b)

....

3,167

3,238,384

Hillenbrand,

Inc.,

3.75%,

03/01/31

........

400

398,092

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(j)

..........

2,542

2,758,070

Meritor,

Inc.,

4.50%,

12/15/28

(b)

.........

567

574,796

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

783

804,626

Navistar

International

Corp.

(b)

:

9.50%,

05/01/25

..................

975

1,045,200

6.63%,

11/01/25

..................

2,525

2,608,653

Novafives

SAS,

5.00%,

06/15/25

........

EUR

787

876,028

Otis

Worldwide

Corp.:

3.11%,

02/15/40

..................

USD

253

261,492

3.36%,

02/15/50

..................

10

10,525

Platin

1426

GmbH,

5.38%,

06/15/23

......

EUR

788

940,725

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

RBS

Global,

Inc.,

4.88%,

12/15/25

(b)

......

USD

3,580

$

3,651,600

Renk

AG:

5.75%,

07/15/25

..................

EUR

709

874,430

Sofima

Holding

SpA:

3.75%,

01/15/28

..................

677

806,606

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(a)

....................

585

696,230

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

.

USD

818

877,305

Terex

Corp.,

5.00%,

05/15/29

(b)

.........

4,303

4,485,878

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

....

4,187

4,338,779

Titan

International,

Inc.,

7.00%,

04/30/28

(b)

..

724

757,485

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

..

EUR

748

926,241

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

6,365

6,707,119

Vertical

Holdco

GmbH:

6.63%,

07/15/28

..................

EUR

700

884,018

7.63%,

07/15/28

(b)

.................

USD

2,946

3,196,970

50,378,518

Marine

—

0.0%

CMA

CGM

SA,

7.50%,

01/15/26

.........

EUR

1,100

1,450,389

Danaos

Corp.,

8.50%,

03/01/28

(b)

........

USD

1,844

2,022,075

3,472,464

Media

—

1.4%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(b)

.....................

2,253

2,371,282

Altice

Financing

SA:

2.25%,

01/15/25

..................

EUR

1,003

1,153,640

7.50%,

05/15/26

(b)

.................

USD

10,221

10,643,127

3.00%,

01/15/28

..................

EUR

976

1,100,205

5.00%,

01/15/28

(b)

.................

USD

6,698

6,565,179

Altice

Finco

SA,

4.75%,

01/15/28

........

EUR

400

463,358

AMC

Networks,

Inc.:

5.00%,

04/01/24

..................

USD

266

269,383

4.75%,

08/01/25

..................

1,561

1,602,679

4.25%,

02/15/29

..................

940

948,225

Audacy

Capital

Corp.,

6.75%,

03/31/29

(b)

...

365

378,729

Beasley

Mezzanine

Holdings

LLC,

8.63%,

02/01/26

(b)

.....................

1,110

1,120,057

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

1,221

1,245,420

Cable

One,

Inc.,

4.00%,

11/15/30

(b)

.......

1,201

1,205,504

Charter

Communications

Operating

LLC:

4.46%,

07/23/22

..................

2,670

2,764,221

Series

USD,

4.50%,

02/01/24

.........

655

713,407

4.91%,

07/23/25

..................

570

645,759

6.38%,

10/23/35

..................

810

1,082,700

6.48%,

10/23/45

..................

1,840

2,534,014

5.13%,

07/01/49

..................

905

1,077,765

3.85%,

04/01/61

..................

455

446,581

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

.....................

2,352

2,471,552

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

:

7.75%,

04/15/28

..................

3,715

3,891,537

7.50%,

06/01/29

..................

5,307

5,494,531

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

................

12,818

13,141,270

Comcast

Corp.:

3.15%,

03/01/26

..................

2,725

2,964,677

2.35%,

01/15/27

..................

300

314,666

4.15%,

10/15/28

..................

1,632

1,889,133

2.65%,

02/01/30

..................

225

236,851

4.60%,

10/15/38

..................

2,050

2,540,774

3.75%,

04/01/40

..................

1,000

1,127,280

2.80%,

01/15/51

..................

1,705

1,640,431

4.95%,

10/15/58

..................

550

760,547

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Media

(continued)

CSC

Holdings

LLC:

5.88%,

09/15/22

..................

USD

450

$

472,140

5.25%,

06/01/24

..................

4,991

5,408,765

5.50%,

04/15/27

(b)

.................

970

1,018,548

5.38%,

02/01/28

(b)

.................

4,003

4,234,974

6.50%,

02/01/29

(b)

.................

3,885

4,303,026

5.75%,

01/15/30

(b)

.................

2,705

2,809,819

4.13%,

12/01/30

(b)

.................

3,261

3,240,619

4.63%,

12/01/30

(b)

.................

12,012

11,785,093

3.38%,

02/15/31

(b)

.................

980

926,012

4.50%,

11/15/31

(b)

.................

3,572

3,593,932

5.00%,

11/15/31

(b)

.................

1,995

2,004,576

Cumulus

Media

New

Holdings,

Inc.,

6.75%,

07/01/26

(b)

.....................

581

607,871

Diamond

Sports

Group

LLC,

5.38%,

08/15/26

(b)

2,532

1,639,470

DISH

DBS

Corp.:

5.88%,

07/15/22

..................

6,903

7,201,210

5.00%,

03/15/23

..................

230

240,725

5.88%,

11/15/24

..................

1,700

1,825,375

7.75%,

07/01/26

..................

5,861

6,637,582

7.38%,

07/01/28

..................

450

484,258

5.13%,

06/01/29

(b)

.................

6,606

6,522,963

Fox

Corp.:

3.67%,

01/25/22

..................

65

66,272

3.05%,

04/07/25

..................

575

615,687

GCI

LLC,

4.75%,

10/15/28

(b)

...........

1,851

1,894,499

Gray

Television,

Inc.

(b)

:

7.00%,

05/15/27

..................

505

546,031

4.75%,

10/15/30

..................

250

249,133

Grupo

Televisa

SAB,

5.25%,

05/24/49

.....

200

250,934

iHeartCommunications,

Inc.:

8.38%,

05/01/27

..................

239

256,029

5.25%,

08/15/27

(b)

.................

214

223,716

4.75%,

01/15/28

(b)

.................

175

180,031

Interpublic

Group

of

Cos.,

Inc.

(The):

3.75%,

10/01/21

..................

300

302,617

3.38%,

03/01/41

..................

370

383,851

5.40%,

10/01/48

..................

200

267,381

Lamar

Media

Corp.,

4.00%,

02/15/30

......

958

969,601

LCPR

Senior

Secured

Financing

DAC

(b)

:

6.75%,

10/15/27

..................

3,513

3,785,960

5.13%,

07/15/29

..................

3,016

3,117,790

Liberty

Interactive

LLC:

8.50%,

07/15/29

..................

500

569,810

8.25%,

02/01/30

..................

400

457,203

MDC

Partners,

Inc.,

7.50%,

05/01/24

(b)(d)

....

1,010

1,022,625

Meredith

Corp.,

6.88%,

02/01/26

........

613

637,520

Midcontinent

Communications,

5.38%,

08/15/27

(b)

.....................

554

581,700

News

Corp.,

3.88%,

05/15/29

(b)

.........

1,721

1,738,210

Nexstar

Broadcasting,

Inc.,

5.63%,

07/15/27

(b)

700

742,000

Outfront

Media

Capital

LLC

(b)

:

5.00%,

08/15/27

..................

3,344

3,462,344

4.25%,

01/15/29

..................

919

924,744

Quebecor

Media,

Inc.,

5.75%,

01/15/23

....

3,380

3,617,158

Radiate

Holdco

LLC

(b)

:

4.50%,

09/15/26

..................

4,716

4,881,060

6.50%,

09/15/28

..................

10,878

11,428,971

Scripps

Escrow

II,

Inc.

(b)

:

3.88%,

01/15/29

..................

128

126,980

5.38%,

01/15/31

..................

1,284

1,279,942

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

.....................

3,924

3,855,330

Sirius

XM

Radio,

Inc.

(b)

:

5.00%,

08/01/27

..................

1,890

1,980,247

Security

Par

(000)

Par

(000)

Value

Media

(continued)

4.00%,

07/15/28

..................

USD

4,792

$

4,935,760

5.50%,

07/01/29

..................

5,652

6,158,984

4.13%,

07/01/30

..................

1,287

1,298,429

Summer

BC

Bidco

B

LLC,

5.50%,

10/31/26

(b)

.

360

366,008

Summer

BC

Holdco

A

SARL,

9.25%,

10/31/27

EUR

631

810,533

Summer

BC

Holdco

B

SARL,

5.75%,

10/31/26

1,919

2,380,585

Summer

BidCo

BV

(j)

:

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(a)

....................

754

911,549

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

.....................

338

408,001

TEGNA,

Inc.:

5.50%,

09/15/24

(b)

.................

USD

73

74,277

4.75%,

03/15/26

(b)

.................

585

623,025

4.63%,

03/15/28

..................

750

778,125

5.00%,

09/15/29

..................

3,350

3,505,708

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

................

3,600

3,787,200

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(b)

.

3,637

3,932,506

Time

Warner

Cable

LLC,

4.00%,

09/01/21

...

850

850,000

Townsquare

Media,

Inc.,

6.88%,

02/01/26

(b)

..

1,644

1,759,080

Univision

Communications,

Inc.

(b)

:

5.13%,

02/15/25

..................

4,563

4,655,173

6.63%,

06/01/27

..................

2,338

2,533,340

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

.

3,428

3,435,884

UPC

Holding

BV:

5.50%,

01/15/28

(b)

.................

400

419,000

3.88%,

06/15/29

..................

EUR

700

840,902

UPCB

Finance

VII

Ltd.,

3.63%,

06/15/29

....

1,756

2,126,044

Urban

One,

Inc.,

7.38%,

02/01/28

(b)

.......

USD

75

81,000

ViacomCBS,

Inc.:

4.38%,

03/15/43

..................

592

684,978

5.85%,

09/01/43

..................

229

313,756

4.95%,

05/19/50

..................

77

97,228

(LIBOR

USD

3

Month

+

3.90%),

6.25%,

02/28/57

(a)

....................

450

515,286

Videotron

Ltd.:

5.00%,

07/15/22

..................

450

468,045

5.38%,

06/15/24

(b)

.................

400

438,000

5.13%,

04/15/27

(b)

.................

569

594,605

3.63%,

06/15/29

(b)

.................

2,829

2,884,760

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

.................

GBP

567

796,096

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

................

USD

4,887

4,984,740

Ziggo

Bond

Co.

BV

(b)

:

6.00%,

01/15/27

..................

783

818,235

5.13%,

02/28/30

..................

2,365

2,420,554

Ziggo

BV

(b)

:

5.50%,

01/15/27

..................

4,992

5,186,688

4.88%,

01/15/30

..................

2,956

3,029,900

260,080,802

Metals

&

Mining

—

0.8%

ABJA

Investment

Co.

Pte.

Ltd.:

5.95%,

07/31/24

..................

6,909

7,450,061

5.45%,

01/24/28

..................

630

677,672

Alcoa

Nederland

Holding

BV,

7.00%,

09/30/26

(b)

450

470,250

Allegheny

Technologies,

Inc.:

7.88%,

08/15/23

(d)

.................

2,253

2,469,851

5.88%,

12/01/27

..................

25

26,188

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

......................

1,245

1,289,197

Antofagasta

plc,

2.38%,

10/14/30

(b)

.......

1,540

1,479,940

Arconic

Corp.

(b)

:

6.00%,

05/15/25

..................

1,922

2,048,410

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

6.13%,

02/15/28

..................

USD

3,386

$

3,632,230

Barrick

North

America

Finance

LLC,

5.75%,

05/01/43

......................

30

42,294

BHP

Billiton

Finance

USA

Ltd.,

5.00%,

09/30/43

286

388,659

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

10,502

11,565,327

Cleveland-Cliffs,

Inc.

(b)

:

9.88%,

10/17/25

..................

1,322

1,549,397

4.63%,

03/01/29

..................

200

210,454

Commercial

Metals

Co.,

5.38%,

07/15/27

...

104

109,980

Constellium

SE

(b)

:

5.88%,

02/15/26

..................

7,037

7,245,999

5.63%,

06/15/28

..................

1,468

1,574,430

3.75%,

04/15/29

..................

5,396

5,342,040

FMG

Resources

August

2006

Pty.

Ltd.

(b)

:

5.13%,

05/15/24

..................

545

593,369

4.50%,

09/15/27

..................

595

647,062

Freeport-McMoRan,

Inc.:

4.38%,

08/01/28

..................

3,038

3,208,888

5.40%,

11/14/34

..................

168

202,911

5.45%,

03/15/43

..................

7,453

9,109,951

Fresnillo

plc,

4.25%,

10/02/50

(b)

.........

3,085

3,116,814

Glencore

Funding

LLC,

0.00%,

03/27/25

(i)(m)

..

800

778,640

Gold

Fields

Orogen

Holdings

BVI

Ltd.,

5.13%,

05/15/24

(b)

.....................

4,309

4,688,192

Industrias

Penoles

SAB

de

CV,

4.75%,

08/06/50

(b)

.....................

1,835

1,979,277

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

.....................

2,368

2,628,480

JSW

Steel

Ltd.:

5.95%,

04/18/24

..................

630

672,446

5.38%,

04/04/25

..................

4,173

4,442,420

Kaiser

Aluminum

Corp.

(b)

:

4.63%,

03/01/28

..................

244

252,083

4.50%,

06/01/31

..................

980

1,005,029

KME

SE,

6.75%,

02/01/23

............

EUR

630

690,996

Mineral

Resources

Ltd.,

8.13%,

05/01/27

(b)

..

USD

615

675,731

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

.......

4,149

4,501,665

Newmont

Corp.:

3.70%,

03/15/23

..................

220

229,661

2.80%,

10/01/29

..................

235

247,589

5.45%,

06/09/44

..................

300

410,180

Nexa

Resources

SA,

5.38%,

05/04/27

(b)

....

3,557

3,812,215

Novelis

Corp.

(b)

:

5.88%,

09/30/26

..................

3,432

3,570,154

4.75%,

01/30/30

..................

6,768

7,106,400

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

.

EUR

595

723,371

Nucor

Corp.:

2.00%,

06/01/25

..................

USD

205

212,129

2.98%,

12/15/55

(b)

.................

75

72,480

Periama

Holdings

LLC,

5.95%,

04/19/26

....

4,824

5,236,452

Southern

Copper

Corp.,

5.88%,

04/23/45

...

150

208,500

Steel

Dynamics,

Inc.:

2.40%,

06/15/25

..................

95

99,341

1.65%,

10/15/27

..................

535

533,206

3.25%,

10/15/50

..................

210

209,255

SunCoke

Energy

Partners

LP,

7.50%,

06/15/25

(b)

.....................

350

363,492

SunCoke

Energy,

Inc.,

4.88%,

06/30/29

(b)

...

200

199,750

Taseko

Mines

Ltd.,

7.00%,

02/15/26

(b)

.....

2,457

2,561,423

thyssenkrupp

AG,

2.88%,

02/22/24

.......

EUR

2,862

3,441,819

TMS

International

Corp.,

6.25%,

04/15/29

(b)

..

USD

816

856,800

United

States

Steel

Corp.:

6.25%,

03/15/26

..................

108

111,326

6.88%,

03/01/29

..................

2,065

2,209,550

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Vale

Overseas

Ltd.:

6.25%,

08/10/26

..................

USD

367

$

440,125

3.75%,

07/08/30

..................

2,790

2,967,165

Vedanta

Resources

Finance

II

plc:

8.00%,

04/23/23

..................

6,094

5,763,781

13.88%,

01/21/24

.................

2,425

2,635,975

8.95%,

03/11/25

(b)

.................

1,278

1,252,440

Vedanta

Resources

Ltd.,

7.13%,

05/31/23

..................

6,730

6,228,615

138,469,527

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Apollo

Commercial

Real

Estate

Finance,

Inc.,

4.63%,

06/15/29

(b)

................

1,326

1,307,569

New

Residential

Investment

Corp.,

6.25%,

10/15/25

(b)

.....................

100

100,095

Starwood

Property

Trust,

Inc.:

5.00%,

12/15/21

..................

1,943

1,952,715

5.50%,

11/01/23

(b)

.................

217

227,307

4.75%,

03/15/25

..................

550

572,000

3.63%,

07/15/26

(b)

.................

215

216,613

4,376,299

Multiline

Retail

—

0.1%

Future

Retail

Ltd.,

5.60%,

01/22/25

.......

285

209,707

Golden

Eagle

Retail

Group

Ltd.,

4.63%,

05/21/23

(b)

.....................

630

646,459

Macy's

Retail

Holdings

LLC,

5.88%,

04/01/29

(b)

170

182,823

Macy's,

Inc.,

8.38%,

06/15/25

(b)

.........

3,931

4,328,817

Marks

&

Spencer

plc,

4.50%,

07/10/27

(d)

....

GBP

600

887,821

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

...

USD

3,038

3,243,065

9,498,692

Multi-Utilities

—

0.0%

Berkshire

Hathaway

Energy

Co.,

3.75%,

11/15/23

......................

825

881,359

Consumers

Energy

Co.,

3.25%,

08/15/46

...

875

937,875

Dominion

Energy,

Inc.:

2.72%,

08/15/21

(d)

.................

365

366,044

Series

B,

2.75%,

09/15/22

...........

1,210

1,236,131

3.90%,

10/01/25

..................

1,120

1,238,449

DTE

Energy

Co.:

Series

B,

2.60%,

06/15/22

...........

180

183,888

2.25%,

11/01/22

..................

200

204,481

NiSource,

Inc.:

3.60%,

05/01/30

..................

400

442,883

3.95%,

03/30/48

..................

550

626,868

Sempra

Energy:

3.40%,

02/01/28

..................

1,075

1,181,230

3.80%,

02/01/38

..................

1,025

1,137,986

8,437,194

Oil,

Gas

&

Consumable

Fuels

—

3.2%

Adani

Green

Energy

UP

Ltd.,

6.25%,

12/10/24

1,600

1,767,300

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

....

3,599

3,896,637

Antero

Midstream

Partners

LP

(b)

:

7.88%,

05/15/26

..................

3,355

3,749,581

5.75%,

03/01/27

..................

1,634

1,699,360

5.75%,

01/15/28

..................

732

770,262

5.38%,

06/15/29

..................

2,488

2,593,740

Antero

Resources

Corp.:

5.00%,

03/01/25

..................

200

204,694

8.38%,

07/15/26

(b)

.................

205

233,187

7.63%,

02/01/29

(b)

.................

3,196

3,547,560

5.38%,

03/01/30

(b)

.................

1,657

1,691,184

Apache

Corp.:

4.63%,

11/15/25

..................

305

329,400

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.88%,

11/15/27

..................

USD

1,279

$

1,385,144

4.38%,

10/15/28

..................

1,098

1,168,821

4.25%,

01/15/30

..................

1,287

1,357,785

5.10%,

09/01/40

..................

2,913

3,051,367

5.25%,

02/01/42

..................

599

633,443

4.75%,

04/15/43

..................

4,198

4,364,661

4.25%,

01/15/44

..................

767

749,451

5.35%,

07/01/49

..................

736

774,640

Ascent

Resources

Utica

Holdings

LLC

(b)

:

9.00%,

11/01/27

..................

1,810

2,501,673

8.25%,

12/31/28

..................

1,004

1,104,400

5.88%,

06/30/29

..................

3,415

3,415,000

Azure

Power

Solar

Energy

Pvt

Ltd.,

5.65%,

12/24/24

......................

630

666,146

Berry

Petroleum

Co.

LLC,

7.00%,

02/15/26

(b)

.

180

182,700

BP

Capital

Markets

America,

Inc.:

3.19%,

04/06/25

..................

730

786,577

3.02%,

01/16/27

..................

582

628,035

3.59%,

04/14/27

..................

732

810,440

4.23%,

11/06/28

..................

758

878,972

3.63%,

04/06/30

..................

830

930,466

1.75%,

08/10/30

..................

560

546,408

3.06%,

06/17/41

..................

1,025

1,032,752

BP

Capital

Markets

plc:

Series

BP,

1.00%,

04/28/23

(i)

..........

GBP

600

853,684

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%

(a)(k)

.....................

USD

12,000

12,780,000

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.17%),

4.25%

(a)(k)

..

GBP

500

732,388

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%),

4.88%

(a)(k)

.....................

USD

20,125

22,097,250

Buckeye

Partners

LP:

4.13%,

03/01/25

(b)

.................

318

329,528

5.85%,

11/15/43

..................

1,712

1,699,160

5.60%,

10/15/44

..................

978

948,660

Callon

Petroleum

Co.:

6.25%,

04/15/23

..................

243

243,282

6.13%,

10/01/24

..................

745

734,414

9.00%,

04/01/25

(b)

.................

4,529

4,936,610

8.00%,

08/01/28

(b)

.................

4,358

4,407,027

Calumet

Specialty

Products

Partners

LP:

7.75%,

04/15/23

..................

500

497,500

9.25%,

07/15/24

(b)

.................

200

220,000

11.00%,

04/15/25

(b)

................

542

589,425

Cameron

LNG

LLC,

3.30%,

01/15/35

(b)

.....

565

606,689

Centennial

Resource

Production

LLC

(b)

:

5.38%,

01/15/26

..................

1,548

1,517,040

6.88%,

04/01/27

..................

1,769

1,808,997

Cheniere

Corpus

Christi

Holdings

LLC:

5.88%,

03/31/25

..................

995

1,140,339

5.13%,

06/30/27

..................

1,165

1,354,646

Cheniere

Energy

Partners

LP:

5.63%,

10/01/26

..................

540

560,250

4.50%,

10/01/29

..................

2,671

2,871,325

4.00%,

03/01/31

(b)

.................

5,101

5,330,545

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

(b)

...

12,982

13,696,010

Chesapeake

Energy

Corp.

(b)

:

5.50%,

02/01/26

..................

213

224,715

5.88%,

02/01/29

..................

551

596,433

Chevron

USA,

Inc.,

4.20%,

10/15/49

......

665

819,011

Cimarex

Energy

Co.,

3.90%,

05/15/27

.....

155

170,847

CITGO

Petroleum

Corp.

(b)

:

7.00%,

06/15/25

..................

1,719

1,791,318

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.38%,

06/15/26

..................

USD

1,785

$

1,860,863

CNX

Resources

Corp.

(b)

:

7.25%,

03/14/27

..................

1,700

1,821,660

6.00%,

01/15/29

..................

1,695

1,832,668

Colgate

Energy

Partners

III

LLC

(b)

:

7.75%,

02/15/26

..................

1,517

1,663,011

5.88%,

07/01/29

..................

2,592

2,689,200

Comstock

Resources,

Inc.

(b)

:

7.50%,

05/15/25

..................

1,671

1,733,662

6.75%,

03/01/29

..................

3,747

3,991,417

5.88%,

01/15/30

..................

2,574

2,625,480

ConocoPhillips,

3.75%,

10/01/27

(b)

.......

800

898,920

Continental

Resources,

Inc.:

4.50%,

04/15/23

..................

374

389,177

4.38%,

01/15/28

..................

500

553,125

5.75%,

01/15/31

(b)

.................

561

671,798

4.90%,

06/01/44

..................

632

715,743

Continuum

Energy

Levanter

Pte.

Ltd.,

4.50%,

02/09/27

(b)

.....................

1,050

1,075,134

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

2,813

2,931,118

Crestwood

Midstream

Partners

LP:

5.75%,

04/01/25

..................

75

77,115

5.63%,

05/01/27

(b)

.................

1,657

1,700,496

6.00%,

02/01/29

(b)

.................

1,450

1,518,875

CrownRock

LP

(b)

:

5.63%,

10/15/25

..................

6,099

6,312,465

5.00%,

05/01/29

..................

160

168,040

DCP

Midstream

Operating

LP:

3.88%,

03/15/23

..................

300

311,250

5.38%,

07/15/25

..................

645

718,336

6.45%,

11/03/36

(b)

.................

1,578

1,846,260

6.75%,

09/15/37

(b)

.................

5,096

6,127,940

(LIBOR

USD

3

Month

+

3.85%),

5.85%,

05/21/43

(a)(b)

...................

375

346,875

5.60%,

04/01/44

..................

350

385,002

Delek

Logistics

Partners

LP,

7.13%,

06/01/28

(b)

100

105,500

Devon

Energy

Corp.:

8.25%,

08/01/23

(b)

.................

286

325,853

5.25%,

09/15/24

(b)

.................

400

445,558

5.25%,

10/15/27

(b)

.................

1,070

1,153,335

4.75%,

05/15/42

..................

323

364,460

Diamondback

Energy,

Inc.:

2.88%,

12/01/24

..................

1,680

1,774,416

4.75%,

05/31/25

..................

50

56,297

3.50%,

12/01/29

..................

1,400

1,498,766

3.13%,

03/24/31

..................

269

278,780

DT

Midstream,

Inc.

(b)

:

4.13%,

06/15/29

..................

3,527

3,581,069

4.38%,

06/15/31

..................

4,077

4,165,838

Enbridge,

Inc.:

4.00%,

10/01/23

..................

500

533,650

2.50%,

01/15/25

..................

1,040

1,089,573

3.70%,

07/15/27

..................

144

158,824

3.13%,

11/15/29

..................

425

455,135

4.50%,

06/10/44

..................

30

35,396

Series

16-A,

(LIBOR

USD

3

Month

+

3.89%),

6.00%,

01/15/77

(a)

.........

13,675

15,164,846

(LIBOR

USD

3

Month

+

3.64%),

6.25%,

03/01/78

(a)

....................

4,760

5,195,719

Encino

Acquisition

Partners

Holdings

LLC,

8.50%,

05/01/28

(b)

................

300

306,000

Endeavor

Energy

Resources

LP

(b)

:

6.63%,

07/15/25

..................

700

749,000

5.50%,

01/30/26

..................

4,452

4,624,515

5.75%,

01/30/28

..................

682

727,183

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Energean

Israel

Finance

Ltd.,

4.50%,

03/30/24

(b)

.....................

USD

3,470

$

3,548,075

Energy

Transfer

LP:

5.00%,

10/01/22

..................

300

312,737

5.88%,

01/15/24

..................

3,740

4,144,309

4.90%,

02/01/24

..................

245

266,375

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(a)(k)

.....................

10,183

10,381,569

5.25%,

04/15/29

..................

270

318,916

5.95%,

10/01/43

..................

220

274,466

5.15%,

03/15/45

..................

1,250

1,445,708

6.25%,

04/15/49

..................

1,735

2,276,747

EnLink

Midstream

LLC:

5.63%,

01/15/28

(b)

.................

1,672

1,766,284

5.38%,

06/01/29

..................

930

970,567

EnLink

Midstream

Partners

LP:

4.40%,

04/01/24

..................

1,979

2,077,950

4.15%,

06/01/25

..................

1,283

1,343,737

4.85%,

07/15/26

..................

2,041

2,112,435

5.60%,

04/01/44

..................

969

876,945

5.05%,

04/01/45

..................

66

56,760

5.45%,

06/01/47

..................

600

532,500

Enterprise

Products

Operating

LLC:

4.45%,

02/15/43

..................

1,000

1,182,543

4.85%,

03/15/44

..................

5

6,106

4.80%,

02/01/49

..................

575

707,650

4.20%,

01/31/50

..................

930

1,072,664

EOG

Resources,

Inc.:

4.38%,

04/15/30

..................

300

355,144

4.95%,

04/15/50

..................

70

93,152

EQM

Midstream

Partners

LP:

6.00%,

07/01/25

(b)

.................

1,589

1,728,038

4.13%,

12/01/26

..................

178

182,228

6.50%,

07/01/27

(b)

.................

3,017

3,363,955

5.50%,

07/15/28

..................

730

788,823

4.50%,

01/15/29

(b)

.................

2,005

2,039,842

4.75%,

01/15/31

(b)

.................

3,573

3,681,762

6.50%,

07/15/48

..................

240

256,800

EQT

Corp.:

7.63%,

02/01/25

(d)

.................

475

554,083

3.13%,

05/15/26

(b)

.................

1,353

1,386,433

3.90%,

10/01/27

..................

2,054

2,200,347

5.00%,

01/15/29

..................

384

428,148

8.50%,

02/01/30

(d)

.................

1,593

2,075,536

3.63%,

05/15/31

(b)

.................

381

397,192

Genesis

Energy

LP:

6.50%,

10/01/25

..................

1,078

1,088,780

8.00%,

01/15/27

..................

2,351

2,470,019

7.75%,

02/01/28

..................

840

868,090

Global

Partners

LP:

7.00%,

08/01/27

..................

400

424,000

6.88%,

01/15/29

..................

975

1,045,688

GNL

Quintero

SA,

4.63%,

07/31/29

.......

7,171

7,789,499

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(b)

.....................

194

193,030

Greenko

Dutch

BV,

3.85%,

03/29/26

......

650

666,250

Greenko

Mauritius

Ltd.,

6.25%,

02/21/23

...

930

957,900

Greenko

Solar

Mauritius

Ltd.:

5.55%,

01/29/25

..................

630

646,537

5.95%,

07/29/26

..................

8,565

9,227,717

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(b)

..

1,052

1,142,472

Hess

Corp.:

4.30%,

04/01/27

..................

955

1,062,881

5.60%,

02/15/41

..................

925

1,154,655

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.80%,

04/01/47

..................

USD

200

$

260,606

Hess

Midstream

Operations

LP

(b)

:

5.63%,

02/15/26

..................

885

923,055

5.13%,

06/15/28

..................

1,031

1,081,261

Hilcorp

Energy

I

LP

(b)

:

5.75%,

10/01/25

..................

550

558,250

6.25%,

11/01/28

..................

220

233,750

5.75%,

02/01/29

..................

474

494,145

6.00%,

02/01/31

..................

1,160

1,229,600

Holly

Energy

Partners

LP,

5.00%,

02/01/28

(b)

.

1,900

1,942,750

HollyFrontier

Corp.,

2.63%,

10/01/23

......

885

915,071

HPCL-Mittal

Energy

Ltd.:

5.45%,

10/22/26

..................

1,760

1,846,130

5.25%,

04/28/27

..................

700

729,881

Independence

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

.....................

3,543

3,720,752

India

Green

Energy

Holdings:

5.38%,

04/29/24

..................

1,945

2,036,780

5.38%,

04/29/24

(b)

.................

2,183

2,286,010

Indigo

Natural

Resources

LLC,

5.38%,

02/01/29

(b)

.....................

4,254

4,445,430

Investment

Energy

Resources

Ltd.,

6.25%,

04/26/29

(b)

.....................

709

766,606

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

3,387

3,450,506

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

.....................

1,535

1,589,780

Kinder

Morgan

Energy

Partners

LP:

5.00%,

10/01/21

..................

3,000

3,000,000

6.95%,

01/15/38

..................

286

408,768

6.38%,

03/01/41

..................

75

103,668

5.40%,

09/01/44

..................

850

1,067,215

Kinder

Morgan,

Inc.:

3.15%,

01/15/23

..................

2,105

2,190,362

5.55%,

06/01/45

..................

1,175

1,521,179

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)

....

4,016

4,186,045

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(b)

.....................

600

618,750

Marathon

Oil

Corp.,

4.40%,

07/15/27

......

965

1,092,973

Marathon

Petroleum

Corp.:

4.50%,

05/01/23

..................

2,150

2,292,876

4.75%,

09/15/44

..................

49

57,896

Matador

Resources

Co.,

5.88%,

09/15/26

...

8,506

8,761,180

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

05/14/26

..

2,890

3,147,029

Medco

Platinum

Road

Pte.

Ltd.,

6.75%,

01/30/25

......................

3,648

3,824,244

MEG

Energy

Corp.

(b)

:

6.50%,

01/15/25

..................

441

455,884

7.13%,

02/01/27

..................

689

734,009

5.88%,

02/01/29

..................

649

676,582

Mongolian

Mining

Corp.,

9.25%,

04/15/24

...

4,000

3,692,000

MPLX

LP:

1.75%,

03/01/26

..................

1,160

1,172,506

4.25%,

12/01/27

..................

790

895,212

4.00%,

03/15/28

..................

425

474,792

Murphy

Oil

Corp.:

6.88%,

08/15/24

..................

300

306,750

5.75%,

08/15/25

..................

1,222

1,254,077

5.88%,

12/01/27

..................

512

534,374

6.38%,

07/15/28

..................

100

105,435

6.37%,

12/01/42

(d)

.................

150

148,556

Neptune

Energy

Bondco

plc,

6.63%,

05/15/25

(b)

1,768

1,815,206

New

Fortress

Energy,

Inc.

(b)

:

6.75%,

09/15/25

..................

11,256

11,523,330

6.50%,

09/30/26

..................

9,125

9,323,925

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

2,763

2,901,150

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(b)

.....

USD

1,007

$

1,440,517

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

4,018

4,329,395

NuStar

Logistics

LP:

5.75%,

10/01/25

..................

752

817,800

6.00%,

06/01/26

..................

2,522

2,736,370

5.63%,

04/28/27

..................

600

642,528

6.38%,

10/01/30

..................

47

51,930

Oasis

Midstream

Partners

LP,

8.00%,

04/01/29

(b)

.....................

650

690,983

Oasis

Petroleum,

Inc.,

6.38%,

06/01/26

(b)

...

2,532

2,640,192

Occidental

Petroleum

Corp.:

2.70%,

02/15/23

..................

552

564,254

6.95%,

07/01/24

..................

431

485,513

2.90%,

08/15/24

..................

6,386

6,529,685

5.50%,

12/01/25

..................

1,091

1,205,577

5.55%,

03/15/26

..................

320

353,600

3.40%,

04/15/26

..................

348

355,830

3.20%,

08/15/26

..................

114

114,855

3.00%,

02/15/27

..................

30

29,775

8.50%,

07/15/27

..................

380

478,496

6.38%,

09/01/28

..................

705

823,088

3.50%,

08/15/29

..................

1,750

1,756,300

8.88%,

07/15/30

..................

885

1,183,590

6.63%,

09/01/30

..................

550

660,000

6.13%,

01/01/31

..................

1,964

2,310,705

6.45%,

09/15/36

..................

2,200

2,630,320

4.30%,

08/15/39

..................

2,678

2,557,490

6.20%,

03/15/40

..................

3,053

3,452,088

4.50%,

07/15/44

..................

2,020

1,944,250

4.63%,

06/15/45

..................

4,189

4,084,275

6.60%,

03/15/46

..................

450

534,915

4.40%,

04/15/46

..................

4,378

4,205,069

4.10%,

02/15/47

..................

482

448,800

4.20%,

03/15/48

..................

2,492

2,330,020

4.40%,

08/15/49

..................

1,217

1,168,320

OQ

SAOC,

5.13%,

05/06/28

(b)

..........

5,181

5,215,972

Ovintiv

Exploration,

Inc.:

5.63%,

07/01/24

..................

425

473,203

5.38%,

01/01/26

..................

2,342

2,639,307

Ovintiv,

Inc.:

8.13%,

09/15/30

..................

25

34,070

7.20%,

11/01/31

..................

50

65,794

7.38%,

11/01/31

..................

847

1,124,569

6.50%,

08/15/34

..................

1,122

1,481,168

6.63%,

08/15/37

..................

50

66,714

6.50%,

02/01/38

..................

150

199,703

Par

Petroleum

LLC,

7.75%,

12/15/25

(b)

.....

300

301,539

Parkland

Corp.

(b)

:

5.88%,

07/15/27

..................

2,224

2,370,495

4.50%,

10/01/29

..................

776

788,563

Parsley

Energy

LLC,

5.63%,

10/15/27

(b)

....

420

453,600

PBF

Holding

Co.

LLC:

9.25%,

05/15/25

(b)

.................

2,656

2,675,628

7.25%,

06/15/25

..................

500

380,000

PDC

Energy,

Inc.:

6.13%,

09/15/24

..................

1,134

1,159,742

6.25%,

12/01/25

..................

1,742

1,802,970

5.75%,

05/15/26

..................

1,430

1,493,892

Petrobras

Global

Finance

BV,

5.30%,

01/27/25

4,905

5,506,782

Pioneer

Natural

Resources

Co.:

0.55%,

05/15/23

..................

580

580,554

1.13%,

01/15/26

..................

310

306,952

2.15%,

01/15/31

..................

755

739,800

Plains

All

American

Pipeline

LP,

4.30%,

01/31/43

......................

430

434,387

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Puma

International

Financing

SA:

5.13%,

10/06/24

(b)

.................

USD

350

$

352,187

5.13%,

10/06/24

..................

1,375

1,383,594

5.00%,

01/24/26

(b)

.................

550

553,541

Qatar

Petroleum,

3.30%,

07/12/51

.......

4,029

4,029,000

Range

Resources

Corp.:

5.00%,

03/15/23

..................

500

517,500

4.88%,

05/15/25

..................

922

954,270

9.25%,

02/01/26

..................

1,471

1,621,778

8.25%,

01/15/29

(b)

.................

962

1,084,655

ReNew

Power

Ltd.,

6.45%,

09/27/22

......

3,330

3,429,484

ReNew

Power

Pvt

Ltd.,

5.88%,

03/05/27

....

4,485

4,775,964

ReNew

Power

Synthetic:

6.67%,

03/12/24

(b)

.................

630

661,224

6.67%,

03/12/24

..................

4,901

5,143,906

Renewable

Energy

Group,

Inc.,

5.88%,

06/01/28

(b)

.....................

275

288,406

Repsol

International

Finance

BV

(a)

:

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

(k)

......................

EUR

550

697,691

(EUR

Swap

Annual

5

Year

+

4.41%),

4.25%

(k)

......................

467

609,071

(EUR

Swap

Annual

10

Year

+

4.20%),

4.50%,

03/25/75

................

300

388,424

Rubis

Terminal

Infra

SAS,

5.63%,

05/15/25

..

1,313

1,638,798

Sabine

Pass

Liquefaction

LLC:

5.75%,

05/15/24

..................

USD

975

1,094,130

5.63%,

03/01/25

..................

1,105

1,262,946

Santos

Finance

Ltd.,

5.25%,

03/13/29

.....

1,100

1,251,304

SM

Energy

Co.:

10.00%,

01/15/25

(b)

................

6,364

7,180,756

5.63%,

06/01/25

..................

120

118,800

6.75%,

09/15/26

..................

201

204,517

6.63%,

01/15/27

..................

416

427,440

6.50%,

07/15/28

..................

3,531

3,628,103

Southwestern

Energy

Co.:

6.45%,

01/23/25

(d)

.................

1,637

1,812,159

7.50%,

04/01/26

..................

1,451

1,536,247

7.75%,

10/01/27

..................

175

189,873

8.38%,

09/15/28

..................

857

968,410

Sunoco

LP:

6.00%,

04/15/27

..................

1,460

1,526,795

5.88%,

03/15/28

..................

1,136

1,207,000

4.50%,

05/15/29

(b)

.................

1,515

1,541,513

Tallgrass

Energy

Partners

LP

(b)

:

5.50%,

09/15/24

..................

677

686,221

7.50%,

10/01/25

..................

1,062

1,162,890

5.50%,

01/15/28

..................

295

300,162

6.00%,

12/31/30

..................

1,925

2,001,269

Talos

Production,

Inc.,

12.00%,

01/15/26

...

600

639,000

Targa

Resources

Partners

LP:

5.88%,

04/15/26

..................

3,333

3,500,683

5.38%,

02/01/27

..................

1,036

1,078,735

6.50%,

07/15/27

..................

400

433,488

5.00%,

01/15/28

..................

550

580,250

6.88%,

01/15/29

..................

786

885,531

5.50%,

03/01/30

..................

2,199

2,418,153

4.88%,

02/01/31

(b)

.................

772

835,690

4.00%,

01/15/32

(b)

.................

494

508,153

TerraForm

Power

Operating

LLC

(b)

:

4.25%,

01/31/23

..................

584

599,330

5.00%,

01/31/28

..................

1,080

1,143,450

4.75%,

01/15/30

..................

986

1,009,832

UGI

International

LLC,

3.25%,

11/01/25

....

EUR

500

605,385

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Valero

Energy

Corp.:

2.70%,

04/15/23

..................

USD

425

$

440,613

1.20%,

03/15/24

..................

1,250

1,260,815

2.85%,

04/15/25

..................

625

662,703

Vine

Energy

Holdings

LLC,

6.75%,

04/15/29

(b)

4,612

4,854,130

Viper

Energy

Partners

LP,

5.38%,

11/01/27

(b)

.

1,681

1,751,115

Western

Midstream

Operating

LP:

4.75%,

08/15/28

..................

256

276,480

5.30%,

02/01/30

(d)

.................

1,900

2,128,009

5.45%,

04/01/44

..................

2,063

2,222,882

5.30%,

03/01/48

..................

5,389

5,739,285

5.50%,

08/15/48

..................

671

730,310

6.50%,

02/01/50

(d)

.................

6,463

7,483,088

Williams

Cos.,

Inc.

(The):

3.60%,

03/15/22

..................

1,000

1,016,784

3.70%,

01/15/23

..................

960

999,684

4.55%,

06/24/24

..................

1,425

1,569,938

584,960,080

Paper

&

Forest

Products

—

0.0%

Clearwater

Paper

Corp.,

4.75%,

08/15/28

(b)

..

125

124,531

Georgia-Pacific

LLC,

1.75%,

09/30/25

(b)

....

187

191,783

Louisiana-Pacific

Corp.,

3.63%,

03/15/29

(b)

..

1,300

1,308,125

Resolute

Forest

Products,

Inc.,

4.88%,

03/01/26

(b)

.....................

1,080

1,115,640

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/01/26

(b)

.....................

300

317,625

Suzano

Austria

GmbH,

3.13%,

01/15/32

....

2,435

2,411,624

5,469,328

Personal

Products

—

0.1%

Coty,

Inc.:

4.00%,

04/15/23

..................

EUR

900

1,057,799

3.88%,

04/15/26

..................

1,299

1,546,050

4.75%,

04/15/26

..................

600

692,569

5.00%,

04/15/26

(b)

.................

USD

2,418

2,451,804

6.50%,

04/15/26

(b)

.................

500

506,525

Edgewell

Personal

Care

Co.,

5.50%,

06/01/28

(b)

548

580,880

Ontex

Group

NV,

3.50%,

07/15/26

.......

EUR

511

605,161

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(b)

....

USD

2,137

2,060,335

9,501,123

Pharmaceuticals

—

0.6%

Astrazeneca

Finance

LLC,

2.25%,

05/28/31

..

155

157,225

Bausch

Health

Americas,

Inc.

(b)

:

9.25%,

04/01/26

..................

800

870,160

8.50%,

01/31/27

..................

3,400

3,695,460

Bausch

Health

Cos.,

Inc.

(b)

:

6.13%,

04/15/25

..................

1,966

2,015,150

5.50%,

11/01/25

..................

1,125

1,154,250

9.00%,

12/15/25

..................

6,400

6,862,720

5.75%,

08/15/27

..................

2,758

2,927,286

7.00%,

01/15/28

..................

1,904

1,961,120

5.00%,

01/30/28

..................

1,357

1,287,454

4.88%,

06/01/28

..................

5,150

5,271,025

5.00%,

02/15/29

..................

4,391

4,094,607

6.25%,

02/15/29

..................

4,469

4,420,065

7.25%,

05/30/29

..................

5,147

5,259,771

5.25%,

01/30/30

..................

475

441,750

5.25%,

02/15/31

..................

1,032

963,320

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25

(b)

.

1,525

1,699,378

Bristol-Myers

Squibb

Co.:

2.90%,

07/26/24

..................

332

354,174

3.40%,

07/26/29

..................

80

89,655

Catalent

Pharma

Solutions,

Inc.:

5.00%,

07/15/27

(b)

.................

3,091

3,229,971

2.38%,

03/01/28

..................

EUR

2,407

2,859,808

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

3.13%,

02/15/29

(b)

.................

USD

1,454

$

1,408,025

Cheplapharm

Arzneimittel

GmbH:

4.38%,

01/15/28

..................

EUR

592

729,165

5.50%,

01/15/28

(b)

.................

USD

2,250

2,306,250

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(d)

680

795,784

Endo

DAC

(b)

:

5.88%,

10/15/24

..................

400

393,000

9.50%,

07/31/27

..................

5,600

5,712,000

Endo

Luxembourg

Finance

Co.

I

SARL,

6.13%,

04/01/29

(b)

.....................

3,516

3,445,680

Gruenenthal

GmbH:

3.63%,

11/15/26

..................

EUR

558

680,064

4.13%,

05/15/28

..................

325

397,238

Herbalife

Nutrition

Ltd.,

7.88%,

09/01/25

(b)

...

USD

800

870,000

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

....

3,864

4,006,195

Johnson

&

Johnson,

3.55%,

03/01/36

.....

510

593,574

Jubilant

Pharma

Ltd.,

6.00%,

03/05/24

.....

1,300

1,366,463

Merck

&

Co.,

Inc.,

3.40%,

03/07/29

.......

155

173,705

Nidda

BondCo

GmbH:

5.00%,

09/30/25

..................

EUR

800

951,920

7.25%,

09/30/25

..................

374

455,200

Nidda

Healthcare

Holding

GmbH,

3.50%,

09/30/24

..................

1,911

2,254,370

Organon

&

Co.:

2.88%,

04/30/28

..................

716

860,671

4.13%,

04/30/28

(b)

.................

USD

5,174

5,276,445

5.13%,

04/30/31

(b)

.................

5,794

5,968,979

P&L

Development

LLC,

7.75%,

11/15/25

(b)

...

2,150

2,257,500

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(b)

.

9,815

10,034,169

Pfizer,

Inc.:

3.45%,

03/15/29

..................

240

269,935

4.30%,

06/15/43

..................

155

194,653

2.70%,

05/28/50

..................

1,150

1,144,086

Rossini

SARL:

(EURIBOR

3

Month

+

3.88%),

3.88%,

10/30/25

(a)

....................

EUR

200

236,926

6.75%,

10/30/25

..................

1,212

1,504,757

Takeda

Pharmaceutical

Co.

Ltd.:

4.40%,

11/26/23

..................

USD

1,088

1,181,084

3.18%,

07/09/50

..................

1,920

1,940,433

Teva

Pharmaceutical

Finance

Netherlands

II

BV:

6.00%,

01/31/25

..................

EUR

900

1,150,414

4.50%,

03/01/25

..................

500

611,699

1.88%,

03/31/27

..................

300

325,555

1.63%,

10/15/28

..................

300

313,216

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

7.13%,

01/31/25

..............

USD

200

219,500

109,643,004

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.

(b)

:

4.63%,

10/01/27

..................

85

88,332

4.00%,

04/15/29

..................

696

700,917

ASGN,

Inc.,

4.63%,

05/15/28

(b)

..........

1,406

1,472,743

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

.......

2,832

2,807,220

Dun

&

Bradstreet

Corp.

(The)

(b)

:

6.88%,

08/15/26

..................

3,607

3,823,420

10.25%,

02/15/27

.................

2,172

2,398,387

House

of

Finance

NV

(The),

4.38%,

07/15/26

.

EUR

500

601,768

Intertrust

Group

BV,

3.38%,

11/15/25

......

711

859,930

Jaguar

Holding

Co.

II

(b)

:

4.63%,

06/15/25

..................

USD

872

915,600

5.00%,

06/15/28

..................

4,588

4,973,025

Korn

Ferry,

4.63%,

12/15/27

(b)

..........

965

1,002,394

La

Financiere

Atalian

SASU,

5.13%,

05/15/25

EUR

471

561,281

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

................

USD

1,874

$

1,965,357

22,170,374

Real

Estate

Management

&

Development

—

2.9%

ADLER

Group

SA:

3.25%,

08/05/25

..................

EUR

900

1,100,938

2.75%,

11/13/26

..................

500

599,545

2.25%,

01/14/29

..................

300

344,609

Aedas

Homes

Opco

SLU,

4.00%,

08/15/26

..

429

520,132

Agile

Group

Holdings

Ltd.:

8.50%,

07/18/21

..................

USD

1,758

1,761,164

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.29%),

7.88%

(a)(k)

.....................

984

1,003,865

5.75%,

01/02/25

..................

7,642

7,699,315

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

11.08%),

7.75%

(a)(k)

.....................

2,282

2,306,674

6.05%,

10/13/25

..................

4,265

4,325,776

Alam

Sutera

Realty

Tbk.

PT,

6.00%,

(6.00%

Cash

or

6.25%

PIK),

05/02/24

(j)

........

607

527,900

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

.....................

4,380

4,641,431

Aroundtown

SA,

(EUR

Swap

Annual

5

Year

+

3.98%),

3.37%

(a)(k)

................

EUR

1,100

1,354,868

Canary

Wharf

Group

Investment

Holdings

plc,

3.38%,

04/23/28

.................

GBP

500

697,704

Celulosa

Arauco

y

Constitucion

SA,

3.88%,

11/02/27

......................

USD

325

348,014

Central

China

Real

Estate

Ltd.:

6.88%,

08/08/22

..................

630

614,250

7.25%,

04/24/23

..................

2,630

2,472,200

7.90%,

11/07/23

..................

1,930

1,804,550

7.25%,

07/16/24

..................

2,118

1,837,762

7.25%,

08/13/24

..................

918

787,644

CFLD

Cayman

Investment

Ltd.

(e)(l)

:

8.63%,

02/28/21

..................

314

109,664

6.92%,

06/16/22

..................

4,911

1,704,424

6.90%,

01/13/23

..................

6,858

2,401,586

8.60%,

04/08/24

..................

2,833

989,425

China

Aoyuan

Group

Ltd.:

8.50%,

01/23/22

..................

3,028

3,028,000

5.38%,

09/13/22

..................

400

386,220

7.95%,

02/19/23

..................

10,122

9,995,475

6.35%,

02/08/24

..................

7,738

7,273,720

5.98%,

08/18/25

..................

2,400

2,118,000

China

Evergrande

Group:

8.25%,

03/23/22

..................

1,145

976,327

9.50%,

04/11/22

..................

630

536,799

11.50%,

01/22/23

.................

9,095

7,229,388

10.00%,

04/11/23

.................

7,174

5,473,762

7.50%,

06/28/23

..................

2,500

1,768,437

12.00%,

01/22/24

.................

6,281

4,680,523

10.50%,

04/11/24

.................

1,930

1,383,328

China

SCE

Group

Holdings

Ltd.:

5.88%,

03/10/22

..................

1,171

1,182,804

7.25%,

04/19/23

..................

5,710

5,864,527

7.38%,

04/09/24

..................

6,549

6,765,117

7.00%,

05/02/25

..................

4,685

4,747,451

CIFI

Holdings

Group

Co.

Ltd.:

5.50%,

01/23/22

..................

2,100

2,120,344

6.55%,

03/28/24

..................

2,810

2,947,514

6.45%,

11/07/24

..................

3,264

3,447,600

6.00%,

07/16/25

..................

4,272

4,490,406

5.95%,

10/20/25

..................

5,340

5,648,051

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

5.25%,

05/13/26

..................

USD

6,015

$

6,187,180

Citycon

OYJ,

(EUR

Swap

Annual

5

Year

+

4.71%),

4.50%

(a)(k)

................

EUR

600

739,774

Country

Garden

Holdings

Co.

Ltd.:

6.50%,

04/08/24

..................

USD

2,719

2,877,552

6.15%,

09/17/25

..................

4,561

4,994,295

4.20%,

02/06/26

..................

8,332

8,669,529

5.63%,

12/15/26

..................

800

889,650

5.13%,

01/14/27

..................

630

671,659

4.80%,

08/06/30

..................

5,500

5,729,625

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

.................

EUR

400

462,016

Easy

Tactic

Ltd.:

9.13%,

07/28/22

..................

USD

3,153

3,121,076

8.13%,

02/27/23

..................

4,580

4,263,121

8.63%,

02/27/24

..................

4,785

4,228,146

8.63%,

03/05/24

..................

1,457

1,281,067

8.13%,

07/11/24

..................

4,330

3,750,321

Fantasia

Holdings

Group

Co.

Ltd.:

15.00%,

12/18/21

.................

1,735

1,725,566

11.75%,

04/17/22

.................

2,039

1,913,602

7.95%,

07/05/22

..................

1,650

1,460,559

12.25%,

10/18/22

.................

3,269

2,968,252

10.88%,

01/09/23

.................

1,345

1,197,302

11.88%,

06/01/23

.................

1,500

1,317,469

9.25%,

07/28/23

..................

3,540

2,886,870

9.88%,

10/19/23

..................

2,640

2,147,970

Fastighets

AB

Balder,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%,

06/02/81

(a)

......

EUR

1,025

1,203,663

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(b)

USD

4,450

4,700,090

Forestar

Group,

Inc.,

3.85%,

05/15/26

(b)

....

1,382

1,394,507

Global

Prime

Capital

Pte.

Ltd.:

5.50%,

10/18/23

..................

630

640,749

5.95%,

01/23/25

..................

6,156

6,382,233

Greenland

Global

Investment

Ltd.,

(LIBOR

USD

3

Month

+

4.85%),

5.00%,

09/26/21

(a)

....

3,600

3,501,675

Greystar

Real

Estate

Partners

LLC,

5.75%,

12/01/25

(b)

.....................

370

380,360

Heimstaden

Bostad

AB

(a)(k)

:

(EUR

Swap

Annual

5

Year

+

3.91%),

3.38%

EUR

450

551,708

(EUR

Swap

Annual

5

Year

+

3.15%),

2.62%

1,275

1,492,552

(EUR

Swap

Annual

5

Year

+

3.27%),

3.00%

850

1,005,832

Hopson

Development

Holdings

Ltd.,

7.50%,

06/27/22

......................

USD

6,890

6,979,570

Howard

Hughes

Corp.

(The)

(b)

:

5.38%,

08/01/28

..................

1,636

1,736,827

4.13%,

02/01/29

..................

1,409

1,409,028

4.38%,

02/01/31

..................

1,794

1,787,506

Hunt

Cos.,

Inc.,

5.25%,

04/15/29

(b)

.......

1,500

1,455,000

JGC

Ventures

Pte.

Ltd.,

10.75%,

08/30/21

(e)(l)

.

2,500

1,317,969

Kaisa

Group

Holdings

Ltd.:

8.50%,

06/30/22

..................

737

733,453

11.95%,

10/22/22

.................

3,345

3,443,886

11.50%,

01/30/23

.................

3,413

3,450,970

10.88%,

07/23/23

.................

9,661

9,668,850

9.75%,

09/28/23

..................

5,565

5,463,439

11.95%,

11/12/23

.................

4,610

4,716,030

9.38%,

06/30/24

..................

4,244

3,995,726

11.70%,

11/11/25

.................

1,700

1,598,493

Kennedy-Wilson,

Inc.,

5.00%,

03/01/31

....

300

308,625

KWG

Group

Holdings

Ltd.:

7.88%,

08/09/21

..................

1,144

1,146,717

7.88%,

09/01/23

..................

7,914

8,098,000

7.40%,

03/05/24

..................

1,718

1,791,874

5.88%,

11/10/24

..................

1,287

1,295,285

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

5.95%,

08/10/25

..................

USD

7,356

$

7,337,610

Logan

Group

Co.

Ltd.:

6.50%,

07/16/23

..................

5,918

6,054,114

6.90%,

06/09/24

..................

1,718

1,808,517

5.75%,

01/14/25

..................

3,322

3,443,045

5.25%,

10/19/25

..................

5,545

5,693,329

Modern

Land

China

Co.

Ltd.,

12.85%,

10/25/21

530

531,325

Modernland

Overseas

Pte.

Ltd.,

6.95%,

04/13/24

(e)(l)

....................

1,296

591,138

New

Metro

Global

Ltd.:

6.50%,

05/20/22

..................

212

215,710

6.80%,

08/05/23

..................

3,510

3,653,252

4.80%,

12/15/24

..................

7,280

7,317,765

Powerlong

Real

Estate

Holdings

Ltd.:

7.13%,

11/08/22

..................

2,608

2,705,800

6.95%,

07/23/23

..................

895

924,815

6.25%,

08/10/24

..................

5,612

5,804,211

Realogy

Group

LLC

(b)

:

7.63%,

06/15/25

..................

242

262,498

5.75%,

01/15/29

..................

2,183

2,282,086

Redsun

Properties

Group

Ltd.:

9.95%,

04/11/22

..................

4,542

4,589,691

10.50%,

10/03/22

.................

4,559

4,643,911

9.70%,

04/16/23

..................

484

491,109

7.30%,

01/13/25

..................

655

605,589

RKPF

Overseas

2019

A

Ltd.:

6.70%,

09/30/24

..................

4,980

5,285,959

6.00%,

09/04/25

..................

8,840

9,182,550

Ronshine

China

Holdings

Ltd.:

11.25%,

08/22/21

.................

1,325

1,331,211

10.50%,

03/01/22

.................

1,150

1,160,638

8.75%,

10/25/22

..................

5,685

5,687,842

8.95%,

01/22/23

..................

6,059

5,991,972

8.10%,

06/09/23

..................

1,145

1,109,076

7.35%,

12/15/23

..................

3,927

3,711,751

Scenery

Journey

Ltd.:

11.50%,

10/24/22

.................

6,977

5,582,472

13.00%,

11/06/22

.................

5,888

4,801,664

12.00%,

10/24/23

.................

10,432

8,223,676

13.75%,

11/06/23

.................

464

366,850

Seazen

Group

Ltd.:

6.45%,

06/11/22

..................

300

305,531

6.15%,

04/15/23

..................

1,145

1,168,473

6.00%,

08/12/24

..................

4,566

4,737,225

Shimao

Group

Holdings

Ltd.:

6.38%,

10/15/21

..................

2,150

2,168,813

5.60%,

07/15/26

..................

1,145

1,203,681

3.45%,

01/11/31

..................

1,145

1,064,850

Shui

On

Development

Holding

Ltd.:

6.25%,

11/28/21

..................

600

605,062

5.75%,

11/12/23

..................

1,718

1,764,708

6.15%,

08/24/24

..................

9,795

10,162,313

5.50%,

03/03/25

..................

1,000

1,011,250

Sino-Ocean

Land

Treasure

Finance

II

Ltd.,

5.95%,

02/04/27

.................

209

231,833

Sino-Ocean

Land

Treasure

IV

Ltd.,

4.75%,

08/05/29

......................

302

306,681

Sunac

China

Holdings

Ltd.:

7.25%,

06/14/22

..................

4,755

4,871,795

8.35%,

04/19/23

..................

200

206,725

7.95%,

10/11/23

..................

3,927

4,050,700

7.50%,

02/01/24

..................

6,446

6,588,215

6.65%,

08/03/24

..................

7,244

7,270,260

7.00%,

07/09/25

..................

4,573

4,493,887

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Theta

Capital

Pte.

Ltd.:

8.13%,

01/22/25

..................

USD

3,924

$

4,049,813

6.75%,

10/31/26

..................

630

618,109

Times

China

Holdings

Ltd.:

5.75%,

04/26/22

..................

289

290,555

6.75%,

07/16/23

..................

5,197

5,327,899

5.55%,

06/04/24

..................

245

245,000

6.75%,

07/08/25

..................

9,310

9,442,668

6.20%,

03/22/26

..................

4,600

4,523,237

Unique

Pub

Finance

Co.

plc

(The):

Series

A4,

5.66%,

06/30/27

..........

GBP

623

958,310

Series

N,

6.46%,

03/30/32

(d)

..........

1,000

1,673,776

Wanda

Group

Overseas

Ltd.,

7.50%,

07/24/22

USD

4,935

4,749,321

Wanda

Properties

International

Co.

Ltd.,

7.25%,

01/29/24

......................

1,000

998,937

Yango

Justice

International

Ltd.:

10.00%,

02/12/23

.................

1,811

1,825,488

9.25%,

04/15/23

..................

4,560

4,510,980

8.25%,

11/25/23

..................

4,554

4,408,272

7.50%,

04/15/24

..................

2,975

2,861,206

7.88%,

09/04/24

..................

1,415

1,308,433

Yanlord

Land

HK

Co.

Ltd.:

6.75%,

04/23/23

..................

7,745

8,017,527

6.80%,

02/27/24

..................

4,480

4,697,840

Yuzhou

Group

Holdings

Co.

Ltd.:

8.63%,

01/23/22

..................

630

627,441

8.50%,

02/04/23

..................

2,043

1,927,060

6.00%,

10/25/23

..................

2,995

2,623,994

8.50%,

02/26/24

..................

6,145

5,599,631

8.38%,

10/30/24

..................

2,145

1,910,122

7.70%,

02/20/25

..................

4,562

3,891,386

8.30%,

05/27/25

..................

1,700

1,444,256

7.38%,

01/13/26

..................

3,220

2,527,700

7.85%,

08/12/26

..................

2,280

1,800,203

6.35%,

01/13/27

..................

2,887

2,227,140

Zhenro

Properties

Group

Ltd.:

8.70%,

08/03/22

..................

4,930

5,040,925

9.15%,

05/06/23

..................

1,145

1,187,794

8.30%,

09/15/23

..................

2,338

2,390,313

8.35%,

03/10/24

..................

1,155

1,173,264

7.88%,

04/14/24

..................

3,400

3,393,200

7.35%,

02/05/25

..................

1,590

1,522,226

6.63%,

01/07/26

..................

2,235

2,018,205

532,565,860

Road

&

Rail

—

0.3%

Avis

Budget

Car

Rental

LLC

(b)

:

4.75%,

04/01/28

..................

400

409,880

5.38%,

03/01/29

..................

2,466

2,567,722

Burlington

Northern

Santa

Fe

LLC,

4.90%,

04/01/44

......................

1,095

1,458,067

CMB

International

Leasing

Management

Ltd.,

2.75%,

08/12/30

.................

6,100

6,002,019

CSX

Corp.:

3.80%,

03/01/28

..................

150

168,905

4.30%,

03/01/48

..................

330

400,463

DAE

Funding

LLC

(b)

:

1.55%,

08/01/24

..................

2,370

2,365,189

2.63%,

03/20/25

..................

3,615

3,673,292

EC

Finance

plc,

2.38%,

11/15/22

........

EUR

990

1,156,284

Loxam

SAS:

3.25%,

01/14/25

..................

708

845,220

3.75%,

07/15/26

..................

673

815,566

5.75%,

07/15/27

..................

200

246,636

Modulaire

Global

Finance

plc,

8.00%,

02/15/23

(b)

.....................

USD

415

426,412

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(k)

................

GBP

400

$

574,761

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

..

USD

2,724

2,843,175

Norfolk

Southern

Corp.:

2.55%,

11/01/29

..................

990

1,042,004

4.15%,

02/28/48

..................

750

881,223

3.05%,

05/15/50

..................

43

42,982

Pacific

National

Finance

Pty.

Ltd.,

4.75%,

03/22/28

......................

5,000

5,451,560

Penske

Truck

Leasing

Co.

LP,

4.00%,

07/15/25

(b)

.....................

2,915

3,210,282

Rumo

Luxembourg

SARL,

5.88%,

01/18/25

(b)

.

2,900

3,041,013

Ryder

System,

Inc.,

2.50%,

09/01/24

......

1,150

1,203,708

Uber

Technologies,

Inc.

(b)

:

7.50%,

05/15/25

..................

5,220

5,633,424

8.00%,

11/01/26

..................

2,595

2,796,112

7.50%,

09/15/27

..................

5,690

6,253,196

6.25%,

01/15/28

..................

1,156

1,244,099

Union

Pacific

Corp.:

3.55%,

08/15/39

..................

3

3,331

4.05%,

03/01/46

..................

25

28,831

3.95%,

08/15/59

..................

1,005

1,168,970

3.84%,

03/20/60

..................

1,051

1,196,560

2.97%,

09/16/62

..................

420

403,616

57,554,502

Semiconductors

&

Semiconductor

Equipment

—

0.2%

Amkor

Technology,

Inc.,

6.63%,

09/15/27

(b)

..

1,100

1,186,625

ams

AG:

0.00%,

03/05/25

(i)(m)

................

EUR

600

610,680

6.00%,

07/31/25

..................

591

750,183

2.13%,

11/03/27

(i)

.................

600

696,872

Analog

Devices,

Inc.,

2.95%,

04/01/25

.....

USD

850

909,451

Broadcom

Corp.,

3.88%,

01/15/27

.......

935

1,033,154

Broadcom,

Inc.:

4.75%,

04/15/29

..................

1,325

1,541,316

3.42%,

04/15/33

(b)

.................

3,545

3,722,832

Entegris,

Inc.

(b)

:

4.38%,

04/15/28

..................

1,060

1,106,375

3.63%,

05/01/29

..................

914

925,425

Infineon

Technologies

AG,

(EUR

Swap

Annual

5

Year

+

3.39%),

2.87%

(a)(k)

...........

EUR

800

996,030

Intel

Corp.:

4.75%,

03/25/50

..................

USD

590

783,768

3.10%,

02/15/60

..................

20

20,434

KLA

Corp.:

4.10%,

03/15/29

..................

1,026

1,184,419

3.30%,

03/01/50

..................

850

899,411

Lam

Research

Corp.,

4.88%,

03/15/49

.....

275

370,855

Microchip

Technology,

Inc.,

4.25%,

09/01/25

.

7,992

8,390,528

NVIDIA

Corp.,

3.50%,

04/01/40

.........

490

555,794

NXP

BV

(b)

:

4.30%,

06/18/29

..................

1,070

1,223,588

2.50%,

05/11/31

..................

2,140

2,161,167

ON

Semiconductor

Corp.,

3.88%,

09/01/28

(b)

.

2,884

2,970,924

Qorvo,

Inc.,

4.38%,

10/15/29

...........

1,935

2,108,608

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

584

737,332

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

........

1,546

1,553,730

36,439,501

Software

—

0.7%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(b)

....

180

188,775

Ascend

Learning

LLC,

6.88%,

08/01/25

(b)

.................

6,977

7,101,234

Autodesk,

Inc.,

3.50%,

06/15/27

.........

18

19,836

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Boxer

Parent

Co.,

Inc.:

6.50%,

10/02/25

..................

EUR

2,080

$

2,616,142

7.13%,

10/02/25

(b)

.................

USD

3,375

3,611,250

9.13%,

03/01/26

(b)

.................

5,305

5,599,534

Brunello

Bidco

SpA,

(EURIBOR

3

Month

+

3.75%),

3.75%,

02/15/28

(a)

...........

EUR

392

464,595

BY

Crown

Parent

LLC

(b)

:

7.38%,

10/15/24

..................

USD

2,645

2,692,610

4.25%,

01/31/26

..................

4,589

4,806,977

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

....

4,804

5,026,185

Castle

US

Holding

Corp.,

9.50%,

02/15/28

(b)

.

2,352

2,451,960

CDK

Global,

Inc.,

4.88%,

06/01/27

.......

1,384

1,463,580

Cedacri

Mergeco

SpA,

(EURIBOR

3

Month

+

4.63%),

4.62%,

05/15/28

(a)

...........

EUR

865

1,038,495

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(b)

.....................

USD

9,262

9,412,507

Clarivate

Science

Holdings

Corp.

(b)

:

3.88%,

06/30/28

..................

3,315

3,345,200

4.88%,

06/30/29

..................

3,938

4,041,372

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

.

3,125

3,127,969

Elastic

NV,

4.13%,

07/15/29

(b)

..........

3,174

3,197,805

Fair

Isaac

Corp.

(b)

:

5.25%,

05/15/26

..................

225

253,125

4.00%,

06/15/28

..................

2,158

2,230,640

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(b)

.....................

1,048

1,025,803

J2

Global,

Inc.,

4.63%,

10/15/30

(b)

........

2,090

2,163,777

LogMeIn,

Inc.,

5.50%,

09/01/27

(b)

........

605

626,205

Microsoft

Corp.:

3.45%,

08/08/36

..................

238

275,151

2.53%,

06/01/50

..................

856

841,004

2.92%,

03/17/52

..................

1,831

1,943,328

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

.....

2,726

2,726,000

NortonLifeLock,

Inc.,

5.00%,

04/15/25

(b)

....

475

481,636

Nuance

Communications,

Inc.,

5.63%,

12/15/26

4,573

4,764,106

Open

Text

Corp.,

3.88%,

02/15/28

(b)

......

607

615,377

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(b)

.

1,906

1,943,739

Oracle

Corp.:

2.95%,

04/01/30

..................

1,660

1,748,671

3.85%,

07/15/36

..................

850

934,441

5.38%,

07/15/40

..................

650

842,735

3.65%,

03/25/41

..................

540

572,593

4.13%,

05/15/45

..................

485

540,416

4.00%,

07/15/46

..................

350

379,530

4.00%,

11/15/47

..................

320

349,078

3.60%,

04/01/50

..................

2,090

2,146,121

3.95%,

03/25/51

..................

617

673,449

3.85%,

04/01/60

..................

190

201,729

PTC,

Inc.

(b)

:

3.63%,

02/15/25

..................

860

885,800

4.00%,

02/15/28

..................

1,628

1,681,724

Rocket

Software,

Inc.,

6.50%,

02/15/29

(b)

...

3,633

3,604,953

salesforce.com,

Inc.:

2.70%,

07/15/41

..................

325

326,343

2.90%,

07/15/51

..................

355

358,460

3.05%,

07/15/61

..................

195

197,578

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

.

10,185

10,793,045

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

.......

7,781

8,101,966

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

3,591

3,568,556

118,003,105

Specialty

Retail

—

0.5%

Abercrombie

&

Fitch

Management

Co.,

8.75%,

07/15/25

(b)

.....................

900

997,785

Academy

Ltd.,

6.00%,

11/15/27

(b)

........

750

801,562

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Ambience

Merger

Sub,

Inc.

(b)

:

4.88%,

07/15/28

..................

USD

295

$

295,737

7.13%,

07/15/29

..................

595

600,950

Asbury

Automotive

Group,

Inc.:

4.50%,

03/01/28

..................

234

240,435

4.75%,

03/01/30

..................

731

763,895

BCPE

Ulysses

Intermediate,

Inc.,

7.75%,

(7.75%

Cash

or

8.50%

PIK),

04/01/27

(b)(j)

..

1,033

1,058,825

Carvana

Co.,

5.50%,

04/15/27

(b)

.........

2,331

2,407,294

Dufry

One

BV:

2.50%,

10/15/24

..................

EUR

400

472,026

0.75%,

03/30/26

(i)

.................

CHF

600

637,573

2.00%,

02/15/27

..................

EUR

320

357,628

eG

Global

Finance

plc:

4.38%,

02/07/25

..................

453

529,423

6.75%,

02/07/25

(b)

.................

USD

2,476

2,560,097

6.25%,

10/30/25

..................

EUR

2,401

2,915,313

8.50%,

10/30/25

(b)

.................

USD

2,845

3,008,588

Gap,

Inc.

(The),

8.88%,

05/15/27

(b)

.......

1,736

2,008,899

Goldstory

SASU,

5.38%,

03/01/26

.......

EUR

645

782,017

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

.

USD

632

643,060

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

1,993

2,000,474

Home

Depot,

Inc.

(The):

4.20%,

04/01/43

..................

125

153,239

4.50%,

12/06/48

..................

815

1,063,300

3.35%,

04/15/50

..................

625

690,965

InRetail

Consumer,

3.25%,

03/22/28

(b)

.....

1,285

1,264,054

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

711

725,220

L

Brands,

Inc.:

5.63%,

10/15/23

..................

325

357,094

9.38%,

07/01/25

(b)

.................

150

193,875

5.25%,

02/01/28

..................

1,000

1,118,750

7.50%,

06/15/29

..................

600

706,500

6.63%,

10/01/30

(b)

.................

1,279

1,480,443

6.88%,

11/01/35

..................

4,829

6,114,721

6.75%,

07/01/36

..................

369

462,172

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

....

3,685

3,713,374

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

.....................

1,681

1,723,025

Lithia

Motors,

Inc.

(b)

:

3.88%,

06/01/29

..................

999

1,035,514

4.38%,

01/15/31

..................

730

781,910

Lowe's

Cos.,

Inc.:

4.65%,

04/15/42

..................

450

556,992

3.70%,

04/15/46

..................

735

807,557

3.00%,

10/15/50

..................

675

665,501

3.50%,

04/01/51

..................

130

139,344

Magic

Mergeco,

Inc.,

5.25%,

05/01/28

(b)

....

485

497,576

Matalan

Finance

plc,

6.75%,

01/31/23

.....

GBP

633

798,136

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

.....

USD

1,353

1,423,627

Penske

Automotive

Group,

Inc.:

3.50%,

09/01/25

..................

1,178

1,220,172

3.75%,

06/15/29

..................

525

528,277

PetSmart,

Inc.

(b)

:

4.75%,

02/15/28

..................

3,135

3,256,481

7.75%,

02/15/29

..................

6,867

7,570,868

Rent-A-Center,

Inc.,

6.38%,

02/15/29

(b)

.....

1,735

1,862,956

Sally

Holdings

LLC,

5.63%,

12/01/25

......

895

924,087

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

................

4,693

4,914,580

SRS

Distribution,

Inc.

(b)

:

4.63%,

07/01/28

..................

3,097

3,166,682

6.13%,

07/01/29

..................

2,598

2,673,628

Staples,

Inc.

(b)

:

7.50%,

04/15/26

..................

8,184

8,476,455

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

10.75%,

04/15/27

.................

USD

1,359

$

1,381,628

Tendam

Brands

SAU:

5.00%,

09/15/24

..................

EUR

255

297,005

(EURIBOR

3

Month

+

5.25%),

5.25%,

09/15/24

(a)

....................

270

316,100

Victoria's

Secret

&

Co.,

4.63%,

07/15/29

(b)

...

USD

2,107

2,107,000

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

5,934

6,350,864

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(j)

............

1,603

1,658,560

96,259,813

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Apple,

Inc.:

2.20%,

09/11/29

..................

1,800

1,871,347

4.50%,

02/23/36

..................

75

94,571

3.45%,

02/09/45

..................

225

251,299

3.85%,

08/04/46

..................

1,100

1,308,823

2.65%,

05/11/50

..................

990

972,018

2.65%,

02/08/51

..................

860

840,714

Dell

International

LLC:

7.13%,

06/15/24

(b)

.................

1,575

1,615,478

6.02%,

06/15/26

..................

475

570,250

8.35%,

07/15/46

..................

705

1,153,100

Dell,

Inc.,

6.50%,

04/15/38

............

675

861,469

Diebold

Nixdorf,

Inc.,

9.38%,

07/15/25

(b)

....

773

857,064

EMC

Corp.,

3.38%,

06/01/23

...........

650

675,162

HP,

Inc.,

1.45%,

06/17/26

(b)

............

1,790

1,776,720

Hurricane

Finance

plc,

8.00%,

10/15/25

....

GBP

550

828,147

NCR

Corp.

(b)

:

5.75%,

09/01/27

..................

USD

884

935,383

5.00%,

10/01/28

..................

1,675

1,732,067

5.13%,

04/15/29

..................

1,421

1,465,406

6.13%,

09/01/29

..................

1,499

1,633,910

5.25%,

10/01/30

..................

644

668,150

Xerox

Corp.,

4.80%,

03/01/35

..........

1,315

1,319,931

Xerox

Holdings

Corp.,

5.50%,

08/15/28

(b)

...

100

103,899

21,534,908

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

BK

LC

Lux

Finco1

SARL,

5.25%,

04/30/29

..

EUR

381

461,936

Crocs,

Inc.,

4.25%,

03/15/29

(b)

..........

USD

1,194

1,217,880

European

TopSoho

SARL,

4.00%,

09/21/21

(e)(i)(l)

EUR

1,300

1,366,163

G-III

Apparel

Group

Ltd.,

7.88%,

08/15/25

(b)

..

USD

800

866,040

Hanesbrands,

Inc.,

5.38%,

05/15/25

(b)

.....

170

179,988

Levi

Strauss

&

Co.:

5.00%,

05/01/25

..................

33

33,660

3.50%,

03/01/31

(b)

.................

846

841,093

Prime

Bloom

Holdings

Ltd.,

6.95%,

07/05/22

.

2,783

555,730

Under

Armour,

Inc.,

3.25%,

06/15/26

......

400

414,432

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

2,360

2,483,192

Wolverine

World

Wide,

Inc.,

5.00%,

09/01/26

(b)

320

328,000

8,748,114

Thrifts

&

Mortgage

Finance

—

0.2%

BPCE

SA,

2.38%,

01/14/25

(b)

...........

1,575

1,639,949

Deutsche

Pfandbriefbank

AG,

4.60%,

02/22/27

EUR

300

383,821

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

....

USD

4,105

4,524,531

Freedom

Mortgage

Corp.

(b)

:

8.25%,

04/15/25

..................

830

866,312

7.63%,

05/01/26

..................

335

348,735

6.63%,

01/15/27

..................

275

276,719

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

..

2,205

2,056,163

Jerrold

Finco

plc,

5.25%,

01/15/27

.......

GBP

947

1,352,913

Ladder

Capital

Finance

Holdings

LLLP

(b)

:

5.25%,

03/15/22

..................

USD

700

703,500

4.25%,

02/01/27

..................

2,344

2,340,683

4.75%,

06/15/29

..................

1,523

1,523,000

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Thrifts

&

Mortgage

Finance

(continued)

MGIC

Investment

Corp.,

5.25%,

08/15/28

...

USD

1,182

$

1,252,920

Nationstar

Mortgage

Holdings,

Inc.

(b)

:

6.00%,

01/15/27

..................

4,460

4,621,809

5.50%,

08/15/28

..................

4,799

4,838,016

5.13%,

12/15/30

..................

1,049

1,043,755

Nationwide

Building

Society,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.39%),

5.87%

(a)(k)

................

GBP

1,534

2,334,180

Nykredit

Realkredit

A/S,

(EUR

Swap

Annual

5

Year

+

4.57%),

4.13%

(a)(k)

...........

EUR

1,200

1,524,282

PHH

Mortgage

Corp.,

7.88%,

03/15/26

(b)

....

USD

115

118,864

Radian

Group,

Inc.:

6.63%,

03/15/25

..................

1,135

1,280,836

4.88%,

03/15/27

..................

1,400

1,522,500

United

Wholesale

Mortgage

LLC,

5.50%,

04/15/29

(b)

.....................

917

916,789

35,470,277

Tobacco

—

0.1%

Altria

Group,

Inc.:

5.95%,

02/14/49

..................

1,992

2,547,220

4.00%,

02/04/61

..................

345

330,995

BAT

Capital

Corp.:

3.46%,

09/06/29

..................

1,350

1,425,720

4.39%,

08/15/37

..................

675

727,840

3.73%,

09/25/40

..................

420

410,387

4.54%,

08/15/47

..................

688

731,634

4.76%,

09/06/49

..................

165

178,789

Turning

Point

Brands,

Inc.,

5.63%,

02/15/26

(b)

1,280

1,321,600

Vector

Group

Ltd.,

5.75%,

02/01/29

(b)

......

4,370

4,451,763

12,125,948

Trading

Companies

&

Distributors

—

0.2%

Air

Lease

Corp.:

3.50%,

01/15/22

..................

2,040

2,073,732

2.88%,

01/15/26

..................

1,065

1,118,924

1.88%,

08/15/26

..................

1,365

1,366,055

3.00%,

02/01/30

..................

500

507,163

Alta

Equipment

Group,

Inc.,

5.63%,

04/15/26

(b)

245

251,412

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(b)

1,313

1,309,645

Boise

Cascade

Co.,

4.88%,

07/01/30

(b)

.....

850

903,168

Brightstar

Escrow

Corp.,

9.75%,

10/15/25

(b)

..

660

710,325

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

:

6.50%,

10/01/25

..................

2,261

2,348,614

9.75%,

08/01/27

..................

2,788

3,223,625

5.50%,

05/01/28

..................

3,077

3,203,926

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

.....................

1,439

1,424,610

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

.....................

713

701,592

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

2,061

2,172,747

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

.....

5,521

5,679,729

United

Rentals

North

America,

Inc.:

5.88%,

09/15/26

..................

1,234

1,276,931

5.50%,

05/15/27

..................

3,386

3,589,160

4.88%,

01/15/28

..................

635

673,418

5.25%,

01/15/30

..................

6

6,572

3.88%,

02/15/31

..................

130

132,275

WESCO

Distribution,

Inc.

(b)

:

7.13%,

06/15/25

..................

3,198

3,456,078

7.25%,

06/15/28

..................

4,881

5,436,702

41,566,403

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

—

0.1%

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(a)(k)

..

EUR

600

$

735,461

Atlantia

SpA,

1.88%,

02/12/28

..........

728

886,538

Autostrade

per

l'Italia

SpA:

1.75%,

06/26/26

..................

200

245,066

1.75%,

02/01/27

..................

500

610,662

2.00%,

12/04/28

..................

495

610,717

2.00%,

01/15/30

..................

1,982

2,426,537

Getlink

SE,

3.50%,

10/30/25

...........

1,099

1,352,007

Royal

Capital

BV

(k)

:

5.88%

.........................

USD

1,014

1,044,927

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.93%),

4.88%

(a)

......................

508

528,828

8,440,743

Water

Utilities

—

0.0%

Solaris

Midstream

Holdings

LLC,

7.63%,

04/01/26

(b)

.....................

1,175

1,245,500

Thames

Water

Kemble

Finance

plc,

4.63%,

05/19/26

......................

GBP

1,089

1,541,348

2,786,848

Wireless

Telecommunication

Services

—

0.7%

America

Movil

SAB

de

CV:

3.13%,

07/16/22

..................

USD

300

307,200

3.63%,

04/22/29

..................

1,300

1,430,244

4.38%,

04/22/49

..................

250

306,609

C&W

Senior

Financing

DAC

(b)

:

7.50%,

10/15/26

..................

625

656,250

6.88%,

09/15/27

..................

985

1,051,143

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

....

15,945

16,861,837

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

......................

2,112

2,365,820

Ligado

Networks

LLC,

0.00%,

(0.00%

Cash

or

15.50%

PIK),

11/01/23

(a)(b)(j)

..........

2,713

2,602,408

Matterhorn

Telecom

SA,

4.00%,

11/15/27

...

EUR

1,700

2,068,617

Millicom

International

Cellular

SA

(b)

:

5.13%,

01/15/28

..................

USD

5,040

5,277,195

4.50%,

04/27/31

..................

3,715

3,864,297

Rogers

Communications,

Inc.,

3.70%,

11/15/49

56

59,614

SoftBank

Group

Corp.:

(USD

Swap

Rate

5

Year

+

4.23%),

6.00%

(a)

(k)

..........................

1,856

1,874,746

2.13%,

07/06/24

..................

EUR

670

794,453

4.50%,

04/20/25

..................

200

256,974

4.75%,

07/30/25

..................

1,783

2,325,611

3.13%,

09/19/25

..................

1,200

1,465,587

2.88%,

01/06/27

..................

706

836,913

5.00%,

04/15/28

..................

1,100

1,459,070

3.38%,

07/06/29

..................

479

567,974

4.00%,

09/19/29

..................

331

413,866

Sprint

Communications,

Inc.,

6.00%,

11/15/22

USD

750

794,063

Sprint

Corp.:

7.88%,

09/15/23

..................

2,785

3,163,972

7.13%,

06/15/24

..................

1,649

1,902,534

7.63%,

02/15/25

..................

850

1,009,910

7.63%,

03/01/26

..................

3,097

3,778,340

Telefonica

Europe

BV

(a)(k)

:

(EUR

Swap

Annual

10

Year

+

4.30%),

5.87%

.......................

EUR

1,500

1,978,720

(EUR

Swap

Annual

6

Year

+

4.11%),

4.37%

1,600

2,058,102

T-Mobile

USA,

Inc.:

4.50%,

02/01/26

..................

USD

460

468,795

2.25%,

02/15/26

..................

1,615

1,627,112

5.38%,

04/15/27

..................

250

266,172

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

4.75%,

02/01/28

..................

USD

2,828

$

3,029,495

2.63%,

02/15/29

..................

408

402,900

2.88%,

02/15/31

..................

3,632

3,604,760

3.50%,

04/15/31

..................

2,140

2,213,937

3.50%,

04/15/31

(b)

.................

2,764

2,859,496

4.38%,

04/15/40

..................

475

556,843

3.00%,

02/15/41

..................

225

222,226

4.50%,

04/15/50

..................

109

129,790

3.30%,

02/15/51

..................

925

923,474

VEON

Holdings

BV

(b)

:

4.00%,

04/09/25

..................

4,695

4,941,487

3.38%,

11/25/27

..................

3,230

3,249,380

Vmed

O2

UK

Financing

I

plc:

4.00%,

01/31/29

..................

GBP

900

1,230,137

4.25%,

01/31/31

(b)

.................

USD

493

484,354

4.50%,

07/15/31

..................

GBP

1,204

1,671,889

4.75%,

07/15/31

(b)

.................

USD

4,232

4,295,480

Vodafone

Group

plc:

5.25%,

05/30/48

..................

1,037

1,366,419

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

(a)

....................

EUR

1,232

1,639,797

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

(a)

....................

USD

14,595

17,685,202

Series

NC10,

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

(a)

.........

EUR

800

974,723

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

(a)

...............

USD

7,145

7,186,441

VTR

Comunicaciones

SpA,

4.38%,

04/15/29

(b)

2,505

2,501,618

125,063,996

Total

Corporate

Bonds

—

32.5%

(Cost:

$5,683,419,999)

............................

5,907,804,164

Equity-Linked

Notes

—

13.3%

Aerospace

&

Defense

—

0.0%

Citigroup

Global

Markets

Holdings,

Inc.

(L3Harris

Technologies,

Inc.),

5.76%, 07/30/21

(b)

.................

25

5,374,168

Air

Freight

&

Logistics

—

0.1%

Societe

Generale

SA

(United

Parcel

Service,

Inc.),

9.57%, 07/28/21

..............

55

11,252,201

Automobiles

—

0.1%

Credit

Suisse

AG

(Ford

Motor

Co.),

14.85%, 07/29/21

.................

385

5,742,622

Societe

Generale

SA

(General

Motors

Co.),

13.72%, 08/05/21

.................

116

6,873,764

12,616,386

Banks

—

0.7%

BNP

Paribas

SA

(Citigroup,

Inc.),

12.09%, 07/15/21

.................

222

15,782,249

BNP

Paribas

SA

(Truist

Financial

Corp.):

9.30%,

07/15/21

(b)

.................

70

3,888,681

10.51%,

07/15/21

.................

94

5,251,165

Citigroup

Global

Markets

Holdings,

Inc.

(Citizens

Financial

Group,

Inc.),

13.06%, 07/16/21

(b)

................

120

5,523,036

Credit

Suisse

AG

(JPMorgan

Chase

&

Co.):

13.26%,

07/14/21

.................

142

22,113,622

14.10%,

07/14/21

.................

82

12,772,593

10.85%,

08/02/21

.................

74

11,582,846

Credit

Suisse

AG

(US

BanCorp.),

15.65%, 07/15/21

.................

87

4,998,812

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Royal

Bank

of

Canada

(Bank

of

America

Corp.):

10.90%,

07/15/21

.................

USD

686

$

28,057,391

12.91%,

07/15/21

(b)

................

221

9,174,463

Royal

Bank

of

Canada

(KeyCorp.),

15.44%, 07/21/21

(b)

................

139

2,894,433

Toronto-Dominion

Bank

(The)

(Wells

Fargo

&

Co.),

13.14%, 07/15/21

..............

126

5,727,708

127,766,999

Beverages

—

0.1%

Royal

Bank

of

Canada

(Coca-Cola

Co.

(The)),

9.09%, 07/21/21

(b)

.................

170

9,246,693

Biotechnology

—

0.1%

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

16.22%, 07/30/21

(b)

............

82

9,233,476

Building

Products

—

0.2%

Barclays

Bank

plc

(Masco

Corp.),

10.83%, 07/30/21

.................

106

6,297,857

BNP

Paribas

SA

(Allegion

plc),

9.65%, 07/23/21

25

3,542,850

BNP

Paribas

SA

(Fortune

Brands

Home

&

Security,

Inc.),

11.47%, 07/29/21

.......

34

3,455,713

Credit

Suisse

AG

(Carrier

Global

Corp.):

11.85%,

07/02/21

.................

401

19,110,427

14.23%,

08/02/21

.................

123

5,958,149

Toronto-Dominion

Bank

(The)

(Johnson

Controls

International

plc),

10.16%, 08/02/21

87

5,685,142

44,050,138

Capital

Markets

—

0.5%

BNP

Paribas

SA

(Charles

SchwabCorp.

(The)),

10.39%, 07/16/21

.................

82

5,712,368

Citigroup

Global

Markets

Holdings,

Inc.

(Raymond

James

Financial,

Inc.),

12.47%, 07/28/21

(b)

................

24

3,121,284

Credit

Suisse

AG

(T

Rowe

Price

Group,

Inc.),

11.60%, 07/29/21

.................

30

5,665,943

Goldman

Sachs

International

(Berkshire

Hathaway,

Inc.),

5.96%, 08/02/21

.......

84

23,464,027

JPMorgan

Structured

Products

BV

(Morgan

Stanley),

10.72%, 07/16/21

(b)

..........

344

28,847,741

Royal

Bank

of

Canada

(Ameriprise

Financial,

Inc.),

11.21%, 07/29/21

(b)

.............

21

5,308,719

Royal

Bank

of

Canada

(S&P

Global,

Inc.),

7.49%, 07/28/21

(b)

.................

17

7,112,039

Toronto-Dominion

Bank

(The)

(Goldman

Sachs

Group,

Inc.

(The)),

11.14%, 07/15/21

....

28

10,598,349

UBS

AG

(UBS

Group

AG),

9.70%, 07/16/21

..

29

5,120,693

94,951,163

Chemicals

—

0.2%

Bank

of

Montreal

(Mosaic

Co.

(The)),

18.28%, 08/03/21

.................

136

4,300,032

BNP

Paribas

SA

(Sherwin-Williams

Co.

(The)):

9.70%,

07/28/21

..................

10

2,726,248

6.91%,

06/14/22

..................

21

5,728,242

Credit

Suisse

AG

(Corteva,

Inc.),

14.30%, 08/05/21

.................

88

3,928,202

JPMorgan

Structured

Products

BV

(Dow,

Inc.),

13.06%, 07/23/21

(b)

................

83

5,295,009

JPMorgan

Structured

Products

BV

(DuPont

de

Nemours,

Inc.),

10.99%, 07/30/21

(b)

.....

71

5,507,735

Royal

Bank

of

Canada

(Linde

plc),

8.55%, 07/30/21

(b)

.................

36

10,420,343

Royal

Bank

of

Canada

(LyondellBasell

Industries

NV),

14.53%, 07/30/21

(b)

......

59

6,184,918

44,090,729

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

—

0.1%

Barclays

Bank

plc

(Copart,

Inc.),

9.84%, 07/19/21

..................

USD

67

$

8,764,657

Credit

Suisse

AG

(Waste

Management,

Inc.),

4.10%, 07/30/21

..................

40

5,533,365

Royal

Bank

of

Canada

(Republic

Services,

Inc.),

7.25%, 07/30/21

(b)

.............

33

3,618,571

17,916,593

Communications

Equipment

—

0.1%

BNP

Paribas

SA

(Cisco

Systems,

Inc.),

9.51%, 08/18/21

(b)

.................

180

9,470,104

Construction

&

Engineering

—

0.0%

JPMorgan

Structured

Products

BV

(Quanta

Services,

Inc.),

14.48%, 08/06/21

(b)

......

78

7,122,681

Construction

Materials

—

0.1%

(b)

JPMorgan

Structured

Products

BV

(Martin

Marietta

Materials,

Inc.),

12.21%, 07/28/21

16

5,688,888

Royal

Bank

of

Canada

(Vulcan

Materials

Co.),

14.43%, 08/04/21

.................

21

3,705,488

9,394,376

Consumer

Finance

—

0.2%

BNP

Paribas

SA

(Ally

Financial,

Inc.):

7.13%,

07/16/21

..................

140

6,966,578

10.86%,

07/16/21

.................

113

5,636,808

13.35%,

07/16/21

.................

64

3,216,666

BNP

Paribas

SA

(American

Express

Co.),

12.52%, 07/23/21

.................

36

5,942,775

Canadian

Imperial

Bank

of

Commerce

(Synchrony

Financial),

16.23%, 07/22/21

..

134

5,810,182

Merrill

Lynch

International

&

Co.

(Capital

One

Financial

Corp.),

11.48%, 07/21/21

......

46

7,071,019

34,644,028

Containers

&

Packaging

—

0.1%

BNP

Paribas

SA

(Crown

Holdings,

Inc.),

11.87%, 07/21/21

.................

23

2,397,184

Merrill

Lynch

International

&

Co.

(International

Paper,

Co.):

10.67%,

07/02/21

.................

186

11,396,263

12.34%,

07/30/21

.................

78

4,753,303

18,546,750

Distributors

—

0.1%

(b)

BNP

Paribas

SA

(Pool

Corp.),

7.92%, 07/22/21

10

4,566,639

Royal

Bank

of

Canada

(Genuine

Parts

Co.),

7.22%, 07/30/21

..................

34

4,197,611

8,764,250

Diversified

Telecommunication

Services

—

0.1%

Merrill

Lynch

International

&

Co.

(Verizon

Communications,

Inc.),

7.20%, 07/22/21

..

253

14,094,060

Royal

Bank

of

Canada

(AT&T,

Inc.),

11.93%, 07/23/21

(b)

................

413

11,781,402

25,875,462

Electric

Utilities

—

0.3%

BNP

Paribas

SA

(American

Electric

Power

Co,

Inc.),

6.63%, 08/04/21

..............

128

10,820,885

BNP

Paribas

SA

(Duke

Energy

Corp.),

6.72%, 08/09/21

..................

109

10,765,402

BNP

Paribas

SA

(Southern

Co.

(The)),

8.50%, 07/28/21

..................

172

10,447,343

Societe

Generale

SA

(NextEra

Energy,

Inc.):

8.50%,

07/21/21

..................

151

11,034,713

10.22%,

07/23/21

.................

189

13,969,274

57,037,617

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.2%

Barclays

Bank

plc

(Rockwell

Automation,

Inc.),

10.35%, 07/28/21

.................

USD

35

$

9,849,007

Credit

Suisse

AG

(Generac

Holdings,

Inc.),

11.40%, 07/30/21

.................

51

17,710,898

Royal

Bank

of

Canada

(Eaton

Corp

plc),

7.12%, 07/29/21

(b)

.................

58

8,467,255

36,027,160

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)

BNP

Paribas

SA

(CDW

Corp.),

9.54%, 08/05/21

17

2,959,530

Citigroup

Global

Markets

Holdings,

Inc.

(Corning,

Inc.):

12.51%,

07/28/21

.................

61

2,512,403

14.65%,

07/28/21

.................

73

3,008,540

Royal

Bank

of

Canada

(Flex

Ltd.),

12.78%, 07/29/21

.................

296

5,276,289

13,756,762

Entertainment

—

0.2%

Barclays

Bank

plc

(Walt

Disney

Co.

(The)),

9.42%, 08/02/21

..................

91

15,948,213

JPMorgan

Structured

Products

BV

(Netflix,

Inc.),

13.59%, 08/18/21

(b)

............

35

18,189,996

Royal

Bank

of

Canada

(Activision

Blizzard,

Inc.),

11.50%, 08/04/21

(b)

.............

51

4,843,839

38,982,048

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.6%

BNP

Paribas

SA

(Crown

Castle

International

Corp.),

11.75%, 07/27/21

............

86

16,672,330

BNP

Paribas

SA

(Equinix,

Inc.),

9.27%, 07/27/21

..................

22

17,025,582

BNP

Paribas

SA

(Prologis,

Inc.):

11.66%,

07/20/21

(b)

................

68

8,171,298

10.31%,

07/21/21

(b)

................

172

20,608,625

10.15%,

07/22/21

.................

48

5,814,909

BNP

Paribas

SA

(Simon

Property

Group,

Inc.),

16.29%, 08/09/21

.................

122

15,971,816

Credit

Suisse

AG

(Public

Storage),

10.20%, 08/03/21

.................

43

12,334,267

Royal

Bank

of

Canada

(American

Tower

Corp.),

11.29%, 07/30/21

(b)

................

33

8,523,524

Societe

Generale

SA

(Weyerhaeuser

Co.),

13.95%, 07/30/21

.................

316

11,010,214

116,132,565

Food

&

Staples

Retailing

—

0.1%

Citigroup

Global

Markets

Holdings,

Inc.

(Walmart,

Inc.),

6.66%, 08/18/21

(b)

......

52

7,226,883

Toronto-Dominion

Bank

(The)

(Tesco

plc),

9.46%, 07/20/21

..................

19

3,498,813

10,725,696

Food

Products

—

0.2%

Citigroup

Global

Markets

Holdings,

Inc.

(Kraft

Heinz

Co.

(The)),

11.80%, 07/02/21

(b)

....

323

13,172,871

Royal

Bank

of

Canada

(Archer-Daniels-Midland

Co.),

10.19%, 07/29/21

(b)

.............

44

2,670,154

Royal

Bank

of

Canada

(Hershey

Co.

(The)),

9.14%, 07/22/21

(b)

.................

21

3,640,691

Royal

Bank

of

Canada

(Kellogg

Co.),

10.98%, 07/30/21

(b)

................

61

3,942,047

Royal

Bank

of

Canada

(Mondelez

International,

Inc.):

6.95%,

07/28/21

..................

153

9,578,819

8.96%,

07/28/21

(b)

.................

58

3,606,641

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Royal

Bank

of

Canada

(Tyson

Foods,

Inc.),

11.06%, 08/02/21

(b)

................

USD

86

$

6,433,046

43,044,269

Health

Care

Equipment

&

Supplies

—

0.4%

BNP

Paribas

SA

(Medtronic

plc)

(b)

:

9.36%,

08/24/21

..................

47

5,855,279

7.75%,

08/25/21

..................

94

11,670,583

JPMorgan

Structured

Products

BV

(Boston

Scientific

Corp.),

12.67%, 07/29/21

(b)

.....

135

5,781,150

JPMorgan

Structured

Products

BV

(Danaher

Corp.),

9.56%, 07/23/21

(b)

............

37

9,526,106

Merrill

Lynch

International

&

Co.

(Abbott

Laboratories),

8.08%, 07/16/21

........

165

19,127,169

Societe

Generale

SA

(Edwards

Lifesciences

Corp.),

11.06%, 07/22/21

............

127

12,689,473

Societe

Generale

SA

(IDEXX

Laboratories,

Inc.),

11.34%, 07/30/21

..............

25

13,946,449

78,596,209

Health

Care

Providers

&

Services

—

0.6%

BNP

Paribas

SA

(Anthem,

Inc.):

8.90%,

07/22/21

..................

42

15,989,909

12.04%,

08/19/21

.................

24

9,203,692

BNP

Paribas

SA

(CVS

Health

Corp.),

11.30%, 08/05/21

(b)

................

137

11,486,265

Credit

Suisse

AG

(Laboratory

Corp.

of

America

Holdings):

9.99%,

07/27/21

(b)

.................

30

8,166,541

10.87%,

07/27/21

.................

9

2,371,774

9.60%,

07/28/21

..................

36

9,684,490

JPMorgan

Structured

Products

BV

(Cigna

Corp.),

9.25%, 08/05/21

(b)

............

35

8,298,796

JPMorgan

Structured

Products

BV

(HCA

Healthcare,

Inc.),

12.01%, 07/23/21

(b)

....

22

4,478,979

JPMorgan

Structured

Products

BV

(McKesson

Corp.),

10.71%, 08/03/21

(b)

...........

19

3,559,516

JPMorgan

Structured

Products

BV

(Quest

Diagnostics,

Inc.),

11.64%, 07/23/21

(b)

....

27

3,483,223

Merrill

Lynch

International

&

Co.

(Humana,

Inc.),

11.00%, 07/28/21

..............

10

4,640,014

Royal

Bank

of

Canada

(UnitedHealth

Group,

Inc.)

(b)

:

9.79%,

08/19/21

..................

35

13,963,191

6.89%,

08/23/21

..................

18

7,085,904

102,412,294

Hotels,

Restaurants

&

Leisure

—

0.2%

Barclays

Bank

plc

(Booking

Holdings,

Inc.),

11.90%, 08/02/21

.................

5

11,435,601

Credit

Suisse

AG

(McDonald's

Corp.),

5.65%, 07/28/21

..................

50

11,684,163

Merrill

Lynch

International

&

Co.

(Yum!

Brands,

Inc.),

8.06%, 07/30/21

..............

69

7,934,754

Royal

Bank

of

Canada

(Starbucks

Corp.),

11.71%, 08/20/21

(b)

................

106

11,835,911

42,890,429

Household

Durables

—

0.2%

Barclays

Bank

plc

(Lennar

Corp.),

13.72%, 09/14/21

.................

36

3,602,263

Credit

Suisse

AG

(DR

Horton,

Inc.):

14.00%,

07/28/21

.................

38

3,445,108

17.58%,

07/28/21

(b)

................

39

3,485,457

Credit

Suisse

AG

(Toll

Brothers,

Inc.),

14.70%, 08/25/21

.................

97

5,565,824

JPMorgan

Structured

Products

BV

(Whirlpool

Corp.),

12.30%, 07/21/21

(b)

...........

15

3,338,954

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Royal

Bank

of

Canada

(DFS

Furniture

plc),

13.73%, 07/21/21

(b)

................

USD

28

$

3,312,656

Societe

Generale

SA

(PulteGroup,

Inc.),

11.99%, 07/23/21

.................

76

4,177,075

Societe

Generale

SA

(Tempur

Sealy

International,

Inc.),

14.15%, 07/30/21

....

110

4,251,268

31,178,605

Household

Products

—

0.2%

Citigroup

Global

Markets

Holdings,

Inc.

(Procter

&

Gamble

Co.

(The))

(b)

:

8.43%,

07/30/21

..................

258

34,823,710

9.51%,

07/30/21

..................

70

9,402,854

44,226,564

Industrial

Conglomerates

—

0.2%

Barclays

Bank

plc

(Roper

Technologies,

Inc.):

4.72%,

07/28/21

..................

13

5,923,572

8.25%,

07/28/21

..................

6

2,780,989

Citigroup

Global

Markets

Holdings,

Inc.

(3M

Co.),

11.42%, 07/29/21

(b)

.............

30

5,911,814

Societe

Generale

SA

(Honeywell

International,

Inc.),

9.87%, 07/21/21

..............

80

17,552,129

32,168,504

Insurance

—

0.1%

Barclays

Bank

plc

(Prudential

Financial,

Inc.),

9.92%, 08/04/21

..................

47

4,772,542

Credit

Suisse

AG

(Chubb

Ltd.),

10.30%, 07/28/21

.................

23

3,701,207

JPMorgan

Structured

Products

BV

(Willis

Towers

Watson

plc),

10.27%, 07/30/21

(b)

..

15

3,489,360

Royal

Bank

of

Canada

(Marsh

&

McLennan

Cos,

Inc.),

7.31%, 07/30/21

(b)

..........

40

5,579,561

17,542,670

Interactive

Media

&

Services

—

1.0%

Citigroup

Global

Markets

Holdings,

Inc.

(Facebook,

Inc.):

12.33%,

07/27/21

(b)

................

82

28,090,836

12.60%,

07/29/21

.................

72

24,193,417

14.02%,

08/18/21

(b)

................

58

19,678,680

Credit

Suisse

AG

(Alphabet,

Inc.):

9.28%,

07/28/21

(b)

.................

14

34,547,005

9.15%,

07/30/21

..................

10

23,877,480

12.29%,

08/20/21

(b)

................

20

47,953,688

178,341,106

Internet

&

Direct

Marketing

Retail

—

0.6%

Citigroup

Global

Markets

Holdings,

Inc.

(Amazon.com,

Inc.)

(b)

:

10.82%,

07/30/21

.................

15

53,438,878

9.62%,

08/02/21

..................

7

23,287,834

11.03%,

08/16/21

.................

11

36,546,966

113,273,678

IT

Services

—

0.5%

Barclays

Bank

plc

(Fiserv,

Inc.):

9.50%,

08/02/21

(b)

.................

22

2,396,500

10.04%,

08/05/21

.................

54

5,825,666

Barclays

Bank

plc

(Global

Payments,

Inc.),

8.16%, 08/04/21

..................

30

5,711,267

Barclays

Bank

plc

(PayPal

Holdings,

Inc.),

12.09%, 07/29/21

.................

54

15,157,867

Citigroup

Global

Markets

Holdings,

Inc.

(Visa,

Inc.):

10.52%,

07/27/21

(b)

................

105

24,273,050

8.99%,

07/28/21

..................

31

7,179,431

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Credit

Suisse

AG

(Automatic

Data

Processing,

Inc.):

4.90%,

07/23/21

..................

USD

42

$

8,366,849

8.58%,

07/29/21

..................

22

4,304,528

8.60%,

07/29/21

..................

30

5,937,024

Credit

Suisse

AG

(Fidelity

National

Information

Services,

Inc.):

9.35%,

08/02/21

..................

45

6,411,548

8.58%,

08/04/21

(b)

.................

21

3,039,086

Toronto-Dominion

Bank

(The)

(Mastercard,

Inc.),

11.40%, 07/29/21

..............

28

10,347,419

98,950,235

Leisure

Products

—

0.0%

Royal

Bank

of

Canada

(Hasbro,

Inc.),

10.44%, 07/28/21

(b)

................

27

2,614,769

Life

Sciences

Tools

&

Services

—

0.2%

Credit

Suisse

AG

(Thermo

Fisher

Scientific,

Inc.):

8.58%,

07/22/21

..................

26

12,694,717

9.65%,

07/22/21

..................

23

11,171,321

10.43%,

08/16/21

(b)

................

9

4,201,564

Royal

Bank

of

Canada

(Agilent

Technologies,

Inc.),

8.11%, 08/18/21

(b)

.............

32

4,412,589

Societe

Generale

SA

(Charles

River

Laboratories

International,

Inc.),

12.23%, 08/05/21

.................

19

6,962,239

39,442,430

Machinery

—

0.4%

BNP

Paribas

SA

(Cummins,

Inc.),

9.45%, 07/28/21

..................

14

3,346,215

BNP

Paribas

SA

(Pentair

plc),

8.50%, 07/23/21

(b)

.................

65

4,415,982

BNP

Paribas

SA

(Stanley

Black

&

Decker,

Inc.):

11.22%,

07/29/21

.................

22

4,561,307

11.68%,

07/30/21

(b)

................

19

3,980,147

Credit

Suisse

AG

(Ingersoll

Rand,

Inc.),

12.75%, 08/04/21

.................

83

4,080,226

Credit

Suisse

AG

(Parker-Hannifin

Corp.),

12.40%, 08/05/21

.................

17

5,355,832

Goldman

Sachs

International

(Caterpillar,

Inc.),

10.88%, 07/26/21

.................

76

16,663,985

JPMorgan

Structured

Products

BV

(Otis

Worldwide

Corp.),

7.61%, 07/28/21

(b)

....

60

4,878,625

JPMorgan

Structured

Products

BV

(PACCAR,

Inc.),

9.30%, 07/21/21

(b)

.............

51

4,589,985

Merrill

Lynch

International

&

Co.

(Deere

&

Co.),

11.85%, 08/20/21

.................

27

9,470,712

Societe

Generale

SA

(Dover

Corp.),

9.57%, 07/19/21

..................

49

7,375,014

68,718,030

Media

—

0.2%

Barclays

Bank

plc

(Fox

Corp.),

15.02%, 08/04/21

.................

117

4,365,635

Barclays

Bank

plc

(Interpublic

Group

of

Cos.,

Inc.

(The)),

12.00%, 07/28/21

.........

87

2,795,969

BNP

Paribas

SA

(Omnicom

Group,

Inc.):

12.30%,

07/28/21

.................

33

2,679,871

13.40%,

06/26/26

.................

EUR

43

3,476,031

Citigroup

Global

Markets

Holdings,

Inc.

(Comcast

Corp.):

8.79%,

07/02/21

(b)

.................

USD

358

20,424,447

15.91%,

07/30/21

.................

125

7,136,412

40,878,365

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

—

0.0%

Credit

Suisse

AG

(Alcoa

Corp.),

15.10%, 07/15/21

.................

USD

128

$

4,615,556

Multiline

Retail

—

0.1%

BNP

Paribas

SA

(Dollar

Tree,

Inc.),

9.88%, 08/30/21

(b)

.................

58

5,779,103

Merrill

Lynch

International

&

Co.

(Target

Corp.):

11.90%,

07/29/21

.................

19

4,303,375

10.34%,

08/19/21

.................

47

11,211,780

Royal

Bank

of

Canada

(Dollar

General

Corp.),

6.95%, 08/27/21

(b)

.................

17

3,573,606

24,867,864

Multi-Utilities

—

0.0%

Citigroup

Global

Markets

Holdings,

Inc.

(DTE

Energy

Co.),

6.71%, 07/28/21

(b)

........

27

3,546,498

Oil,

Gas

&

Consumable

Fuels

—

0.2%

JPMorgan

Structured

Products

BV

(Exxon

Mobil

Corp.),

12.55%, 07/27/21

(b)

.......

279

17,180,374

Royal

Bank

of

Canada

(Marathon

Oil

Corp.),

20.96%, 08/04/21

(b)

................

335

4,471,076

Toronto-Dominion

Bank

(The)

(Chevron

Corp.),

11.55%, 07/30/21

.................

91

9,576,743

31,228,193

Personal

Products

—

0.0%

Bank

of

Montreal

(Estee

Lauder

Cos.,

Inc.

(The)),

5.24%, 08/19/21

.............

28

8,498,144

Pharmaceuticals

—

0.3%

Credit

Suisse

AG

(Merck

&

Co,

Inc.),

10.60%, 07/30/21

.................

119

9,290,317

JPMorgan

Structured

Products

BV

(Pfizer,

Inc.),

5.31%, 07/29/21

(b)

.................

239

9,367,800

Merrill

Lynch

International

&

Co.

(Johnson

&

Johnson):

5.10%,

07/16/21

(b)

.................

107

17,617,077

6.57%,

07/16/21

..................

56

9,318,345

45,593,539

Professional

Services

—

0.0%

Royal

Bank

of

Canada

(TransUnion),

10.03%, 07/28/21

(b)

................

51

5,573,169

Road

&

Rail

—

0.1%

Merrill

Lynch

International

&

Co.

(CSX

Corp.),

10.11%, 07/22/21

.................

65

6,318,699

Royal

Bank

of

Canada

(Knight-Swift

Transportation

Holdings,

Inc.),

13.08%, 07/22/21

(b)

................

49

2,260,197

Royal

Bank

of

Canada

(Old

Dominion

Freight

Line,

Inc.),

12.93%, 07/29/21

(b)

.........

15

3,831,286

12,410,182

Semiconductors

&

Semiconductor

Equipment

—

0.3%

Barclays

Bank

plc

(Applied

Materials,

Inc.),

18.84%, 08/13/21

.................

60

8,391,040

Citigroup

Global

Markets

Holdings,

Inc.

(NVIDIA

Corp.),

17.13%, 08/19/21

(b)

...........

11

8,512,820

JPMorgan

Structured

Products

BV

(Broadcom,

Inc.),

14.72%, 07/27/21

(b)

............

17

8,310,480

JPMorgan

Structured

Products

BV

(QUALCOMM,

Inc.),

13.69%, 07/27/21

(b)

..

142

20,041,470

Royal

Bank

of

Canada

(Texas

Instruments,

Inc.),

13.68%, 08/26/21

(b)

............

38

7,243,218

52,499,028

Software

—

1.3%

BNP

Paribas

SA

(Microsoft

Corp.):

4.87%,

07/22/21

(b)

.................

282

75,464,915

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Software

(continued)

6.11%,

07/22/21

(b)

.................

USD

89

$

24,022,617

9.58%,

08/20/21

..................

234

61,652,840

Citigroup

Global

Markets

Holdings,

Inc.

(Adobe,

Inc.)

(b)

:

9.80%,

07/27/21

..................

32

17,456,435

11.69%,

09/15/21

.................

17

9,603,170

Credit

Suisse

AG

(Oracle

Corp.),

8.70%, 09/09/21

..................

91

7,059,559

JPMorgan

Structured

Products

BV

(Autodesk,

Inc.),

13.66%, 07/27/21

(b)

............

37

11,003,227

JPMorgan

Structured

Products

BV

(Citrix

Systems,

Inc.),

11.22%, 07/23/21

(b)

......

20

2,386,337

JPMorgan

Structured

Products

BV

(ServiceNow,

Inc.),

12.23%, 07/27/21

(b)

...

28

14,510,355

Royal

Bank

of

Canada

(salesforce.com,

Inc.),

12.48%, 08/25/21

(b)

................

41

9,739,870

232,899,325

Specialty

Retail

—

0.5%

BNP

Paribas

SA

(Ross

Stores,

Inc.),

11.84%, 08/20/21

(b)

................

49

5,996,829

Citigroup

Global

Markets

Holdings,

Inc.

(Home

Depot,

Inc.

(The)):

13.24%,

07/02/21

(b)

................

37

11,874,546

8.50%,

08/18/21

..................

59

18,978,062

Citigroup

Global

Markets

Holdings,

Inc.

(Lowe's

Cos,

Inc.)

(b)

:

13.20%,

07/12/21

.................

24

4,714,111

9.21%,

08/18/21

..................

37

7,121,220

Citigroup

Global

Markets

Holdings,

Inc.

(Ulta

Beauty,

Inc.),

15.21%, 08/25/21

(b)

.......

10

3,547,332

JPMorgan

Structured

Products

BV

(Best

Buy

Co,

Inc.),

10.77%, 08/25/21

(b)

..........

32

3,647,468

Royal

Bank

of

Canada

(TJX

Cos.,

Inc.

(The)),

11.54%, 08/19/21

(b)

................

90

5,990,084

Societe

Generale

SA

(AutoZone,

Inc.),

12.30%, 07/19/21

.................

8

12,514,231

Societe

Generale

SA

(O'Reilly

Automotive,

Inc.),

5.01%, 07/29/21

..............

15

8,456,170

82,840,053

Technology

Hardware,

Storage

&

Peripherals

—

1.1%

Citigroup

Global

Markets

Holdings,

Inc.

(Apple,

Inc.):

9.64%,

07/02/21

..................

350

48,015,476

9.92%,

07/19/21

..................

190

25,434,031

7.94%,

08/02/21

(b)

.................

177

24,077,798

15.74%,

08/02/21

.................

346

47,414,250

11.21%,

08/16/21

(b)

................

379

49,796,255

Citigroup

Global

Markets

Holdings,

Inc.

(Hewlett

Packard

Enterprise

Co.),

10.70%, 08/25/21

(b)

239

3,493,270

JPMorgan

Structured

Products

BV

(HP,

Inc.),

10.96%, 08/27/21

(b)

................

161

4,800,161

203,031,241

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Royal

Bank

of

Canada

(Tapestry,

Inc.),

13.54%, 08/12/21

(b)

................

85

3,766,142

Trading

Companies

&

Distributors

—

0.1%

Citigroup

Global

Markets

Holdings,

Inc.

(United

Rentals,

Inc.):

11.38%,

07/02/21

(b)

................

41

13,176,251

16.77%,

07/30/21

.................

15

4,745,385

17,921,636

Total

Equity-Linked

Notes

—

13.3%

(Cost:

$2,407,333,169)

............................

2,426,546,772

Security

Par

(000)

Par

(000)

Value

Floating

Rate

Loan

Interests

—

7.2%

Aerospace

&

Defense

—

0.3%

(a)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 05/25/28

..................

USD

9,497

$

9,520,840

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 05/25/28

..................

1,932

1,936,442

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

3.65%

,

 04/06/26

..................

5,385

5,241,839

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.50%),

3.65%

,

 04/06/26

..................

2,895

2,818,194

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

.

15,138

15,169,324

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

(c)

3,740

3,814,800

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

..................

1,965

1,976,619

TransDigm,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 12/09/25

......

4,727

4,653,172

TransDigm,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 08/22/24

......

4,371

4,313,338

49,444,568

Air

Freight

&

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

5.50%

,

 04/06/28

(a)

.................

510

509,204

Airlines

—

0.1%

(a)

AAdvantage

Loyality

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/20/28

..................

3,334

3,473,195

American

Airlines,

Inc.,

Term

Loan

B:

(LIBOR

USD

1

Month

+

2.00%),

2.10%, 04/28/23

................

1,862

1,815,065

(LIBOR

USD

1

Month

+

2.00%),

2.07%, 12/15/23

................

4,634

4,517,739

Kestrel

Bidco,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 12/11/26

.......

5,198

5,094,236

United

AirLines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

.

4,526

4,580,961

19,481,196

Auto

Components

—

0.1%

(a)

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 04/10/28

......

936

935,710

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/30/26

.

9,169

9,077,013

Truck

Hero,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 01/31/28

......

5,692

5,688,889

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 02/05/26

..................

5,747

5,673,204

21,374,816

Automobiles

—

0.0%

(a)

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 01/01/38

......

7,592

7,588,297

Majordrive

Holdings

IV

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/01/28

.

977

977,303

8,565,600

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Building

Products

—

0.1%

(a)

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/12/28

..................

USD

569

$

568,059

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 11/23/27

..

5,698

5,679,316

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

.

1,424

1,421,517

MI

Windows

and

Doors

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/18/27

..................

673

673,044

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

......

7,591

7,587,124

15,929,060

Capital

Markets

—

0.0%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

2

Month

+

3.75%),

4.50%

,

 07/24/26

.

793

794,395

Focus

Financial

Partners

LLC,

Delayed

Draw

Term

Loan,

06/23/28

(n)

..............

466

463,891

Focus

Financial

Partners

LLC,

Term

Loan,

01/01/28

(n)

......................

2,018

2,010,197

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/12/24

(c)

....

1,439

1,433,580

Jefferies

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.13%

,

 06/03/26

.....

712

707,736

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.20%

,

 05/29/26

............

2,507

2,283,288

7,693,087

Chemicals

—

0.3%

(a)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 03/18/28

............

5,730

5,697,797

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 11/24/27

..................

958

959,994

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 08/27/26

..................

4,479

4,539,390

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

1.90%

,

 06/01/24

............

2,396

2,378,851

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

-

0.00%

,

 12/29/27

..................

873

870,360

Element

Solutions

Inc.,

Term

Loan

B1,

07/30/21

(n)

......................

2,237

2,232,817

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/28/24

(c)

.................

787

778,639

Invictus

US

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 03/28/25

.

700

698,209

Lonza

Group

AG,

Term

Loan

B,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 04/28/28

......

2,284

2,285,233

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 06/30/27

..................

4,933

4,900,288

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.65%

,

 01/01/38

..................

7,055

7,001,737

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/15/24

............

5,740

5,698,913

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 10/14/24

..................

USD

5,357

$

5,323,145

PQ

Corp.,

Term

Loan,

(LIBOR

USD

2

Month

+

2.75%),

3.25%

,

 06/09/28

............

2,637

2,634,811

Sparta

US

HoldCo

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 04/28/28

.

1,445

1,445,448

WR

Grace

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.15%

,

 06/01/28

(c)

.....

969

964,155

48,409,787

Commercial

Services

&

Supplies

—

0.2%

(a)

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/12/28

..................

7,593

7,611,751

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 09/07/27

.

2,724

2,713,815

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 06/21/24

..................

9,313

9,154,127

Diamond

(BC)

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.19%

,

 09/06/24

......

2,225

2,211,755

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

2.38%

,

 09/19/26

..................

952

937,676

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

,

 09/23/26

............

2,757

2,753,734

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.40%

,

 07/30/25

..................

3,318

3,195,074

Tempo

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 11/02/26

..

10,911

10,922,316

TruGreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 11/02/27

..................

1,407

1,411,654

40,911,902

Construction

&

Engineering

—

0.1%

(a)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/21/28

.............

6,021

6,005,300

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 06/02/28

.....

5,269

5,263,151

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 05/12/28

..................

3,810

3,800,970

15,069,421

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 01/15/27

............

3,538

3,510,156

Core

&

Main

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 08/01/24

......

3,482

3,476,353

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

.....

1,955

1,954,322

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

..................

4,507

4,475,102

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.10%

-

3.19%

,

 05/29/26

..................

861

857,935

14,273,868

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

—

0.2%

(a)

Charter

NEX

US,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

0.00%

,

 12/01/27

..................

USD

2,465

$

2,467,610

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/01/27

..................

5,782

5,789,547

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/02/28

.

3,852

3,833,173

Kleopatra

Finco

SARL,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.75%),

5.25%

,

 02/12/26

(c)

.................

4,505

4,527,234

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/03/24

..................

6,657

6,491,509

Pactiv

Evergreen,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 02/05/23

.

3,496

3,487,305

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/05/26

.

1,011

1,003,702

Tosca

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/18/27

......

1,195

1,193,501

28,793,581

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/28/27

(a)

1,348

1,349,725

Diversified

Consumer

Services

—

0.1%

(a)

Ascend

Learning

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 07/12/24

.....

832

831,715

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.50%

,

 11/07/23

..................

5,560

5,537,879

Frontdoor,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 06/17/28

......

971

971,000

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

..................

1,630

1,586,801

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.25%

,

 06/21/27

.

3,694

3,942,089

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 12/20/24

..................

1,543

1,521,944

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 01/15/27

............

6,859

6,890,681

Vocus

Group

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 05/26/28

(c)

.....

1,199

1,199,000

22,481,109

Diversified

Financial

Services

—

1.1%

(a)

Acuris

Finance

US,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 02/16/28

.

4,501

4,512,660

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.60%

,

 07/31/26

..................

3,784

3,789,609

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 08/05/27

(c)

1,198

1,196,490

AqGen

Ascensus,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 05/19/28

.

3,615

3,603,721

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 10/30/26

......

2,100

2,085,303

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 04/13/28

......

7,548

7,532,221

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Colorado

Plaza,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

7.10%

-

10.00%

,

 05/15/24

(c)

................

USD

7,906

$

7,352,471

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 12/11/26

.....

13,277

13,285,484

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 04/09/27

..................

8,062

8,092,137

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

(c)

.................

1,440

1,472,400

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

.

6,832

6,844,844

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

.

779

787,764

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

..................

10,381

10,404,362

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 07/11/25

..................

4,223

4,138,633

Houston

Center,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

2.20%

-

10.00%

,

 12/09/22

(c)

................

39,131

39,095,764

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/17/27

..................

910

903,076

LBM

Acquisition

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

4.50%

,

 12/17/27

............

135

133,789

LBM

Acquisition

LLC,

Delayed

Draw

Term

Loan,

0.00%

,

 12/17/27

..............

352

348,920

LBM

Acquisition

LLC,

Term

Loan

B2,

0.00%

,

 12/17/27

..................

704

697,840

Lealand

Finance

Co.,

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 06/28/24

(c)

41

24,643

Lealand

Finance

Co.,

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.09%

,

 06/30/25

.

383

169,995

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/02/27

..

1,610

1,612,757

Park

Avenue

Tower,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

2.15%

-

2.85%

,

 03/09/24

(c)

31,329

31,310,179

Refficiency

Holdings

LLC,

Delayed

Draw

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 12/16/27

..................

159

159,451

Refficiency

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/16/27

.

825

825,000

RVR

Dealership

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 02/08/28

(c)

.................

1,893

1,897,988

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

2.60%

-

2.61%

,

 01/23/25

..................

3,001

2,895,492

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

..................

3,147

3,132,587

The

Vinoy

St.

Petersburg,

Term

Loan,

0.00%

-

10.00%

,

 01/01/38

.................

11,900

11,840,500

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

8.00%),

9.00%

,

 02/28/25

..................

2,336

2,447,633

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

3.07%

,

 01/31/29

..................

USD

413

$

410,109

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

......

12,369

12,434,241

VICI

Properties

1

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 12/20/24

.

2,077

2,058,164

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 02/28/27

......

3,366

3,351,334

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 10/19/27

.....

1,309

1,311,057

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

2.57%

,

 04/30/28

..................

2,902

2,869,759

195,028,377

Diversified

Telecommunication

Services

—

0.2%

(a)

Altice

Financing

SA,

Term

Loan:

(LIBOR

USD

3

Month

+

2.75%),

2.93%, 07/15/25

................

957

939,722

(LIBOR

USD

3

Month

+

2.75%),

2.90%, 01/31/26

................

3,063

3,006,019

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

3

Month

+

4.00%),

4.15%

,

 08/14/26

.....

6,403

6,385,507

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

..

782

782,070

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 10/02/27

..................

1,328

1,329,709

Frontier

Communications

Holdings,

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/01/28

..................

2,721

2,720,536

GCI

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

3.50%

,

 10/15/25

............

1,624

1,619,671

Iridium

Satellite

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 11/04/26

..

1,538

1,539,952

MTN

Infrastructure

TopCo,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 11/15/24

..................

3,001

2,997,648

Orbcomm

Inc.,

First

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 06/17/28

.

1,191

1,188,023

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

2

Month

+

3.25%),

3.35%

,

 01/31/29

..................

2,990

2,985,425

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 03/09/27

.

13,744

13,590,290

39,084,572

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 01/15/25

..................

1,597

1,576,405

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 12/13/25

.

1,588

1,511,813

3,088,218

Electrical

Equipment

—

0.1%

(a)

Fairbanks

Morse

Defense,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

5.50%

,

 06/16/28

.

1,344

1,344,847

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 02/12/25

.

935

934,492

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 09/13/24

.

10,600

10,543,550

12,822,889

Security

Par

(000)

Par

(000)

Value

Entertainment

—

0.1%

(a)

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/03/24

..................

USD

2,992

$

2,974,533

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.88%

-

0.00%

,

 10/19/26

..................

3,024

2,940,994

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 03/13/28

.

3,479

3,461,501

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 05/30/25

..................

87

86,104

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 05/18/25

......

5,851

5,734,257

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

2.23%

,

 01/20/28

.

907

898,832

16,096,221

Food

&

Staples

Retailing

—

0.1%

(a)

H-Food

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.69%),

3.79%

,

 05/23/25

.....

4,206

4,177,068

H-Food

Holdings

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 05/23/25

.

1,540

1,535,070

US

Foods,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 06/27/23

......

3,445

3,409,209

US

Foods,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 09/13/26

......

2,416

2,377,496

11,498,843

Food

Products

—

0.2%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 11/19/26

..................

2,742

2,702,131

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.59%

,

 10/01/25

..................

2,091

2,082,245

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.60%

,

 10/10/26

......

218

218,302

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

...........

3,791

3,797,682

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 01/29/27

..................

7,685

7,563,783

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.00%

,

 08/03/25

..................

1,681

1,673,066

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.25%),

2.32%

,

 05/15/24

..................

494

491,660

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

2

Month

+

4.25%),

5.00%

,

 06/08/28

..................

1,706

1,712,191

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/31/28

..................

7,608

7,597,425

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 01/20/28

..................

3,364

3,358,314

31,196,799

Health

Care

Equipment

&

Supplies

—

0.0%

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 05/04/28

(a)

.....

903

903,569

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

0.2%

(a)

AHP

Health

Partners,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 06/30/25

..................

USD

1,078

$

1,079,061

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.69%

,

 07/24/26

.

5,727

5,690,723

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 06/07/23

..................

3,804

3,799,265

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/10/25

.

2,886

2,463,235

EyeCare

Partners

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 02/18/27

..................

5,367

5,315,637

MPH

Acquisition

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 06/07/23

..................

1,418

1,413,342

Option

Care

Health,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 08/06/26

.

5,681

5,679,829

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.09%

,

 06/30/25

..................

3,386

3,382,224

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 02/14/25

..................

75

74,732

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/20/27

(c)

.................

1,546

1,547,933

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 01/08/27

..................

2,508

2,514,074

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 08/13/26

.

2,456

2,459,079

35,419,134

Health

Care

Technology

—

0.1%

(a)

athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.41%

,

 02/11/26

..................

350

350,889

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 03/01/24

..................

3,147

3,143,233

GoodRx,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

,

 10/10/25

.....

3,805

3,777,573

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/02/28

..................

6,967

6,983,582

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 08/27/25

.

5,698

5,707,078

19,962,355

Hotels,

Restaurants

&

Leisure

—

0.3%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 02/02/26

..................

506

492,984

Aristocrat

Leisure

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/19/24

.....

1,525

1,525,957

Caesars

Resort

Collection

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 12/23/24

..................

6,413

6,354,205

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.60%

,

 07/21/25

..................

5,116

5,129,128

CityCenter

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 04/18/24

.

520

515,808

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.65%

,

 07/10/25

.

USD

1,572

$

1,572,659

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 11/30/23

..................

1,958

1,950,515

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

12.00%),

13.00%

,

 10/04/23

(c)

................

312

346,417

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

2

Month

+

2.50%),

3.25%

,

 10/04/23

.

2,943

2,918,749

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

0.00%

-

10.00%

,

 04/01/24

(c)

................

14,250

13,252,500

IRB

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/15/27

......

4,501

4,498,589

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 02/05/25

.....

2,693

2,686,602

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 03/09/28

.

5,738

5,702,965

Playa

Resorts

Holding

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 04/29/24

.

589

566,031

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 08/14/24

..................

1,523

1,512,054

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.50%

,

 02/08/27

..................

2,421

2,391,008

Whatabrands

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.83%

,

 07/31/26

......

3,669

3,651,615

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 05/30/25

..................

973

964,407

56,032,193

Household

Durables

—

0.0%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.42%

,

 05/17/28

.

5,850

5,816,597

Serta

Simmons

Bedding

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

7.50%),

8.50%, 08/10/23

................

1,937

1,900,510

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 10/30/27

..................

1,598

1,599,967

9,317,074

Household

Products

—

0.0%

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.50%

,

 03/03/28

(a)(c)

642

639,178

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

ExGen

Renewables

IV

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.50%

,

 12/15/27

(a)

1,565

1,563,673

Industrial

Conglomerates

—

0.1%

(a)

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 03/31/25

.....

3,485

3,454,074

Filtration

Group

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 03/29/25

.

4,293

4,293,121

Sheraton

Austin,

Term

Loan,

(LIBOR

USD

3

Month

+

3.73%),

0.00%

-

10.00%

,

 01/01/28

8,491

8,491,237

16,238,432

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Insurance

—

0.3%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan:

(LIBOR

USD

1

Month

+

3.25%),

3.35%, 05/09/25

................

USD

6,351

$

6,279,066

(LIBOR

USD

1

Month

+

3.75%),

4.25%, 11/05/27

................

1,838

1,839,660

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/19/28

.....

4,089

4,062,173

AssuredPartners

Capital,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 02/12/27

..................

307

307,153

AssuredPartners,

Inc.,

Term

Loan:

(LIBOR

USD

1

Month

+

3.50%),

3.60%, 02/12/27

................

3,825

3,802,946

(LIBOR

USD

1

Month

+

4.50%),

5.50%, 02/12/27

................

1,080

1,080,865

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

1

Month

+

5.25%),

5.35%

,

 01/31/28

.

3,051

3,072,601

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 11/03/23

.......

3,397

3,377,624

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 11/03/24

.......

2,690

2,660,311

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 12/23/26

......

2,399

2,370,441

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

2.93%

,

 04/25/25

.....

1,624

1,604,903

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 04/25/25

.

9,104

9,097,578

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 09/01/27

.

2,286

2,283,579

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan:

(LIBOR

USD

1

Month

+

3.25%),

3.35%, 12/31/25

................

5,761

5,695,912

(LIBOR

USD

1

Month

+

3.75%),

3.85%, 09/03/26

................

1,999

1,994,392

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

................

932

933,300

USI,

Inc.,

Term

Loan:

(LIBOR

USD

3

Month

+

3.00%),

3.15%, 05/16/24

................

5,129

5,078,258

(LIBOR

USD

3

Month

+

3.25%),

3.40%, 12/02/26

................

256

253,587

55,794,349

Interactive

Media

&

Services

—

0.2%

(a)

Adevinta

ASA,

Facility

Term

Loan

B2,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 11/05/27

..

4,359

4,357,916

Arches

Buyer,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 12/06/27

......

2,693

2,684,873

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

..................

10,616

10,616,323

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

......

11,184

11,342,447

29,001,559

Internet

&

Direct

Marketing

Retail

—

0.0%

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/08/27

(a)

.................

5,678

5,677,770

Security

Par

(000)

Par

(000)

Value

IT

Services

—

0.4%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 09/19/24

..................

USD

5,118

$

5,104,563

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.25%

,

 09/19/25

..................

805

814,257

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 10/30/26

..................

6,557

6,523,770

CCC

Information

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 04/29/24

..................

4,997

4,994,151

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

..................

2,963

3,057,460

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

.

5,320

5,311,760

Flexential

Intermediate

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

7.38%

,

 08/01/25

..................

1,409

1,258,040

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 08/10/27

..................

3,848

3,821,837

IG

Investments

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 05/23/25

..................

2,123

2,124,238

Ion

Trading

Finance

Ltd,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

4.92%

,

 04/01/28

.

728

730,213

Maximus,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.00%),

2.50%

,

 05/28/28

......

1,565

1,563,701

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

-

3.35%

,

 11/29/24

..................

2,767

2,738,608

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.35%

,

 12/01/25

..................

1,077

1,074,933

Presidio

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

-

3.69%

,

 01/22/27

..................

946

944,367

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 02/12/27

............

5,884

5,740,614

Sabre

GLBL,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/17/27

(c)

.....

1,282

1,287,968

Sophia

LP,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.90%

,

 10/07/27

............

11,349

11,350,942

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 04/16/25

..................

2,163

2,136,206

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/05/26

.

1,757

1,754,979

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 11/16/26

.....

1,535

1,523,838

Virtusa

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 02/11/28

...........

1,360

1,363,671

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 03/31/28

...........

1,047

1,038,870

66,258,986

Life

Sciences

Tools

&

Services

—

0.2%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

3.00%

,

 11/21/24

..

839

838,327

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.25%),

3.25%

,

 11/08/27

..

2,592

2,590,886

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

(continued)

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 02/22/28

..................

USD

2,949

$

2,950,865

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

..................

7,167

7,194,569

ICON

Luxembourg

SARL,

Term

Loan

B:

(LIBOR

USD

3

Month

+

0.00%),

0.00%, 06/16/28

................

5,952

5,960,127

Iqvia,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 03/07/24

...........

2,095

2,082,840

Maravai

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 10/19/27

..................

1,705

1,711,867

PPD,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 01/13/28

............

5,432

5,423,041

28,752,522

Machinery

—

0.2%

(a)

Clark

Equipment

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.40%

,

 05/18/24

.....

1,632

1,628,646

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 05/14/28

(c)

412

411,485

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.75%),

3.50%

,

 03/31/27

.....

3,804

3,793,747

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 03/01/27

..................

1,709

1,688,396

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 06/21/28

......

4,757

4,757,000

Titan

Acquisition

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.17%

,

 03/28/25

.....

14,675

14,408,004

Vertical

Midco

GmbH,

Term

Loan,

(LIBOR

USD

6

Month

+

4.25%),

4.48%

,

 06/30/27

.....

5,638

5,640,129

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

,

 03/02/27

.....

5,770

5,731,113

38,058,520

Media

—

0.4%

Ascend

Learning

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 07/12/24

(a)

....

6,225

6,218,612

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 03/03/25

(a)

.................

8,463

7,745,635

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

15.00%

,

 10/15/26

(o)

................

2,515

3,000,985

Cable

One,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 05/03/28

(a)

.....

1,247

1,241,389

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/30/25

(a)

.................

3,362

3,355,110

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.69%

,

 08/21/26

(a)

.................

13,737

13,399,267

CSC

Holdings

LLC,

Term

Loan:

(a)

(LIBOR

USD

1

Month

+

2.25%),

2.32%, 07/17/25

................

2,696

2,655,869

(LIBOR

USD

1

Month

+

2.50%),

2.57%, 04/15/27

................

1,706

1,688,284

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/12/27

(a)

.................

1,750

1,748,560

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Intelsat

Jackson

Holdings

SA,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 07/13/22

(a)

.................

USD

494

$

496,862

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.75%),

8.00%

,

 11/27/23

(a)

.................

310

314,393

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(a)

.................

6,346

6,123,691

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 03/24/25

(a)

.................

1,798

1,785,951

Midcontinent

Communications,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 08/15/26

(a)

.................

1,189

1,186,984

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.59%

-

2.60%

,

 09/18/26

(a)

.................

863

860,342

Nielsen

Finance

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.08%

,

 10/04/23

(a)

—

(p)

63

Radiate

Holdco

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 09/25/26

(a)

5,983

5,984,826

Sinclair

Television

Group,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 04/01/28

(a)

.................

686

678,865

Terrier

Media

Buyer,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 12/17/26

(a)

.................

1

506

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 09/28/23

(a)(c)

...

4,660

4,636,993

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

2.57%

,

 01/31/28

(a)

.................

1,717

1,701,081

Xplornet

Communications,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.75%),

4.85%

,

 12/31/28

(a)

.................

7,573

7,569,882

72,394,150

Metals

&

Mining

—

0.1%

(a)

Ball

Metalpack

Finco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.64%

,

 07/31/25

..................

1,947

1,930,820

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 03/08/24

..................

8,680

8,304,093

10,234,913

Oil,

Gas

&

Consumable

Fuels

—

0.0%

(a)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

9.00%),

10.00%

,

 11/01/25

............

2,183

2,407,674

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.20%

,

 02/07/25

.

2,178

2,160,256

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

1.75%),

2.25%

-

4.00%

,

 01/31/28

..................

914

914,286

5,482,216

Personal

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/01/26

(a)

.................

11,347

11,381,386

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 05/04/25

..................

USD

2,912

$

2,853,468

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 06/02/25

.

6,402

6,372,856

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Week

+

2.00%),

2.09%

,

 11/15/27

..................

1,613

1,596,550

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

.

2,963

2,971,326

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

6

Month

+

3.00%),

3.50%

,

 06/02/28

......

2,372

2,373,494

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

3.75%

,

 11/18/27

..................

372

370,787

Precision

Medicine

Group

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/18/27

..................

3,307

3,294,469

Prestige

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 06/09/28

.

789

789,332

20,622,282

Professional

Services

—

0.1%

(a)

AlixPartners

LLP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 02/04/28

......

4,162

4,142,510

CoreLogic,

Inc.

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 06/02/28

.

7,641

7,614,256

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/06/26

..................

11,892

11,830,626

23,587,392

Real

Estate

Management

&

Development

—

0.0%

Realogy

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/08/25

(a)

.....

64

63,678

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 02/25/27

(a)

5,711

5,705,644

Software

—

0.8%

(a)

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.90%

,

 02/12/25

..................

5,681

5,693,296

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/02/25

.

5,712

5,676,200

BY

Crown

Parent

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 02/02/26

.

3,226

3,221,571

Cloudera,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 12/22/27

......

1,389

1,386,937

Cornerstone

OnDemand,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.34%

,

 04/22/27

..................

1,491

1,489,218

DTI

Holdco,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.75%),

5.75%

,

 09/29/23

......

1,716

1,657,077

E2open,

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 02/04/28

...........

448

448,000

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

..................

11,372

11,392,829

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.92%

,

 03/11/28

..................

8,999

8,996,439

Informatica

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.13%),

7.13%

,

 02/25/25

(c)

2,696

2,749,920

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/25/27

......

USD

12,125

$

12,040,865

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 05/03/28

..................

6,834

6,827,166

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 05/03/29

(c)

.................

2,963

2,925,963

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 09/30/24

......

3,601

3,600,121

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 09/13/24

.

5,671

5,679,243

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.35%

,

 02/23/29

.

4,512

4,576,883

Netsmart,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

.

1,616

1,619,749

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 12/17/27

..................

7,324

7,330,873

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 04/26/24

..................

1,464

1,464,684

Proofpoint,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 06/09/28

......

3,282

3,261,914

RealPage,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

.

17,188

17,127,868

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.33%

,

 08/01/25

..................

7,697

7,645,091

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 04/16/25

..................

1,644

1,622,976

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.36%

,

 03/03/28

..................

5,559

5,635,372

UKG,

Inc.,

1st

Lien

Term

Loan:

(LIBOR

USD

1

Month

+

3.75%),

3.85%, 05/04/26

................

9,085

9,086,080

(LIBOR

USD

3

Month

+

3.25%),

4.00%, 05/04/26

................

6,816

6,820,032

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 05/03/27

......

2,831

2,875,815

142,852,182

Specialty

Retail

—

0.1%

(a)

Belron

Finance

US

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 11/13/25

..

1,310

1,302,210

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 03/31/26

.

3,822

3,822,000

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 05/04/28

............

5,705

5,719,263

MED

ParentCo.,

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 08/31/26

..................

2,069

2,067,662

Optiv

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 02/01/24

......

1,830

1,786,229

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

.......

11,378

11,380,844

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

..................

697

696,674

26,774,882

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Western

Digital

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.84%

,

 04/29/23

(a)

USD

713

$

712,449

Trading

Companies

&

Distributors

—

0.0%

(a)

Core

&

Main

LP,

Term

Loan

B,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 06/09/28

......

3,597

3,572,453

TMK

Hawk

Parent,

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

8.50%

,

 05/30/24

(c)

1,574

1,542,226

TMK

Hawk

Parent,

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 08/28/24

.

5,161

4,573,582

9,688,261

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.43%

,

 05/27/24

..................

4,127

3,953,907

Gogo

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 04/30/28

...........

6,323

6,307,486

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

..................

776

775,704

MetroNet

Systems

Holdings

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 06/02/28

......

86

86,189

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/11/25

..

1,697

1,681,017

12,804,303

Total

Floating

Rate

Loan

Interests

—

7.2%

(Cost:

$1,306,605,887)

............................

1,309,025,895

Foreign

Agency

Obligations

—

0.3%

Bahrain

—

0.0%

CBB

International

Sukuk

Programme

Co.,

6.25%

,

11/14/24

(b)

.................

868

946,554

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile,

3.75%

,

01/15/31

(b)

......................

1,175

1,282,219

China

—

0.0%

China

Minmetals

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.72%),

3.75%

(a)(k)

................

520

530,660

Huarong

Finance

2017

Co.

Ltd.,

3.75%

,

04/27/22

.......................

335

281,400

812,060

Colombia

—

0.0%

Ecopetrol

SA,

5.38%

,

06/26/26

..........

4,642

5,118,269

France

—

0.1%

Electricite

de

France

SA

(a)(k)

:

(GBP

Swap

13

Year

+

3.96%),

6.00%

....

GBP

600

927,088

(EUR

Swap

Annual

5

Year

+

3.37%),

2.87%

EUR

600

733,126

(EUR

Swap

Annual

5

Year

+

3.20%),

3.00%

1,000

1,225,477

(EUR

Swap

Annual

5

Year

+

4.00%),

3.37%

3,000

3,712,880

6,598,571

Indonesia

—

0.1%

Bank

Tabungan

Negara

Persero

Tbk.

PT,

4.20%

,

01/23/25

..................

USD

3,283

3,358,509

Pertamina

Persero

PT,

3.10%

,

08/27/30

....

4,972

5,102,515

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara:

6.15%,

05/21/48

..................

2,900

3,650,919

Security

Par

(000)

Par

(000)

Value

Indonesia

(continued)

4.88%,

07/17/49

..................

USD

1,800

$

1,958,400

14,070,343

Italy

—

0.0%

Banca

Monte

dei

Paschi

di

Siena

SpA:

3.63%,

09/24/24

..................

EUR

100

123,450

2.63%,

04/28/25

..................

725

871,644

(EUR

Swap

Annual

5

Year

+

8.92%),

8.50%,

09/10/30

(a)

....................

200

217,585

1,212,679

Mexico

—

0.1%

Petroleos

Mexicanos:

6.50%,

03/13/27

..................

USD

5,226

5,555,238

6.84%,

01/23/30

..................

5,358

5,514,721

5.95%,

01/28/31

..................

4,572

4,424,553

6.35%,

02/12/48

..................

2,084

1,765,565

7.69%,

01/23/50

..................

2,900

2,780,375

20,040,452

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

...........

3,730

3,716,013

Panama

—

0.0%

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

(b)

..............

2,960

3,018,275

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

2.40%

,

09/28/27

(b)

......................

1,865

1,827,467

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.

(b)

:

1.25%,

11/24/23

..................

330

333,197

2.25%,

11/24/30

..................

4,020

3,943,821

4,277,018

Total

Foreign

Agency

Obligations

—

0.3%

(Cost:

$60,035,897)

...............................

62,919,920

Foreign

Government

Obligations

—

1.7%

Bahrain

—

0.1%

(b)

Kingdom

of

Bahrain:

7.00%,

01/26/26

..................

4,889

5,556,043

4.25%,

01/25/28

(b)

.................

2,115

2,114,339

7.38%,

05/14/30

..................

3,856

4,347,158

12,017,540

Brazil

—

0.1%

Federative

Republic

of

Brazil:

6.00%,

04/07/26

..................

2,272

2,666,476

4.63%,

01/13/28

..................

6,631

7,168,940

3.88%,

06/12/30

..................

10,649

10,754,159

20,589,575

Chile

—

0.1%

Republic

of

Chile:

2.45%,

01/31/31

..................

4,187

4,263,674

3.10%,

05/07/41

..................

3,175

3,192,463

3.50%,

01/25/50

..................

1,050

1,100,728

8,556,865

Colombia

—

0.1%

Republic

of

Colombia:

8.13%,

05/21/24

..................

4,414

5,210,727

3.88%,

04/25/27

..................

2,562

2,721,805

4.50%,

03/15/29

..................

3,308

3,600,138

3.25%,

04/22/32

..................

2,205

2,155,387

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Colombia

(continued)

4.13%,

05/15/51

..................

USD

1,110

$

1,051,586

14,739,643

Dominican

Republic

—

0.1%

(b)

Dominican

Republic

Government

Bond:

5.95%,

01/25/27

..................

2,355

2,649,375

4.50%,

01/30/30

(b)

.................

7,030

7,174,115

4.88%,

09/23/32

(b)

.................

4,650

4,789,500

5.30%,

01/21/41

..................

1,898

1,892,425

6.40%,

06/05/49

..................

3,800

4,090,462

20,595,877

Egypt

—

0.1%

Arab

Republic

of

Egypt:

6.13%,

01/31/22

(b)

.................

1,915

1,953,659

6.13%,

01/31/22

..................

1,155

1,178,317

5.75%,

05/29/24

(b)

.................

2,510

2,671,268

5.88%,

06/11/25

..................

3,568

3,809,509

5.25%,

10/06/25

(b)

.................

4,455

4,687,495

7.60%,

03/01/29

..................

4,215

4,626,753

5.88%,

02/16/31

(b)

.................

695

672,195

6.38%,

04/11/31

(b)

.................

EUR

4,285

5,291,480

24,890,676

Ghana

—

0.0%

Republic

of

Ghana,

8.63%

,

04/07/34

(b)

......

USD

4,970

5,117,547

Indonesia

—

0.1%

Republic

of

Indonesia:

4.75%,

01/08/26

..................

4,508

5,137,148

3.50%,

01/11/28

..................

1,220

1,330,410

4.10%,

04/24/28

..................

4,070

4,597,319

4.75%,

02/11/29

..................

1,527

1,792,007

5.13%,

01/15/45

..................

5,000

6,185,313

19,042,197

Israel

—

0.0%

State

of

Israel

Government

Bond,

2.75%

,

07/03/30

.......................

2,503

2,676,646

Mexico

—

0.1%

United

Mexican

States:

4.50%,

04/22/29

..................

5,024

5,681,202

4.75%,

03/08/44

..................

2,402

2,659,915

4.35%,

01/15/47

..................

8,830

9,237,283

4.50%,

01/31/50

..................

2,560

2,718,880

20,297,280

Mongolia

—

0.0%

State

of

Mongolia,

8.75%

,

03/09/24

.......

4,517

5,178,458

Morocco

—

0.0%

Kingdom

of

Morocco

(b)

:

3.00%,

12/15/32

..................

3,795

3,662,175

4.00%,

12/15/50

..................

3,736

3,460,470

7,122,645

Nigeria

—

0.0%

Federal

Republic

of

Nigeria,

7.88%

,

02/16/32

.

2,501

2,684,355

Oman

—

0.0%

Oman

Sovereign

Sukuk

Co.,

4.88%

,

06/15/30

(b)

1,170

1,202,541

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan:

6.00%,

04/08/26

..................

2,125

2,145,586

7.38%,

04/08/31

..................

2,515

2,584,162

4,729,748

Security

Par

(000)

Par

(000)

Value

Panama

—

0.1%

Republic

of

Panama:

3.88%,

03/17/28

..................

USD

1,187

$

1,305,181

2.25%,

09/29/32

..................

2,733

2,619,922

4.50%,

05/15/47

..................

4,610

5,233,214

4.50%,

04/01/56

..................

1,320

1,496,385

10,654,702

Paraguay

—

0.1%

Republic

of

Paraguay:

5.00%,

04/15/26

..................

4,144

4,701,627

4.95%,

04/28/31

(b)

.................

5,265

6,047,511

2.74%,

01/29/33

(b)

.................

5,498

5,335,809

5.40%,

03/30/50

..................

2,075

2,421,654

5.40%,

03/30/50

(b)

.................

4,031

4,704,429

23,211,030

Peru

—

0.1%

Republic

of

Peru:

7.35%,

07/21/25

..................

2,094

2,564,888

4.13%,

08/25/27

..................

3,060

3,424,905

1.86%,

12/01/32

..................

2,600

2,420,113

3.30%,

03/11/41

..................

2,230

2,255,645

10,665,551

Philippines

—

0.1%

Republic

of

Philippines:

3.75%,

01/14/29

..................

5,221

5,915,393

2.95%,

05/05/45

..................

4,573

4,415,231

10,330,624

Qatar

—

0.1%

(b)

State

of

Qatar:

4.50%,

04/23/28

..................

4,627

5,464,487

4.00%,

03/14/29

(b)

.................

9,177

10,562,727

16,027,214

Romania

—

0.0%

Romania

Government

Bond:

3.00%,

02/14/31

(b)

.................

4,944

5,127,237

4.00%,

02/14/51

..................

2,552

2,684,863

7,812,100

Russia

—

0.1%

Russian

Federation:

4.75%,

05/27/26

..................

4,400

5,004,450

4.25%,

06/23/27

..................

4,600

5,132,162

10,136,612

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia:

4.00%,

04/17/25

..................

3,327

3,670,721

3.63%,

03/04/28

..................

2,470

2,721,322

4.38%,

04/16/29

(b)

.................

7,447

8,595,700

14,987,743

South

Africa

—

0.0%

Republic

of

South

Africa,

4.88%

,

04/14/26

...

2,503

2,709,185

Sri

Lanka

—

0.1%

Democratic

Socialist

Republic

of

Sri

Lanka:

6.25%,

07/27/21

..................

473

461,264

5.75%,

01/18/22

..................

1,750

1,602,672

5.75%,

04/18/23

..................

2,591

1,928,352

6.85%,

03/14/24

..................

7,147

4,912,669

6.35%,

06/28/24

..................

7,362

5,032,847

7.85%,

03/14/29

..................

7,244

4,583,188

7.55%,

03/28/30

..................

5,522

3,491,975

22,012,967

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Ukraine

—

0.1%

Ukraine

Government

Bond:

8.99%,

02/01/24

..................

USD

3,160

$

3,504,440

7.75%,

09/01/27

..................

1,112

1,222,018

9.75%,

11/01/28

..................

3,073

3,659,367

7.25%,

03/15/33

(b)

.................

1,905

1,980,962

10,366,787

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.38%

,

10/27/27

4,449

5,112,602

Total

Foreign

Government

Obligations

—

1.7%

(Cost:

$304,248,817)

..............................

313,468,710

Shares

Shares

Investment

Companies

—

4.4%

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(q)

.....................

810,949

44,448,115

iShares

Core

Dividend

Growth

ETF

(q)

......

7,756,980

390,641,513

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(f)(q)

.........................

4,111,785

362,001,551

MPLX

LP

.........................

62,577

1,852,905

Western

Midstream

Partners

LP

..........

26,069

558,398

Total

Investment

Companies

—

4.4%

(Cost:

$747,762,761)

..............................

799,502,482

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

—

4.8%

Collateralized

Mortgage

Obligations

—

1.4%

Adjustable

Rate

Mortgage

Trust

(a)

:

Series

2005-8,

Class

2A1,

2.80%,

11/25/35

1,898

1,762,445

Series

2005-8,

Class

7A2,

(LIBOR

USD

1

Month

+

0.56%),

0.65%,

11/25/35

....

1,202

1,189,055

Series

2005-9,

Class

5A1,

(LIBOR

USD

1

Month

+

0.54%),

0.63%,

11/25/35

....

901

907,827

Alternative

Loan

Trust:

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.65%),

1.76%,

06/25/35

(a)

....

486

464,731

Series

2005-36,

Class

2A1A,

(LIBOR

USD

1

Month

+

0.62%),

0.71%,

08/25/35

(a)

...

1,505

1,359,976

Series

2005-61,

Class

1A1,

(LIBOR

USD

1

Month

+

0.52%),

0.61%,

12/25/35

(a)

...

209

196,803

Series

2005-63,

Class

3A3,

2.87%,

11/25/35

(a)

....................

2,250

2,144,801

Series

2005-63,

Class

5A1,

3.31%,

12/25/35

(a)

....................

78

75,624

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

.....................

66

64,998

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

01/25/36

(a)

...

2,553

2,439,927

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.12%,

02/25/36

(a)

....................

4,991

4,733,090

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

.....................

756

605,465

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

.....................

1,139

851,208

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

.....................

532

356,484

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

.....................

USD

834

$

536,319

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

.....................

3,017

1,977,371

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

.....................

1,944

1,448,457

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

.....................

939

700,624

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

357

232,186

Series

2006-J7,

Class

2A1,

(Cost

of

Funds

for

the

11th

District

of

San

Francisco

+

1.50%),

1.84%,

11/20/46

(a)

.........

4,618

3,470,046

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

1,419

917,136

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.85%,

11/25/46

(a)

....................

6,174

5,343,519

Series

2006-OA14,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

0.47%,

11/25/46

(a)

..

4,998

4,477,575

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

0.97%,

11/25/46

(a)

....................

8,957

8,102,078

Series

2006-OA16,

Class

A2,

(LIBOR

USD

1

Month

+

0.38%),

0.47%,

10/25/46

(a)

...

380

367,676

Series

2006-OA2,

Class

A1,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

05/20/46

(a)

...

1,602

1,379,120

Series

2006-OA3,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

05/25/36

(a)

...

8,606

7,887,860

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.19%),

0.28%,

07/25/46

(a)

...

12,248

11,116,818

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

.....................

2,052

1,392,410

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

.....................

455

318,425

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

.....................

289

242,141

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

.....................

271

223,431

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,316

944,453

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

640

459,515

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,397

2,280,537

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

.....................

522

347,056

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

.....................

3,341

2,122,027

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

.....................

573

364,162

Series

2007-AL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.34%,

06/25/37

(a)

...

6,882

5,484,635

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,643

940,318

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.38%),

1.50%,

11/25/47

(a)

....................

1,918

1,755,751

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

04/25/47

(a)

...

11,547

10,443,809

Series

2007-OA4,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

05/25/47

(a)

...

4,311

4,080,948

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.18%),

0.27%,

06/25/47

(a)

...

9,929

8,022,888

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

...

1,182

938,296

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

American

Home

Mortgage

Assets

Trust:

Series

2006-3,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.97%),

1.09%,

10/25/46

(a)

....

USD

11,570

$

11,035,622

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.06%,

10/25/46

(a)

....................

5,349

4,351,269

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(d)

....................

772

743,720

Banc

of

America

Funding

Trust

(a)

:

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

388

382,057

Series

2006-D,

Class

6A1,

2.89%,

05/20/36

358

363,488

Series

2007-D,

Class

1A1,

(LIBOR

USD

1

Month

+

0.42%),

0.51%,

06/20/47

....

1,325

1,206,842

Banc

of

America

Mortgage

Trust,

Series

2004-

L,

Class

4A1,

2.44%,

01/25/35

(a)

........

2

1,869

Bear

Stearns

ALT-A

Trust,

Series

2006-2,

Class

11A1,

(LIBOR

USD

1

Month

+

0.44%),

0.53%,

04/25/36

(a)

.................

5,716

7,312,621

Bear

Stearns

Asset-Backed

Securities

I

Trust

(d)

:

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

.....................

762

688,467

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

.....................

1,011

882,954

Bear

Stearns

Mortgage

Funding

Trust

(a)

:

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

03/25/37

....

1,397

1,317,743

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.23%,

03/25/37

....

1,996

1,891,957

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

0.29%,

09/25/47

....

2,394

2,358,320

CHL

Mortgage

Pass-Through

Trust:

Series

2005-11,

Class

4A1,

(LIBOR

USD

1

Month

+

0.27%),

0.36%,

04/25/35

(a)

...

1,168

1,111,807

Series

2005-9,

Class

1A1,

(LIBOR

USD

1

Month

+

0.60%),

0.69%,

05/25/35

(a)

...

3,179

2,687,675

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.08%,

04/25/46

(a)

....................

2,795

1,158,837

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

178

133,470

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

684

395,181

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

1,045

603,446

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A5,

6.00%,

01/25/37

....

81

82,241

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

(b)

......................

576

551,645

CSMC

Mortgage-Backed

Trust,

Series

2006-8,

Class

1A1,

4.50%,

10/25/21

..........

—

(p)

329

CSMC

Trust,

Series

2011-4R,

Class

1A2,

(LIBOR

USD

1

Month

+

1.50%),

1.62%,

09/27/37

(a)(b)

.....................

6,377

5,955,938

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.19%),

0.28%,

08/25/47

(a)

.....

13,408

12,663,566

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

2.12%,

02/25/37

(a)

......................

1,311

969,821

GMACM

Mortgage

Loan

Trust,

Series

2005-

AR2,

Class

4A,

3.10%,

05/25/35

(a)

......

45

43,627

GreenPoint

Mortgage

Funding

Trust

(a)

:

Series

2006-AR1,

Class

GA1B,

(LIBOR

USD

1

Month

+

0.17%),

0.26%,

02/25/36

...

4,199

4,039,415

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.12%,

03/25/36

.....................

USD

1,685

$

1,667,338

GSR

Mortgage

Loan

Trust,

Series

2006-4F,

Class

1A1,

5.00%,

05/25/36

..........

1

13,384

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(LIBOR

USD

1

Month

+

0.50%),

0.59%,

10/25/35

(a)

......................

1,909

1,886,760

IndyMac

IMSC

Mortgage

Loan

Trust:

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

704

669,935

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,219

1,129,154

IndyMac

INDX

Mortgage

Loan

Trust

(a)

:

Series

2007-AR15,

Class

1A1,

2.95%,

08/25/37

.....................

121

107,397

Series

2007-AR15,

Class

2A1,

3.22%,

08/25/37

.....................

580

499,725

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

1.15%),

1.24%,

12/25/37

(a)

......................

9,499

9,826,480

Merrill

Lynch

Mortgage

Investors

Trust

(a)

:

Series

2005-A9,

Class

2A1E,

2.67%,

12/25/35

.....................

556

542,470

Series

2006-1,

Class

2A1,

2.04%,

02/25/36

378

398,106

Octagon

Investment

Partners

26

Ltd.,

Series

2016-1,

Class

AR,

1.98%,

04/20/31

(a)

....

2,250

2,235,282

Prima

Capital

CRE

Securitization

Ltd.

(b)(c)

:

Series

2015-4A,

Class

C,

4.00%,

08/24/49

.

3,210

3,151,578

Series

2016-6A,

Class

C,

4.00%,

08/24/40

.

16,500

16,645,200

Prime

Mortgage

Trust

(b)

:

Series

2006-DR1,

Class

1A2,

6.00%,

05/25/35

.....................

2

1,507

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

.....................

435

398,059

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

..................

202

193,210

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

...

323

177,800

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

..................

44

42,011

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

3.07%,

04/25/47

(a)

......................

250

160,824

Structured

Asset

Mortgage

Investments

II

Trust

(a)

:

Series

2006-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.46%),

0.55%,

02/25/36

....

1,115

1,041,306

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

0.47%,

06/25/36

....

8,316

7,798,444

Series

2006-AR6,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

0.47%,

07/25/46

....

11,651

10,119,219

Series

2007-AR4,

Class

GA4B,

(LIBOR

USD

1

Month

+

0.18%),

0.27%,

09/25/47

...

2,384

2,427,021

WaMu

Mortgage

Pass-Through

Certificates

Trust

(a)

:

Series

2007-OA4,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.77%),

0.89%,

05/25/47

.....................

1,798

1,736,593

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.75%),

0.87%,

06/25/47

.....................

6,498

6,178,862

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.81%),

0.93%,

07/25/47

.....................

USD

3,588

$

3,242,370

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust:

Series

2006-8,

Class

A5,

6.13%,

10/25/36

(d)

1,175

596,419

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.98%),

1.10%,

06/25/46

(a)

....................

4,677

3,403,679

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

0.97%,

10/25/46

(a)

....................

5,791

5,221,670

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.72%),

0.84%,

12/25/46

(a)

....................

5,169

4,548,764

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.84%),

0.96%,

05/25/47

(a)

....................

3,387

3,072,350

257,536,865

Commercial

Mortgage-Backed

Securities

—

3.3%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.78%,

06/05/37

(a)(b)

..........

7,780

7,577,000

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.19%,

09/15/34

(a)(b)

..........

29,015

28,650,534

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.17%,

04/15/35

(a)(b)

................

3,467

3,453,752

Atrium

Hotel

Portfolio

Trust

(a)(b)

:

Series

2017-ATRM,

Class

D,

(LIBOR

USD

1

Month

+

1.95%),

2.02%,

12/15/36

....

11,310

11,224,629

Series

2017-ATRM,

Class

E,

(LIBOR

USD

1

Month

+

3.05%),

3.12%,

12/15/36

....

1,490

1,423,448

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

:

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

1.57%,

11/15/32

....

3,225

2,800,848

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

2.07%,

11/15/32

....

3,965

3,294,241

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.77%,

09/15/34

....

11,982

11,937,228

Barclays

Commercial

Mortgage

Trust,

Series

2019-C3,

Class

C,

4.18%,

05/15/52

.....

3,442

3,753,569

Bayview

Commercial

Asset

Trust

(a)(b)

:

Series

2005-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.47%),

0.56%,

08/25/35

....

3,597

3,448,034

Series

2005-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.48%),

0.57%,

11/25/35

....

791

749,040

Series

2007-1,

Class

A1,

(LIBOR

USD

1

Month

+

0.22%),

0.31%,

03/25/37

....

2,913

2,815,262

Series

2007-3,

Class

A2,

(LIBOR

USD

1

Month

+

0.29%),

0.38%,

07/25/37

....

4,291

4,070,864

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.54%,

09/25/37

....

1,161

1,100,385

Series

2007-6A,

Class

A4A,

(LIBOR

USD

1

Month

+

1.50%),

1.59%,

12/25/37

....

2,150

2,064,101

BBCMS

Mortgage

Trust

(a)(b)

:

Series

2018-CHRS,

Class

E,

4.41%,

08/05/38

.....................

1,750

1,535,594

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2018-TALL,

Class

D,

(LIBOR

USD

1

Month

+

1.45%),

1.52%,

03/15/37

....

USD

2,000

$

1,942,799

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.16%,

11/05/36

(a)(b)

................

2,672

2,260,579

Benchmark

Mortgage

Trust

(a)

:

Series

2018-B3,

Class

D,

3.21%,

04/10/51

(b)

1,250

1,168,579

Series

2018-B7,

Class

C,

5.02%,

05/15/53

.

4,770

5,418,236

BFLD

Trust,

Series

2020-EYP,

Class

E,

(LIBOR

USD

1

Month

+

3.70%),

3.77%,

10/15/35

(a)(b)

3,600

3,631,774

BWAY

Mortgage

Trust

(b)

:

Series

2013-1515,

Class

D,

3.63%,

03/10/33

3,600

3,762,503

Series

2013-1515,

Class

E,

3.72%,

03/10/33

2,000

2,067,670

BX

Commercial

Mortgage

Trust

(a)(b)

:

Series

2018-IND,

Class

G,

(LIBOR

USD

1

Month

+

2.05%),

2.12%,

11/15/35

....

10,150

10,153,243

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

11/15/35

....

11,550

11,571,517

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

2.37%,

10/15/36

....

6,789

6,791,630

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.72%,

10/15/36

....

15,218

15,231,976

Series

2020-BXLP,

Class

G,

(LIBOR

USD

1

Month

+

2.50%),

2.57%,

12/15/36

....

7,240

7,235,495

Series

2020-FOX,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.67%,

11/15/32

....

6,410

6,438,348

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

0.98%,

02/15/33

(c)

...

14,812

14,812,000

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

2.22%,

02/15/33

(c)

...

8,685

8,685,000

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

4.32%,

02/15/33

(c)

...

5,735

5,735,000

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.88%,

05/15/38

....

18,644

18,643,998

BX

Trust

(a)(b)

:

Series

2021-LBA,

Class

GJV,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

02/15/36

....

11,900

11,922,567

Series

2021-LBA,

Class

GV,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

02/15/36

....

8,900

8,916,878

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.32%,

01/15/34

....

4,680

4,678,603

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.07%,

01/15/34

....

7,240

7,285,031

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.90%,

06/15/38

....

11,180

11,201,255

Series

2021-SOAR,

Class

J,

(LIBOR

USD

1

Month

+

3.75%),

3.85%,

06/15/38

....

8,800

8,816,700

Series

2021-VIEW,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.75%,

06/15/23

....

9,532

9,531,977

BXP

Trust

(a)(b)

:

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.67%,

08/13/37

....

6,800

7,167,122

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.67%,

08/13/37

....

10,985

11,254,926

CFCRE

Commercial

Mortgage

Trust:

Series

2016-C4,

Class

C,

5.01%,

05/10/58

(a)

3,330

3,681,473

Series

2018-TAN,

Class

A,

4.24%,

02/15/33

(b)

....................

3,600

3,738,789

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

(b)

....................

2,100

2,180,998

Citigroup

Commercial

Mortgage

Trust:

Series

2014-GC19,

Class

C,

5.26%,

03/10/47

(a)

....................

2,278

2,460,209

Series

2015-GC27,

Class

C,

4.57%,

02/10/48

(a)

....................

2,267

2,400,658

Series

2016-C1,

Class

C,

5.11%,

05/10/49

(a)

2,870

3,179,712

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2016-C1,

Class

D,

5.11%,

05/10/49

(a)

(b)

..........................

USD

980

$

1,006,619

Series

2016-GC37,

Class

C,

5.08%,

04/10/49

(a)

....................

2,640

2,793,419

Series

2016-GC37,

Class

D,

2.79%,

04/10/49

(b)

....................

3,446

3,118,321

Series

2016-P3,

Class

C,

5.05%,

04/15/49

(a)

1,271

1,342,900

Series

2018-C6,

Class

C,

5.23%,

11/10/51

(a)

3,976

4,531,785

Commercial

Mortgage

Trust:

Series

2013-300P,

Class

D,

4.54%,

08/10/30

(a)(b)

...................

3,000

3,106,084

Series

2013-GAM,

Class

E,

3.53%,

02/10/28

(a)(b)

...................

5,000

4,702,472

Series

2014-CR15,

Class

C,

4.86%,

02/10/47

(a)

....................

2,050

2,205,316

Series

2015-CR23,

Class

B,

4.18%,

05/10/48

(a)

....................

9,520

10,286,218

Series

2015-LC19,

Class

C,

4.38%,

02/10/48

(a)

....................

6,513

6,972,466

Series

2015-LC19,

Class

D,

2.87%,

02/10/48

(b)

....................

1,580

1,535,036

Series

2015-LC21,

Class

C,

4.48%,

07/10/48

(a)

....................

6,010

6,314,250

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(a)(b)

...................

3,200

3,099,711

Series

2017-COR2,

Class

D,

3.00%,

09/10/50

(b)

....................

709

670,960

Series

2018-HCLV,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

1.47%,

09/15/33

(a)(b)

..

2,500

2,484,401

CSAIL

Commercial

Mortgage

Trust

(a)

:

Series

2016-C6,

Class

C,

5.10%,

01/15/49

3,950

4,219,738

Series

2018-C14,

Class

D,

5.05%,

11/15/51

(b)

....................

2,545

2,662,063

CSMC

Trust,

Series

2020-FACT,

Class

E,

(LIBOR

USD

1

Month

+

4.86%),

4.93%,

10/15/37

(a)(b)

.....................

4,661

4,737,666

DBUBS

Mortgage

Trust

(a)(b)

:

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.65%,

10/10/34

....

10,428

10,718,836

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

.....................

2,890

2,929,999

Extended

Stay

America

Trust

(a)(b)

:

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

2.33%,

07/15/38

....

10,150

10,198,782

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.93%,

07/15/38

....

6,570

6,607,340

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

3.78%,

07/15/38

....

6,858

6,899,343

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

J,

5.86%,

05/03/32

(b)

......

1,500

1,586,312

GS

Mortgage

Securities

Trust:

Series

2015-GC32,

Class

C,

4.57%,

07/10/48

(a)

....................

1,075

1,151,609

Series

2015-GC32,

Class

D,

3.35%,

07/10/48

.....................

1,162

1,109,565

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(b)

....................

2,749

2,544,891

Series

2017-GS7,

Class

E,

3.00%,

08/10/50

(b)

....................

1,260

1,128,607

Harvest

Commercial

Capital

Loan

Trust

(a)(b)

:

Series

2019-1,

Class

M4,

4.64%,

09/25/46

.

3,150

3,022,836

Series

2019-1,

Class

M5,

5.73%,

09/25/46

.

2,000

1,938,420

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.27%,

12/15/48

(a)(b)

.....................

1,898

1,875,318

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

JPMCC

Commercial

Mortgage

Securities

Trust

(a)

:

Series

2017-JP5,

Class

C,

4.02%,

03/15/50

USD

5,137

$

5,440,821

Series

2017-JP5,

Class

D,

4.77%,

03/15/50

(b)

....................

4,542

4,641,972

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

C,

4.51%,

03/15/50

(a)

1,486

1,441,389

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

:

Series

2015-JP1,

Class

D,

4.39%,

01/15/49

5,750

5,342,036

Series

2018-WPT,

Class

FFX,

5.54%,

07/05/33

(b)

....................

666

679,031

Series

2019-OSB,

Class

E,

3.91%,

06/05/39

(b)

....................

2,800

2,804,069

KNDL

Mortgage

Trust,

Series

2019-KNSQ,

Class

E,

(LIBOR

USD

1

Month

+

1.80%),

1.87%,

05/15/36

(a)(b)

................

12,751

12,754,895

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.42%,

03/15/38

(a)(b)

.....................

10,938

10,971,981

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

C,

4.87%,

03/10/50

(a)(b)

....

3,375

3,438,137

MAD

Mortgage

Trust,

Series

2017-330M,

Class

D,

4.11%,

08/15/34

(a)(b)

..............

3,305

3,378,379

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2015-C23,

Class

D,

4.28%,

07/15/50

(a)(b)

...................

727

734,763

Series

2015-C25,

Class

D,

3.07%,

10/15/48

3,435

3,371,692

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

....................

1,812

1,770,150

Series

2017-C33,

Class

C,

4.56%,

05/15/50

(a)

....................

3,161

3,293,146

Morgan

Stanley

Capital

I

Trust:

Series

2015-MS1,

Class

D,

4.17%,

05/15/48

(a)(b)

...................

7,725

6,940,057

Series

2017-CLS,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

2.02%,

11/15/34

(a)(b)

..

3,998

3,999,262

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.67%,

11/15/34

(a)(b)

..

7,904

7,898,097

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(b)

7,130

6,009,806

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

(c)

....................

1,570

1,334,500

Series

2018-H3,

Class

C,

5.01%,

07/15/51

(a)

2,880

3,262,015

Series

2018-MP,

Class

E,

4.42%,

07/11/40

(a)

(b)

..........................

2,556

2,352,649

Series

2018-SUN,

Class

F,

(LIBOR

USD

1

Month

+

2.55%),

2.62%,

07/15/35

(a)(b)

..

4,040

4,022,191

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

4.08%,

05/10/39

(a)(b)

.......

8,300

7,480,514

TPGI

Trust

(a)(b)

:

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.10%,

06/15/26

....

5,180

5,179,991

Series

2021-DGWD,

Class

G,

(LIBOR

USD

1

Month

+

3.85%),

3.95%,

06/15/26

...

1,794

1,793,995

USDC,

Series

2018-USDC,

Class

F,

4.64%,

05/13/38

(a)(b)

.....................

2,550

1,930,597

VCC

Trust,

Series

2020-MC1,

Class

A,

4.50%,

06/25/45

(a)(b)

.....................

9,417

9,434,407

Velocity

Commercial

Capital

Loan

Trust,

Series

2014-1,

Class

M6,

8.09%,

09/25/44

(a)(b)

...

857

859,625

Wells

Fargo

Commercial

Mortgage

Trust:

Series

2015-NXS3,

Class

B,

4.65%,

09/15/57

(a)

....................

1,600

1,771,134

Series

2015-P2,

Class

D,

3.24%,

12/15/48

(b)

593

508,831

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2016-C37,

Class

C,

4.63%,

12/15/49

(a)

....................

USD

2,803

$

3,001,798

Series

2016-LC25,

Class

C,

4.56%,

12/15/59

(a)

....................

8,320

8,896,554

Series

2016-NXS5,

Class

B,

5.12%,

01/15/59

(a)

....................

1,875

2,092,014

Series

2016-NXS5,

Class

D,

5.15%,

01/15/59

(a)

....................

1,130

1,214,642

Series

2016-NXS6,

Class

C,

4.46%,

11/15/49

(a)

....................

4,783

5,151,731

Series

2017-C39,

Class

C,

4.12%,

09/15/50

3,268

3,509,701

Series

2017-C39,

Class

D,

4.49%,

09/15/50

(a)(b)

...................

1,690

1,596,166

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

...................

487

397,091

Series

2018-C44,

Class

C,

4.99%,

05/15/51

(a)

....................

2,346

2,463,761

Series

2018-C44,

Class

D,

3.00%,

05/15/51

(b)

....................

2,150

1,905,582

Series

2018-C45,

Class

C,

4.73%,

06/15/51

1,158

1,287,748

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

C,

3.91%,

09/15/57

(a)

...

1,300

1,366,057

589,090,034

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BBCMS

Trust

(b)

:

Series

2015-SRCH,

Class

XA,

1.11%,

08/10/35

.....................

76,232

3,401,470

Series

2015-SRCH,

Class

XB,

0.30%,

08/10/35

.....................

35,000

411,950

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C6,

Class

XA,

1.24%,

11/10/49

....

61,241

2,978,865

Commercial

Mortgage

Trust:

Series

2014-UBS5,

Class

XB2,

0.83%,

09/10/47

(b)

....................

12,675

281,131

Series

2015-CR25,

Class

XA,

0.97%,

08/10/48

.....................

12,748

370,516

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.98%,

09/15/47

.......................

6,737

148,530

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

40,477

1,374,275

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

1.14%,

03/10/50

(b)

.....

42,469

1,185,679

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust:

Series

2014-C15,

Class

XB,

0.50%,

04/15/47

(b)

....................

80,982

712,326

Series

2015-C26,

Class

XD,

1.48%,

10/15/48

(b)

....................

12,675

671,395

Series

2016-C32,

Class

XA,

0.83%,

12/15/49

.....................

31,359

973,211

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.76%,

03/15/49

(b)

.....

13,600

916,368

Natixis

Commercial

Mortgage

Securities

Trust

(b)

:

Series

2017-75B,

Class

XA,

0.34%,

04/10/37

.....................

40,610

513,923

Series

2017-75B,

Class

XB,

0.11%,

04/10/37

27,000

87,969

Wells

Fargo

Commercial

Mortgage

Trust:

Series

2016-BNK1,

Class

XD,

1.40%,

08/15/49

(b)

....................

11,784

636,808

Series

2016-LC25,

Class

XA,

1.11%,

12/15/59

.....................

21,897

755,166

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

WFRBS

Commercial

Mortgage

Trust:

Series

2014-C20,

Class

XB,

0.73%,

05/15/47

.....................

USD

57,079

$

921,964

Series

2014-LC14,

Class

XA,

1.43%,

03/15/47

.....................

25,862

696,185

17,037,731

Total

Non-Agency

Mortgage-Backed

Securities

—

4.8%

(Cost:

$833,441,410)

..............................

863,664,630

Preferred

Securities

—

3.4%

Capital

Trusts

—

2.7%

Banks

—

1.0%

(a)(k)

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

5

Year

+

6.46%),

6.00%

....

EUR

5,600

7,584,436

Bank

of

America

Corp.:

Series

Z,

(LIBOR

USD

3

Month

+

4.17%),

6.50%

.......................

USD

532

602,490

Series

AA,

(LIBOR

USD

3

Month

+

3.90%),

6.10%

.......................

48

53,898

Citigroup,

Inc.:

Series

U,

(SOFR

+

3.81%),

5.00%

......

39,856

41,713,290

Series

V,

(SOFR

+

3.23%),

4.70%

......

13,170

13,589,465

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

7,270

7,515,362

HSBC

Holdings

plc,

(USD

Swap

Rate

5

Year

+

3.71%),

6.37%

...................

2,000

2,212,200

JPMorgan

Chase

&

Co.:

Series

FF,

(SOFR

+

3.38%),

5.00%

.....

26,805

28,331,545

Series

HH,

(SOFR

+

3.13%),

4.60%

.....

23,515

24,368,594

Postal

Savings

Bank

of

China

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.63%),

4.50%

.......

1,439

1,474,345

Wells

Fargo

&

Co.:

Series

S,

(LIBOR

USD

3

Month

+

3.11%),

5.90%

.......................

36,100

38,897,750

Series

U,

(LIBOR

USD

3

Month

+

3.99%),

5.87%

.......................

1,321

1,479,401

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

.......................

8,065

8,349,695

176,172,471

Capital

Markets

—

0.6%

(a)(k)

Bank

of

New

York

Mellon

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

.

21,025

21,892,281

Charles

Schwab

Corp.

(The):

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

.......................

21,725

22,648,313

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.......................

25,785

26,378,055

Goldman

Sachs

Group,

Inc.

(The):

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%

.......................

12,030

13,195,827

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

.......................

6,755

7,220,150

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

.......................

16,500

16,793,700

108,128,326

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

0.4%

(a)(k)

Ally

Financial,

Inc.,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%

..................

USD

32,950

$

34,126,315

Discover

Financial

Services,

Series

C,

(LIBOR

USD

3

Month

+

3.08%),

5.50%

........

20,150

21,584,881

General

Motors

Financial

Co.,

Inc.:

Series

A,

(LIBOR

USD

3

Month

+

3.60%),

5.75%

.......................

4,000

4,353,560

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

.......................

9,712

10,877,440

70,942,196

Diversified

Financial

Services

—

0.1%

Voya

Financial,

Inc.,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%),

6.13%

(a)(k)

............

16,815

18,160,200

Electric

Utilities

—

0.2%

Edison

International,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%),

5.38%

(a)(k)

............

36,050

36,313,165

Insurance

—

0.2%

MetLife,

Inc.,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%),

3.85%

(a)(k)

................

26,150

27,490,188

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)(k)

Energy

Transfer

LP:

Series

B,

(LIBOR

USD

3

Month

+

4.16%),

6.63%

.......................

6,875

6,728,906

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%

.......................

22,050

22,766,625

EnLink

Midstream

Partners

LP,

Series

C,

(LIBOR

USD

3

Month

+

4.11%),

6.00%

...

9,499

7,314,230

MPLX

LP,

Series

B,

(LIBOR

USD

3

Month

+

4.65%),

6.87%

...................

170

173,162

Plains

All

American

Pipeline

LP,

Series

B,

(LIBOR

USD

3

Month

+

4.11%),

6.13%

...

6,270

5,537,664

42,520,587

Total

Capital

Trusts

—

2.7%

(Cost:

$465,202,236)

..............................

479,727,133

Shares

Shares

Preferred

Stocks

—

0.6%

Consumer

Finance

—

0.1%

SLM

Corp.,

Series

B,

(LIBOR

USD

3

Month

+

1.70%),

1.82%

(a)(k)

.................

136,000

8,316,400

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Firstar

Realty

LLC,

8.88%

(b)(k)

............

5,000

5,150,000

Health

Care

Equipment

&

Supplies

—

0.0%

Sartorius

AG

(Preference)

..............

125

65,064

Insurance

—

0.1%

Allstate

Corp.

(The),

Series

H,

5.10%

(k)

.....

735,000

20,682,900

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

E,

(LIBOR

USD

3

Month

+

5.16%),

7.60%

(a)(k)

...........

625,000

15,625,000

Petroleo

Brasileiro

SA

(Preference)

........

1,002,853

5,933,886

21,558,886

Security

Shares

Shares

Value

Personal

Products

—

0.0%

LG

Household

&

Health

Care

Ltd.

(Preference)

337

$

228,913

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Samsung

Electronics

Co.

Ltd.

(Preference)

..

875,174

57,280,205

Total

Preferred

Stocks

—

0.6%

(Cost:

$88,509,209)

...............................

113,282,368

Trust

Preferreds

—

0.1%

Commercial

Services

&

Supplies

—

0.1%

ILFC

E-Capital

Trust

I

,

(30Y

CMT

+

1.55%),

3.66%, 12/21/65

(a)(b)

................

16,872,000

14,003,760

Consumer

Finance

—

0.0%

ILFC

E-Capital

Trust

II

,

(LIBOR

USD

3

Month

+

1.80%),

3.91%, 12/21/65

(a)(b)

..........

11,944,000

10,191,815

Total

Trust

Preferreds

—

0.1%

(Cost:

$27,894,929)

...............................

24,195,575

Total

Preferred

Securities

—

3.4%

(Cost:

$581,606,374)

..............................

617,205,076

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

(LIBOR

USD

1

Month

+

0.00%),

3.79%, 04/25/28

(a)(b)

................

USD

4,627

4,460,074

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)(b)

:

Series

2018-K732,

Class

B,

4.20%, 05/25/25

1,500

1,637,077

Series

2018-KHG1,

Class

C,

3.94%, 12/25/27

................

4,112

3,648,949

5,286,026

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2017-44,

0.67%, 04/17/51

(a)

.................

14,394

579,228

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

(Cost:

$10,847,156)

...............................

10,325,328

Shares

Shares

Warrants

—

0.0%

Consumer

Finance

—

0.0%

Srisawad

Corp.

PCL

(Issued/exercisable

08/14/20,

100

shares

for

1

warrant,

Expires

08/29/25,

Strike

Price

THB

100.00)

(e)

.....

720

329

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/exercisable

10/23/20,

1

share

for

1

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(e)

.....

1,489

11,435

Total

Warrants

—

0.0%

..............................

11,764

Total

Long-Term

Investments

—

98.1%

(Cost:

$16,667,407,006)

............................

17,838,155,873

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Security

Shares

Shares

Value

Short-Term

Securities

—

4.9%

(q)(r)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

521,103,194

$

521,103,194

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.13%

(s)

........................

366,752,868

366,862,894

Total

Short-Term

Securities

—

4.9%

(Cost:

$887,966,006)

..............................

887,966,088

Total

Options

Purchased

—

0.0%

(Cost:

$44,540)

.................................

85,759

Total

Investments

—

103.0%

(Cost:

$17,555,417,552

)

............................

18,726,207,720

Liabilities

in

Excess

of

Other

Assets

—

(3.0)%

.............

(544,117,575)

Net

Assets

—

100.0%

...............................

$

18,182,090,145

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Step-up

bond

that

pays

an

initial

coupon

rate

for

the

first

period

and

then

a

higher

coupon

rate

for

the

following

periods.

Rate

as

of

period

end.

(e)

Non-income

producing

security.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$1,639,725,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,050,145.

(i)

Convertible

security.

(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)

Zero-coupon

bond.

(n)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(o)

Fixed

rate.

(p)

Rounds

to

less

than

1,000.

(q)

Affiliate

of

the

Fund.

(r)

Annualized

7-day

yield

as

of

period

end.

(s)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

June

30,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/20

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/21

Shares

Held

at

06/30/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,409,220,735

$

—

$

(888,117,541)

$

—

$

—

$

521,103,194

521,103,194

$

174,569

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

1,444,008

365,444,744

—

(25,836)

(22)

366,862,894

366,752,868

777,853

(b)

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

..

87,380,975

—

(42,721,761)

1,070,423

(1,281,522)

44,448,115

810,949

1,263,669

—

iShares

Core

Dividend

Growth

ETF

..................

—

476,136,837

(136,561,737)

2,952,897

48,113,516

390,641,513

7,756,980

4,272,243

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

249,742,182

511,130,865

(409,624,750)

15,473,163

(4,719,909)

362,001,551

4,111,785

8,468,999

—

iShares

MBS

ETF

(c)

.........

110,134,025

—

(110,062,024)

2,829,964

(2,901,965)

—

—

198,592

—

$

22,300,611

$

39,210,098

$

1,685,057,267

$

15,155,925

$

—

—

—

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

100

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

101

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

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

STOXX

50

Index

.....................................................

2,699

09/17/21

$

129,790

$

(1,049,921)

MSCI

Emerging

Markets

E-Mini

Index

............................................

2,943

09/17/21

200,830

(741,430)

(1,791,351)

Short

Contracts

Euro-Bund

..............................................................

30

09/08/21

6,140

(38,079)

GBP

Currency

............................................................

3,934

09/13/21

339,430

8,990,616

JPY

Currency

............................................................

573

09/13/21

64,513

1,008,310

S&P

500

E-Mini

Index

......................................................

722

09/17/21

154,818

(1,628,482)

U.S.

Treasury

10

Year

Note

...................................................

10,043

09/21/21

1,329,913

(7,591,949)

U.S.

Treasury

Long

Bond

....................................................

13

09/21/21

2,087

(46,331)

U.S.

Treasury

Ultra

Bond

....................................................

670

09/21/21

128,975

(6,029,636)

Long

Gilt

...............................................................

26

09/28/21

4,607

(32,315)

U.S.

Treasury

2

Year

Note

....................................................

15

09/30/21

3,305

5,953

U.S.

Treasury

5

Year

Note

....................................................

3,892

09/30/21

480,206

930,633

(4,431,280)

$

(6,222,631)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

1,534,171

CHF

1,380,000

Morgan

Stanley

&

Co.

International

plc

07/15/21

$

42,148

USD

2,052,126

EUR

1,730,000

Barclays

Bank

plc

07/15/21

206

USD

371,678,076

EUR

306,570,000

JPMorgan

Chase

Bank

NA

07/15/21

8,061,127

USD

3,045,924

EUR

2,550,000

UBS

AG

07/15/21

21,417

USD

1,115,071

GBP

790,000

Morgan

Stanley

&

Co.

International

plc

07/15/21

22,220

USD

60,439,403

GBP

43,010,000

UBS

AG

07/15/21

941,257

USD

4,701,154

EUR

3,849,292

Citibank

NA

09/16/21

129,515

9,217,890

EUR

1,000,000

USD

1,212,847

Morgan

Stanley

&

Co.

International

plc

07/15/21

(26,767)

EUR

750,000

USD

909,562

UBS

AG

07/15/21

(20,000)

(46,767)

$

9,171,123

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

EURO

STOXX

Bank

Index

.....................

220

09/17/21

EUR

90.00

EUR

1,030

$

85,759

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

102

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying

the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(b)

Amount

includes

$93,923

of

net

dividends

and

financing

fees.

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)

CDX.NA.IG.36.V1

...................

1.00

%

Quarterly

06/20/26

USD

10,948

$

(282,007)

$

(255,925)

$

(26,082)

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)

Altice

France

SA

......

5.00

%

Quarterly

Credit

Suisse

International

06/20/25

B

EUR

450

$

49,537

$

41,169

$

8,368

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

BB+

EUR

420

60,933

64,704

(3,771)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

360

51,720

42,967

8,753

Altice

Finco

SA

.......

5.00

Quarterly

Credit

Suisse

International

06/20/26

CCC+

EUR

210

18,014

13,672

4,342

Altice

Finco

SA

.......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC+

EUR

200

17,157

12,742

4,415

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

B

EUR

140

12,794

7,169

5,625

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

B

EUR

100

9,240

9,235

5

Vertical

Holdco

GmbH

..

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

48,506

19,690

28,816

CMBX.NA.9.A

........

2.00

Monthly

Credit

Suisse

International

09/17/58

NR

USD

3,750

8,289

(106,490)

114,779

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

NR

USD

3,750

(290,064)

(356,118)

66,054

$

(13,874)

$

(251,260)

$

237,386

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

JPMorgan

Chase

Bank

NA

(b)

02/08/23

$

18,212,561

$

169,748

(c)

$

18,288,386

0.1

%

(b)

Range:

60-95

basis

points

Benchmarks:

Intercontinental

Exchange

LIBOR:

USD

1

Month

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

103

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

June

30,

2021,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Egypt

Commercial

International

Bank

Egypt

SAE

............

835,581

$

2,779,182

15.2

%

Shares

Value

%

of

Basket

Value

Russia

X5

Retail

Group

NV,

GDR

...

219,374

$

7,696,763

42.1

%

United

Kingdom

Prudential

plc

............

410,624

7,812,441

42.7

Total

Reference

Entity

—

Long

............

18,288,386

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

18,288,386

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

.........................................................

$

—

$

(255,925)

$

—

$

(26,082)

OTC

Swaps

...................................................................

211,348

(462,608)

241,157

(3,771)

(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.

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviations

CHF

Swiss

Franc

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

THB

Thai

Baht

USD

United

States

Dollar

Portfolio

Abbreviations

ADR

American

Depositary

Receipts

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

LIBOR

London

Interbank

Offered

Rate

LIMEAN

London

Interbank

Mean

Rate

MBS

Mortgage-Backed

Securities

MSCI

Morgan

Stanley

Capital

International

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

104

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

•    

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

•    

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

      for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

      (such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

      inputs);

and

•    

Level

3

—

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

      (including

the

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

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

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds.

There

may

not

be

a

secondary

market,

and/or

there

are

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instrum

ents

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

Certain

investments

of

the

Fund

were

fair

valued

using

net

asset

value

(“NAV”)

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above

.

Level

1

Level

2

Level

3

Total

Assets:

Investments:

Long-Term

Investments:

Asset-Backed

Securities

....................................

$

—

$

1,209,145,453

$

49,786,090

$

1,258,931,543

Common

Stocks:

Aerospace

&

Defense

....................................

1,611,574

9,013,702

—

10,625,276

Air

Freight

&

Logistics

....................................

8,037,338

9,769,234

—

17,806,572

Airlines

..............................................

11,391,223

11,469,568

—

22,860,791

Auto

Components

......................................

2,557,429

4,135,045

—

6,692,474

Automobiles

..........................................

7,124,266

13,226,324

—

20,350,590

Banks

...............................................

97,633,888

173,379,479

—

271,013,367

Beverages

...........................................

9,138,599

35,724,065

—

44,862,664

Biotechnology

.........................................

33,624,564

1,197,023

—

34,821,587

Building

Products

.......................................

3,262,489

15,807,251

—

19,069,740

Capital

Markets

........................................

45,037,889

—

—

45,037,889

Chemicals

............................................

23,384,151

41,379,109

—

64,763,260

Commercial

Services

&

Supplies

.............................

2,069,613

522,469

4,634

2,596,716

Communications

Equipment

................................

3,411,807

2,229,516

—

5,641,323

Construction

&

Engineering

................................

220,942

11,007,382

—

11,228,324

Construction

Materials

....................................

493,181

3,260,012

—

3,753,193

Consumer

Finance

......................................

38,436,452

17,257,301

—

55,693,753

Containers

&

Packaging

..................................

1,384,908

—

—

1,384,908

Distributors

...........................................

5,806,808

—

—

5,806,808

Diversified

Consumer

Services

..............................

—

379,146

—

379,146

Diversified

Financial

Services

...............................

5,816,588

—

—

5,816,588

Diversified

Telecommunication

Services

........................

45,573,667

69,489,171

—

115,062,838

Electric

Utilities

........................................

120,296,397

43,520,456

—

163,816,853

Electrical

Equipment

.....................................

7,304,780

28,805,506

—

36,110,286

Electronic

Equipment,

Instruments

&

Components

.................

13,440,874

25,327,536

—

38,768,410

Energy

Equipment

&

Services

..............................

1,293,655

—

—

1,293,655

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

105

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

Entertainment

.........................................

$

18,734,047

$

18,310,792

$

—

$

37,044,839

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

521,267,750

149,688,995

—

670,956,745

Food

&

Staples

Retailing

..................................

33,896,841

8,678,777

—

42,575,618

Food

Products

.........................................

6,547,871

56,350,446

—

62,898,317

Gas

Utilities

...........................................

5,463,932

53,213,317

—

58,677,249

Health

Care

Equipment

&

Supplies

...........................

31,479,208

24,670,363

—

56,149,571

Health

Care

Providers

&

Services

............................

51,615,561

5,090,230

—

56,705,791

Health

Care

Technology

..................................

3,325,319

728,583

—

4,053,902

Hotels,

Restaurants

&

Leisure

..............................

29,555,885

12,149,828

—

41,705,713

Household

Durables

.....................................

1,684,312

25,444,494

—

27,128,806

Household

Products

.....................................

7,766,595

32,537,593

—

40,304,188

Independent

Power

and

Renewable

Electricity

Producers

............

187,391

4,760,401

—

4,947,792

Industrial

Conglomerates

..................................

11,162,416

663,076

—

11,825,492

Insurance

............................................

56,604,235

99,253,377

—

155,857,612

Interactive

Media

&

Services

...............................

39,464,865

57,440,907

—

96,905,772

Internet

&

Direct

Marketing

Retail

............................

38,655,577

1,425,940

—

40,081,517

IT

Services

...........................................

132,322,468

42,350,899

—

174,673,367

Leisure

Products

.......................................

16,891,764

—

—

16,891,764

Life

Sciences

Tools

&

Services

..............................

7,426,330

31,549,683

—

38,976,013

Machinery

............................................

33,729,228

42,780,821

—

76,510,049

Marine

..............................................

—

7,940,984

—

7,940,984

Media

...............................................

24,830,415

687,911

—

25,518,326

Metals

&

Mining

........................................

7,281,415

27,308,452

—

34,589,867

Multiline

Retail

.........................................

15,031,639

—

—

15,031,639

Multi-Utilities

..........................................

79,764,226

12,608,580

—

92,372,806

Oil,

Gas

&

Consumable

Fuels

...............................

91,605,280

63,610,851

—

155,216,131

Paper

&

Forest

Products

..................................

12,309,267

—

—

12,309,267

Personal

Products

......................................

22,113,015

35,844,461

—

57,957,476

Pharmaceuticals

.......................................

65,929,025

125,138,101

—

191,067,126

Professional

Services

....................................

2,869,264

48,757,444

—

51,626,708

Real

Estate

Management

&

Development

.......................

542,661

128,567,056

—

129,109,717

Road

&

Rail

...........................................

30,527,171

8,135,277

—

38,662,448

Semiconductors

&

Semiconductor

Equipment

....................

53,770,163

140,062,433

—

193,832,596

Software

.............................................

114,308,040

10,703,796

—

125,011,836

Specialty

Retail

........................................

22,907,603

26,919,050

—

49,826,653

Technology

Hardware,

Storage

&

Peripherals

....................

42,595,115

28,122,841

—

70,717,956

Textiles,

Apparel

&

Luxury

Goods

............................

3,107,066

53,286,232

—

56,393,298

Thrifts

&

Mortgage

Finance

................................

—

14,817,011

—

14,817,011

Tobacco

.............................................

19,278,954

12,743,904

—

32,022,858

Trading

Companies

&

Distributors

............................

2,943,065

35,258,232

—

38,201,297

Transportation

Infrastructure

...............................

12,097,181

106,532,134

—

118,629,315

Water

Utilities

.........................................

5,928,148

6,343,999

—

12,272,147

Wireless

Telecommunication

Services

.........................

4,390,779

21,041,175

63,045

25,494,999

Corporate

Bonds:

Aerospace

&

Defense

....................................

—

101,202,955

—

101,202,955

Air

Freight

&

Logistics

....................................

—

1,964,794

—

1,964,794

Airlines

..............................................

—

78,650,884

—

78,650,884

Auto

Components

......................................

—

86,568,523

—

86,568,523

Automobiles

..........................................

—

32,695,292

—

32,695,292

Banks

...............................................

—

748,107,469

—

748,107,469

Beverages

...........................................

—

20,968,399

—

20,968,399

Biotechnology

.........................................

—

14,694,795

—

14,694,795

Building

Products

.......................................

—

41,862,527

—

41,862,527

Capital

Markets

........................................

—

240,376,272

—

240,376,272

Chemicals

............................................

—

86,770,970

—

86,770,970

Commercial

Services

&

Supplies

.............................

—

128,900,465

—

128,900,465

Communications

Equipment

................................

—

39,720,912

—

39,720,912

Construction

&

Engineering

................................

—

39,684,664

—

39,684,664

Construction

Materials

....................................

—

5,566,905

—

5,566,905

Consumer

Finance

......................................

—

137,289,303

—

137,289,303

Containers

&

Packaging

..................................

—

89,957,241

—

89,957,241

Distributors

...........................................

—

20,833,427

—

20,833,427

Diversified

Consumer

Services

..............................

—

22,793,665

—

22,793,665

Diversified

Financial

Services

...............................

—

60,162,036

—

60,162,036

Diversified

Telecommunication

Services

........................

—

279,246,802

—

279,246,802

Electric

Utilities

........................................

—

100,499,678

—

100,499,678

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

106

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

Electrical

Equipment

.....................................

$

—

$

9,832,140

$

—

$

9,832,140

Electronic

Equipment,

Instruments

&

Components

.................

—

9,880,421

—

9,880,421

Energy

Equipment

&

Services

..............................

—

31,815,696

—

31,815,696

Entertainment

.........................................

—

40,168,477

—

40,168,477

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

140,296,367

—

140,296,367

Food

&

Staples

Retailing

..................................

—

26,393,519

—

26,393,519

Food

Products

.........................................

—

88,869,692

—

88,869,692

Gas

Utilities

...........................................

—

11,792,574

—

11,792,574

Health

Care

Equipment

&

Supplies

...........................

—

29,172,301

—

29,172,301

Health

Care

Providers

&

Services

............................

—

216,761,740

—

216,761,740

Health

Care

Technology

..................................

—

6,759,822

—

6,759,822

Hotels,

Restaurants

&

Leisure

..............................

—

292,079,454

—

292,079,454

Household

Durables

.....................................

—

40,016,348

—

40,016,348

Household

Products

.....................................

—

9,890,265

—

9,890,265

Independent

Power

and

Renewable

Electricity

Producers

............

—

26,226,734

—

26,226,734

Industrial

Conglomerates

..................................

—

3,971,071

—

3,971,071

Insurance

............................................

—

109,069,480

—

109,069,480

Interactive

Media

&

Services

...............................

—

10,417,964

—

10,417,964

Internet

&

Direct

Marketing

Retail

............................

—

24,675,956

—

24,675,956

IT

Services

...........................................

—

82,915,736

—

82,915,736

Leisure

Products

.......................................

—

8,205,481

—

8,205,481

Life

Sciences

Tools

&

Services

..............................

—

7,057,525

—

7,057,525

Machinery

............................................

—

50,378,518

—

50,378,518

Marine

..............................................

—

3,472,464

—

3,472,464

Media

...............................................

—

260,080,802

—

260,080,802

Metals

&

Mining

........................................

—

138,469,527

—

138,469,527

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

4,376,299

—

4,376,299

Multiline

Retail

.........................................

—

9,498,692

—

9,498,692

Multi-Utilities

..........................................

—

8,437,194

—

8,437,194

Oil,

Gas

&

Consumable

Fuels

...............................

—

584,960,080

—

584,960,080

Paper

&

Forest

Products

..................................

—

5,469,328

—

5,469,328

Personal

Products

......................................

—

9,501,123

—

9,501,123

Pharmaceuticals

.......................................

—

109,643,004

—

109,643,004

Professional

Services

....................................

—

22,170,374

—

22,170,374

Real

Estate

Management

&

Development

.......................

—

532,565,860

—

532,565,860

Road

&

Rail

...........................................

—

57,554,502

—

57,554,502

Semiconductors

&

Semiconductor

Equipment

....................

—

36,439,501

—

36,439,501

Software

.............................................

—

118,003,105

—

118,003,105

Specialty

Retail

........................................

—

96,259,813

—

96,259,813

Technology

Hardware,

Storage

&

Peripherals

....................

—

21,534,908

—

21,534,908

Textiles,

Apparel

&

Luxury

Goods

............................

—

8,748,114

—

8,748,114

Thrifts

&

Mortgage

Finance

................................

—

35,470,277

—

35,470,277

Tobacco

.............................................

—

12,125,948

—

12,125,948

Trading

Companies

&

Distributors

............................

—

41,566,403

—

41,566,403

Transportation

Infrastructure

...............................

—

8,440,743

—

8,440,743

Water

Utilities

.........................................

—

2,786,848

—

2,786,848

Wireless

Telecommunication

Services

.........................

—

125,063,996

—

125,063,996

Equity-Linked

Notes

......................................

—

2,426,546,772

—

2,426,546,772

Floating

Rate

Loan

Interests:

Aerospace

&

Defense

....................................

—

45,629,768

3,814,800

49,444,568

Air

Freight

&

Logistics

....................................

—

509,204

—

509,204

Airlines

..............................................

—

19,481,196

—

19,481,196

Auto

Components

......................................

—

21,374,816

—

21,374,816

Automobiles

..........................................

—

8,565,600

—

8,565,600

Building

Products

.......................................

—

15,929,060

—

15,929,060

Capital

Markets

........................................

—

6,259,507

1,433,580

7,693,087

Chemicals

............................................

—

46,666,993

1,742,794

48,409,787

Commercial

Services

&

Supplies

.............................

—

40,911,902

—

40,911,902

Construction

&

Engineering

................................

—

15,069,421

—

15,069,421

Construction

Materials

....................................

—

14,273,868

—

14,273,868

Containers

&

Packaging

..................................

—

24,266,347

4,527,234

28,793,581

Distributors

...........................................

—

1,349,725

—

1,349,725

Diversified

Consumer

Services

..............................

—

21,282,109

1,199,000

22,481,109

Diversified

Financial

Services

...............................

—

112,678,442

82,349,935

195,028,377

Diversified

Telecommunication

Services

........................

—

39,084,572

—

39,084,572

Electric

Utilities

........................................

—

3,088,218

—

3,088,218

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

107

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

Electrical

Equipment

.....................................

$

—

$

12,822,889

$

—

$

12,822,889

Entertainment

.........................................

—

16,096,221

—

16,096,221

Food

&

Staples

Retailing

..................................

—

11,498,843

—

11,498,843

Food

Products

.........................................

—

31,196,799

—

31,196,799

Health

Care

Equipment

&

Supplies

...........................

—

903,569

—

903,569

Health

Care

Providers

&

Services

............................

—

33,871,201

1,547,933

35,419,134

Health

Care

Technology

..................................

—

19,962,355

—

19,962,355

Hotels,

Restaurants

&

Leisure

..............................

—

42,433,276

13,598,917

56,032,193

Household

Durables

.....................................

—

9,317,074

—

9,317,074

Household

Products

.....................................

—

—

639,178

639,178

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,563,673

—

1,563,673

Industrial

Conglomerates

..................................

—

16,238,432

—

16,238,432

Insurance

............................................

—

55,794,349

—

55,794,349

Interactive

Media

&

Services

...............................

—

29,001,559

—

29,001,559

Internet

&

Direct

Marketing

Retail

............................

—

5,677,770

—

5,677,770

IT

Services

...........................................

—

64,971,018

1,287,968

66,258,986

Life

Sciences

Tools

&

Services

..............................

—

28,752,522

—

28,752,522

Machinery

............................................

—

37,647,035

411,485

38,058,520

Media

...............................................

—

67,757,157

4,636,993

72,394,150

Metals

&

Mining

........................................

—

10,234,913

—

10,234,913

Oil,

Gas

&

Consumable

Fuels

...............................

—

5,482,216

—

5,482,216

Personal

Products

......................................

—

11,381,386

—

11,381,386

Pharmaceuticals

.......................................

—

20,622,282

—

20,622,282

Professional

Services

....................................

—

23,587,392

—

23,587,392

Real

Estate

Management

&

Development

.......................

—

63,678

—

63,678

Road

&

Rail

...........................................

—

5,705,644

—

5,705,644

Software

.............................................

—

137,176,299

5,675,883

142,852,182

Specialty

Retail

........................................

—

26,774,882

—

26,774,882

Technology

Hardware,

Storage

&

Peripherals

....................

—

712,449

—

712,449

Trading

Companies

&

Distributors

............................

—

8,146,035

1,542,226

9,688,261

Wireless

Telecommunication

Services

.........................

—

12,804,303

—

12,804,303

Foreign

Agency

Obligations

.................................

—

62,919,920

—

62,919,920

Foreign

Government

Obligations

..............................

—

313,468,710

—

313,468,710

Investment

Companies

....................................

799,502,482

—

—

799,502,482

Non-Agency

Mortgage-Backed

Securities

........................

—

813,301,352

50,363,278

863,664,630

Preferred

Securities:

Banks

...............................................

—

176,172,471

—

176,172,471

Capital

Markets

........................................

—

108,128,326

—

108,128,326

Commercial

Services

&

Supplies

.............................

—

14,003,760

—

14,003,760

Consumer

Finance

......................................

8,316,400

81,134,011

—

89,450,411

Diversified

Financial

Services

...............................

—

18,160,200

—

18,160,200

Electric

Utilities

........................................

—

36,313,165

—

36,313,165

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

5,150,000

—

—

5,150,000

Health

Care

Equipment

&

Supplies

...........................

—

65,064

—

65,064

Insurance

............................................

20,682,900

27,490,188

—

48,173,088

Oil,

Gas

&

Consumable

Fuels

...............................

21,558,886

42,520,587

—

64,079,473

Personal

Products

......................................

—

228,913

—

228,913

Technology

Hardware,

Storage

&

Peripherals

....................

—

57,280,205

—

57,280,205

U.S.

Government

Sponsored

Agency

Securities

....................

—

10,325,328

—

10,325,328

Warrants

..............................................

11,435

329

—

11,764

Short-Term

Securities

.......................................

521,103,194

—

—

521,103,194

Options

Purchased:

Equity

contracts

..........................................

85,759

—

—

85,759

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

154

—

154

Liabilities:

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(6,785)

(6,785)

$

3,546,675,225

$

14,588,044,782

$

224,618,188

$

18,359,338,195

Investments

valued

at

NAV

(b)

......................................

366,862,894

$

—

$

18,726,201,089

$

—

Derivative

Financial

Instruments

(c)

Assets:

Credit

contracts

...........................................

$

—

$

241,157

$

—

$

241,157

Equity

contracts

...........................................

—

169,748

—

169,748

Foreign

currency

exchange

contracts

............................

9,998,926

9,217,890

—

19,216,816

2021

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

108

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2021

Level

1

Level

2

Level

3

Total

Interest

rate

contracts

.......................................

$

936,586

$

—

$

—

$

936,586

Liabilities:

Credit

contracts

...........................................

—

(29,853)

—

(29,853)

Equity

contracts

...........................................

(3,419,833)

—

—

(3,419,833)

Foreign

currency

exchange

contracts

............................

—

(46,767)

—

(46,767)

Interest

rate

contracts

.......................................

(13,738,310)

—

—

(13,738,310)

$

(6,222,631)

$

9,552,175

$

—

$

3,329,544

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Preferred

Securities

Unfunded

Floating

Rate

Loan

Interests

Total

Investments:

Assets/Liabilities:

Opening

balance,

as

of

July

31,

2020

.....................

$

21,054,655

$

257,064

$

—

$

104,876,990

$

25,158,253

$

1,575,000

$

(102,437)

$

152,

819,525

Transfers

into

level

3

...............................

1,005,394

—

53,461

49,459,701

—

—

—

50,518,556

Transfers

out

of

level

3

..............................

—

—

—

(3,691,871)

(5,956,400)

—

—

(9,648,271)

Accrued

discounts/premiums

...........................

22,900

—

—

16,464

25,662

—

—

65,026

Net

realized

gain

(loss)

..............................

300,616

—

—

(80,108)

—

(239,154)

—

(18,646)

Net

change

in

unrealized

appreciation

(depreciation)

(a)

..........

(169,801)

(189,385)

(53,461)

(3,435,101)

1,903,763

164,154

95,652

(1,684,179

)

Purchases

.......................................

40,326,637

—

—

22,204,390

29,232,000

—

—

91,763,027

Sales

..........................................

(12,754,311)

—

—

(44,942,539)

—

(1,500,000)

—

(59,196,850)

Closing

balance,

as

of

June

30,

2021

.....................

$

49,786,090

$

67,679

$

—

$

124,407,926

$

50,363,278

$

—

$

(6,785)

$

224,618,188

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

a

t

June

30,

2021

(a)

.........................

$

(58,809)

$

(189,385)

$

—

$

(4,438,691)

$

1,903,763

$

—

$

95,652

$

(2,687,470

)

(a)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2021

109

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

17,041,150,453‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

1,685,057,267‌

Cash  

.............................................................................................................

7,112,850‌

Cash

pledged:

Collateral

—

OTC

derivatives

............................................................................................

810,000‌

Futures

contracts

....................................................................................................

61,620,735‌

Centrally

cleared

swaps

................................................................................................

143,000‌

Foreign

currency,

at

value

(d)

..............................................................................................

58,631,334‌

Receivables:

–‌

Investments

sold

....................................................................................................

109,968,026‌

Securities

lending

income

—

affiliated

......................................................................................

310,450‌

Capital

shares

sold

...................................................................................................

31,817,204‌

Dividends

—

affiliated

.................................................................................................

3,314‌

Dividends

—

unaffiliated

...............................................................................................

17,374,341‌

Interest

—

unaffiliated

.................................................................................................

113,056,285‌

From

the

Manager

...................................................................................................

222,415‌

Variation

margin

on

futures

contracts

.......................................................................................

1,559,487‌

Swap

premiums

paid

...................................................................................................

211,348‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

9,217,890‌

OTC

swaps

........................................................................................................

410,905‌

Unfunded

floating

rate

loan

interests

.......................................................................................

154‌

Prepaid

expenses

.....................................................................................................

117,612‌

Total

assets

.........................................................................................................

19,138,795,070‌

LIABILITIES

Cash

received

as

collateral

for

OTC

derivatives

.................................................................................

410,000‌

Collateral

on

securities

loaned,

at

value

.......................................................................................

366,837,091‌

Payables:

–‌

Investments

purchased

................................................................................................

510,111,717‌

Accounting

services

fees

...............................................................................................

775,499‌

Administration

fees

...................................................................................................

491,413‌

Capital

shares

redeemed

...............................................................................................

46,009,872‌

Custodian

fees

......................................................................................................

576,502‌

Deferred

foreign

capital

gain

tax

..........................................................................................

3,034,830‌

Income

dividend

distributions

............................................................................................

8,993,735‌

Investment

advisory

fees

...............................................................................................

6,933,147‌

Trustees'

and

Officer's

fees

.............................................................................................

118,521‌

Other

affiliate

fees

...................................................................................................

23,582‌

Printing

and

postage

fees

..............................................................................................

108,205‌

Professional

fees

....................................................................................................

381,469‌

Registration

fees

....................................................................................................

783,488‌

Service

and

distribution

fees

.............................................................................................

2,340,731‌

Transfer

agent

fees

..................................................................................................

2,719,589‌

Other

accrued

expenses

...............................................................................................

76,926‌

Variation

margin

on

futures

contracts

.......................................................................................

5,456,960‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

1,717‌

Swap

premiums

received

................................................................................................

462,608‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

46,767‌

OTC

swaps

........................................................................................................

3,771‌

Unfunded

floating

rate

loan

interests

.......................................................................................

6,785‌

Total

liabilities

........................................................................................................

956,704,925‌

NET

ASSETS

........................................................................................................

$

18,182,090,145‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

2021

BlackRock

Semi-Annual

Report

to

Shareholders

110

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

17,589,750,420‌

Accumulated

earnings

..................................................................................................

592,339,725‌

NET

ASSETS

........................................................................................................

$

18,182,090,145‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

15,921,730,185‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

359,348,931‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

1,633,687,367‌

(d)

  Foreign

currency,

at

cost

...............................................................................................

$

58,775,259‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2021

111

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

10,222,645,127‌

Shares

outstanding

.................................................................................................

885,240,286‌

Net

asset

value

....................................................................................................

$

11.55‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Investor

A

Net

assets

........................................................................................................

$

5,337,186,735‌

Shares

outstanding

.................................................................................................

462,703,477‌

Net

asset

value

....................................................................................................

$

11.53‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Investor

C

Net

assets

........................................................................................................

$

1,519,803,177‌

Shares

outstanding

.................................................................................................

131,919,604‌

Net

asset

value

....................................................................................................

$

11.52‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Class

K

Net

assets

........................................................................................................

$

1,102,455,106‌

Shares

outstanding

.................................................................................................

95,512,624‌

Net

asset

value

....................................................................................................

$

11.54‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

RETINC-6/21-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable                  

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds II

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds II

Date: September 2, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds II

Date: September 2, 2021

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

Date: September 2, 2021