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: 811-23344 and 811-23343

Name of Fund:  BlackRock Funds II

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: 12/31/2021

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

December

31,

2021

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2021

Annual

Report

BlackRock

Funds

II

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

December

31,

2021

saw

a

continuation

of

the

resurgent

growth

that

followed

the

initial

coronavirus

(or

“COVID-19”)

pandemic

reopening,

albeit

at

a

slower

pace.

The

global

economy

weathered

the

emergence

of

several

variant

strains

and

the

resulting

peaks

and

troughs

in

infections

amid

optimism

that

increasing

vaccinations

and

economic

adaptation

could

help

contain

the

pandemic’s

disruptions.

Continued

growth

meant

that

the

U.S.

economy

regained

and

then

surpassed

its

pre-pandemic

output.

However,

a

rapid

rebound

in

consumer

spending

pushed

up

against

supply

constraints

and

led

to

elevated

inflation.

Equity

prices

rose

with

the

broader

economy,

as

the

implementation

of

mass

vaccination

campaigns

and

passage

of

an

additional

fiscal

stimulus

package

and

infrastructure

bill

further

boosted

stocks.

In

the

United

States,

both

large-

and

small-capitalization

stocks

posted

a

strong

advance,

and

many

equity

indices

neared

or

surpassed

all-time

highs

late

in

the

reporting

period.

International

equities

from

developed

markets

also

gained,

although

emerging

market

stocks

declined,

pressured

by

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

during

the

reporting

period

as

the

economy

expanded

rapidly

and

inflation

reached

its

highest

annualized

reading

in

decades.

In

the

corporate

bond

market,

support

from

the

U.S.

Federal

Reserve

(the

“Fed”)

assuaged

credit

concerns

and

led

to

solid

returns

for

high-yield

corporate

bonds,

outpacing

investment-grade

corporate

bonds,

which

declined.

The

Fed

maintained

accommodative

monetary

policy

during

the

reporting

period

by

maintaining

near-zero

interest

rates

and

by

asserting

that

inflation

could

exceed

its

2%

target

for

a

sustained

period

without

triggering

a

rate

increase.

However,

the

Fed’s

tone

shifted

late

in

the

year,

as

it

reduced

its

bond-buying

program

and

used

its

market

guidance

to

raise

the

prospect

of

higher

rates

in

2022.

Looking

ahead,

we

believe

that

the

global

expansion

will

continue

to

broaden

as

Europe

and

other

developed

market

economies

gain

momentum,

although

the

Delta

and

Omicron

variants

of

the

coronavirus

remain

a

threat,

particularly

in

emerging

markets.

While

we

expect

inflation

to

abate

somewhat

as

supply

bottlenecks

are

resolved,

we

anticipate

that

inflation

will

remain

higher

than

the

pre-COVID

norm.

The

Fed

is

poised

to

raise

interest

rates

next

year

in

response,

but

the

Fed’s

policy

shift

means

that

tightening

is

likely

to

be

less

aggressive

than

what

we’ve

seen

in

previous

cycles.

In

this

environment,

we

favor

an

overweight

to

equities,

as

we

believe

low

interest

rates

and

continued

economic

growth

will

support

further

gains,

albeit

likely

more

modest

than

what

we

saw

in

2021.

Sectors

that

are

better

poised

to

manage

the

transition

to

a

lower-carbon

world,

such

as

technology

and

health

care,

are

particularly

attractive

in

the

long

term.

U.S.

and

other

developed-market

equities

have

room

for

further

growth,

while

we

believe

Chinese

equities

stand

to

gain

from

a

more

accommodative

monetary

and

fiscal

environment

as

the

Chinese

economy

slows.

We

are

underweight

long-term

credit,

but

inflation-protected

U.S.

Treasuries,

Asian

fixed

income,

and

emerging

market

local-currency

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

December

31,

2021

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

11.67%

28.71%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(2.31)

14.82

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

2.24

11.26

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(9.30)

(2.54)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.02

0.05

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

0.44

(3.68)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

0.06

(1.54)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

0.52

1.77

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

1.59

5.26

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Fund

Summaries

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

4

About

Fund

Performance

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

10

Disclosure

of

Expenses

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

10

Financial

Statements:

Schedules

of

Investments

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

11

Statements

of

Assets

and

Liabilities

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

15

Statements

of

Operations

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

17

Statements

of

Changes

in

Net

Assets

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

18

Financial

Highlights

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

19

Notes

to

Financial

Statements

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

23

Report

of

Independent

Registered

Public

Accounting

Firm

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

30

Important

Tax

Information

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

31

Statement

Regarding

Liquidity

Risk

Management

Program

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

32

Trustee

and

Officer

Information

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

33

Additional

Information

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

37

Glossary

of

Terms

Used

in

this

Report

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

39

Additional

Financial

Information:

Schedule

of

Investments

(unaudited)

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

41

Statement

of

Assets

and

Liabilities

(unaudited)

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

121

Fund

Summary

as

of

December

31,

2021

2021

BlackRock

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

12-month

period

ended

December

31,

2021,

the

Fund

underperformed

its

custom

benchmark,

a

blend

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

the

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.

The

Portfolio’s

allocation

to

emerging

market

debt

was

the

largest

detractor

from

performance,

followed

by

its

allocations

to

emerging

market

equities

and

investment-grade

bonds.

The

Portfolio’s

allocation

to

equities

was

the

leading

contributor

to

performance.

Most

notably,

covered

calls,

U.S.

equities

and

developed-market

international

stocks

aided

results.

(Covered

calls

involved

the

use

of

derivatives

and

are

intended

as

an

alternative

source

of

income.).

The

Portfolio

used

derivatives

to

manage

duration

risk.

(Duration

is

a

measure

of

interest-rate

sensitivity.)

This

strategy

helped

performance,

as

yields

moved

higher

due

to

the

strong

economic

backdrop

and

expectations

for

an

eventual

change

in

monetary

policy.

The

Portfolio’s

efforts

to

use

currency

futures

to

manage

currency

risk

also

aided

returns,

while

the

use

of

equity

derivatives

to

manage

(reduce)

overall

equity

exposure

detracted

given

that

stocks

moved

higher

over

the

period.

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

gain

for

the

period.

Refer

to

the

financial

highlights

and

income

tax

information

sections

in

this

report

for

further

information

about

distributions.

Describe

recent

portfolio

activity.

The

Portfolio’s

investment

adviser

added

risk

early

in

the

year,

primarily

by

increasing

the

allocation

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

(“bank

loans”).

This

positioning

reflected

the

investment

adviser’s

view

that

there

was

lower

potential

upside

in

higher-quality

areas

of

fixed

income.

Later

in

the

period,

the

investment

adviser

modestly

reduced

risk

after

the

rally

across

the

financial

markets

resulted

in

less

attractive

opportunities,

elevated

valuations

in

many

areas,

and

the

potential

for

higher

volatility.

The

investment

adviser

also

kept

the

Portfolio’s

interest-rate

exposure

at

low

levels

on

the

view

that

strong

growth,

rising

inflation

and

the

expectation

of

an

eventual

change

in

monetary

policy

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

Portfolio

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporate

bonds,

floating

rate

bank

loans

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment-grade

corporates,

mortgage-backed

securities,

global

real

estate

investment

trusts

and

global

infrastructure

stocks.

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

December

31,

2021

(continued)

5

Fund

Summary

BlackRock

Retirement

Income

2030

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

The

Fund

commenced

operations

on

July

31,

2020

Performance

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

Assuming

maximum

sales

charge,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

The

Fund,

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)

Bloomberg

U.S.

Aggregate

Bond

Index

(formerly

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index),

a

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-

denominated,

fixed-rate

taxable

bond

market.

(d)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(e)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

Average

Annual

Total

Returns

(a)

1

Year

Since

Inception

(b)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

3.58‌%

(3.42‌)%

6.87‌%

N/A‌

9.88‌%

N/A‌

Investor

A

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

3.15‌

(3.55‌)

6.62‌

1.02‌%

9.62‌

5.54‌%

Bloomberg

U.S.

Aggregate

Bond

Index

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

—‌

—‌

(1.54‌)

N/A‌

N/A‌

(1.23‌)

MSCI

World

Index

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

—‌

—‌

21.82‌

N/A‌

N/A‌

28.72‌

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index

.........

—‌

—‌

9.69‌

N/A‌

N/A‌

13.09‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

July

31,

2020.

Fund

Summary

as

of

December

31,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Retirement

Income

2030

Fund

Expense

Example

See

"Disclosure

of

Expenses"

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,014.80‌

$

1.27‌

$

1,000.00‌

$

1,023.95‌

$

1.28‌

0.25‌%

Investor

A

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

1,000.00‌

1,013.60‌

2.54‌

1,000.00‌

1,022.68‌

2.55‌

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

184/365

(to

reflect

the

six-month

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

 Percent

of

Affiliated

Investment

Companies

Fixed

Income

Funds

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

98‌

%

Short-Term

Securities

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

2‌

–‌

Fund

Summary

as

of

December

31,

2021

7

Fund

Summary

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

12-month

period

ended

December

31,

2021,

the

Fund

underperformed

its

custom

benchmark,

a

blend

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

the

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.

The

Portfolio’s

allocation

to

emerging

market

debt

was

the

largest

detractor

from

performance,

followed

by

its

allocations

to

emerging

market

equities

and

investment-grade

bonds.

The

Portfolio’s

allocation

to

equities

was

the

leading

contributor

to

performance.

Most

notably,

covered

calls,

U.S.

equities

and

developed-market

international

stocks

aided

results.

(Covered

calls

involved

the

use

of

derivatives

and

are

intended

as

an

alternative

source

of

income.).

The

Portfolio

used

derivatives

to

manage

duration

risk.

(Duration

is

a

measure

of

interest-rate

sensitivity.)

This

strategy

helped

performance,

as

yields

moved

higher

due

to

the

strong

economic

backdrop

and

expectations

for

an

eventual

change

in

monetary

policy.

The

Portfolio’s

efforts

to

use

currency

futures

to

manage

currency

risk

also

aided

returns,

while

the

use

of

equity

derivatives

to

manage

(reduce)

overall

equity

exposure

detracted

given

that

stocks

moved

higher

over

the

period.

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

gain

for

the

period.

Refer

to

the

financial

highlights

and

income

tax

information

sections

in

this

report

for

further

information

about

distributions.

Describe

recent

portfolio

activity.

The

Portfolio’s

investment

adviser

added

risk

early

in

the

year,

primarily

by

increasing

the

allocation

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

(“bank

loans”).

This

positioning

reflected

the

investment

adviser’s

view

that

there

was

lower

potential

upside

in

higher-quality

areas

of

fixed

income.

Later

in

the

period,

the

investment

adviser

modestly

reduced

risk

after

the

rally

across

the

financial

markets

resulted

in

less

attractive

opportunities,

elevated

valuations

in

many

areas,

and

the

potential

for

higher

volatility.

The

investment

adviser

also

kept

the

Portfolio’s

interest-rate

exposure

at

low

levels

on

the

view

that

strong

growth,

rising

inflation

and

the

expectation

of

an

eventual

change

in

monetary

policy

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

Portfolio

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporate

bonds,

floating

rate

bank

loans

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment-grade

corporates,

mortgage-backed

securities,

global

real

estate

investment

trusts

and

global

infrastructure

stocks.

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

December

31,

2021

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

8

BlackRock

Retirement

Income

2040

Fund

TOTAL

RETURN

BASED

ON

A

$10,000

INVESTMENT

The

Fund

commenced

operations

on

July

31,

2020.

Performance

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

Assuming

maximum

sales

charge,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

The

Fund,

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)

Bloomberg

U.S.

Aggregate

Bond

Index

(formerly

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index),

a

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-

denominated,

fixed-rate

taxable

bond

market.

(d)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(e)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

Average

Annual

Total

Returns

(a)

1

Year

Since

Inception

(b)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

3.57‌%

(2.87‌)%

6.87‌%

N/A‌

9.92‌%

N/A‌

Investor

A

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

3.15‌

(3.11‌)

6.60‌

1.01‌%

9.65‌

5.56‌%

Bloomberg

U.S.

Aggregate

Bond

Index

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

—‌

—‌

(1.54‌)

N/A‌

N/A‌

(1.23‌)

MSCI

World

Index

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

—‌

—‌

21.82‌

N/A‌

N/A‌

28.72‌

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index

.........

—‌

—‌

9.69‌

N/A‌

N/A‌

13.09‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

July

31,

2020.

Fund

Summary

as

of

December

31,

2021

(continued)

9

Fund

Summary

BlackRock

Retirement

Income

2040

Fund

Expense

Example

See

"Disclosure

of

Expenses"

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

Hypothetical

(a)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Beginning

Account

Value

(07/01/21)

Ending

Account

Value

(12/31/21)

Expenses

Paid

During

the

Period

(b)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,014.90‌

$

1.27‌

$

1,000.00‌

$

1,023.95‌

$

1.28‌

0.25‌%

Investor

A

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

1,000.00‌

1,013.50‌

2.54‌

1,000.00‌

1,022.68‌

2.55‌

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

184/365

(to

reflect

the

six-month

period

shown).

PORTFOLIO

COMPOSITION

Asset

Type

 Percent

of

Affiliated

Investment

Companies

Fixed

Income

Funds

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

98‌

%

Short-Term

Securities

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

2‌

–‌

About

Fund

Performance

2021

BlackRock

Annual

Report

to

Shareholders

10

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 each

Fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

each

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund's

performance

would

have

been

lower.

With

respect

to

each

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements.

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, administration

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

(or

from

the

commencement

of

operations

if

less

than

6

months)

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

BlackRock

Retirement

Income

2030

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2021

Security

Shares

Value

Affiliated

Investment

Companies

—

100.0%

Fixed

Income

Funds

—

97.9%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

(a)

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

459,704

$

5,217,643

Security

Shares

Value

Short-Term

Securities

—

2.1%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

(a)

(b)

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

113,760

$

113,760

Total

Affiliated

Investment

Companies

—

100.0%

(Cost:

$4,996,750)

(c)

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

5,331,403

Liabilities

in

Excess

of

Other

Assets

—

(0.0)

%

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

(1,377)

Net

Assets

—

100.0%

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

$

5,330,026

(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

year

ended

December

31,

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

12/31/21

Shares

Held

at

12/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

8,004

$

105,756

$

—

$

—

$

—

$

113,760

113,760

$

2

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

.........

5,142,058

269,992

(277,003)

5,736

76,860

5,217,643

459,704

219,985

62,403

$

5,736

$

76,860

$

5,331,403

$

219,987

$

62,403

—

—

(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

Annual

Report

to

Shareholders

BlackRock

Retirement

Income

2030

Fund

12

Schedule

of

Investments

(continued)

December

31,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarc

hy

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

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

$

5,217,643

$

—

$

—

$

5,217,643

Short-Term

Securities

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

113,760

—

—

113,760

$

5,331,403

$

—

$

—

$

5,331,403

BlackRock

Retirement

Income

2040

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

December

31,

2021

No

Security

Shares

Value

Affiliated

Investment

Companies

—

100.0%

Fixed

Income

Funds

—

97.7%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

(a)

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

455,515

$

5,170,096

Security

Shares

Value

Short-Term

Securities

—

2.3%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

(a)

(b)

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

121,830

$

121,830

Total

Affiliated

Investment

Companies

—

100.0%

(Cost:

$4,954,845)

(c)

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

5,291,926

Other

Assets

Less

Liabilities

—

0.0

%

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

1,342

Net

Assets

—

100.0%

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

$

5,293,268

(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

year

ended

December

31,

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

12/31/21

Shares

Held

at

12/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

3,098

$

118,732

$

—

$

—

$

—

$

121,830

121,830

$

4

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

.........

5,150,485

—

(63,006)

3,752

78,865

5,170,096

455,515

220,719

61,835

$

3,752

$

78,865

$

5,291,926

$

220,723

$

61,835

—

—

(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

Annual

Report

to

Shareholders

BlackRock

Retirement

Income

2040

Fund

14

Schedule

of

Investments

(continued)

December

31,

2021

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Peri

od

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

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

$

5,170,096

$

—

$

—

$

5,170,096

Short-Term

Securities

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

121,830

—

—

121,830

$

5,291,926

$

—

$

—

$

5,291,926

Statements

of

Assets

and

Liabilities

December

31,

2021

15

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

ASSETS

Investments,

at

value

—

affiliated

(a)

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

$

5,331,403‌

$

5,291,926‌

Receivables:

–‌

–‌

Dividends

—

affiliated

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

18,412‌

18,244‌

From

the

Manager

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

31,413‌

28,432‌

Prepaid

expenses

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

21,302‌

21,197‌

Total

assets

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

5,402,530‌

5,359,799‌

LIABILITIES

Payables:

–‌

–‌

Accounting

services

fees

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

9,939‌

11,065‌

Custodian

fees

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

343‌

320‌

Income

dividend

distributions

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

32,225‌

25,057‌

Trustees'

and

Officer's

fees

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

1,534‌

1,534‌

Professional

fees

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

23,639‌

23,639‌

Transfer

agent

fees

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

537‌

629‌

Other

accrued

expenses

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

4,287‌

4,287‌

Total

liabilities

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

72,504‌

66,531‌

NET

ASSETS

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

$

5,330,026‌

$

5,293,268‌

NET

ASSETS

CONSIST

OF

Paid-in

capital

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

$

4,995,373‌

$

4,956,187‌

Accumulated

earnings

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

334,653‌

337,081‌

NET

ASSETS

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

$

5,330,026‌

$

5,293,268‌

(a)

  Investments,

at

cost

—

affiliated

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

$

4,996,750‌

$

4,954,845‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

5,044,451‌

$

5,146,397‌

Shares

outstanding

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

48,88

7.91‌

48,801

.57‌

Net

asset

value

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

$

103.18‌

$

105.46‌

Shares

authorized

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

Unlimited

Unlimited

Par

value

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

$

0.00

1‌

$

0.00

1‌

Investor

A

Net

assets

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

$

285,575‌

$

146,871‌

Shares

outstanding

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

2,767

.58‌

1,39

2.79‌

Net

asset

value

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

$

103.19‌

$

105.45‌

Shares

authorized

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

Unlimited

Unlimited

Par

value

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

$

0.00

1‌

$

0.00

1‌

Statements

of

Operations

Year

Ended

December

31,

2021

17

Financial

Statements

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

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

$

219,987‌

$

220,723‌

Total

investment

income

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

219,987‌

220,723‌

EXPENSES

Offering

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

108,276‌

111,749‌

Professional

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

77,942‌

77,096‌

Accounting

services

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

44,363‌

41,618‌

Printing

and

postage

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

34,502‌

34,402‌

Registration

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

23,386‌

23,386‌

Trustees

and

Officer

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

8,144‌

8,144‌

Investment

advisory

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

5,282‌

5,310‌

Administration

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

2,244‌

2,257‌

Administration

—

class

specific

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

1,057‌

1,062‌

Custodian

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

874‌

794‌

Transfer

agent

—

class

specific

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

672‌

672‌

Service

and

distribution

—

class

specific

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

445‌

366‌

Miscellaneous

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

6,304‌

6,304‌

Total

expenses

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

313,491‌

313,160‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

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

(295,886‌)

(295,543‌)

Administration

fees

waived

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

(2,244‌)

(2,257‌)

Administration

fees

waived

—

class

specific

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

(1,057‌)

(1,062‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

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

(655‌)

(658‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

13,649‌

13,640‌

Net

investment

income

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

206,338‌

207,083‌

REALIZED

AND

UNREALIZED

GAIN

$

144,999‌

$

144,452‌

Net

realized

gain

from:

Investments

—

affiliated

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

$

5,736‌

$

3,752‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

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

62,403‌

61,835‌

68,139‌

65,587‌

Net

change

in

unrealized

appreciation

on

investments

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

76,860‌

78,865‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

351,337‌

$

351,535‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2021

BlackRock

Annual

Report

to

Shareholders

18

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

206,338‌

$

84,009‌

$

207,083‌

$

84,529‌

Net

realized

gain

(loss)

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

68,139‌

(131‌)

65,587‌

1,890‌

Net

change

in

unrealized

appreciation

(depreciation)

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

76,860‌

257,793‌

78,865‌

258,216‌

Net

increase

in

net

assets

resulting

from

operations

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

351,337‌

341,671‌

351,535‌

344,635‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

From

net

investment

income

and

net

realized

gain:

  Institutional

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

(270,105‌)

(68,870‌)

(270,356‌)

(70,831‌)

  Investor

A

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

(9,098‌)

(17,692‌)

(7,330‌)

(18,193‌)

Return

of

capital:

–

–

–

–

  Institutional

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

(96,534‌)

(53,667‌)

(22,227‌)

(26,883‌)

  Investor

A

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

(3,251‌)

(13,786‌)

(603‌)

(6,905‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(378,988‌)

(154,015‌)

(300,516‌)

(122,812‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

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

150,021‌

5,020,000‌

20,478‌

4,999,948‌

NET

ASSETS

Total

increase

in

net

assets

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

122,370‌

5,207,656‌

71,497‌

5,221,771‌

Beginning

of

period

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

5,207,656‌

—‌

5,221,771‌

—

End

of

period

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

$

5,330,026‌

$

5,207,656‌

$

5,293,268‌

$

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)

19

Financial

Highlights

BlackRock

Retirement

Income

2030

Fund

Institutional

Year

Ended

12/31/2021

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

103.74‌

$

100.00‌

Net

investment

income

(b)

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

4.09‌

1.69‌

Net

realized

and

unrealized

gain

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

2.85‌

5.14‌

Net

increase

from

investment

operations

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

6.94‌

6.83‌

Distributions

(c)

–

–

From

net

investment

income

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

(5.42‌)

(1.74‌)

From

net

realized

gain

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

(0.11‌)

—‌

Return

of

capital

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

(1.97‌)

(1.35‌)

Total

distributions

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

(7.50‌)

(3.09‌)

Net

asset

value,

end

of

period

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

$

103.18‌

$

103.74‌

Total

Return

(d)

6.87%

6.96%

Based

on

net

asset

value

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

6.87%

6.96%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

5.91%

3.86%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.25%

0.25%

(g)

Net

investment

income

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

3.92%

4.05%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

5,044‌

$

5,070‌

Portfolio

turnover

rate

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

5%

2%

(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

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.72%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

to

Shareholders

20

BlackRock

Retirement

Income

2030

Fund

Investor

A

Year

Ended

12/31/2021

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

103.74‌

$

100.00‌

Net

investment

income

(b)

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

3.76‌

1.63‌

Net

realized

and

unrealized

gain

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

2.93‌

5.10‌

Net

increase

from

investment

operations

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

6.69‌

6.73‌

Distributions

(c)

–

–

From

net

investment

income

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

(5.22‌)

(1.67‌)

From

net

realized

gain

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

(0.11‌)

—‌

Return

of

capital

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

(1.91‌)

(1.32‌)

Total

distributions

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

(7.24‌)

(2.99‌)

Net

asset

value,

end

of

period

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

$

103.19‌

$

103.74‌

Total

Return

(d)

6.62%

6.86%

Based

on

net

asset

value

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

6.62%

6.86%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

6.58%

4.13%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.50%

0.50%

(g)

Net

investment

income

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

3.61%

3.93%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

286‌

$

137‌

Portfolio

turnover

rate

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

5%

2%

(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

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.00%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

21

Financial

Highlights

BlackRock

Retirement

Income

2040

Fund

Institutional

Year

Ended

12/31/2021

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

104.44‌

$

100.00‌

Net

investment

income

(b)

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

4.14‌

1.71‌

Net

realized

and

unrealized

gain

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

2.88‌

5.21‌

Net

increase

from

investment

operations

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

7.02‌

6.92‌

Distributions

(c)

–

–

From

net

investment

income

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

(5.47‌)

(1.76‌)

From

net

realized

gain

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

(0.07‌)

(0.04‌)

Return

of

capital

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

(0.46‌)

(0.68‌)

Total

distributions

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

(6.00‌)

(2.48‌)

Net

asset

value,

end

of

period

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

$

105.46‌

$

104.44‌

Total

Return

(d)

6.87%

7.02%

Based

on

net

asset

value

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

6.87%

7.02%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

5.88%

3.88%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.25%

0.25%

(g)

Net

investment

income

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

3.91%

4.07%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

5,146‌

$

5,078‌

Portfolio

turnover

rate

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

—%

2%

(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

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.78%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2021

BlackRock

Annual

Report

to

Shareholders

22

BlackRock

Retirement

Income

2040

Fund

Investor

A

Year

Ended

12/31/2021

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

104.43‌

$

100.00‌

Net

investment

income

(b)

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

3.87‌

1.63‌

Net

realized

and

unrealized

gain

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

2.89‌

5.17‌

Net

increase

from

investment

operations

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

6.76‌

6.80‌

Distributions

(c)

–

–

From

net

investment

income

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

(5.23‌)

(1.67‌)

From

net

realized

gain

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

(0.07‌)

(0.04‌)

Return

of

capital

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

(0.44‌)

(0.66‌)

Total

distributions

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

(5.74‌)

(2.37‌)

Net

asset

value,

end

of

period

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

$

105.45‌

$

104.43‌

Total

Return

(d)

6.60%

6.90%

Based

on

net

asset

value

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

6.60%

6.90%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

6.35%

4.16%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.50%

0.50%

(g)

Net

investment

income

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

3.66%

3.93%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

147‌

$

144‌

Portfolio

turnover

rate

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

—%

2%

(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

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.06%.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

23

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

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

open-end

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.

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.

See

Income

Tax

Information

note

for

the

tax

character

of

each

Fund's

distributions

paid

during

the

period.

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

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

Contingent

Deferred

Sales

Charges

("CDSC")

Conversion

Privilege

Institutional

Shares

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

No

No

None

Investor

A

Shares

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

Yes

No

(a)

None

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

24

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

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.,

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

b

illion

-

$3

b

illion

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

0.094

$3

billion

-

$5

billion

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

0.090

$5

billion

-

$10

billion

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

0.087

Greater

than

$10

billion

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

0.085

Share

Class

Service

Fees

Investor

A

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

0.25‌%

Notes

to

Financial

Statements

(continued)

25

Notes

to

Financial

Statements

For

the year

ended

December

31,

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

the

Manager

,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

year

ended

December

31,

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

year ended December

31,

2021,

the

Funds 

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

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the year

ended

December

31,

2021,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

year ended

December

31,

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,

2023

.

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

Ac

t

("Independent

Trustees

"

)

,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

s

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. 

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

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:

Fund

Name

Investor

A

Retirement

Income

2030

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

$

445‌

Retirement

Income

2040

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

366‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

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

$

1,021‌

$

36‌

$

1,057‌

Retirement

Income

2040

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

1,033‌

29‌

1,062‌

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

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

$

20

$

11

$

31

Retirement

Income

2040

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

20

11

31

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

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

$

338‌

$

334‌

$

672‌

Retirement

Income

2040

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

347‌

325‌

672‌

Fund

Name

Amounts

Waived

Retirement

Income

2030

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

$

7‌

Retirement

Income

2040

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

10‌

Fund

Name

Institutional

Investor

A

Retirement

Income

2030

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

0.25‌%

0.50‌%

Retirement

Income

2040

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

0.25‌

0.50‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

26

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

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

year

ended

December

31,

2021,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operation

were

as

follows:

The

following

Funds

also

had

a

waiver

of

administration

fees,

which

are

included

in

administration

fees

waived

in

the

Statements

of

Operations.

For

the

year

ended

December

31,

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

year

ended

December

31,

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 December

31,

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. 

Retirement

Income

2030

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

$

295,879‌

Retirement

Income

2040

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

295,533‌

Retirement

Income

2030

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

$

2,244‌

Retirement

Income

2040

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

2,257‌

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

Retirement

Income

2030

Institutional

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

$

1,021‌

$

322‌

Investor

A

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

36‌

333‌

$

1,057‌

$

655‌

Retirement

Income

2040

Institutional

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

1,033‌

334‌

Investor

A

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

29‌

324‌

$

1,062‌

$

658‌

Expiring

December

31,

2022

2023

Retirement

Income

2030

Fund

Level

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

$

116,955‌

$

298,12

3‌

Institutional

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

475‌

1,34

3‌

Investor

A

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

238‌

369‌

Retirement

Income

2040

Fund

Level

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

118,455‌

297,790‌

Institutional

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

475‌

1,36

7‌

Investor

A

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

239‌

35

3‌

Notes

to

Financial

Statements

(continued)

27

Notes

to

Financial

Statements

During

the

year

ended

December

31,

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. 

5.

PURCHASES

AND

SALES 

For

the

year ended

December

31,

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

December

31,

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.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAVs

per

share.

As

of

period

end,

the

following

permanent

differences

attributable

to

nondeductible

expenses

were

reclassified

to

the

following

accounts: 

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

December

31,

2021,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

During

the

year

ended December

31,

2021,

the

Funds

listed

below

utilized

the

following

amounts

of

their

respective

capital

loss

carryforwards: 

Other

Securities

Purchases

Sales

Retirement

Income

2030

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

$

269,994‌

$

277,003‌

Retirement

Income

2040

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

—‌

63,005‌

Fund

Name

Paid-in

Capital

Accumulated

Earnings

(Loss)

Retirement

Income

2030

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

$

(4,857‌)

$

4,857‌

Retirement

Income

2040

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

(5,016‌)

5,016‌

—‌

Fund

Name

Year

Ended

12/31/21

Year

Ended

12/31/20

Retirement

Income

2030

Ordinary

income

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

$

279,203‌

$

86,562‌

Return

of

capital

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

99,785‌

67,453‌

$

378,988‌

$

154,015‌

Retirement

Income

2040

Ordinary

income

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

$

277

,

686‌

$

89,024‌

Return

of

capital

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

22,830‌

33,788‌

$

300,516‌

$

122,812‌

Fund

Name

Net

Unrealized

Gains

(Losses)

Retirement

Income

2030

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

$

334,653‌

Retirement

Income

2040

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

337,081‌

Fund

Name

Amount

Utilized

Retirement

Income

2030

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

$

131‌

Notes

to

Financial

Statements

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

28

As

of

December

31,

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

London

Interbank

Offered

Rate

("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

year ended

December

31,

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

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

LIBOR.

Although

many

LIBOR

rates

will

cease

to

be

published

or

no

longer

will

be

representative

of

the

underlying

market

they

seek

to

measure

after

December

31,

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. 

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Retirement

Income

2030

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

$

4,996,750‌

$

334,653‌

$

–‌

$

334,653‌

Retirement

Income

2040

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

4,954,845‌

337,081‌

–‌

337,081‌

Notes

to

Financial

Statements

(continued)

29

Notes

to

Financial

Statements

9.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

(a)

Commencement

of

operations.

As

of

December

31,

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

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Retirement

Income

2030

Institutional

Shares

sold

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

1,648‌

$

171,281‌

48,876‌

$

4,920,000‌

Shares

redeemed

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

(1,636‌)

(170,000‌)

—‌

—‌

12‌

$

1,281‌

48,876‌

$

4,920,000‌

Investor

A

Shares

sold

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

1,491‌

$

153,669‌

49,000‌

$

4,900,000‌

Shares

redeemed

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

(48‌)

(4,929‌)

(47,676‌)

(4,800,000‌)

1,443‌

$

148,740‌

1,324‌

$

100,000‌

1,455‌

$

150,021‌

50,200‌

$

5,020,000‌

Retirement

Income

2040

Institutional

Shares

sold

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

182‌

$

19,224‌

48,968‌

$

4,935,000‌

Shares

redeemed

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

—‌

—‌

(349‌)

(35,206‌)

182‌

$

19,224‌

48,619‌

$

4,899,794‌

Investor

A

Shares

sold

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

12‌

$

1,254‌

49,000‌

$

4,900,000‌

Shares

redeemed

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

—‌

—‌

(47,619‌)

(4,799,846‌)

12‌

$

1,254‌

1,381‌

$

100,154‌

194‌

$

20,478‌

50,000‌

$

4,999,948‌

Institutional

Investor

A

Retirement

Income

2030

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

$

48,676‌

$

1,324‌

Retirement

Income

2040

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

48,619‌

1,381‌

Report

of

Independent

Registered

Public

Accounting

Firm

2021

BlackRock

Annual

Report

to

Shareholders

30

To

the

Board

of

Trustees

of

BlackRock

Funds

II

and

Shareholders

of

BlackRock

Retirement

Income

2030

Fund

and

BlackRock

Retirement

Income

2040

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

BlackRock

Retirement

Income

2030

Fund

and

BlackRock

Retirement

Income

2040

Fund

(two

of

the

series

constituting

BlackRock

Funds

II,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2021,

the

related

statements

of

operations

for

the

year

ended

December

31,

2021

and

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

December

31,

2021

and

for

the

period

July

31,

2020

(commencement

of

operations)

through

December

31,

2020,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2021,

the

results

of

each

of

their

operations

for

the

year

then

ended,

and

the

changes

in

each

of

their

net

assets

and

each

of

the

financial

highlights

for

the

year

ended

December

31,

2021

and

for

the

period

July

31,

2020

(commencement

of

operations)

through

December

31,

2020

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2021

by

correspondence

with

the

custodian

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

24,

2022

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(Unaudited)

31

Important

Tax

Information

The

following

amounts,

or maximum

amounts

allowable

by

law, are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

December

31,

2021:

The

following

amounts,

or

maximum

amounts

allowable

by

law, are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

December

31,

2021:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

December

31,

2021

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

December

31,

2021:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest-related

dividends

and

qualified

short-term

capital

gains eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

December

31,

2021:

Fund

Name

Qualified

Dividend

Income

BlackRock

Retirement

Income

2030

Fund

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

$

35,261‌

BlackRock

Retirement

Income

2040

Fund

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

35,374‌

Fund

Name

Qualified

Business

Income

BlackRock

Retirement

Income

2030

Fund

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

$

1,135‌

BlackRock

Retirement

Income

2040

Fund

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

1,138‌

Fund

Name

Dividend-Received

Deduction

BlackRock

Retirement

Income

2030

Fund

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

5.00‌

%

BlackRock

Retirement

Income

2040

Fund

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

5.04‌

Fund

Name

Interest

Dividends

BlackRock

Retirement

Income

2030

Fund

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

$

139

,

928‌

BlackRock

Retirement

Income

2040

Fund

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

140

,

41

6‌

Fund

Name

Interest-Related

Dividends

Qualified

Short-Term

Capital

Gains

BlackRock

Retirement

Income

2030

Fund

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

$

53,594‌

$

68,007‌

BlackRock

Retirement

Income

2040

Fund

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

53,748‌

65,586‌

Statement

Regarding

Liquidity

Risk

Management

Program

2021

BlackRock

Annual

Report

to

Shareholders

32

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

II

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Retirement

Income

2030

Fund

and

BlackRock

Retirement

Income

2040

Fund

(the

“Funds”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

November

9-10,

2021

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

BlackRock

funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2020

through

September

30,

2021

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

Derivative

exposure

was

also

considered

in

such

calculation.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

(“RATS”).

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

the

Funds,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Trustee

and

Officer

Information

33

Trustee

and

Officer

Information

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Mark

Stalnecker

1951

Chair

of

the

Board

and

Trustee

(Since

2019)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

30

RICs

consisting

of

159

Portfolios

None

Bruce

R.

Bond

1946

Trustee

(Since

2007)

Board

Member,

Amsphere

Limited

(software)

since

2018;

Trustee

and

Member

of

the

Governance

Committee,

State

Street

Research

Mutual

Funds

from

1997

to

2005;

Board

Member

of

Governance,

Audit

and

Finance

Committee,

Avaya

Inc.

(computer

equipment)

from

2003

to

2007.

30

RICs

consisting

of

159

Portfolios

None

Susan

J.

Carter

1956

Trustee

(Since

2019)

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

since

1997;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

since

2018;

Advisory

Board

Member,

Bridges

Fund

Management

since

2016;

Trustee,

Financial

Accounting

Foundation

since

2017;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019;

Advisor

to

Finance

Committee,

Altman

Foundation

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Collette

Chilton

1958

Trustee

(Since

2019)

Chief

Investment

Officer,

Williams

College

since

2006;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006;

Director,

Boys

and

Girls

Club

of

Boston

since

2017;

Director,

B1

Capital

since

2018;

Director,

David

and

Lucile

Packard

Foundation

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Neil

A.

Cotty

1954

Trustee

(Since

2019)

Bank

of

America

Corporation

from

1996

to

2015,

serving

in

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

to

2015,

Chief

Financial

Officer

of

Global

Banking,

Markets

and

Wealth

Management

from

2008

to

2009,

Chief

Accounting

Officer

from

2004

to

2008,

Chief

Financial

Officer

of

Consumer

Bank

from

2003

to

2004,

Chief

Financial

Officer

of

Global

Corporate

Investment

Bank

from

1999

to

2002.

30

RICs

consisting

of

159

Portfolios

None

Lena

G.

Goldberg

1949

Trustee

(Since

2016)

Director,

Charles

Stark

Draper

Laboratory,

Inc.

since

2013;

Senior

Lecturer,

Harvard

Business

School,

from

2008

to

2021;

FMR

LLC/Fidelity

Investments

(financial

services)

from

1996

to

2008,

serving

in

various

senior

roles

including

Executive

Vice

President

-

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

&

Worcester

LLP

from

1985

to

1996

and

Associate

thereof

from

1979

to

1985.

30

RICs

consisting

of

159

Portfolios

None

Henry

R.

Keizer

1956

Trustee

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

since

2010;

Director,

MUFG

Americas

Holdings

Corporation

and

MUFG

Union

Bank,

N.A.

(financial

and

bank

holding

company)

from

2014

to

2016;

Director,

American

Institute

of

Certified

Public

Accountants

from

2009

to

2011;

Director,

KPMG

LLP

(audit,

tax

and

advisory

services)

from

2004

to

2005

and

2010

to

2012;

Director,

KPMG

International

in

2012,

Deputy

Chairman

and

Chief

Operating

Officer

thereof

from

2010

to

2012

and

U.S.

Vice

Chairman

of

Audit

thereof

from

2005

to

2010;

Global

Head

of

Audit,

KPMGI

(consortium

of

KPMG

firms)

from

2006

to

2010;

Director,

YMCA

of

Greater

New

York

from

2006

to

2010.

30

RICs

consisting

of

159

Portfolios

Hertz

Global

Holdings

(car

rental);

Sealed

Air

Corp.

(packaging);

GrafTech

International

Ltd.

(materials

manufacturing);

Montpelier

Re

Holdings,

Ltd.

(publicly

held

property

and

casualty

reinsurance)

from

2013

to

2015;

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020

Trustee

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

34

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Cynthia

A.

Montgomery

1952

Trustee

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

30

RICs

consisting

of

159

Portfolios

Newell

Rubbermaid,

Inc.

(manufacturing)

from

1995

to

2016

Donald

C.

Opatrny

1952

Trustee

(Since

2015)

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

from

2004

to

2019;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Member

of

the

Board

and

Investment

Committee,

University

School

from

2007

to

2018;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

President

and

Trustee,

the

Center

for

the

Arts,

Jackson

Hole

from

2011

to

2018;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

since

2013;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

since

2017;

Member,

Investment

Funds

Committee,

State

of

Wyoming

since

2017;

Trustee,

Phoenix

Art

Museum

since

2018;

Trustee,

Arizona

Community

Foundation

and

Member

of

Investment

Committee

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Joseph

P.

Platt

1947

Trustee

(Since

2019)

General

Partner,

Thorn

Partners,

LP

(private

investments)

since

1998;

Director,

WQED

Multi-Media

(public

broadcasting

not-for-

profit)

since

2001;

Chair,

Basic

Health

International

(non-profit)

since

2015.

30

RICs

consisting

of

159

Portfolios

Greenlight

Capital

Re,

Ltd.

(reinsurance

company);

Consol

Energy

Inc.

Kenneth

L.

Urish

1951

Trustee

(Since

2019)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

founding

in

2001;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-Tel

from

2006

to

2007;

Member,

Advisory

Board,

ESG

Competent

Boards

since

2020.

30

RICs

consisting

of

159

Portfolios

None

Claire

A.

Walton

1957

Trustee

(Since

2019)

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

since

2003;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Woodstock

Ski

Runners

since

2013;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015.

30

RICs

consisting

of

159

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

35

Trustee

and

Officer

Information

Interested

Trustees

(a)(d)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Each

Independent

Trustee

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Trustees

who

are

"interested

persons,"

as

defined

in

the

1940

Act,

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Trustees

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

In

addition,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Trustee

joined

the

Board,

certain

Independent

Trustees

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Bruce

R.

Bond,

2005;

Susan

J.

Carter,

2016;

Collette

Chilton,

2015;

Neil

A.

Cotty,

2016;

Cynthia

A.

Montgomery,

1994;

Joseph

P.

Platt,

1999;

Mark

Stalnecker,

2015;

Kenneth

L.

Urish,

1999;

Claire

A.

Walton,

2016.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Trust

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

is

also

a

trustee

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

Five

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

Five

Years

Robert

Fairbairn

1965

Trustee

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

103

RICs

consisting

of

261

Portfolios

None

John

M.

Perlowski

(e)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

105

RICs

consisting

of

263

Portfolios

None

Trustee

and

Officer

Information

(continued)

2021

BlackRock

Annual

Report

to

Shareholders

36

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

55

East

52nd

Street,

New

York,

New

York

10055.

(b)

Officers

of

the

Trust

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Trust's

Trustees

and

Officers

is

available

in

the

Trust's

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

Five

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Charles

Park

1967

Chief

Compliance

Officer

(Since

2014)

Anti-Money

Laundering

Compliance

Officer

for

certain

BlackRock-advised

Funds

from

2014

to

2015;

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

since

2014;

Principal

of

and

Chief

Compliance

Officer

for

iShares

®

Delaware

Trust

Sponsor

LLC

since

2012

and

BlackRock

Fund

Advisors

(“BFA”)

since

2006;

Chief

Compliance

Officer

for

the

BFA-advised

iShares

®

exchange

traded

funds

since

2006;

Chief

Compliance

Officer

for

BlackRock

Asset

Management

International

Inc.

since

2012.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

December

31,

2021,

Bruce

R.

Bond

retired

as

a

Trustee

of

the

Trust.

Additional

Information

37

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

Annual

Report

to

Shareholders

38

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

39

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

2021

BlackRock

Annual

Report

to

Shareholders

40

Additional

Financial

Information

Schedule

of

Investments

(UNAUDITED)

December

31,

2021

Statement

of

Assets

and

Liabilities

(UNAUDITED)

December

31,

2021

BlackRock

Funds

II

BlackRock

Multi-Asset

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

8.1%

Accredited

Mortgage

Loan

Trust,

Series

2004-4,

Class

M2,

(LIBOR

USD

1

Month

+

1.58%),

1.68%,

01/25/35

(a)

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

USD

858

$

866,139

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.27%,

01/15/33

(a)(b)

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

2,000

2,000,089

AIG

CLO

LLC

(a)(b)

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

04/15/34

....

3,000

2,988,844

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.12%,

04/15/34

....

3,100

3,065,275

AIG

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.18%,

04/20/32

....

2,500

2,499,987

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.23%,

04/20/32

....

1,000

1,001,933

Series

2019-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

1.26%,

10/25/33

....

7,300

7,300,291

Series

2021-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.84%,

07/20/34

....

14,000

13,999,920

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.09%,

07/20/34

....

5,000

5,019,791

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.14%,

07/20/34

....

2,500

2,487,873

Series

2021-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.86%,

01/25/35

....

5,000

5,000,000

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.16%,

01/25/35

....

3,000

3,000,000

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.21%,

01/25/35

....

1,000

1,000,000

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

1.72%,

10/17/34

....

1,500

1,500,000

Series

2015-AA,

Class

CR2,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

10/17/34

....

3,000

3,000,004

Series

2015-AA,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.17%,

10/17/34

....

3,500

3,500,016

AIMCO

CLO

10

Ltd.

(a)(b)

Series

2019-10A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.03%,

07/22/32

....

7,500

7,480,994

Series

2019-10A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

3.03%,

07/22/32

....

3,500

3,499,051

Aimco

CLO

11

Ltd.,

Series

2020-11A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

10/17/34

(a)(b)(c)

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

2,000

2,000,000

Aimco

CLO

12

Ltd.,

Series

2020-12A,

Class

B,

(LIBOR

USD

3

Month

+

1.55%),

1.67%,

01/17/32

(a)(b)

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

8,240

8,232,110

Aimco

CLO

15

Ltd.,

Series

2021-15A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.04%,

10/17/34

(a)(b)

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

1,500

1,494,173

Ajax

Mortgage

Loan

Trust

(b)

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

67

65,845

Series

2018-F,

Class

C,

0.00%,

11/25/58

(c)

.

88

58,535

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)

3,851

3,846,030

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(c)

816

615,703

Series

2018-G,

Class

C,

0.00%,

06/25/57

.

2,082

2,068,787

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

2,065

2,082,009

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

.

1,070

1,018,370

Allegany

Park

CLO

Ltd.,

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.33%),

1.46%,

01/20/33

(a)(b)

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

4,000

4,000,825

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

B,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

10/21/28

(a)(b)

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

1,300

1,300,636

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.62%,

01/17/31

(a)(b)

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

USD

1,000

$

994,832

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.77%,

06/13/31

(a)(b)

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

1,000

997,588

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.39%),

1.51%,

01/19/33

(a)(b)

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

2,000

2,002,779

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

10/15/29

(a)(b)

3,500

3,495,632

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

11/02/30

(a)(b)

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

1,750

1,750,299

AMSR

Trust

(b)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

10,250

10,303,220

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

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

19,850

19,859,028

Series

2020-SFR1,

Class

G,

4.31%,

04/17/37

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

7,500

7,538,555

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

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

11,000

10,604,601

Anchorage

Capital

CLO

3-R

Ltd.

(a)(b)

Series

2014-3RA,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.64%,

01/28/31

....

3,400

3,393,637

Series

2014-3RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

1.99%,

01/28/31

....

1,250

1,247,180

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

1.99%,

01/28/31

....

600

598,661

Series

2014-4RA,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.74%,

01/28/31

....

2,250

2,221,060

Anchorage

Capital

CLO

5-R

Ltd.,

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

01/15/30

(a)(b)

..........

1,850

1,846,721

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2018-10A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.20%),

1.32%,

10/15/31

....

7,650

7,649,983

Series

2018-10A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.87%,

10/15/31

....

3,000

2,995,363

Series

2018-10A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

3.27%,

10/15/31

....

1,500

1,490,351

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

(a)(d)

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

EUR

499

557,546

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.71%,

04/25/34

(a)(d)

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

300

334,380

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.20%,

04/15/31

(a)(b)

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

USD

2,400

2,394,093

Apidos

CLO

XV

(a)(b)

Series

2013-15A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.85%),

1.98%,

04/20/31

...

7,000

6,940,737

Series

2013-15A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.70%),

2.83%,

04/20/31

...

2,000

1,945,379

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.95%),

2.07%,

07/16/31

(a)(b)

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

1,750

1,740,960

Apidos

CLO

XXII,

Series

2015-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

3.08%,

04/20/31

(a)(b)

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

1,000

997,074

Apidos

CLO

XXIX

(a)(b)

Series

2018-29A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

1.67%,

07/25/30

....

1,000

995,110

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-29A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.02%,

07/25/30

....

USD

1,000

$

993,243

Apidos

CLO

XXV,

Series

2016-25A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.30%,

10/20/31

(a)(b)

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

4,500

4,500,076

Apidos

CLO

XXXII,

Series

2019-32A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

2.53%,

01/20/33

(a)(b)

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

1,000

1,000,323

Aqueduct

European

CLO

2

DAC,

Series

2017-

2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

(a)(d)

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

EUR

219

240,821

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

5,984,070

Ares

LIII

CLO

Ltd.

(a)(b)

Series

2019-53A,

Class

C,

(LIBOR

USD

3

Month

+

2.65%),

2.77%,

04/24/31

....

4,500

4,502,940

Series

2019-53A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.87%,

04/24/31

....

3,000

3,001,747

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

0.00%,

04/15/30

(a)(b)

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

4,500

3,158,266

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

07/20/30

(a)(b)

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

1,000

991,973

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.30%),

1.47%,

05/24/30

(a)(b)

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

1,000

999,084

Ares

XXXIV

CLO

Ltd.,

Series

2015-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.22%,

04/17/33

(a)(b)

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

7,250

7,200,256

Ares

XXXVII

CLO

Ltd.

(a)(b)

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.29%,

10/15/30

....

3,000

3,000,051

Series

2015-4A,

Class

A3R,

(LIBOR

USD

3

Month

+

1.50%),

1.62%,

10/15/30

....

1,500

1,493,240

Series

2015-4A,

Class

BR,

(LIBOR

USD

3

Month

+

1.80%),

1.92%,

10/15/30

....

1,017

1,009,474

Ares

XXXVR

CLO

Ltd.

(a)(b)

Series

2015-35RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

1.52%,

07/15/30

....

1,500

1,498,942

Series

2015-35RA,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.02%,

07/15/30

....

1,000

994,548

Assurant

CLO

Ltd.,

Series

2019-5A,

Class

A1,

(LIBOR

USD

3

Month

+

1.39%),

1.51%,

01/15/33

(a)(b)

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

1,500

1,500,769

Atlas

Senior

Loan

Fund

VII

Ltd.,

Series

2016-

7A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.55%),

1.73%,

11/27/31

(a)(b)

..........

5,500

5,499,548

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-

11A,

Class

A1L,

(LIBOR

USD

3

Month

+

1.10%),

1.22%,

07/26/31

(a)(b)

..........

2,000

1,999,408

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.30%,

10/24/31

(a)(b)

..........

1,700

1,700,038

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

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

11,500

379,615

Atrium

XIV

LLC,

Series

14A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.07%,

08/23/30

(a)(b)

1,000

991,692

Atrium

XV

(a)(b)

Series

15A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.87%,

01/23/31

.........

1,000

1,000,043

Series

15A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.12%,

01/23/31

.........

500

495,612

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

6.08%,

06/22/34

(a)(d)

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

EUR

200

219,017

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Avoca

CLO

XV

DAC,

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

(a)(d)

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

EUR

670

$

729,197

Ballyrock

CLO

Ltd.

(a)(b)

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.95%),

2.08%,

10/20/31

....

USD

4,500

4,500,000

Series

2020-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

3.08%,

10/20/31

....

2,000

2,000,000

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.03%,

10/22/32

(a)(b)

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

3,250

3,250,000

Battalion

CLO

17

Ltd.,

Series

2021-17A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.23%,

03/09/34

(a)(b)

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

1,000

989,081

Battalion

CLO

18

Ltd.,

Series

2020-18A,

Class

DR,

(LIBOR

USD

3

Month

+

3.45%),

3.58%,

10/15/36

(a)(b)

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

2,000

2,000,007

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

01/25/35

(a)(b)

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

2,000

1,971,715

Battalion

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

04/15/34

....

3,000

2,945,649

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.37%,

04/15/34

....

3,000

2,999,963

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

5.91%,

07/22/34

(a)(d)

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

EUR

200

224,368

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2005-HE1,

Class

M2,

(LIBOR

USD

1

Month

+

1.25%),

1.35%,

01/25/35

....

USD

682

684,369

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.34%),

0.44%,

09/25/36

....

666

656,792

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

01/25/37

...

911

900,449

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

03/25/37

....

2,576

2,489,144

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

03/25/37

....

3,543

3,410,814

Series

2007-HE3,

Class

2A,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

04/25/37

....

4,441

5,826,760

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

1.82%,

04/25/34

(a)

.....

2,499

2,511,865

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

01/20/31

(a)(b)

.........

1,500

1,499,622

Benefit

Street

Partners

CLO

XIX

Ltd.

(a)(b)

Series

2019-19A,

Class

A,

(LIBOR

USD

3

Month

+

1.35%),

1.47%,

01/15/33

....

7,000

7,001,596

Series

2019-19A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

01/15/33

....

4,250

4,251,457

Benefit

Street

Partners

CLO

XV

Ltd.

(a)(b)

Series

2018-15A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.27%,

07/18/31

....

2,200

2,199,996

Series

2018-15A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

07/18/31

....

1,000

999,997

Bilbao

CLO

I

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

4.73%),

4.73%,

07/20/31

(a)(d)

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

EUR

550

610,369

Bilbao

CLO

II

DAC,

Series

2X,

Class

DR,

(EURIBOR

3

Month

+

5.97%),

5.97%,

08/20/35

(a)(d)

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

700

784,664

Birch

Grove

CLO

(a)(b)

Series

2021-3A,

Class

B1,

(LIBOR

USD

1

Month

+

1.80%),

1.91%,

01/19/35

....

USD

7,500

7,499,949

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-3A,

Class

C,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

01/19/35

....

USD

5,000

$

4,999,951

Birch

Grove

CLO

Ltd.,

Series

19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.40%,

06/15/31

(a)(b)

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

2,000

1,998,742

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

(a)(d)

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

EUR

300

324,243

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

10/22/30

(a)(b)

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

USD

980

980,198

BlueMountain

Fuji

Eur

CLO

IV

DAC,

Series

4X,

Class

ER,

(EURIBOR

3

Month

+

6.21%),

6.21%,

02/25/34

(a)(d)

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

EUR

700

787,739

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.75%),

1.84%,

07/20/34

(a)(b)

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

USD

5,000

4,996,295

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.65%),

1.77%,

07/18/34

....

9,000

9,013,918

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

07/18/34

....

2,500

2,490,524

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

1.87%,

10/15/31

....

1,250

1,250,078

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

07/15/30

....

5,000

4,995,255

Canyon

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

07/15/34

....

1,000

996,025

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.27%,

07/15/34

....

1,000

995,088

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

2.62%,

01/15/34

....

1,000

1,004,155

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

(a)(d)

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

EUR

300

331,906

Carlyle

C17

CLO

Ltd.,

Series

C17A,

Class

BR,

(LIBOR

USD

3

Month

+

1.85%),

1.98%,

04/30/31

(a)(b)

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

USD

1,000

992,318

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

1.92%,

10/20/32

....

5,000

5,000,000

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

2.30%),

2.52%,

10/20/32

....

4,000

4,000,000

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.25%),

0.35%,

04/25/36

(a)

...........

2,876

2,626,157

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

2.08%,

07/20/32

(a)(b)

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

2,000

1,999,990

CarVal

CLO

IV

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.89%,

07/20/34

....

6,500

6,499,943

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.39%,

07/20/34

....

5,000

4,995,480

CarVal

CLO

Ltd.,

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.89%),

3.01%,

07/16/31

(a)(b)

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

1,995

1,982,103

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.41%,

10/15/34

....

2,000

2,000,000

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.46%,

10/15/34

....

3,000

3,000,000

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.70%),

3.83%,

04/20/29

(a)(b)

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

USD

1,000

$

1,000,801

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

07/20/30

....

1,000

1,000,000

Series

2020-13A,

Class

A,

(LIBOR

USD

3

Month

+

1.43%),

1.56%,

01/20/34

....

4,000

4,011,939

C-BASS

Mortgage

Loan

Trust,

Series

2007-

CB3,

Class

A1,

5.77%,

03/25/37

(e)

......

6,046

3,064,498

Cedar

Funding

IV

CLO

Ltd.,

Series

2014-4A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.77%,

07/23/34

(a)(b)

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

5,000

5,004,148

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

04/20/31

(a)(b)

........

3,950

2,534,822

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.22%,

07/17/31

(a)(b)

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

1,750

1,749,997

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

(a)(d)

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

EUR

200

227,734

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.30%),

1.43%,

04/27/31

...

USD

1,700

1,698,561

Series

2014-2RA,

Class

A3,

(LIBOR

USD

3

Month

+

1.90%),

2.02%,

04/24/30

....

500

497,837

Series

2014-3A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.35%),

2.48%,

10/22/31

....

1,000

1,000,045

Series

2015-2A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.17%,

04/15/30

....

2,000

1,980,634

Series

2017-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

1.35%,

07/20/30

....

3,500

3,500,148

Series

2017-5A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

11/16/30

....

500

496,387

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.52%,

04/18/31

....

1,000

995,383

Series

2018-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.27%,

10/17/31

....

2,700

2,698,360

Series

2018-4A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.22%,

10/17/31

....

2,000

1,988,969

Series

2019-6A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.45%,

01/16/33

....

8,500

8,501,065

Series

2019-6A,

Class

D,

(LIBOR

USD

3

Month

+

3.95%),

4.07%,

01/16/33

....

1,150

1,151,493

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

1.92%,

04/25/33

....

9,000

8,920,782

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.12%,

07/15/36

....

1,500

1,488,318

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M3,

(LIBOR

USD

1

Month

+

0.47%),

0.57%,

08/25/36

(a)

.....

2,833

2,787,121

Clear

Creek

CLO

(a)(b)

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.33%,

10/20/30

....

7,000

7,006,647

Series

2015-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.73%,

10/20/30

....

3,000

2,989,255

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

.

599

608,328

Series

1997-7,

Class

M1,

7.03%,

07/15/28

.

2,465

2,474,833

Contego

CLO

IX

DAC,

Series

9X,

Class

E,

(EURIBOR

3

Month

+

6.01%),

6.01%,

01/24/34

(a)(d)

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

EUR

472

527,735

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

0.43%,

07/25/37

(a)(b)

USD

1,424

1,162,598

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

(a)(d)

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

EUR

100

$

111,150

Deer

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

10/20/30

(a)(b)

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

USD

1,000

1,000,286

Dryden

33

Senior

Loan

Fund,

Series

2014-33A,

Class

DR3,

(LIBOR

USD

3

Month

+

3.65%),

3.77%,

04/15/29

(a)(b)

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

2,200

2,200,669

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

07/18/30

(a)(b)

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

2,000

2,000,164

Dryden

50

Senior

Loan

Fund

(a)(b)

Series

2017-50A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.37%,

07/15/30

....

1,000

999,504

Series

2017-50A,

Class

SUB,

0.00%,

07/15/30

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

4,000

2,545,200

Dryden

61

CLO

Ltd.,

Series

2018-61A,

Class

CR,

(LIBOR

USD

3

Month

+

1.75%),

1.87%,

01/17/32

(a)(b)

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

8,000

7,967,052

Dryden

70

CLO

Ltd.,

Series

2018-70A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.87%,

01/16/32

(a)(b)

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

1,000

1,000,428

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

04/15/28

(a)(b)

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

5,250

5,250,421

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

04/15/29

(a)(b)

..........

6,000

5,997,707

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-

28A,

Class

B1LR,

(LIBOR

USD

3

Month

+

3.15%),

3.31%,

08/15/30

(a)(b)

..........

1,500

1,500,457

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(LIBOR

USD

3

Month

+

2.15%),

2.27%,

01/15/34

....

3,500

3,501,903

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

1.22%,

04/15/31

....

2,500

2,495,506

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

10/15/34

....

3,500

3,486,784

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.22%,

10/15/34

....

3,000

2,999,967

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

10/25/30

(a)(b)

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

3,000

2,971,175

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

10/20/33

....

2,500

2,503,025

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

4.40%),

4.53%,

10/20/33

....

1,000

1,017,511

Elmwood

CLO

IV

Ltd.

(a)(b)

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

04/15/33

....

1,250

1,249,198

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

3.27%,

04/15/33

....

2,000

1,994,066

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.04%,

07/20/34

(a)(b)

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

1,500

1,482,769

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.23%,

10/20/34

(a)(b)

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

2,000

2,005,485

Elmwood

CLO

XI

Ltd.,

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.09%,

10/20/34

(a)(b)

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

2,000

1,999,852

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF9,

Class

2A4,

(LIBOR

USD

1

Month

+

0.50%),

0.60%,

06/25/36

....

1,450

1,395,692

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2006-FF13,

Class

A1,

(LIBOR

USD

1

Month

+

0.24%),

0.34%,

10/25/36

....

USD

3,602

$

2,850,596

Series

2006-FF13,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

0.42%,

10/25/36

...

2,112

1,690,329

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

0.25%,

12/25/36

....

2,777

2,699,990

Series

2006-FFH1,

Class

M1,

(LIBOR

USD

1

Month

+

0.56%),

0.66%,

01/25/36

...

6,842

6,775,720

Flatiron

CLO

17

Ltd.

(a)(b)

Series

2017-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

1.14%,

05/15/30

....

3,000

2,997,079

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.06%,

05/15/30

....

1,000

999,548

Flatiron

CLO

20

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.79%),

3.95%,

11/20/33

(a)(b)

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

1,000

1,007,959

Flatiron

CLO

21

Ltd.

(a)(b)

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.00%,

07/19/34

....

2,000

1,985,179

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.05%,

07/19/34

....

2,500

2,481,305

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

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

2,900

2,827,746

Galaxy

XX

CLO

Ltd.,

Series

2015-20A,

Class

D1R,

(LIBOR

USD

3

Month

+

2.60%),

2.73%,

04/20/31

(a)(b)

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

1,800

1,771,965

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

C,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

01/15/31

(a)(b)

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

500

497,249

Galaxy

XXVII

CLO

Ltd.,

Series

2018-27A,

Class

A,

(LIBOR

USD

3

Month

+

1.02%),

1.18%,

05/16/31

(a)(b)

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

3,000

3,000,311

Generate

CLO

9

Ltd.

(a)(b)

Series

9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.96%,

10/20/34

..........

8,500

8,499,875

Series

9A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.39%,

10/20/34

..........

3,000

2,999,929

Series

9A,

Class

D,

(LIBOR

USD

3

Month

+

3.35%),

3.49%,

10/20/34

..........

3,000

2,999,852

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.31%,

10/15/30

(a)(b)

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

2,250

2,250,129

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

04/20/34

(a)(b)

....

6,000

5,934,619

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

AJ,

(LIBOR

USD

3

Month

+

1.30%),

1.43%,

04/20/30

(a)(b)

....

2,000

1,998,247

GoldenTree

Loan

Management

US

CLO

4

Ltd.,

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

04/24/31

(a)(b)

....

1,000

1,000,111

GoldenTree

Loan

Management

US

CLO

5

Ltd.

(a)(b)

Series

2019-5A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.18%,

10/20/32

....

2,000

2,000,000

Series

2019-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.28%,

10/20/32

....

1,000

1,000,000

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

1.73%,

10/29/29

(a)(b)

.........

900

899,996

GoldenTree

Loan

Opportunities

X

Ltd.

(a)(b)

Series

2015-10A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

1.25%,

07/20/31

....

3,300

3,298,372

Series

2015-10A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.10%),

2.23%,

07/20/31

....

1,000

1,000,025

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GoldentTree

Loan

Management

US

CLO

1

Ltd.

(a)(b)

Series

2021-11A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.07%,

10/20/34

....

USD

3,000

$

2,999,993

Series

2021-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.12%,

10/20/34

....

1,000

1,000,014

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

3,999,958

Golub

Capital

Partners

CLO

55B

Ltd.,

Series

2021-55A,

Class

D,

(LIBOR

USD

3

Month

+

3.20%),

3.29%,

07/20/34

(a)(b)

..........

2,500

2,499,884

Greene

King

Finance

plc

(a)

Series

B1,  (LIBOR

GBP

3

Month

+

1.80%),

1.90%,

12/15/34

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

GBP

100

110,996

Series

B2,  (LIBOR

GBP

3

Month

+

2.08%),

2.18%,

03/15/36

(d)

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

100

109,823

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4,

8.14%,

03/20/30

(a)

.....

USD

5,650

4,779,810

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

B1RR,

(LIBOR

USD

3

Month

+

2.30%),

2.42%,

04/15/34

(a)(b)

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

1,500

1,501,463

Greywolf

CLO

III

Ltd.

(a)(b)

Series

2020-3RA,

Class

BR,

(LIBOR

USD

3

Month

+

2.45%),

2.58%,

04/15/33

....

3,000

2,998,519

Series

2020-3RA,

Class

CR,

(LIBOR

USD

3

Month

+

3.35%),

3.48%,

04/15/33

....

1,000

998,538

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.00%),

3.12%,

01/27/31

(a)(b)

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

450

447,349

Greywolf

CLO

VI

Ltd.,

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.95%),

3.07%,

04/26/31

(a)(b)

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

1,000

998,025

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.30%),

2.43%,

01/20/30

(a)(b)

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

1,000

1,000,217

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(LIBOR

USD

1

Month

+

0.70%),

0.80%,

12/25/35

(a)

...

1,025

454,269

Series

2006-4,

Class

1A1,

2.96%,

03/25/36

(a)

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

2,982

2,320,622

Series

2006-5,

Class

1A1,

(LIBOR

USD

1

Month

+

0.36%),

0.46%,

03/25/36

(a)

...

3,843

1,642,869

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(e)

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

3,527

1,269,964

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

11/25/36

....

7,235

4,360,198

Series

2006-HE6,

Class

A4,

(LIBOR

USD

1

Month

+

0.24%),

0.34%,

08/25/36

....

1,663

1,513,336

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.24%,

07/28/31

(a)(b)

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

1,000

999,012

Gulf

Stream

Meridian

1

Ltd.

(a)(b)

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.49%,

04/15/33

....

7,500

7,500,328

Series

2020-IA,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.12%,

04/15/33

....

2,000

2,002,648

HalseyPoint

CLO

2

Ltd.,

Series

2020-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.86%),

1.99%,

07/20/31

(a)(b)

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

1,600

1,600,000

HalseyPoint

CLO

3

Ltd.,

Series

2020-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.45%),

1.58%,

11/30/32

(a)(b)

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

4,000

4,011,884

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

04/20/34

(a)(b)

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

USD

1,750

$

1,749,752

HalseyPoint

CLO

5

Ltd.

(a)(b)

Series

2021-5A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.02%,

01/30/35

....

3,500

3,500,000

Series

2021-5A,

Class

D,

(LIBOR

USD

3

Month

+

3.50%),

3.72%,

01/30/35

....

3,000

3,000,000

HalseyPoint

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

A1A1,

(LIBOR

USD

3

Month

+

1.35%),

1.48%,

01/20/33

....

5,000

5,002,433

Series

2019-1A,

Class

B1,

(LIBOR

USD

3

Month

+

2.20%),

2.33%,

01/20/33

....

2,500

2,506,324

Harvest

CLO

XVI

DAC,

Series

16X,

Class

ER,

(EURIBOR

3

Month

+

5.57%),

5.57%,

10/15/31

(a)(d)

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

EUR

235

260,665

Harvest

CLO

XXIII

DAC,

Series

23X,

Class

E,

(EURIBOR

3

Month

+

5.33%),

5.33%,

10/20/32

(a)(d)

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

118

131,043

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.25%),

5.25%,

04/25/34

(a)(c)(d)

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

300

322,936

Highbridge

Loan

Management

Ltd.,

Series

12A-

18,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

07/18/31

(a)(b)

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

USD

1,000

995,019

Home

Partners

of

America

Trust,

Series

2021-2,

Class

F,

3.80%,

12/17/26

(b)

...........

9,994

9,815,180

HPS

Loan

Management

Ltd.,

Series

8A-2016,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

2.08%,

07/20/30

(a)(b)

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

1,000

996,599

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.99%,

07/15/34

(a)(d)

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

EUR

300

334,503

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

(a)(d)

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

250

284,852

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.81%),

5.81%,

01/15/34

(a)(d)

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

200

225,987

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.21%,

01/17/38

(a)(b)

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

USD

2,823

2,819,817

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(LIBOR

USD

1

Month

+

0.80%),

0.90%,

07/25/36

(a)

..........

2,975

2,972,234

Kayne

CLO

10

Ltd.

(a)(b)

Series

2021-10A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

1.92%,

04/23/34

....

3,750

3,680,173

Series

2021-10A,

Class

D,

(LIBOR

USD

3

Month

+

2.75%),

2.46%,

04/23/34

....

2,000

1,986,317

Kayne

CLO

5

Ltd.

(a)(b)

Series

2019-5A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.91%,

07/24/32

....

3,000

3,000,000

Series

2019-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.36%,

07/24/32

....

3,500

3,500,000

Kayne

CLO

9

Ltd.,

Series

2020-9A,

Class

A1,

(LIBOR

USD

3

Month

+

1.40%),

1.52%,

01/15/34

(a)(b)

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

1,250

1,253,362

Kayne

CLO

II

Ltd.

(a)(b)

Series

2018-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.20%,

10/15/31

....

5,375

5,368,327

Series

2018-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.50%),

1.62%,

10/15/31

....

5,000

4,974,675

Kayne

CLO

III

Ltd.

(a)(b)

Series

2019-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.48%),

1.60%,

04/15/32

....

15,500

15,527,491

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

1.67%,

04/15/32

....

USD

4,000

$

3,999,098

KKR

CLO

35

Ltd.,

Series

35A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

10/20/34

(a)(b)

3,657

3,657,804

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

07/20/30

(a)(b)

350

349,999

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2005-3,

Class

1A,

(LIBOR

USD

1

Month

+

0.52%),

0.62%,

08/25/45

....

2,079

2,065,611

Series

2006-4,

Class

1A,

(LIBOR

USD

1

Month

+

0.30%),

0.40%,

05/25/36

....

24,143

16,139,241

Series

2006-6,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.40%,

07/25/36

....

6,158

3,149,694

Series

2006-7,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

08/25/36

....

7,219

4,562,266

Series

2006-10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

11/25/36

....

4,070

1,738,076

Series

2006-10,

Class

2A4,

(LIBOR

USD

1

Month

+

0.22%),

0.32%,

11/25/36

....

3,904

1,688,048

Series

2006-WL3,

Class

2A4,

(LIBOR

USD

1

Month

+

0.60%),

0.70%,

01/25/36

...

1,662

1,613,238

Lucali

CLO

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.60%),

3.72%,

01/15/33

(a)(b)

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

2,250

2,251,725

Madison

Park

Funding

XX

Ltd.,

Series

2016-

20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.13%,

07/27/30

(a)(b)

..........

1,315

1,299,819

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.32%,

10/18/30

(a)(b)

..........

3,000

3,000,218

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.33%,

07/29/30

(a)(b)

..........

3,500

3,504,207

Madison

Park

Funding

XXVII

Ltd.,

Series

2018-27A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

2.73%,

04/20/30

(a)(b)

..........

1,000

984,272

Madison

Park

Funding

XXXI

Ltd.

(a)(b)

Series

2018-31A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.27%,

01/23/31

....

600

600,024

Series

2018-31A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.12%,

01/23/31

....

750

750,045

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.62%,

12/18/30

(a)(b)

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

1,500

1,496,577

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.67%),

5.67%,

01/16/34

(a)(d)

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

EUR

100

112,296

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(LIBOR

USD

1

Month

+

0.52%),

0.62%,

06/25/36

(a)(b)

.........

USD

2,362

2,277,245

Milos

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

1.68%,

10/20/30

....

5,862

5,849,010

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.03%,

10/20/30

....

2,000

1,993,997

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

5.92%,

09/25/46

(e)

..

635

224,433

Neuberger

Berman

CLO

XVIII

Ltd.

(a)(b)

Series

2014-18A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

10/21/30

....

1,500

1,500,048

Series

2014-18A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.00%),

3.13%,

10/21/30

....

1,250

1,232,240

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-

21A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.30%),

3.43%,

04/20/34

(a)(b)

..........

1,000

1,003,587

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.77%,

10/17/30

....

USD

800

$

799,998

Series

2016-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.32%,

10/17/30

....

1,000

1,000,987

Neuberger

Berman

CLO

XXIII

Ltd.

(a)(b)

Series

2016-23A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.27%,

10/17/27

....

4,400

4,404,404

Series

2016-23A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

3.02%,

10/17/27

....

1,100

1,095,074

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

(a)(b)

Series

2017-26A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

1.87%,

10/18/30

....

2,000

1,995,076

Series

2017-26A,

Class

D,

(LIBOR

USD

3

Month

+

2.65%),

2.77%,

10/18/30

....

3,250

3,207,756

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.22%,

10/19/31

(a)(b)

....

500

498,938

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.,

Series

2019-34A,

Class

C1,

(LIBOR

USD

3

Month

+

2.60%),

2.73%,

01/20/33

(a)(b)

....

665

666,067

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

CR,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

07/20/31

(a)(b)

....

1,563

1,558,147

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

1.87%,

04/16/33

(a)(b)

....

1,000

996,442

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2018-27A,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.72%,

01/15/30

(a)(b)

....

1,000

991,373

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

5.52%,

04/17/34

(a)(d)

....

EUR

188

204,533

Newark

BSL

CLO

1

Ltd.,

Series

2016-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

12/21/29

(a)(b)

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

USD

4,750

4,750,113

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/34

(a)(d)

..........

EUR

100

111,119

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/22/34

(a)(d)

..........

200

224,256

Northwoods

Capital

23

Euro

DAC,

Series

2021-

23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

(a)(d)

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

200

226,266

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

USD

636

654,664

Series

1999-C,

Class

A2,

7.48%,

08/15/27

.

3,227

2,979,752

Series

2001-D,

Class

A3,

5.90%,

09/15/22

(a)

356

242,288

Series

2002-B,

Class

A4,

7.09%,

06/15/32

(a)

28

29,122

OCP

CLO

Ltd.

(a)(b)

Series

2014-5A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.02%,

04/26/31

....

3,100

3,040,857

Series

2014-6A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.26%),

1.38%,

10/17/30

....

10,800

10,804,853

Series

2014-6A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.72%),

1.84%,

10/17/30

....

7,500

7,501,742

Series

2015-9A,

Class

CR,

(LIBOR

USD

3

Month

+

2.70%),

2.82%,

07/15/27

....

2,000

2,001,954

Series

2015-10A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

2.18%,

01/26/34

(c)

...

3,700

3,700,000

Series

2015-10A,

Class

DR2,

(LIBOR

USD

3

Month

+

2.95%),

3.08%,

01/26/34

(c)

...

2,000

2,000,000

Series

2016-11A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.27%),

1.39%,

10/26/30

...

1,000

1,000,544

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2016-12A,

Class

CR,

(LIBOR

USD

3

Month

+

3.00%),

3.12%,

10/18/28

....

USD

1,000

$

1,000,770

Series

2018-15A,

Class

A3,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

07/20/31

....

1,000

1,000,218

Series

2019-16A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

04/10/33

....

2,500

2,489,451

Series

2019-17A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.13%,

07/20/32

....

6,000

5,981,783

Series

2019-17A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.23%,

07/20/32

....

1,500

1,499,983

Series

2020-19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.23%,

10/20/34

....

7,500

7,506,809

Series

2020-19A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.28%,

10/20/34

....

1,000

999,996

Series

2021-22A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

12/02/34

....

4,500

4,499,957

Series

2021-22A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.22%,

12/02/34

....

1,250

1,250,073

OCP

Euro

CLO

DAC

(a)(d)

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

5.00%),

5.00%,

01/15/32

....

EUR

298

330,186

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

....

200

221,577

Series

2019-3X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

04/20/33

....

400

446,068

Octagon

Investment

Partners

26

Ltd.

(a)

Series

2016-1,

Class

AR,

2.97%,

07/15/30

.

USD

1,250

1,231,371

Series

2016-1,

Class

AR,

1.92%,

04/20/31

.

2,250

2,230,841

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.72%,

07/15/30

(b)

...

6,000

5,973,850

Octagon

Investment

Partners

27

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.22%,

07/15/30

(a)(b)

..........

1,500

1,492,038

Octagon

Investment

Partners

28

Ltd.,

Series

2016-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.25%),

2.37%,

10/24/30

(a)(b)

.........

4,000

4,000,163

Octagon

Investment

Partners

29

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.22%,

01/24/33

(a)(b)

..........

1,532

1,532,630

Octagon

Investment

Partners

34

Ltd.,

Series

2017-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.40%),

1.53%,

01/20/30

(a)(b)

..........

2,000

1,986,632

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

2.73%,

01/20/31

(a)(b)

..........

1,000

985,016

Octagon

Investment

Partners

40

Ltd.

(a)(b)

Series

2019-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.15%),

2.26%,

01/20/35

....

3,000

3,000,000

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

3.46%,

01/20/35

....

3,000

2,975,100

Octagon

Investment

Partners

41

Ltd.

(a)(b)

Series

2019-2A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

10/15/33

....

8,500

8,500,000

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.27%,

10/15/33

....

3,800

3,800,000

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.32%,

10/15/33

....

4,250

4,250,000

Octagon

Loan

Funding

Ltd.

(a)(b)

Series

2014-1A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.18%),

1.34%,

11/18/31

....

13,212

13,212,200

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.70%),

1.86%,

11/18/31

....

1,500

1,499,991

Series

2014-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.20%),

2.36%,

11/18/31

....

1,000

999,990

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.33%,

04/21/34

(a)(b)

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

USD

1,500

$

1,503,207

OHA

Credit

Funding

6

Ltd,

Series

2020-6A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.28%,

07/20/34

(a)(b)

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

1,000

999,988

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

2.52%,

10/19/32

(a)(b)

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

5,000

5,003,848

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

D1R3,

(LIBOR

USD

3

Month

+

2.90%),

3.06%,

02/20/34

(a)(b)

..........

5,000

4,981,889

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

DR,

(LIBOR

USD

3

Month

+

2.95%),

3.08%,

01/20/32

(a)(b)

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

400

398,831

OHA

Credit

Partners

XIV

Ltd.,

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.63%,

01/21/30

(a)(b)

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

1,000

996,254

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(LIBOR

USD

3

Month

+

1.85%),

1.97%,

10/17/31

....

2,950

2,935,361

Series

2014-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.65%),

2.77%,

01/17/31

....

500

497,321

Series

2015-1A,

Class

CR4,

(LIBOR

USD

3

Month

+

2.85%),

3.01%,

05/21/34

....

4,100

4,068,454

Series

2015-2A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.10%),

1.23%,

07/20/30

....

8,000

7,996,022

Series

2015-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.75%),

2.88%,

07/20/30

....

1,400

1,381,394

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.45%),

1.57%,

04/18/31

....

10,000

9,986,266

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.87%,

04/18/31

....

2,000

1,989,870

Series

2018-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.77%,

07/16/31

....

1,000

1,000,055

Series

2019-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.15%),

1.34%,

11/14/34

(c)

...

7,000

7,000,000

Series

2019-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

1.89%,

11/14/34

(c)

...

7,000

7,000,000

Series

2019-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.00%),

2.19%,

11/14/34

(c)

...

2,500

2,500,000

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.05%),

3.24%,

11/14/34

(c)

...

3,750

3,750,000

Series

2020-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.95%),

2.08%,

11/15/31

....

2,000

2,000,000

Series

2020-3A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

3.08%,

11/15/31

....

1,500

1,500,000

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

04/20/34

....

7,000

6,869,678

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

1.92%,

07/15/34

....

2,000

1,977,144

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.02%,

07/15/34

....

4,000

3,983,775

Series

2021-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.88%,

01/15/35

....

7,000

6,999,943

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.18%,

01/15/35

....

5,000

4,999,940

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.18%,

01/15/35

....

2,000

2,000,104

Series

2021-4A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.79%,

10/15/34

....

7,250

7,258,123

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.09%,

10/15/34

....

4,000

4,000,807

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.09%,

10/15/34

....

6,000

6,000,318

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Palmer

Square

Loan

Funding

Ltd.

(a)(b)

Series

2019-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

04/20/27

....

USD

7,500

$

7,500,392

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.15%),

3.28%,

04/20/27

....

5,000

5,000,632

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.38%,

04/20/28

....

2,000

2,000,708

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

1.96%,

08/23/31

....

2,600

2,599,899

Series

2018-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

1.73%,

10/20/31

....

4,700

4,696,601

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.85%),

4.01%,

05/15/32

....

2,500

2,501,038

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.35%,

07/15/34

....

6,000

5,981,401

Pikes

Peak

CLO

2

(a)(b)

Series

2018-2A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.75%),

1.96%,

10/18/34

....

5,000

5,000,000

Series

2018-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.25%),

2.46%,

10/18/34

....

2,350

2,350,000

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.70%),

1.86%,

05/18/34

(a)(b)

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

1,000

996,564

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.90%,

07/20/34

(a)(b)

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

2,000

1,999,981

Pikes

Peak

CLO

9,

Series

2021-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.89%,

10/27/34

(a)(b)

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

7,000

6,999,948

Post

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

10/15/34

....

10,000

9,984,375

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.33%,

10/15/34

....

3,500

3,491,276

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.30%),

3.43%,

10/15/34

....

1,200

1,199,874

PPM

CLO

4

Ltd.

(a)(b)

Series

2020-4A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.81%,

10/18/34

....

3,000

3,000,002

Series

2020-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.26%,

10/18/34

....

1,250

1,250,000

Progress

Residential

Trust

(b)

Series

2019-SFR2,

Class

F,

4.84%,

05/17/36

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

5,580

5,598,003

Series

2019-SFR3,

Class

F,

3.87%,

09/17/36

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

3,000

3,011,722

Series

2019-SFR4,

Class

E,

3.44%,

10/17/36

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

12,500

12,591,270

Series

2020-SFR1,

Class

F,

3.43%,

04/17/37

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

5,500

5,508,477

Series

2020-SFR1,

Class

G,

4.03%,

04/17/37

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

3,500

3,531,700

Series

2021-SFR10,

Class

F,

4.61%,

12/17/38

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

8,500

8,575,049

Series

2021-SFR10,

Class

G,

4.86%,

12/17/38

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

6,000

5,458,338

Series

2021-SFR7,

Class

F,

3.83%,

08/17/40

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

7,777

7,587,972

Series

2021-SFR8,

Class

F,

3.18%,

10/17/38

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

22,000

21,446,843

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

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

10,000

9,899,939

Providus

CLO

III

DAC,

Series

3X,

Class

ER,

(EURIBOR

3

Month

+

6.26%),

6.26%,

07/18/34

(a)(d)

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

EUR

300

340,672

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

(a)(d)

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

EUR

171

$

185,306

Rad

CLO

12

Ltd.

(a)(b)

Series

2021-12A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.19%,

10/30/34

....

USD

1,375

1,374,791

Series

2021-12A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.19%,

10/30/34

....

3,375

3,374,672

Rad

CLO

14

Ltd.

(a)(b)

Series

2021-14A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.23%,

01/15/35

....

3,500

3,500,000

Series

2021-14A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.23%,

01/15/35

....

1,000

1,000,059

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.30%,

01/20/34

....

1,650

1,649,989

Series

2021-15A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.30%,

01/20/34

....

1,800

1,800,085

Regata

XII

Funding

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

1.22%,

10/15/32

....

10,000

9,995,822

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.22%,

10/15/32

....

1,000

999,995

Regatta

Funding

LP,

Series

2013-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.70%),

3.82%,

01/15/29

(a)(b)

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

4,500

4,504,738

Regatta

IX

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

1.92%,

04/17/30

....

10,000

10,000,906

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.45%),

2.57%,

04/17/30

....

1,000

1,000,205

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

04/20/34

(a)(b)

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

1,000

998,119

Regatta

VII

Funding

Ltd.

(a)(b)

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

2.26%,

06/20/34

....

750

751,335

Series

2016-1A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.26%,

06/20/34

....

2,000

2,002,976

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.37%,

10/17/30

(a)(b)

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

3,500

3,500,237

Regatta

X

Funding

Ltd.,

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

1.92%,

01/17/31

(a)(b)

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

1,500

1,483,976

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.22%,

07/15/31

(a)(b)

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

1,250

1,250,113

Regatta

XV

Funding

Ltd.,

Series

2018-4A,

Class

C,

(LIBOR

USD

3

Month

+

3.30%),

3.42%,

10/25/31

(a)(b)

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

1,000

1,000,345

Regatta

XVI

Funding

Ltd.

(a)(b)

Series

2019-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

01/15/33

....

6,700

6,708,926

Series

2019-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.90%),

4.02%,

01/15/33

....

1,000

1,003,675

Regatta

XXIII

Funding

Ltd.

(a)(b)

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.16%,

01/20/35

....

3,000

2,999,988

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.16%,

01/20/35

....

2,000

2,000,139

Riserva

CLO

Ltd.

(a)(b)

Series

2016-3A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.80%),

1.92%,

01/18/34

....

1,000

985,473

Series

2016-3A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.25%),

3.37%,

01/18/34

....

1,250

1,245,458

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Rockfield

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.95%),

5.95%,

07/16/34

(a)(d)

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

EUR

357

$

400,124

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

04/20/34

...

USD

3,500

3,480,331

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

10/20/30

....

2,300

2,294,418

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.72%),

1.88%,

05/20/31

....

1,000

998,641

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

1.29%,

10/20/31

....

3,500

3,498,918

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

1.93%,

10/20/31

....

1,125

1,125,050

Series

2018-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.33%,

10/20/31

....

700

700,032

Series

2018-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.23%,

10/20/31

....

1,600

1,600,165

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.23%,

04/20/34

....

1,500

1,492,929

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.16%,

08/20/32

....

5,500

5,496,706

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

3.06%,

08/20/32

....

3,500

3,499,993

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.21%,

07/20/34

....

2,000

1,992,529

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.36%,

07/20/34

....

1,250

1,249,083

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

10/20/34

....

3,000

3,000,202

Rockford

Tower

Europe

CLO

DAC

(a)(d)

Series

2018-1X,

Class

E,

(EURIBOR

3

Month

+

5.36%),

5.36%,

12/20/31

....

EUR

300

337,087

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

5.96%,

04/20/34

....

300

335,007

RR

5

Ltd.,

Series

2018-5A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.37%,

10/15/31

(a)(b)

USD

1,250

1,250,004

RR

7

Ltd.,

Series

2019-7A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.35%),

1.47%,

01/15/33

(a)(b)

3,700

3,700,001

Signal

Peak

CLO

2

LLC,

Series

2015-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.03%,

04/20/29

(a)(b)

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

2,000

1,999,485

Signal

Peak

CLO

4

Ltd.

(a)(b)

Series

2017-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.27%,

10/26/34

....

5,000

5,000,000

Series

2017-4A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.32%,

10/26/34

....

2,300

2,300,000

Signal

Peak

CLO

7

Ltd.

(a)(b)

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.50%),

1.63%,

04/30/32

....

5,000

4,999,920

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.13%,

04/30/32

....

5,000

4,999,285

Signal

Peak

CLO

9

Ltd.,

Series

2021-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.80%,

07/21/34

(a)(b)

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

9,500

9,492,923

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.84%,

07/20/34

....

3,000

3,000,025

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.14%,

07/20/34

....

1,000

988,637

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.14%,

07/20/34

....

4,000

3,998,218

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

A,

(LIBOR

USD

3

Month

+

1.24%),

1.37%,

01/20/34

(a)(b)

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

8,500

8,520,819

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Sound

Point

CLO

XXI

Ltd.,

Series

2018-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.18%),

1.30%,

10/26/31

(a)(b)

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

USD

6,600

$

6,600,366

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.25%),

2.37%,

07/15/34

(a)(b)

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

2,250

2,253,622

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

04/25/34

(a)(b)

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

3,350

3,338,646

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.28%),

1.40%,

01/25/32

(a)(b)

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

1,500

1,500,348

Sound

Point

Euro

CLO

V

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

5.84%,

07/25/35

(a)(d)

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

EUR

300

336,086

Southwick

Park

CLO

LLC

(a)(b)

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

2.11%,

07/20/32

....

USD

2,550

2,534,766

Series

2019-4A,

Class

ER,

(LIBOR

USD

3

Month

+

6.25%),

6.41%,

07/20/32

....

1,000

990,112

Stewart

Park

CLO

Ltd.,

Series

2015-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.60%),

2.72%,

01/15/30

(a)(b)

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

1,700

1,683,122

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(LIBOR

USD

1

Month

+

0.32%),

0.42%,

10/25/36

....

6,153

4,931,010

Series

2007-MN1A,

Class

A1,

(LIBOR

USD

1

Month

+

0.23%),

0.33%,

01/25/37

(b)

..

1,597

1,149,767

Symphony

CLO

XX

Ltd.,

Series

2018-20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.75%),

3.87%,

01/16/32

(a)(b)

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

2,750

2,776,825

Taconic

Park

CLO

Ltd.,

Series

2016-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

1.13%,

01/20/29

(a)(b)

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

575

574,791

Tallman

Park

CLO

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.08%,

04/20/34

(a)(b)

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

830

823,927

TCI-Flatiron

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.01%,

11/18/30

....

1,250

1,250,081

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

01/29/32

....

4,000

3,988,384

TCW

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.05%),

2.18%,

04/20/34

....

3,500

3,474,083

Series

2020-1A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.40%),

3.53%,

04/20/34

....

2,250

2,234,750

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.03%,

03/18/34

....

1,000

981,485

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.22%,

07/25/34

....

2,500

2,481,134

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.37%,

07/25/34

....

5,000

4,996,217

TIAA

CLO

IV

Ltd.,

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

01/20/32

(a)(b)

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

1,000

997,300

TICP

CLO

IX

Ltd.

(a)(b)

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

1.73%,

01/20/31

....

1,000

998,674

Series

2017-9A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.03%,

01/20/31

....

1,000

999,599

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.27%,

07/17/31

(a)(b)

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

2,500

2,508,631

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TICP

CLO

VI

Ltd.,

Series

2016-6A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.02%,

01/15/34

(a)(b)

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

USD

1,650

$

1,647,981

TICP

CLO

VII

Ltd.

(a)(b)

Series

2017-7A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

04/15/33

....

2,000

2,000,392

Series

2017-7A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.27%,

04/15/33

....

6,500

6,499,964

Series

2017-7A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.32%,

04/15/33

....

4,000

4,001,906

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.31%,

10/20/31

....

8,545

8,546,418

Series

2018-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.18%,

10/20/31

....

1,100

1,100,084

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.22%,

07/15/34

....

10,250

10,247,970

Series

2018-12A,

Class

DR,

(LIBOR

USD

3

Month

+

3.30%),

3.42%,

07/15/34

....

1,500

1,483,251

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

BR,

(LIBOR

USD

3

Month

+

2.20%),

2.37%,

10/20/32

(a)(b)

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

3,250

3,250,000

Treman

Park

CLO

Ltd.,

Series

2015-1A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.65%),

2.78%,

10/20/28

(a)(b)

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

1,000

1,002,496

Trestles

CLO

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.38%,

01/20/33

(a)(b)

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

1,450

1,450,002

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

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

7,000

7,007,472

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

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

1,000

986,189

Tricon

Residential

Trust

(b)

Series

2021-SFR1,

Class

F,

3.69%,

07/17/38

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

5,500

5,409,966

Series

2021-SFR1,

Class

G,

4.13%,

07/17/38

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

3,551

3,485,387

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.03%,

04/20/31

(a)(b)

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

1,500

1,482,400

Voya

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.90%),

2.02%,

04/18/31

....

1,000

993,833

Series

2014-4A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.09%),

2.22%,

07/14/31

....

500

496,671

Series

2016-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.31%,

10/18/31

....

500

500,017

Voya

Euro

CLO

II

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

07/15/35

(a)(d)

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

EUR

390

437,160

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE1,

Class

A,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

07/25/37

(a)(b)

USD

1,827

1,766,884

Washington

Mutual

Asset-Backed

CertificatesTrust,

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

10/25/36

(a)

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

13,652

11,772,559

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(LIBOR

USD

3

Month

+

1.35%),

1.48%,

07/20/30

(a)(b)

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

3,800

3,796,567

Whetstone

Park

CLO

Ltd.,

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

2.90%,

01/20/35

(a)(b)

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

2,500

2,500,077

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

ANBR,

(LIBOR

USD

3

Month

+

1.70%),

1.82%,

07/24/32

...

USD

6,840

$

6,832,078

Series

2019-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

07/24/32

....

5,000

4,990,512

York

CLO-1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.78%,

10/22/29

(a)(b)

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

2,100

2,099,264

York

CLO-2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

1.28%,

01/22/31

(a)(b)

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

7,660

7,659,982

York

CLO-3

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.60%),

3.73%,

10/20/29

(a)(b)

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

2,000

2,000,747

York

CLO-7

Ltd.,

Series

2019-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.50%,

01/22/33

(a)(b)

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

3,000

3,002,612

Total

Asset-Backed

Securities

—

8.1%

(Cost:

$1,489,257,116)

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

1,478,525,305

Shares

Shares

Common

Stocks

—

24.3%

Aerospace

&

Defense

—

0.0%

Howmet

Aerospace,

Inc.

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

7,247

230,672

L3Harris

Technologies,

Inc.

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

2,631

561,034

MTU

Aero

Engines

AG

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

32,374

6,573,348

Singapore

Technologies

Engineering

Ltd.

....

36,300

101,303

TransDigm

Group,

Inc.

(f)

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

749

476,574

7,942,931

Air

Freight

&

Logistics

—

0.1%

Agility

Public

Warehousing

Co.

KSC

.......

1

3

CH

Robinson

Worldwide,

Inc.

...........

1,991

214,291

DSV

A/S

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

33,401

7,783,379

Expeditors

International

of

Washington,

Inc.

..

15,425

2,071,423

FedEx

Corp.

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

2,640

682,810

Sinotrans

Ltd.,

Class

A

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

300,500

212,003

United

Parcel

Service,

Inc.,

Class

B

.......

9,286

1,990,361

ZTO

Express

Cayman,

Inc.,

ADR

.........

2,315

65,329

13,019,599

Airlines

—

0.1%

Alaska

Air

Group,

Inc.

(f)

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

2,533

131,969

American

Airlines

Group,

Inc.

(f)

...........

9,998

179,564

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

...

91,800

74,589

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

...

760,000

287,745

Copa

Holdings

SA,

Class

A

(f)

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

109,840

9,079,374

Delta

Air

Lines,

Inc.

(f)

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

9,038

353,205

InterGlobe

Aviation

Ltd.

(b)(d)(f)

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

295,443

8,007,426

Southwest

Airlines

Co.

(f)

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

8,131

348,332

United

Airlines

Holdings,

Inc.

(f)

...........

5,176

226,605

18,688,809

Auto

Components

—

0.0%

Aptiv

plc

(f)

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

3,022

498,479

BorgWarner,

Inc.

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

2,714

122,320

Bridgestone

Corp.

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

30,400

1,305,153

1,925,952

Automobiles

—

0.1%

BYD

Co.

Ltd.,

Class

A

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

56,400

2,375,251

Ford

Motor

Co.

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

42,523

883,203

General

Motors

Co.

(f)

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

16,012

938,784

Maruti

Suzuki

India

Ltd.

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

103,209

10,275,277

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Automobiles

(continued)

Tesla,

Inc.

(f)

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

8,890

$

9,394,774

23,867,289

Banks

—

1.7%

Abu

Dhabi

Commercial

Bank

PJSC

.......

197,671

458,614

Abu

Dhabi

Islamic

Bank

PJSC

...........

221,725

413,993

Agricultural

Bank

of

China

Ltd.,

Class

H

.....

2,372,000

816,056

Al

Rajhi

Bank

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

306,123

11,544,594

AMMB

Holdings

Bhd.

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

130,600

99,376

Arab

National

Bank

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

25,019

152,370

Axis

Bank

Ltd.

(f)

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

2,116,867

19,236,531

Bandhan

Bank

Ltd.

(b)(d)

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

1,457,384

4,938,767

Bank

of

America

Corp.

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

78,666

3,499,850

Bank

of

Beijing

Co.

Ltd.,

Class

A

.........

2,011,500

1,405,006

Bank

of

China

Ltd.,

Class

H

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

8,660,000

3,115,577

Bank

of

Communications

Co.

Ltd.,

Class

H

..

2,067,000

1,249,527

Bank

of

Nova

Scotia

(The)

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

12,248

867,077

Bank

of

the

Philippine

Islands

...........

70,050

126,572

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

....

77,913,813

22,433,428

BNP

Paribas

SA

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

85,937

5,941,776

BOC

Hong

Kong

Holdings

Ltd.

...........

863,000

2,830,214

Boubyan

Bank

KSCP

(f)

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

103,917

271,532

Chang

Hwa

Commercial

Bank

Ltd.

........

594,890

365,333

China

CITIC

Bank

Corp.

Ltd.,

Class

H

......

2,691,000

1,167,277

China

Construction

Bank

Corp.,

Class

H

....

21,594,000

14,963,495

China

Everbright

Bank

Co.

Ltd.,

Class

H

....

202,000

71,528

CIMB

Group

Holdings

Bhd.

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

1,466,300

1,918,028

Citigroup,

Inc.

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

22,139

1,336,974

Citizens

Financial

Group,

Inc.

...........

449,324

21,230,559

Comerica,

Inc.

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

1,600

139,200

Commercial

Bank

PSQC

(The)

...........

171,546

315,287

Commercial

International

Bank

Egypt

SAE

(f)

..

1,833,594

6,171,124

Credicorp

Ltd.

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

113,152

13,812,465

CTBC

Financial

Holding

Co.

Ltd.

.........

2,957,000

2,770,119

DBS

Group

Holdings

Ltd.

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

384,300

9,307,347

Dubai

Islamic

Bank

PJSC

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

418,838

612,151

E.Sun

Financial

Holding

Co.

Ltd.

.........

1,991,959

2,018,963

Fifth

Third

Bancorp

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

8,026

349,532

First

Abu

Dhabi

Bank

PJSC

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

232,206

1,191,043

First

Financial

Holding

Co.

Ltd.

...........

2,028,906

1,794,666

First

Republic

Bank

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

1,921

396,706

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

1,950,636

12,686,684

HDFC

Bank

Ltd.,

ADR

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

3,588

233,471

Hong

Leong

Bank

Bhd.

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

62,200

277,867

Hong

Leong

Financial

Group

Bhd.

........

18,200

75,701

Hua

Nan

Financial

Holdings

Co.

Ltd.

.......

877,572

671,721

Huaxia

Bank

Co.

Ltd.,

Class

A

...........

723,340

637,274

Huntington

Bancshares,

Inc.

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

15,992

246,597

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

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

115,100

83,823

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

38,948,000

21,969,919

Israel

Discount

Bank

Ltd.,

Class

A

(f)

........

8,256

55,433

JPMorgan

Chase

&

Co.

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

32,641

5,168,702

Kasikornbank

PCL,

NVDR

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

2,532,700

10,723,280

KeyCorp

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

10,841

250,752

Kuwait

Finance

House

KSCP

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

498,204

1,370,602

M&T

Bank

Corp.

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

114,318

17,556,958

Malayan

Banking

Bhd.

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

3,125,700

6,226,000

Masraf

Al

Rayan

QSC

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

484,264

611,907

Mediobanca

Banca

di

Credito

Finanziario

SpA

106,234

1,219,617

Mega

Financial

Holding

Co.

Ltd.

..........

1,359,000

1,745,322

Moneta

Money

Bank

A/S

(b)(d)(f)

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

102,293

438,913

National

Bank

of

Kuwait

SAKP

...........

419,158

1,381,992

Nordea

Bank

Abp

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

649,193

7,919,213

OTP

Bank

Nyrt.

(f)

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

284,792

14,521,923

Security

Shares

Shares

Value

Banks

(continued)

People's

United

Financial,

Inc.

...........

4,768

$

84,966

PNC

Financial

Services

Group,

Inc.

(The)

...

4,687

939,837

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(b)(d)

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

1,315,000

923,455

Public

Bank

Bhd.

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

1,950,500

1,946,727

Qatar

International

Islamic

Bank

QSC

......

93,964

235,671

Qatar

Islamic

Bank

SAQ

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

79,060

394,643

Qatar

National

Bank

QPSC

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

202,580

1,113,829

Regions

Financial

Corp.

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

51,896

1,131,333

RHB

Bank

Bhd.

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

1,179,100

1,518,707

Sberbank

of

Russia

PJSC,

ADR

..........

1,048,202

16,818,407

Signature

Bank

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

663

214,461

Standard

Chartered

plc

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

1,928,981

11,729,726

SVB

Financial

Group

(f)

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

639

433,395

Taishin

Financial

Holding

Co.

Ltd.

.........

1,368,422

936,166

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

900,395

827,313

Toronto-Dominion

Bank

(The)

...........

3,809

292,025

Truist

Financial

Corp.

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

14,802

866,657

United

Overseas

Bank

Ltd.

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

8,400

167,762

US

Bancorp

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

15,199

853,728

Wells

Fargo

&

Co.

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

45,787

2,196,860

Zions

Bancorp

NA

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

1,913

120,825

309,152,821

Beverages

—

0.3%

Ambev

SA

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

262,232

733,785

Ambev

SA,

ADR

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

59,572

166,801

Anheuser-Busch

InBev

SA/NV

...........

43,381

2,615,439

Arca

Continental

SAB

de

CV

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

88,849

564,194

Brown-Forman

Corp.,

Class

B

...........

1,967

143,316

Carlsberg

A/S,

Class

B

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

16,226

2,801,383

Cia

Cervecerias

Unidas

SA

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

30,347

248,584

Cia

Cervecerias

Unidas

SA,

ADR

.........

17,533

287,716

Coca-Cola

Co.

(The)

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

43,737

2,589,668

Coca-Cola

Femsa

SAB

de

CV

...........

322,172

1,770,290

Coca-Cola

Femsa

SAB

de

CV,

ADR

.......

10,054

550,859

Constellation

Brands,

Inc.,

Class

A

........

1,814

455,260

Diageo

plc

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

472,106

25,812,900

Fraser

&

Neave

Holdings

Bhd.

...........

800

4,751

Kweichow

Moutai

Co.

Ltd.,

Class

A

........

44,200

14,239,439

Molson

Coors

Beverage

Co.,

Class

B

......

2,035

94,322

Monster

Beverage

Corp.

(f)

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

4,059

389,826

PepsiCo,

Inc.

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

15,583

2,706,923

Pernod

Ricard

SA

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

1,738

418,124

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

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

13,700

680,047

Suntory

Beverage

&

Food

Ltd.

...........

5,900

213,657

57,487,284

Biotechnology

—

0.2%

3SBio,

Inc.

(b)(d)(f)

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

1,020,000

850,034

AbbVie,

Inc.

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

243,718

32,999,417

Akeso,

Inc.

(b)(d)(f)

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

20,000

87,222

Amgen,

Inc.

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

17,600

3,959,472

Biogen,

Inc.

(f)

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

1,802

432,336

BioMarin

Pharmaceutical,

Inc.

(f)

..........

4,936

436,096

Gilead

Sciences,

Inc.

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

14,999

1,089,077

Incyte

Corp.

(f)

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

2,571

188,711

Legend

Biotech

Corp.,

ADR

(f)

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

1,713

79,843

Moderna,

Inc.

(f)

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

3,859

980,109

Regeneron

Pharmaceuticals,

Inc.

(f)

........

2,376

1,500,491

Vertex

Pharmaceuticals,

Inc.

(f)

...........

4,791

1,052,104

43,654,912

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Building

Products

—

0.1%

Allegion

plc

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

914

$

121,050

AO

Smith

Corp.

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

2,039

175,048

Assa

Abloy

AB,

Class

B

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

257,142

7,837,940

Carrier

Global

Corp.

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

9,440

512,025

Cie

de

Saint-Gobain

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

113,682

7,997,145

Fortune

Brands

Home

&

Security,

Inc.

......

1,909

204,072

Johnson

Controls

International

plc

........

8,481

689,590

Kingspan

Group

plc

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

3,966

473,085

Lennox

International,

Inc.

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

2,266

735,000

Masco

Corp.

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

8,986

630,997

Trane

Technologies

plc

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

2,829

571,543

Xinyi

Glass

Holdings

Ltd.

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

46,000

115,222

20,062,717

Capital

Markets

—

0.2%

Ameriprise

Financial,

Inc.

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

1,267

382,203

Bank

of

New

York

Mellon

Corp.

(The)

......

10,200

592,416

Cboe

Global

Markets,

Inc.

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

1,615

210,596

Charles

Schwab

Corp.

(The)

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

16,502

1,387,818

CME

Group,

Inc.

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

4,277

977,124

FactSet

Research

Systems,

Inc.

..........

2,089

1,015,275

Franklin

Resources,

Inc.

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

3,563

119,325

Goldman

Sachs

Group,

Inc.

(The)

........

3,791

1,450,247

IGM

Financial,

Inc.

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

3,091

111,476

Intercontinental

Exchange,

Inc.

..........

200,650

27,442,901

Invesco

Ltd.

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

4,259

98,042

MarketAxess

Holdings,

Inc.

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

426

175,201

Moody's

Corp.

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

1,931

754,210

Morgan

Stanley

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

15,944

1,565,063

MSCI,

Inc.

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

899

550,808

Nasdaq,

Inc.

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

1,317

276,583

Northern

Trust

Corp.

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

2,730

326,535

Raymond

James

Financial,

Inc.

..........

2,190

219,876

S&P

Global,

Inc.

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

3,241

1,529,525

State

Street

Corp.

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

4,385

407,805

T.

Rowe

Price

Group,

Inc.

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

2,539

499,269

40,092,298

Chemicals

—

0.4%

Air

Products

&

Chemicals,

Inc.

...........

2,388

726,573

Albemarle

Corp.

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

49,070

11,471,094

Asian

Paints

Ltd.

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

59,867

2,720,341

Celanese

Corp.

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

1,240

208,394

CF

Industries

Holdings,

Inc.

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

2,345

165,979

Corteva,

Inc.

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

8,087

382,353

Dow,

Inc.

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

17,477

991,295

DuPont

de

Nemours,

Inc.

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

6,219

502,371

Eastman

Chemical

Co.

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

1,480

178,947

Ecolab,

Inc.

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

3,003

704,474

Evonik

Industries

AG

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

60,668

1,959,910

FMC

Corp.

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

1,409

154,835

Givaudan

SA

(Registered)

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

303

1,589,722

International

Flavors

&

Fragrances,

Inc.

.....

2,676

403,139

Koninklijke

DSM

NV

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

35,011

7,884,703

Linde

plc

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

5,684

1,969,108

Linde

plc

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

23,660

8,210,202

LyondellBasell

Industries

NV,

Class

A

......

2,789

257,230

Mesaieed

Petrochemical

Holding

Co.

......

70,782

40,243

Mosaic

Co.

(The)

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

3,836

150,716

Nan

Ya

Plastics

Corp.

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

649,000

1,999,404

Novozymes

A/S,

Class

B

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

5,814

477,386

Nutrien

Ltd.

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

7,097

533,446

Petronas

Chemicals

Group

Bhd.

..........

86,000

184,138

PhosAgro

PJSC,

GDR

(d)

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

8,271

178,458

PPG

Industries,

Inc.

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

2,553

440,239

SABIC

Agri-Nutrients

Co.

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

3,614

169,657

Security

Shares

Shares

Value

Chemicals

(continued)

Saudi

Basic

Industries

Corp.

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

78,581

$

2,423,392

Sherwin-Williams

Co.

(The)

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

2,643

930,759

Sika

AG

(Registered)

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

40,257

16,731,511

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

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

1,810,000

415,761

Sumitomo

Chemical

Co.

Ltd.

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

334,700

1,578,382

Symrise

AG

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

3,267

483,172

Yanbu

National

Petrochemical

Co.

........

19,131

349,294

67,566,628

Commercial

Services

&

Supplies

—

0.0%

Cintas

Corp.

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

1,060

469,760

Copart,

Inc.

(f)

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

2,243

340,084

Preston

Holdings

LLC

(c)

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

24,388

3,170

Republic

Services,

Inc.

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

8,729

1,217,259

Rollins,

Inc.

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

2,571

87,954

Waste

Management,

Inc.

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

4,919

820,981

2,939,208

Communications

Equipment

—

0.1%

Accton

Technology

Corp.

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

1,128,300

10,572,402

Arista

Networks,

Inc.

(f)

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

10,659

1,532,231

Cisco

Systems,

Inc.

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

47,490

3,009,441

F5

Networks,

Inc.

(f)

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

708

173,255

Juniper

Networks,

Inc.

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

22,598

806,975

Motorola

Solutions,

Inc.

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

4,316

1,172,657

Nokia

OYJ

(f)

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

95,222

603,107

Telefonaktiebolaget

LM

Ericsson,

Class

B

...

62,617

688,977

ZTE

Corp.,

Class

A

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

526,300

2,772,982

ZTE

Corp.,

Class

H

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

232,800

637,875

21,969,902

Construction

&

Engineering

—

0.1%

Mcdermott

International

Ltd.

(f)

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

165,884

68,012

Quanta

Services,

Inc.

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

1,542

176,806

Vinci

SA

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

102,459

10,821,193

11,066,011

Construction

Materials

—

0.1%

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

.....

2,353,500

11,771,650

Asia

Cement

Corp.

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

294,000

470,056

James

Hardie

Industries

plc,

CDI

.........

3,817

153,643

Martin

Marietta

Materials,

Inc.

...........

675

297,351

Siam

Cement

PCL

(The),

NVDR

..........

199,500

2,306,440

Vulcan

Materials

Co.

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

1,469

304,935

15,304,075

Consumer

Finance

—

0.2%

American

Express

Co.

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

7,550

1,235,180

Capital

One

Financial

Corp.

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

18,340

2,660,950

Cembra

Money

Bank

AG

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

23,765

1,728,672

Discover

Financial

Services

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

3,316

383,197

Kaspi.KZ

JSC,

GDR

(d)

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

114,498

13,281,768

Synchrony

Financial

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

288,226

13,370,804

32,660,571

Containers

&

Packaging

—

0.0%

Amcor

plc

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

19,795

237,738

Avery

Dennison

Corp.

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

915

198,162

Ball

Corp.

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

3,696

355,814

International

Paper

Co.

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

4,450

209,061

Packaging

Corp.

of

America

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

1,096

149,220

Sealed

Air

Corp.

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

1,662

112,135

WestRock

Co.

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

2,753

122,123

1,384,253

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Distributors

—

0.0%

Genuine

Parts

Co.

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

34,272

$

4,804,935

LKQ

Corp.

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

3,039

182,431

Pool

Corp.

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

658

372,428

5,359,794

Diversified

Financial

Services

—

0.0%

Berkshire

Hathaway,

Inc.,

Class

B

(f)

........

20,004

5,981,196

Diversified

Telecommunication

Services

—

0.6%

AT&T,

Inc.

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

348,713

8,578,340

BCE,

Inc.

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

33,011

1,717,423

Cellnex

Telecom

SA

(b)(d)

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

711,465

41,213,473

China

Tower

Corp.

Ltd.,

Class

H

(b)(d)

.......

13,816,000

1,524,416

Chunghwa

Telecom

Co.

Ltd.

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

570,000

2,399,469

Emirates

Telecommunications

Group

Co.

PJSC

174,994

1,512,012

Hellenic

Telecommunications

Organization

SA

850,927

15,720,148

HKT

Trust

&

HKT

Ltd.

(g)

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

2,613,000

3,511,014

KT

Corp.

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

75,431

1,934,968

KT

Corp.,

ADR

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

42,217

530,668

LG

Uplus

Corp.

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

26,195

298,894

Liberty

Global

plc,

Class

A

(f)

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

10,811

299,897

Lumen

Technologies,

Inc.

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

10,677

133,996

Nippon

Telegraph

&

Telephone

Corp.

......

5,000

136,741

Ooredoo

QPSC

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

121,899

233,036

Saudi

Telecom

Co.

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

27,164

812,511

Singapore

Telecommunications

Ltd.

.......

199,300

343,091

Telefonica

Brasil

SA

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

36,808

319,532

Telefonica

Deutschland

Holding

AG

.......

83,528

231,689

Telekom

Malaysia

Bhd.

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

386,300

509,604

TELUS

Corp.

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

1,023,091

24,094,139

Turk

Telekomunikasyon

A/S

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

726,564

528,900

United

Internet

AG

(Registered)

..........

4,746

188,161

Verizon

Communications,

Inc.

...........

46,383

2,410,061

109,182,183

Electric

Utilities

—

1.1%

Alliant

Energy

Corp.

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

2,673

164,309

American

Electric

Power

Co.,

Inc.

.........

180,531

16,061,843

CEZ

A/S

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

1,832

69,341

CK

Infrastructure

Holdings

Ltd.

...........

91,500

582,966

CLP

Holdings

Ltd.

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

575,500

5,815,296

Duke

Energy

Corp.

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

151,257

15,866,859

Edison

International

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

53,692

3,664,479

EDP

-

Energias

de

Portugal

SA

..........

6,949,161

38,173,874

Electricite

de

France

SA

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

21,562

253,597

Emera,

Inc.

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

12,898

644,620

Enel

Americas

SA

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

7,138,528

780,039

Enel

Americas

SA,

ADR

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

112,711

613,148

Enel

Chile

SA

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

4,911,527

172,116

Enel

SpA

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

2,573,955

20,581,569

Energisa

SA

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

104,149

828,227

Enerjisa

Enerji

A/S

(b)(d)

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

179,403

174,670

Entergy

Corp.

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

2,526

284,554

Evergy,

Inc.

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

25,192

1,728,423

Eversource

Energy

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

122,090

11,107,748

Exelon

Corp.

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

10,675

616,588

FirstEnergy

Corp.

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

178,269

7,414,208

Hydro

One

Ltd.

(b)(d)

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

30,163

784,746

Manila

Electric

Co.

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

17,180

99,414

NextEra

Energy,

Inc.

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

322,364

30,095,903

NRG

Energy,

Inc.

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

2,472

106,494

Pinnacle

West

Capital

Corp.

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

1,214

85,696

Power

Assets

Holdings

Ltd.

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

312,000

1,944,799

PPL

Corp.

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

9,612

288,937

Southern

Co.

(The)

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

260,764

17,883,195

Tenaga

Nasional

Bhd.

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

492,900

1,104,879

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Xcel

Energy,

Inc.

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

228,834

$

15,492,062

193,484,599

Electrical

Equipment

—

0.2%

ABB

Ltd.

(Registered)

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

20,592

784,819

AMETEK,

Inc.

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

4,261

626,537

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

7,800

720,286

Eaton

Corp.

plc

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

4,644

802,576

Emerson

Electric

Co.

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

7,551

702,016

Generac

Holdings,

Inc.

(f)

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

638

224,525

Legrand

SA

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

14,594

1,709,265

Rockwell

Automation,

Inc.

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

1,490

519,787

Schneider

Electric

SE

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

128,840

25,329,375

31,419,186

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Amphenol

Corp.,

Class

A

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

6,424

561,843

CDW

Corp.

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

1,561

319,662

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

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

1,246,100

975,725

Chroma

ATE,

Inc.

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

21,000

151,445

Corning,

Inc.

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

8,165

303,983

Inari

Amertron

Bhd.

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

500,900

479,827

IPG

Photonics

Corp.

(f)

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

383

65,930

Keyence

Corp.

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

4,200

2,640,784

Keysight

Technologies,

Inc.

(f)

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

3,860

797,129

Kingboard

Laminates

Holdings

Ltd.

........

224,000

380,985

Samsung

SDI

Co.

Ltd.

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

13,241

7,282,181

Shimadzu

Corp.

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

10,400

439,275

Synnex

Technology

International

Corp.

.....

465,000

1,111,026

TE

Connectivity

Ltd.

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

95,363

15,385,866

Teledyne

Technologies,

Inc.

(f)

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

736

321,551

Trimble,

Inc.

(f)

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

2,705

235,849

Venture

Corp.

Ltd.

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

146,400

1,989,407

WPG

Holdings

Ltd.

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

715,000

1,358,451

Zebra

Technologies

Corp.,

Class

A

(f)

.......

582

346,406

35,147,325

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

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

354,801

8,536,512

Halliburton

Co.

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

9,510

217,494

Schlumberger

NV

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

17,343

519,423

9,273,429

Entertainment

—

0.1%

Activision

Blizzard,

Inc.

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

8,383

557,721

Electronic

Arts,

Inc.

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

29,058

3,832,750

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

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

1,000

66,373

Live

Nation

Entertainment,

Inc.

(f)

..........

1,554

185,998

NCSoft

Corp.

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

675

364,587

Netflix,

Inc.

(f)

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

4,826

2,907,376

NHN

Corp.

(f)

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

2,690

101,772

Nintendo

Co.

Ltd.

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

4,300

2,011,787

Take-Two

Interactive

Software,

Inc.

(f)

.......

5,560

988,123

Universal

Music

Group

NV

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

138,201

3,898,931

Walt

Disney

Co.

(The)

(f)

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

19,863

3,076,580

17,991,998

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.7%

Alexandria

Real

Estate

Equities,

Inc.

.......

101,899

22,719,401

American

Tower

Corp.

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

127,200

37,206,000

Assura

plc

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

33,776,114

31,910,926

AvalonBay

Communities,

Inc.

...........

2,934

741,099

Boston

Properties,

Inc.

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

196,839

22,671,916

Community

Healthcare

Trust,

Inc.

.........

167,875

7,935,451

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Covivio

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

245,069

$

20,116,680

Cromwell

European

REIT

(d)

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

5,349,720

15,409,360

Crown

Castle

International

Corp.

.........

123,233

25,723,656

Digital

Realty

Trust,

Inc.

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

230,933

40,845,120

Duke

Realty

Corp.

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

4,071

267,220

EPR

Properties

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

376,402

17,875,331

Equinix,

Inc.

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

50,875

43,032,110

Equity

Residential

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

3,682

333,221

ESR

Kendall

Square

REIT

Co.

Ltd.

........

4,285,024

22,800,847

Essex

Property

Trust,

Inc.

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

1,553

547,013

Extra

Space

Storage,

Inc.

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

4,983

1,129,796

Federal

Realty

Investment

Trust

..........

991

135,093

Goodman

Group

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

834,101

16,078,818

Healthpeak

Properties,

Inc.

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

7,141

257,719

Host

Hotels

&

Resorts,

Inc.

(f)

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

7,887

137,155

Invitation

Homes,

Inc.

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

101,073

4,582,650

Iron

Mountain,

Inc.

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

3,118

163,165

Kimco

Realty

Corp.

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

6,533

161,038

LondonMetric

Property

plc

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

3,206,249

12,322,015

Medical

Properties

Trust,

Inc.

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

1,440,347

34,035,400

Mid-America

Apartment

Communities,

Inc.

...

1,180

270,739

Outfront

Media,

Inc.

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

1,118,379

29,994,925

Prologis,

Inc.

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

228,505

38,471,102

Public

Storage

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

17,042

6,383,252

Realty

Income

Corp.

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

7,484

535,780

Regency

Centers

Corp.

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

5,117

385,566

Rexford

Industrial

Realty,

Inc.

...........

274,234

22,243,120

SBA

Communications

Corp.

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

37,495

14,586,305

Secure

Income

REIT

plc

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

2,213,915

12,735,740

Simon

Property

Group,

Inc.

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

4,031

644,033

SL

Green

Realty

Corp.

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

219,258

15,720,799

Spirit

Realty

Capital,

Inc.

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

471,410

22,717,248

Sun

Communities,

Inc.

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

114,621

24,066,971

Target

Healthcare

REIT

plc

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

10,045,996

16,045,354

UDR,

Inc.

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

442,832

26,565,492

Ventas,

Inc.

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

4,661

238,270

VICI

Properties,

Inc.

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

682,882

20,561,577

Vornado

Realty

Trust

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

3,167

132,571

Warehouses

De

Pauw

CVA

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

435,945

20,922,906

Welltower,

Inc.

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

334,507

28,690,665

Weyerhaeuser

Co.

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

8,088

333,064

681,383,679

Food

&

Staples

Retailing

—

0.4%

Abdullah

Al

Othaim

Markets

Co.

..........

5,994

172,744

Alimentation

Couche-Tard,

Inc.

...........

12,286

514,770

BGF

retail

Co.

Ltd.

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

3,203

391,372

Clicks

Group

Ltd.

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

59,941

1,186,896

Costco

Wholesale

Corp.

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

8,889

5,046,285

Empire

Co.

Ltd.,

Class

A

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

4,521

137,744

Etablissements

Franz

Colruyt

NV

.........

76,684

3,253,892

George

Weston

Ltd.

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

1,874

217,274

J

Sainsbury

plc

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

187,829

702,099

Kesko

OYJ,

Class

B

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

4,941

164,688

Kroger

Co.

(The)

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

7,428

336,191

Lawson,

Inc.

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

19,900

944,242

Loblaw

Cos.

Ltd.

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

1,183

96,926

Sendas

Distribuidora

SA

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

2,431,414

5,671,425

Shoprite

Holdings

Ltd.

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

95,720

1,254,722

SPAR

Group

Ltd.

(The)

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

1,936

20,304

Sysco

Corp.

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

10,621

834,279

Walgreens

Boots

Alliance,

Inc.

...........

8,686

453,062

Wal-Mart

de

Mexico

SAB

de

CV

..........

6,699,085

24,937,328

Walmart,

Inc.

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

91,756

13,276,176

Security

Shares

Shares

Value

Food

&

Staples

Retailing

(continued)

X5

Retail

Group

NV,

GDR

(d)

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

234,348

$

6,205,449

65,817,868

Food

Products

—

0.3%

Almarai

Co.

JSC

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

31,688

411,934

Archer-Daniels-Midland

Co.

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

6,022

407,027

Campbell

Soup

Co.

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

2,013

87,485

China

Mengniu

Dairy

Co.

Ltd.

(f)

...........

2,701,000

15,311,627

CJ

CheilJedang

Corp.

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

1,185

386,040

Conagra

Brands,

Inc.

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

5,258

179,561

Dali

Foods

Group

Co.

Ltd.

(b)(d)

...........

469,500

245,662

General

Mills,

Inc.

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

6,633

446,932

Hershey

Co.

(The)

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

1,540

297,944

Hormel

Foods

Corp.

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

3,127

152,629

Indofood

Sukses

Makmur

Tbk.

PT

........

456,900

202,877

IOI

Corp.

Bhd.

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

158,700

141,990

JM

Smucker

Co.

(The)

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

11,115

1,509,639

Kellogg

Co.

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

2,656

171,100

Kraft

Heinz

Co.

(The)

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

6,978

250,510

Kuala

Lumpur

Kepong

Bhd.

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

55,200

288,588

Lamb

Weston

Holdings,

Inc.

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

1,574

99,760

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

2,650

256,016

Mondelez

International,

Inc.,

Class

A

.......

15,498

1,027,672

Nestle

Malaysia

Bhd.

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

35,300

1,136,890

Nestle

SA

(Registered)

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

159,726

22,300,516

PPB

Group

Bhd.

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

78,100

320,574

QL

Resources

Bhd.

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

83,900

92,036

Thai

Union

Group

PCL,

NVDR

...........

244,000

142,494

Tingyi

Cayman

Islands

Holding

Corp.

......

1,084,000

2,229,345

Tyson

Foods,

Inc.,

Class

A

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

3,208

279,609

Uni-President

China

Holdings

Ltd.

........

254,000

246,215

Uni-President

Enterprises

Corp.

..........

157,000

388,703

Universal

Robina

Corp.

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

67,510

169,462

Want

Want

China

Holdings

Ltd.

..........

1,548,000

1,420,738

50,601,575

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

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

52,213

5,470,356

Beijing

Enterprises

Holdings

Ltd.

.........

173,000

596,875

China

Resources

Gas

Group

Ltd.

.........

28,000

158,178

ENN

Energy

Holdings

Ltd.

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

519,000

9,784,041

Kunlun

Energy

Co.

Ltd.

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

23,022,000

21,602,196

Petronas

Gas

Bhd.

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

72,300

312,256

Tokyo

Gas

Co.

Ltd.

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

224,400

4,028,063

UGI

Corp.

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

13,299

610,557

42,562,522

Health

Care

Equipment

&

Supplies

—

0.3%

Abbott

Laboratories

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

26,224

3,690,766

ABIOMED,

Inc.

(f)

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

490

175,993

Align

Technology,

Inc.

(f)

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

6,281

4,127,748

Baxter

International,

Inc.

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

5,474

469,888

Becton

Dickinson

and

Co.

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

3,140

789,647

Boston

Scientific

Corp.

(f)

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

15,341

651,686

Coloplast

A/S,

Class

B

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

4,503

792,867

Cooper

Cos.,

Inc.

(The)

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

488

204,443

Demant

A/S

(f)

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

1,847

94,578

Dentsply

Sirona,

Inc.

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

2,422

135,123

DexCom,

Inc.

(f)

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

1,053

565,408

Edwards

Lifesciences

Corp.

(f)

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

6,807

881,847

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

......

32,169

720,701

Hologic,

Inc.

(f)

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

2,754

210,846

IDEXX

Laboratories,

Inc.

(f)

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

6,102

4,017,923

Intuitive

Surgical,

Inc.

(f)

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

3,903

1,402,348

Medtronic

plc

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

246,865

25,538,184

ResMed,

Inc.

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

1,555

405,046

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Sonova

Holding

AG

(Registered)

.........

289

$

112,940

STERIS

plc

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

1,063

258,745

Straumann

Holding

AG

(Registered)

.......

954

2,017,320

Stryker

Corp.

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

3,708

991,593

Sysmex

Corp.

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

1,300

175,476

Teleflex,

Inc.

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

500

164,240

Terumo

Corp.

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

3,300

139,394

Zimmer

Biomet

Holdings,

Inc.

...........

2,291

291,049

49,025,799

Health

Care

Providers

&

Services

—

0.3%

AmerisourceBergen

Corp.

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

1,644

218,471

Anthem,

Inc.

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

2,666

1,235,798

Bangkok

Dusit

Medical

Services

PCL,

NVDR

.

4,000,400

2,751,495

Cardinal

Health,

Inc.

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

4,030

207,505

Centene

Corp.

(f)

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

6,365

524,476

Cigna

Corp.

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

3,763

864,098

CVS

Health

Corp.

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

17,971

1,853,888

DaVita,

Inc.

(f)

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

836

95,103

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

7,276

312,419

HCA

Healthcare,

Inc.

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

2,693

691,886

Henry

Schein,

Inc.

(f)

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

1,594

123,583

Humana,

Inc.

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

1,399

648,940

IHH

Healthcare

Bhd.

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

315,700

556,226

Laboratory

Corp.

of

America

Holdings

(f)

.....

1,055

331,491

McKesson

Corp.

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

5,174

1,286,101

Notre

Dame

Intermedica

Participacoes

SA

...

819,466

8,846,710

Quest

Diagnostics,

Inc.

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

1,455

251,730

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

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

284,900

540,610

Sinopharm

Group

Co.

Ltd.,

Class

H

.......

598,400

1,302,389

UnitedHealth

Group,

Inc.

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

67,672

33,980,818

Universal

Health

Services,

Inc.,

Class

B

....

790

102,431

56,726,168

Health

Care

Technology

—

0.0%

Cerner

Corp.

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

53,025

4,924,432

Hotels,

Restaurants

&

Leisure

—

0.2%

Aristocrat

Leisure

Ltd.

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

7,976

253,019

Booking

Holdings,

Inc.

(f)

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

453

1,086,851

Caesars

Entertainment,

Inc.

(f)

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

2,248

210,256

Carnival

Corp.

(f)

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

11,173

224,801

Chipotle

Mexican

Grill,

Inc.

(f)

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

306

534,965

Darden

Restaurants,

Inc.

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

1,438

216,620

Domino's

Pizza,

Inc.

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

381

215,010

Expedia

Group,

Inc.

(f)

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

1,431

258,610

Genting

Malaysia

Bhd.

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

803,000

554,711

Hilton

Worldwide

Holdings,

Inc.

(f)

.........

2,936

457,987

Las

Vegas

Sands

Corp.

(f)

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

4,536

170,735

Marriott

International,

Inc.,

Class

A

(f)

.......

3,129

517,036

McDonald's

Corp.

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

8,175

2,191,472

MGM

Resorts

International

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

5,491

246,436

NEW

Top

YK

(c)(f)

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

12,874

—

Norwegian

Cruise

Line

Holdings

Ltd.

(f)

......

5,438

112,784

OPAP

SA

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

7,267

102,926

Penn

National

Gaming,

Inc.

(f)

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

1,604

83,168

Royal

Caribbean

Cruises

Ltd.

(f)

...........

3,244

249,464

Seera

Group

Holding

(f)

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

253,421

1,162,229

SJM

Holdings

Ltd.

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

14,068,000

9,477,919

Starbucks

Corp.

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

12,945

1,514,177

Wynn

Resorts

Ltd.

(f)

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

1,809

153,837

Yum

China

Holdings,

Inc.

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

5,900

289,787

Yum

China

Holdings,

Inc.

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

258,762

12,896,698

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Yum!

Brands,

Inc.

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

3,183

$

441,991

33,623,489

Household

Durables

—

0.2%

Arcelik

A/S

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

21,665

79,264

DR

Horton,

Inc.

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

3,741

405,711

Electrolux

AB,

Class

B

................

39,548

957,840

Garmin

Ltd.

........................

1,572

214,059

Haier

Smart

Home

Co.

Ltd.,

Class

A

.......

2,918,008

13,722,712

Haier

Smart

Home

Co.

Ltd.,

Class

H

.......

1,557,000

6,585,066

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

55,600

315,091

JS

Global

Lifestyle

Co.

Ltd.

(b)(d)

...........

2,175,500

3,663,371

Lennar

Corp.,

Class

A

.................

3,032

352,197

Mohawk

Industries,

Inc.

(f)

...............

647

117,870

Newell

Brands,

Inc.

..................

4,118

89,937

Nien

Made

Enterprise

Co.

Ltd.

...........

29,000

431,804

NVR,

Inc.

(f)

........................

39

230,446

Persimmon

plc

.....................

233,102

9,034,813

PulteGroup,

Inc.

....................

2,992

171,023

Taylor

Wimpey

plc

...................

3,698,436

8,817,553

Whirlpool

Corp.

.....................

682

160,038

45,348,795

Household

Products

—

0.2%

Church

&

Dwight

Co.,

Inc.

..............

2,770

283,925

Clorox

Co.

(The)

....................

1,360

237,129

Colgate-Palmolive

Co.

................

18,285

1,560,442

Kimberly-Clark

Corp.

.................

3,623

517,799

Procter

&

Gamble

Co.

(The)

............

33,307

5,448,359

Reckitt

Benckiser

Group

plc

.............

219,063

18,857,743

Unicharm

Corp.

.....................

5,300

230,588

27,135,985

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

....................

7,188

174,668

CGN

Power

Co.

Ltd.,

Class

H

(b)(d)

.........

1,769,000

537,797

China

Yangtze

Power

Co.

Ltd.,

Class

A

.....

579,100

2,066,842

Energy

Absolute

PCL,

NVDR

............

614,300

1,763,083

4,542,390

Industrial

Conglomerates

—

0.1%

3M

Co.

...........................

6,764

1,201,489

CITIC

Ltd.

.........................

101,000

99,923

General

Electric

Co.

..................

12,665

1,196,462

Industries

Qatar

QSC

.................

111,170

468,948

Roper

Technologies,

Inc.

...............

1,216

598,102

Siemens

AG

(Registered)

..............

45,915

7,952,611

Sime

Darby

Bhd.

....................

456,800

254,574

11,772,109

Insurance

—

0.9%

Aflac,

Inc.

.........................

8,495

496,023

AIA

Group

Ltd.

.....................

85,600

863,948

Allianz

SE

(Registered)

................

34,579

8,155,763

Allstate

Corp.

(The)

..................

3,315

390,010

American

Financial

Group,

Inc.

..........

23,808

3,269,315

American

International

Group,

Inc.

........

9,292

528,343

Aon

plc,

Class

A

....................

2,656

798,287

Arthur

J

Gallagher

&

Co.

...............

2,336

396,349

Assurant,

Inc.

......................

110,483

17,219,880

Athene

Holding

Ltd.,

Class

A

(f)

...........

953

79,414

Baloise

Holding

AG

(Registered)

.........

398

64,959

Brown

&

Brown,

Inc.

..................

2,543

178,722

Bupa

Arabia

for

Cooperative

Insurance

Co.

..

7,872

275,512

Chubb

Ltd.

........................

5,224

1,009,851

Cincinnati

Financial

Corp.

..............

1,833

208,834

Direct

Line

Insurance

Group

plc

..........

2,362,032

8,925,180

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Insurance

(continued)

Everest

Re

Group

Ltd.

................

644

$

176,404

Fairfax

Financial

Holdings

Ltd.

...........

581

285,799

Fidelity

National

Financial,

Inc.

...........

47,914

2,500,153

Gjensidige

Forsikring

ASA

..............

324,842

7,880,968

Globe

Life,

Inc.

.....................

1,596

149,577

Great-West

Lifeco,

Inc.

................

7,517

225,578

Hartford

Financial

Services

Group,

Inc.

(The)

.

13,523

933,628

HDFC

Life

Insurance

Co.

Ltd.

(b)(d)

.........

246,449

2,148,085

Lincoln

National

Corp.

................

2,982

203,551

Loews

Corp.

.......................

3,158

182,406

Marsh

&

McLennan

Cos.,

Inc.

...........

5,899

1,025,364

MetLife,

Inc.

.......................

9,150

571,784

MS&AD

Insurance

Group

Holdings,

Inc.

....

31,500

969,957

New

China

Life

Insurance

Co.

Ltd.,

Class

H

..

307,300

822,216

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

....................

2,208,531

1,632,896

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

....................

3,936,000

1,191,909

Phoenix

Group

Holdings

plc

............

1,226,332

10,855,519

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..

176,000

143,870

Powszechny

Zaklad

Ubezpieczen

SA

......

238,917

2,086,330

Principal

Financial

Group,

Inc.

...........

3,945

285,342

Progressive

Corp.

(The)

...............

128,409

13,181,184

Prudential

Financial,

Inc.

...............

5,027

544,122

Prudential

plc

......................

1,500,134

25,941,607

Qatar

Insurance

Co.

SAQ

(f)

.............

72,642

54,401

Sanlam

Ltd.

.......................

2,202,431

8,204,349

Seguridade

Participacoes

SA

............

3,666,837

13,573,258

Travelers

Cos.,

Inc.

(The)

..............

8,415

1,316,358

Tryg

A/S

..........................

378,629

9,343,666

Willis

Towers

Watson

plc

...............

1,602

380,459

WR

Berkley

Corp.

...................

8,803

725,279

Zurich

Insurance

Group

AG

.............

36,265

15,886,935

166,283,344

Interactive

Media

&

Services

—

0.5%

Alphabet,

Inc.,

Class

A

(f)

...............

3,381

9,794,892

Alphabet,

Inc.,

Class

C

(f)

...............

3,758

10,874,111

Auto

Trader

Group

plc

(b)(d)

..............

799,843

8,010,329

Facebook,

Inc.,

Class

A

(f)

...............

25,847

8,693,638

Kakao

Corp.

.......................

61,420

5,800,032

Match

Group,

Inc.

(f)

..................

3,011

398,205

NAVER

Corp.

......................

8,188

2,599,047

REA

Group

Ltd.

.....................

5,350

652,388

Tencent

Holdings

Ltd.

.................

541,000

31,567,956

Tencent

Holdings

Ltd.,

ADR

.............

195,956

11,424,235

Twitter,

Inc.

(f)

.......................

8,598

371,605

90,186,438

Internet

&

Direct

Marketing

Retail

—

0.1%

Amazon.com,

Inc.

(f)

..................

6,420

21,406,464

eBay,

Inc.

.........................

7,035

467,827

Etsy,

Inc.

(f)

........................

1,381

302,356

ZOZO,

Inc.

........................

3,500

109,131

22,285,778

IT

Services

—

0.9%

Accenture

plc,

Class

A

................

9,346

3,874,384

Akamai

Technologies,

Inc.

(f)

.............

1,783

208,682

Amadeus

IT

Group

SA

(f)

...............

105,838

7,161,449

Arabian

Internet

&

Communications

Services

Co.

(f)

..........................

10,428

522,733

Automatic

Data

Processing,

Inc.

..........

7,024

1,731,978

Broadridge

Financial

Solutions,

Inc.

.......

1,277

233,461

CGI,

Inc.,

Class

A

(f)

...................

6,132

542,207

Cognizant

Technology

Solutions

Corp.,

Class

A

6,512

577,745

Security

Shares

Shares

Value

IT

Services

(continued)

DXC

Technology

Co.

(f)

................

4,096

$

131,850

EPAM

Systems,

Inc.

(f)

.................

617

412,434

Fidelity

National

Information

Services,

Inc.

...

204,235

22,292,250

Fiserv,

Inc.

(f)

.......................

6,512

675,880

FleetCor

Technologies,

Inc.

(f)

............

1,042

233,241

Gartner,

Inc.

(f)

......................

1,944

649,918

GDS

Holdings

Ltd.,

Class

A

(f)

............

5,135,548

29,751,322

GDS

Holdings

Ltd.,

ADR

(f)

..............

50,043

2,360,028

Global

Payments,

Inc.

................

3,444

465,560

HCL

Technologies

Ltd.

................

51,577

912,393

Infosys

Ltd.

........................

279,433

7,076,847

Infosys

Ltd.,

ADR

....................

422,633

10,696,841

International

Business

Machines

Corp.

.....

10,396

1,389,529

Jack

Henry

&

Associates,

Inc.

...........

1,073

179,180

Mastercard,

Inc.,

Class

A

...............

9,752

3,504,089

Paychex,

Inc.

......................

123,427

16,847,786

PayPal

Holdings,

Inc.

(f)

................

12,817

2,417,030

SUNeVision

Holdings

Ltd.

..............

8,421,000

7,981,846

Tata

Consultancy

Services

Ltd.

..........

57,120

2,864,885

Tech

Mahindra

Ltd.

..................

76,563

1,837,115

VeriSign,

Inc.

(f)

......................

3,324

843,698

Visa,

Inc.,

Class

A

...................

126,408

27,393,878

Wipro

Ltd.

.........................

251,995

2,414,707

Wipro

Ltd.,

ADR

.....................

112,112

1,094,213

159,279,159

Leisure

Products

—

0.1%

Hasbro,

Inc.

.......................

221,547

22,549,054

Life

Sciences

Tools

&

Services

—

0.2%

Agilent

Technologies,

Inc.

..............

29,217

4,664,494

Bio-Rad

Laboratories,

Inc.,

Class

A

(f)

.......

205

154,892

Bio-Techne

Corp.

....................

423

218,835

Charles

River

Laboratories

International,

Inc.

(f)

539

203,084

Danaher

Corp.

.....................

9,849

3,240,420

Illumina,

Inc.

(f)

......................

1,720

654,357

IQVIA

Holdings,

Inc.

(f)

.................

2,093

590,519

Lonza

Group

AG

(Registered)

...........

20,409

16,992,296

Mettler-Toledo

International,

Inc.

(f)

.........

573

972,501

PerkinElmer,

Inc.

....................

1,434

288,320

Pharmaron

Beijing

Co.

Ltd.,

Class

A

.......

12,100

268,874

Thermo

Fisher

Scientific,

Inc.

............

5,005

3,339,536

Waters

Corp.

(f)

......................

617

229,894

West

Pharmaceutical

Services,

Inc.

.......

932

437,117

WuXi

AppTec

Co.

Ltd.,

Class

A

...........

258,300

4,819,501

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)(d)

........

382,040

6,601,001

43,675,641

Machinery

—

0.5%

Alfa

Laval

AB

......................

182,172

7,317,764

Atlas

Copco

AB,

Class

A

...............

34,397

2,376,862

Caterpillar,

Inc.

.....................

6,032

1,247,056

Cummins,

Inc.

......................

1,769

385,890

Deere

&

Co.

.......................

3,101

1,063,302

Dover

Corp.

.......................

2,264

411,142

Epiroc

AB,

Class

A

...................

83,642

2,114,955

Fortive

Corp.

.......................

7,337

559,740

GEA

Group

AG

.....................

4,328

236,393

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

.....................

2,042,594

17,358,416

IDEX

Corp.

........................

1,078

254,753

Illinois

Tool

Works,

Inc.

................

3,552

876,633

Ingersoll

Rand,

Inc.

..................

4,738

293,140

Kone

OYJ,

Class

B

..................

156,923

11,260,599

Otis

Worldwide

Corp.

.................

251,360

21,885,915

PACCAR,

Inc.

......................

4,303

379,783

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Machinery

(continued)

Parker-Hannifin

Corp.

.................

1,503

$

478,134

Pentair

plc

........................

2,398

175,126

Snap-on,

Inc.

......................

29,826

6,423,924

Stanley

Black

&

Decker,

Inc.

............

2,237

421,943

Techtronic

Industries

Co.

Ltd.

............

18,500

368,796

Volvo

AB,

Class

B

...................

695,010

16,073,154

Wartsila

OYJ

Abp

....................

17,354

243,403

Westinghouse

Air

Brake

Technologies

Corp.

..

3,190

293,831

Xylem,

Inc.

........................

2,292

274,857

92,775,511

Marine

—

0.0%

MISC

Bhd.

........................

174,800

295,525

Projector

SA

(c)

......................

24,388

—

295,525

Media

—

0.2%

Charter

Communications,

Inc.,

Class

A

(f)

....

7,825

5,101,665

Comcast

Corp.,

Class

A

...............

422,838

21,281,437

Discovery,

Inc.,

Class

A

(f)(h)

..............

1,753

41,266

Discovery,

Inc.,

Class

C

(f)

..............

3,190

73,051

DISH

Network

Corp.,

Class

A

(f)

...........

2,539

82,365

Eutelsat

Communications

SA

............

230,405

2,811,993

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

........................

180,000

232,217

Fox

Corp.,

Class

A

...................

5,954

219,702

Fox

Corp.,

Class

B

...................

1,673

57,334

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

4,184

156,691

News

Corp.,

Class

A

..................

4,257

94,974

News

Corp.,

Class

B

.................

1,327

29,857

Omnicom

Group,

Inc.

.................

2,285

167,422

Sirius

XM

Holdings,

Inc.

(h)

..............

716,070

4,547,044

Telenet

Group

Holding

NV

..............

14,284

521,285

ViacomCBS,

Inc.

....................

6,085

183,645

35,601,948

Metals

&

Mining

—

0.2%

Aclara

Resources,

Inc.

(f)

...............

14,710

16,746

Agnico

Eagle

Mines

Ltd.

...............

56,084

2,978,998

Alrosa

PJSC

.......................

607,124

988,571

AngloGold

Ashanti

Ltd.

................

2,947

62,051

Barrick

Gold

Corp.

...................

32,523

618,347

China

Molybdenum

Co.

Ltd.,

Class

H

......

22,599,000

11,937,758

Evolution

Mining

Ltd.

.................

23,614

70,058

Franco-Nevada

Corp.

.................

3,329

460,394

Freeport-McMoRan,

Inc.

...............

15,778

658,416

Ganfeng

Lithium

Co.

Ltd.,

Class

A

........

21,800

490,908

Gold

Fields

Ltd.

.....................

5,597

61,926

Hochschild

Mining

plc

.................

107,064

189,360

Kirkland

Lake

Gold

Ltd.

................

13,921

583,385

Newmont

Corp.

.....................

8,672

537,837

Novolipetsk

Steel

PJSC

...............

2,475,652

7,159,701

Novolipetsk

Steel

PJSC,

GDR

(d)

..........

40,789

1,203,184

Nucor

Corp.

.......................

3,474

396,557

POSCO

..........................

180

41,740

South32

Ltd.

.......................

117,343

343,179

Wheaton

Precious

Metals

Corp.

..........

102,616

4,403,333

Zhongjin

Gold

Corp.

Ltd.,

Class

A

.........

394,800

511,928

Zijin

Mining

Group

Co.

Ltd.,

Class

A

.......

1,284,100

1,964,779

35,679,156

Multiline

Retail

—

0.1%

Dollar

General

Corp.

.................

2,572

606,555

Dollar

Tree,

Inc.

(f)

....................

2,556

359,169

Fix

Price

Group

Ltd.,

GDR

(d)

.............

1,341,077

10,125,131

Target

Corp.

.......................

5,441

1,259,265

Security

Shares

Shares

Value

Multiline

Retail

(continued)

Trent

Ltd.

.........................

26,815

$

382,874

12,732,994

Multi-Utilities

—

0.6%

Ameren

Corp.

......................

95,162

8,470,370

Canadian

Utilities

Ltd.,

Class

A

...........

5,195

150,681

CenterPoint

Energy,

Inc.

...............

281,468

7,855,772

CMS

Energy

Corp.

...................

119,789

7,792,274

Consolidated

Edison,

Inc.

..............

30,758

2,624,273

Dominion

Energy,

Inc.

.................

274,378

21,555,136

DTE

Energy

Co.

....................

30,600

3,657,924

Engie

SA

.........................

8,999

133,234

National

Grid

plc

....................

904,507

13,042,350

NiSource,

Inc.

......................

299,925

8,280,929

Public

Service

Enterprise

Group,

Inc.

......

174,626

11,652,793

Qatar

Electricity

&

Water

Co.

QSC

........

31,180

140,951

Sempra

Energy

.....................

98,758

13,063,708

WEC

Energy

Group,

Inc.

...............

104,202

10,114,888

108,535,283

Oil,

Gas

&

Consumable

Fuels

—

0.9%

APA

Corp.

........................

4,063

109,254

California

Resources

Corp.

.............

3,020

128,984

Cheniere

Energy,

Inc.

.................

86,595

8,782,465

Chesapeake

Energy

Corp.

.............

139,612

9,007,766

Chevron

Corp.

......................

21,166

2,483,830

China

Petroleum

&

Chemical

Corp.,

Class

H

.

31,176,000

14,522,444

ConocoPhillips

.....................

14,761

1,065,449

Coterra

Energy,

Inc.

..................

159,674

3,033,806

Devon

Energy

Corp.

..................

6,390

281,479

Diamondback

Energy,

Inc.

..............

1,867

201,356

Enbridge,

Inc.

......................

449,345

17,551,790

Energy

Transfer

LP

..................

183,828

1,512,904

Enterprise

Products

Partners

LP

..........

87,274

1,916,537

EOG

Resources,

Inc.

.................

65,111

5,783,810

Equinor

ASA

.......................

138,706

3,672,839

Equitrans

Midstream

Corp.

.............

40,122

414,861

Exxon

Mobil

Corp.

...................

46,289

2,832,424

Gazprom

PJSC

.....................

1,323,859

6,061,817

Gazprom

PJSC,

ADR

.................

658,513

6,080,808

Gibson

Energy,

Inc.

..................

32,273

572,007

Hess

Corp.

........................

3,023

223,793

Keyera

Corp.

......................

3,042

68,610

Kinder

Morgan,

Inc.

..................

259,593

4,117,145

LUKOIL

PJSC

......................

49,669

4,422,683

LUKOIL

PJSC,

ADR

..................

209,638

18,783,756

Lundin

Energy

AB

...................

16,872

603,727

Magellan

Midstream

Partners

LP

.........

37,188

1,727,011

Marathon

Oil

Corp.

...................

8,688

142,657

Marathon

Petroleum

Corp.

.............

7,038

450,362

Occidental

Petroleum

Corp.

.............

9,050

262,359

ONEOK,

Inc.

.......................

9,731

571,793

Pembina

Pipeline

Corp.

...............

9,636

292,291

PetroChina

Co.

Ltd.,

Class

H

............

262,000

116,039

Petroleo

Brasileiro

SA,

ADR

............

495,722

5,443,027

Petronas

Dagangan

Bhd.

..............

23,100

114,146

Petronet

LNG

Ltd.

...................

3,622,355

10,518,757

Phillips

66

.........................

4,686

339,548

Phillips

66

Partners

LP

................

17,083

616,184

Pioneer

Natural

Resources

Co.

..........

2,520

458,338

Plains

All

American

Pipeline

LP

..........

190,864

1,782,670

Plains

GP

Holdings

LP,

Class

A

(f)

.........

388,794

3,942,371

Qatar

Fuel

QSC

.....................

37,378

186,071

Qatar

Gas

Transport

Co.

Ltd.

............

497,810

446,761

Saudi

Arabian

Oil

Co.

(b)(d)

...............

278,030

2,649,963

Targa

Resources

Corp.

................

126,678

6,617,659

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

TC

Energy

Corp.

....................

5,246

$

244,149

Valero

Energy

Corp.

..................

4,312

323,874

Williams

Cos.,

Inc.

(The)

...............

354,991

9,243,966

160,726,340

Personal

Products

—

0.3%

Dabur

India

Ltd.

.....................

205,281

1,599,612

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

41,990

15,544,698

Kao

Corp.

.........................

36,400

1,906,426

L'Oreal

SA

........................

17,844

8,508,249

Marico

Ltd.

........................

118,826

818,120

Unilever

plc

........................

436,578

23,420,872

51,797,977

Pharmaceuticals

—

1.1%

Alkem

Laboratories

Ltd.

...............

7,956

387,539

AstraZeneca

plc

....................

310,528

36,260,183

Bristol-Myers

Squibb

Co.

...............

117,972

7,355,554

Catalent,

Inc.

(f)

......................

1,794

229,686

China

Medical

System

Holdings

Ltd.

.......

90,000

150,445

CSPC

Pharmaceutical

Group

Ltd.

.........

394,000

429,022

Dr.

Reddy's

Laboratories

Ltd.

............

3,217

211,983

Eli

Lilly

&

Co.

......................

8,713

2,406,705

Johnson

&

Johnson

..................

106,537

18,225,285

Merck

&

Co.,

Inc.

....................

150,917

11,566,279

Merck

KGaA

.......................

2,413

620,762

Novartis

AG

(Registered)

..............

30,278

2,660,589

Novo

Nordisk

A/S,

Class

B

.............

460,302

51,703,825

Organon

&

Co.

.....................

2,734

83,250

Pfizer,

Inc.

........................

236,322

13,954,814

Roche

Holding

AG

...................

14,452

6,018,904

Sanofi

...........................

440,540

44,205,558

Sino

Biopharmaceutical

Ltd.

............

3,447,000

2,419,083

Takeda

Pharmaceutical

Co.

Ltd.

..........

64,000

1,747,732

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

A

........................

217,242

374,654

Viatris,

Inc.

........................

16,245

219,795

Zoetis,

Inc.

........................

5,877

1,434,164

202,665,811

Professional

Services

—

0.3%

51job,

Inc.,

ADR

(f)

....................

10,055

491,991

Equifax,

Inc.

.......................

1,403

410,784

Experian

plc

.......................

167,643

8,257,405

IHS

Markit

Ltd.

.....................

4,438

589,899

Nielsen

Holdings

plc

..................

4,345

89,116

NMG,

Inc.

(f)

........................

3,714

543,730

Randstad

NV

......................

4,130

281,737

Recruit

Holdings

Co.

Ltd.

..............

24,400

1,484,880

RELX

plc

.........................

1,186,551

38,583,954

Robert

Half

International,

Inc.

............

9,305

1,037,694

SGS

SA

(Registered)

.................

93

310,034

Teleperformance

....................

17,812

7,963,327

Verisk

Analytics,

Inc.

..................

1,971

450,827

Wolters

Kluwer

NV

...................

5,755

677,369

61,172,747

Real

Estate

Management

&

Development

—

0.9%

Aldar

Properties

PJSC

................

79,017

85,803

Aroundtown

SA

.....................

3,636,145

21,934,578

Barwa

Real

Estate

Co.

................

234,595

195,491

Capitaland

Investment

Ltd.

(f)

............

7,774,200

19,656,475

CBRE

Group,

Inc.,

Class

A

(f)

............

3,551

385,319

China

Vanke

Co.

Ltd.,

Class

H

...........

75,000

174,642

Daito

Trust

Construction

Co.

Ltd.

.........

6,300

722,743

ESR

Cayman

Ltd.

(b)(d)(f)

................

7,927,800

26,816,658

Hang

Lung

Properties

Ltd.

..............

3,071,000

6,317,220

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Hulic

Co.

Ltd.

......................

1,392,800

$

13,244,820

LEG

Immobilien

SE

..................

52,851

7,368,639

Longfor

Group

Holdings

Ltd.

............

2,647,500

12,487,594

Shimao

Group

Holdings

Ltd.

............

15,347,000

10,047,410

VGP

NV

..........................

28,920

8,439,824

Vonovia

SE

........................

626,217

34,505,927

162,383,143

Road

&

Rail

—

0.2%

BTS

Group

Holdings

PCL,

NVDR

.........

2,933,000

819,810

Canadian

Pacific

Railway

Ltd.

...........

133,030

9,568,291

CSX

Corp.

........................

372,696

14,013,370

JB

Hunt

Transport

Services,

Inc.

.........

925

189,070

Norfolk

Southern

Corp.

................

2,909

866,038

Old

Dominion

Freight

Line,

Inc.

..........

2,008

719,627

Seibu

Holdings,

Inc.

(f)

.................

251,900

2,355,511

Union

Pacific

Corp.

..................

37,840

9,533,031

West

Japan

Railway

Co.

...............

91,600

3,830,979

41,895,727

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Advanced

Micro

Devices,

Inc.

(f)

..........

67,841

9,762,320

Analog

Devices,

Inc.

..................

6,322

1,111,218

Applied

Materials,

Inc.

................

9,996

1,572,971

ASM

International

NV

.................

9,773

4,313,975

ASML

Holding

NV

...................

15,382

12,321,302

Broadcom,

Inc.

.....................

4,505

2,997,672

Enphase

Energy,

Inc.

(f)

................

1,477

270,202

Intel

Corp.

........................

53,755

2,768,382

KLA

Corp.

.........................

1,668

717,423

Lam

Research

Corp.

.................

1,559

1,121,155

MediaTek,

Inc.

......................

255,000

10,941,930

Microchip

Technology,

Inc.

..............

6,100

531,066

Micron

Technology,

Inc.

................

12,380

1,153,197

Monolithic

Power

Systems,

Inc.

..........

458

225,945

Nanya

Technology

Corp.

...............

972,000

2,737,753

Novatek

Microelectronics

Corp.

..........

32,000

621,386

NVIDIA

Corp.

......................

53,254

15,662,534

NXP

Semiconductors

NV

..............

2,896

659,651

Qorvo,

Inc.

(f)

.......................

1,209

189,076

QUALCOMM,

Inc.

...................

12,346

2,257,713

Skyworks

Solutions,

Inc.

...............

1,785

276,925

SolarEdge

Technologies,

Inc.

(f)

...........

575

161,328

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

4,330,000

95,783,925

Teradyne,

Inc.

......................

1,841

301,059

Texas

Instruments,

Inc.

................

124,334

23,433,229

Tokyo

Electron

Ltd.

..................

10,800

6,216,186

United

Microelectronics

Corp.

...........

61,000

142,909

Xilinx,

Inc.

.........................

4,404

933,780

199,186,212

Software

—

0.8%

Adobe,

Inc.

(f)

.......................

12,847

7,285,020

ANSYS,

Inc.

(f)

......................

930

373,042

Autodesk,

Inc.

(f)

.....................

2,389

671,763

Cadence

Design

Systems,

Inc.

(f)

..........

7,870

1,466,574

Ceridian

HCM

Holding,

Inc.

(f)

............

1,467

153,243

Check

Point

Software

Technologies

Ltd.

(f)

....

6,988

814,521

Citrix

Systems,

Inc.

..................

1,355

128,169

Constellation

Software,

Inc.

.............

1,061

1,968,539

Fortinet,

Inc.

(f)

......................

9,483

3,408,190

Intuit,

Inc.

.........................

42,307

27,212,709

Microsoft

Corp.

.....................

251,625

84,626,520

Nemetschek

SE

.....................

907

115,973

NortonLifeLock,

Inc.

..................

7,223

187,653

Oracle

Corp.

.......................

17,994

1,569,257

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Software

(continued)

Paycom

Software,

Inc.

(f)

...............

531

$

220,466

PTC,

Inc.

(f)

........................

1,139

137,990

salesforce.com,

Inc.

(f)

.................

10,662

2,709,534

SAP

SE

..........................

4,558

641,491

ServiceNow,

Inc.

(f)

...................

14,403

9,349,131

Synopsys,

Inc.

(f)

.....................

1,691

623,133

Trend

Micro,

Inc.

....................

3,600

199,858

Tyler

Technologies,

Inc.

(f)

...............

439

236,160

WiseTech

Global

Ltd.

.................

5,656

239,879

144,338,815

Specialty

Retail

—

0.2%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

.........................

637,763

741,413

Advance

Auto

Parts,

Inc.

...............

3,069

736,192

AutoZone,

Inc.

(f)

.....................

1,532

3,211,670

Bath

&

Body

Works,

Inc.

...............

2,497

174,266

Best

Buy

Co.,

Inc.

...................

2,504

254,406

CarMax,

Inc.

(f)

......................

1,761

229,335

China

Meidong

Auto

Holdings

Ltd.

........

12,000

61,846

China

Yongda

Automobiles

Services

Holdings

Ltd.

...........................

542,500

726,943

Foschini

Group

Ltd.

(The)

(f)

.............

6,147

47,795

Gap,

Inc.

(The)

.....................

2,303

40,648

Home

Depot,

Inc.

(The)

...............

16,216

6,729,802

Home

Product

Center

PCL,

NVDR

........

2,389,900

1,036,798

Hotai

Motor

Co.

Ltd.

..................

21,000

465,332

Industria

de

Diseno

Textil

SA

............

8,288

267,288

Jarir

Marketing

Co.

...................

9,423

493,103

JUMBO

SA

........................

17,423

249,935

Lowe's

Cos.,

Inc.

....................

12,078

3,121,921

MR

DIY

Group

M

Bhd.

(b)(d)

..............

196,000

169,842

Nitori

Holdings

Co.

Ltd.

................

2,600

388,886

O'Reilly

Automotive,

Inc.

(f)

..............

3,792

2,678,024

Pop

Mart

International

Group

Ltd.

(b)(d)(f)

......

73,000

419,204

Ross

Stores,

Inc.

....................

3,856

440,664

TJX

Cos.,

Inc.

(The)

..................

13,218

1,003,511

Topsports

International

Holdings

Ltd.

(b)(d)

....

12,263,000

12,420,398

Tractor

Supply

Co.

...................

1,184

282,502

Truworths

International

Ltd.

.............

31,871

104,503

Ulta

Beauty,

Inc.

(f)

....................

11,773

4,854,479

41,350,706

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Advantech

Co.

Ltd.

..................

90,295

1,290,794

Apple,

Inc.

........................

304,660

54,098,476

Asustek

Computer,

Inc.

................

74,000

1,004,585

Canon,

Inc.

........................

66,800

1,629,497

Catcher

Technology

Co.

Ltd.

............

39,000

220,474

Chicony

Electronics

Co.

Ltd.

............

89,000

264,516

Compal

Electronics,

Inc.

...............

1,816,000

1,587,553

FUJIFILM

Holdings

Corp.

..............

1,400

103,788

Hewlett

Packard

Enterprise

Co.

..........

13,270

209,268

HP,

Inc.

..........................

17,263

650,297

Inventec

Corp.

......................

1,475,000

1,328,443

Lenovo

Group

Ltd.

...................

3,822,000

4,392,571

Lite-On

Technology

Corp.

..............

897,000

2,065,563

Logitech

International

SA

(Registered)

......

85,988

7,213,334

Micro-Star

International

Co.

Ltd.

..........

248,000

1,436,407

NetApp,

Inc.

.......................

2,287

210,381

Quanta

Computer,

Inc.

................

410,000

1,400,243

Samsung

Electronics

Co.

Ltd.

...........

213,521

14,022,985

Seagate

Technology

Holdings

plc

.........

4,932

557,217

Western

Digital

Corp.

(f)

................

3,199

208,607

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Wistron

Corp.

......................

357,000

$

375,702

94,270,701

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

ANTA

Sports

Products

Ltd.

.............

11,400

171,209

EssilorLuxottica

SA

..................

70,632

15,035,930

Kering

SA

.........................

22,078

17,714,336

Li

Ning

Co.

Ltd.

.....................

27,000

296,191

Lululemon

Athletica,

Inc.

(f)

..............

530

207,469

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

29,501

24,380,626

NIKE,

Inc.,

Class

B

..................

13,918

2,319,713

PVH

Corp.

........................

774

82,547

Ralph

Lauren

Corp.

..................

459

54,557

Tapestry,

Inc.

.......................

3,099

125,819

Under

Armour,

Inc.,

Class

A

(f)

............

2,023

42,867

Under

Armour,

Inc.,

Class

C

(f)

............

2,090

37,704

VF

Corp.

.........................

3,914

286,583

60,755,551

Thrifts

&

Mortgage

Finance

—

0.1%

Housing

Development

Finance

Corp.

Ltd.

...

289,621

10,020,628

Tobacco

—

0.2%

Altria

Group,

Inc.

....................

20,424

967,894

British

American

Tobacco

plc

............

36,780

1,365,705

Eastern

Co.

SAE

....................

82,901

56,569

ITC

Ltd.

..........................

837,107

2,449,287

Japan

Tobacco,

Inc.

..................

347,800

7,022,760

KT&G

Corp.

.......................

31,680

2,104,751

Philip

Morris

International,

Inc.

...........

254,534

24,180,730

Swedish

Match

AB

...................

146,529

1,163,247

39,310,943

Trading

Companies

&

Distributors

—

0.2%

Azelis

Group

NV

(f)

...................

68,422

1,954,033

BOC

Aviation

Ltd.

(b)(d)(h)

................

1,160,200

8,500,276

Fastenal

Co.

.......................

6,186

396,275

Ferguson

plc

.......................

113,680

20,192,612

ITOCHU

Corp.

.....................

24,900

761,788

Mitsubishi

Corp.

.....................

17,700

562,030

Toromont

Industries

Ltd.

...............

1,234

111,562

United

Rentals,

Inc.

(f)

.................

777

258,189

WW

Grainger,

Inc.

...................

2,058

1,066,538

33,803,303

Transportation

Infrastructure

—

0.8%

Aena

SME

SA

(b)(d)(f)

...................

143,026

22,524,305

Atlantia

SpA

(f)

......................

378,230

7,504,761

Atlas

Arteria

Ltd.

(g)

...................

2,148,748

10,813,467

Auckland

International

Airport

Ltd.

(f)

........

909,820

4,789,143

Beijing

Capital

International

Airport

Co.

Ltd.,

Class

H

........................

4,542,000

2,783,459

Flughafen

Zurich

AG

(Registered)

(f)

........

45,519

8,174,480

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(f)

.....................

114,364

7,657,410

Getlink

SE

........................

492,789

8,161,718

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

(f)

..........................

14,296

96,072

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

(f)

.......................

7,561

405,950

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(f)

.......................

1,114,329

15,389,610

Hamburger

Hafen

und

Logistik

AG

........

151,349

3,542,711

Japan

Airport

Terminal

Co.

Ltd.

(f)

..........

92,100

3,841,240

Jiangsu

Expressway

Co.

Ltd.,

Class

H

.....

11,652,000

11,933,770

Shenzhen

International

Holdings

Ltd.

......

200,000

207,767

Transurban

Group

(g)

..................

3,318,978

33,336,808

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Transportation

Infrastructure

(continued)

Westports

Holdings

Bhd.

...............

127,100

$

123,561

141,286,232

Water

Utilities

—

0.0%

American

Water

Works

Co.,

Inc.

..........

12,057

2,277,085

Beijing

Enterprises

Water

Group

Ltd.

(h)

.....

1,008,000

391,655

Guangdong

Investment

Ltd.

.............

790,000

1,004,221

Severn

Trent

plc

....................

113,999

4,552,200

8,225,161

Wireless

Telecommunication

Services

—

0.2%

Advanced

Info

Service

PCL,

NVDR

........

12,000

82,547

Axiata

Group

Bhd.

...................

311,800

311,351

Bharti

Airtel

Ltd.

.....................

25,901

237,897

China

United

Network

Communications

Ltd.,

Class

A

........................

850,500

526,112

DiGi.Com

Bhd.

.....................

230,700

241,443

Etihad

Etisalat

Co.

...................

139,297

1,155,398

Far

EasTone

Telecommunications

Co.

Ltd.

...

240,000

559,898

Global

Telecom

Holding

SAE

(c)(f)

..........

201,938

62,985

KDDI

Corp.

........................

300,200

8,778,967

Maxis

Bhd.

........................

177,700

206,836

Mobile

Telecommunications

Co.

KSCP

.....

252,588

497,410

Mobile

Telecommunications

Co.

Saudi

Arabia

(f)

328,098

1,050,191

Mobile

TeleSystems

PJSC

..............

150,214

596,949

Mobile

TeleSystems

PJSC,

ADR

..........

134,082

1,065,952

MTN

Group

Ltd.

(f)

....................

5,472

58,654

SK

Telecom

Co.

Ltd.

..................

21,020

1,021,496

SoftBank

Group

Corp.,

ADR

............

10,475

251,924

Taiwan

Mobile

Co.

Ltd.

................

235,000

848,709

Tele2

AB,

Class

B

...................

1,148,558

16,384,951

T-Mobile

US,

Inc.

(f)

...................

6,327

733,806

Turkcell

Iletisim

Hizmetleri

A/S

...........

112,443

156,905

Vodacom

Group

Ltd.

.................

112,487

949,496

35,779,877

Total

Common

Stocks

—

24.3%

(Cost:

$3,597,288,675)

............................

4,448,939,486

Par

(000)

Par

(000)

Corporate

Bonds

—

30.7%

Aerospace

&

Defense

—

0.6%

Bombardier,

Inc.

(b)

7.50%,

12/01/24

..................

USD

1,309

1,363,815

7.50%,

03/15/25

..................

2,962

3,017,537

7.13%,

06/15/26

..................

5,880

6,099,971

7.88%,

04/15/27

..................

1,513

1,569,132

6.00%,

02/15/28

..................

2,868

2,876,690

7.45%,

05/01/34

..................

362

443,450

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

.

2,887

2,872,565

Howmet

Aerospace,

Inc.

5.13%,

10/01/24

..................

306

329,715

6.88%,

05/01/25

..................

500

574,855

5.90%,

02/01/27

..................

1,156

1,320,730

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(b)

................

2,960

3,041,400

L3Harris

Technologies,

Inc.

3.83%,

04/27/25

..................

355

378,468

4.40%,

06/15/28

..................

3,360

3,771,313

2.90%,

12/15/29

..................

60

61,864

1.80%,

01/15/31

..................

3,565

3,402,531

4.85%,

04/27/35

..................

500

609,612

5.05%,

04/27/45

..................

120

157,289

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

.......

5,361

5,928,730

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(b)

..

USD

1,090

$

1,129,512

SSL

Robotics

LLC,

9.75%,

12/31/23

(b)

.....

356

383,590

TransDigm,

Inc.

8.00%,

12/15/25

(b)

.................

16,280

17,174,912

6.25%,

03/15/26

(b)

.................

35,107

36,489,338

6.38%,

06/15/26

..................

1,416

1,454,904

7.50%,

03/15/27

..................

2,071

2,164,195

5.50%,

11/15/27

..................

1,000

1,030,000

4.63%,

01/15/29

..................

2,004

1,997,347

4.88%,

05/01/29

..................

2,289

2,298,843

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

....

8,259

9,007,926

110,950,234

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

3.10%,

08/05/29

..................

781

825,161

4.55%,

04/01/46

..................

795

952,675

1,777,836

Airlines

—

0.4%

Air

Canada,

3.88%,

08/15/26

(b)

..........

2,479

2,528,580

Air

France-KLM,

3.88%,

07/01/26

(d)

.......

EUR

900

987,576

American

Airlines,

Inc.

(b)

11.75%,

07/15/25

.................

USD

7,789

9,609,679

5.50%,

04/20/26

..................

4,898

5,093,062

5.75%,

04/20/29

..................

12,066

12,894,654

Delta

Air

Lines,

Inc.

7.38%,

01/15/26

..................

825

971,270

4.75%,

10/20/28

(b)

.................

5,591

6,105,268

Deutsche

Lufthansa

AG

(d)

1.63%,

11/16/23

..................

EUR

200

227,131

2.00%,

07/14/24

..................

1,000

1,129,961

2.88%,

05/16/27

..................

600

668,184

3.75%,

02/11/28

..................

500

572,891

3.50%,

07/14/29

..................

1,200

1,349,122

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

................

USD

2,941

3,077,021

International

Consolidated

Airlines

Group

SA

(d)

0.63%,

11/17/22

(i)

.................

EUR

600

669,411

2.75%,

03/25/25

..................

800

889,295

1.13%,

05/18/28

(i)

.................

1,200

1,248,994

3.75%,

03/25/29

..................

600

666,432

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

USD

5,594

5,971,595

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

599

661,028

United

Airlines

Holdings,

Inc.,

4.88%,

01/15/25

175

180,031

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

409

425,384

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

6,964

7,628,661

United

Airlines,

Inc.

(b)

4.38%,

04/15/26

..................

3,948

4,116,718

4.63%,

04/15/29

..................

4,247

4,379,719

72,051,667

Auto

Components

—

0.4%

Adient

US

LLC,

9.00%,

04/15/25

(b)

.......

105

111,563

Allison

Transmission,

Inc.

(b)

5.88%,

06/01/29

..................

5,581

6,069,337

3.75%,

01/30/31

..................

2,967

2,892,825

Aptiv

plc,

3.10%,

12/01/51

............

800

762,026

Clarios

Global

LP

6.75%,

05/15/25

(b)

.................

4,587

4,804,883

4.38%,

05/15/26

(d)

.................

EUR

1,500

1,749,713

6.25%,

05/15/26

(b)

.................

USD

8,698

9,100,282

8.50%,

05/15/27

(b)

.................

16,073

17,037,380

Cooper-Standard

Automotive,

Inc.,

13.00%,

06/01/24

(b)

.....................

1,800

1,944,000

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Auto

Components

(continued)

Dana

Financing

Luxembourg

SARL,

3.00%,

07/15/29

(d)

.....................

EUR

650

$

747,425

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

.......

USD

2,378

2,475,308

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(b)

.....................

845

834,438

Faurecia

SE

(d)

2.75%,

02/15/27

..................

EUR

699

810,407

3.75%,

06/15/28

..................

590

701,102

2.38%,

06/15/29

..................

370

423,351

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

(b)

.................

USD

1,499

1,610,226

5.25%,

07/15/31

(b)

.................

1,132

1,229,018

5.63%,

04/30/33

..................

3,352

3,657,870

Grupo

Antolin-Irausa

SA,

3.50%,

04/30/28

(d)

..

EUR

977

1,045,576

Icahn

Enterprises

LP

6.75%,

02/01/24

..................

USD

1,000

1,002,500

4.75%,

09/15/24

..................

2,616

2,714,100

6.38%,

12/15/25

..................

600

610,500

6.25%,

05/15/26

..................

2,462

2,563,557

5.25%,

05/15/27

..................

4,023

4,137,374

4.38%,

02/01/29

..................

3,981

3,881,475

IHO

Verwaltungs

GmbH

(j)

4.75%,

(4.75%

Cash

or

5.50%

PIK),

09/15/26

(b)

....................

600

612,000

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(a)(d)

...................

EUR

906

1,052,111

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(b)

....................

USD

200

205,750

JB

Poindexter

&

Co.,

Inc.,

7.13%,

04/15/26

(b)

.

200

209,264

Leather

2

SpA,

(EURIBOR

3

Month

+

4.50%),

4.50%,

09/30/28

(a)(d)

...............

EUR

299

340,837

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

...

USD

486

483,570

Tenneco,

Inc.

(b)

7.88%,

01/15/29

..................

1,051

1,135,080

5.13%,

04/15/29

..................

738

721,395

ZF

Europe

Finance

BV

(d)

2.00%,

02/23/26

..................

EUR

1,200

1,372,348

2.50%,

10/23/27

..................

500

577,285

ZF

Finance

GmbH

(d)

2.00%,

05/06/27

..................

700

796,073

2.75%,

05/25/27

..................

400

466,565

80,888,514

Automobiles

—

0.2%

Ford

Motor

Co.

4.35%,

12/08/26

..................

USD

1,169

1,275,087

9.63%,

04/22/30

..................

635

929,481

3.25%,

02/12/32

..................

6,809

6,972,416

4.75%,

01/15/43

..................

1,794

1,980,128

5.29%,

12/08/46

..................

704

827,376

General

Motors

Co.

6.25%,

10/02/43

..................

745

1,019,488

5.20%,

04/01/45

..................

910

1,125,900

5.95%,

04/01/49

..................

320

438,009

Hyundai

Capital

America

(b)

1.25%,

09/18/23

..................

480

479,601

0.80%,

01/08/24

..................

3,620

3,567,608

1.00%,

09/17/24

..................

1,865

1,832,769

Jaguar

Land

Rover

Automotive

plc

5.63%,

02/01/23

(b)

.................

150

150,277

7.75%,

10/15/25

(b)

.................

770

832,743

6.88%,

11/15/26

(d)

.................

EUR

400

515,751

4.50%,

10/01/27

(b)

.................

USD

483

468,549

5.88%,

01/15/28

(b)

.................

1,883

1,915,953

4.50%,

07/15/28

(d)

.................

EUR

848

982,102

5.50%,

07/15/29

(b)

.................

USD

900

900,968

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

Mclaren

Finance

plc,

7.50%,

08/01/26

(b)

....

USD

375

$

378,281

Nissan

Motor

Acceptance

Co.

LLC,

2.75%,

03/09/28

(b)

.....................

575

570,872

Nissan

Motor

Co.

Ltd.

(b)

3.04%,

09/15/23

..................

4,540

4,658,418

4.35%,

09/17/27

..................

1,595

1,721,878

4.81%,

09/17/30

..................

340

380,243

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.62%,

02/18/30

(a)(d)

..........

EUR

900

1,026,695

Renault

SA

(d)

1.25%,

06/24/25

..................

100

111,753

2.38%,

05/25/26

..................

500

572,808

Thor

Industries,

Inc.,

4.00%,

10/15/29

(b)

....

USD

1,283

1,270,170

TML

Holdings

Pte.

Ltd.,

4.35%,

06/09/26

(d)

..

2,339

2,362,390

Volkswagen

Group

of

America

Finance

LLC

(b)

0.75%,

11/23/22

..................

1,880

1,879,689

1.25%,

11/24/25

..................

305

298,319

3.20%,

09/26/26

..................

305

320,908

Volvo

Car

AB,

2.50%,

10/07/27

(d)

........

EUR

728

893,473

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

USD

1,802

1,929,473

44,589,576

Banks

—

3.8%

ABN

AMRO

Bank

NV,

(EUR

Swap

Annual

5

Year

+

4.67%),

4.37%

(a)(d)(k)

...........

EUR

900

1,096,375

AIB

Group

plc

(a)

(EUR

Swap

Annual

5

Year

+

5.70%),

5.25%

(d)(k)

.....................

4,085

4,929,819

(LIBOR

USD

3

Month

+

1.87%),

4.26%,

04/10/25

(b)

....................

USD

1,500

1,579,528

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

(d)(k)

.....................

EUR

7,193

9,059,336

Australia

&

New

Zealand

Banking

Group

Ltd.,

(USD

Swap

Rate

5

Year

+

5.17%),

6.75%

(a)(d)

(k)

..........................

USD

1,062

1,206,697

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(k)

(EUR

Swap

Annual

5

Year

+

5.66%),

5.87%

(d)

......................

EUR

200

241,646

(EUR

Swap

Annual

5

Year

+

6.04%),

6.00%

(d)

......................

2,800

3,414,421

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

USD

20,400

21,547,500

Banco

BPM

SpA

(a)(d)

(EUR

Swap

Annual

5

Year

+

5.42%),

5.00%,

09/14/30

.....................

EUR

352

427,564

(EUR

Swap

Annual

5

Year

+

3.17%),

2.87%,

06/29/31

.....................

5,114

5,744,666

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)(b)(k)

..............

USD

820

828,610

Banco

de

Sabadell

SA

(a)(d)

(EUR

Swap

Annual

5

Year

+

6.20%),

5.75%

(k)

......................

EUR

3,800

4,575,062

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

.....................

1,000

1,117,153

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

.....................

3,400

3,834,707

Banco

do

Brasil

SA,

4.75%,

03/20/24

(d)

.....

USD

3,165

3,311,975

Banco

Espirito

Santo

SA

(d)(f)(l)

2.63%,

05/08/17

..................

EUR

800

132,066

4.75%,

01/15/18

..................

1,500

247,624

4.00%,

01/21/19

..................

5,400

891,445

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.87%

(a)(b)(k)

...........

USD

2,965

2,944,616

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

3,990

3,735,139

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Banco

Santander

SA

(EUR

Swap

Annual

5

Year

+

6.80%),

6.75%

(a)(d)(k)

....................

EUR

5,200

$

6,046,004

(EUR

Swap

Annual

5

Year

+

5.00%),

5.25%

(a)(d)(k)

....................

5,400

6,432,241

2.75%,

05/28/25

..................

USD

1,000

1,033,590

(EUR

Swap

Annual

5

Year

+

4.53%),

4.37%

(a)(d)(k)

....................

EUR

7,000

8,198,623

1.85%,

03/25/26

..................

USD

600

597,248

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

09/14/27

(a)

...............

800

785,442

3.31%,

06/27/29

..................

600

634,144

Bancolombia

SA,

3.00%,

01/29/25

.......

2,355

2,345,874

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

(a)(d)

..........

4,334

4,418,784

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)(d)

.......

5,188

5,191,242

Bank

of

America

Corp.

4.20%,

08/26/24

..................

2,650

2,840,426

Series

L,

3.95%,

04/21/25

...........

1,610

1,720,931

(SOFR

+

0.91%),

0.98%,

09/25/25

(a)

....

1,990

1,965,836

4.45%,

03/03/26

..................

2,220

2,444,125

(LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/28

(a)

....................

4,860

5,188,851

(LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/30

(a)

....................

25

25,814

(SOFR

+

1.37%),

1.92%,

10/24/31

(a)

....

265

253,726

Series

N,

(SOFR

+

1.22%),

2.65%,

03/11/32

(a)

....................

1,090

1,104,004

(SOFR

+

1.32%),

2.69%,

04/22/32

(a)

....

1,625

1,649,093

Series

L,

4.75%,

04/21/45

...........

420

523,372

(LIBOR

USD

3

Month

+

1.99%),

4.44%,

01/20/48

(a)

....................

445

552,969

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

(a)

....................

1,200

1,443,392

(SOFR

+

1.88%),

2.83%,

10/24/51

(a)

....

90

88,362

Bank

of

Communications

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.80%

(a)(d)(k)

....

4,500

4,685,625

Bank

of

Cyprus

PCL,

(EUR

Swap

Annual

5

Year

+

2.79%),

2.50%,

06/24/27

(a)(d)

........

EUR

1,025

1,114,449

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

5.83%

(a)(d)(k)

...........

USD

4,653

4,891,466

Bank

of

Ireland

Group

plc

(a)

(EUR

Swap

Annual

5

Year

+

7.92%),

7.50%

(d)(k)

.....................

EUR

800

1,048,558

(EUR

Swap

Annual

5

Year

+

6.43%),

6.00%

(d)(k)

.....................

2,700

3,350,606

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

09/30/27

(b)

...............

USD

1,795

1,762,809

Barclays

plc

(USD

Swap

Semi

5

Year

+

6.77%),

7.88%

(a)

(d)(k)

.........................

4,984

5,040,070

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%

(a)

(k)

..........................

18,490

19,841,989

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%

(a)(k)

.....................

2,900

3,205,312

3.65%,

03/16/25

..................

395

417,201

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)(k)

..

GBP

3,252

4,841,919

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(a)(k)

.....................

USD

13,075

$

14,148,457

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.02%),

6.37%

(a)(d)(k)

GBP

3,226

4,726,793

5.20%,

05/12/26

..................

USD

1,700

1,896,979

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%),

4.38%

(a)(k)

.....................

12,535

12,278,032

4.84%,

05/09/28

..................

240

264,379

(LIBOR

USD

3

Month

+

3.05%),

5.09%,

06/20/30

(a)

....................

1,300

1,474,632

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%,

01/18/33

(a)(d)

..........

2,621

2,691,112

BNP

Paribas

SA

(LIBOR

USD

6

Month

+

0.08%),

0.23%

(a)(k)

450

424,125

(EUR

Swap

Annual

5

Year

+

5.23%),

6.12%

(a)(d)(k)

....................

EUR

1,755

2,048,019

4.25%,

10/15/24

..................

USD

585

630,897

(LIBOR

USD

3

Month

+

2.24%),

4.70%,

01/10/25

(a)(b)

...................

1,335

1,421,255

(USD

Swap

Semi

5

Year

+

3.98%),

7.00%

(a)

(b)(k)

.........................

4,429

5,183,923

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%

(a)(b)(k)

....................

10,475

10,506,425

Burgan

Bank

SAK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.01%),

5.75%

(a)(d)(k)

...............

975

977,316

CaixaBank

SA

(a)(d)(k)

(EUR

Swap

Annual

5

Year

+

5.82%),

6.00%

EUR

1,800

2,103,094

(EUR

Swap

Annual

5

Year

+

6.22%),

6.37%

3,600

4,416,242

(EUR

Swap

Annual

5

Year

+

6.50%),

6.75%

6,600

8,340,651

(EUR

Swap

Annual

5

Year

+

4.50%),

5.25%

1,800

2,167,135

(EUR

Swap

Annual

5

Year

+

6.35%),

5.87%

1,800

2,333,640

Chong

Hing

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%),

5.70%

(a)(d)(k)

..............

USD

380

391,352

Citigroup,

Inc.

(LIBOR

USD

3

Month

+

0.95%),

2.88%,

07/24/23

(a)

....................

1,000

1,012,006

3.20%,

10/21/26

..................

800

847,751

4.45%,

09/29/27

..................

4,225

4,710,960

(LIBOR

USD

3

Month

+

1.56%),

3.89%,

01/10/28

(a)

....................

275

298,146

(LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/28

(a)

....................

350

375,439

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

.....

425

441,343

(SOFR

+

1.15%),

2.67%,

01/29/31

(a)

....

1,775

1,801,867

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

.....

1,555

1,568,449

(SOFR

+

1.17%),

2.56%,

05/01/32

(a)

....

665

668,448

(SOFR

+

1.38%),

2.90%,

11/03/42

(a)

.....

440

435,657

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.12%

(a)(d)(k)

...............

EUR

12,200

15,122,411

Cooperatieve

Rabobank

UA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%),

1.98%,

12/15/27

(a)(b)

.....

USD

1,925

1,925,519

Credit

Agricole

SA

(a)(b)(k)

(USD

Swap

Semi

5

Year

+

4.90%),

7.88%

3,600

3,937,500

(USD

Swap

Semi

5

Year

+

6.19%),

8.12%

3,886

4,601,995

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

.................

270

275,826

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Danske

Bank

A/S

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(b)

...............

USD

1,460

$

1,459,663

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%),

7.00%

(d)(k)

.....................

24,620

27,026,605

Discover

Bank,

(USD

Swap

Semi

5

Year

+

1.73%),

4.68%,

08/09/28

(a)

...........

800

836,101

DNB

Bank

ASA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.88%

(a)(d)(k)

....................

2,000

2,075,400

Emirates

NBD

Bank

PJSC,

(USD

Swap

Semi

6

Year

+

3.66%),

6.13%

(a)(d)(k)

...........

1,435

1,500,920

Erste

Group

Bank

AG,

(EUR

Swap

Annual

5

Year

+

6.20%),

6.50%

(a)(d)(k)

...........

EUR

3,600

4,513,583

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(a)(d)(k)

...............

USD

3,300

3,287,625

HSBC

Bank

plc,

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

0.75%

(a)(k)

..........

3,590

3,320,750

HSBC

Holdings

plc

(LIBOR

USD

3

Month

+

1.06%),

3.26%,

03/13/23

(a)

....................

2,300

2,310,852

(LIBOR

USD

3

Month

+

1.21%),

3.80%,

03/11/25

(a)

....................

1,160

1,217,272

(USD

Swap

Rate

5

Year

+

4.37%),

6.37%

(a)

(k)

..........................

4,019

4,337,626

(SOFR

+

0.71%),

0.98%,

05/24/25

(a)

....

1,710

1,689,325

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.00%

(a)(k)

.....................

690

685,688

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

(a)(k)

.....................

9,830

9,821,940

(SOFR

+

1.19%),

2.80%,

05/24/32

(a)

....

1,195

1,198,707

5.25%,

03/14/44

..................

340

443,500

Huntington

National

Bank

(The),

1.80%,

02/03/23

......................

700

707,025

ING

Groep

NV

3.55%,

04/09/24

..................

430

450,743

(USD

Swap

Rate

5

Year

+

4.20%),

6.75%

(a)

(d)(k)

.........................

5,877

6,332,468

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%

(a)

(k)

..........................

2,010

2,189,393

(SOFR

+

1.01%),

1.73%,

04/01/27

(a)

....

985

978,382

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

3.88%

(a)(k)

.....................

17,590

16,732,487

Intesa

Sanpaolo

SpA

5.02%,

06/26/24

(b)

.................

1,500

1,607,271

(EUR

Swap

Annual

5

Year

+

6.07%),

5.87%

(a)(d)(k)

....................

EUR

2,050

2,543,978

5.71%,

01/15/26

(b)

.................

USD

1,000

1,106,036

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(a)(d)(k)

....................

EUR

6,745

9,301,410

(EUR

Swap

Annual

5

Year

+

5.85%),

5.50%

(a)(d)(k)

....................

1,250

1,551,127

(EUR

Swap

Annual

5

Year

+

5.75%),

5.87%,

03/04/29

(a)(d)

...................

700

873,853

5.15%,

06/10/30

(d)

.................

GBP

1,525

2,304,358

(EUR

Swap

Annual

5

Year

+

6.09%),

5.87%

(a)(d)(k)

....................

EUR

1,900

2,465,991

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

06/01/32

(a)(b)

..............

USD

3,485

3,515,230

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.75%),

4.95%,

06/01/42

(a)(b)

..............

USD

940

$

965,755

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

(b)

.

3,245

3,286,171

JPMorgan

Chase

&

Co.

3.38%,

05/01/23

..................

1,680

1,731,993

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

....

350

357,948

4.25%,

10/01/27

..................

1,420

1,592,892

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

....................

2,585

2,798,347

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

(a)

....................

100

110,376

(SOFR

+

3.79%),

4.49%,

03/24/31

(a)

....

290

335,590

(SOFR

+

1.25%),

2.58%,

04/22/32

(a)

....

1,050

1,063,492

(LIBOR

USD

3

Month

+

1.36%),

3.88%,

07/24/38

(a)

....................

2,335

2,650,226

5.50%,

10/15/40

..................

970

1,319,486

(SOFR

+

2.46%),

3.11%,

04/22/41

(a)

.....

140

144,991

5.40%,

01/06/42

..................

480

652,723

(SOFR

+

1.46%),

3.16%,

04/22/42

(a)

....

165

172,240

5.63%,

08/16/43

..................

15

20,967

4.95%,

06/01/45

..................

765

995,509

Series

W,

(LIBOR

USD

3

Month

+

1.00%),

1.16%,

05/15/47

(a)

...............

19,006

15,976,444

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(a)(d)(k)

...............

4,210

4,393,661

KBC

Group

NV,

(EUR

Swap

Annual

5

Year

+

4.69%),

4.75%

(a)(d)(k)

...............

EUR

7,400

8,950,277

Lloyds

Banking

Group

plc

(LIBOR

USD

3

Month

+

0.81%),

2.91%,

11/07/23

(a)

....................

USD

1,000

1,016,115

4.50%,

11/04/24

..................

800

861,866

4.45%,

05/08/25

..................

500

543,119

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

07/09/25

(a)

...............

1,100

1,162,016

(USD

Swap

Semi

5

Year

+

4.50%),

7.50%

(a)

(k)

..........................

3,975

4,492,600

4.58%,

12/10/25

..................

2,350

2,563,460

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.75%

(a)(k)

.....................

7,290

8,215,101

4.55%,

08/16/28

..................

265

301,394

Mitsubishi

UFJ

Financial

Group,

Inc.

3.76%,

07/26/23

..................

15

15,643

1.41%,

07/17/25

..................

1,595

1,586,130

3.20%,

07/18/29

..................

365

385,576

2.05%,

07/17/30

..................

1,000

971,248

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%),

5.00%

(a)(d)(k)

...........

2,520

2,553,075

NatWest

Group

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.15%),

2.36%,

05/22/24

................

590

599,419

(LIBOR

USD

3

Month

+

1.76%),

4.27%,

03/22/25

.....................

800

846,598

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.99%),

5.13%

(k)

...

GBP

750

1,064,652

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

06/14/27

................

USD

665

655,880

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

05/22/28

................

1,440

1,497,729

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/35

................

USD

1,210

$

1,193,894

Nordea

Bank

Abp

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(d)(k)

....................

5,594

6,356,183

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(b)(k)

....................

14,225

16,163,156

1.50%,

09/30/26

(b)

.................

1,700

1,670,650

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%

(a)(b)(k)

....................

8,215

7,787,820

PNC

Financial

Services

Group,

Inc.

(The),

2.55%,

01/22/30

.................

550

565,419

Rizal

Commercial

Banking

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.24%),

6.50%

(a)(d)(k)

...........

3,550

3,613,900

Santander

UK

Group

Holdings

plc

(GBP

Swap

5

Year

+

5.54%),

7.38%

(a)(d)(k)

.

GBP

275

380,136

3.57%,

01/10/23

..................

USD

2,745

2,746,162

(GBP

Swap

5

Year

+

5.79%),

6.75%

(a)(d)(k)

.

GBP

5,825

8,485,616

(SOFR

+

0.99%),

1.67%,

06/14/27

(a)

....

USD

1,150

1,125,928

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.06%),

2.87%

(a)(d)(k)

...........

3,200

3,151,000

Societe

Generale

SA

(a)

(USD

Swap

Semi

5

Year

+

4.98%),

7.88%

(d)

(k)

..........................

9,635

10,538,281

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(d)

(k)

..........................

3,783

4,372,808

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(b)

(k)

..........................

16,275

18,812,435

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.93%),

4.75%

(b)(k)

.....................

18,745

19,033,861

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.79%,

06/09/27

(b)

...............

552

540,184

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

(b)(k)

.....................

12,900

13,550,160

Standard

Chartered

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.17%),

1.32%,

10/14/23

(b)

...............

925

925,755

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%),

6.00%

(d)(k)

.....................

1,200

1,279,500

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

1.82%,

11/23/25

(b)

...............

1,475

1,473,184

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%

(b)(k)

.....................

11,150

10,731,875

Sumitomo

Mitsui

Financial

Group,

Inc.

2.35%,

01/15/25

..................

1,675

1,716,296

2.75%,

01/15/30

..................

950

972,269

TMBThanachart

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(a)(d)(k)

..............

2,431

2,448,929

UniCredit

SpA

6.57%,

01/14/22

(b)

.................

2,450

2,453,552

3.75%,

04/12/22

(b)

.................

3,150

3,173,817

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(EUR

Swap

Annual

5

Year

+

6.39%),

6.62%

(a)(d)(k)

....................

EUR

6,400

$

7,705,368

(USD

Swap

Semi

5

Year

+

5.18%),

8.00%

(a)

(d)(k)

.........................

USD

24,210

26,449,425

(EUR

Swap

Annual

5

Year

+

4.93%),

5.38%

(a)(d)(k)

....................

EUR

1,000

1,205,387

(EURIBOR

Swap

Rate

5

Year

+

7.33%),

7.50%

(a)(d)(k)

....................

4,418

5,903,133

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

09/22/26

(a)(b)

..............

USD

835

833,382

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

1.98%,

06/03/27

(a)(b)

..............

1,025

998,631

(EURIBOR

Swap

Rate

5

Year

+

4.08%),

3.88%

(a)(d)(k)

....................

EUR

3,600

3,919,286

(EURIBOR

Swap

Rate

5

Year

+

4.74%),

4.87%,

02/20/29

(a)(d)

..............

1,000

1,221,201

(EUR

Swap

Annual

5

Year

+

2.40%),

2.00%,

09/23/29

(a)(d)

...................

400

458,865

(EUR

Swap

Annual

5

Year

+

2.80%),

2.73%,

01/15/32

(a)(d)

...................

400

464,300

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

3.13%,

06/03/32

(a)(b)

..............

USD

206

203,622

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.75%),

5.46%,

06/30/35

(a)(b)

..............

1,475

1,607,060

US

Bancorp,

3.00%,

07/30/29

..........

200

211,224

Wells

Fargo

&

Co.

(LIBOR

USD

3

Month

+

0.50%),

0.62%,

01/15/27

(a)

....................

2,055

1,992,322

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

(a)

....................

715

768,642

5.61%,

01/15/44

..................

350

473,605

4.65%,

11/04/44

..................

210

254,236

4.40%,

06/14/46

..................

425

503,689

4.75%,

12/07/46

..................

1,000

1,248,052

(SOFR

+

4.50%),

5.01%,

04/04/51

(a)

....

955

1,304,085

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/35

(a)

...............

460

448,108

3.13%,

11/18/41

..................

290

287,417

Woori

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.25%

(a)(d)(k)

....................

2,203

2,279,830

694,237,479

Beverages

—

0.1%

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

3.38%,

06/29/28

(b)

................

922

893,187

Anheuser-Busch

Cos.

LLC

4.70%,

02/01/36

..................

345

416,350

4.90%,

02/01/46

..................

1,545

1,952,779

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%,

01/23/29

..................

1,170

1,361,805

4.95%,

01/15/42

..................

80

100,345

4.60%,

04/15/48

..................

460

562,506

4.50%,

06/01/50

..................

710

875,301

4.75%,

04/15/58

..................

1,601

1,979,421

5.80%,

01/23/59

..................

195

281,940

Central

American

Bottling

Corp.,

5.75%,

01/31/27

(b)

.....................

5,119

5,247,935

Coca-Cola

Femsa

SAB

de

CV,

1.85%,

09/01/32

1,095

1,031,558

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Beverages

(continued)

Embotelladora

Andina

SA,

3.95%,

01/21/50

(b)

.

USD

2,515

$

2,602,711

17,305,838

Biotechnology

—

0.1%

AbbVie,

Inc.

3.80%,

03/15/25

..................

850

904,805

3.60%,

05/14/25

..................

605

643,371

4.55%,

03/15/35

..................

150

180,358

4.40%,

11/06/42

..................

1,405

1,676,456

4.70%,

05/14/45

..................

630

781,597

4.45%,

05/14/46

..................

650

786,065

4.88%,

11/14/48

..................

840

1,085,443

4.25%,

11/21/49

..................

325

390,706

Amgen,

Inc.,

3.00%,

01/15/52

..........

995

965,443

Biogen,

Inc.,

3.63%,

09/15/22

..........

600

612,847

Cidron

Aida

Finco

SARL

(d)

5.00%,

04/01/28

..................

EUR

1,282

1,465,031

6.25%,

04/01/28

..................

GBP

663

886,186

Gilead

Sciences,

Inc.

4.50%,

02/01/45

..................

USD

900

1,097,176

4.75%,

03/01/46

..................

375

475,171

4.15%,

03/01/47

..................

100

117,736

Grifols

Escrow

Issuer

SA,

3.88%,

10/15/28

(d)

.

EUR

517

590,589

Horizon

Therapeutics

USA,

Inc.,

5.50%,

08/01/27

(b)

.....................

USD

1,200

1,260,900

13,919,880

Building

Products

—

0.3%

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

(b)

.....................

3,101

3,205,659

Builders

FirstSource,

Inc.

(b)

6.75%,

06/01/27

..................

948

1,000,140

5.00%,

03/01/30

..................

880

944,139

4.25%,

02/01/32

..................

1,786

1,848,867

Carlisle

Cos.,

Inc.,

2.20%,

03/01/32

.......

910

876,379

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(b)

.....................

4,095

4,376,941

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(b)

....

2,212

2,200,940

Forterra

Finance

LLC,

6.50%,

07/15/25

(b)

...

1,526

1,619,544

HT

Troplast

GmbH,

9.25%,

07/15/25

(d)

.....

EUR

376

460,351

James

Hardie

International

Finance

DAC,

5.00%,

01/15/28

(b)

................

USD

1,484

1,543,360

JELD-WEN,

Inc.

(b)

6.25%,

05/15/25

..................

902

942,590

4.63%,

12/15/25

..................

616

620,620

4.88%,

12/15/27

..................

86

88,248

Masonite

International

Corp.

(b)

5.38%,

02/01/28

..................

2,046

2,145,742

3.50%,

02/15/30

..................

1,633

1,614,629

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

..................

799

810,186

9.75%,

07/15/28

..................

773

827,110

PCF

GmbH

(d)

4.75%,

04/15/26

..................

EUR

589

691,532

(EURIBOR

3

Month

+

4.75%),

4.75%,

04/15/26

(a)

....................

395

456,245

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(b)

..

USD

8,187

8,740,032

Standard

Industries,

Inc.

2.25%,

11/21/26

(d)

.................

EUR

419

467,043

5.00%,

02/15/27

(b)

.................

USD

681

701,021

4.75%,

01/15/28

(b)

.................

625

645,313

4.38%,

07/15/30

(b)

.................

6,328

6,457,756

3.38%,

01/15/31

(b)

.................

1,354

1,304,295

Summit

Materials

LLC

(b)

6.50%,

03/15/27

..................

445

461,687

5.25%,

01/15/29

..................

1,062

1,112,339

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Victors

Merger

Corp.,

6.38%,

05/15/29

(b)

....

USD

1,082

$

1,017,080

47,179,788

Capital

Markets

—

1.2%

AG

Issuer

LLC,

6.25%,

03/01/28

(b)

.......

270

280,125

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

847

866,786

Brightsphere

Investment

Group,

Inc.,

4.80%,

07/27/26

......................

801

836,254

Codere

New

Holdco

SA,

7.50%,

11/30/27

(c)

..

EUR

345

373,555

Coinbase

Global,

Inc.

(b)

3.38%,

10/01/28

..................

USD

250

233,438

3.63%,

10/01/31

..................

480

441,600

Compass

Group

Diversified

Holdings

LLC

(b)

5.25%,

04/15/29

..................

2,917

3,055,558

5.00%,

01/15/32

..................

1,268

1,299,700

Credit

Suisse

AG

2.80%,

04/08/22

..................

780

784,733

1.25%,

08/07/26

..................

870

848,105

Credit

Suisse

Group

AG

3.80%,

06/09/23

..................

280

290,094

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(b)(k)

.........................

6,225

6,582,937

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(d)(k)

.........................

1,200

1,296,000

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

(a)(b)

...................

250

260,118

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(d)(k)

.........................

600

639,000

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(b)(k)

.........................

12,234

13,029,210

(SOFR

+

1.56%),

2.59%,

09/11/25

(a)(b)

...

665

679,067

(USD

Swap

Rate

5

Year

+

4.33%),

7.25%

(a)

(d)(k)

.........................

1,000

1,098,880

(SOFR

+

2.04%),

2.19%,

06/05/26

(a)(b)

...

3,955

3,977,105

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%

(a)(b)(k)

....................

12,821

13,818,474

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%),

5.25%

(a)(b)(k)

....................

4,848

5,005,560

(SOFR

+

3.73%),

4.19%,

04/01/31

(a)(b)

...

260

286,738

(SOFR

+

1.73%),

3.09%,

05/14/32

(a)(b)

...

475

483,337

Deutsche

Bank

AG

(SOFR

+

2.16%),

2.22%,

09/18/24

(a)

....

3,440

3,484,248

4.50%,

04/01/25

..................

400

425,775

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%),

6.00%

(a)(k)

.....................

23,000

23,891,250

(SOFR

+

1.87%),

2.13%,

11/24/26

(a)

.....

595

594,023

(EUR

Swap

Annual

5

Year

+

4.55%),

4.50%

(a)(d)(k)

....................

EUR

3,400

3,898,980

(USD

Swap

Semi

5

Year

+

2.25%),

4.30%,

05/24/28

(a)

....................

USD

1,200

1,233,007

(SOFR

+

2.76%),

3.73%,

01/14/32

(a)

....

200

204,464

(USD

Swap

Rate

5

Year

+

2.55%),

4.88%,

12/01/32

(a)

....................

700

756,328

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

(b)

................

250

254,642

Dresdner

Funding

Trust

I,

8.15%,

06/30/31

(b)

.

650

917,007

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.57%),

0.67%,

03/08/24

(a)

....

1,400

1,393,675

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

....................

930

975,796

3.75%,

02/25/26

..................

675

726,913

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%

(a)(k)

.....................

USD

11,000

$

10,890,000

(SOFR

+

0.91%),

1.95%,

10/21/27

(a)

....

275

273,790

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

....................

995

1,105,273

(SOFR

+

1.09%),

1.99%,

01/27/32

(a)

....

2,370

2,272,302

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

....

710

715,099

(SOFR

+

1.25%),

2.38%,

07/21/32

(a)

....

780

767,985

6.75%,

10/01/37

..................

650

921,634

5.15%,

05/22/45

..................

195

253,591

Huarong

Finance

2017

Co.

Ltd.,

4.75%,

04/27/27

(d)

.....................

1,900

1,956,406

Huarong

Finance

2019

Co.

Ltd.

(d)

(LIBOR

USD

3

Month

+

1.13%),

1.29%,

02/24/23

(a)

....................

616

600,600

2.50%,

02/24/23

..................

534

531,330

3.75%,

05/29/24

..................

900

909,000

3.63%,

09/30/30

..................

1,985

1,915,525

Huarong

Finance

Co.

Ltd.,

3.25%,

11/13/24

(d)

.

200

198,937

Intercontinental

Exchange,

Inc.

3.10%,

09/15/27

..................

25

26,560

4.25%,

09/21/48

..................

155

189,451

LPL

Holdings,

Inc.

(b)

4.63%,

11/15/27

..................

1,092

1,130,220

4.00%,

03/15/29

..................

200

204,750

4.38%,

05/15/31

..................

1,045

1,068,915

Morgan

Stanley

(SOFR

+

1.99%),

2.19%,

04/28/26

(a)

....

2,295

2,340,021

3.63%,

01/20/27

..................

475

514,975

3.95%,

04/23/27

..................

425

467,874

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

....

855

846,571

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

....

1,690

1,663,365

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

....................

2,420

2,608,982

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

1,985

2,030,823

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

....

285

310,563

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

....

180

188,577

(SOFR

+

1.43%),

2.80%,

01/25/52

(a)

....

250

245,300

MSCI,

Inc.

(b)

4.00%,

11/15/29

..................

1,438

1,502,710

3.63%,

09/01/30

..................

2,053

2,099,192

3.88%,

02/15/31

..................

1,938

2,017,943

3.63%,

11/01/31

..................

1,086

1,126,725

3.25%,

08/15/33

..................

2,914

2,946,782

Nomura

Holdings,

Inc.

1.65%,

07/14/26

..................

455

446,661

2.61%,

07/14/31

..................

580

572,355

Sherwood

Financing

plc

(d)

4.50%,

11/15/26

..................

EUR

713

810,736

6.00%,

11/15/26

..................

GBP

234

316,002

(EURIBOR

3

Month

+

4.63%),

4.62%,

11/15/27

(a)

....................

EUR

239

272,782

State

Street

Corp.,

(LIBOR

USD

3

Month

+

1.00%),

1.20%,

06/15/47

(a)

...........

USD

38,405

32,747,422

SURA

Asset

Management

SA,

4.88%,

04/17/24

(b)

.....................

4,419

4,665,635

Taurus

Law

130

Securities

S.r.l.,

(Acquired

12/21/21,

cost

$11,734,320),

(EURIBOR

3

Month

+

2.30%),

1.74%,

08/24/26

(a)(c)(i)(m)

..

EUR

10,400

11,840,400

UBS

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(a)(b)

(k)

..........................

USD

6,640

6,558,992

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

UBS

Group

AG

(a)

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)

(k)

..........................

USD

13,976

$

15,069,622

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

07/30/24

(b)

...............

1,055

1,051,632

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(d)

(k)

..........................

2,023

2,250,082

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.86%),

5.12%

(d)(k)

.....................

850

903,125

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.08%),

1.36%,

01/30/27

(b)

...............

530

518,035

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.49%,

08/10/27

(b)

...............

315

307,292

XP,

Inc.,

3.25%,

07/01/26

(b)

............

5,489

5,275,615

225,670,641

Chemicals

—

0.6%

Air

Products

and

Chemicals,

Inc.,

2.80%,

05/15/50

......................

5

5,123

Alpek

SAB

de

CV,

3.25%,

02/25/31

(b)

......

365

365,639

Ashland

LLC,

3.38%,

09/01/31

(b)

.........

2,600

2,580,500

Avient

Corp.,

5.25%,

03/15/23

..........

400

419,000

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

..................

214

223,095

3.38%,

02/15/29

..................

1,268

1,226,790

CeramTec

BondCo

GmbH,

5.25%,

12/15/25

(d)

EUR

400

460,478

Chemours

Co.

(The)

4.00%,

05/15/26

..................

400

460,523

5.38%,

05/15/27

..................

USD

674

721,180

5.75%,

11/15/28

(b)

.................

2,581

2,700,681

4.63%,

11/15/29

(b)

.................

560

555,660

CVR

Partners

LP

(b)

9.25%,

06/15/23

..................

30

30,063

6.13%,

06/15/28

..................

3,670

3,871,850

Diamond

BC

BV,

4.63%,

10/01/29

(b)

.......

1,845

1,830,185

Dow

Chemical

Co.

(The),

3.60%,

11/15/50

..

100

108,288

DuPont

de

Nemours,

Inc.

5.32%,

11/15/38

..................

375

483,199

5.42%,

11/15/48

..................

150

209,899

Eastman

Chemical

Co.,

4.80%,

09/01/42

...

220

263,583

Ecolab,

Inc.,

2.70%,

12/15/51

..........

655

642,997

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

..

11,473

11,530,365

Equate

Petrochemical

BV

(b)

4.25%,

11/03/26

..................

2,461

2,672,954

2.63%,

04/28/28

..................

803

805,007

EverArc

Escrow

SARL,

5.00%,

10/30/29

(b)

...

4,075

4,078,015

Gates

Global

LLC,

6.25%,

01/15/26

(b)

......

3,414

3,524,955

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

.....................

1,931

1,979,275

GPD

Cos.,

Inc.,

10.13%,

04/01/26

(b)

.......

110

117,184

HB

Fuller

Co.,

4.25%,

10/15/28

.........

1,733

1,784,990

Herens

Midco

SARL

4.75%,

05/15/28

(b)

.................

3,299

3,233,020

5.25%,

05/15/29

(d)

.................

EUR

1,483

1,583,560

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

USD

2,258

2,407,976

Ingevity

Corp.,

3.88%,

11/01/28

(b)

........

933

908,509

International

Flavors

&

Fragrances,

Inc.

(b)

1.23%,

10/01/25

..................

655

640,533

3.47%,

12/01/50

..................

735

770,002

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(a)(b)

.

1,752

1,787,040

Kraton

Polymers

LLC

4.25%,

12/15/25

(b)

.................

645

667,646

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

5.25%,

05/15/26

(d)

.................

EUR

583

$

680,735

Kronos

International,

Inc.,

3.75%,

09/15/25

(d)

.

200

230,423

LSB

Industries,

Inc.,

6.25%,

10/15/28

(b)

....

USD

710

738,400

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

...

860

847,100

Lune

Holdings

Sarl,

5.63%,

11/15/28

(d)

.....

EUR

750

853,875

LYB

International

Finance

III

LLC

4.20%,

10/15/49

..................

USD

280

323,396

4.20%,

05/01/50

..................

55

63,568

LyondellBasell

Industries

NV,

4.63%,

02/26/55

220

268,220

Methanex

Corp.

5.13%,

10/15/27

..................

300

315,000

5.65%,

12/01/44

..................

150

150,084

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

1,293

1,340,259

Monitchem

HoldCo

2

SA,

9.50%,

09/15/26

(d)

.

EUR

600

730,917

Monitchem

HoldCo

3

SA,

5.25%,

03/15/25

(d)

.

1,007

1,170,259

Nobian

Finance

BV,

3.63%,

07/15/26

(d)

.....

583

656,278

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(b)

..

USD

311

321,107

Olympus

Water

US

Holding

Corp.

(d)

3.88%,

10/01/28

..................

EUR

348

397,189

5.38%,

10/01/29

..................

350

384,528

Pearl

Holding

II

Ltd.,

0.00%

(c)(d)(k)(n)

........

USD

573

16,127

Pearl

Holding

III

Ltd.,

9.00%,

10/22/25

(d)

....

456

310,080

Phosagro

OAO,

3.05%,

01/23/25

(b)

.......

2,024

2,051,931

Rain

CII

Carbon

LLC,

7.25%,

04/01/25

(b)

....

250

255,585

Rayonier

AM

Products,

Inc.,

7.63%,

01/15/26

(b)

2,536

2,688,160

Sasol

Financing

USA

LLC

4.38%,

09/18/26

..................

1,650

1,660,395

5.50%,

03/18/31

..................

2,705

2,715,279

SCIH

Salt

Holdings,

Inc.

(b)

4.88%,

05/01/28

..................

500

480,000

6.63%,

05/01/29

..................

961

898,535

SCIL

IV

LLC

(EURIBOR

3

Month

+

4.38%),

4.37%,

11/01/26

(a)(d)

...................

EUR

324

373,024

4.38%,

11/01/26

(d)

.................

260

300,820

5.38%,

11/01/26

(b)

.................

USD

1,825

1,872,906

Scotts

Miracle-Gro

Co.

(The)

(b)

4.00%,

04/01/31

..................

1,814

1,791,325

4.38%,

02/01/32

..................

204

203,490

Sherwin-Williams

Co.

(The)

3.45%,

06/01/27

..................

289

312,662

4.50%,

06/01/47

..................

195

243,010

3.30%,

05/15/50

..................

15

15,798

Sociedad

Quimica

y

Minera

de

Chile

SA,

3.50%,

09/10/51

(b)

................

4,177

4,025,062

SPCM

SA,

3.13%,

03/15/27

(b)

..........

1,016

1,003,991

Trinseo

Materials

Operating

SCA,

5.38%,

09/01/25

(b)

.....................

625

636,406

Tronox,

Inc.

(b)

6.50%,

05/01/25

..................

165

174,388

4.63%,

03/15/29

..................

570

569,288

Unifrax

Escrow

Issuer

Corp.,

5.25%,

09/30/28

(b)

980

990,535

UPL

Corp.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

5.25%

(a)(d)(k)

....................

1,908

1,916,705

Valvoline,

Inc.

(b)

4.25%,

02/15/30

..................

625

637,637

3.63%,

06/15/31

..................

500

484,150

WR

Grace

Holdings

LLC

(b)

4.88%,

06/15/27

..................

1,300

1,335,269

5.63%,

08/15/29

..................

8,413

8,612,809

101,696,469

Security

Par

(000)

Par

(000)

Value

Closed-ended

Funds

—

0.0%

Pershing

Square

Holdings

Ltd.,

5.50%,

07/15/22

(b)

.....................

USD

4,100

$

4,172,242

Commercial

Services

&

Supplies

—

0.7%

Allied

Universal

Holdco

LLC

6.63%,

07/15/26

(b)

.................

16,445

17,254,094

9.75%,

07/15/27

(b)

.................

6,943

7,418,075

3.63%,

06/01/28

(d)

.................

EUR

756

840,479

4.63%,

06/01/28

(b)

.................

USD

8,909

8,834,813

4.88%,

06/01/28

(d)

.................

GBP

310

406,488

6.00%,

06/01/29

(b)

.................

USD

5,421

5,271,923

APi

Escrow

Corp.,

4.75%,

10/15/29

(b)

......

1,044

1,064,880

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

.....

1,008

1,013,040

APX

Group,

Inc.

(b)

6.75%,

02/15/27

..................

800

840,000

5.75%,

07/15/29

..................

2,047

2,016,295

Aramark

Services,

Inc.

(b)

5.00%,

04/01/25

..................

3,523

3,594,164

6.38%,

05/01/25

..................

2,345

2,450,525

Brink's

Co.

(The),

5.50%,

07/15/25

(b)

......

102

106,080

Cimpress

plc,

7.00%,

06/15/26

(b)

.........

305

316,819

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

..................

1,927

1,984,810

5.13%,

07/15/29

..................

1,050

1,113,000

Covanta

Holding

Corp.,

5.00%,

09/01/30

...

3,962

4,041,240

Covert

Mergeco,

Inc.,

4.88%,

12/01/29

(b)

....

2,194

2,226,910

Deluxe

Corp.,

8.00%,

06/01/29

(b)

........

2,980

3,114,100

Garda

World

Security

Corp.

(b)

4.63%,

02/15/27

..................

1,931

1,921,345

9.50%,

11/01/27

..................

1,398

1,507,303

GFL

Environmental,

Inc.

(b)

4.25%,

06/01/25

..................

535

550,485

3.75%,

08/01/25

..................

2,236

2,258,360

5.13%,

12/15/26

..................

6,133

6,378,320

4.00%,

08/01/28

..................

5,434

5,325,320

3.50%,

09/01/28

..................

1,663

1,638,055

4.75%,

06/15/29

..................

2,589

2,611,654

4.38%,

08/15/29

..................

651

644,897

IAA,

Inc.,

5.50%,

06/15/27

(b)

...........

3,513

3,640,346

Intrum

AB

(d)

4.88%,

08/15/25

..................

EUR

438

517,324

3.50%,

07/15/26

..................

952

1,095,995

3.00%,

09/15/27

..................

500

559,186

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

.....................

USD

1,404

1,411,020

Madison

IAQ

LLC

(b)

4.13%,

06/30/28

..................

445

446,113

5.88%,

06/30/29

..................

3,989

3,988,999

Nielsen

Co.

Luxembourg

SARL

(The),

5.00%,

02/01/25

(b)

.....................

20

20,319

Nielsen

Finance

LLC

(b)

5.63%,

10/01/28

..................

4,443

4,587,397

5.88%,

10/01/30

..................

1,627

1,717,852

4.75%,

07/15/31

..................

505

498,688

Paprec

Holding

SA,

3.50%,

07/01/28

(d)

.....

EUR

513

591,178

Prime

Security

Services

Borrower

LLC

(b)

5.25%,

04/15/24

..................

USD

1,048

1,115,224

5.75%,

04/15/26

..................

4,232

4,543,771

3.38%,

08/31/27

..................

413

398,706

6.25%,

01/15/28

..................

2,019

2,104,808

Republic

Services,

Inc.

2.30%,

03/01/30

..................

265

265,670

2.38%,

03/15/33

..................

580

577,266

Ritchie

Bros

Auctioneers,

Inc.,

5.38%,

01/15/25

(b)

.....................

340

343,570

RR

Donnelley

&

Sons

Co.,

6.13%,

11/01/26

(b)

.

300

328,500

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

........

USD

1,335

$

1,314,975

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%,

07/30/26

(d)

................

EUR

883

1,033,098

Tuspark

Forward

Ltd.,

7.95%,

05/13/24

(d)

...

USD

570

255,538

Verde

Bidco

SpA,

4.63%,

10/01/26

(d)

......

EUR

231

268,648

Verisure

Holding

AB

(d)

3.50%,

05/15/23

..................

1,205

1,380,311

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(a)

....................

346

399,337

3.88%,

07/15/26

..................

538

623,051

3.25%,

02/15/27

..................

1,626

1,844,392

Verisure

Midholding

AB,

5.25%,

02/15/29

(d)

..

901

1,038,662

WASH

Multifamily

Acquisition,

Inc.,

5.75%,

04/15/26

(b)

.....................

USD

105

110,350

Waste

Management,

Inc.

1.50%,

03/15/31

..................

385

362,499

2.50%,

11/15/50

..................

85

80,864

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

5,206

5,179,970

129,387,101

Communications

Equipment

—

0.2%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

..........

7,699

8,160,940

CommScope

Technologies

LLC,

6.00%,

06/15/25

(b)

.....................

2,249

2,249,000

CommScope,

Inc.

(b)

6.00%,

03/01/26

..................

2,234

2,301,020

8.25%,

03/01/27

..................

1,349

1,386,354

7.13%,

07/01/28

..................

2,711

2,663,558

4.75%,

09/01/29

..................

3,456

3,434,607

Motorola

Solutions,

Inc.

4.60%,

05/23/29

..................

1,025

1,171,070

2.30%,

11/15/30

..................

680

656,940

2.75%,

05/24/31

..................

915

916,648

Nokia

OYJ

4.38%,

06/12/27

..................

380

410,400

6.63%,

05/15/39

..................

2,016

2,789,640

ViaSat,

Inc.

(b)

5.63%,

04/15/27

..................

4,544

4,683,501

6.50%,

07/15/28

..................

7,235

7,253,087

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

....

2,192

2,191,891

40,268,656

Construction

&

Engineering

—

0.2%

AECOM,

5.13%,

03/15/27

............

1,873

2,040,343

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%,

03/30/29

(b)

.....................

1,800

1,855,463

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

.........

2,674

2,710,768

Artera

Services

LLC,

9.03%,

12/04/25

(b)

....

495

523,678

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

(b)

.....................

3,391

3,387,846

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,

6.00%,

02/01/26

(b)

.............

1,755

1,825,200

China

City

Construction

International

Co.

Ltd.,

5.35%,

07/03/17

(c)(d)(f)(l)

.............

CNY

6,794

—

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

...

USD

780

794,625

Global

Infrastructure

Solutions,

Inc.,

5.63%,

06/01/29

(b)

.....................

100

102,500

GMR

Hyderabad

International

Airport

Ltd.,

5.38%,

04/10/24

(d)

................

3,036

3,116,264

Heathrow

Finance

plc

(d)(e)

5.25%,

03/01/24

..................

GBP

200

276,463

4.62%,

09/01/29

..................

1,071

1,425,733

MasTec,

Inc.,

4.50%,

08/15/28

(b)

.........

USD

2,133

2,215,654

Mexico

City

Airport

Trust,

4.25%,

10/31/26

(b)

.

5,101

5,408,016

Summit

Digitel

Infrastructure

Pvt

Ltd.,

2.88%,

08/12/31

(d)

.....................

2,270

2,190,437

Tutor

Perini

Corp.,

6.88%,

05/01/25

(b)

......

2,000

2,015,560

Security

Par

(000)

Par

(000)

Value

Construction

&

Engineering

(continued)

Weekley

Homes

LLC,

4.88%,

09/15/28

(b)

....

USD

125

$

128,750

30,017,300

Construction

Materials

—

0.0%

Cemex

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%

(a)(b)(k)

...............

2,980

3,084,300

Consumer

Finance

—

0.9%

AerCap

Ireland

Capital

DAC

3.15%,

02/15/24

..................

2,650

2,733,205

6.50%,

07/15/25

..................

885

1,011,324

1.75%,

01/30/26

..................

745

730,705

3.00%,

10/29/28

..................

565

572,987

3.30%,

01/30/32

..................

215

219,036

Ally

Financial,

Inc.

5.75%,

11/20/25

..................

1,940

2,187,989

2.20%,

11/02/28

..................

545

541,363

American

Express

Co.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(a)(k)

...............

35,415

35,476,976

American

Honda

Finance

Corp.

1.95%,

05/10/23

..................

590

599,314

1.20%,

07/08/25

..................

1,420

1,414,435

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

16,381,500

3.80%,

01/31/28

..................

560

609,655

(SOFR

+

1.27%),

2.62%,

11/02/32

(a)

.....

420

418,850

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(b)

.....................

569

564,733

Cobra

AcquisitionCo

LLC,

6.38%,

11/01/29

(b)

.

115

113,562

Credit

Acceptance

Corp.,

6.63%,

03/15/26

..

680

707,771

Curo

Group

Holdings

Corp.,

7.50%,

08/01/28

(b)

1,665

1,675,123

Encore

Capital

Group,

Inc.

(d)

4.88%,

10/15/25

..................

EUR

444

526,346

5.38%,

02/15/26

..................

GBP

300

420,277

4.25%,

06/01/28

..................

897

1,197,282

Enova

International,

Inc.,

8.50%,

09/15/25

(b)

..

USD

3,610

3,722,849

Ford

Motor

Credit

Co.

LLC

5.60%,

01/07/22

..................

551

551,386

3.35%,

11/01/22

..................

3,011

3,048,637

3.09%,

01/09/23

..................

433

440,320

4.14%,

02/15/23

..................

1,178

1,206,036

3.10%,

05/04/23

..................

367

373,881

4.38%,

08/06/23

..................

586

609,686

3.81%,

01/09/24

..................

1,775

1,841,101

5.58%,

03/18/24

..................

1,700

1,831,750

4.69%,

06/09/25

..................

200

215,000

5.13%,

06/16/25

..................

5,855

6,367,313

4.13%,

08/04/25

..................

3,078

3,266,528

3.38%,

11/13/25

..................

724

752,178

4.39%,

01/08/26

..................

2,800

3,017,000

2.70%,

08/10/26

..................

1,717

1,732,024

4.13%,

08/17/27

..................

319

344,322

3.82%,

11/02/27

..................

297

314,021

2.90%,

02/16/28

..................

3,210

3,218,025

5.11%,

05/03/29

..................

1,834

2,083,883

4.00%,

11/13/30

..................

1,938

2,084,900

3.63%,

06/17/31

..................

200

210,537

General

Motors

Financial

Co.,

Inc.

3.55%,

07/08/22

..................

1,690

1,714,546

3.25%,

01/05/23

..................

5,750

5,874,388

2.40%,

04/10/28

..................

255

256,052

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(j)

.......

USD

2,939

$

2,836,040

goeasy

Ltd.,

5.38%,

12/01/24

(b)

.........

995

1,022,362

John

Deere

Capital

Corp.,

2.60%,

03/07/24

..

205

211,989

King

Talent

Management

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.52%),

5.60%

(a)(d)(k)

...........

736

684,480

Manappuram

Finance

Ltd.,

5.90%,

01/13/23

(d)

2,944

3,006,560

Muthoot

Finance

Ltd.,

4.40%,

09/02/23

(d)

...

2,665

2,718,300

Navient

Corp.

7.25%,

09/25/23

..................

376

405,373

6.13%,

03/25/24

..................

1,629

1,736,921

5.88%,

10/25/24

..................

600

639,750

6.75%,

06/15/26

..................

950

1,050,082

5.00%,

03/15/27

..................

300

305,958

4.88%,

03/15/28

..................

200

199,500

5.50%,

03/15/29

..................

2,507

2,500,733

5.63%,

08/01/33

..................

150

142,876

OneMain

Finance

Corp.

5.63%,

03/15/23

..................

630

658,070

6.13%,

03/15/24

..................

885

938,303

6.88%,

03/15/25

..................

3,103

3,452,087

7.13%,

03/15/26

..................

7,239

8,252,460

3.50%,

01/15/27

..................

1,857

1,836,109

6.63%,

01/15/28

..................

3,075

3,444,000

5.38%,

11/15/29

..................

47

51,103

4.00%,

09/15/30

..................

8

7,867

PRA

Group,

Inc.,

5.00%,

10/01/29

(b)

.......

620

621,550

Shriram

Transport

Finance

Co.

Ltd.,

5.10%,

07/16/23

(d)

.....................

7,277

7,440,733

SLM

Corp.

4.20%,

10/29/25

..................

225

235,125

3.13%,

11/02/26

..................

1,322

1,308,780

Toyota

Motor

Credit

Corp.

1.15%,

08/13/27

..................

1,525

1,480,072

3.38%,

04/01/30

..................

327

358,346

World

Acceptance

Corp.,

7.00%,

11/01/26

(b)

..

2,215

2,220,538

162,944,863

Containers

&

Packaging

—

0.5%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

......

6,038

6,219,055

Ardagh

Metal

Packaging

Finance

USA

LLC

2.00%,

09/01/28

(d)

.................

EUR

388

436,437

3.00%,

09/01/29

(d)

.................

559

622,898

4.00%,

09/01/29

(b)

.................

USD

9,838

9,746,998

Ardagh

Packaging

Finance

plc

(b)

5.25%,

04/30/25

..................

280

289,100

4.13%,

08/15/26

..................

5,183

5,299,617

5.25%,

08/15/27

..................

6,646

6,687,538

Ball

Corp.

4.00%,

11/15/23

..................

300

313,125

5.25%,

07/01/25

..................

1,163

1,282,208

2.88%,

08/15/30

..................

747

724,590

3.13%,

09/15/31

..................

3,159

3,119,512

Berry

Global,

Inc.

1.57%,

01/15/26

..................

1,595

1,560,740

5.63%,

07/15/27

(b)

.................

525

549,281

Canpack

SA,

3.13%,

11/01/25

(b)

.........

810

812,025

Crown

Americas

LLC

4.75%,

02/01/26

..................

4,815

4,935,375

4.25%,

09/30/26

..................

4,724

5,042,870

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

368

443,900

Graphic

Packaging

International

LLC

3.50%,

03/15/28

(b)

.................

200

199,500

2.63%,

02/01/29

(d)

.................

EUR

344

398,889

3.50%,

03/01/29

(b)

.................

USD

364

361,270

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Greif,

Inc.,

6.50%,

03/01/27

(b)

...........

USD

495

$

513,563

Intelligent

Packaging

Ltd.

Finco,

Inc.,

6.00%,

09/15/28

(b)

.....................

250

256,875

International

Paper

Co.,

4.35%,

08/15/48

...

150

183,730

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(b)

.....................

1,402

1,402,000

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

2,905

2,687,125

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(d)

...

EUR

438

480,586

LABL,

Inc.,

5.88%,

11/01/28

(b)

..........

USD

2,185

2,251,916

Mauser

Packaging

Solutions

Holding

Co.

4.75%,

04/15/24

(d)

.................

EUR

200

227,415

5.50%,

04/15/24

(b)

.................

USD

4,205

4,243,560

OI

European

Group

BV

(d)

3.13%,

11/15/24

..................

EUR

200

233,648

2.88%,

02/15/25

..................

566

649,355

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

.....................

USD

450

471,375

SAN

Miguel

Industrias

Pet

SA,

3.50%,

08/02/28

(b)

.....................

5,500

5,391,031

Sealed

Air

Corp.

(b)

5.25%,

04/01/23

..................

486

503,618

4.00%,

12/01/27

..................

523

545,034

6.88%,

07/15/33

..................

675

857,135

Titan

Holdings

II

BV,

5.13%,

07/15/29

(d)

....

EUR

385

435,210

Trivium

Packaging

Finance

BV

(b)(e)

5.50%,

08/15/26

..................

USD

9,570

9,952,800

8.50%,

08/15/27

..................

11,963

12,650,873

WRKCo,

Inc.

3.75%,

03/15/25

..................

325

346,254

3.90%,

06/01/28

..................

890

974,395

3.00%,

06/15/33

..................

955

982,042

95,284,468

Distributors

—

0.0%

American

Builders

&

Contractors

Supply

Co.,

Inc.

(b)

4.00%,

01/15/28

..................

4,991

5,106,941

3.88%,

11/15/29

..................

745

743,138

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

(b)

831

848,509

Parts

Europe

SA,

(EURIBOR

3

Month

+

4.00%),

4.00%,

07/20/27

(a)(d)

..........

EUR

190

217,126

Ritchie

Bros

Holdings,

Inc.,

4.75%,

12/15/31

(b)

USD

485

506,219

7,421,933

Diversified

Consumer

Services

—

0.1%

Adtalem

Global

Education,

Inc.,

5.50%,

03/01/28

(b)

.....................

550

537,625

Carriage

Services,

Inc.,

4.25%,

05/15/29

(b)

..

376

374,120

Graham

Holdings

Co.,

5.75%,

06/01/26

(b)

...

998

1,036,673

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

...

1,634

1,604,898

Rekeep

SpA,

7.25%,

02/01/26

(d)

.........

EUR

1,260

1,526,319

Service

Corp.

International

4.63%,

12/15/27

..................

USD

833

869,444

5.13%,

06/01/29

..................

716

767,910

3.38%,

08/15/30

..................

1,285

1,261,317

4.00%,

05/15/31

..................

3,620

3,665,250

Sotheby's

(b)

7.38%,

10/15/27

..................

5,779

6,154,635

5.88%,

06/01/29

..................

1,976

2,015,520

19,813,711

Diversified

Financial

Services

—

0.3%

Avianca

Midco

2

Ltd.,

9.00%,

12/01/28

(b)

....

10,039

10,038,947

Blackstone

Private

Credit

Fund,

3.25%,

03/15/27

(b)

.....................

1,185

1,197,240

CPI

Acquisition,

Inc.,

8.63%,

03/15/26

(b)

....

2,917

3,084,932

doValue

SpA,

3.38%,

07/31/26

(d)

.........

EUR

703

808,769

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Garfunkelux

Holdco

3

SA

(d)

6.75%,

11/01/25

..................

EUR

1,732

$

2,043,856

7.75%,

11/01/25

..................

GBP

744

1,046,064

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

...

USD

3,083

3,160,075

Jefferson

Capital

Holdings

LLC,

6.00%,

08/15/26

(b)

.....................

220

222,750

Midcap

Financial

Issuer

Trust

(b)

6.50%,

05/01/28

..................

330

344,025

5.63%,

01/15/30

..................

250

250,651

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

(b)

.....................

2,301

2,332,639

NTT

Finance

Corp.,

1.16%,

04/03/26

(b)

.....

1,945

1,908,133

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%,

02/11/25

(b)

.............

258

239,263

ProGroup

AG,

3.00%,

03/31/26

(d)

........

EUR

800

921,046

Sabre

GLBL,

Inc.

(b)

9.25%,

04/15/25

..................

USD

3,134

3,541,420

7.38%,

09/01/25

..................

1,453

1,518,385

Shell

International

Finance

BV

2.38%,

11/07/29

..................

20

20,427

4.38%,

05/11/45

..................

10

12,150

3.00%,

11/26/51

..................

130

132,088

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

....

2,954

3,060,374

Siemens

Financieringsmaatschappij

NV

(b)

0.65%,

03/11/24

..................

880

872,770

2.88%,

03/11/41

..................

625

637,437

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

..

14,394

15,299,959

52,693,400

Diversified

Telecommunication

Services

—

1.6%

Altice

France

Holding

SA

8.00%,

05/15/27

(b)

.................

EUR

500

601,457

8.00%,

05/15/27

(d)

.................

299

359,671

10.50%,

05/15/27

(b)

................

USD

19,202

20,642,150

6.00%,

02/15/28

(b)

.................

2,886

2,756,130

Altice

France

SA

2.50%,

01/15/25

(d)

.................

EUR

817

916,202

5.88%,

02/01/27

(d)

.................

1,400

1,663,633

8.13%,

02/01/27

(b)

.................

USD

11,961

12,783,319

5.50%,

01/15/28

(b)

.................

4,359

4,325,915

4.13%,

01/15/29

(d)

.................

EUR

1,099

1,241,828

5.13%,

01/15/29

(b)

.................

USD

894

871,650

5.13%,

07/15/29

(b)

.................

7,272

7,093,472

4.25%,

10/15/29

(d)

.................

EUR

660

745,775

5.50%,

10/15/29

(b)

.................

USD

4,239

4,175,415

Arqiva

Broadcast

Finance

plc,

6.75%,

09/30/23

(d)

.....................

GBP

700

959,329

AT&T,

Inc.

2.63%,

12/01/22

..................

USD

416

421,228

4.35%,

03/01/29

..................

25

28,082

2.55%,

12/01/33

..................

795

777,543

4.50%,

05/15/35

..................

3,055

3,529,128

5.25%,

03/01/37

..................

700

865,839

5.15%,

03/15/42

..................

1,315

1,646,465

4.65%,

06/01/44

..................

200

234,238

3.50%,

09/15/53

..................

164

165,459

3.55%,

09/15/55

..................

926

929,360

3.80%,

12/01/57

..................

790

822,439

3.65%,

09/15/59

..................

406

410,015

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(d)(f)(l)

1,000

4,987

British

Telecommunications

plc

(a)(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%),

4.25%,

11/23/81

................

400

401,500

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%),

4.88%,

11/23/81

................

USD

1,200

$

1,207,932

CCO

Holdings

LLC

4.00%,

03/01/23

(b)

.................

165

165,007

5.13%,

05/01/27

(b)

.................

4,578

4,715,340

5.00%,

02/01/28

(b)

.................

1,891

1,966,640

5.38%,

06/01/29

(b)

.................

5,674

6,123,012

4.75%,

03/01/30

(b)

.................

4,890

5,085,600

4.50%,

08/15/30

(b)

.................

5,704

5,836,276

4.25%,

02/01/31

(b)

.................

6,790

6,849,616

4.50%,

05/01/32

..................

2,165

2,227,243

4.50%,

06/01/33

(b)

.................

2,030

2,071,067

4.25%,

01/15/34

(b)

.................

10,317

10,150,149

Cellnex

Telecom

SA,

0.75%,

11/20/31

(d)(i)

....

EUR

5,200

5,821,016

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

.....................

USD

6,109

6,475,540

Deutsche

Telekom

International

Finance

BV,

8.75%,

06/15/30

(e)

................

12

17,442

Embarq

Corp.,

8.00%,

06/01/36

.........

1,400

1,568,000

Frontier

Communications

Corp.

(b)

5.88%,

10/15/27

..................

3,018

3,191,535

5.00%,

05/01/28

..................

5,632

5,800,960

6.75%,

05/01/29

..................

3,439

3,576,560

Frontier

Communications

Holdings

LLC,

6.00%,

01/15/30

(b)

.....................

2,868

2,882,340

Iliad

Holding

SAS

5.13%,

10/15/26

(d)

.................

EUR

354

420,662

6.50%,

10/15/26

(b)

.................

USD

4,722

4,961,547

5.63%,

10/15/28

(d)

.................

EUR

150

179,751

7.00%,

10/15/28

(b)

.................

USD

3,011

3,166,277

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(b)(e)

....................

2,572

2,607,365

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(d)

EUR

916

1,048,272

Koninklijke

KPN

NV,

(USD

Swap

Semi

10

Year

+

5.21%),

7.00%,

03/28/73

(a)(b)

........

USD

200

209,940

Level

3

Financing,

Inc.

5.38%,

05/01/25

..................

550

561,971

4.63%,

09/15/27

(b)

.................

3,262

3,327,240

4.25%,

07/01/28

(b)

.................

2,228

2,205,720

3.63%,

01/15/29

(b)

.................

801

760,950

3.75%,

07/15/29

(b)

.................

2,549

2,421,550

Liquid

Telecommunications

Financing

plc,

5.50%,

09/04/26

(b)

................

775

796,070

Lorca

Telecom

Bondco

SA

4.00%,

09/18/27

(d)

.................

EUR

1,547

1,789,880

Lumen

Technologies,

Inc.

Series

W,

6.75%,

12/01/23

...........

USD

1,103

1,191,240

Series

Y,

7.50%,

04/01/24

...........

2,989

3,272,955

5.13%,

12/15/26

(b)

.................

4,935

5,135,509

4.00%,

02/15/27

(b)

.................

3,476

3,526,576

Series

G,

6.88%,

01/15/28

...........

51

56,738

4.50%,

01/15/29

(b)

.................

4,654

4,502,745

5.38%,

06/15/29

(b)

.................

4,071

4,071,000

Series

P,

7.60%,

09/15/39

...........

1,214

1,302,021

Series

U,

7.65%,

03/15/42

...........

2,328

2,505,149

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(a)(d)(k)

....................

4,615

4,849,500

Sprint

Capital

Corp.

6.88%,

11/15/28

..................

9,828

12,432,420

8.75%,

03/15/32

..................

10,302

15,453,000

Switch

Ltd.

(b)

3.75%,

09/15/28

..................

3,059

3,081,942

4.13%,

06/15/29

..................

5,945

6,078,763

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Telecom

Italia

Capital

SA

6.38%,

11/15/33

..................

USD

2,708

$

2,915,988

6.00%,

09/30/34

..................

5,359

5,668,027

7.20%,

07/18/36

..................

142

162,811

Telecom

Italia

Finance

SA,

7.75%,

01/24/33

.

EUR

610

922,844

Telecom

Italia

SpA

5.30%,

05/30/24

(b)

.................

USD

2,046

2,153,333

2.38%,

10/12/27

(d)

.................

EUR

600

672,854

1.63%,

01/18/29

(d)

.................

1,349

1,405,290

Telefonica

Emisiones

SA,

4.90%,

03/06/48

..

USD

670

805,880

Telesat

Canada

(b)

5.63%,

12/06/26

..................

150

140,865

4.88%,

06/01/27

..................

2,137

1,886,971

Verizon

Communications,

Inc.

3.88%,

02/08/29

..................

2,575

2,853,547

4.02%,

12/03/29

..................

24

26,906

1.50%,

09/18/30

..................

285

267,364

1.68%,

10/30/30

..................

711

675,543

2.55%,

03/21/31

..................

420

423,744

5.85%,

09/15/35

..................

690

921,267

4.27%,

01/15/36

..................

720

844,549

2.65%,

11/20/40

..................

1,400

1,330,304

3.40%,

03/22/41

..................

1,855

1,942,080

2.85%,

09/03/41

..................

440

434,073

3.85%,

11/01/42

..................

480

536,179

3.55%,

03/22/51

..................

251

270,293

2.99%,

10/30/56

..................

160

151,455

3.70%,

03/22/61

..................

1,034

1,121,080

Virgin

Media

Finance

plc

3.75%,

07/15/30

(d)

.................

EUR

661

750,827

5.00%,

07/15/30

(b)

.................

USD

200

199,000

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(d)

.................

GBP

100

140,974

5.50%,

05/15/29

(b)

.................

USD

1,400

1,478,246

4.50%,

08/15/30

(b)

.................

1,246

1,253,862

Windstream

Escrow

LLC,

7.75%,

08/15/28

(b)

.

680

721,113

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

..................

18,808

18,540,362

6.13%,

03/01/28

..................

11,728

11,552,080

300,189,968

Electric

Utilities

—

0.7%

Adani

Electricity

Mumbai

Ltd.,

3.87%,

07/22/31

(d)

.....................

830

807,532

AEP

Transmission

Co.

LLC,

3.15%,

09/15/49

.

75

76,354

Alabama

Power

Co.,

3.13%,

07/15/51

.....

55

56,082

Baltimore

Gas

&

Electric

Co.

3.20%,

09/15/49

..................

525

548,217

2.90%,

06/15/50

..................

5

4,968

DPL,

Inc.,

4.35%,

04/15/29

............

1,225

1,301,563

Drax

Finco

plc,

6.63%,

11/01/25

(b)

........

450

464,625

Duke

Energy

Carolinas

LLC

6.05%,

04/15/38

..................

100

138,592

3.70%,

12/01/47

..................

600

667,186

3.20%,

08/15/49

..................

982

1,016,343

Duke

Energy

Corp.

2.45%,

06/01/30

..................

225

223,382

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%),

3.25%,

01/15/82

(a)

...............

9,390

9,152,422

Duke

Energy

Florida

LLC

2.50%,

12/01/29

..................

2,225

2,286,412

1.75%,

06/15/30

..................

255

244,704

3.85%,

11/15/42

..................

320

358,664

Duke

Energy

Progress

LLC,

3.45%,

03/15/29

.

2,868

3,094,893

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Edison

International

2.40%,

09/15/22

..................

USD

1,985

$

2,004,056

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%

(a)(k)

.....................

1,870

1,910,766

Emera

US

Finance

LP,

0.83%,

06/15/24

....

975

956,839

Enel

Finance

International

NV,

1.38%,

07/12/26

(b)

.....................

1,590

1,548,373

Entergy

Corp.,

0.90%,

09/15/25

.........

2,110

2,043,604

Eversource

Energy,

2.80%,

05/01/23

......

690

702,032

Exelon

Corp.

3.95%,

06/15/25

..................

595

635,669

4.70%,

04/15/50

..................

250

313,835

FirstEnergy

Corp.

Series

B,

4.40%,

07/15/27

(e)

..........

1,200

1,292,444

2.65%,

03/01/30

..................

2,069

2,043,137

Series

B,

2.25%,

09/01/30

...........

161

154,993

Series

C,

7.38%,

11/15/31

...........

1,779

2,400,583

Series

C,

5.35%,

07/15/47

(e)

..........

935

1,111,486

Series

C,

3.40%,

03/01/50

...........

6,607

6,474,860

FirstEnergy

Transmission

LLC

(b)

4.35%,

01/15/25

..................

1,235

1,313,004

5.45%,

07/15/44

..................

3,738

4,717,151

4.55%,

04/01/49

..................

1,448

1,652,987

Florida

Power

&

Light

Co.

3.70%,

12/01/47

..................

365

417,864

3.15%,

10/01/49

..................

550

583,904

2.88%,

12/04/51

..................

540

547,641

Huachen

Energy

Co.

Ltd.,

6.63%,

05/18/20

(d)(f)(l)

901

346,603

India

Cleantech

Energy,

4.70%,

08/10/26

(b)

..

1,765

1,790,923

Kallpa

Generacion

SA,

4.88%,

05/24/26

(d)

...

4,804

5,102,148

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

07/01/29

(b)

................

300

303,000

MidAmerican

Energy

Co.

3.65%,

04/15/29

..................

825

909,110

4.25%,

07/15/49

..................

1,175

1,449,834

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(d)

.....................

4,260

4,135,661

Naturgy

Finance

BV,

(EUR

Swap

Annual

5

Year

+

2.44%),

2.37%

(a)(d)(k)

..............

EUR

900

1,026,361

NextEra

Energy

Capital

Holdings,

Inc.

3.55%,

05/01/27

..................

USD

215

232,909

1.90%,

06/15/28

..................

600

593,675

2.44%,

01/15/32

..................

805

806,798

3.00%,

01/15/52

..................

205

204,636

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

03/15/82

(a)

...............

18,905

19,232,762

NextEra

Energy

Operating

Partners

LP

(b)

4.25%,

07/15/24

..................

365

379,144

4.25%,

09/15/24

..................

35

36,225

Northern

States

Power

Co.

2.90%,

03/01/50

..................

350

353,350

2.60%,

06/01/51

..................

360

343,429

NRG

Energy,

Inc.

6.63%,

01/15/27

..................

887

922,068

2.45%,

12/02/27

(b)

.................

800

792,687

5.75%,

01/15/28

..................

614

649,066

5.25%,

06/15/29

(b)

.................

261

279,631

3.63%,

02/15/31

(b)

.................

1,694

1,651,650

3.88%,

02/15/32

(b)

.................

2,913

2,854,740

Ohio

Power

Co.

4.00%,

06/01/49

..................

975

1,120,040

Series

R,

2.90%,

10/01/51

...........

55

53,038

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Oncor

Electric

Delivery

Co.

LLC

3.75%,

04/01/45

..................

USD

840

$

955,521

3.70%,

05/15/50

..................

1,205

1,385,159

Pacific

Gas

&

Electric

Co.

3.45%,

07/01/25

..................

1,460

1,514,256

3.30%,

12/01/27

..................

1,065

1,082,475

4.45%,

04/15/42

..................

475

482,172

4.00%,

12/01/46

..................

258

250,374

4.95%,

07/01/50

..................

872

949,657

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

.....................

2,869

2,976,588

PECO

Energy

Co.,

2.85%,

09/15/51

......

130

128,732

PG&E

Corp.,

5.25%,

07/01/30

..........

1,313

1,376,943

PPL

Electric

Utilities

Corp.,

3.95%,

06/01/47

.

25

29,198

Progress

Energy,

Inc.,

6.00%,

12/01/39

....

350

479,484

Public

Service

Co.

of

Colorado

Series

34,

3.20%,

03/01/50

..........

600

625,535

2.70%,

01/15/51

..................

100

95,943

Southern

California

Edison

Co.

Series

J,

0.70%,

08/01/23

...........

305

303,087

1.10%,

04/01/24

..................

1,200

1,195,441

4.00%,

04/01/47

..................

575

634,003

Series

B,

4.88%,

03/01/49

...........

70

85,454

Series

20A,

2.95%,

02/01/51

.........

240

228,523

Series

H,

3.65%,

06/01/51

...........

435

471,300

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

.....................

5,095

5,583,165

Tampa

Electric

Co.

4.45%,

06/15/49

..................

375

471,246

3.45%,

03/15/51

..................

135

147,401

Virginia

Electric

&

Power

Co.

Series

B,

6.00%,

01/15/36

...........

250

342,762

4.45%,

02/15/44

..................

300

366,203

4.60%,

12/01/48

..................

595

759,039

Vistra

Operations

Co.

LLC

(b)

5.63%,

02/15/27

..................

944

972,320

5.00%,

07/31/27

..................

365

378,804

4.38%,

05/01/29

..................

1,733

1,735,825

124,843,265

Electrical

Equipment

—

0.1%

Atkore,

Inc.,

4.25%,

06/01/31

(b)

..........

3,152

3,230,800

Energizer

Gamma

Acquisition

BV,

3.50%,

06/30/29

(d)

.....................

EUR

588

646,265

Sensata

Technologies

BV

(b)

5.00%,

10/01/25

..................

USD

3,445

3,737,825

4.00%,

04/15/29

..................

3,788

3,868,495

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.....

5,452

5,506,520

16,989,905

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Belden,

Inc.

(d)

4.13%,

10/15/26

..................

EUR

1,260

1,460,156

3.88%,

03/15/28

..................

500

585,758

II-VI,

Inc.,

5.00%,

12/15/29

(b)

...........

USD

3,191

3,258,713

Sensata

Technologies,

Inc.

(b)

4.38%,

02/15/30

..................

2,240

2,352,000

3.75%,

02/15/31

..................

750

747,338

8,403,965

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

..................

1,728

1,814,400

6.25%,

04/01/28

..................

4,533

4,726,650

Baker

Hughes

a

GE

Co.

LLC,

2.77%,

12/15/22

410

418,143

Bristow

Group,

Inc.,

6.88%,

03/01/28

(b)

.....

310

322,468

CGG

SA,

7.75%,

04/01/27

(d)

...........

EUR

567

640,043

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

ChampionX

Corp.,

6.38%,

05/01/26

.......

USD

564

$

586,560

Halliburton

Co.

3.80%,

11/15/25

..................

475

510,634

2.92%,

03/01/30

..................

350

360,054

5.00%,

11/15/45

..................

275

328,549

Hilong

Holding

Ltd.,

9.75%,

11/18/24

(d)

.....

415

335,450

Nabors

Industries

Ltd.

(b)

7.25%,

01/15/26

..................

397

367,225

7.50%,

01/15/28

..................

1,152

1,042,560

Nabors

Industries,

Inc.

(b)

9.00%,

02/01/25

..................

200

206,000

7.38%,

05/15/27

..................

1,889

1,955,474

Oceaneering

International,

Inc.,

4.65%,

11/15/24

......................

425

426,636

Patterson-UTI

Energy,

Inc.,

5.15%,

11/15/29

.

175

177,584

Precision

Drilling

Corp.,

7.13%,

01/15/26

(b)

..

500

508,750

Tervita

Corp.,

11.00%,

12/01/25

(b)

........

993

1,143,191

Transocean,

Inc.,

11.50%,

01/30/27

(b)

......

1,164

1,140,720

USA

Compression

Partners

LP

6.88%,

04/01/26

..................

3,963

4,121,520

6.88%,

09/01/27

..................

4,057

4,285,206

Vallourec

SA,

8.50%,

06/30/26

(d)

.........

EUR

717

840,386

Weatherford

International

Ltd.

(b)

6.50%,

09/15/28

..................

USD

1,357

1,435,835

8.63%,

04/30/30

..................

1,723

1,788,732

29,482,770

Entertainment

—

0.2%

AMC

Entertainment

Holdings,

Inc.,

10.00%,

06/15/26

(b)

.....................

1,655

1,635,231

Banijay

Entertainment

SASU,

5.38%,

03/01/25

(b)

.....................

200

204,000

Banijay

Group

SAS,

6.50%,

03/01/26

(d)

.....

EUR

700

827,084

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

.....................

USD

892

907,610

Live

Nation

Entertainment,

Inc.

(b)

4.88%,

11/01/24

..................

659

665,590

6.50%,

05/15/27

..................

9,659

10,564,531

4.75%,

10/15/27

..................

921

946,328

3.75%,

01/15/28

..................

1,007

999,447

NBCUniversal

Media

LLC,

5.95%,

04/01/41

..

380

543,890

Netflix,

Inc.

4.38%,

11/15/26

..................

1,040

1,151,800

4.88%,

04/15/28

..................

590

672,600

5.88%,

11/15/28

..................

800

962,000

4.88%,

06/15/30

(b)

.................

1,600

1,866,000

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

...

3,691

3,617,180

TWDC

Enterprises

18

Corp.,

4.13%,

06/01/44

85

101,517

Walt

Disney

Co.

(The)

1.65%,

09/01/22

..................

10

10,082

6.40%,

12/15/35

..................

375

536,646

3.50%,

05/13/40

..................

358

392,079

3.60%,

01/13/51

..................

300

339,260

WMG

Acquisition

Corp.

3.88%,

07/15/30

(b)

.................

1,234

1,254,052

2.25%,

08/15/31

(d)

.................

EUR

773

868,708

29,065,635

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.8%

Alexandria

Real

Estate

Equities,

Inc.

3.95%,

01/15/28

..................

USD

1,925

2,125,272

4.90%,

12/15/30

..................

835

1,002,985

1.88%,

02/01/33

..................

300

281,895

American

Finance

Trust,

Inc.,

4.50%,

09/30/28

(b)

.....................

499

502,673

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

American

Tower

Corp.

3.50%,

01/31/23

..................

USD

680

$

698,266

3.38%,

10/15/26

..................

995

1,057,210

3.95%,

03/15/29

..................

615

670,549

2.10%,

06/15/30

..................

1,195

1,150,592

2.70%,

04/15/31

..................

600

601,825

Boston

Properties

LP

2.90%,

03/15/30

..................

825

840,114

2.45%,

10/01/33

..................

510

493,874

Brookfield

Property

REIT,

Inc.

(b)

5.75%,

05/15/26

..................

800

828,000

4.50%,

04/01/27

..................

1,856

1,820,866

Camden

Property

Trust,

2.80%,

05/15/30

...

290

301,585

Crown

Castle

International

Corp.

3.80%,

02/15/28

..................

1,075

1,169,701

4.30%,

02/15/29

..................

715

798,149

2.10%,

04/01/31

..................

200

191,389

2.50%,

07/15/31

..................

1,200

1,191,098

2.90%,

04/01/41

..................

200

194,505

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

....

1,248

1,272,960

Diversified

Healthcare

Trust,

9.75%,

06/15/25

705

762,775

Duke

Realty

LP,

3.05%,

03/01/50

........

120

117,712

Equinix,

Inc.

2.90%,

11/18/26

..................

575

595,677

3.00%,

07/15/50

..................

225

215,236

2.95%,

09/15/51

..................

665

627,628

ERP

Operating

LP,

2.85%,

11/01/26

......

530

557,499

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

...

998

974,664

GLP

Capital

LP

4.00%,

01/15/30

..................

1,720

1,819,839

3.25%,

01/15/32

..................

420

422,264

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(b)

....

1,302

1,315,020

Healthpeak

Properties,

Inc.

3.00%,

01/15/30

..................

458

480,781

2.88%,

01/15/31

..................

75

77,994

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

.......

3,927

4,019,167

Iron

Mountain,

Inc.

(b)

4.88%,

09/15/27

..................

1,000

1,036,980

4.88%,

09/15/29

..................

900

931,482

5.25%,

07/15/30

..................

6,570

6,923,607

4.50%,

02/15/31

..................

980

990,476

5.63%,

07/15/32

..................

5,727

6,128,944

iStar,

Inc.,

4.25%,

08/01/25

............

700

715,750

LMIRT

Capital

Pte.

Ltd.,

7.25%,

06/19/24

(d)

..

2,920

2,993,000

MGM

Growth

Properties

Operating

Partnership

LP

5.63%,

05/01/24

..................

2,080

2,222,938

4.63%,

06/15/25

(b)

.................

2,345

2,499,981

4.50%,

09/01/26

..................

3,798

4,082,850

5.75%,

02/01/27

..................

2,046

2,311,980

4.50%,

01/15/28

..................

4,794

5,177,520

3.88%,

02/15/29

(b)

.................

2,382

2,501,100

Mid-America

Apartments

LP,

1.70%,

02/15/31

230

219,636

MPT

Operating

Partnership

LP

5.25%,

08/01/26

..................

1,055

1,085,331

5.00%,

10/15/27

..................

1,392

1,456,380

4.63%,

08/01/29

..................

3,406

3,593,330

3.50%,

03/15/31

..................

8,860

8,959,675

Park

Intermediate

Holdings

LLC,

5.88%,

10/01/28

(b)

.....................

1,675

1,742,000

Prologis

LP,

2.25%,

04/15/30

...........

600

603,049

Realty

Income

Corp.

3.88%,

04/15/25

..................

450

484,054

3.00%,

01/15/27

..................

370

390,326

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

3.95%,

08/15/27

..................

USD

360

$

399,153

2.20%,

06/15/28

..................

320

322,994

2.85%,

12/15/32

..................

245

254,236

RHP

Hotel

Properties

LP

4.75%,

10/15/27

..................

5,318

5,424,360

4.50%,

02/15/29

(b)

.................

3,005

3,005,000

RLJ

Lodging

Trust

LP

(b)

3.75%,

07/01/26

..................

847

851,659

4.00%,

09/15/29

..................

741

733,086

SBA

Communications

Corp.,

3.88%,

02/15/27

5,673

5,843,190

Service

Properties

Trust

4.65%,

03/15/24

..................

500

493,753

4.35%,

10/01/24

..................

238

233,241

7.50%,

09/15/25

..................

2,993

3,242,720

5.50%,

12/15/27

..................

973

998,570

Simon

Property

Group

LP,

3.80%,

07/15/50

..

660

740,097

Trust

Fibra

Uno,

5.25%,

01/30/26

(b)

.......

1,955

2,138,281

UDR,

Inc.

3.20%,

01/15/30

..................

300

315,176

2.10%,

08/01/32

..................

85

80,796

Uniti

Group

LP

(b)

7.88%,

02/15/25

..................

1,250

1,304,688

4.75%,

04/15/28

..................

4,581

4,543,115

6.50%,

02/15/29

..................

4,188

4,173,614

6.00%,

01/15/30

..................

1,095

1,053,768

Ventas

Realty

LP,

3.00%,

01/15/30

.......

680

701,795

VICI

Properties

LP

(b)

3.50%,

02/15/25

..................

2,815

2,857,225

4.25%,

12/01/26

..................

4,856

5,057,378

3.75%,

02/15/27

..................

3,497

3,611,859

4.63%,

12/01/29

..................

2,586

2,752,086

4.13%,

08/15/30

..................

9,258

9,790,335

Welltower,

Inc.,

2.05%,

01/15/29

.........

485

477,325

XHR

LP

(b)

6.38%,

08/15/25

..................

450

475,978

4.88%,

06/01/29

..................

220

223,850

148,329,481

Food

&

Staples

Retailing

—

0.2%

7-Eleven,

Inc.,

0.95%,

02/10/26

(b)

........

1,415

1,370,184

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

..................

2,763

2,814,806

4.63%,

01/15/27

..................

3,587

3,764,341

5.88%,

02/15/28

..................

2,984

3,163,040

4.88%,

02/15/30

..................

2,102

2,269,572

Bellis

Acquisition

Co.

plc

(d)

3.25%,

02/16/26

..................

GBP

300

390,380

4.50%,

02/16/26

..................

1,141

1,541,312

Casino

Guichard

Perrachon

SA

(d)

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(a)(k)

.....................

EUR

800

594,297

5.25%,

04/15/27

..................

900

969,145

Iceland

Bondco

plc

(d)

4.63%,

03/15/25

..................

GBP

600

760,357

4.38%,

05/15/28

..................

625

738,114

Ingles

Markets,

Inc.,

4.00%,

06/15/31

(b)

.....

USD

350

352,625

Ocado

Group

plc,

3.88%,

10/08/26

(d)

......

GBP

835

1,100,326

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

.....................

USD

2,389

2,370,031

Picard

Groupe

SAS,

3.88%,

07/01/26

(d)

....

EUR

504

580,259

Quatrim

SASU,

5.88%,

01/15/24

(d)

.......

900

1,051,113

SEG

Holding

LLC,

5.63%,

10/15/28

(b)

......

USD

120

125,700

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

669

716,365

US

Foods,

Inc.,

4.75%,

02/15/29

(b)

.......

3,152

3,203,220

Walmart,

Inc.

2.50%,

09/22/41

..................

20

20,165

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Food

&

Staples

Retailing

(continued)

2.65%,

09/22/51

..................

USD

730

$

746,385

28,641,737

Food

Products

—

0.4%

Chobani

LLC

(b)

7.50%,

04/15/25

..................

4,281

4,407,075

4.63%,

11/15/28

..................

1,734

1,781,607

General

Mills,

Inc.,

3.00%,

02/01/51

......

46

46,125

Health

&

Happiness

H&H

International

Holdings

Ltd.,

5.63%,

10/24/24

(d)

.............

430

429,140

JBS

USA

LUX

SA,

3.75%,

12/01/31

(b)

......

2,678

2,718,170

JDE

Peet's

NV,

1.38%,

01/15/27

(b)

........

1,130

1,091,259

Knight

Castle

Investments

Ltd.,

7.99%,

01/23/21

(d)(f)(l)

...................

231

161,628

Kraft

Heinz

Foods

Co.

3.75%,

04/01/30

..................

1,600

1,727,080

5.00%,

07/15/35

..................

603

737,674

6.88%,

01/26/39

..................

2,541

3,734,588

4.63%,

10/01/39

..................

1,024

1,202,671

6.50%,

02/09/40

..................

1,215

1,728,030

5.00%,

06/04/42

..................

3,010

3,744,312

5.20%,

07/15/45

..................

986

1,253,672

4.38%,

06/01/46

..................

5,204

6,093,886

4.88%,

10/01/49

..................

9,738

12,230,366

5.50%,

06/01/50

..................

13,225

17,905,137

Lamb

Weston

Holdings,

Inc.

(b)

4.88%,

05/15/28

..................

661

715,533

4.13%,

01/31/30

..................

1,267

1,300,183

4.38%,

01/31/32

..................

1,824

1,881,036

Pilgrim's

Pride

Corp.

(b)

5.88%,

09/30/27

..................

900

950,346

4.25%,

04/15/31

..................

140

147,000

3.50%,

03/01/32

..................

4,415

4,459,150

Post

Holdings,

Inc.

(b)

5.75%,

03/01/27

..................

1,500

1,548,750

5.63%,

01/15/28

..................

2,142

2,269,963

5.50%,

12/15/29

..................

514

540,024

4.63%,

04/15/30

..................

444

452,214

4.50%,

09/15/31

..................

972

964,710

Premier

Foods

Finance

plc,

3.50%,

10/15/26

(d)

GBP

569

761,506

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

USD

3,620

3,565,700

Tereos

Finance

Groupe

I

SA,

7.50%,

10/30/25

(d)

EUR

687

838,331

81,386,866

Gas

Utilities

—

0.0%

AmeriGas

Partners

LP

5.63%,

05/20/24

..................

USD

550

594,643

5.88%,

08/20/26

..................

250

279,627

5.75%,

05/20/27

..................

350

387,188

Atmos

Energy

Corp.,

2.85%,

02/15/52

.....

305

296,385

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

......................

455

430,943

China

Oil

&

Gas

Group

Ltd.,

5.50%,

01/25/23

(d)

430

434,515

Infraestructura

Energetica

Nova

SAB

de

CV,

4.75%,

01/15/51

(b)

................

2,618

2,617,673

Promigas

SA

ESP,

3.75%,

10/16/29

(b)

......

925

909,853

Suburban

Propane

Partners

LP

5.88%,

03/01/27

..................

800

826,000

5.00%,

06/01/31

(b)

.................

902

912,148

Superior

Plus

LP,

4.50%,

03/15/29

(b)

......

170

174,733

7,863,708

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories

4.75%,

11/30/36

..................

345

440,262

6.15%,

11/30/37

..................

240

353,719

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Avantor

Funding,

Inc.

2.63%,

11/01/25

(d)

.................

EUR

200

$

232,817

4.63%,

07/15/28

(b)

.................

USD

7,976

8,314,980

3.88%,

11/01/29

(b)

.................

1,508

1,524,452

Becton

Dickinson

and

Co.

3.73%,

12/15/24

..................

158

167,943

3.70%,

06/06/27

..................

2,175

2,370,256

4.69%,

12/15/44

..................

540

679,906

4.67%,

06/06/47

..................

285

359,337

3.79%,

05/20/50

..................

61

68,446

DH

Europe

Finance

II

SARL,

2.05%,

11/15/22

715

724,166

Hologic,

Inc.

(b)

4.63%,

02/01/28

..................

300

315,000

3.25%,

02/15/29

..................

962

962,000

Medtronic,

Inc.,

4.38%,

03/15/35

........

35

43,055

Mozart

Debt

Merger

Sub,

Inc.

(b)

3.88%,

04/01/29

..................

3,622

3,609,215

5.25%,

10/01/29

..................

9,461

9,590,048

Ortho-Clinical

Diagnostics,

Inc.

(b)

7.38%,

06/01/25

..................

5,484

5,785,620

7.25%,

02/01/28

..................

5,898

6,340,350

Teleflex,

Inc.,

4.25%,

06/01/28

(b)

.........

1,117

1,150,722

Varex

Imaging

Corp.,

7.88%,

10/15/27

(b)

....

147

163,332

43,195,626

Health

Care

Providers

&

Services

—

1.2%

180

Medical,

Inc.,

3.88%,

10/15/29

(b)

......

1,063

1,076,288

Acadia

Healthcare

Co.,

Inc.

(b)

5.50%,

07/01/28

..................

2,301

2,418,512

5.00%,

04/15/29

..................

3,095

3,180,113

AdaptHealth

LLC

(b)

6.13%,

08/01/28

..................

899

952,940

5.13%,

03/01/30

..................

386

392,755

Aetna,

Inc.

4.75%,

03/15/44

..................

550

671,828

3.88%,

08/15/47

..................

126

140,160

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

.

2,605

2,578,950

Akumin

Escrow,

Inc.,

7.50%,

08/01/28

(b)

....

446

418,125

Akumin,

Inc.,

7.00%,

11/01/25

(b)

.........

554

527,242

Anthem,

Inc.

2.38%,

01/15/25

..................

105

108,272

4.65%,

01/15/43

..................

250

312,381

3.70%,

09/15/49

..................

450

500,732

CAB

SELAS,

3.38%,

02/01/28

(d)

.........

EUR

714

811,805

Cano

Health

LLC,

6.25%,

10/01/28

(b)

......

USD

872

872,024

Centene

Corp.

4.25%,

12/15/27

..................

552

575,460

2.45%,

07/15/28

..................

5,052

4,976,220

4.63%,

12/15/29

..................

5,929

6,394,189

3.00%,

10/15/30

..................

8,688

8,831,439

2.50%,

03/01/31

..................

12,446

12,116,368

2.63%,

08/01/31

..................

3,219

3,154,620

Chrome

Bidco

SASU,

3.50%,

05/31/28

(d)

....

EUR

1,468

1,683,846

Chrome

Holdco

SASU,

5.00%,

05/31/29

(d)

...

332

377,982

Cigna

Corp.

4.13%,

11/15/25

..................

USD

400

437,447

6.13%,

11/15/41

..................

140

201,762

4.90%,

12/15/48

..................

580

749,432

3.40%,

03/15/50

..................

155

160,882

CommonSpirit

Health

3.35%,

10/01/29

..................

500

531,690

2.78%,

10/01/30

..................

225

230,292

3.91%,

10/01/50

..................

440

489,516

Community

Health

Systems,

Inc.

(b)

6.63%,

02/15/25

..................

10,556

10,925,460

8.00%,

03/15/26

..................

9,717

10,214,996

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

5.63%,

03/15/27

..................

USD

3,600

$

3,809,988

8.00%,

12/15/27

..................

400

432,000

6.00%,

01/15/29

..................

5,391

5,748,154

6.88%,

04/15/29

..................

273

278,119

6.13%,

04/01/30

..................

1,702

1,683,823

CVS

Health

Corp.

3.50%,

07/20/22

..................

2,370

2,396,508

1.30%,

08/21/27

..................

160

155,108

4.30%,

03/25/28

..................

789

885,406

1.88%,

02/28/31

..................

3,235

3,103,681

5.13%,

07/20/45

..................

1,050

1,364,857

5.05%,

03/25/48

..................

530

692,942

DaVita,

Inc.,

4.63%,

06/01/30

(b)

.........

81

82,924

Encompass

Health

Corp.

4.50%,

02/01/28

..................

566

582,272

4.75%,

02/01/30

..................

4,043

4,164,290

4.63%,

04/01/31

..................

1,444

1,469,270

HCA,

Inc.

5.88%,

05/01/23

..................

300

317,625

5.38%,

02/01/25

..................

2,268

2,492,532

5.88%,

02/15/26

..................

1,000

1,127,880

5.38%,

09/01/26

..................

5,759

6,471,676

5.63%,

09/01/28

..................

2,414

2,820,735

5.88%,

02/01/29

..................

2,425

2,889,509

3.50%,

09/01/30

..................

8,433

8,912,627

5.50%,

06/15/47

..................

960

1,256,200

5.25%,

06/15/49

..................

665

854,073

3.50%,

07/15/51

..................

660

672,851

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

......

2,536

2,510,640

Humana,

Inc.,

2.15%,

02/03/32

.........

255

246,568

Kaiser

Foundation

Hospitals,

Series

2021,

2.81%,

06/01/41

.................

299

300,615

Korian

SA,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(a)(d)(k)

GBP

800

1,078,785

Laboratoire

Eimer

Selas,

5.00%,

02/01/29

(d)

..

EUR

217

249,883

Legacy

LifePoint

Health

LLC

(b)

6.75%,

04/15/25

..................

USD

1,540

1,605,450

4.38%,

02/15/27

..................

1,962

1,976,715

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

....

3,264

3,247,680

MEDNAX,

Inc.,

6.25%,

01/15/27

(b)

........

867

907,099

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/01/29

(b)

.....................

1,271

1,298,021

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

.......

2,951

3,098,550

Molina

Healthcare,

Inc.

(b)

4.38%,

06/15/28

..................

2,654

2,733,620

3.88%,

11/15/30

..................

1,428

1,481,550

3.88%,

05/15/32

..................

2,538

2,553,862

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

..

1,533

1,536,833

Owens

&

Minor,

Inc.,

4.50%,

03/31/29

(b)

....

480

492,000

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

.....................

5,756

6,101,360

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

................

649

685,798

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25

(b)

...

355

358,106

Select

Medical

Corp.,

6.25%,

08/15/26

(b)

....

2,130

2,256,192

Surgery

Center

Holdings,

Inc.

(b)

6.75%,

07/01/25

..................

5,077

5,115,077

10.00%,

04/15/27

.................

4,850

5,153,125

Sutter

Health

Series

20A,

2.29%,

08/15/30

.........

870

868,737

Series

20A,

3.36%,

08/15/50

.........

244

255,674

Team

Health

Holdings,

Inc.,

6.38%,

02/01/25

(b)

432

406,620

Tenet

Healthcare

Corp.

4.63%,

07/15/24

..................

466

471,825

4.63%,

09/01/24

(b)

.................

1,371

1,401,847

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

7.50%,

04/01/25

(b)

.................

USD

1,506

$

1,584,990

4.88%,

01/01/26

(b)

.................

8,341

8,567,291

6.25%,

02/01/27

(b)

.................

2,524

2,612,340

5.13%,

11/01/27

(b)

.................

7,002

7,290,833

4.63%,

06/15/28

(b)

.................

234

240,435

6.13%,

10/01/28

(b)

.................

3,804

4,017,823

4.25%,

06/01/29

(b)

.................

1,517

1,540,498

UnitedHealth

Group,

Inc.

3.50%,

08/15/39

..................

775

859,314

2.75%,

05/15/40

..................

345

350,237

4.75%,

07/15/45

..................

440

575,992

4.25%,

06/15/48

..................

510

631,741

3.70%,

08/15/49

..................

400

460,281

3.25%,

05/15/51

..................

180

194,729

US

Acute

Care

Solutions

LLC,

6.38%,

03/01/26

(b)

.....................

375

392,813

Vizient,

Inc.,

6.25%,

05/15/27

(b)

.........

2,284

2,383,925

211,774,252

Health

Care

Technology

—

0.0%

IQVIA,

Inc.

(b)

5.00%,

10/15/26

..................

1,065

1,092,956

5.00%,

05/15/27

..................

5,901

6,109,306

7,202,262

Hotels,

Restaurants

&

Leisure

—

1.4%

1011778

BC

ULC

(b)

5.75%,

04/15/25

..................

2,266

2,350,975

3.88%,

01/15/28

..................

2,630

2,663,559

4.38%,

01/15/28

..................

3,121

3,183,420

4.00%,

10/15/30

..................

1,013

995,272

Accor

SA

(d)

(EUR

Swap

Annual

5

Year

+

4.56%),

4.37%

(a)(k)

.....................

EUR

600

694,200

0.70%,

12/07/27

(i)

.................

892

523,954

Affinity

Gaming,

6.88%,

12/15/27

(b)

.......

USD

1,277

1,328,080

Boyd

Gaming

Corp.

8.63%,

06/01/25

(b)

.................

495

530,402

4.75%,

12/01/27

..................

1,104

1,126,080

4.75%,

06/15/31

(b)

.................

4,025

4,105,500

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

2,540

2,616,200

Burger

King

France

SAS,

(EURIBOR

3

Month

+

4.75%),

4.75%,

11/01/26

(a)(d)

..........

EUR

225

259,680

Caesars

Entertainment,

Inc.

(b)

6.25%,

07/01/25

..................

USD

13,798

14,482,726

8.13%,

07/01/27

..................

10,382

11,497,442

4.63%,

10/15/29

..................

5,116

5,116,000

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

.....................

5,952

6,215,763

Carnival

Corp.

10.13%,

02/01/26

(d)

................

EUR

915

1,176,683

10.50%,

02/01/26

(b)

................

USD

3,442

3,929,026

7.63%,

03/01/26

(d)

.................

EUR

636

760,290

5.75%,

03/01/27

(b)

.................

USD

6,235

6,235,000

9.88%,

08/01/27

(b)

.................

4,462

5,098,794

4.00%,

08/01/28

(b)

.................

9,895

9,820,788

6.00%,

05/01/29

(b)

.................

4,151

4,130,245

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

......

1,275

1,327,594

Cedar

Fair

LP

5.50%,

05/01/25

(b)

.................

5,048

5,224,680

6.50%,

10/01/28

..................

435

463,275

Champion

Path

Holdings

Ltd.,

4.85%,

01/27/28

(d)

.....................

4,311

4,104,341

Churchill

Downs,

Inc.

(b)

5.50%,

04/01/27

..................

6,993

7,202,790

4.75%,

01/15/28

..................

2,982

3,086,370

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Cirsa

Finance

International

SARL

(d)

4.75%,

05/22/25

..................

EUR

1,133

$

1,278,639

4.50%,

03/15/27

..................

274

304,930

Codere

Finance

2

Luxembourg

SA

(j)

11.00%,

(11.00%

Cash

or

11.00%

PIK),

09/30/26

(d)(e)

...................

1,115

1,321,769

12.75%,

(12.75%

Cash

or

12.75%

PIK),

11/30/27

(a)(d)

...................

159

173,075

13.63%,

(13.63%

Cash

or

13.63%

PIK),

11/30/27

(a)(b)

...................

USD

135

128,470

CPUK

Finance

Ltd.

(d)

4.88%,

08/28/25

..................

GBP

619

837,864

4.50%,

08/28/27

..................

482

653,750

Empire

Resorts,

Inc.,

7.75%,

11/01/26

(b)

....

USD

1,179

1,184,895

Everi

Holdings,

Inc.,

5.00%,

07/15/29

(b)

.....

546

551,460

Expedia

Group,

Inc.

3.60%,

12/15/23

..................

1,510

1,568,856

6.25%,

05/01/25

(b)

.................

308

347,474

2.95%,

03/15/31

..................

890

888,736

Fortune

Star

BVI

Ltd.

(d)

5.95%,

01/29/23

..................

630

636,048

6.75%,

07/02/23

..................

8,490

8,639,424

6.85%,

07/02/24

..................

558

572,787

5.95%,

10/19/25

..................

4,998

5,008,496

5.05%,

01/27/27

..................

4,930

4,683,993

Gamma

Bidco

SpA

(d)

5.13%,

07/15/25

..................

EUR

380

434,793

6.25%,

07/15/25

..................

1,139

1,330,208

Genting

New

York

LLC,

3.30%,

02/15/26

(b)

..

USD

632

625,872

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(b)

....

5,941

5,941,000

Hilton

Domestic

Operating

Co.,

Inc.

5.38%,

05/01/25

(b)

.................

1,228

1,277,857

5.75%,

05/01/28

(b)

.................

1,614

1,724,430

4.88%,

01/15/30

..................

4,143

4,427,831

4.00%,

05/01/31

(b)

.................

1,656

1,693,326

Hilton

Grand

Vacations

Borrower

Escrow

LLC

(b)

5.00%,

06/01/29

..................

380

389,500

4.88%,

07/01/31

..................

262

262,000

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

......................

1,175

1,210,250

International

Game

Technology

plc

6.50%,

02/15/25

(b)

.................

1,000

1,085,000

4.13%,

04/15/26

(b)

.................

205

211,164

3.50%,

06/15/26

(d)

.................

EUR

200

232,083

5.25%,

01/15/29

(b)

.................

USD

310

328,461

IRB

Holding

Corp.,

7.00%,

06/15/25

(b)

.....

490

518,405

Jacobs

Entertainment,

Inc.,

7.88%,

02/01/24

(b)

40

40,800

KFC

Holding

Co.,

4.75%,

06/01/27

(b)

......

525

542,719

Life

Time,

Inc.

(b)

5.75%,

01/15/26

..................

2,132

2,206,620

8.00%,

04/15/26

..................

1,212

1,270,079

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

1,336

1,292,580

Marriott

Ownership

Resorts,

Inc.,

6.13%,

09/15/25

(b)

.....................

310

323,175

Melco

Resorts

Finance

Ltd.

4.88%,

06/06/25

(d)

.................

425

414,721

5.63%,

07/17/27

(d)

.................

630

622,440

5.38%,

12/04/29

(d)

.................

431

416,265

5.38%,

12/04/29

(b)

.................

400

386,325

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

600

624,000

MGM

China

Holdings

Ltd.,

5.25%,

06/18/25

(d)

.

4,116

4,064,036

MGM

Resorts

International

7.75%,

03/15/22

..................

4,734

4,793,175

6.00%,

03/15/23

..................

5,798

6,058,910

5.75%,

06/15/25

..................

261

280,901

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Midco

GB

SASU,

7.75%,

(7.75%

Cash

or

8.50%

PIK),

11/01/27

(a)(d)(j)

...........

EUR

250

$

292,277

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

.....................

USD

2,139

2,149,695

NCL

Corp.

Ltd.

(b)

10.25%,

02/01/26

.................

455

529,229

5.88%,

03/15/26

..................

2,260

2,249,988

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

......

3,181

3,133,285

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

.....................

1,734

1,872,720

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(b)

688

667,360

Powdr

Corp.,

6.00%,

08/01/25

(b)

.........

1,443

1,500,720

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

..................

700

694,533

5.88%,

09/01/31

..................

888

891,081

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

..

1,501

1,516,010

Royal

Caribbean

Cruises

Ltd.

(b)

10.88%,

06/01/23

.................

747

816,101

9.13%,

06/15/23

..................

1,114

1,178,055

11.50%,

06/01/25

.................

2,600

2,912,000

5.50%,

08/31/26

..................

982

998,498

5.50%,

04/01/28

..................

3,561

3,602,165

Scientific

Games

International,

Inc.

(b)

8.63%,

07/01/25

..................

1,982

2,115,785

5.00%,

10/15/25

..................

1,998

2,056,941

8.25%,

03/15/26

..................

3,658

3,850,045

7.00%,

05/15/28

..................

1,055

1,123,575

7.25%,

11/15/29

..................

475

529,625

Sisal

Group

SpA,

7.00%,

07/31/23

(d)

......

EUR

935

1,065,817

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

USD

6,755

7,213,952

Station

Casinos

LLC,

4.63%,

12/01/31

(b)

....

1,835

1,850,047

Stonegate

Pub

Co.

Financing

plc

(d)

8.00%,

07/13/25

..................

GBP

1,111

1,526,351

8.25%,

07/31/25

..................

1,102

1,511,749

Studio

City

Finance

Ltd.

6.00%,

07/15/25

(d)

.................

USD

800

772,150

6.00%,

07/15/25

(b)

.................

200

193,037

5.00%,

01/15/29

(b)

.................

3,270

2,937,482

Travel

+

Leisure

Co.

6.63%,

07/31/26

(b)

.................

802

889,290

6.00%,

04/01/27

(e)

.................

500

543,385

4.63%,

03/01/30

(b)

.................

134

134,670

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

......

954

992,160

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

.....................

1,358

1,356,303

VOC

Escrow

Ltd.,

5.00%,

02/15/28

(b)

......

600

594,000

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

.....................

1,251

1,288,530

Wynn

Las

Vegas

LLC

(b)

4.25%,

05/30/23

..................

300

302,250

5.50%,

03/01/25

..................

750

772,500

5.25%,

05/15/27

..................

2,243

2,293,064

Wynn

Macau

Ltd.

4.88%,

10/01/24

(b)

.................

250

234,344

5.50%,

01/15/26

(d)

.................

4,974

4,625,820

5.63%,

08/26/28

(b)

.................

540

497,137

5.13%,

12/15/29

(b)

.................

650

578,500

Wynn

Resorts

Finance

LLC

(b)

7.75%,

04/15/25

..................

1,855

1,945,431

5.13%,

10/01/29

..................

4,613

4,682,195

Yum!

Brands,

Inc.

7.75%,

04/01/25

(b)

.................

2,131

2,245,541

4.75%,

01/15/30

(b)

.................

3,298

3,570,085

3.63%,

03/15/31

..................

1,000

996,250

4.63%,

01/31/32

..................

283

300,722

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

5.35%,

11/01/43

..................

USD

48

$

53,078

264,704,249

Household

Durables

—

0.3%

Ashton

Woods

USA

LLC

(b)

4.63%,

08/01/29

..................

1,009

996,387

4.63%,

04/01/30

..................

768

754,560

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27

..

100

104,625

Brookfield

Residential

Properties,

Inc.

(b)

6.25%,

09/15/27

..................

556

580,353

5.00%,

06/15/29

..................

1,588

1,589,111

4.88%,

02/15/30

..................

3,480

3,559,379

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

2,805

2,945,250

Century

Communities,

Inc.

6.75%,

06/01/27

..................

100

105,500

3.88%,

08/15/29

(b)

.................

330

332,475

Empire

Communities

Corp.,

7.00%,

12/15/25

(b)

280

289,800

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(b)

.....................

700

728,000

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

.....................

2,464

2,574,880

KB

Home,

6.88%,

06/15/27

............

650

762,125

LGI

Homes,

Inc.,

4.00%,

07/15/29

(b)

.......

3,056

3,044,540

M/I

Homes,

Inc.,

4.95%,

02/01/28

........

1,435

1,492,400

Mattamy

Group

Corp.

(b)

5.25%,

12/15/27

..................

520

546,910

4.63%,

03/01/30

..................

1,433

1,459,439

Meritage

Homes

Corp.,

5.13%,

06/06/27

....

745

820,483

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(b)

520

530,400

Newell

Brands,

Inc.

4.88%,

06/01/25

..................

174

189,660

4.70%,

04/01/26

(e)

.................

500

545,127

5.87%,

04/01/36

(e)

.................

200

246,500

6.00%,

04/01/46

(e)

.................

814

1,044,395

Nobel

Bidco

BV,

3.13%,

06/15/28

(d)

.......

EUR

582

646,870

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

USD

3,344

3,494,480

Shea

Homes

LP

(b)

4.75%,

02/15/28

..................

500

511,250

4.75%,

04/01/29

..................

250

254,750

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(b)

.

2,239

2,152,138

Taylor

Morrison

Communities,

Inc.

(b)

5.88%,

06/15/27

..................

300

336,000

5.75%,

01/15/28

..................

225

251,438

5.13%,

08/01/30

..................

61

67,100

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

..................

3,933

4,001,828

3.88%,

10/15/31

..................

2,226

2,230,207

Toll

Brothers

Finance

Corp.,

4.35%,

02/15/28

.

80

87,600

TopBuild

Corp.

(b)

3.63%,

03/15/29

..................

420

423,150

4.13%,

02/15/32

..................

800

821,000

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

....

1,665

1,812,769

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

..................

2,050

2,201,187

5.70%,

06/15/28

..................

493

542,300

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

.....................

2,670

2,756,775

47,833,141

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.

4.13%,

10/15/30

..................

1,154

1,164,098

4.13%,

04/30/31

(b)

.................

1,491

1,498,455

Energizer

Holdings,

Inc.

(b)

4.75%,

06/15/28

..................

1,014

1,035,547

4.38%,

03/31/29

..................

108

105,403

Security

Par

(000)

Par

(000)

Value

Household

Products

(continued)

Kimberly-Clark

de

Mexico

SAB

de

CV,

2.43%,

07/01/31

(b)

.....................

USD

1,630

$

1,617,266

Kronos

Acquisition

Holdings,

Inc.,

5.00%,

12/31/26

(b)

.....................

410

405,010

Spectrum

Brands,

Inc.

(b)

5.00%,

10/01/29

..................

340

356,575

5.50%,

07/15/30

..................

946

1,014,585

3.88%,

03/15/31

..................

524

517,450

7,714,389

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

1.38%,

01/15/26

..................

1,345

1,305,263

2.45%,

01/15/31

..................

860

837,903

Calpine

Corp.

(b)

5.25%,

06/01/26

..................

1,581

1,622,090

4.50%,

02/15/28

..................

1,800

1,867,500

5.13%,

03/15/28

..................

13,140

13,339,203

4.63%,

02/01/29

..................

200

197,250

5.00%,

02/01/31

..................

1,030

1,030,000

3.75%,

03/01/31

..................

207

199,496

Clearway

Energy

Operating

LLC

(b)

4.75%,

03/15/28

..................

2,246

2,361,107

3.75%,

01/15/32

..................

2,361

2,343,293

Colbun

SA,

3.15%,

01/19/32

(b)

..........

3,740

3,692,783

InterGen

NV,

7.00%,

06/30/23

(b)

.........

500

496,250

Talen

Energy

Supply

LLC,

6.63%,

01/15/28

(b)

.

300

263,250

29,555,388

Industrial

Conglomerates

—

0.0%

Alfa

SAB

de

CV

6.88%,

03/25/44

(b)

.................

753

983,841

6.88%,

03/25/44

(d)

.................

387

505,640

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

..............

2,110

2,517,990

Roper

Technologies,

Inc.

3.65%,

09/15/23

..................

350

364,337

1.75%,

02/15/31

..................

320

300,481

4,672,289

Insurance

—

0.7%

Acrisure

LLC,

6.00%,

08/01/29

(b)

.........

1,576

1,556,300

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

..................

10,992

10,992,000

6.75%,

10/15/27

..................

12,766

13,244,725

5.88%,

11/01/29

..................

8,200

8,342,680

Allianz

SE

(a)(b)(k)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.50%

.......................

26,200

26,232,750

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%

.......................

10,600

10,176,000

American

International

Group,

Inc.

3.40%,

06/30/30

..................

1,060

1,146,245

4.50%,

07/16/44

..................

905

1,114,553

4.80%,

07/10/45

..................

355

454,872

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

....

1,910

1,929,100

Aon

Corp.

3.75%,

05/02/29

..................

550

602,915

2.60%,

12/02/31

..................

765

778,305

Aon

plc,

4.60%,

06/14/44

.............

365

447,957

Ardonagh

Midco

2

plc,

11.50%,

(11.50%

Cash

or

12.75%

PIK),

01/15/27

(b)(j)

..........

566

596,239

Asahi

Mutual

Life

Insurance

Co.,

(USD

Swap

Semi

5

Year

+

4.59%),

6.50%

(a)(d)(k)

......

3,560

3,755,800

AssuredPartners,

Inc.,

5.63%,

01/15/29

(b)

...

1,121

1,090,172

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

(b)

USD

1,070

$

1,051,275

BUPA

Finance

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)(d)(k)

....................

GBP

1,500

1,949,417

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(d)

......

1,567

2,182,946

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

..

USD

2,161

2,242,038

Hartford

Financial

Services

Group,

Inc.

(The),

2.90%,

09/15/51

.................

75

73,897

Heungkuk

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.47%),

4.48%

(a)(d)(k)

...........

1,091

1,097,341

Highlands

Holdings

Bond

Issuer

Ltd.,

7.63%,

10/15/25

(b)

.....................

25

26,727

HUB

International

Ltd.,

7.00%,

05/01/26

(b)

...

8,054

8,275,485

Just

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)(d)(k)

GBP

550

725,246

Legal

&

General

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(d)(k)

...............

2,175

3,242,048

Liberty

Mutual

Group,

Inc.

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.12%,

12/15/51

(b)

...............

USD

11,150

11,122,125

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%,

05/23/59

(d)

....................

EUR

300

351,797

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

03/15/29

..................

USD

1,175

1,339,378

2.38%,

12/15/31

..................

160

161,518

NFP

Corp.

(b)

4.88%,

08/15/28

..................

4,486

4,530,860

6.88%,

08/15/28

..................

10,089

10,115,030

Prudential

Financial,

Inc.

3.91%,

12/07/47

..................

265

307,688

3.94%,

12/07/49

..................

105

122,480

4.35%,

02/25/50

..................

230

286,897

QBE

Insurance

Group

Ltd.,

(USD

Swap

Rate

10

Year

+

4.40%),

5.87%,

06/17/46

(a)(d)

...

677

748,197

Societa

Cattolica

di

Assicurazioni

SC,

(EURIBOR

3

Month

+

4.46%),

4.25%,

12/14/47

(a)(d)

....................

EUR

800

1,030,776

Teachers

Insurance

&

Annuity

Association

of

America,

4.27%,

05/15/47

(b)

..........

USD

475

573,719

Travelers

Cos.,

Inc.

(The),

2.55%,

04/27/50

..

260

247,187

134,264,685

Interactive

Media

&

Services

—

0.0%

Alphabet,

Inc.

1.90%,

08/15/40

..................

730

664,739

2.05%,

08/15/50

..................

335

298,965

J2

Global,

Inc.,

4.63%,

10/15/30

(b)

........

2,651

2,718,972

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

(b)

.....................

1,069

1,042,275

Tencent

Holdings

Ltd.,

3.84%,

04/22/51

(b)

...

460

482,126

Twitter,

Inc.,

3.88%,

12/15/27

(b)

..........

2,849

2,969,028

8,176,105

Internet

&

Direct

Marketing

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.,

3.15%,

02/09/51

.

625

580,469

Amazon.com,

Inc.

3.15%,

08/22/27

..................

525

567,011

3.88%,

08/22/37

..................

1,075

1,263,484

4.05%,

08/22/47

..................

245

297,049

2.50%,

06/03/50

..................

360

342,769

3.10%,

05/12/51

..................

654

698,225

2.70%,

06/03/60

..................

295

284,264

3.25%,

05/12/61

..................

895

963,418

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

......

3,907

3,819,092

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

(continued)

Go

Daddy

Operating

Co.

LLC

(b)

5.25%,

12/01/27

..................

USD

1,328

$

1,372,820

3.50%,

03/01/29

..................

960

952,651

HSE

Finance

SARL,

5.63%,

10/15/26

(d)

....

EUR

1,001

1,165,137

Match

Group

Holdings

II

LLC

(b)

5.00%,

12/15/27

..................

USD

300

312,000

4.63%,

06/01/28

..................

4,160

4,328,064

5.63%,

02/15/29

..................

1,965

2,102,550

4.13%,

08/01/30

..................

2,334

2,357,340

3.63%,

10/01/31

..................

1,842

1,789,042

MercadoLibre,

Inc.,

2.38%,

01/14/26

......

11

10,643

Millennium

Escrow

Corp.,

6.63%,

08/01/26

(b)

.

350

350,875

QVC,

Inc.

4.38%,

03/15/23

..................

200

206,000

4.85%,

04/01/24

..................

200

213,527

4.45%,

02/15/25

..................

250

263,750

Rakuten

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

4.74%),

4.25%

(a)(d)(k)

..............

EUR

925

1,035,210

Very

Group

Funding

plc

(The),

6.50%,

08/01/26

(d)

.....................

GBP

1,418

1,911,081

27,186,471

IT

Services

—

0.4%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

..

USD

4,676

4,652,620

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(b)

.

729

723,533

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(b)

.....

1,306

1,305,321

Austin

BidCo,

Inc.,

7.13%,

12/15/28

(b)

......

544

561,680

Banff

Merger

Sub,

Inc.,

8.38%,

09/01/26

(d)

...

EUR

720

853,124

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(b)

USD

2,332

2,328,945

Booz

Allen

Hamilton,

Inc.

(b)

3.88%,

09/01/28

..................

3,231

3,287,542

4.00%,

07/01/29

..................

4,404

4,548,826

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

...

5,124

5,297,191

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

..................

968

938,960

5.63%,

09/15/28

..................

1,358

1,338,730

Centurion

Bidco

SpA,

5.88%,

09/30/26

(d)

....

EUR

785

918,300

Cogent

Communications

Group,

Inc.,

3.50%,

05/01/26

(b)

.....................

USD

370

375,802

Endure

Digital,

Inc.,

6.00%,

02/15/29

(b)

.....

1,103

1,025,790

Fidelity

National

Information

Services,

Inc.,

3.10%,

03/01/41

.................

365

368,538

Fiserv,

Inc.

3.50%,

07/01/29

..................

10

10,754

2.65%,

06/01/30

..................

755

766,095

4.40%,

07/01/49

..................

225

268,053

Gartner,

Inc.

(b)

4.50%,

07/01/28

..................

4,484

4,683,022

3.63%,

06/15/29

..................

2,595

2,623,675

3.75%,

10/01/30

..................

5,203

5,319,547

Global

Payments,

Inc.

1.20%,

03/01/26

..................

955

926,983

3.20%,

08/15/29

..................

1,300

1,354,028

4.15%,

08/15/49

..................

475

541,817

International

Business

Machines

Corp.

4.15%,

05/15/39

..................

600

692,904

4.00%,

06/20/42

..................

25

28,755

4.25%,

05/15/49

..................

665

806,552

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(b)

.....................

1,842

1,897,260

Mastercard,

Inc.

1.90%,

03/15/31

..................

230

231,255

3.85%,

03/26/50

..................

160

192,290

MoneyGram

International,

Inc.,

5.38%,

08/01/26

(b)

.....................

807

819,105

Nexi

SpA,

0.00%,

02/24/28

(d)(i)(n)

.........

EUR

600

641,565

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Northwest

Fiber

LLC

(b)

4.75%,

04/30/27

..................

USD

1,946

$

1,926,540

6.00%,

02/15/28

..................

1,475

1,445,500

PayPal

Holdings,

Inc.

1.65%,

06/01/25

..................

455

460,561

3.25%,

06/01/50

..................

705

755,121

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

(b)

...

295

303,850

Square,

Inc.,

3.50%,

06/01/31

(b)

.........

4,496

4,608,400

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(b)

..

1,215

1,257,525

Twilio,

Inc.,

3.88%,

03/15/31

...........

2,539

2,563,628

Unisys

Corp.,

6.88%,

11/01/27

(b)

.........

1,630

1,764,475

United

Group

BV

(d)

4.88%,

07/01/24

..................

EUR

866

993,943

4.00%,

11/15/27

..................

1,411

1,590,359

4.63%,

08/15/28

..................

742

843,640

68,842,104

Leisure

Products

—

0.1%

Mattel,

Inc.

5.88%,

12/15/27

(b)

.................

USD

4,409

4,739,499

3.75%,

04/01/29

(b)

.................

1,953

2,023,796

6.20%,

10/01/40

..................

991

1,282,225

5.45%,

11/01/41

..................

1,769

2,111,744

10,157,264

Life

Sciences

Tools

&

Services

—

0.1%

(b)

Charles

River

Laboratories

International,

Inc.

4.25%,

05/01/28

..................

1,754

1,824,160

3.75%,

03/15/29

..................

347

350,470

4.00%,

03/15/31

..................

1,058

1,084,037

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

.

3,341

3,345,176

Syneos

Health,

Inc.,

3.63%,

01/15/29

.....

4,247

4,193,913

10,797,756

Machinery

—

0.3%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

..

360

374,400

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(b)

.....................

1,189

1,197,917

Colfax

Corp.,

6.38%,

02/15/26

(b)

.........

1,853

1,915,539

Daimler

Trucks

Finance

North

America

LLC,

2.00%,

12/14/26

(b)

................

620

622,645

Deere

&

Co.,

3.75%,

04/15/50

..........

25

29,528

EnPro

Industries,

Inc.,

5.75%,

10/15/26

....

559

584,155

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

...

4,018

4,078,270

Hillenbrand,

Inc.,

3.75%,

03/01/31

........

400

401,000

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(j)

..........

2,542

2,669,100

IMA

Industria

Macchine

Automatiche

SpA

(d)

3.75%,

01/15/28

..................

EUR

677

764,054

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(a)

....................

585

666,061

Meritor,

Inc.,

4.50%,

12/15/28

(b)

.........

USD

567

568,417

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

783

790,830

Novafives

SAS,

5.00%,

06/15/25

(d)

.......

EUR

787

841,120

OT

Merger

Corp.,

7.88%,

10/15/29

(b)

......

USD

877

862,749

Otis

Worldwide

Corp.

3.11%,

02/15/40

..................

108

110,781

3.36%,

02/15/50

..................

10

10,538

Renk

AG,

5.75%,

07/15/25

(d)

...........

EUR

709

838,274

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(b)

.....................

USD

1,156

1,179,120

Schenck

Process

Holding

GmbH,

5.38%,

06/15/23

(d)

.....................

EUR

788

895,353

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

.

USD

658

701,592

Terex

Corp.,

5.00%,

05/15/29

(b)

.........

4,115

4,228,163

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

....

5,610

5,694,150

Titan

International,

Inc.,

7.00%,

04/30/28

...

371

395,115

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

TK

Elevator

Holdco

GmbH

6.63%,

07/15/28

(d)

.................

EUR

630

$

755,583

7.63%,

07/15/28

(b)

.................

USD

3,551

3,804,009

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(d)

.

EUR

1,148

1,349,475

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

8,539

8,976,624

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

..

2,282

2,304,820

47,609,382

Marine

—

0.0%

CMA

CGM

SA,

7.50%,

01/15/26

(d)

........

EUR

1,100

1,377,976

Danaos

Corp.,

8.50%,

03/01/28

(b)

........

USD

1,474

1,614,030

Seaspan

Corp.,

5.50%,

08/01/29

(b)

.......

2,894

2,908,470

5,900,476

Media

—

1.5%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(b)

.....................

825

864,187

Altice

Financing

SA

2.25%,

01/15/25

(d)

.................

EUR

1,003

1,113,146

3.00%,

01/15/28

(d)

.................

376

405,153

5.00%,

01/15/28

(b)

.................

USD

6,698

6,536,511

4.25%,

08/15/29

(d)

.................

EUR

471

523,900

5.75%,

08/15/29

(b)

.................

USD

8,879

8,790,210

AMC

Networks,

Inc.

5.00%,

04/01/24

..................

266

267,995

4.75%,

08/01/25

..................

1,561

1,594,171

4.25%,

02/15/29

..................

940

934,125

Audacy

Capital

Corp.,

6.75%,

03/31/29

(b)

...

179

174,877

Beasley

Mezzanine

Holdings

LLC,

8.63%,

02/01/26

(b)

.....................

1,110

1,096,125

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

1,221

1,221,000

Cable

One,

Inc.,

4.00%,

11/15/30

(b)

.......

821

804,580

Charter

Communications

Operating

LLC

4.46%,

07/23/22

..................

2,670

2,709,409

4.50%,

02/01/24

..................

655

696,580

2.80%,

04/01/31

..................

255

252,321

6.38%,

10/23/35

..................

810

1,046,314

6.48%,

10/23/45

..................

1,840

2,512,680

5.75%,

04/01/48

..................

100

124,706

5.13%,

07/01/49

..................

905

1,049,773

3.85%,

04/01/61

..................

455

429,069

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

.....................

2,352

2,440,200

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%,

04/15/28

..................

4,296

4,596,720

7.50%,

06/01/29

..................

7,037

7,511,998

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

................

14,453

14,955,386

Comcast

Corp.

3.15%,

03/01/26

..................

2,725

2,905,434

2.35%,

01/15/27

..................

300

310,707

4.15%,

10/15/28

..................

1,232

1,398,605

2.65%,

02/01/30

..................

225

233,346

4.60%,

10/15/38

..................

200

242,676

3.75%,

04/01/40

..................

1,000

1,119,526

4.00%,

08/15/47

..................

240

276,046

2.80%,

01/15/51

..................

1,705

1,642,601

2.89%,

11/01/51

(b)

.................

2,548

2,466,428

CSC

Holdings

LLC

5.25%,

06/01/24

..................

4,991

5,190,640

5.50%,

04/15/27

(b)

.................

970

1,002,738

5.38%,

02/01/28

(b)

.................

4,003

4,144,586

6.50%,

02/01/29

(b)

.................

3,885

4,156,950

5.75%,

01/15/30

(b)

.................

1,015

1,011,194

4.13%,

12/01/30

(b)

.................

5,763

5,626,129

4.63%,

12/01/30

(b)

.................

7,561

7,154,596

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Media

(continued)

3.38%,

02/15/31

(b)

.................

USD

980

$

917,525

4.50%,

11/15/31

(b)

.................

2,813

2,777,837

Cumulus

Media

New

Holdings,

Inc.,

6.75%,

07/01/26

(b)

.....................

1,500

1,556,250

DIRECTV

Holdings

LLC,

5.88%,

08/15/27

(b)

..

6,521

6,675,613

DISH

DBS

Corp.

5.88%,

07/15/22

..................

6,903

7,015,174

5.88%,

11/15/24

..................

1,700

1,746,342

7.75%,

07/01/26

..................

3,115

3,286,325

5.25%,

12/01/26

(b)

.................

10,249

10,410,780

7.38%,

07/01/28

..................

1,875

1,898,438

5.75%,

12/01/28

(b)

.................

9,161

9,252,610

5.13%,

06/01/29

..................

2,119

1,928,290

Fox

Corp.

3.67%,

01/25/22

..................

65

65,128

3.05%,

04/07/25

..................

575

603,569

GCI

LLC,

4.75%,

10/15/28

(b)

...........

2,263

2,322,404

Gray

Escrow

II,

Inc.,

5.38%,

11/15/31

(b)

.....

405

416,644

Gray

Television,

Inc.

(b)

7.00%,

05/15/27

..................

505

539,719

4.75%,

10/15/30

..................

250

248,437

Grupo

Televisa

SAB,

5.25%,

05/24/49

.....

200

249,850

Houghton

Mifflin

Harcourt

Publishers,

Inc.,

9.00%,

02/15/25

(b)

................

150

156,750

iHeartCommunications,

Inc.

8.38%,

05/01/27

..................

239

251,987

5.25%,

08/15/27

(b)

.................

214

222,582

4.75%,

01/15/28

(b)

.................

475

481,707

Interpublic

Group

of

Cos.,

Inc.

(The),

3.38%,

03/01/41

......................

180

185,324

Lamar

Media

Corp.,

4.00%,

02/15/30

......

958

971,891

LCPR

Senior

Secured

Financing

DAC

(b)

6.75%,

10/15/27

..................

3,161

3,319,050

5.13%,

07/15/29

..................

3,590

3,607,950

Mav

Acquisition

Corp.,

5.75%,

08/01/28

(b)

...

300

297,000

Midas

OpCo

Holdings

LLC,

5.63%,

08/15/29

(b)

1,577

1,614,454

Midcontinent

Communications,

5.38%,

08/15/27

(b)

.....................

554

570,620

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(b)

.....

700

737,884

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

..................

2,955

3,023,792

4.25%,

01/15/29

..................

731

732,331

Quebecor

Media,

Inc.,

5.75%,

01/15/23

....

3,380

3,515,200

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

..................

6,207

6,269,070

6.50%,

09/15/28

..................

11,740

11,793,241

Scripps

Escrow

II,

Inc.,

3.88%,

01/15/29

(b)

...

128

127,840

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

.....................

2,859

2,708,902

Sirius

XM

Radio,

Inc.

(b)

3.13%,

09/01/26

..................

4,137

4,138,200

5.00%,

08/01/27

..................

1,192

1,238,893

4.00%,

07/15/28

..................

4,419

4,443,702

5.50%,

07/01/29

..................

4,563

4,916,633

4.13%,

07/01/30

..................

78

78,000

3.88%,

09/01/31

..................

6,994

6,857,267

Spanish

Broadcasting

System,

Inc.,

9.75%,

03/01/26

(b)

.....................

264

271,590

Summer

BC

Bidco

B

LLC,

5.50%,

10/31/26

(b)

.

200

204,744

Summer

BC

Holdco

A

SARL,

9.25%,

10/31/27

(d)

EUR

631

773,686

Summer

BC

Holdco

B

SARL,

5.75%,

10/31/26

(d)

1,919

2,271,867

Summer

BidCo

BV

(d)(j)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

.....................

338

392,158

Security

Par

(000)

Par

(000)

Value

Media

(continued)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(a)

....................

EUR

754

$

874,883

TEGNA,

Inc.

4.75%,

03/15/26

(b)

.................

USD

585

608,400

4.63%,

03/15/28

..................

750

758,092

5.00%,

09/15/29

..................

3,350

3,425,375

Tele

Columbus

AG,

3.88%,

05/02/25

(d)

.....

EUR

941

1,055,259

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

................

USD

3,600

3,708,000

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(b)

.

4,150

4,485,195

Townsquare

Media,

Inc.,

6.88%,

02/01/26

(b)

..

2,244

2,381,445

Univision

Communications,

Inc.

(b)

5.13%,

02/15/25

..................

3,353

3,386,530

6.63%,

06/01/27

..................

1,333

1,436,307

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

.

4,428

4,516,560

UPC

Holding

BV

5.50%,

01/15/28

(b)

.................

400

415,000

3.88%,

06/15/29

(d)

.................

EUR

700

811,893

UPCB

Finance

VII

Ltd.,

3.63%,

06/15/29

(d)

...

1,756

2,039,190

ViacomCBS,

Inc.

4.38%,

03/15/43

..................

USD

592

673,507

5.85%,

09/01/43

..................

229

308,465

4.95%,

05/19/50

..................

77

98,156

(LIBOR

USD

3

Month

+

3.90%),

6.25%,

02/28/57

(a)

....................

450

506,812

Videotron

Ltd.

(b)

5.38%,

06/15/24

..................

400

428,000

5.13%,

04/15/27

..................

569

586,070

3.63%,

06/15/29

..................

2,069

2,079,345

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(d)

................

GBP

567

767,285

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

................

USD

5,887

5,931,417

Ziggo

Bond

Co.

BV

(b)

6.00%,

01/15/27

..................

783

806,490

5.13%,

02/28/30

..................

2,365

2,376,825

Ziggo

BV

(b)

5.50%,

01/15/27

..................

4,992

5,129,280

4.88%,

01/15/30

..................

3,455

3,543,448

272,755,817

Metals

&

Mining

—

0.7%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%,

07/31/24

(d)

.....................

3,359

3,636,117

Allegheny

Technologies,

Inc.

5.88%,

12/01/27

..................

25

26,063

4.88%,

10/01/29

..................

769

769,769

5.13%,

10/01/31

..................

867

873,502

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

......................

1,245

1,249,731

Antofagasta

plc,

2.38%,

10/14/30

(b)

.......

1,540

1,463,289

Arconic

Corp.

(b)

6.00%,

05/15/25

..................

1,922

2,008,490

6.13%,

02/15/28

..................

4,386

4,667,581

Barrick

North

America

Finance

LLC,

5.75%,

05/01/43

......................

30

40,759

BHP

Billiton

Finance

USA

Ltd.,

5.00%,

09/30/43

41

54,220

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

9,547

10,322,694

Cleveland-Cliffs,

Inc.

(b)

9.88%,

10/17/25

..................

1,322

1,496,226

4.63%,

03/01/29

..................

200

204,000

Commercial

Metals

Co.,

5.38%,

07/15/27

...

104

108,160

Constellium

SE

(b)

5.88%,

02/15/26

..................

4,305

4,361,955

5.63%,

06/15/28

..................

1,468

1,543,646

3.75%,

04/15/29

..................

6,302

6,200,506

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

FMG

Resources

August

2006

Pty.

Ltd.

(b)

5.13%,

05/15/24

..................

USD

545

$

577,700

4.50%,

09/15/27

..................

595

633,675

Freeport-McMoRan,

Inc.

4.38%,

08/01/28

..................

3,038

3,186,102

5.40%,

11/14/34

..................

168

204,540

5.45%,

03/15/43

..................

8,453

10,626,182

Fresnillo

plc,

4.25%,

10/02/50

(b)

.........

3,085

3,230,188

Glencore

Funding

LLC,

2.63%,

09/23/31

(b)

...

705

685,169

Gold

Fields

Orogen

Holdings

BVI

Ltd.,

5.13%,

05/15/24

(b)

.....................

4,309

4,589,893

Industrias

Penoles

SAB

de

CV,

4.75%,

08/06/50

(b)

.....................

1,835

2,005,081

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

.....................

3,824

4,158,600

JSW

Steel

Ltd.,

5.95%,

04/18/24

(d)

.......

630

667,800

Kaiser

Aluminum

Corp.

(b)

4.63%,

03/01/28

..................

244

246,440

4.50%,

06/01/31

..................

792

779,130

KME

SE,

6.75%,

02/01/23

(d)

...........

EUR

430

468,504

Metalloinvest

Finance

DAC,

3.38%,

10/22/28

(b)

USD

5,464

5,399,525

Mineral

Resources

Ltd.,

8.13%,

05/01/27

(b)

..

615

663,081

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

.......

5,149

5,470,812

Newmont

Corp.

2.80%,

10/01/29

..................

235

241,625

5.45%,

06/09/44

..................

200

265,864

Nexa

Resources

SA,

5.38%,

05/04/27

(b)

....

3,557

3,768,864

Novelis

Corp.

(b)

3.25%,

11/15/26

..................

3,515

3,545,756

4.75%,

01/30/30

..................

8,351

8,778,989

3.88%,

08/15/31

..................

4,048

4,022,700

Novelis

Sheet

Ingot

GmbH,

3.38%,

04/15/29

(d)

EUR

595

695,833

Nucor

Corp.

2.00%,

06/01/25

..................

USD

205

209,023

2.98%,

12/15/55

..................

75

73,628

Periama

Holdings

LLC,

5.95%,

04/19/26

(d)

...

4,374

4,647,375

Southern

Copper

Corp.,

5.88%,

04/23/45

...

150

204,919

Steel

Dynamics,

Inc.

2.40%,

06/15/25

..................

95

97,193

1.65%,

10/15/27

..................

535

523,227

3.25%,

10/15/50

..................

310

312,428

SunCoke

Energy,

Inc.,

4.88%,

06/30/29

(b)

...

200

199,000

Taseko

Mines

Ltd.,

7.00%,

02/15/26

(b)

.....

3,357

3,491,280

thyssenkrupp

AG,

2.88%,

02/22/24

(d)

......

EUR

962

1,125,356

United

States

Steel

Corp.,

6.88%,

03/01/29

..

USD

3,041

3,272,876

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(d)

................

2,175

2,301,830

8.95%,

03/11/25

(b)

.................

1,278

1,249,245

8.95%,

03/11/25

(d)

.................

2,627

2,567,892

Vedanta

Resources

Ltd.

7.13%,

05/31/23

(d)

.................

2,080

2,008,240

Warrior

Met

Coal,

Inc.,

7.88%,

12/01/28

(b)

...

455

466,375

126,688,648

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

New

Residential

Investment

Corp.,

6.25%,

10/15/25

(b)

.....................

100

100,443

Starwood

Property

Trust,

Inc.

5.50%,

11/01/23

(b)

.................

217

224,595

4.75%,

03/15/25

..................

550

572,000

3.63%,

07/15/26

(b)

.................

515

512,425

1,409,463

Security

Par

(000)

Par

(000)

Value

Multiline

Retail

—

0.0%

Golden

Eagle

Retail

Group

Ltd.,

4.63%,

05/21/23

(b)

.....................

USD

430

$

427,259

Macy's

Retail

Holdings

LLC

5.88%,

04/01/29

(b)

.................

590

629,088

5.13%,

01/15/42

..................

125

119,375

4.30%,

02/15/43

..................

325

285,187

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

...

2,850

3,024,904

Nordstrom,

Inc.,

5.00%,

01/15/44

........

1,050

979,125

5,464,938

Multi-Utilities

—

0.1%

Berkshire

Hathaway

Energy

Co.,

3.75%,

11/15/23

......................

825

861,905

CMS

Energy

Corp.,

4.88%,

03/01/44

......

200

251,681

Consumers

Energy

Co.,

3.25%,

08/15/46

...

775

820,122

Dominion

Energy,

Inc.

3.90%,

10/01/25

..................

1,120

1,207,942

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%),

4.35%

(a)(k)

.....................

10,005

10,330,162

Series

C,

2.25%,

08/15/31

...........

300

292,984

NiSource,

Inc.

3.60%,

05/01/30

..................

400

431,129

3.95%,

03/30/48

..................

490

550,347

San

Diego

Gas

&

Electric

Co.,

2.95%,

08/15/51

350

352,227

Sempra

Energy

3.40%,

02/01/28

..................

1,075

1,144,355

3.80%,

02/01/38

..................

825

905,210

17,148,064

Oil,

Gas

&

Consumable

Fuels

—

3.2%

Adani

Green

Energy

UP

Ltd.,

6.25%,

12/10/24

(d)

700

757,662

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

....

2,889

3,103,364

Antero

Midstream

Partners

LP

(b)

5.75%,

03/01/27

..................

1,634

1,693,233

5.75%,

01/15/28

..................

732

767,597

5.38%,

06/15/29

..................

2,488

2,624,877

Antero

Resources

Corp.

5.00%,

03/01/25

..................

200

203,208

8.38%,

07/15/26

(b)

.................

133

151,430

7.63%,

02/01/29

(b)

.................

2,233

2,478,630

5.38%,

03/01/30

(b)

.................

533

569,777

Apache

Corp.

4.63%,

11/15/25

..................

305

327,494

4.38%,

10/15/28

..................

750

815,993

4.25%,

01/15/30

..................

1,287

1,396,652

5.10%,

09/01/40

..................

6,600

7,458,000

5.25%,

02/01/42

..................

599

691,839

5.35%,

07/01/49

..................

736

840,880

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

..................

1,979

2,641,965

8.25%,

12/31/28

..................

130

135,525

5.88%,

06/30/29

..................

4,810

4,628,134

Azure

Power

Energy

Ltd.,

3.58%,

08/19/26

(b)

.

1,500

1,512,656

Berry

Petroleum

Co.

LLC,

7.00%,

02/15/26

(b)

.

1,200

1,188,000

Bonanza

Creek

Energy,

Inc.,

5.00%,

10/15/26

(b)

1,167

1,178,437

BP

Capital

Markets

America,

Inc.

3.19%,

04/06/25

..................

730

769,899

3.02%,

01/16/27

..................

582

614,350

3.59%,

04/14/27

..................

732

790,484

4.23%,

11/06/28

..................

758

855,581

3.63%,

04/06/30

..................

530

584,765

1.75%,

08/10/30

..................

60

57,696

3.06%,

06/17/41

..................

1,025

1,037,308

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

BP

Capital

Markets

plc

(a)(k)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%

.......................

USD

12,000

$

12,540,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%),

4.88%

.......................

20,125

21,735,000

Buckeye

Partners

LP

4.13%,

03/01/25

(b)

.................

318

328,335

5.85%,

11/15/43

..................

1,712

1,679,908

5.60%,

10/15/44

..................

978

952,279

California

Resources

Corp.,

7.13%,

02/01/26

(b)

825

857,076

Callon

Petroleum

Co.

6.13%,

10/01/24

..................

1,545

1,521,825

9.00%,

04/01/25

(b)

.................

5,701

6,157,080

8.25%,

07/15/25

..................

375

369,000

8.00%,

08/01/28

(b)

.................

6,605

6,671,050

Calumet

Specialty

Products

Partners

LP,

9.25%,

07/15/24

(b)

................

200

216,000

Cameron

LNG

LLC,

3.30%,

01/15/35

(b)

.....

565

589,747

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

....

390

390,950

Centennial

Resource

Production

LLC

(b)

5.38%,

01/15/26

..................

1,548

1,517,040

6.88%,

04/01/27

..................

1,391

1,418,820

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

..................

995

1,102,757

5.13%,

06/30/27

..................

1,165

1,314,490

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

..................

3,689

3,910,340

4.00%,

03/01/31

..................

6,314

6,623,070

3.25%,

01/31/32

(b)

.................

4,680

4,726,800

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

....

14,571

15,499,464

Chesapeake

Energy

Corp.

(b)

5.50%,

02/01/26

..................

60

63,150

5.88%,

02/01/29

..................

71

75,952

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

..................

1,719

1,769,006

6.38%,

06/15/26

..................

2,934

2,978,010

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

861

857,771

CNX

Resources

Corp.

(b)

7.25%,

03/14/27

..................

1,700

1,803,241

6.00%,

01/15/29

..................

562

584,480

Colgate

Energy

Partners

III

LLC

(b)

7.75%,

02/15/26

..................

1,517

1,638,360

5.88%,

07/01/29

..................

4,170

4,295,100

Comstock

Resources,

Inc.

(b)

7.50%,

05/15/25

..................

1,671

1,723,219

6.75%,

03/01/29

..................

4,747

5,148,596

5.88%,

01/15/30

..................

2,558

2,621,950

ConocoPhillips,

3.75%,

10/01/27

(b)

.......

800

876,954

Continuum

Energy

Levanter

Pte.

Ltd.

4.50%,

02/09/27

(b)

.................

1,042

1,064,270

4.50%,

02/09/27

(d)

.................

1,943

1,984,611

Coterra

Energy,

Inc.,

3.90%,

05/15/27

(b)

....

155

166,567

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

3,969

4,142,644

Crestwood

Midstream

Partners

LP

5.75%,

04/01/25

..................

75

76,688

5.63%,

05/01/27

(b)

.................

860

876,125

6.00%,

02/01/29

(b)

.................

1,500

1,558,117

CrownRock

LP

(b)

5.63%,

10/15/25

..................

7,169

7,330,302

5.00%,

05/01/29

..................

160

166,000

Cullinan

Holdco

SCSp,

4.63%,

10/15/26

(d)

...

EUR

599

689,770

DCP

Midstream

Operating

LP

3.88%,

03/15/23

..................

USD

300

307,344

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.38%,

07/15/25

..................

USD

645

$

704,662

6.45%,

11/03/36

(b)

.................

1,578

2,065,097

6.75%,

09/15/37

(b)

.................

4,678

6,257,527

(LIBOR

USD

3

Month

+

3.85%),

5.85%,

05/21/43

(a)(b)

...................

375

363,750

5.60%,

04/01/44

..................

350

435,400

Delek

Logistics

Partners

LP,

7.13%,

06/01/28

(b)

1,000

1,040,000

Devon

Energy

Corp.

8.25%,

08/01/23

..................

286

312,375

5.25%,

10/15/27

..................

1,070

1,128,736

4.75%,

05/15/42

..................

323

373,980

Diamondback

Energy,

Inc.

2.88%,

12/01/24

..................

1,680

1,742,855

4.75%,

05/31/25

..................

50

54,772

3.50%,

12/01/29

..................

1,445

1,532,288

3.13%,

03/24/31

..................

269

277,245

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

..................

3,527

3,610,766

4.38%,

06/15/31

..................

5,077

5,280,080

Enbridge,

Inc.

4.00%,

10/01/23

..................

500

522,027

0.55%,

10/04/23

..................

355

352,239

2.50%,

01/15/25

..................

1,040

1,068,733

4.25%,

12/01/26

..................

500

549,536

3.70%,

07/15/27

..................

144

155,257

3.13%,

11/15/29

..................

425

445,060

4.50%,

06/10/44

..................

30

35,031

Series

16-A,

(LIBOR

USD

3

Month

+

3.89%),

6.00%,

01/15/77

(a)

.........

13,675

14,688,884

Encino

Acquisition

Partners

Holdings

LLC,

8.50%,

05/01/28

(b)

................

300

311,625

Endeavor

Energy

Resources

LP,

6.63%,

07/15/25

(b)

.....................

700

740,621

Energean

Israel

Finance

Ltd.,

4.50%,

03/30/24

(b)(d)

....................

3,470

3,473,253

Energy

Transfer

LP

5.00%,

10/01/22

..................

300

305,961

5.88%,

01/15/24

..................

3,740

4,025,259

4.90%,

02/01/24

..................

245

259,174

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(a)(k)

.....................

10,183

10,361,202

5.25%,

04/15/29

..................

270

309,258

5.95%,

10/01/43

..................

220

264,413

5.15%,

03/15/45

..................

1,250

1,412,591

6.00%,

06/15/48

..................

495

614,953

6.25%,

04/15/49

..................

1,735

2,266,364

EnLink

Midstream

LLC

5.63%,

01/15/28

(b)

.................

1,893

1,968,720

5.38%,

06/01/29

..................

1,480

1,513,300

EnLink

Midstream

Partners

LP

4.40%,

04/01/24

..................

1,979

2,068,055

4.15%,

06/01/25

..................

1,283

1,329,765

4.85%,

07/15/26

..................

1,841

1,937,653

5.60%,

04/01/44

..................

969

977,309

5.05%,

04/01/45

..................

466

449,690

5.45%,

06/01/47

..................

600

605,337

Enterprise

Products

Operating

LLC

6.45%,

09/01/40

..................

150

207,378

4.85%,

08/15/42

..................

105

125,387

4.45%,

02/15/43

..................

1,130

1,289,131

4.85%,

03/15/44

..................

5

6,018

4.80%,

02/01/49

..................

575

699,780

4.20%,

01/31/50

..................

930

1,042,523

3.30%,

02/15/53

..................

240

238,701

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

EOG

Resources,

Inc.

4.38%,

04/15/30

..................

USD

300

$

346,671

4.95%,

04/15/50

..................

70

95,094

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(b)

.................

1,589

1,728,038

4.13%,

12/01/26

..................

178

182,450

6.50%,

07/01/27

(b)

.................

4,017

4,499,040

5.50%,

07/15/28

..................

730

797,529

4.50%,

01/15/29

(b)

.................

1,246

1,295,840

4.75%,

01/15/31

(b)

.................

3,573

3,778,447

6.50%,

07/15/48

..................

240

291,601

EQT

Corp.

6.63%,

02/01/25

(e)

.................

475

535,565

3.13%,

05/15/26

(b)

.................

2,353

2,415,425

3.90%,

10/01/27

..................

2,054

2,202,956

5.00%,

01/15/29

..................

384

425,280

7.50%,

02/01/30

(e)

.................

1,593

2,047,005

3.63%,

05/15/31

(b)

.................

381

395,288

Exxon

Mobil

Corp.,

3.45%,

04/15/51

......

560

606,630

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(d)

.....................

5,071

5,045,645

Genesis

Energy

LP

6.50%,

10/01/25

..................

1,078

1,064,525

8.00%,

01/15/27

..................

600

618,336

7.75%,

02/01/28

..................

840

846,300

Global

Partners

LP

7.00%,

08/01/27

..................

400

415,000

6.88%,

01/15/29

..................

975

1,020,971

GNL

Quintero

SA,

4.63%,

07/31/29

(d)

......

3,375

3,571,956

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(b)

.....................

194

203,700

Greenko

Solar

Mauritius

Ltd.,

5.95%,

07/29/26

(d)

.....................

5,565

5,919,769

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

.....

1,178

1,169,165

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(b)

..

569

608,830

Hess

Corp.

4.30%,

04/01/27

..................

955

1,040,045

5.60%,

02/15/41

..................

925

1,141,969

5.80%,

04/01/47

..................

300

383,264

Hess

Midstream

Operations

LP

(b)

5.63%,

02/15/26

..................

885

911,550

5.13%,

06/15/28

..................

500

520,625

4.25%,

02/15/30

..................

3,421

3,395,342

Hilcorp

Energy

I

LP

(b)

6.25%,

11/01/28

..................

220

231,275

6.00%,

02/01/31

..................

710

733,075

Holly

Energy

Partners

LP,

5.00%,

02/01/28

(b)

.

1,900

1,892,875

HollyFrontier

Corp.,

2.63%,

10/01/23

......

885

901,697

Howard

Midstream

Energy

Partners

LLC,

6.75%,

01/15/27

(b)

................

1,170

1,198,905

HPCL-Mittal

Energy

Ltd.,

5.25%,

04/28/27

(d)

..

700

722,750

Independence

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

.....................

3,543

3,680,291

India

Green

Energy

Holdings

5.38%,

04/29/24

(b)

.................

2,183

2,253,947

5.38%,

04/29/24

(d)

.................

1,695

1,750,088

Ithaca

Energy

North

Sea

plc,

9.00%,

07/15/26

(b)

250

256,250

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

3,147

3,115,530

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

.....................

1,535

1,593,330

Kinder

Morgan

Energy

Partners

LP

6.95%,

01/15/38

..................

286

395,708

6.38%,

03/01/41

..................

75

99,387

5.40%,

09/01/44

..................

850

1,033,730

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Kinder

Morgan,

Inc.

3.15%,

01/15/23

..................

USD

2,105

$

2,149,439

5.55%,

06/01/45

..................

1,175

1,485,579

Laredo

Petroleum,

Inc.,

7.75%,

07/31/29

(b)

..

1,380

1,345,500

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)(d)

...

4,016

4,125,708

Lukoil

Capital

DAC,

2.80%,

04/26/27

(b)

.....

5,475

5,391,233

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(b)

.....................

600

615,000

Marathon

Oil

Corp.,

4.40%,

07/15/27

......

985

1,078,949

Marathon

Petroleum

Corp.,

4.75%,

09/15/44

.

49

57,664

Matador

Resources

Co.,

5.88%,

09/15/26

...

7,328

7,547,840

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

05/14/26

(d)

.

2,590

2,677,542

Medco

Platinum

Road

Pte.

Ltd.,

6.75%,

01/30/25

(d)

.....................

798

814,110

MEG

Energy

Corp.

(b)

6.50%,

01/15/25

..................

351

356,704

5.88%,

02/01/29

..................

1,160

1,214,439

Mongolian

Mining

Corp.,

9.25%,

04/15/24

(d)

..

1,800

1,474,650

MPLX

LP

1.75%,

03/01/26

..................

1,160

1,148,330

4.25%,

12/01/27

..................

790

875,011

4.00%,

03/15/28

..................

425

460,555

Murphy

Oil

Corp.

6.88%,

08/15/24

..................

134

136,760

5.75%,

08/15/25

..................

1,222

1,256,069

5.88%,

12/01/27

..................

512

528,625

6.37%,

12/01/42

(e)

.................

150

150,001

Neptune

Energy

Bondco

plc,

6.63%,

05/15/25

(b)

1,768

1,805,570

New

Fortress

Energy,

Inc.

(b)

6.75%,

09/15/25

..................

7,043

7,113,430

6.50%,

09/30/26

..................

6,717

6,666,622

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

1,303

1,343,784

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(b)

.....

1,007

1,409,840

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

8,325

8,782,875

NuStar

Logistics

LP

5.75%,

10/01/25

..................

752

809,242

6.00%,

06/01/26

..................

2,322

2,519,370

6.38%,

10/01/30

..................

47

52,170

Oasis

Midstream

Partners

LP,

8.00%,

04/01/29

(b)

.....................

650

708,500

Oasis

Petroleum,

Inc.,

6.38%,

06/01/26

(b)

...

4,032

4,223,520

Occidental

Petroleum

Corp.

6.95%,

07/01/24

..................

431

479,199

2.90%,

08/15/24

..................

3,150

3,217,725

5.50%,

12/01/25

..................

1,091

1,210,323

5.55%,

03/15/26

..................

320

356,256

3.00%,

02/15/27

..................

30

30,450

8.50%,

07/15/27

..................

380

474,050

6.38%,

09/01/28

..................

705

837,075

3.50%,

08/15/29

..................

1,750

1,797,775

8.88%,

07/15/30

..................

885

1,193,564

6.63%,

09/01/30

..................

550

680,625

6.13%,

01/01/31

..................

150

182,250

6.45%,

09/15/36

..................

2,200

2,805,011

4.30%,

08/15/39

..................

2,920

2,912,028

6.20%,

03/15/40

..................

3,053

3,755,190

4.50%,

07/15/44

..................

2,564

2,640,933

4.63%,

06/15/45

..................

5,107

5,298,512

6.60%,

03/15/46

..................

450

583,875

4.40%,

04/15/46

..................

13,143

13,471,575

4.10%,

02/15/47

..................

914

895,720

4.20%,

03/15/48

..................

4,264

4,264,000

4.40%,

08/15/49

..................

1,217

1,232,212

OQ

SAOC,

5.13%,

05/06/28

(b)

..........

5,181

5,272,639

Parkland

Corp.,

5.88%,

07/15/27

(b)

.......

2,224

2,346,320

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Parsley

Energy

LLC,

5.63%,

10/15/27

(b)

....

USD

420

$

428,925

PBF

Holding

Co.

LLC

9.25%,

05/15/25

(b)

.................

600

570,750

7.25%,

06/15/25

..................

500

356,250

6.00%,

02/15/28

..................

450

289,125

PDC

Energy,

Inc.

6.13%,

09/15/24

..................

568

575,100

5.75%,

05/15/26

..................

1,430

1,477,748

Penn

Virginia

Escrow

LLC,

9.25%,

08/15/26

(b)

750

778,125

Pioneer

Natural

Resources

Co.

0.55%,

05/15/23

..................

580

577,784

1.13%,

01/15/26

..................

310

301,011

2.15%,

01/15/31

..................

755

728,442

Plains

All

American

Pipeline

LP,

4.30%,

01/31/43

......................

430

431,073

Puma

International

Financing

SA

5.13%,

10/06/24

(b)

.................

350

350,000

5.13%,

10/06/24

(d)

.................

1,375

1,375,000

5.00%,

01/24/26

(b)

.................

550

548,900

Range

Resources

Corp.

5.00%,

03/15/23

..................

500

511,250

4.88%,

05/15/25

..................

922

951,965

9.25%,

02/01/26

..................

1,471

1,585,433

ReNew

Power

Pvt

Ltd.,

5.88%,

03/05/27

(d)

...

4,035

4,191,558

Repsol

International

Finance

BV

(a)(d)

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

(k)

......................

EUR

550

660,928

(EUR

Swap

Annual

5

Year

+

4.41%),

4.25%

(k)

......................

467

574,878

(EUR

Swap

Annual

10

Year

+

4.20%),

4.50%,

03/25/75

................

300

366,306

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(b)

..

USD

2,662

2,741,860

Rubis

Terminal

Infra

SAS,

5.63%,

05/15/25

(d)

.

EUR

1,313

1,552,776

Sabine

Pass

Liquefaction

LLC

5.75%,

05/15/24

..................

USD

975

1,060,358

5.63%,

03/01/25

..................

1,105

1,226,797

Santos

Finance

Ltd.,

5.25%,

03/13/29

(d)

....

1,100

1,228,809

SM

Energy

Co.

10.00%,

01/15/25

(b)

................

6,636

7,303,847

5.63%,

06/01/25

..................

421

424,158

6.75%,

09/15/26

..................

712

731,580

6.50%,

07/15/28

..................

1,942

2,009,970

Southwestern

Energy

Co.

6.45%,

01/23/25

(e)

.................

309

339,591

7.75%,

10/01/27

..................

175

188,781

8.38%,

09/15/28

..................

270

301,388

5.38%,

02/01/29

..................

4,721

4,992,458

4.75%,

02/01/32

..................

1,794

1,889,270

Summit

Midstream

Holdings

LLC,

8.50%,

10/15/26

(b)

.....................

1,759

1,832,755

Sunoco

LP

6.00%,

04/15/27

..................

1,460

1,522,634

5.88%,

03/15/28

..................

1,136

1,201,320

4.50%,

05/15/29

..................

1,515

1,538,521

4.50%,

04/30/30

(b)

.................

704

721,540

Tallgrass

Energy

Partners

LP

(b)

7.50%,

10/01/25

..................

265

286,862

5.50%,

01/15/28

..................

295

292,419

6.00%,

12/31/30

..................

765

765,000

Talos

Production,

Inc.,

12.00%,

01/15/26

...

400

419,000

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(b)

.

6,883

7,158,320

Targa

Resources

Partners

LP

5.88%,

04/15/26

..................

3,333

3,477,869

5.38%,

02/01/27

..................

1,036

1,067,670

6.50%,

07/15/27

..................

400

428,800

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.00%,

01/15/28

..................

USD

550

$

579,534

6.88%,

01/15/29

..................

1,063

1,189,263

5.50%,

03/01/30

..................

2,199

2,402,407

4.88%,

02/01/31

..................

2,768

3,005,910

4.00%,

01/15/32

(b)

.................

300

313,500

TerraForm

Power

Operating

LLC

(b)

4.25%,

01/31/23

..................

584

597,140

5.00%,

01/31/28

..................

1,080

1,143,936

4.75%,

01/15/30

..................

986

1,033,688

TotalEnergies

Capital

International

SA,

3.13%,

05/29/50

......................

194

198,855

UGI

International

LLC,

2.50%,

12/01/29

(d)

...

EUR

410

460,600

Valero

Energy

Corp.,

2.85%,

04/15/25

.....

USD

625

647,416

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

..................

5,881

6,101,538

4.13%,

08/15/31

..................

5,981

6,339,860

3.88%,

11/01/33

..................

13,442

14,121,896

Vine

Energy

Holdings

LLC,

6.75%,

04/15/29

(b)

5,612

6,089,020

Viper

Energy

Partners

LP,

5.38%,

11/01/27

(b)

.

800

826,000

Western

Midstream

Operating

LP

4.75%,

08/15/28

..................

256

282,880

5.30%,

02/01/30

(e)

.................

1,900

2,088,176

5.45%,

04/01/44

..................

2,063

2,465,285

5.30%,

03/01/48

..................

5,389

6,493,772

5.50%,

08/15/48

..................

671

801,523

6.50%,

02/01/50

(e)

.................

8,703

10,291,341

Williams

Cos.,

Inc.

(The)

3.60%,

03/15/22

..................

1,000

1,000,897

3.70%,

01/15/23

..................

960

981,170

4.55%,

06/24/24

..................

1,425

1,524,896

585,550,449

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.,

4.75%,

08/15/28

(b)

..

125

127,187

Georgia-Pacific

LLC,

1.75%,

09/30/25

(b)

....

187

187,732

Glatfelter

Corp.,

4.75%,

11/15/29

(b)

.......

250

257,813

Louisiana-Pacific

Corp.,

3.63%,

03/15/29

(b)

..

1,300

1,325,909

Pearl

Merger

Sub,

Inc.,

6.75%,

10/01/28

(b)

...

3,425

3,515,694

Resolute

Forest

Products,

Inc.,

4.88%,

03/01/26

(b)

.....................

1,080

1,096,200

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/01/26

(b)

.....................

300

313,875

Suzano

Austria

GmbH

2.50%,

09/15/28

..................

390

376,228

3.13%,

01/15/32

..................

2,435

2,355,863

Sylvamo

Corp.,

7.00%,

09/01/29

(b)

.......

300

313,428

9,869,929

Personal

Products

—

0.1%

Coty,

Inc.

4.00%,

04/15/23

(d)

.................

EUR

900

1,026,814

3.88%,

04/15/26

(d)

.................

1,299

1,507,732

4.75%,

04/15/26

(d)

.................

600

686,515

5.00%,

04/15/26

(b)

.................

USD

1,485

1,529,595

6.50%,

04/15/26

(b)

.................

500

515,625

4.75%,

01/15/29

(b)

.................

1,143

1,161,574

Edgewell

Personal

Care

Co.,

5.50%,

06/01/28

(b)

100

106,145

Herbalife

Nutrition

Ltd.,

7.88%,

09/01/25

(b)

...

800

850,000

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(b)

....

2,137

2,072,890

9,456,890

Pharmaceuticals

—

0.6%

Almirall

SA,

2.13%,

09/30/26

(d)

..........

EUR

381

436,611

Astrazeneca

Finance

LLC,

2.25%,

05/28/31

..

USD

155

156,085

Bausch

Health

Americas,

Inc.

(b)

9.25%,

04/01/26

..................

800

845,000

8.50%,

01/31/27

..................

4,926

5,172,300

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Bausch

Health

Cos.,

Inc.

(b)

6.13%,

04/15/25

..................

USD

1,654

$

1,684,698

5.50%,

11/01/25

..................

1,125

1,143,281

9.00%,

12/15/25

..................

6,400

6,740,352

5.75%,

08/15/27

..................

235

243,930

7.00%,

01/15/28

..................

1,521

1,513,395

5.00%,

01/30/28

..................

1,070

984,400

5.00%,

02/15/29

..................

3,297

2,909,603

6.25%,

02/15/29

..................

3,258

3,095,882

7.25%,

05/30/29

..................

5,147

5,095,530

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25

(b)

.

1,525

1,649,422

Bristol-Myers

Squibb

Co.

2.90%,

07/26/24

..................

332

347,415

3.40%,

07/26/29

..................

80

87,600

Catalent

Pharma

Solutions,

Inc.

5.00%,

07/15/27

(b)

.................

3,091

3,211,549

2.38%,

03/01/28

(d)

.................

EUR

1,607

1,825,746

3.13%,

02/15/29

(b)

.................

USD

1,454

1,434,225

3.50%,

04/01/30

(b)

.................

5,022

5,007,763

Cheplapharm

Arzneimittel

GmbH

4.38%,

01/15/28

(d)

.................

EUR

692

820,966

5.50%,

01/15/28

(b)

.................

USD

2,250

2,278,125

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(e)

680

788,800

Endo

DAC

(b)

5.88%,

10/15/24

..................

400

393,768

9.50%,

07/31/27

..................

4,883

4,970,503

Endo

Luxembourg

Finance

Co.

I

SARL,

6.13%,

04/01/29

(b)

.....................

4,516

4,425,680

Gruenenthal

GmbH

(d)

3.63%,

11/15/26

..................

EUR

558

651,864

4.13%,

05/15/28

..................

1,023

1,200,085

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

....

USD

4,369

4,523,837

Merck

&

Co.,

Inc.

3.40%,

03/07/29

..................

155

168,621

2.15%,

12/10/31

..................

760

762,120

2.75%,

12/10/51

..................

300

296,848

Nidda

BondCo

GmbH

(d)

5.00%,

09/30/25

..................

EUR

500

564,981

7.25%,

09/30/25

..................

374

432,244

Nidda

Healthcare

Holding

GmbH

3.50%,

09/30/24

(d)

.................

2,411

2,731,833

Organon

&

Co.

2.88%,

04/30/28

(d)

.................

716

820,636

4.13%,

04/30/28

(b)

.................

USD

5,830

5,924,737

5.13%,

04/30/31

(b)

.................

5,695

5,949,453

P&L

Development

LLC,

7.75%,

11/15/25

(b)

...

2,297

2,299,871

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(b)

.

12,030

12,293,818

Pfizer,

Inc.

3.45%,

03/15/29

..................

240

264,113

4.30%,

06/15/43

..................

155

189,874

2.70%,

05/28/50

..................

180

181,084

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(b)

....

935

918,174

Rossini

SARL

(d)

(EURIBOR

3

Month

+

3.88%),

3.88%,

10/30/25

(a)

....................

EUR

200

227,472

6.75%,

10/30/25

..................

1,212

1,429,725

Takeda

Pharmaceutical

Co.

Ltd.

4.40%,

11/26/23

..................

USD

1,088

1,151,207

3.18%,

07/09/50

..................

1,412

1,423,298

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

01/31/25

..................

EUR

1,100

1,345,728

4.50%,

03/01/25

..................

700

825,740

3.75%,

05/09/27

..................

440

498,060

1.63%,

10/15/28

(d)

.................

300

296,999

4.38%,

05/09/30

..................

359

403,434

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

6.00%,

04/15/24

..................

USD

1,400

$

1,468,712

7.13%,

01/31/25

..................

200

213,662

106,720,859

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.

(b)

4.63%,

10/01/27

..................

85

88,102

4.00%,

04/15/29

..................

696

705,570

ASGN,

Inc.,

4.63%,

05/15/28

(b)

..........

1,630

1,687,539

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

.......

3,749

3,734,754

Dun

&

Bradstreet

Corp.

(The)

(b)

6.88%,

08/15/26

..................

3,607

3,751,280

5.00%,

12/15/29

..................

2,490

2,547,345

House

of

Finance

NV

(The),

4.38%,

07/15/26

(d)

EUR

500

575,796

Korn

Ferry,

4.63%,

12/15/27

(b)

..........

USD

1,965

2,023,950

La

Financiere

Atalian

SASU,

5.13%,

05/15/25

(d)

EUR

1,471

1,661,108

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

................

USD

1,874

1,920,850

18,696,294

Real

Estate

Management

&

Development

—

1.4%

ADLER

Group

SA

(d)

3.25%,

08/05/25

..................

EUR

1,000

987,079

2.75%,

11/13/26

..................

1,000

956,340

2.25%,

01/14/29

..................

300

282,633

Aedas

Homes

Opco

SLU,

4.00%,

08/15/26

(d)

.

429

501,848

Agile

Group

Holdings

Ltd.,

5.75%,

01/02/25

(d)

.

USD

6,052

3,873,280

Alam

Sutera

Realty

Tbk.

PT,

8.00%,

(8.00%

Cash

or

6.25%

PIK),

05/02/24

(j)

........

407

342,719

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

.....................

4,380

4,308,825

Aroundtown

SA,

(EUR

Swap

Annual

5

Year

+

3.98%),

3.38%

(a)(d)(k)

...............

EUR

1,100

1,292,601

Celulosa

Arauco

y

Constitucion

SA,

3.88%,

11/02/27

......................

USD

325

344,561

Central

China

Real

Estate

Ltd.

(d)

6.88%,

08/08/22

..................

630

472,500

7.25%,

04/24/23

..................

2,630

1,821,275

7.90%,

11/07/23

..................

1,930

1,264,150

7.25%,

08/13/24

..................

498

308,604

CFLD

Cayman

Investment

Ltd.

(d)(f)(l)

8.63%,

02/28/21

..................

314

83,112

6.92%,

06/16/22

..................

4,911

1,275,325

6.90%,

01/13/23

..................

6,858

1,857,232

8.60%,

04/08/24

..................

2,833

766,327

China

Aoyuan

Group

Ltd.

(d)

7.95%,

02/19/23

..................

6,122

1,193,790

6.35%,

02/08/24

..................

6,938

1,352,910

5.98%,

08/18/25

..................

1,900

360,406

China

Evergrande

Group

(d)(f)(l)

8.25%,

03/23/22

..................

1,145

208,462

9.50%,

04/11/22

..................

630

96,784

11.50%,

01/22/23

.................

9,095

1,363,113

10.00%,

04/11/23

.................

7,174

1,077,445

7.50%,

06/28/23

..................

2,500

374,687

12.00%,

01/22/24

.................

6,281

939,402

10.50%,

04/11/24

.................

1,930

288,656

China

SCE

Group

Holdings

Ltd.

(d)

7.25%,

04/19/23

..................

5,160

4,540,800

7.38%,

04/09/24

..................

5,899

4,992,324

CIFI

Holdings

Group

Co.

Ltd.

(d)

6.45%,

11/07/24

..................

2,564

2,531,149

6.00%,

07/16/25

..................

3,272

3,194,453

5.25%,

05/13/26

..................

4,815

4,544,397

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Citycon

OYJ,

(EUR

Swap

Annual

5

Year

+

4.71%),

4.50%

(a)(d)(k)

...............

EUR

600

$

678,738

Country

Garden

Holdings

Co.

Ltd.

(d)

6.15%,

09/17/25

..................

USD

4,061

3,939,170

4.20%,

02/06/26

..................

7,482

6,808,620

5.63%,

12/15/26

..................

800

751,750

5.13%,

01/14/27

..................

630

579,600

4.80%,

08/06/30

..................

5,076

4,568,400

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

(d)

................

EUR

600

671,118

DIC

Asset

AG,

2.25%,

09/22/26

(d)

........

900

970,856

Easy

Tactic

Ltd.

(d)

8.13%,

02/27/23

..................

USD

4,130

1,517,775

8.63%,

02/27/24

..................

4,285

1,467,612

8.63%,

03/05/24

..................

1,257

430,523

8.13%,

07/11/24

..................

3,880

1,328,900

Fantasia

Holdings

Group

Co.

Ltd.

(d)(f)(l)

15.00%,

12/18/21

.................

1,735

407,183

11.75%,

04/17/22

.................

2,039

468,970

7.95%,

07/05/22

..................

1,650

379,500

12.25%,

10/18/22

.................

3,269

751,870

10.88%,

01/09/23

.................

1,345

309,350

11.88%,

06/01/23

.................

1,500

344,531

9.25%,

07/28/23

..................

3,540

813,094

9.88%,

10/19/23

..................

2,640

606,375

Fastighets

AB

Balder,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%,

06/02/81

(a)(d)

.....

EUR

1,025

1,111,824

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(b)

USD

4,450

4,641,795

Forestar

Group,

Inc.,

3.85%,

05/15/26

(b)

....

1,382

1,385,455

Global

Prime

Capital

Pte.

Ltd.,

5.95%,

01/23/25

(d)

.....................

5,656

5,740,840

Greystar

Real

Estate

Partners

LLC,

5.75%,

12/01/25

(b)

.....................

370

376,556

Heimstaden

Bostad

AB

(a)(d)(k)

(EUR

Swap

Annual

5

Year

+

3.91%),

3.38%

EUR

450

507,642

(EUR

Swap

Annual

5

Year

+

3.15%),

2.62%

1,275

1,368,136

(EUR

Swap

Annual

5

Year

+

3.27%),

3.00%

850

922,029

Howard

Hughes

Corp.

(The)

(b)

5.38%,

08/01/28

..................

USD

1,636

1,742,413

4.13%,

02/01/29

..................

1,028

1,041,724

4.38%,

02/01/31

..................

1,789

1,806,890

Hunt

Cos.,

Inc.,

5.25%,

04/15/29

(b)

.......

300

295,500

JGC

Ventures

Pte.

Ltd.,

10.75%,

08/30/21

(d)(f)(l)

2,986

1,588,709

Kaisa

Group

Holdings

Ltd.

(d)(f)(l)

8.50%,

06/30/22

..................

737

202,445

11.95%,

10/22/22

.................

3,345

920,544

11.50%,

01/30/23

.................

3,413

882,687

10.88%,

07/23/23

.................

7,811

2,017,679

9.75%,

09/28/23

..................

5,565

1,440,987

11.95%,

11/12/23

.................

3,980

1,036,790

9.38%,

06/30/24

..................

2,244

584,562

11.70%,

11/11/25

.................

1,072

281,936

Kennedy-Wilson,

Inc.

4.75%,

02/01/30

..................

1,242

1,259,022

5.00%,

03/01/31

..................

300

309,000

KWG

Group

Holdings

Ltd.

(d)

7.88%,

09/01/23

..................

2,327

1,764,593

5.88%,

11/10/24

..................

787

570,575

5.95%,

08/10/25

..................

6,056

4,328,148

Logan

Group

Co.

Ltd.

(d)

6.90%,

06/09/24

..................

1,518

1,480,050

5.75%,

01/14/25

..................

2,972

2,842,124

5.25%,

10/19/25

..................

4,995

4,620,375

MAF

Sukuk

Ltd.

(d)

4.64%,

05/14/29

..................

5,353

5,944,507

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

3.93%,

02/28/30

..................

USD

3,080

$

3,294,252

Modern

Land

China

Co.

Ltd.,

12.85%,

10/25/21

(d)(f)(l)

...................

330

72,497

Modernland

Overseas

Pte.

Ltd.,

6.95%,

04/13/24

(d)(f)(l)

...................

1,296

585,873

New

Metro

Global

Ltd.

(d)

6.50%,

05/20/22

..................

212

201,400

6.80%,

08/05/23

..................

3,110

2,861,200

4.80%,

12/15/24

..................

6,580

5,905,550

NWD

Finance

BVI

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.86%),

4.12%

(a)(d)(k)

..............

6,084

5,977,530

Powerlong

Real

Estate

Holdings

Ltd.

(d)

7.13%,

11/08/22

..................

2,258

2,066,070

6.95%,

07/23/23

..................

895

798,787

6.25%,

08/10/24

..................

5,062

4,315,355

Realogy

Group

LLC

(b)

7.63%,

06/15/25

..................

242

256,520

5.75%,

01/15/29

..................

1,995

2,044,875

Redsun

Properties

Group

Ltd.

(d)

9.95%,

04/11/22

..................

4,142

2,340,230

10.50%,

10/03/22

.................

4,159

2,329,040

9.70%,

04/16/23

..................

484

219,558

7.30%,

01/13/25

..................

455

191,327

RKPF

Overseas

2019

A

Ltd.

(d)

6.70%,

09/30/24

..................

4,480

4,323,200

6.00%,

09/04/25

..................

7,940

7,619,919

Ronshine

China

Holdings

Ltd.

(d)

8.75%,

10/25/22

..................

2,085

854,850

8.95%,

01/22/23

..................

5,459

2,047,125

8.10%,

06/09/23

..................

945

340,200

7.35%,

12/15/23

..................

3,627

1,360,125

Scenery

Journey

Ltd.

(d)(f)(l)

11.50%,

10/24/22

.................

6,977

901,777

13.00%,

11/06/22

.................

5,888

762,864

12.00%,

10/24/23

.................

10,432

1,330,080

13.75%,

11/06/23

.................

464

60,117

Seazen

Group

Ltd.

(d)

6.45%,

06/11/22

..................

300

280,500

6.15%,

04/15/23

..................

945

867,805

6.00%,

08/12/24

..................

4,166

3,530,685

Shimao

Group

Holdings

Ltd.

(d)

5.60%,

07/15/26

..................

895

557,137

3.45%,

01/11/31

..................

1,145

651,219

Shui

On

Development

Holding

Ltd.

(d)

5.75%,

11/12/23

..................

1,518

1,487,166

6.15%,

08/24/24

..................

8,795

8,619,100

5.50%,

03/03/25

..................

800

767,750

Sino-Ocean

Land

Treasure

Finance

II

Ltd.,

5.95%,

02/04/27

(d)

................

209

200,744

Sino-Ocean

Land

Treasure

IV

Ltd.,

4.75%,

08/05/29

(d)

.....................

302

269,535

Sunac

China

Holdings

Ltd.

(d)

7.95%,

10/11/23

..................

3,127

2,001,280

7.50%,

02/01/24

..................

5,246

3,304,980

6.65%,

08/03/24

..................

5,244

3,356,160

7.00%,

07/09/25

..................

3,573

2,249,873

Theta

Capital

Pte.

Ltd.,

8.13%,

01/22/25

(d)

...

3,674

3,865,737

Times

China

Holdings

Ltd.

(d)

6.75%,

07/08/25

..................

7,910

5,376,328

6.20%,

03/22/26

..................

4,150

2,820,703

Unique

Pub

Finance

Co.

plc

(The)

(d)

Series

A4,

5.66%,

06/30/27

..........

GBP

600

900,901

Series

N,

6.46%,

03/30/32

(e)

..........

800

1,299,076

Wanda

Group

Overseas

Ltd.,

7.50%,

07/24/22

(d)

USD

4,535

4,240,225

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Wanda

Properties

International

Co.

Ltd.,

7.25%,

01/29/24

(d)

.....................

USD

800

$

755,040

WeWork

Cos.

LLC,

5.00%,

07/10/25

(b)

.....

2,606

2,262,321

Yango

Justice

International

Ltd.

10.25%,

09/15/22

.................

1,811

470,294

9.25%,

04/15/23

(d)

.................

4,110

1,046,406

8.25%,

11/25/23

(d)

.................

4,104

1,065,758

7.50%,

04/15/24

(d)

.................

2,675

712,754

7.88%,

09/04/24

(d)

.................

1,215

315,520

Yanlord

Land

HK

Co.

Ltd.,

6.80%,

02/27/24

(d)

.

4,030

4,060,225

Yuzhou

Group

Holdings

Co.

Ltd.

(d)

6.00%,

10/25/23

..................

2,495

810,875

8.50%,

02/26/24

..................

4,545

1,329,412

8.38%,

10/30/24

..................

1,745

567,125

7.70%,

02/20/25

..................

3,562

1,015,170

8.30%,

05/27/25

..................

900

256,500

7.38%,

01/13/26

..................

2,220

610,500

7.85%,

08/12/26

..................

1,680

458,115

6.35%,

01/13/27

..................

2,087

573,273

Zhenro

Properties

Group

Ltd.

(d)

8.70%,

08/03/22

..................

4,430

3,322,500

9.15%,

05/06/23

..................

945

661,500

8.30%,

09/15/23

..................

2,088

1,430,280

8.35%,

03/10/24

..................

955

654,175

7.88%,

04/14/24

..................

3,050

1,997,750

7.35%,

02/05/25

..................

1,390

885,082

6.63%,

01/07/26

..................

1,985

1,275,363

254,849,824

Road

&

Rail

—

0.3%

Albion

Financing

1

SARL

5.25%,

10/15/26

(d)

.................

EUR

525

602,285

6.13%,

10/15/26

(b)

.................

USD

1,639

1,655,390

Avis

Budget

Car

Rental

LLC

(b)

4.75%,

04/01/28

..................

400

409,000

5.38%,

03/01/29

..................

1,866

1,968,294

BCP

V

Modular

Services

Finance

II

plc

(d)

4.75%,

11/30/28

..................

EUR

1,300

1,491,150

6.13%,

11/30/28

..................

GBP

800

1,077,426

Burlington

Northern

Santa

Fe

LLC

5.15%,

09/01/43

..................

USD

100

133,924

4.90%,

04/01/44

..................

995

1,299,873

4.15%,

04/01/45

..................

100

120,191

3.55%,

02/15/50

..................

105

117,606

2.88%,

06/15/52

..................

305

305,059

Canadian

Pacific

Railway

Co.

3.00%,

12/02/41

..................

370

378,351

3.10%,

12/02/51

..................

415

426,753

CSX

Corp.

3.80%,

03/01/28

..................

150

164,835

4.30%,

03/01/48

..................

430

524,869

4.75%,

11/15/48

..................

165

212,299

EC

Finance

plc,

3.00%,

10/15/26

(d)

.......

EUR

1,125

1,309,631

First

Student

Bidco,

Inc.,

4.00%,

07/31/29

(b)

..

USD

210

204,120

Hertz

Corp.

(The)

(b)

4.63%,

12/01/26

..................

958

963,987

5.00%,

12/01/29

..................

1,532

1,533,310

Loxam

SAS

(d)

3.25%,

01/14/25

..................

EUR

708

807,751

3.75%,

07/15/26

..................

673

777,703

5.75%,

07/15/27

..................

200

234,531

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(d)(k)

...............

GBP

600

826,610

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

..

USD

1,801

1,859,533

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

Norfolk

Southern

Corp.

2.55%,

11/01/29

..................

USD

990

$

1,013,224

4.15%,

02/28/48

..................

750

893,553

3.05%,

05/15/50

..................

43

43,800

Pacific

National

Finance

Pty.

Ltd.,

4.75%,

03/22/28

(d)

.....................

3,500

3,787,833

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/29

(b)

................

1,697

1,757,244

Penske

Truck

Leasing

Co.

LP

(b)

4.00%,

07/15/25

..................

2,915

3,128,679

4.20%,

04/01/27

..................

340

374,560

Rumo

Luxembourg

SARL,

5.88%,

01/18/25

(b)

.

2,900

2,978,481

Ryder

System,

Inc.,

2.50%,

09/01/24

......

350

360,040

Uber

Technologies,

Inc.

(b)

7.50%,

05/15/25

..................

4,486

4,714,248

8.00%,

11/01/26

..................

2,595

2,763,675

7.50%,

09/15/27

..................

5,690

6,192,398

6.25%,

01/15/28

..................

1,986

2,131,971

4.50%,

08/15/29

..................

5,571

5,673,172

Union

Pacific

Corp.

3.55%,

08/15/39

..................

3

3,325

4.05%,

03/01/46

..................

25

29,552

3.95%,

08/15/59

..................

1,005

1,188,520

3.84%,

03/20/60

..................

411

483,890

XPO

Logistics,

Inc.,

6.25%,

05/01/25

(b)

.....

160

167,400

57,090,046

Semiconductors

&

Semiconductor

Equipment

—

0.2%

Amkor

Technology,

Inc.,

6.63%,

09/15/27

(b)

..

1,100

1,162,612

ams

AG

(d)(i)

0.00%,

03/05/25

(n)

.................

EUR

600

607,615

2.13%,

11/03/27

..................

600

662,540

Analog

Devices,

Inc.

2.95%,

04/01/25

..................

USD

850

892,595

2.80%,

10/01/41

..................

235

237,688

2.95%,

10/01/51

..................

230

236,193

Applied

Materials,

Inc.,

3.30%,

04/01/27

....

1,080

1,166,105

Broadcom

Corp.,

3.88%,

01/15/27

.......

475

515,038

Broadcom,

Inc.

4.11%,

09/15/28

..................

400

438,520

4.75%,

04/15/29

..................

1,325

1,508,249

3.42%,

04/15/33

(b)

.................

3,345

3,506,570

Entegris,

Inc.

(b)

4.38%,

04/15/28

..................

1,390

1,428,225

3.63%,

05/01/29

..................

2,093

2,098,232

Intel

Corp.

2.80%,

08/12/41

..................

115

114,718

4.75%,

03/25/50

..................

300

399,505

3.05%,

08/12/51

..................

485

496,102

3.10%,

02/15/60

..................

20

19,985

3.20%,

08/12/61

..................

120

122,887

KLA

Corp.

4.10%,

03/15/29

..................

1,026

1,158,130

3.30%,

03/01/50

..................

850

908,193

Lam

Research

Corp.

4.88%,

03/15/49

..................

65

88,231

2.88%,

06/15/50

..................

245

244,117

NVIDIA

Corp.,

3.50%,

04/01/40

.........

690

775,427

NXP

BV

(b)

4.30%,

06/18/29

..................

1,070

1,197,598

2.50%,

05/11/31

..................

2,940

2,939,941

2.65%,

02/15/32

..................

590

590,848

3.25%,

05/11/41

..................

100

102,269

ON

Semiconductor

Corp.,

3.88%,

09/01/28

(b)

.

2,884

2,956,100

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

584

731,276

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

........

2,896

2,939,440

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Texas

Instruments,

Inc.,

2.70%,

09/15/51

...

USD

265

$

265,005

TSMC

Arizona

Corp.,

3.25%,

10/25/51

.....

360

378,828

30,888,782

Software

—

0.6%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(b)

....

180

187,650

Autodesk,

Inc.

3.50%,

06/15/27

..................

18

19,342

2.40%,

12/15/31

..................

1,265

1,261,309

Boxer

Parent

Co.,

Inc.

6.50%,

10/02/25

(d)

.................

EUR

2,080

2,482,359

7.13%,

10/02/25

(b)

.................

USD

3,913

4,103,759

9.13%,

03/01/26

(b)

.................

5,305

5,530,462

Brunello

Bidco

SpA,

(EURIBOR

3

Month

+

3.75%),

3.75%,

02/15/28

(a)(d)

..........

EUR

392

445,460

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

....

USD

4,614

4,775,490

Castle

US

Holding

Corp.,

9.50%,

02/15/28

(b)

.

1,992

2,076,660

CDK

Global,

Inc.,

4.88%,

06/01/27

.......

210

217,350

Cedacri

Mergeco

SpA,

(EURIBOR

3

Month

+

4.63%),

4.62%,

05/15/28

(a)(d)

..........

EUR

865

986,737

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(b)

.....................

USD

9,262

9,341,468

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

..................

3,409

3,426,045

4.88%,

07/01/29

..................

4,125

4,183,245

Consensus

Cloud

Solutions,

Inc.

(b)

6.00%,

10/15/26

..................

937

974,574

6.50%,

10/15/28

..................

1,426

1,490,170

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

.

3,125

3,085,937

Elastic

NV,

4.13%,

07/15/29

(b)

..........

4,531

4,482,881

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

.......

3,387

3,481,599

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(b)

.....................

1,048

1,029,660

LogMeIn,

Inc.,

5.50%,

09/01/27

(b)

........

605

612,260

Microsoft

Corp.

3.45%,

08/08/36

..................

238

273,949

2.53%,

06/01/50

..................

856

834,761

2.92%,

03/17/52

..................

1,931

2,050,179

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

.....

2,626

2,632,565

NCR

Corp.

(b)

5.75%,

09/01/27

..................

884

923,780

5.00%,

10/01/28

..................

1,675

1,725,250

5.13%,

04/15/29

..................

1,905

1,972,056

6.13%,

09/01/29

..................

999

1,067,574

NortonLifeLock,

Inc.,

5.00%,

04/15/25

(b)

....

475

478,622

Nuance

Communications,

Inc.,

5.63%,

12/15/26

4,573

4,717,781

Open

Text

Corp.

(b)

3.88%,

02/15/28

..................

403

410,758

3.88%,

12/01/29

..................

1,195

1,209,937

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(b)

.

1,906

1,963,180

Oracle

Corp.

2.95%,

04/01/30

..................

1,400

1,415,912

3.85%,

07/15/36

..................

850

897,889

5.38%,

07/15/40

..................

650

793,722

3.65%,

03/25/41

..................

540

546,012

4.13%,

05/15/45

..................

485

511,645

4.00%,

07/15/46

..................

350

363,273

4.00%,

11/15/47

..................

435

451,636

3.60%,

04/01/50

..................

2,635

2,580,031

3.95%,

03/25/51

..................

617

640,512

3.85%,

04/01/60

..................

190

187,616

PTC,

Inc.

(b)

3.63%,

02/15/25

..................

860

871,825

4.00%,

02/15/28

..................

1,628

1,656,490

Rocket

Software,

Inc.,

6.50%,

02/15/29

(b)

...

1,080

1,053,648

Security

Par

(000)

Par

(000)

Value

Software

(continued)

salesforce.com,

Inc.

2.70%,

07/15/41

..................

USD

325

$

324,585

2.90%,

07/15/51

..................

355

361,287

3.05%,

07/15/61

..................

295

303,399

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

.

12,015

12,555,675

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

.......

8,219

8,506,665

VMware,

Inc.

4.70%,

05/15/30

..................

375

436,447

2.20%,

08/15/31

..................

2,015

1,979,123

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

7,188

7,126,183

118,018,384

Specialty

Retail

—

0.6%

Abercrombie

&

Fitch

Management

Co.,

8.75%,

07/15/25

(b)

.....................

900

969,075

Academy

Ltd.,

6.00%,

11/15/27

(b)

........

750

799,687

Ambience

Merger

Sub,

Inc.,

4.88%,

07/15/28

(b)

150

147,750

Arko

Corp.,

5.13%,

11/15/29

(b)

..........

1,388

1,341,155

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

..................

234

238,680

4.75%,

03/01/30

..................

731

742,879

5.00%,

02/15/32

(b)

.................

937

972,325

Bath

&

Body

Works,

Inc.

6.95%,

03/01/33

..................

700

819,000

7.60%,

07/15/37

..................

200

243,732

Carvana

Co.

(b)

5.50%,

04/15/27

..................

3,051

3,020,490

4.88%,

09/01/29

..................

1,708

1,626,870

Constellation

Automotive

Financing

plc,

4.88%,

07/15/27

(d)

.....................

GBP

1,184

1,576,481

Douglas

GmbH,

6.00%,

04/08/26

(d)

.......

EUR

800

908,068

Dufry

One

BV

(d)

2.50%,

10/15/24

..................

400

447,394

0.75%,

03/30/26

(i)

.................

CHF

600

621,950

eG

Global

Finance

plc

4.38%,

02/07/25

(d)

.................

EUR

453

517,030

6.75%,

02/07/25

(b)

.................

USD

2,476

2,506,950

6.25%,

10/30/25

(d)

.................

EUR

2,401

2,801,877

8.50%,

10/30/25

(b)

.................

USD

2,845

2,948,131

Goldstory

SASU,

5.38%,

03/01/26

(d)

......

EUR

645

749,019

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

.

USD

897

893,636

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

1,993

1,997,983

Home

Depot,

Inc.

(The)

4.20%,

04/01/43

..................

125

150,836

4.50%,

12/06/48

..................

815

1,053,712

3.35%,

04/15/50

..................

775

845,187

InRetail

Consumer,

3.25%,

03/22/28

(b)

.....

1,285

1,274,399

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

711

711,889

L

Brands,

Inc.

9.38%,

07/01/25

(b)

.................

87

106,140

5.25%,

02/01/28

..................

1,000

1,105,000

7.50%,

06/15/29

..................

600

683,004

6.63%,

10/01/30

(b)

.................

450

509,625

6.88%,

11/01/35

..................

4,829

6,000,032

6.75%,

07/01/36

..................

677

836,095

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

....

4,685

4,632,294

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

.....................

2,213

2,274,256

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(b)

......

999

1,019,879

Lowe's

Cos.,

Inc.

4.65%,

04/15/42

..................

310

377,835

3.70%,

04/15/46

..................

735

805,656

3.00%,

10/15/50

..................

675

665,684

3.50%,

04/01/51

..................

130

140,256

Michaels

Cos.,

Inc.

(The),

5.25%,

05/01/28

(b)

.

485

485,213

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

.....

1,353

1,424,032

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Penske

Automotive

Group,

Inc.

3.50%,

09/01/25

..................

USD

987

$

1,009,208

3.75%,

06/15/29

..................

525

520,406

PetSmart,

Inc.

(b)

4.75%,

02/15/28

..................

3,135

3,217,294

7.75%,

02/15/29

..................

7,867

8,545,529

Sally

Holdings

LLC,

5.63%,

12/01/25

......

895

915,137

Sonic

Automotive,

Inc.

(b)

4.63%,

11/15/29

..................

336

339,192

4.88%,

11/15/31

..................

322

325,123

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

................

2,914

3,054,076

SRS

Distribution,

Inc.

(b)

4.63%,

07/01/28

..................

4,281

4,297,054

6.13%,

07/01/29

..................

3,598

3,666,794

6.00%,

12/01/29

..................

2,573

2,585,865

Staples,

Inc.

(b)

7.50%,

04/15/26

..................

9,184

9,436,560

10.75%,

04/15/27

.................

1,171

1,103,667

Tendam

Brands

SAU

(d)

5.00%,

09/15/24

..................

EUR

255

286,870

(EURIBOR

3

Month

+

5.25%),

5.25%,

09/15/24

(a)

....................

270

305,089

Victoria's

Secret

&

Co.,

4.63%,

07/15/29

(b)

...

USD

605

618,612

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

6,654

6,936,795

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(j)

............

1,603

1,639,068

100,793,525

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Apple,

Inc.

2.20%,

09/11/29

..................

1,800

1,842,357

4.50%,

02/23/36

..................

75

94,097

3.45%,

02/09/45

..................

225

251,074

3.85%,

08/04/46

..................

1,100

1,303,462

2.65%,

05/11/50

..................

990

973,301

2.65%,

02/08/51

..................

860

845,558

2.70%,

08/05/51

..................

370

366,009

Dell

International

LLC

6.02%,

06/15/26

..................

475

549,029

8.35%,

07/15/46

..................

125

207,814

HP,

Inc.,

1.45%,

06/17/26

(b)

............

2,170

2,127,028

Xerox

Corp.,

4.80%,

03/01/35

..........

717

717,918

9,277,647

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

BK

LC

Lux

Finco1

SARL,

5.25%,

04/30/29

(d)

.

EUR

381

448,079

Crocs,

Inc.

(b)

4.25%,

03/15/29

..................

USD

2,329

2,299,888

4.13%,

08/15/31

..................

3,463

3,385,082

European

TopSoho

SARL,

Series

SMCP,

4.00%,

09/21/21

(d)(f)(i)(l)

..............

EUR

1,300

1,302,789

G-III

Apparel

Group

Ltd.,

7.88%,

08/15/25

(b)

..

USD

800

851,196

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

....

1,212

1,212,000

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(b)

.....

846

862,607

Prime

Bloom

Holdings

Ltd.,

6.95%,

07/05/22

(d)(f)

(l)

..........................

2,783

555,730

Under

Armour,

Inc.,

3.25%,

06/15/26

......

400

412,578

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

2,360

2,439,650

Wolverine

World

Wide,

Inc.,

4.00%,

08/15/29

(b)

774

752,537

14,522,136

Thrifts

&

Mortgage

Finance

—

0.2%

BPCE

SA

(b)

2.38%,

01/14/25

..................

845

859,676

(SOFR

+

1.09%),

2.05%,

10/19/27

(a)

....

1,340

1,328,486

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

....

4,916

5,370,730

Security

Par

(000)

Par

(000)

Value

Thrifts

&

Mortgage

Finance

(continued)

Freedom

Mortgage

Corp.

(b)

8.25%,

04/15/25

..................

USD

650

$

665,438

7.63%,

05/01/26

..................

335

342,122

6.63%,

01/15/27

..................

275

268,812

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

..

1,427

1,323,542

Jerrold

Finco

plc

(d)

4.88%,

01/15/26

..................

GBP

317

434,439

5.25%,

01/15/27

..................

947

1,304,884

Ladder

Capital

Finance

Holdings

LLLP

(b)

4.25%,

02/01/27

..................

USD

2,155

2,169,072

4.75%,

06/15/29

..................

1,923

1,971,075

MGIC

Investment

Corp.,

5.25%,

08/15/28

...

1,182

1,241,100

Nationstar

Mortgage

Holdings,

Inc.

(b)

6.00%,

01/15/27

..................

3,541

3,688,660

5.50%,

08/15/28

..................

1,235

1,259,700

5.13%,

12/15/30

..................

3,945

3,895,687

5.75%,

11/15/31

..................

2,049

2,038,755

Nationwide

Building

Society,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.39%),

5.87%

(a)(d)(k)

...............

GBP

2,134

3,102,223

Nykredit

Realkredit

A/S,

(EUR

Swap

Annual

5

Year

+

4.57%),

4.13%

(a)(d)(k)

...........

EUR

1,200

1,454,965

PennyMac

Financial

Services,

Inc.,

5.75%,

09/15/31

(b)

.....................

USD

1,150

1,161,500

PHH

Mortgage

Corp.,

7.88%,

03/15/26

(b)

....

1,199

1,239,658

Radian

Group,

Inc.

6.63%,

03/15/25

..................

1,135

1,254,175

4.88%,

03/15/27

..................

1,400

1,502,288

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(b)

...

1,441

1,430,192

United

Wholesale

Mortgage

LLC,

5.75%,

06/15/27

(b)

.....................

1,185

1,187,963

40,495,142

Tobacco

—

0.1%

Altria

Group,

Inc.

5.95%,

02/14/49

..................

1,992

2,485,878

4.00%,

02/04/61

..................

345

329,674

BAT

Capital

Corp.

3.46%,

09/06/29

..................

1,350

1,398,930

4.39%,

08/15/37

..................

675

711,212

3.73%,

09/25/40

..................

420

403,426

4.54%,

08/15/47

..................

688

719,526

4.76%,

09/06/49

..................

165

177,169

Turning

Point

Brands,

Inc.,

5.63%,

02/15/26

(b)

1,280

1,283,200

Vector

Group

Ltd.,

5.75%,

02/01/29

(b)

......

5,120

4,982,067

12,491,082

Trading

Companies

&

Distributors

—

0.2%

Air

Lease

Corp.

3.50%,

01/15/22

..................

2,040

2,041,796

2.88%,

01/15/26

..................

2,985

3,078,848

1.88%,

08/17/26

..................

1,880

1,848,881

Alta

Equipment

Group,

Inc.,

5.63%,

04/15/26

(b)

734

754,926

Aviation

Capital

Group

LLC,

1.95%,

09/20/26

(b)

1,235

1,199,536

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(b)

1,313

1,312,304

BlueLinx

Holdings,

Inc.,

6.00%,

11/15/29

(b)

...

2,880

2,865,600

Boise

Cascade

Co.,

4.88%,

07/01/30

(b)

.....

850

896,750

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

6.50%,

10/01/25

..................

2,261

2,337,309

9.75%,

08/01/27

..................

2,788

3,122,560

5.50%,

05/01/28

..................

2,329

2,373,484

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

.....................

1,251

1,229,107

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

.....................

326

323,555

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

USD

1,326

$

1,379,040

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

.....

6,241

6,403,578

United

Rentals

North

America,

Inc.

5.50%,

05/15/27

..................

3,386

3,521,440

4.88%,

01/15/28

..................

635

667,306

5.25%,

01/15/30

..................

6

6,495

3.88%,

02/15/31

..................

130

131,950

3.75%,

01/15/32

..................

390

392,731

WESCO

Distribution,

Inc.

(b)

7.13%,

06/15/25

..................

3,198

3,389,880

7.25%,

06/15/28

..................

5,881

6,447,046

45,724,122

Transportation

Infrastructure

—

0.0%

(d)

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(a)(k)

..

EUR

600

695,870

Autostrade

per

l'Italia

SpA

1.75%,

06/26/26

..................

200

234,075

1.75%,

02/01/27

..................

500

584,620

2.00%,

12/04/28

..................

495

582,872

2.00%,

01/15/30

..................

2,482

2,911,660

Getlink

SE,

3.50%,

10/30/25

...........

1,199

1,405,467

6,414,564

Water

Utilities

—

0.0%

Solaris

Midstream

Holdings

LLC,

7.63%,

04/01/26

(b)

.....................

USD

150

157,875

Thames

Water

Kemble

Finance

plc,

4.63%,

05/19/26

(d)

.....................

GBP

1,089

1,503,267

1,661,142

Wireless

Telecommunication

Services

—

0.7%

America

Movil

SAB

de

CV

3.63%,

04/22/29

..................

USD

1,300

1,403,431

4.38%,

04/22/49

..................

250

303,797

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

....

13,145

13,818,681

Globe

Telecom,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

4.20%

(a)(d)(k)

...............

1,770

1,814,250

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

......................

300

328,125

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/23

(a)(b)(j)

.........

2,923

2,291,206

Matterhorn

Telecom

SA,

4.00%,

11/15/27

(d)

..

EUR

1,100

1,277,397

Millicom

International

Cellular

SA

(b)

5.13%,

01/15/28

..................

USD

5,040

5,218,920

4.50%,

04/27/31

..................

3,715

3,738,915

Oi

Movel

SA

8.75%,

07/30/26

(d)

.................

891

915,948

Rogers

Communications,

Inc.

4.30%,

02/15/48

..................

77

87,988

4.35%,

05/01/49

..................

181

209,747

3.70%,

11/15/49

..................

240

251,906

SoftBank

Group

Corp.

(d)

2.13%,

07/06/24

..................

EUR

670

753,092

4.50%,

04/20/25

..................

200

236,808

4.75%,

07/30/25

..................

1,783

2,131,443

3.13%,

09/19/25

..................

1,200

1,366,200

2.88%,

01/06/27

..................

706

761,582

5.00%,

04/15/28

..................

700

818,866

3.38%,

07/06/29

..................

479

507,168

4.00%,

09/19/29

..................

331

364,596

Sprint

Communications,

Inc.,

6.00%,

11/15/22

USD

750

780,626

Sprint

Corp.

7.88%,

09/15/23

..................

2,785

3,066,982

7.13%,

06/15/24

..................

1,649

1,851,258

7.63%,

02/15/25

..................

850

977,500

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

7.63%,

03/01/26

..................

USD

3,097

$

3,718,258

Telefonica

Europe

BV

(a)(d)(k)

(EUR

Swap

Annual

10

Year

+

4.30%),

5.87%

.......................

EUR

1,500

1,872,121

(EUR

Swap

Annual

6

Year

+

4.11%),

4.37%

1,600

1,955,943

T-Mobile

USA,

Inc.

2.25%,

02/15/26

..................

USD

1,615

1,619,037

5.38%,

04/15/27

..................

250

260,162

4.75%,

02/01/28

..................

2,828

2,976,470

2.63%,

02/15/29

..................

4,124

4,062,140

2.88%,

02/15/31

..................

2,438

2,407,769

3.50%,

04/15/31

(b)

.................

2,764

2,875,610

3.50%,

04/15/31

..................

2,467

2,566,618

4.38%,

04/15/40

..................

475

543,013

3.00%,

02/15/41

..................

580

566,257

4.50%,

04/15/50

..................

109

127,574

3.30%,

02/15/51

..................

925

903,397

3.40%,

10/15/52

(b)

.................

975

970,502

VEON

Holdings

BV

(b)

4.00%,

04/09/25

..................

4,695

4,771,294

3.38%,

11/25/27

..................

3,230

3,156,921

Vmed

O2

UK

Financing

I

plc

4.00%,

01/31/29

(d)

.................

GBP

900

1,192,506

4.25%,

01/31/31

(b)

.................

USD

493

483,140

4.50%,

07/15/31

(d)

.................

GBP

1,204

1,623,576

4.75%,

07/15/31

(b)

.................

USD

6,498

6,579,225

Vodafone

Group

plc

5.25%,

05/30/48

..................

1,037

1,350,688

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

(a)(d)

...................

EUR

732

916,087

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

(a)

....................

USD

14,595

17,652,326

Series

NC10,

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

(a)(d)

........

EUR

400

458,815

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

(a)

...............

USD

7,145

7,005,530

VTR

Comunicaciones

SpA,

4.38%,

04/15/29

(b)

2,505

2,492,475

120,383,886

Total

Corporate

Bonds

—

30.7%

(Cost:

$5,659,413,539)

............................

5,626,510,668

Equity-Linked

Notes

—

10.6%

Air

Freight

&

Logistics

—

0.1%

Barclays

Bank

plc

(United

Parcel

Service,

Inc.),

11.70%, 02/03/22

.................

28

6,017,990

BNP

Paribas

SA

(FedEx

Corp.),

14.85%, 02/07/22

.................

15

3,762,577

9,780,567

Airlines

—

0.1%

Credit

Suisse

AG

(Delta

Airl

ines,

Inc.),

17.75%, 01/14/22

.................

524

20,564,708

Automobiles

—

0.2%

BNP

Paribas

SA

(General

Motors

Co.),

19.52%, 02/02/22

.................

77

4,574,454

Societe

Generale

SA

(Ford

Motor

Co.),

19.03%, 02/02/22

.................

1,221

22,566,754

27,141,208

Banks

—

0.6%

Barclays

Bank

plc

(First

Republic

Bank),

15.30%, 01/14/22

.................

16

3,413,041

BNP

Paribas

SA

(Bank

of

America

Corp.),

12.65%, 01/18/22

(b)

................

469

20,979,614

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

BNP

Paribas

SA

(Citizens

Financial

Group,

Inc.),

14.56%, 01/20/22

..............

USD

72

$

3,443,707

BNP

Paribas

SA

(JPMorgan

Chase

&

Co.),

10.94%, 01/18/22

(b)

................

134

21,146,894

Credit

Suisse

AG

(Citizens

Financial

Group,

Inc.),

12.90%, 01/20/22

..............

117

5,580,939

Goldman

Sachs

International

(JPMorgan

Chase

&

Co.),

11.00%, 01/13/22

............

162

25,554,657

Royal

Bank

of

Canada

(JPMorgan

Chase

&

Co.),

11.67%, 01/18/22

(b)

.............

73

11,493,498

Royal

Bank

of

Canada

(Truist

Financial

Corp.),

13.59%, 01/19/22

(b)

................

60

3,508,386

Societe

Generale

SA

(Bank

of

America

Corp.),

7.65%, 01/20/22

..................

185

8,246,849

Societe

Generale

SA

(Citigroup,

Inc.),

7.54%, 01/18/22

..................

112

6,816,408

Toronto-Dominion

Bank

(The)

(Fifth

Third

Bancorp),

16.63%, 01/21/22

..........

56

2,430,055

112,614,048

Beverages

—

0.1%

JPMorgan

Structured

Products

BV

(Coca-Cola

Co.

(The)),

5.81%, 02/11/22

(b)(d)

........

142

8,365,203

Biotechnology

—

0.1%

(b)

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

15.19%, 02/03/22

(d)

............

59

7,569,342

Royal

Bank

of

Canada

(AbbVie,

Inc.),

19.82%, 02/03/22

.................

45

6,055,071

13,624,413

Building

Products

—

0.1%

Credit

Suisse

AG

(Owens

Corning),

16.50%, 02/17/22

.................

40

3,575,979

Societe

Generale

SA

(Johnson

Controls

International

plc),

10.94%, 01/25/22

.....

235

18,695,624

22,271,603

Capital

Markets

—

0.3%

BNP

Paribas

SA

(S&P

Global,

Inc.),

10.33%, 02/08/22

(b)

................

47

22,201,322

Credit

Suisse

AG

(Bank

of

New

York

MellonCorp.

(The)),

11.55%, 01/19/22

....

42

2,434,866

Goldman

Sachs

International

(Nasdaq,

Inc.),

11.95%, 01/27/22

.................

12

2,459,776

JPMorgan

Structured

Products

BV

(Goldman

Sachs

Group,

Inc.

(The)),

13.30%, 01/19/22

(b)(d)

...............

22

8,307,427

Royal

Bank

of

Canada

(Goldman

Sachs

Group,

Inc.

(The)),

14.45%, 01/19/22

(b)

........

18

6,887,203

Royal

Bank

of

Canada

(Morgan

Stanley),

9.27%, 01/20/22

(b)

.................

138

13,634,563

Societe

Generale

SA

(S&P

Global,

Inc.),

9.07%, 02/09/22

..................

10

4,673,689

Toronto-Dominion

Bank

(The)

(State

Street

Corp.),

16.45%, 01/19/22

............

26

2,433,991

63,032,837

Chemicals

—

0.3%

BNP

Paribas

SA

(LyondellBasell

Industries

NV),

17.53%, 01/27/22

.................

53

4,954,847

JPMorgan

Structured

Products

BV

(DuPont

de

Nemours,

Inc.),

11.32%, 01/07/22

(b)(d)

....

158

12,715,246

Royal

Bank

of

Canada

(LyondellBasell

Industries

NV),

12.05%, 01/27/22

(b)

......

40

3,625,601

Societe

Generale

SA

(Dow,

Inc.),

13.68%, 01/28/22

.................

86

4,867,134

Societe

Generale

SA

(Ecolab,

Inc.),

7.63%, 02/16/22

..................

26

5,972,933

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Societe

Generale

SA

(Mosaic

Co.

(The)),

13.41%, 01/13/22

.................

USD

445

$

17,546,589

Societe

Generale

SA

(Sherwin-Williams

Co.

(The)),

8.32%, 01/28/22

.............

17

5,973,871

55,656,221

Construction

&

Engineering

—

0.0%

JPMorgan

Structured

Products

BV

(Vinci

SA),

10.13%, 03/18/22

(b)(d)

...............

11

2,486,992

Construction

Materials

—

0.1%

(b)

JPMorgan

Structured

Products

BV

(Martin

Marietta

Materials,

Inc.),

11.93%, 01/07/22

(d)

20

8,613,251

Royal

Bank

of

Canada

(Martin

Marietta

Materials,

Inc.),

11.39%, 02/07/22

.......

23

9,918,682

18,531,933

Consumer

Finance

—

0.1%

Credit

Suisse

AG

(Synchrony

Financial),

16.95%, 01/28/22

.................

77

3,595,164

Royal

Bank

of

Canada

(Capital

One

Financial

Corp.),

11.08%, 01/27/22

(b)

...........

32

4,672,692

Societe

Generale

SA

(Ally

Financial,

Inc.),

15.79%, 01/20/22

.................

255

12,211,562

Societe

Generale

SA

(Discover

Financial

Services),

12.72%, 01/20/22

..........

21

2,414,166

22,893,584

Diversified

Consumer

Services

—

1.1%

Barclays

Bank

plc

(Russell

2000

Index)

8.40%,

01/17/22

..................

17

38,526,048

8.06%,

03/11/22

..................

18

39,050,002

BNP

Paribas

SA

(Berkshire

Hathaway),

5.72%, 02/28/22

(b)

.................

107

31,229,134

Credit

Suisse

AG

(Russell

2000

Index),

8.05%, 02/22/22

..................

14

30,969,682

Goldman

Sachs

International

(Russell

2000

Index)

9.05%,

01/06/22

..................

16

36,768,652

8.77%,

02/03/22

..................

12

26,393,714

202,937,232

Diversified

Telecommunication

Services

—

0.1%

Citigroup

Global

Markets

Holdings,

Inc.

(Verizon

Communications,

Inc.),

6.88%, 01/25/22

(b)

.

443

22,848,045

Toronto-Dominion

Bank

(The)

(AT&T,

Inc.),

15.06%, 02/17/22

.................

145

3,533,782

26,381,827

Electric

Utilities

—

0.0%

Royal

Bank

of

Canada

(NextEra

Energy,

Inc.),

8.78%, 01/27/22

(b)

.................

53

4,906,854

Electronic

Equipment,

Instruments

&

Components

—

0.1%

BNP

Paribas

SA

(Zebra

Technologies

Corp.),

14.70%, 02/11/22

.................

4

2,342,958

Goldman

Sachs

International

(Flex

Ltd.),

17.14%, 02/02/22

.................

176

3,117,944

Royal

Bank

of

Canada

(Zebra

Technologies

Corp.),

12.44%, 01/07/22

(b)

...........

14

8,328,031

13,788,933

Energy

Equipment

&

Services

—

0.0%

Royal

Bank

of

Canada

(Halliburton

Co.),

15.17%, 01/24/22

(b)

................

104

2,402,771

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Entertainment

—

0.1%

Royal

Bank

of

Canada

(Netflix,

Inc.),

9.98%, 01/19/22

(b)

.................

USD

8

$

4,855,577

Societe

Generale

SA

(Netflix,

Inc.),

14.40%, 01/19/22

.................

25

15,091,790

19,947,367

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

BNP

Paribas

SA

(Invitation

Homes,

Inc.),

13.60%, 02/16/22

.................

84

3,707,845

Goldman

Sachs

International

(VICI

Properties,

Inc.),

11.96%, 02/02/22

..............

340

10,252,027

JPMorgan

Structured

Products

BV

(Crown

Castle

International

Corp.),

14.64%, 01/27/22

(b)(d)

...............

12

2,490,759

Merrill

Lynch

International

&

Co.

(Prologis,

Inc.),

10.77%, 01/26/22

.................

37

6,150,749

22,601,380

Food

&

Staples

Retailing

—

0.1%

Bank

of

Montreal

(Kroger

Co.

(The)),

16.86%, 03/04/22

.................

55

2,431,045

Royal

Bank

of

Canada

(Walmart,

Inc.),

8.94%, 01/18/22

(b)

.................

135

19,647,960

Societe

Generale

SA

(Walgreens

Boots

Alliance,

Inc.),

14.41%, 01/07/22

.......

49

2,495,414

24,574,419

Food

Products

—

0.1%

BNP

Paribas

SA

(Mondelez

International,

Inc.),

7.57%, 01/28/22

..................

78

4,963,961

JPMorgan

Structured

Products

BV

(Kraft

Heinz

Co.

(The)),

10.51%, 02/11/22

(b)(d)

.......

132

4,758,399

Royal

Bank

of

Canada

(Archer-Daniels-Midland

Co.),

8.40%, 01/26/22

(b)

.............

53

3,601,032

13,323,392

Health

Care

Equipment

&

Supplies

—

0.2%

Credit

Suisse

AG

(Boston

Scientific

Corp.),

13.40%, 02/03/22

.................

88

3,677,243

Merrill

Lynch

International

&

Co.

(Abbott

Laboratories),

13.61%, 01/27/22

.......

72

9,888,130

Societe

Generale

SA

(Align

Technology,

Inc.),

13.67%, 02/02/22

.................

30

19,702,060

33,267,433

Health

Care

Providers

&

Services

—

0.2%

BNP

Paribas

SA

(Laboratory

Corp.

of

America

Holdings),

17.89%, 02/11/22

..........

12

3,627,882

BNP

Paribas

SA

(McKesson

Corp.),

15.18%, 02/01/22

.................

11

2,517,314

Royal

Bank

of

Canada

(Anthem,

Inc.),

13.82%, 02/17/22

(b)

................

8

3,687,297

Societe

Generale

SA

(UnitedHealth

Group,

Inc.),

9.47%, 01/20/22

..............

51

24,741,166

34,573,659

Hotels,

Restaurants

&

Leisure

—

0.3%

BNP

Paribas

SA

(Wendy's

Co.

(The)),

16.54%, 03/03/22

.................

109

2,503,699

BNP

Paribas

SA

(Yum!

Brands,

Inc.),

8.11%, 02/07/22

..................

18

2,459,667

Goldman

Sachs

International

(Aramark),

16.14%, 01/18/22

.................

134

4,978,290

Goldman

Sachs

International

(Starbucks

Corp.),

10.14%, 01/26/22

.................

243

28,296,855

JPMorgan

Structured

Products

BV

(McDonald's

Corp.),

6.60%, 01/28/22

(b)(d)

...........

31

8,358,717

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Societe

Generale

SA

(Domino's

Pizza,

Inc.),

14.18%, 02/24/22

.................

USD

7

$

3,682,408

50,279,636

Household

Durables

—

0.1%

BNP

Paribas

SA

(Tempur

Sealy

International,

Inc.),

20.31%, 02/10/22

..............

80

3,720,109

Royal

Bank

of

Canada

(Netwealth

Group

Ltd.),

12.24%, 02/14/22

(b)

................

109

2,352,402

Societe

Generale

SA

(DR

Horton,

Inc.),

14.96%, 01/13/22

.................

162

16,871,585

22,944,096

Household

Products

—

0.0%

Royal

Bank

of

Canada

(Kimberly-Clark

Corp.),

4.29%, 01/27/22

(b)

.................

17

2,396,367

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

JPMorgan

Structured

Products

BV

(AES

Corp.

(The)),

8.51%, 01/10/22

(b)(d)

...........

404

9,850,840

Industrial

Conglomerates

—

0.1%

(b)

Royal

Bank

of

Canada

(3M

Co.),

5.71%, 01/26/22

..................

20

3,551,160

Royal

Bank

of

Canada

(General

Electric

Co.),

10.43%, 01/26/22

.................

51

4,797,982

8,349,142

Insurance

—

0.0%

BNP

Paribas

SA

(MetLife,

Inc.),

12.84%, 02/03/22

.................

78

4,864,680

Interactive

Media

&

Services

—

0.7%

Royal

Bank

of

Canada

(Alphabet,

Inc.)

7.96%,

01/25/22

(b)

.................

8

22,119,742

12.64%,

02/03/22

(b)

................

9

26,147,201

Royal

Bank

of

Canada

(Meta

Platforms,

Inc.),

11.10%, 01/25/22

(b)

................

67

22,539,667

Societe

Generale

SA

(Alphabet,

Inc.),

12.70%, 02/02/22

.................

10

30,503,896

Societe

Generale

SA

(Meta

Platforms,

Inc.),

13.02%, 01/27/22

.................

70

23,547,030

124,857,536

Internet

&

Direct

Marketing

Retail

—

0.3%

BNP

Paribas

SA

(Amazon.com,

Inc.),

9.29%, 01/14/22

..................

8

27,269,525

Societe

Generale

SA

(Amazon.com,

Inc.),

15.70%, 02/02/22

.................

10

35,366,908

62,636,433

IT

Services

—

0.3%

BNP

Paribas

SA

(Global

Payments,

Inc.),

16.64%, 02/07/22

.................

47

6,201,021

Credit

Suisse

AG

(Visa,

Inc.),

9.45%, 01/25/22

103

22,449,560

JPMorgan

Structured

Products

BV

(Mastercard,

Inc.),

11.75%, 01/28/22

(b)(d)

...........

28

9,959,079

Royal

Bank

of

Canada

(Block,

Inc.),

19.97%, 02/24/22

(b)

................

10

1,761,986

Royal

Bank

of

Canada

(Fidelity

National

Information

Services,

Inc.),

12.29%, 02/17/22

(b)

................

20

2,255,490

Royal

Bank

of

Canada

(Fiserv,

Inc.),

11.33%, 02/17/22

(b)

................

24

2,432,173

Toronto-Dominion

Bank

(The)

(PayPal

Holdings,

Inc.),

16.07%, 02/17/22

.......

45

8,671,556

53,730,865

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

—

0.3%

JPMorgan

Structured

Products

BV

(Danaher

Corp.),

12.21%, 01/28/22

(b)(d)

..........

USD

37

$

12,148,117

JPMorgan

Structured

Products

BV

(Thermo

Fisher

Scientific,

Inc.),

8.31%, 01/31/22

(b)(d)

43

28,388,879

Societe

Generale

SA

(Charles

River

Laboratories

International,

Inc.),

13.67%, 01/13/22

.................

29

10,928,206

51,465,202

Machinery

—

0.2%

BNP

Paribas

SA

(Caterpillar,

Inc.),

16.28%, 02/02/22

.................

49

9,934,768

Credit

Suisse

AG

(Deere

&

Co.),

16.40%, 02/18/22

.................

21

7,216,535

Royal

Bank

of

Canada

(Cummins,

Inc.),

11.92%, 01/07/22

(b)

................

63

13,748,921

Royal

Bank

of

Canada

(Otis

Worldwide

Corp.),

8.13%, 02/01/22

(b)

.................

69

5,962,979

36,863,203

Media

—

0.2%

BNP

Paribas

SA

(Charter

Communications,

Inc.),

10.27%, 01/14/22

..............

25

16,097,342

Societe

Generale

SA

(Comcast

Corp.),

12.54%, 01/28/22

.................

276

13,928,429

UBS

AG

(Omnicom

Group,

Inc.),

14.10%, 02/18/22

.................

66

4,850,936

34,876,707

Metals

&

Mining

—

0.0%

Societe

Generale

SA

(Freeport-McMoRan,

Inc.),

16.01%, 01/26/22

..............

122

5,069,643

Multiline

Retail

—

0.1%

Royal

Bank

of

Canada

(Kohl's

Corp.),

12.36%, 01/18/22

(b)

................

247

12,284,137

Oil,

Gas

&

Consumable

Fuels

—

0.3%

BNP

Paribas

SA

(ConocoPhillips),

14.64%, 02/01/22

(b)

................

226

16,418,165

BNP

Paribas

SA

(Exxon

Mobil

Corp.),

11.71%, 02/01/22

(b)

................

255

15,730,281

BNP

Paribas

SA

(Williams

Cos.,

Inc.

(The)),

15.22%, 02/24/22

(b)

................

87

2,306,474

Goldman

Sachs

International

(Chevron

Corp.),

7.12%, 01/24/22

..................

102

11,955,169

Royal

Bank

of

Canada

(Chevron

Corp.),

11.31%, 01/21/22

(b)

................

107

12,446,920

58,857,009

Personal

Products

—

0.1%

Royal

Bank

of

Canada

(Estee

Lauder

Cos.,

Inc.

(The)),

11.13%, 01/07/22

(b)

...........

68

24,413,397

Pharmaceuticals

—

0.1%

JPMorgan

Structured

Products

BV

(Merck

KGaA),

17.62%, 02/03/22

(b)(d)

..........

82

6,239,415

Merrill

Lynch

International

&

Co.

(Bristol-Myers

Squibb

Co.),

10.35%, 02/17/22

........

60

3,702,261

Merrill

Lynch

International

&

Co.

(Pfizer,

Inc.),

23.43%, 02/03/22

.................

115

6,385,119

Societe

Generale

SA

(Eli

Lilly

&

Co.),

11.50%, 01/28/22

.................

21

5,854,146

22,180,941

Road

&

Rail

—

0.3%

Barclays

Bank

plc

(Ryder

System,

Inc.),

14.89%, 01/10/22

.................

44

3,658,306

Goldman

Sachs

International

(Union

Pacific

Corp.),

13.71%, 01/26/22

............

112

28,062,832

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

JPMorgan

Structured

Products

BV

(Uber

Technologies,

Inc.),

14.18%, 01/25/22

(b)(d)

..

USD

456

$

19,301,930

Royal

Bank

of

Canada

(XPO

Logistics,

Inc.),

11.91%, 02/07/22

(b)

................

98

7,634,586

58,657,654

Semiconductors

&

Semiconductor

Equipment

—

0.9%

Credit

Suisse

AG

(Applied

Materials,

Inc.),

14.65%, 02/11/22

.................

186

28,864,225

Goldman

Sachs

International

(QUALCOMM,

Inc.),

15.31%, 01/26/22

..............

153

28,127,651

Merrill

Lynch

International

&

Co.

(Advanced

Micro

Devices,

Inc.),

14.52%, 01/25/22

...

178

24,274,030

Nomura

Holdings,

Inc.

(KLA

Corp.),

15.91%, 02/02/22

.................

54

20,261,267

Royal

Bank

of

Canada

(NVIDIA

Corp.),

12.33%, 01/18/22

(b)

................

88

25,939,670

Societe

Generale

SA

(Lam

Research

Corp.),

12.65%, 01/25/22

.................

45

30,301,551

157,768,394

Software

—

0.7%

Credit

Suisse

AG

(Microsoft

Corp.),

13.30%, 01/26/22

.................

182

60,941,942

Credit

Suisse

AG

(ServiceNow,

Inc.),

15.30%, 01/26/22

.................

43

28,004,524

Royal

Bank

of

Canada

(Microsoft

Corp.)

7.65%,

01/25/22

(b)

.................

83

28,074,412

10.25%,

02/17/22

(b)

................

36

11,988,818

129,009,696

Specialty

Retail

—

0.4%

Bank

of

Montreal

(AutoZone,

Inc.),

10.99%, 03/02/22

.................

2

4,862,546

Bank

of

Montreal

(Signet

Jewelers

Ltd.),

29.73%, 03/18/22

.................

41

3,551,859

Bank

of

Montreal

(Ulta

Beauty,

Inc.),

18.43%, 03/09/22

.................

12

4,799,461

BNP

Paribas

SA

(O'Reilly

Automotive,

Inc.),

13.50%, 02/10/22

.................

5

3,665,964

Royal

Bank

of

Canada

(Advance

Auto

Parts,

Inc.),

10.88%, 01/18/22

(b)

............

54

12,874,979

Royal

Bank

of

Canada

(Home

Depot,

Inc.

(The)),

10.94%, 01/18/22

(b)

...........

68

28,296,886

Royal

Bank

of

Canada

(TJX

Cos.,

Inc.

(The)),

8.71%, 01/18/22

(b)

.................

264

20,026,519

78,078,214

Technology

Hardware,

Storage

&

Peripherals

—

0.6%

BNP

Paribas

SA

(Apple,

Inc.),

10.10%, 01/04/22

.................

184

29,310,854

Credit

Suisse

AG

(Apple,

Inc.),

10.25%, 01/26/22

.................

342

58,430,813

Toronto-Dominion

Bank

(The)

(Apple,

Inc.),

11.94%, 02/17/22

.................

80

12,705,217

100,446,884

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

BNP

Paribas

SA

(Ralph

Lauren

Corp.),

17.83%, 02/01/22

(b)

................

76

9,159,344

Goldman

Sachs

International

(Deckers

Outdoor

Corp.),

15.65%, 02/04/22

............

7

2,426,043

Goldman

Sachs

International

(Skechers

USA,

Inc.),

20.01%, 02/04/22

..............

57

2,451,573

14,036,960

Trading

Companies

&

Distributors

—

0.1%

Societe

Generale

SA

(United

Rentals,

Inc.),

13.06%, 02/02/22

.................

41

13,828,240

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

—

0.1%

Merrill

Lynch

International

&

Co.

(T-Mobile

US,

Inc.),

8.09%, 02/07/22

..............

USD

166

$

19,411,376

Total

Equity-Linked

Notes

—

10.6%

(Cost:

$1,923,370,817)

............................

1,932,825,836

Floating

Rate

Loan

Interests

—

7.4%

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

..................

9,450

9,458,495

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 05/25/28

..................

1,922

1,923,762

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(o)

.

605

602,544

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

3.72%

,

 04/06/26

..................

5,358

5,205,036

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.50%),

3.72%

,

 04/06/26

..................

2,881

2,798,407

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

.

15,062

15,056,536

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

.

3,740

3,782,075

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

..................

1,965

1,974,162

TransDigm,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 12/09/25

......

4,703

4,633,879

TransDigm,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 08/22/24

......

4,349

4,296,183

49,731,079

Air

Freight

&

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/06/28

(a)

.................

509

507,672

Airlines

—

0.1%

(a)

AAdvantage

Loyality

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 04/20/28

..................

3,334

3,448,890

Air

Canada,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 08/11/28

...........

4,091

4,073,788

American

Airlines,

Inc.,

Term

Loan,

01/29/27

(o)

827

776,313

American

Airlines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.00%),

2.11%

,

 12/15/23

..

4,585

4,481,088

Kestrel

Bidco,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 12/11/26

.......

3,620

3,504,731

United

Airl

ines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

.....

4,503

4,509,096

20,793,906

Auto

Components

—

0.1%

(a)

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 04/10/28

......

931

930,351

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/30/26

.

8,529

8,470,933

Truck

Hero,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 01/31/28

......

5,663

5,626,508

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

3.18%

,

 02/05/26

..................

5,718

5,628,624

20,656,416

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.0%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 01/01/38

(a)

.....

USD

7,554

$

7,542,225

Banks

—

0.1%

CML

Hyatt

Lost

Pines,

Term

Loan,

(LIBOR

USD

1

Month

+

3.43%),

3.52%

,

 01/01/28

(a)(c)

...

10,600

10,547,000

Building

Products

—

0.1%

(a)

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/12/28

..................

567

565,359

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

11/23/27

(o)

.

9,769

9,715,080

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/02/28

(c)

.................

801

799,329

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

.

1,424

1,422,314

Jeld-Wen,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 07/28/28

......

1,326

1,324,782

MI

Windows

and

Doors

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/18/27

..................

669

671,542

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

......

7,553

7,546,903

22,045,309

Capital

Markets

—

0.1%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 07/24/26

.

789

788,694

Cml

Paradise

Plaza,

Term

Loan,

01/01/28

(c)(o)

.

9,330

9,330,000

Cogeco

Communications

Finance

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 09/01/28

..................

5,096

5,068,940

Focus

Financial

Partners

LLC,

Delayed

Draw

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

4.75%

,

 06/30/28

..................

464

461,651

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 06/30/28

..................

2,008

1,995,489

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/12/24

(c)

....

1,275

1,271,134

18,915,908

Chemicals

—

0.3%

(a)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 03/18/28

............

5,701

5,687,097

ARC

Falcon

I,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 09/30/28

......

1,132

1,129,880

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/24/27

..................

953

952,812

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 08/27/26

..................

4,457

4,476,957

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

1.97%

,

 06/01/24

............

2,381

2,378,356

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/29/27

..................

868

855,411

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 06/09/28

..................

2,624

2,619,118

Element

Solutions,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.00%),

2.09%

,

 01/31/26

.

2,226

2,215,289

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/28/24

..................

USD

782

$

776,085

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(LIBOR

USD

6

Month

+

4.00%),

4.75%

,

 07/03/28

..................

2,273

2,269,489

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 06/30/27

..................

4,672

4,639,665

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.72%

,

 01/01/38

..................

6,694

6,634,384

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/15/24

............

5,710

5,700,729

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.38%

-

3.44%

,

 10/14/24

..................

5,327

5,276,095

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 08/02/28

..................

1,445

1,445,448

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 09/22/28

.

869

869,652

47,926,467

Commercial

Services

&

Supplies

—

0.2%

(a)

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/12/28

..................

7,574

7,540,690

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 09/07/27

.

2,711

2,697,893

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

06/21/24

(o)

..............

10,721

10,469,791

Covanta

Holding

Corp.,

Term

Loan

B,

11/30/28

(o)

......................

1,900

1,900,850

Covanta

Holding

Corp.,

Term

Loan

C,

11/30/28

(o)

......................

142

142,386

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

09/19/26

(c)(o)

.....................

1,193

1,172,122

LABL,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.50%

,

 10/29/28

............

2,082

2,076,795

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

,

 09/23/26

............

2,743

2,738,861

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.47%),

4.47%

,

 07/30/25

..................

3,301

3,180,562

Tempo

Acquisition

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

3.75%, 11/02/26

................

9,001

9,009,213

(LIBOR

USD

1

Month

+

3.00%),

3.50%, 08/31/28

................

1,289

1,291,992

TruGreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 11/02/27

..................

1,400

1,400,444

Viad

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.50%

,

 07/30/28

............

1,551

1,546,273

45,167,872

Construction

&

Engineering

—

0.1%

(a)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/21/28

.............

6,021

5,995,184

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 06/02/28

.....

5,256

5,239,061

Security

Par

(000)

Par

(000)

Value

Construction

&

Engineering

(continued)

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 05/12/28

..................

USD

3,801

$

3,792,152

15,026,397

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 01/15/27

............

3,520

3,493,173

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

.....

1,925

1,922,480

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 01/31/28

..................

4,484

4,449,229

Standard

Industries,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 09/22/28

.

2,620

2,621,003

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

2

Month

+

3.00%),

3.10%

,

 05/29/26

..................

856

850,178

13,336,063

Containers

&

Packaging

—

0.1%

(a)

Charter

NEX

US,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/01/27

..................

11,486

11,500,642

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/02/28

.

3,818

3,807,624

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 04/03/24

..................

6,622

6,527,563

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/05/26

.

1,006

999,242

Tosca

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/18/27

......

1,960

1,953,928

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3,

09/15/28

(o)

................

68

68,350

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 09/15/28

..................

1,198

1,195,694

26,053,043

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 10/28/27

(a)

1,341

1,337,515

Diversified

Consumer

Services

—

0.1%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/11/28

..................

3,299

3,291,445

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.25%

,

 12/10/29

..................

971

972,622

Frontdoor,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 06/17/28

......

966

961,314

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

..................

1,659

1,574,438

Mileage

Plus

Holdings

LLC,

Term

Loan,

06/21/27

(o)

......................

4,786

5,039,892

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 12/20/24

..................

1,531

1,509,197

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 01/15/27

............

3,760

3,760,164

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/20/28

..................

USD

1,196

$

1,194,878

18,303,950

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

4,511,039

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.60%

,

 07/31/26

..................

3,765

3,774,814

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 03/10/28

(c)

1,189

1,188,980

APi

Group

DE,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

2.85%

,

 12/18/28

......

1,128

1,126,387

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 10/30/26

......

2,090

2,073,192

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 04/13/28

......

7,510

7,498,821

Castlelake

Aviation

One

DAC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 10/22/26

..................

3,217

3,199,650

Colorado

Plaza,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.11%

,

 05/15/24

(c)

......

7,906

7,312,941

Connect

Finco

SARL,

Term

Loan,

12/11/26

(o)

.

13,210

13,202,761

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 04/09/27

..................

8,021

8,024,958

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

..................

1,440

1,465,200

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

.

6,798

6,800,287

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

.

779

782,163

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

..................

10,329

10,344,332

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 07/11/25

..................

3,681

3,663,835

Houston

Center,

Term

Loan,

12/09/22

(c)(o)

....

39,131

39,189,678

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(o)

......................

2,156

2,134,621

Lealand

Finance

Co.,

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

-

3.09%

,

 06/28/24

(c)

.................

41

23,411

Lealand

Finance

Co.,

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

1.00%),

1.10%

-

4.09%

,

 06/30/25

..................

390

169,843

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/02/27

..

1,602

1,602,154

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

08/02/28

(o)

......................

4,928

4,902,128

OLA

Singapore

PTE.

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

0.00%),

0.00%

,

 01/01/38

(c)

1,455

1,462,275

Park

Avenue

Tower,

Term

Loan,

03/09

/

24

(c)(o)

.

31,329

31,303,913

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/25/26

.....

3,469

3,454,916

RVR

Dealership

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 02/08/28

..................

1,170

1,165,861

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

2.60%

,

 01/23/25

..................

USD

2,985

$

2,895,721

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

..................

3,147

3,132,241

The

Vinoy

St.

Petersburg,

Term

Loan,

01/01/38

(c)(o)

.....................

10,383

10,330,921

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

6.99%

,

 05/29/26

............

2,517

2,084,040

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

2.50%

,

 02/28/25

..................

2,419

2,482,707

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/31/29

..................

413

411,365

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

......

12,307

12,295,576

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

-

3.09%

,

 02/28/27

.

3,358

3,339,324

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/19/27

.....

1,303

1,302,983

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 04/30/28

..................

2,902

2,868,134

201,521,172

Diversified

Telecommunication

Services

—

0.2%

(a)

Altice

Financing

SA,

Term

Loan

(LIBOR

USD

3

Month

+

2.75%),

2.87%, 07/15/25

................

952

938,997

(LIBOR

USD

3

Month

+

2.75%),

2.87%, 01/31/26

................

3,048

3,011,015

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

2

Month

+

4.00%),

4.12%

,

 08/14/26

.....

6,370

6,331,613

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

..

778

776,195

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 10/02/27

..................

1,328

1,324,941

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 05/01/28

..................

2,707

2,701,486

Iridium

Satellite

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 11/04/26

..

2,238

2,236,179

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 09/01/28

.

1,188

1,186,038

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 01/31/29

..................

2,990

2,986,741

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 03/09/27

.

13,744

13,549,058

35,042,263

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 01/15/25

..................

1,588

1,574,528

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 12/13/25

.

1,331

1,254,791

2,829,319

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.1%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 06/23/28

..................

USD

3,496

$

3,487,544

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 02/12/25

.

684

682,673

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 09/13/24

.

10,544

10,483,823

14,654,040

Entertainment

—

0.1%

(a)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

04/22/26

(o)

....................

1,804

1,621,585

City

Football

Group

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/21/28

(c)

2,963

2,940,778

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/03/24

..................

2,977

2,957,394

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.88%

,

 10/19/26

..................

3,016

2,927,869

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 03/13/28

.

3,462

3,443,077

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 05/30/25

..................

87

85,797

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 05/18/25

......

5,820

5,687,411

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

2.23%

,

 01/20/28

.

907

902,522

20,566,433

Food

&

Staples

Retailing

—

0.0%

(a)

H-Food

Holdings

LLC,

Term

Loan

B2,

05/23/25

(o)

......................

1,130

1,123,608

US

Foods

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

-

2.86%

,

 11/22/28

..................

2,617

2,613,479

US

Foods,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 09/13/26

......

2,403

2,374,530

6,111,617

Food

Products

—

0.2%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 11/19/26

..................

2,728

2,687,133

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/01/25

..................

2,081

2,046,849

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.60%

,

 10/10/26

......

218

217,965

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

...........

3,772

3,777,908

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 01/29/27

..................

7,646

7,537,433

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.00%

,

 08/03/25

..................

1,673

1,666,475

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

3

Month

+

2.25%),

2.40%

,

 05/15/24

..................

494

490,840

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 06/08/28

..................

2,317

2,313,662

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/31/28

..................

USD

11,172

$

11,039,618

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 01/20/28

..................

3,347

3,338,462

35,116,345

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 11/03/28

..

3,433

3,428,709

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 05/04/28

......

898

897,928

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 10/23/28

.....

5,801

5,798,401

10,125,038

Health

Care

Providers

&

Services

—

0.2%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.63%

,

 07/24/26

.

5,697

5,667,118

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

..................

1,025

1,024,405

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(o)

......................

4,340

4,324,945

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 10/10/25

.

2,874

2,303,754

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.75%),

3.97%, 02/18/27

................

5,340

5,305,267

(LIBOR

USD

3

Month

+

3.75%),

4.25%, 11/15/28

................

885

880,643

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.25%

,

 11/15/29

(c)

.................

611

611,064

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(o)

..................

3,915

3,906,545

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

7.50%

,

 11/01/29

..................

1,349

1,331,018

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 06/30/25

..................

3,386

3,381,614

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 02/14/25

..................

74

74,148

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/20/27

..................

1,542

1,541,364

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

2

Month

+

4.00%),

5.00%

,

 01/08/27

..................

2,496

2,495,405

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

0.00%

,

 12/22/28

.

2,449

2,446,042

35,293,332

Health

Care

Technology

—

0.1%

(a)

A

thenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.40%

,

 02/11/26

..................

348

348,019

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 03/01/24

..................

2,985

2,981,746

GoodRx,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 10/10/25

.....

3,776

3,756,906

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Health

Care

Technology

(continued)

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/02/28

..................

USD

4,199

$

4,195,104

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.10%

,

 08/27/25

.

5,669

5,662,328

16,944,103

Hotels,

Restaurants

&

Leisure

—

0.4%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 02/02/26

..................

503

491,104

Aristocrat

Leisure

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/19/24

.....

1,517

1,522,118

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 10/02/28

.

2,070

2,069,131

Caesars

Resort

Collection

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 12/23/24

..................

6,379

6,339,527

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 07/21/25

..................

5,091

5,089,290

Cml

La

Quinta

Resort,

Term

Loan,

01/01/38

(c)(o)

8,680

8,679,614

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

,

 01/01/38

(c)

.................

5,102

5,102,323

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 07/21/26

.

2,086

2,076,986

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 11/30/23

..................

1,948

1,937,868

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

12.00%),

13.00%

,

 10/04/23

(c)

................

312

332,373

Golden

Nugget,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 10/04/23

.

2,926

2,905,200

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.50%

,

 12/31/00

(c)

.................

14,633

13,535,265

IRB

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/15/27

......

4,479

4,474,550

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 02/05/25

.....

2,672

2,665,855

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 03/09/28

.

3,632

3,605,880

Playa

Resorts

Holding

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.75%

,

 04/29/24

.

586

569,913

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.75%),

2.85%

,

 08/14/24

..................

1,516

1,509,211

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.50%

,

 02/08/27

..................

2,408

2,385,911

Whatabrands

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 08/03/28

.....

3,699

3,682,169

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 05/30/25

..................

968

956,680

69,930,968

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 05/17/28

.

USD

5,821

$

5,733,439

Serta

Simmons

Bedding

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

7.50%),

8.50%, 08/10/23

................

1,927

1,869,414

Snap

One

Holdings

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 12/08/28

.

1,715

1,704,129

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 10/30/27

..................

1,307

1,308,241

10,615,223

Household

Products

—

0.0%

(a)

Pilot

Travel

Centers

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 08/04/28

.

1,698

1,686,217

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 03/03/28

.

639

636,773

2,322,990

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

1,562,765

Industrial

Conglomerates

—

0.1%

(a)

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 03/31/25

.....

3,467

3,432,979

Sheraton

Austin,

Term

Loan,

01/01/28

(c)(o)

....

8,491

8,491,237

11,924,216

Insurance

—

0.4%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

3.35%, 05/09/25

................

6,319

6,250,585

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 11/05/27

..................

7,003

6,989,721

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/19/28

.....

5,831

5,782,445

AssuredPartners,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.50%),

3.60%, 02/12/27

................

3,805

3,771,465

(LIBOR

USD

1

Month

+

3.50%),

4.00%, 02/12/27

................

1,380

1,376,946

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

1

Month

+

5.25%),

5.35%

,

 01/31/28

(c)

3,051

3,058,628

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.25%),

5.35%

,

 01/20/29

.

2,713

2,700,005

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

3.13%),

3.23%

,

 11/03/23

.......

2,755

2,746,544

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 11/03/24

.......

2,676

2,662,011

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 12/23/26

......

2,387

2,368,959

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

2.87%

,

 04/25/25

.....

1,615

1,595,564

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

2

Month

+

3.25%),

4.00%

,

 04/25/25

.

9,058

9,049,687

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 09/01/27

.

2,274

2,270,801

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

3.35%, 12/31/25

................

5,731

5,682,234

(LIBOR

USD

1

Month

+

3.75%),

3.85%, 09/03/26

................

1,989

1,985,310

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

................

USD

923

$

923,170

USI,

Inc.,

Term

Loan

(LIBOR

USD

3

Month

+

3.00%),

3.22%, 05/16/24

................

5,102

5,059,276

(LIBOR

USD

3

Month

+

3.25%),

3.47%, 12/02/26

................

255

252,847

64,526,198

Interactive

Media

&

Services

—

0.1%

(a)

Adevinta

ASA,

Facility

Term

Loan

B2,

06/26/28

(o)

......................

4,337

4,337,471

Arches

Buyer,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 12/06/27

......

2,680

2,658,169

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

..................

10,563

10,546,497

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

......

9,867

9,879,113

27,421,250

Internet

&

Direct

Marketing

Retail

—

0.0%

(a)

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 11/08/27

..................

5,649

5,648,293

Pug

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.25%),

4.75%

,

 02/12/27

...........

436

433,183

6,081,476

IT

Services

—

0.2%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.50%

,

 09/19/24

..................

5,118

5,112,854

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.25%

,

 09/19/25

..................

805

810,031

Camelot

US

Acquisition

1

Co.,

Term

Loan,

10/30/26

(o)

......................

5,475

5,432,662

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

..................

2,963

3,027,208

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

.

5,293

5,285,848

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 08/10/27

..................

3,828

3,794,151

Ion

Trading

Finance

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

4.97%

,

 04/01/28

.

724

725,367

Maximus,

Inc.,

Term

Loan

B,

(LIBOR

USD

6

Month

+

2.00%),

2.50%

,

 05/28/28

......

1,557

1,551,990

Presidio

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

3.61%

,

 01/22/27

.

942

939,306

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 02/12/27

............

5,854

5,713,874

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 04/16/25

..................

1,854

1,831,892

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/05/26

.

1,748

1,747,604

Trader

Interactive

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 07/28/28

(c)

1,061

1,055,695

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 11/16/26

.....

1,526

1,511,008

Venga

Finance

SARL,

Term

Loan,

12/04/28

(o)

.

1,029

1,006,116

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Virtusa

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/11/28

.......

USD

1,353

$

1,356,159

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 03/31/28

...........

1,042

1,035,612

ZoomInfo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 02/02/26

.

389

389,486

42,326,863

Leisure

Products

—

0.0%

Fender

Musical

Instruments

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

4.50%

,

 12/01/28

(a)(c)

................

1,558

1,556,053

Life

Sciences

Tools

&

Services

—

0.2%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 11/21/24

..

538

536,996

Avantor

Funding,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 11/08/27

..

3,869

3,864,441

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 02/22/28

..................

2,934

2,934,959

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

..................

7,130

7,148,179

ICON

Luxembourg

SARL,

Term

Loan

(LIBOR

USD

3

Month

+

2.25%),

2.75%, 07/03/28

................

5,397

5,394,993

Iqvia,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 03/07/24

...........

1,996

1,991,496

Maravai

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 10/19/27

..................

1,696

1,702,478

Phoenix

Newco,

Inc.,

1st

Lien

Term

Loan,

11/15/28

(o)

......................

5,807

5,804,854

29,378,396

Machinery

—

0.2%

(a)

Albion

Financing

3

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 07/31/26

.

1,873

1,873,000

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/13/28

.

1,427

1,425,815

Clark

Equipment

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 05/18/24

.....

1,624

1,620,012

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

6

Month

+

2.75%),

3.25%

,

 05/14/28

.

401

401,446

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 10/21/28

.....

1,647

1,643,101

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 03/31/27

.....

3,785

3,774,040

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.35%

,

 03/28/25

..................

14,599

14,339,822

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 03/01/27

..................

1,701

1,680,544

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 06/21/28

......

5,821

5,811,844

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

(LIBOR

USD

6

Month

+

3.50%),

4.00%

,

 07/30/27

..................

5,598

5,597,288

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.84%

,

 03/02/27

.....

5,741

5,699,851

43,866,763

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Media

—

0.3%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 03/03/25

(a)

.................

USD

8,430

$

7,722,096

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(p)

.................

2,644

3,071,308

Cable

One,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 05/03/28

(a)

.....

1,241

1,239,735

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/30/25

(a)

.................

3,345

3,335,619

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.63%

,

 08/21/26

(a)

.................

13,667

13,467,747

CSC

Holdings

LLC,

Term

Loan

(a)

(LIBOR

USD

1

Month

+

2.25%),

2.36%, 07/17/25

................

2,682

2,638,683

(LIBOR

USD

1

Month

+

2.50%),

2.61%, 04/15/27

................

1,698

1,674,287

DirectTV

Financing

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 08/02/27

(a)

9,295

9,297,250

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/12/27

(a)

.................

2,005

2,001,351

Intelsat

Jackson

Holdings

SA,

Term

Loan,

07/13/22

(a)(o)

.....................

563

562,180

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.75%),

8.00%

,

 11/27/23

(a)

.................

310

309,095

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(a)

.................

6,313

5,962,096

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.35%

,

 03/24/25

(a)

.................

1,784

1,767,306

Midcontinent

Communications,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 08/15/26

(a)

.................

1,183

1,182,919

Nexstar

Media,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.60%

,

 09/18/26

(a)

863

860,264

Nielsen

Finance

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 10/04/23

(a)

—

(q)

53

Sinclair

Television

Group,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 04/01/28

(a)

.................

682

668,648

Terrier

Media

Buyer,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 12/17/26

(a)

.................

1

503

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 09/28/23

(a)(c)

...

4,660

4,648,644

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 01/31/28

(a)

.................

1,717

1,700,480

62,110,264

Metals

&

Mining

—

0.1%

(a)

Ball

Metalpack

Finco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.68%

,

 07/31/25

..................

1,937

1,937,003

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 03/08/24

..................

8,635

8,183,929

10,120,932

Security

Par

(000)

Par

(000)

Value

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

............

USD

2,183

$

2,353,994

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.22%

,

 02/07/25

.

2,173

2,161,956

Freeport

LNG

investments

LLLP,

Term

Loan,

12/21/28

(o)

......................

320

317,047

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.25%

,

 01/31/28

.

911

911,037

5,744,034

Personal

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/01/26

(a)

.................

11,290

11,325,127

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 05/04/25

..................

2,897

2,864,022

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 06/02/25

.

5,478

5,449,334

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.10%

,

 11/15/27

..................

1,516

1,493,000

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

.

2,948

2,957,590

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/02/28

......

2,287

2,287,483

Precision

Medicine

Group

LLC,

Term

Loan,

11/18/27

(o)

......................

3,290

3,272,781

Prestige

Brands,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 07/03/28

(c)

723

725,962

19,050,172

Professional

Services

—

0.1%

(a)

AlixPartners

LLP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 02/04/28

......

4,141

4,121,497

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 06/02/28

.

8,430

8,413,013

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.35%

,

 02/06/26

..................

7,584

7,549,044

Trans

Union

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 12/01/28

.....

5,270

5,252,872

25,336,426

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.60%

,

 02/25/27

(a)

5,681

5,678,193

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

MKS

Instruments,

Inc.,

Term

Loan,

10/20/28

(o)

3,708

3,697,803

Synaptics,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.75%

,

 12/02/28

......

833

830,830

4,528,633

Software

—

0.8%

(a)

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/12/25

..................

5,653

5,666,989

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 10/02/25

.

5,679

5,639,279

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/08/28

.

6,622

6,597,168

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

6.50%

,

 10/08/29

(c)

USD

2,431

$

2,424,923

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

......

828

825,193

DTI

Holdco,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.75%),

5.75%

,

 09/29/23

......

1,348

1,322,312

E2open

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 02/04/28

...........

447

446,878

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

..................

11,315

11,348,509

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 03/11/28

..................

8,999

8,929,845

Instructure

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 10/30/28

.

1,047

1,041,765

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 07/27/28

..................

7,636

7,609,595

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.00%

,

 07/27/29

..................

4,649

4,606,880

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 09/30/24

......

3,355

3,356,857

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 09/13/24

.

5,642

5,648,190

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.35%

,

 02/23/29

.

4,512

4,532,665

Netsmart,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

.

2,124

2,126,917

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 12/17/27

..................

7,287

7,284,124

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 08/31/28

.

4,280

4,258,942

RealPage,

Inc.,

1st

Lien

Term

Loan,

04/24/28

(o)

19,313

19,243,587

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/17/27

.....

748

737,486

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/17/27

.....

1,192

1,175,597

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.10%

,

 08/01/25

..................

7,638

7,593,766

Sophia

LP,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

-

3.72%

,

 10/07/27

11,292

11,283,276

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.85%

,

 04/16/25

..................

1,505

1,487,046

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.25%

,

 03/03/28

..................

5,559

5,570,500

UKG

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 05/04/26

......

9,676

9,618,477

UKG

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 05/03/27

......

2,497

2,502,092

UKG,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.85%

,

 05/04/26

......

9,039

9,005,041

151,883,899

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.2%

(a)

Belron

Finance

US

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 11/13/25

..

USD

1,304

$

1,294,984

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 03/31/26

(c)

3,803

3,826,796

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/24/28

..................

1,363

1,354,481

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 05/04/28

............

5,676

5,676,475

MED

ParentCo.

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.35%

,

 08/31/26

.

2,059

2,052,529

Optiv,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 02/01/24

......

1,820

1,798,303

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

.......

11,350

11,356,705

Restoration

Hardware,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 10/20/28

.

1,528

1,523,585

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

..................

694

693,758

29,577,616

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

2.60%

,

 07/27/28

......

7,061

7,011,259

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

8.50%

,

 05/30/24

.

1,582

1,502,118

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 08/28/24

.

5,135

4,402,922

12,916,299

Transportation

Infrastructure

—

0.0%

(a)

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 09/22/28

..................

1,033

1,028,692

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.25%

,

 09/21/29

..................

421

425,606

1,454,298

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.50%

,

 05/27/24

..................

3,696

3,590,577

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/30/28

..................

6,307

6,301,872

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

..................

858

857,589

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/11/25

..

1,688

1,668,132

12,418,170

Total

Floating

Rate

Loan

Interests

—

7.4%

(Cost:

$1,360,393,559)

............................

1,359,751,708

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Foreign

Agency

Obligations

—

0.4%

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile,

3.75%

,

01/15/31

(b)

......................

USD

1,175

$

1,248,437

China

—

0.0%

Industrial

&

Commercial

Bank

of

China

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.37%),

3.20%

(a)

(d)(k)

...........................

3,620

3,692,400

Colombia

—

0.1%

Ecopetrol

SA

5.38%,

06/26/26

..................

4,642

4,885,125

4.63%,

11/02/31

..................

4,060

3,943,478

8,828,603

Dominican

Republic

—

0.0%

Banco

de

Reservas

de

la

Republica

Dominicana,

7.00%

,

02/01/23

(d)

........

3,817

3,985,187

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(d)

..........

EUR

1,000

1,152,686

France

—

0.0%

Electricite

de

France

SA

(a)(d)(k)

(EUR

Swap

Annual

5

Year

+

3.37%),

2.87%

600

700,177

(EUR

Swap

Annual

5

Year

+

3.20%),

3.00%

1,000

1,169,809

(EUR

Swap

Annual

5

Year

+

4.00%),

3.38%

3,000

3,526,504

5,396,490

Greece

—

0.0%

Public

Power

Corp.

SA,

3.38%

,

07/31/28

(d)

...

495

565,699

Indonesia

—

0.0%

(d)

Bank

Tabungan

Negara

Persero

Tbk.

PT,

4.20%

,

01/23/25

..................

USD

1,433

1,459,941

Pertamina

Persero

PT,

3.10%

,

08/27/30

....

4,972

5,069,886

6,529,827

Italy

—

0.0%

Banca

Monte

dei

Paschi

di

Siena

SpA

(d)

3.63%,

09/24/24

..................

EUR

100

115,697

2.63%,

04/28/25

..................

725

824,424

1.88%,

01/09/26

..................

100

110,719

Poste

Italiane

SpA,

(EURIBOR

Swap

Rate

5

Year

+

2.68%),

2.62%

(a)(d)(k)

...........

1,275

1,393,538

2,444,378

Mexico

—

0.2%

Petroleos

Mexicanos

6.50%,

03/13/27

..................

USD

5,226

5,555,917

5.95%,

01/28/31

..................

7,374

7,157,020

6.70%,

02/16/32

(b)

.................

9,512

9,583,340

7.69%,

01/23/50

..................

4,135

3,969,600

26,265,877

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(d)

..........

1,780

1,721,594

Panama

—

0.1%

Aeropuerto

Internacional

de

Tocumen

SA

(b)

4.00%,

08/11/41

..................

5,506

5,620,594

5.13%,

08/11/61

..................

2,565

2,686,517

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

(b)

..............

2,960

2,958,705

11,265,816

Security

Par

(000)

Par

(000)

Value

Qatar

—

0.0%

Qatar

Petroleum,

3.30%

,

07/12/51

(b)

.......

USD

4,029

$

4,139,797

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.

(b)

1.25%,

11/24/23

..................

330

330,062

2.25%,

11/24/30

..................

565

549,992

880,054

Total

Foreign

Agency

Obligations

—

0.4%

(Cost:

$76,915,185)

...............................

78,116,845

Foreign

Government

Obligations

—

1.6%

Bahrain

—

0.1%

Kingdom

of

Bahrain

7.00%,

01/26/26

(d)

.................

3,392

3,720,176

4.25%,

01/25/28

(b)

.................

2,115

2,059,481

7.38%,

05/14/30

(d)

.................

3,856

4,278,473

10,058,130

Brazil

—

0.1%

Federative

Republic

of

Brazil

6.00%,

04/07/26

..................

2,272

2,542,936

4.63%,

01/13/28

..................

6,631

6,922,350

3.88%,

06/12/30

..................

10,649

10,334,854

19,800,140

Chile

—

0.1%

Republic

of

Chile

2.55%,

07/27/33

..................

3,955

3,845,002

3.10%,

05/07/41

..................

7,033

6,876,076

10,721,078

Colombia

—

0.1%

Republic

of

Colombia

8.13%,

05/21/24

..................

4,414

4,994,165

3.88%,

04/25/27

..................

2,562

2,580,894

4.50%,

03/15/29

..................

3,308

3,376,848

3.00%,

01/30/30

..................

5,589

5,102,757

3.25%,

04/22/32

..................

2,205

1,984,500

4.13%,

05/15/51

..................

1,110

903,124

18,942,288

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(d)

.................

2,355

2,619,938

4.50%,

01/30/30

(b)

.................

4,407

4,486,326

4.88%,

09/23/32

(b)

.................

4,650

4,724,981

5.30%,

01/21/41

(d)

.................

1,898

1,874,631

6.40%,

06/05/49

(d)

.................

3,800

3,989,525

17,695,401

Egypt

—

0.1%

Arab

Republic

of

Egypt

6.13%,

01/31/22

(d)

.................

1,155

1,159,273

6.13%,

01/31/22

(b)

.................

1,915

1,922,086

5.88%,

06/11/25

(d)

.................

3,568

3,667,904

5.25%,

10/06/25

(b)

.................

4,455

4,488,413

7.60%,

03/01/29

(d)

.................

4,215

4,170,321

5.88%,

02/16/31

(b)

.................

695

615,214

6.38%,

04/11/31

(b)

.................

EUR

4,285

4,491,073

20,514,284

Guatemala

—

0.0%

Republic

of

Guatemala

(b)

5.38%,

04/24/32

..................

USD

1,693

1,885,367

4.65%,

10/07/41

..................

3,402

3,400,512

5,285,879

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Hungary

—

0.0%

Hungary

Government

Bond,

3.13%

,

09/21/51

(b)

USD

2,500

$

2,461,406

Indonesia

—

0.1%

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

(d)

6.15%,

05/21/48

..................

1,400

1,726,200

4.88%,

07/17/49

..................

1,800

1,920,150

Republic

of

Indonesia

4.75%,

01/08/26

(d)

.................

4,508

5,024,448

3.50%,

01/11/28

..................

1,220

1,313,635

4.10%,

04/24/28

..................

4,070

4,538,813

4.75%,

02/11/29

..................

1,527

1,777,046

5.13%,

01/15/45

(d)

.................

3,000

3,723,750

20,024,042

Israel

—

0.0%

State

of

Israel

Government

Bond,

2.75%

,

07/03/30

.......................

2,503

2,658,655

Mexico

—

0.1%

United

Mexican

States

4.50%,

04/22/29

..................

5,024

5,605,842

4.75%,

03/08/44

..................

2,402

2,614,127

4.35%,

01/15/47

..................

8,830

9,143,465

4.50%,

01/31/50

..................

2,560

2,717,280

20,080,714

Mongolia

—

0.0%

State

of

Mongolia,

5.13%

,

04/07/26

(d)

......

2,067

2,116,091

Morocco

—

0.1%

Kingdom

of

Morocco

(b)

3.00%,

12/15/32

..................

5,575

5,311,233

4.00%,

12/15/50

..................

5,807

5,253,520

10,564,753

Oman

—

0.0%

Oman

Government

Bond,

7.38%

,

10/28/32

(d)

.

2,230

2,594,382

Oman

Sovereign

Sukuk

Co.,

4.88%

,

06/15/30

(b)

1,170

1,240,200

3,834,582

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan,

7.38%

,

04/08/31

(d)

2,265

2,248,013

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

..................

1,187

1,283,666

2.25%,

09/29/32

..................

2,733

2,601,987

4.50%,

05/15/47

..................

4,610

5,081,949

4.50%,

04/01/56

..................

1,320

1,455,135

10,422,737

Paraguay

—

0.1%

Republic

of

Paraguay

5.00%,

04/15/26

(d)

.................

4,144

4,599,322

4.95%,

04/28/31

(b)

.................

5,265

5,915,885

2.74%,

01/29/33

(b)

.................

5,498

5,304,883

5.40%,

03/30/50

(b)

.................

4,031

4,594,836

5.40%,

03/30/50

(d)

.................

2,075

2,365,241

22,780,167

Peru

—

0.1%

Peru

Government

Bond,

1.86%

,

12/01/32

...

2,600

2,372,987

Republic

of

Peru

7.35%,

07/21/25

..................

2,094

2,490,289

4.13%,

08/25/27

..................

3,060

3,355,099

3.00%,

01/15/34

..................

1,065

1,059,675

3.30%,

03/11/41

..................

2,230

2,226,516

11,504,566

Security

Par

(000)

Par

(000)

Value

Philippines

—

0.1%

Republic

of

Philippines

3.75%,

01/14/29

..................

USD

5,221

$

5,879,499

2.95%,

05/05/45

..................

4,573

4,506,691

10,386,190

Qatar

—

0.1%

State

of

Qatar

4.50%,

04/23/28

(d)

.................

4,627

5,305,723

4.00%,

03/14/29

(b)

.................

6,825

7,682,817

12,988,540

Romania

—

0.0%

Romania

Government

Bond

3.00%,

02/14/31

(b)

.................

4,944

5,009,755

4.00%,

02/14/51

(d)

.................

2,552

2,545,365

7,555,120

Russia

—

0.0%

Russian

Federation,

4.25%

,

06/23/27

(d)

.....

4,600

4,956,500

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

4.00%,

04/17/25

(d)

.................

3,327

3,582,139

3.63%,

03/04/28

(d)

.................

2,470

2,688,441

4.38%,

04/16/29

(b)

.................

7,447

8,533,797

14,804,377

South

Africa

—

0.0%

Republic

of

South

Africa,

4.88%

,

04/14/26

...

2,503

2,663,818

Sri

Lanka

—

0.1%

Democratic

Socialist

Republic

of

Sri

Lanka

(d)

6.85%,

03/14/24

..................

4,647

2,423,120

6.35%,

06/28/24

..................

4,812

2,509,157

7.85%,

03/14/29

..................

2,972

1,492,130

7.55%,

03/28/30

..................

3,722

1,879,145

8,303,552

Ukraine

—

0.0%

Ukraine

Government

Bond

8.99%,

02/01/24

(d)

.................

3,160

3,143,212

9.75%,

11/01/28

(d)

.................

3,073

3,087,405

7.25%,

03/15/33

(b)

.................

1,548

1,358,370

7,588,987

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.38%

,

10/27/27

4,449

4,981,923

Total

Foreign

Government

Obligations

—

1.6%

(Cost:

$285,192,324)

..............................

285,941,933

Shares

Shares

Investment

Companies

—

3.1%

iShares

Core

Dividend

Growth

ETF

(r)

.......

3,100,737

172,338,963

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(h)(r)

.........................

4,111,785

357,766,413

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(r)

......................

810,949

43,693,932

MPLX

LP

.........................

63,416

1,876,479

Western

Midstream

Partners

LP

..........

26,546

591,179

Total

Investment

Companies

—

3.1%

(Cost:

$541,928,873)

..............................

576,266,966

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

—

5.4%

Collateralized

Mortgage

Obligations

—

1.4%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

2.75%,

11/25/35

USD

1,556

$

1,442,073

Series

2005-8,

Class

7A2,

(LIBOR

USD

1

Month

+

0.56%),

0.66%,

11/25/35

....

880

877,750

Series

2005-9,

Class

5A1,

(LIBOR

USD

1

Month

+

0.54%),

0.64%,

11/25/35

....

670

677,734

Alternative

Loan

Trust

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.65%),

1.73%,

06/25/35

(a)

....

457

436,644

Series

2005-36,

Class

2A1A,

(LIBOR

USD

1

Month

+

0.62%),

0.72%,

08/25/35

(a)

...

1,346

1,222,680

Series

2005-61,

Class

1A1,

(LIBOR

USD

1

Month

+

0.52%),

0.62%,

12/25/35

(a)

...

188

183,838

Series

2005-63,

Class

3A3,

2.80%,

11/25/35

(a)

....................

2,133

2,061,667

Series

2005-63,

Class

5A1,

3.35%,

12/25/35

(a)

....................

57

56,135

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

.....................

57

57,559

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.70%,

01/25/36

(a)

...

2,144

2,055,055

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.08%,

02/25/36

(a)

....................

4,358

4,159,039

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

.....................

704

548,336

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

.....................

1,061

759,717

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

.....................

501

319,055

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

.....................

769

466,192

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

.....................

2,800

1,741,957

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

.....................

1,861

1,396,657

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

.....................

894

663,476

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

337

204,173

Series

2006-J7,

Class

2A1,

(Cost

of

Funds

for

the

11th

District

of

San

Francisco

+

1.50%),

1.73%,

11/20/46

(a)

.........

4,114

3,134,119

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

1,338

818,044

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.81%,

11/25/46

(a)

....................

5,491

4,753,839

Series

2006-OA14,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

0.48%,

11/25/46

(a)

..

3,782

3,442,090

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

0.93%,

11/25/46

(a)

....................

7,810

7,100,459

Series

2006-OA16,

Class

A2,

(LIBOR

USD

1

Month

+

0.38%),

0.48%,

10/25/46

(a)

...

351

341,442

Series

2006-OA2,

Class

A1,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

05/20/46

(a)

...

1,458

1,321,102

Series

2006-OA3,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

05/25/36

(a)

...

7,891

7,279,959

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.38%),

0.48%,

07/25/46

(a)

...

10,715

9,773,386

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

.....................

USD

1,976

$

1,319,798

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

.....................

438

301,530

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

.....................

275

225,087

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

.....................

241

187,780

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,229

860,559

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

598

418,697

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,271

2,137,277

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

.....................

499

321,683

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

.....................

3,227

2,086,755

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

.....................

554

358,198

Series

2007-AL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.35%,

06/25/37

(a)

...

6,461

5,662,885

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,634

934,357

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.38%),

1.46%,

11/25/47

(a)

....................

1,660

1,526,839

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.38%,

04/25/47

(a)

...

10,404

9,515,931

Series

2007-OA4,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.44%,

05/25/47

(a)

...

3,924

3,765,924

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.36%),

0.46%,

06/25/47

(a)

...

8,875

7,221,378

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

...

1,099

856,778

American

Home

Mortgage

Assets

Trust

Series

2006-3,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.97%),

1.05%,

10/25/46

(a)

....

10,930

10,495,022

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.02%,

10/25/46

(a)

....................

5,123

4,161,555

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(e)

....................

680

655,489

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

340

331,975

Series

2006-D,

Class

6A1,

2.81%,

05/20/36

317

321,172

Series

2007-D,

Class

1A1,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

06/20/47

....

1,221

1,113,618

Banc

of

America

Mortgage

Trust,

Series

2004-

L,

Class

4A1,

2.30%,

01/25/35

(a)

........

2

1,700

Bear

Stearns

ALT-A

Trust,

Series

2006-2,

Class

11A1,

(LIBOR

USD

1

Month

+

0.44%),

0.54%,

04/25/36

(a)

.................

4,990

6,358,616

Bear

Stearns

Asset-Backed

Securities

I

Trust

(e)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

.....................

718

636,403

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

.....................

950

826,507

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.27%,

03/25/37

....

1,260

1,200,618

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.24%,

03/25/37

....

1,839

1,767,259

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

0.30%,

09/25/47

....

2,128

2,116,231

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

CHL

Mortgage

Pass-Through

Trust

Series

2005-11,

Class

4A1,

(LIBOR

USD

1

Month

+

0.27%),

0.37%,

04/25/35

(a)

...

USD

998

$

954,779

Series

2005-9,

Class

1A1,

(LIBOR

USD

1

Month

+

0.60%),

0.70%,

05/25/35

(a)

...

2,985

2,482,456

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.04%,

04/25/46

(a)

....................

2,684

1,026,729

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

150

101,125

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

665

362,651

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

1,015

553,771

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A5,

6.00%,

01/25/37

....

73

73,691

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

(b)

......................

486

463,707

CSMC

Trust,

Series

2011-4R,

Class

1A2,

(LIBOR

USD

1

Month

+

1.50%),

1.58%,

09/27/37

(a)(b)

.....................

5,663

5,218,580

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.19%),

0.29%,

08/25/47

(a)

.....

11,995

11,436,051

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

2.19%,

02/25/37

(a)

......................

1,237

901,308

GMACM

Mortgage

Loan

Trust,

Series

2005-

AR2,

Class

4A,

3.13%,

05/25/35

(a)

......

30

29,446

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(LIBOR

USD

1

Month

+

0.17%),

0.27%,

02/25/36

...

3,654

3,550,980

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.08%,

03/25/36

.....................

1,427

1,418,949

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(LIBOR

USD

1

Month

+

0.50%),

0.60%,

10/25/35

(a)

......................

1,635

1,628,237

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

684

663,175

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,220

1,089,839

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

2.83%,

08/25/37

.....................

116

101,612

Series

2007-AR15,

Class

2A1,

3.09%,

08/25/37

.....................

534

483,827

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

1.15%),

1.25%,

12/25/37

(a)

......................

8,012

8,484,909

Loan

Revolving

Advance

Investment

Trust

(a)(b)

Series

2021-1,

Class

A1X,

(LIBOR

USD

1

Month

+

2.75%),

2.84%,

12/31/22

....

8,570

8,484,163

Series

2021-2,

Class

A1X,

(LIBOR

USD

1

Month

+

2.75%),

2.84%,

06/30/23

....

11,430

11,315,517

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

2.47%,

12/25/35

.....................

481

471,047

Series

2006-1,

Class

2A1,

1.96%,

02/25/36

363

382,009

Prima

Capital

CRE

Securitization

Ltd.

(b)(c)

Series

2015-4A,

Class

C,

4.00%,

08/24/49

.

3,210

3,146,442

Series

2016-6A,

Class

C,

4.00%,

08/24/40

.

16,500

16,424,100

Prime

Mortgage

Trust

(b)

Series

2006-DR1,

Class

1A2,

6.00%,

05/25/35

.....................

1

1,022

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

.....................

397

380,549

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

..................

USD

177

$

173,366

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

...

316

165,116

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

..................

39

37,670

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

3.08%,

04/25/47

(a)

......................

239

149,400

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.46%),

0.56%,

02/25/36

....

987

929,231

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

0.48%,

06/25/36

....

7,776

7,339,206

Series

2006-AR6,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

0.48%,

07/25/46

....

10,240

8,679,707

Series

2007-AR4,

Class

GA4B,

(LIBOR

USD

1

Month

+

0.18%),

0.28%,

09/25/47

...

2,156

2,209,198

WaMu

Mortgage

Pass-Through

Certificates

Trust

(a)

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.75%),

0.83%,

06/25/47

.....................

6,000

5,799,508

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.81%),

0.89%,

07/25/47

.....................

3,306

2,974,712

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-8,

Class

A5,

4.19%,

10/25/36

(e)

1,124

548,240

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.98%),

1.06%,

06/25/46

(a)

....................

4,290

3,121,686

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

0.93%,

10/25/46

(a)

....................

5,232

4,759,080

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.72%),

0.80%,

12/25/46

(a)

....................

4,748

4,233,246

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.84%),

0.92%,

05/25/47

(a)

....................

2,929

2,688,603

250,420,438

Commercial

Mortgage-Backed

Securities

—

3.9%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.66%,

06/05/37

(a)(b)

..........

7,780

7,347,540

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.23%,

09/15/34

(a)(b)

..........

29,015

28,869,060

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.21%,

04/15/35

(a)(b)

................

3,467

3,428,938

Atrium

Hotel

Portfolio

Trust

(a)(b)

Series

2017-ATRM,

Class

D,

(LIBOR

USD

1

Month

+

1.95%),

2.06%,

12/15/36

....

11,310

11,025,946

Series

2017-ATRM,

Class

E,

(LIBOR

USD

1

Month

+

3.05%),

3.16%,

12/15/36

....

1,490

1,407,569

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

11/15/32

....

USD

3,225

$

2,828,680

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

2.11%,

11/15/32

.....

3,965

3,283,416

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.81%,

09/15/34

....

11,982

11,892,016

Barclays

Commercial

Mortgage

Trust,

Series

2019-C3,

Class

C,

4.18%,

05/15/52

.....

3,442

3,634,915

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.47%),

0.57%,

08/25/35

....

3,337

3,207,564

Series

2005-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.48%),

0.58%,

11/25/35

....

745

710,139

Series

2007-1,

Class

A1,

(LIBOR

USD

1

Month

+

0.22%),

0.32%,

03/25/37

....

2,544

2,458,394

Series

2007-3,

Class

A2,

(LIBOR

USD

1

Month

+

0.29%),

0.39%,

07/25/37

....

3,864

3,668,268

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.55%,

09/25/37

....

1,020

979,248

Series

2007-6A,

Class

A4A,

(LIBOR

USD

1

Month

+

1.50%),

1.60%,

12/25/37

....

2,150

2,115,892

BBCMS

Mortgage

Trust

(a)(b)

Series

2017-DELC,

Class

E,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

08/15/36

....

2,710

2,675,970

Series

2017-DELC,

Class

F,

(LIBOR

USD

1

Month

+

3.50%),

3.61%,

08/15/36

....

1,800

1,777,754

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

.....................

1,750

1,534,519

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.03%,

11/05/36

(a)(b)

................

2,672

2,278,037

Benchmark

Mortgage

Trust

(a)

Series

2018-B3,

Class

D,

3.04%,

04/10/51

(b)

1,250

1,151,284

Series

2018-B7,

Class

C,

4.86%,

05/15/53

.

4,770

5,180,691

BFLD

Trust,

Series

2020-EYP,

Class

E,

(LIBOR

USD

1

Month

+

3.70%),

3.81%,

10/15/35

(a)(b)

3,600

3,597,978

BPR

Trust,

Series

2021-TY,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

09/15/38

(a)(b)

4,495

4,481,011

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

D,

3.63%,

03/10/33

3,600

3,683,040

Series

2013-1515,

Class

E,

3.72%,

03/10/33

2,000

2,023,921

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2018-IND,

Class

G,

(LIBOR

USD

1

Month

+

2.05%),

2.16%,

11/15/35

....

10,150

10,124,518

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

11/15/35

.....

11,550

11,506,512

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

2.41%,

10/15/36

....

6,375

6,323,152

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.76%,

10/15/36

....

14,288

14,136,436

Series

2020-BXLP,

Class

G,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

12/15/36

....

6,229

6,159,406

Series

2020-FOX,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

11/15/32

....

5,499

5,497,640

Series

2021-21M,

Class

E,

(LIBOR

USD

1

Month

+

2.17%),

2.28%,

10/15/36

....

11,186

11,045,698

Series

2021-CIP,

Class

E,

(LIBOR

USD

1

Month

+

2.82%),

2.92%,

12/15/28

....

13,437

13,432,939

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

1.02%,

02/15/33

(c)

...

14,812

14,756,455

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

2.26%,

02/15/33

(c)

...

8,685

8,652,431

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

4.36%,

02/15/33

(c)

...

5,735

5,713,494

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

06/15/38

....

USD

11,180

$

11,074,887

Series

2021-SOAR,

Class

J,

(LIBOR

USD

1

Month

+

3.75%),

3.86%,

06/15/38

....

8,800

8,690,683

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

05/15/38

....

18,644

18,471,839

Series

2021-XL2,

Class

F,

(LIBOR

USD

1

Month

+

2.24%),

2.35%,

10/15/38

....

13,980

13,906,798

BX

Trust

(a)(b)

Series

2021-ARIA,

Class

G,

(LIBOR

USD

1

Month

+

3.14%),

3.25%,

10/15/36

....

13,310

13,227,998

Series

2021-LBA,

Class

GJV,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

02/15/36

....

11,900

11,707,504

Series

2021-LBA,

Class

GV,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

02/15/36

....

8,900

8,756,033

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

01/15/34

....

4,680

4,644,223

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

01/15/34

....

7,240

7,212,679

Series

2021-SDMF,

Class

J,

(LIBOR

USD

1

Month

+

4.03%),

4.14%,

09/15/34

....

1,259

1,251,062

Series

2021-VIEW,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

06/15/23

....

9,532

9,512,578

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

6,800

6,835,840

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

10,985

10,850,970

Series

2021-601L,

Class

D,

2.78%,

01/15/44

5,360

4,940,122

CFCRE

Commercial

Mortgage

Trust

Series

2016-C4,

Class

C,

4.85%,

05/10/58

(a)

3,330

3,541,729

Series

2018-TAN,

Class

A,

4.24%,

02/15/33

(b)

....................

3,600

3,679,254

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

(b)

....................

2,100

2,144,545

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC19,

Class

C,

5.09%,

03/10/47

(a)

....................

2,278

2,393,845

Series

2015-GC27,

Class

C,

4.42%,

02/10/48

(a)

....................

2,267

2,344,248

Series

2016-C1,

Class

C,

4.94%,

05/10/49

(a)

2,870

3,088,165

Series

2016-C1,

Class

D,

4.94%,

05/10/49

(a)

(b)

..........................

980

984,391

Series

2016-GC37,

Class

C,

4.93%,

04/10/49

(a)

....................

2,640

2,772,914

Series

2016-GC37,

Class

D,

2.79%,

04/10/49

(b)

....................

3,446

3,100,105

Series

2016-P3,

Class

C,

4.89%,

04/15/49

(a)

1,271

1,307,334

Series

2018-C6,

Class

C,

5.07%,

11/10/51

(a)

3,976

4,397,889

Commercial

Mortgage

Trust

Series

2013-300P,

Class

D,

4.39%,

08/10/30

(a)(b)

...................

3,000

3,024,196

Series

2013-GAM,

Class

E,

3.42%,

02/10/28

(a)(b)

...................

5,000

4,721,880

Series

2014-CR15,

Class

C,

4.69%,

02/10/47

(a)

....................

2,050

2,148,736

Series

2015-CR23,

Class

B,

4.18%,

05/10/48

(a)

....................

9,520

9,952,760

Series

2015-LC19,

Class

C,

4.23%,

02/10/48

(a)

....................

6,513

6,774,764

Series

2015-LC19,

Class

D,

2.87%,

02/10/48

(b)

....................

1,580

1,516,613

Series

2015-LC21,

Class

C,

4.33%,

07/10/48

(a)

....................

6,010

6,233,946

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(a)(b)

...................

3,200

3,045,036

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-COR2,

Class

D,

3.00%,

09/10/50

(b)

....................

USD

709

$

655,884

Series

2018-HCLV,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

1.51%,

09/15/33

(a)(b)

..

2,500

2,474,032

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2021-980M,

Class

E,

3.54%,

07/15/31

(a)(b)

.....................

1,450

1,359,305

CSAIL

Commercial

Mortgage

Trust

(a)

Series

2016-C6,

Class

C,

4.92%,

01/15/49

3,950

4,104,123

Series

2018-C14,

Class

D,

4.92%,

11/15/51

(b)

....................

2,545

2,631,694

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

E,

(LIBOR

USD

1

Month

+

4.86%),

4.97%,

10/15/37

....

4,661

4,711,975

Series

2021-BHAR,

Class

E,

(LIBOR

USD

1

Month

+

3.50%),

3.61%,

11/15/38

....

1,338

1,338,242

DBGS

Mortgage

Trust,

Series

2018-BIOD,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

2.10%,

05/15/35

(a)(b)

................

5,077

5,029,093

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.53%,

10/10/34

....

10,428

10,369,741

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

.....................

2,890

2,827,224

ELP

Commercial

Mortgage

Trust

(a)(b)

Series

2021-ELP,

Class

G,

(LIBOR

USD

1

Month

+

3.12%),

3.23%,

11/15/38

....

11,890

11,808,064

Series

2021-ELP,

Class

J,

(LIBOR

USD

1

Month

+

3.61%),

3.72%,

11/15/38

....

4,560

4,536,201

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

07/15/38

....

10,097

10,097,459

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.96%,

07/15/38

....

6,536

6,535,986

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

3.81%,

07/15/38

....

6,823

6,822,516

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

J,

5.86%,

05/03/32

(b)

......

1,500

1,548,833

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

F,

(LIBOR

USD

1

Month

+

3.44%),

3.53%,

11/15/36

(a)(b)

..........

6,640

6,638,482

GS

Mortgage

Securities

Trust

Series

2015-GC32,

Class

C,

4.42%,

07/10/48

(a)

....................

1,075

1,117,506

Series

2015-GC32,

Class

D,

3.35%,

07/10/48

.....................

1,162

1,096,104

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(b)

....................

2,749

2,536,195

Harvest

Commercial

Capital

Loan

Trust

(a)(b)

Series

2019-1,

Class

M4,

4.64%,

09/25/46

.

3,150

3,110,322

Series

2019-1,

Class

M5,

5.73%,

09/25/46

.

2,000

1,921,448

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(LIBOR

USD

1

Month

+

3.35%),

3.46%,

10/15/36

....

4,743

4,732,638

Series

2021-LULU,

Class

F,

(LIBOR

USD

1

Month

+

4.40%),

4.51%,

10/15/36

....

1,177

1,174,489

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.11%,

12/15/48

(a)(b)

.....................

1,898

1,838,866

JPMCC

Commercial

Mortgage

Securities

Trust

(a)

Series

2017-JP5,

Class

C,

3.85%,

03/15/50

5,137

5,234,024

Series

2017-JP5,

Class

D,

4.60%,

03/15/50

(b)

....................

2,832

2,823,663

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

C,

4.51%,

03/15/50

(a)

1,486

1,436,331

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

Series

2015-JP1,

Class

D,

4.22%,

01/15/49

USD

5,750

$

5,495,250

Series

2019-OSB,

Class

E,

3.78%,

06/05/39

(b)

....................

2,800

2,857,791

KNDL

Mortgage

Trust,

Series

2019-KNSQ,

Class

E,

(LIBOR

USD

1

Month

+

1.80%),

1.91%,

05/15/36

(a)(b)

................

12,751

12,735,726

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.46%,

03/15/38

(a)(b)

.....................

10,938

10,910,012

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

C,

4.87%,

03/10/50

(a)(b)

....

3,375

3,498,403

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(LIBOR

USD

1

Month

+

2.75%),

2.86%,

10/15/38

(a)(b)

.....................

920

917,962

MAD

Mortgage

Trust,

Series

2017-330M,

Class

D,

3.98%,

08/15/34

(a)(b)

..............

3,305

3,328,912

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

4.11%,

11/15/38

.....

13,800

13,661,653

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

5.36%,

11/15/38

....

25,270

25,019,150

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

G,

(SOFR30A

+

4.22%),

4.27%,

12/15/34

(a)(b)

..........

3,940

3,951,666

MHP,

Series

2021-STOR,

Class

J,

(LIBOR

USD

1

Month

+

3.95%),

4.06%,

07/15/38

(a)(b)

...

1,897

1,895,335

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C23,

Class

D,

4.14%,

07/15/50

(a)(b)

...................

727

715,914

Series

2015-C25,

Class

D,

3.07%,

10/15/48

3,435

3,267,543

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

....................

1,812

1,737,783

Series

2017-C33,

Class

C,

4.56%,

05/15/50

(a)

....................

3,161

3,258,184

Morgan

Stanley

Capital

I

Trust

Series

2015-MS1,

Class

C,

4.03%,

05/15/48

(a)

....................

1,530

1,526,433

Series

2015-MS1,

Class

D,

4.03%,

05/15/48

(a)(b)

...................

3,925

3,642,326

Series

2017-CLS,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

2.06%,

11/15/34

(a)(b)

..

3,998

3,989,200

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.71%,

11/15/34

(a)(b)

..

7,904

7,869,221

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(b)

7,130

6,246,747

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

1,570

1,387,282

Series

2018-H3,

Class

C,

4.86%,

07/15/51

(a)

2,880

3,183,819

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(a)

(b)

..........................

2,112

1,881,358

Series

2018-SUN,

Class

F,

(LIBOR

USD

1

Month

+

2.55%),

2.66%,

07/15/35

(a)(b)

..

4,040

3,991,852

Motel

Trust,

Series

2021-MTL6,

Class

F,

(LIBOR

USD

1

Month

+

3.55%),

3.66%,

09/15/38

(a)(b)

.....................

2,025

2,024,387

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

3.95%,

05/10/39

(a)(b)

.......

8,300

7,389,518

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(LIBOR

USD

1

Month

+

4.35%),

4.46%,

07/15/38

(a)(b)

..........

1,400

1,399,123

SREIT

Trust,

Series

2021-MFP2,

Class

J,

(LIBOR

USD

1

Month

+

3.92%),

4.02%,

11/15/36

(a)(b)

.....................

2,377

2,367,334

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

STWD

Trust,

Series

2021-FLWR,

Class

G,

(LIBOR

USD

1

Month

+

3.67%),

3.78%,

07/15/23

(a)(b)

.....................

USD

2,956

$

2,906,410

TPGI

Trust

(a)(b)

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

06/15/26

....

5,180

5,133,164

Series

2021-DGWD,

Class

G,

(LIBOR

USD

1

Month

+

3.85%),

3.96%,

06/15/26

...

1,794

1,779,520

USDC,

Series

2018,

Class

F,

4.49%,

05/13/38

(a)

(b)

............................

2,550

1,926,517

VCC

Trust,

Series

2020-MC1,

Class

A,

4.50%,

06/25/45

(a)(b)

.....................

3,982

3,998,586

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS3,

Class

B,

4.50%,

09/15/57

(a)

....................

1,600

1,716,939

Series

2015-P2,

Class

D,

3.24%,

12/15/48

(b)

593

519,080

Series

2016-C37,

Class

C,

4.49%,

12/15/49

(a)

....................

2,803

2,898,884

Series

2016-LC25,

Class

C,

4.34%,

12/15/59

(a)

....................

8,320

8,647,312

Series

2016-NXS5,

Class

B,

4.95%,

01/15/59

(a)

....................

1,875

2,013,123

Series

2016-NXS5,

Class

D,

4.98%,

01/15/59

(a)

....................

400

413,347

Series

2016-NXS6,

Class

C,

4.39%,

11/15/49

(a)

....................

4,783

5,005,441

Series

2017-C39,

Class

C,

4.12%,

09/15/50

3,268

3,403,412

Series

2017-C39,

Class

D,

4.34%,

09/15/50

(a)(b)

...................

1,690

1,566,823

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

...................

487

396,730

Series

2018-C44,

Class

C,

4.83%,

05/15/51

(a)

....................

2,346

2,554,991

Series

2018-C44,

Class

D,

3.00%,

05/15/51

(b)

....................

2,150

1,947,693

Series

2018-C45,

Class

C,

4.73%,

06/15/51

1,158

1,240,701

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

C,

3.76%,

09/15/57

(a)

...

1,300

1,326,970

720,902,004

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

0.93%,

08/10/35

.....................

75,147

3,038,957

Series

2015-SRCH,

Class

XB,

0.19%,

08/10/35

.....................

35,000

375,900

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C6,

Class

XA,

1.10%,

11/10/49

....

60,819

2,683,907

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

XB2,

0.74%,

09/10/47

(b)

....................

12,675

242,346

Series

2015-CR25,

Class

XA,

0.82%,

08/10/48

.....................

12,611

320,967

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.82%,

09/15/47

.......................

6,609

117,926

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

40,477

1,258,572

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.86%,

03/10/50

(b)

.....

38,195

983,056

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C15,

Class

XB,

0.33%,

04/15/47

(b)

....................

80,982

553,666

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

2015-C26,

Class

XD,

1.32%,

10/15/48

(b)

....................

USD

12,675

$

574,431

Series

2016-C32,

Class

XA,

0.66%,

12/15/49

.....................

30,174

847,914

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.61%,

03/15/49

(b)

.....

13,600

837,352

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.20%,

04/10/37

.....................

40,610

467,433

Series

2017-75B,

Class

XB,

0.03%,

04/10/37

.....................

27,000

79,772

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.25%,

08/15/49

(b)

....................

11,784

572,820

Series

2016-LC25,

Class

XA,

0.84%,

12/15/59

.....................

19,731

678,156

WFRBS

Commercial

Mortgage

Trust

Series

2014-C20,

Class

XB,

0.57%,

05/15/47

.....................

57,079

744,672

Series

2014-LC14,

Class

XA,

1.25%,

03/15/47

.....................

25,432

531,766

14,909,613

Total

Non-Agency

Mortgage-Backed

Securities

—

5.4%

(Cost:

$966,299,387)

..............................

986,232,055

Preferred

Securities

—

3.4%

Capital

Trusts

—

2.8%

Banks

—

1.1%

(a)(k)

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

5

Year

+

6.46%),

6.00%

(d)

...

EUR

5,600

7,076,916

Citigroup,

Inc.

Series

U,

(SOFR

+

3.81%),

5.00%

......

USD

39,856

41,051,680

Series

V,

(SOFR

+

3.23%),

4.70%

......

13,170

13,304,334

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

7,270

7,324,525

Series

Y,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.15%

.......................

15

15,244

HSBC

Holdings

plc,

(USD

Swap

Rate

5

Year

+

3.71%),

6.37%

...................

2,000

2,145,000

JPMorgan

Chase

&

Co.

Series

FF,

(SOFR

+

3.38%),

5.00%

.....

26,805

27,542,137

Series

HH,

(SOFR

+

3.13%),

4.60%

.....

23,515

24,132,269

PNC

Financial

Services

Group,

Inc.

(The),

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.40%

.........................

22,250

21,899,340

US

Bancorp,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%),

3.70%

.........................

10,680

10,677,864

Wells

Fargo

&

Co.

Series

S,

(LIBOR

USD

3

Month

+

3.11%),

5.90%

.......................

36,100

38,090,554

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

.......................

8,065

8,286,788

201,546,651

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Par

(000)

Par

(000)

Value

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%

.

USD

21,025

$

21,498,063

Charles

Schwab

Corp.

(The)

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

.......................

21,725

22,159,500

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.......................

25,785

26,042,850

Goldman

Sachs

Group,

Inc.

(The)

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%

.......................

12,030

12,691,650

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

.......................

6,755

7,008,313

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

.......................

16,500

16,417,500

105,817,876

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%

..................

32,950

34,185,625

Discover

Financial

Services,

Series

C,

(LIBOR

USD

3

Month

+

3.08%),

5.50%

........

20,150

21,535,312

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

.

9,712

11,071,680

66,792,617

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

17,478,688

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

37,765,980

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Vistra

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.74%),

7.00%

(a)(b)(k)

......................

1,923

1,947,787

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

26,673,000

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)(k)

Energy

Transfer

LP

Series

B,

(LIBOR

USD

3

Month

+

4.16%),

6.63%

.......................

6,875

6,513,513

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%

.......................

33,025

33,520,375

EnLink

Midstream

Partners

LP,

Series

C,

(LIBOR

USD

3

Month

+

4.11%),

6.00%

...

9,499

7,587,326

MPLX

LP,

Series

B,

(LIBOR

USD

3

Month

+

4.65%),

6.87%

...................

170

170,425

47,791,639

Total

Capital

Trusts

—

2.8%

(Cost:

$498,839,472)

..............................

505,814,238

Security

Shares

Shares

Value

Preferred

Stocks

—

0.5%

Consumer

Finance

—

0.1%

SLM

Corp.,

Series

B,

(LIBOR

USD

3

Month

+

1.70%),

1.90%

(a)(k)

.................

136,000

$

7,956,000

Health

Care

Equipment

&

Supplies

—

0.0%

Sartorius

AG

(Preference)

..............

389

263,096

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

17,624

1,422,101

Insurance

—

0.1%

Allstate

Corp.

(The),

Series

H,

5.10%

(k)

.....

735,000

19,933,200

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

E,

(LIBOR

USD

3

Month

+

5.16%),

7.60%

(a)(k)

...........

625,000

15,843,750

Petroleo

Brasileiro

SA

(Preference)

........

1,044,139

5,304,381

21,148,131

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Samsung

Electronics

Co.

Ltd.

(Preference)

..

738,010

44,122,423

Total

Preferred

Stocks

—

0.5%

(Cost:

$77,238,893)

...............................

94,844,951

Trust

Preferreds

—

0.1%

Commercial

Services

&

Supplies

—

0.1%

ILFC

E-Capital

Trust

I

,

(30Y

CMT

+

1.55%),

3.37%, 12/21/65

(a)(b)

................

16,872,000

13,919,400

Consumer

Finance

—

0.0%

ILFC

E-Capital

Trust

II

,

(LIBOR

USD

3

Month

+

1.80%),

3.67%, 12/21/65

(a)(b)

..........

11,944,000

10,182,260

Total

Trust

Preferreds

—

0.1%

(Cost:

$27,894,929)

...............................

24,101,660

Total

Preferred

Securities

—

3.4%

(Cost:

$603,973,294)

..............................

624,760,849

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

Collateralized

Mortgage

Obligations

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

(LIBOR

USD

1

Month

+

0.00%),

3.66%, 04/25/28

(a)(b)

................

USD

4,627

4,507,336

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-K732,

Class

B,

4.06%, 05/25/25

(a)(b)

................

1,500

1,596,675

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

(Cost:

$5,952,808)

...............................

6,104,011

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)

(f)

.....

720

215

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/exercisable

10/23/20,

1

share

for

1

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(f)

.....

1,489

$

18,464

Total

Warrants

—

0.0%

(Cost:

$0)

.....................................

18,679

Total

Long-Term

Investments

—

95.0%

(Cost:

$16,509,985,577)

............................

17,403,994,341

Short-Term

Securities

—

5.9%

(r)(s)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.00%

....................

771,859,834

771,859,834

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.15%

(t)

........................

319,641,177

319,673,141

Total

Short-Term

Securities

—

5.9%

(Cost:

$1,091,547,436)

............................

1,091,532,975

Security

Shares

Shares

Value

Short-Term

Securities

(continued)

Total

Options

Purchased

—

0.0%

(Cost:

$97,323)

.................................

$

44,490

Total

Investments

Before

Options

Written

—

100.9%

(Cost:

$17,601,630,336

)

............................

18,495,571,806

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$71,415)

......................

(26,441)

Total

Investments

Net

of

Options

Written

—

100.9%

(Cost:

$17,601,558,921

)

............................

18,495,545,365

Liabilities

in

Excess

of

Other

Assets

—

(0.9)%

.............

(173,714,657)

Net

Assets

—

100.0%

...............................

$

18,321,830,708

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(f)

Non-income

producing

security.

(g)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(h)

All

or

a

portion

of

this

security

is

on

loan.

(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)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$11,840,400,

representing

0.06%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$11,734,320.

(n)

Zero-coupon

bond.

(o)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(p)

Fixed

rate.

(q)

Rounds

to

less

than

1,000.

(r)

Affiliate

of

the

Fund.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

December

31,

2021

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/21

Shares

Held

at

12/31/21

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,361,801,474

$

—

$

(589,941,640)

$

—

$

—

$

771,859,834

771,859,834

$

16,959

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

379,899,919

—

(60,151,378)

(60,857)

(14,543)

319,673,141

319,641,177

2,428,418

(b)

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

..

44,537,320

—

—

—

(843,388)

43,693,932

810,949

333,641

72,166

iShares

Core

Dividend

Growth

ETF

..................

400,880,726

—

(236,928,148)

31,059,813

(22,673,428)

172,338,963

3,100,737

2,866,579

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

361,179,194

—

—

—

(3,412,781)

357,766,413

4,111,785

6,999,307

—

$

30,998,956

$

(26,944,140)

$

1,665,332,283

$

12,644,904

$

72,166

—

—

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

111

Schedule

of

Investments

(unaudited)

(continued)

December

31,

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.

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

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

112

Schedule

of

Investments

(unaudited)

(continued)

December

31,

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

03/18/22

$

131,367

$

2,795,053

MSCI

Emerging

Markets

E-Mini

Index

............................................

313

03/18/22

19,192

12,241

S&P

500

E-Mini

Index

......................................................

9

03/18/22

2,141

(7,455)

U.S.

Treasury

10

Year

Ultra

Note

...............................................

11

03/22/22

1,607

(5,515)

U.S.

Treasury

Ultra

Bond

....................................................

232

03/22/22

45,501

716,898

3,511,222

Short

Contracts

Euro-Bund

..............................................................

13

03/08/22

2,536

36,731

GBP

Currency

............................................................

4,127

03/14/22

349,015

(7,568,382)

JPY

Currency

............................................................

654

03/14/22

71,106

877,138

U.S.

Treasury

10

Year

Note

...................................................

13,416

03/22/22

1,748,482

7,200,661

U.S.

Treasury

Long

Bond

....................................................

13

03/22/22

2,079

(26,408)

Long

Gilt

...............................................................

13

03/29/22

2,198

2,135

U.S.

Treasury

2

Year

Note

....................................................

12

03/31/22

2,618

2,519

U.S.

Treasury

5

Year

Note

....................................................

897

03/31/22

108,432

(182,001)

342,393

$

3,853,615

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

800,000

USD

903,977

JPMorgan

Chase

Bank

NA

01/12/22

$

6,966

AUD

1,487,000

USD

1,067,595

Bank

of

New

York

Mellon

01/14/22

14,304

AUD

2,476,000

USD

1,770,280

Deutsche

Bank

AG

01/14/22

31,186

AUD

1,481,000

USD

1,058,540

UBS

AG

01/14/22

18,993

CAD

302,000

USD

235,539

Bank

of

America

NA

01/14/22

3,204

CHF

2,636,000

USD

2,891,627

Deutsche

Bank

AG

01/14/22

2,007

EUR

480,000

USD

542,942

Bank

of

America

NA

01/14/22

3,647

EUR

870,000

USD

987,728

Bank

of

New

York

Mellon

01/14/22

2,965

EUR

147,000

USD

166,307

Deutsche

Bank

AG

01/14/22

1,086

GBP

845,000

USD

1,126,704

Bank

of

New

York

Mellon

01/14/22

17,020

KRW

1,530,726,000

USD

1,277,468

Deutsche

Bank

AG

01/14/22

9,344

NZD

776,000

USD

527,199

Deutsche

Bank

AG

01/14/22

4,222

USD

655,577

AUD

883,000

Westpac

Banking

Corp.

01/14/22

13,131

USD

829,604

EUR

714,000

Bank

of

America

NA

01/14/22

16,553

USD

526,839

EUR

455,000

Deutsche

Bank

AG

01/14/22

8,718

USD

3,943,367

EUR

3,396,000

UBS

AG

01/14/22

76,250

USD

1,951,052

GBP

1,423,000

Barclays

Bank

plc

01/14/22

24,993

USD

2,694,928

HKD

21,009,000

Bank

of

New

York

Mellon

01/14/22

581

USD

3,573,323

HKD

27,856,000

UBS

AG

01/14/22

867

USD

270,841

JPY

30,958,000

Bank

of

America

NA

01/14/22

1,693

USD

2,385,004

JPY

270,504,000

Deutsche

Bank

AG

01/14/22

33,238

USD

2,147,124

JPY

243,913,000

UBS

AG

01/14/22

26,541

USD

545,123

NZD

778,000

Bank

of

America

NA

01/14/22

12,332

USD

1,125,848

EUR

987,499

Standard

Chartered

Bank

01/20/22

1,214

USD

4,475,280

EUR

3,849,292

State

Street

Bank

and

Trust

Co.

01/20/22

91,433

422,488

USD

638,821

CHF

590,000

Morgan

Stanley

&

Co.

International

plc

01/12/22

(8,809)

USD

816,120

EUR

720,000

Bank

of

America

NA

01/12/22

(3,729)

USD

3,633,241

EUR

3,220,000

Deutsche

Bank

AG

01/12/22

(33,305)

USD

378,774,019

EUR

335,620,000

Goldman

Sachs

International

01/12/22

(3,389,430)

USD

2,820,643

EUR

2,480,000

Morgan

Stanley

&

Co.

International

plc

01/12/22

(3,281)

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

113

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

3,974,671

EUR

3,520,000

Natwest

Markets

plc

01/12/22

$

(33,479)

USD

37,044,311

GBP

28,050,000

Bank

of

America

NA

01/12/22

(922,109)

USD

1,353,261

GBP

1,020,000

Deutsche

Bank

AG

01/12/22

(27,336)

USD

26,994,133

GBP

20,440,000

Standard

Chartered

Bank

01/12/22

(671,950)

AUD

317,000

USD

235,220

Bank

of

New

York

Mellon

01/14/22

(4,580)

AUD

2,699,000

USD

1,988,724

Deutsche

Bank

AG

01/14/22

(25,009)

CAD

19,000

USD

15,373

Bank

of

New

York

Mellon

01/14/22

(353)

CAD

407,000

USD

329,049

Deutsche

Bank

AG

01/14/22

(7,300)

CAD

18,453,000

USD

14,911,238

Westpac

Banking

Corp.

01/14/22

(323,420)

EUR

276,000

USD

319,915

Bank

of

America

NA

01/14/22

(5,626)

EUR

3,561,000

USD

4,141,493

Bank

of

New

York

Mellon

01/14/22

(86,486)

EUR

6,000

USD

6,927

UBS

AG

01/14/22

(95)

EUR

1,950,000

USD

2,272,657

Westpac

Banking

Corp.

01/14/22

(52,139)

HKD

2,499,000

USD

321,440

Citibank

NA

01/14/22

(950)

HKD

23,207,000

USD

2,984,180

UBS

AG

01/14/22

(7,945)

JPY

5,625,000

USD

49,855

Bank

of

New

York

Mellon

01/14/22

(951)

JPY

186,437,000

USD

1,650,734

Deutsche

Bank

AG

01/14/22

(29,848)

JPY

418,589,000

USD

3,691,590

UBS

AG

01/14/22

(52,371)

NZD

8,704,000

USD

6,114,099

Westpac

Banking

Corp.

01/14/22

(153,414)

USD

6,509

AUD

9,000

Deutsche

Bank

AG

01/14/22

(39)

USD

283,397

CAD

365,000

Bank

of

America

NA

01/14/22

(5,150)

USD

437,691

CAD

566,000

Bank

of

New

York

Mellon

01/14/22

(9,754)

USD

436,413

CHF

399,000

Deutsche

Bank

AG

01/14/22

(1,584)

USD

4,497,109

CHF

4,134,000

UBS

AG

01/14/22

(40,936)

USD

732,421

EUR

647,000

Bank

of

America

NA

01/14/22

(4,336)

USD

346,931

EUR

307,000

Bank

of

New

York

Mellon

01/14/22

(2,658)

USD

6,389,323

EUR

5,661,000

Barclays

Bank

plc

01/14/22

(57,011)

USD

1,777,183

EUR

1,568,000

Deutsche

Bank

AG

01/14/22

(8,341)

USD

254,356

HKD

1,984,000

Bank

of

New

York

Mellon

01/14/22

(87)

USD

126,894

HKD

990,000

Citibank

NA

01/14/22

(71)

USD

197,045

HKD

1,537,000

UBS

AG

01/14/22

(71)

(5,973,953)

$

(5,551,465)

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

EURO

STOXX

50

Index

.......................

117

01/21/22

EUR

4,200.00

EUR

5,029

$

44,490

Exchange-Traded

Options

Written

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Put

EURO

STOXX

50

Index

........................

117

01/21/22

EUR

4,100.00

EUR

5,029

$

(26,441)

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.37.V1

...................

1.00

%

Quarterly

12/20/26

USD

11,990

$

(296,891)

$

(273,625)

$

(23,266)

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

114

Schedule

of

Investments

(unaudited)

(continued)

December

31,

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:

(c)

Amount

includes

$(18,800)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$174,302

of

net

dividends

and

financing

fees.

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ADLER

Real

Estate

AG

.

5.00

%

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

NR

EUR

420

$

(11,625)

$

57,722

$

(69,347)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

360

47,442

38,403

9,039

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

320

(7,201)

33,140

(40,341)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

NR

EUR

290

(6,526)

26,887

(33,413)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB-

EUR

140

15,008

6,471

8,537

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB-

EUR

100

10,720

8,318

2,402

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/26

BB-

EUR

10

(176)

242

(418)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/26

BB-

EUR

170

(2,993)

4,122

(7,115)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB-

EUR

40

(704)

(93)

(611)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB-

EUR

160

(2,817)

—

(2,817)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

BB-

EUR

60

(1,056)

281

(1,337)

Altice

Finco

SA

.......

5.00

Quarterly

Barclays

Bank

plc

12/20/26

CCC+

EUR

520

26,069

23,972

2,097

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

450

34,872

33,677

1,195

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

41,677

17,925

23,752

Telecom

Italia

SpA

.....

1.00

Quarterly

Credit

Suisse

International

12/20/28

BB

EUR

490

(73,193)

(69,080)

(4,113)

CMBX.NA.9.A

........

2.00

Monthly

Credit

Suisse

International

09/17/58

A

USD

3,750

(8,137)

(105,048)

96,911

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

3,750

(350,494)

(351,297)

803

$

(289,134)

$

(274,358)

$

(14,776)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

HSBC

Bank

plc

(b)

02/10/23

$

11,335,228

$

176,334

(c)

$

11,530,362

0.1

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

21,426,213

(97,846)

(e)

21,154,065

0.1

$

78,488

$

32,684,427

(b)

(d)

Range:

95

basis

points

60-125

basis

points

Benchmarks:

USD

Overnight

Bank

Funding

Rate

USD

Overnight

Bank

Funding

Rate

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

115

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

December

31,

2021,

expiration

date

02/10/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Vietnam

Vietnam

Dairy

Products

JSC

..

3,041,400

$

11,530,362

100.0

%

Total

Reference

Entity

—

Long

............

11,530,362

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

11,530,362

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

December

31,

2021,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Egypt

Commerical

International

....

992,709

$

3,341,051

15.8

%

Shares

Value

%

of

Basket

Value

Russia

X5

Retail

Group

NV,

GDR

...

219,374

$

5,808,943

27.5

%

Saudi

Arabia

Saudi

Tadawul

Group

Holdings

Co.

.................

26,447

886,169

4.2

United

Kingdom

Prudential

plc

............

434,566

7,514,889

35.5

Standard

Chartered

plc

.....

592,524

3,603,013

17.0

11,117,902

Total

Reference

Entity

—

Long

............

21,154,065

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

21,154,065

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

KRW

South

Korean

Won

NZD

New

Zealand

Dollar

THB

Thai

Baht

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

LIBOR

London

Interbank

Offered

Rate

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

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

116

Schedule

of

Investments

(unaudited)

(continued)

December

31,

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

....................................

$

—

$

1,449,261,031

$

29,264,274

$

1,478,525,305

Common

Stocks

Aerospace

&

Defense

....................................

1,268,280

6,674,651

—

7,942,931

Air

Freight

&

Logistics

....................................

5,024,214

7,995,385

—

13,019,599

Airlines

..............................................

10,319,049

8,369,760

—

18,688,809

Auto

Components

......................................

620,799

1,305,153

—

1,925,952

Automobiles

..........................................

11,216,761

12,650,528

—

23,867,289

Banks

...............................................

89,310,283

219,842,538

—

309,152,821

Beverages

...........................................

9,723,926

47,763,358

—

57,487,284

Biotechnology

.........................................

42,717,656

937,256

—

43,654,912

Building

Products

.......................................

3,639,325

16,423,392

—

20,062,717

Capital

Markets

........................................

40,092,298

—

—

40,092,298

Chemicals

............................................

20,355,090

47,211,538

—

67,566,628

Commercial

Services

&

Supplies

.............................

2,936,038

—

3,170

2,939,208

Communications

Equipment

................................

6,694,559

15,275,343

—

21,969,902

Construction

&

Engineering

................................

244,818

10,821,193

—

11,066,011

Construction

Materials

....................................

602,286

14,701,789

—

15,304,075

Consumer

Finance

......................................

30,931,899

1,728,672

—

32,660,571

Containers

&

Packaging

..................................

1,384,253

—

—

1,384,253

Distributors

...........................................

5,359,794

—

—

5,359,794

Diversified

Financial

Services

...............................

5,981,196

—

—

5,981,196

Diversified

Telecommunication

Services

........................

38,526,460

70,655,723

—

109,182,183

Electric

Utilities

........................................

123,147,823

70,336,776

—

193,484,599

Electrical

Equipment

.....................................

2,875,441

28,543,745

—

31,419,186

Electronic

Equipment,

Instruments

&

Components

.................

18,338,219

16,809,106

—

35,147,325

Energy

Equipment

&

Services

..............................

9,273,429

—

—

9,273,429

Entertainment

.........................................

15,447,479

2,544,519

—

17,991,998

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

589,142,413

92,241,266

—

681,383,679

Food

&

Staples

Retailing

..................................

48,484,701

17,333,167

—

65,817,868

Food

Products

.........................................

6,282,206

44,319,369

—

50,601,575

Gas

Utilities

...........................................

6,239,091

36,323,431

—

42,562,522

Health

Care

Equipment

&

Supplies

...........................

44,972,523

4,053,276

—

49,025,799

Health

Care

Providers

&

Services

............................

42,972,545

13,753,623

—

56,726,168

Health

Care

Technology

..................................

4,924,432

—

—

4,924,432

Hotels,

Restaurants

&

Leisure

..............................

21,782,898

11,840,591

—

33,623,489

Household

Durables

.....................................

1,820,545

43,528,250

—

45,348,795

Household

Products

.....................................

8,047,654

19,088,331

—

27,135,985

Independent

Power

and

Renewable

Electricity

Producers

............

174,668

4,367,722

—

4,542,390

Industrial

Conglomerates

..................................

3,465,001

8,307,108

—

11,772,109

Insurance

............................................

55,796,278

110,487,066

—

166,283,344

Interactive

Media

&

Services

...............................

41,556,686

48,629,752

—

90,186,438

Internet

&

Direct

Marketing

Retail

............................

22,176,647

109,131

—

22,285,778

IT

Services

...........................................

99,278,595

60,000,564

—

159,279,159

Leisure

Products

.......................................

22,549,054

—

—

22,549,054

Life

Sciences

Tools

&

Services

..............................

15,262,843

28,412,798

—

43,675,641

Machinery

............................................

35,425,169

57,350,342

—

92,775,511

Marine

..............................................

—

295,525

—

295,525

Media

...............................................

32,036,453

3,565,495

—

35,601,948

Metals

&

Mining

........................................

10,654,013

25,025,143

—

35,679,156

Multiline

Retail

.........................................

12,350,120

382,874

—

12,732,994

Multi-Utilities

..........................................

95,359,699

13,175,584

—

108,535,283

Oil,

Gas

&

Consumable

Fuels

...............................

92,732,600

67,993,740

—

160,726,340

Personal

Products

......................................

15,544,698

36,253,279

—

51,797,977

Pharmaceuticals

.......................................

55,475,532

147,190,279

—

202,665,811

Professional

Services

....................................

3,070,311

58,102,436

—

61,172,747

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

117

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Level

1

Level

2

Level

3

Total

Real

Estate

Management

&

Development

.......................

$

6,898,030

$

155,485,113

$

—

$

162,383,143

Road

&

Rail

...........................................

34,889,427

7,006,300

—

41,895,727

Semiconductors

&

Semiconductor

Equipment

....................

66,106,846

133,079,366

—

199,186,212

Software

.............................................

143,141,614

1,197,201

—

144,338,815

Specialty

Retail

........................................

25,070,908

16,279,798

—

41,350,706

Technology

Hardware,

Storage

&

Peripherals

....................

55,934,246

38,336,455

—

94,270,701

Textiles,

Apparel

&

Luxury

Goods

............................

3,157,259

57,598,292

—

60,755,551

Thrifts

&

Mortgage

Finance

................................

—

10,020,628

—

10,020,628

Tobacco

.............................................

25,205,193

14,105,750

—

39,310,943

Trading

Companies

&

Distributors

............................

1,832,564

31,970,739

—

33,803,303

Transportation

Infrastructure

...............................

19,557,904

121,728,328

—

141,286,232

Water

Utilities

.........................................

2,277,085

5,948,076

—

8,225,161

Wireless

Telecommunication

Services

.........................

2,761,381

32,955,511

62,985

35,779,877

Corporate

Bonds

Aerospace

&

Defense

....................................

—

110,950,234

—

110,950,234

Air

Freight

&

Logistics

....................................

—

1,777,836

—

1,777,836

Airlines

..............................................

—

72,051,667

—

72,051,667

Auto

Components

......................................

—

80,888,514

—

80,888,514

Automobiles

..........................................

—

44,589,576

—

44,589,576

Banks

...............................................

—

694,237,479

—

694,237,479

Beverages

...........................................

—

17,305,838

—

17,305,838

Biotechnology

.........................................

—

13,919,880

—

13,919,880

Building

Products

.......................................

—

47,179,788

—

47,179,788

Capital

Markets

........................................

—

213,456,686

12,213,955

225,670,641

Chemicals

............................................

—

101,680,342

16,127

101,696,469

Closed-ended

Funds

.....................................

—

4,172,242

—

4,172,242

Commercial

Services

&

Supplies

.............................

—

129,387,101

—

129,387,101

Communications

Equipment

................................

—

40,268,656

—

40,268,656

Construction

&

Engineering

................................

—

30,017,300

—

30,017,300

Construction

Materials

....................................

—

3,084,300

—

3,084,300

Consumer

Finance

......................................

—

162,944,863

—

162,944,863

Containers

&

Packaging

..................................

—

95,284,468

—

95,284,468

Distributors

...........................................

—

7,421,933

—

7,421,933

Diversified

Consumer

Services

..............................

—

19,813,711

—

19,813,711

Diversified

Financial

Services

...............................

—

52,693,400

—

52,693,400

Diversified

Telecommunication

Services

........................

—

300,189,968

—

300,189,968

Electric

Utilities

........................................

—

124,843,265

—

124,843,265

Electrical

Equipment

.....................................

—

16,989,905

—

16,989,905

Electronic

Equipment,

Instruments

&

Components

.................

—

8,403,965

—

8,403,965

Energy

Equipment

&

Services

..............................

—

29,482,770

—

29,482,770

Entertainment

.........................................

—

29,065,635

—

29,065,635

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

148,329,481

—

148,329,481

Food

&

Staples

Retailing

..................................

—

28,641,737

—

28,641,737

Food

Products

.........................................

—

81,386,866

—

81,386,866

Gas

Utilities

...........................................

—

7,863,708

—

7,863,708

Health

Care

Equipment

&

Supplies

...........................

—

43,195,626

—

43,195,626

Health

Care

Providers

&

Services

............................

—

211,774,252

—

211,774,252

Health

Care

Technology

..................................

—

7,202,262

—

7,202,262

Hotels,

Restaurants

&

Leisure

..............................

—

264,704,249

—

264,704,249

Household

Durables

.....................................

—

47,833,141

—

47,833,141

Household

Products

.....................................

—

7,714,389

—

7,714,389

Independent

Power

and

Renewable

Electricity

Producers

............

—

29,555,388

—

29,555,388

Industrial

Conglomerates

..................................

—

4,672,289

—

4,672,289

Insurance

............................................

—

134,264,685

—

134,264,685

Interactive

Media

&

Services

...............................

—

8,176,105

—

8,176,105

Internet

&

Direct

Marketing

Retail

............................

—

27,186,471

—

27,186,471

IT

Services

...........................................

—

68,842,104

—

68,842,104

Leisure

Products

.......................................

—

10,157,264

—

10,157,264

Life

Sciences

Tools

&

Services

..............................

—

10,797,756

—

10,797,756

Machinery

............................................

—

47,609,382

—

47,609,382

Marine

..............................................

—

5,900,476

—

5,900,476

Media

...............................................

—

272,755,817

—

272,755,817

Metals

&

Mining

........................................

—

126,688,648

—

126,688,648

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

1,409,463

—

1,409,463

Multiline

Retail

.........................................

—

5,464,938

—

5,464,938

Multi-Utilities

..........................................

—

17,148,064

—

17,148,064

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

118

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Level

1

Level

2

Level

3

Total

Oil,

Gas

&

Consumable

Fuels

...............................

$

—

$

585,550,449

$

—

$

585,550,449

Paper

&

Forest

Products

..................................

—

9,869,929

—

9,869,929

Personal

Products

......................................

—

9,456,890

—

9,456,890

Pharmaceuticals

.......................................

—

106,720,859

—

106,720,859

Professional

Services

....................................

—

18,696,294

—

18,696,294

Real

Estate

Management

&

Development

.......................

—

254,849,824

—

254,849,824

Road

&

Rail

...........................................

—

57,090,046

—

57,090,046

Semiconductors

&

Semiconductor

Equipment

....................

—

30,888,782

—

30,888,782

Software

.............................................

—

118,018,384

—

118,018,384

Specialty

Retail

........................................

—

100,793,525

—

100,793,525

Technology

Hardware,

Storage

&

Peripherals

....................

—

9,277,647

—

9,277,647

Textiles,

Apparel

&

Luxury

Goods

............................

—

14,522,136

—

14,522,136

Thrifts

&

Mortgage

Finance

................................

—

40,495,142

—

40,495,142

Tobacco

.............................................

—

12,491,082

—

12,491,082

Trading

Companies

&

Distributors

............................

—

45,724,122

—

45,724,122

Transportation

Infrastructure

...............................

—

6,414,564

—

6,414,564

Water

Utilities

.........................................

—

1,661,142

—

1,661,142

Wireless

Telecommunication

Services

.........................

—

120,383,886

—

120,383,886

Equity-Linked

Notes

......................................

—

1,932,825,836

—

1,932,825,836

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

49,731,079

—

49,731,079

Air

Freight

&

Logistics

....................................

—

507,672

—

507,672

Airlines

..............................................

—

20,793,906

—

20,793,906

Auto

Components

......................................

—

20,656,416

—

20,656,416

Automobiles

..........................................

—

7,542,225

—

7,542,225

Banks

...............................................

—

—

10,547,000

10,547,000

Building

Products

.......................................

—

21,245,980

799,329

22,045,309

Capital

Markets

........................................

—

8,314,774

10,601,134

18,915,908

Chemicals

............................................

—

47,926,467

—

47,926,467

Commercial

Services

&

Supplies

.............................

—

43,995,750

1,172,122

45,167,872

Construction

&

Engineering

................................

—

15,026,397

—

15,026,397

Construction

Materials

....................................

—

13,336,063

—

13,336,063

Containers

&

Packaging

..................................

—

26,053,043

—

26,053,043

Distributors

...........................................

—

1,337,515

—

1,337,515

Diversified

Consumer

Services

..............................

—

18,303,950

—

18,303,950

Diversified

Financial

Services

...............................

—

110,709,053

90,812,119

201,521,172

Diversified

Telecommunication

Services

........................

—

35,042,263

—

35,042,263

Electric

Utilities

........................................

—

2,829,319

—

2,829,319

Electrical

Equipment

.....................................

—

14,654,040

—

14,654,040

Entertainment

.........................................

—

17,625,655

2,940,778

20,566,433

Food

&

Staples

Retailing

..................................

—

6,111,617

—

6,111,617

Food

Products

.........................................

—

35,116,345

—

35,116,345

Health

Care

Equipment

&

Supplies

...........................

—

10,125,038

—

10,125,038

Health

Care

Providers

&

Services

............................

—

34,682,268

611,064

35,293,332

Health

Care

Technology

..................................

—

16,944,103

—

16,944,103

Hotels,

Restaurants

&

Leisure

..............................

—

42,281,393

27,649,575

69,930,968

Household

Durables

.....................................

—

10,615,223

—

10,615,223

Household

Products

.....................................

—

2,322,990

—

2,322,990

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,562,765

—

1,562,765

Industrial

Conglomerates

..................................

—

3,432,979

8,491,237

11,924,216

Insurance

............................................

—

61,467,570

3,058,628

64,526,198

Interactive

Media

&

Services

...............................

—

27,421,250

—

27,421,250

Internet

&

Direct

Marketing

Retail

............................

—

6,081,476

—

6,081,476

IT

Services

...........................................

—

41,271,168

1,055,695

42,326,863

Leisure

Products

.......................................

—

—

1,556,053

1,556,053

Life

Sciences

Tools

&

Services

..............................

—

29,378,396

—

29,378,396

Machinery

............................................

—

43,866,763

—

43,866,763

Media

...............................................

—

57,461,620

4,648,644

62,110,264

Metals

&

Mining

........................................

—

10,120,932

—

10,120,932

Oil,

Gas

&

Consumable

Fuels

...............................

—

5,744,034

—

5,744,034

Personal

Products

......................................

—

11,325,127

—

11,325,127

Pharmaceuticals

.......................................

—

18,324,210

725,962

19,050,172

Professional

Services

....................................

—

25,336,426

—

25,336,426

Road

&

Rail

...........................................

—

5,678,193

—

5,678,193

Semiconductors

&

Semiconductor

Equipment

....................

—

4,528,633

—

4,528,633

Software

.............................................

—

149,458,976

2,424,923

151,883,899

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

119

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Level

1

Level

2

Level

3

Total

Specialty

Retail

........................................

$

—

$

25,750,820

$

3,826,796

$

29,577,616

Trading

Companies

&

Distributors

............................

—

12,916,299

—

12,916,299

Transportation

Infrastructure

...............................

—

1,454,298

—

1,454,298

Wireless

Telecommunication

Services

.........................

—

12,418,170

—

12,418,170

Foreign

Agency

Obligations

.................................

—

78,116,845

—

78,116,845

Foreign

Government

Obligations

..............................

—

285,941,933

—

285,941,933

Investment

Companies

....................................

576,266,966

—

—

576,266,966

Non-Agency

Mortgage-Backed

Securities

........................

—

937,539,133

48,692,922

986,232,055

Preferred

Securities

Banks

...............................................

—

201,546,651

—

201,546,651

Capital

Markets

........................................

—

105,817,876

—

105,817,876

Commercial

Services

&

Supplies

.............................

—

13,919,400

—

13,919,400

Consumer

Finance

......................................

7,956,000

76,974,877

—

84,930,877

Diversified

Financial

Services

...............................

—

17,478,688

—

17,478,688

Electric

Utilities

........................................

—

37,765,980

—

37,765,980

Health

Care

Equipment

&

Supplies

...........................

—

263,096

—

263,096

Household

Products

.....................................

—

1,422,101

—

1,422,101

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,947,787

—

1,947,787

Insurance

............................................

19,933,200

26,673,000

—

46,606,200

Oil,

Gas

&

Consumable

Fuels

...............................

15,843,750

53,096,020

—

68,939,770

Technology

Hardware,

Storage

&

Peripherals

....................

—

44,122,423

—

44,122,423

U.S.

Government

Sponsored

Agency

Securities

....................

—

6,104,011

—

6,104,011

Warrants

..............................................

18,679

—

—

18,679

Short-Term

Securities

.......................................

771,859,834

—

—

771,859,834

Options

Purchased

Equity

contracts

..........................................

44,490

—

—

44,490

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

6,066

10,304

16,370

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(1,051)

(1,204)

(2,255)

$

3,662,364,126

$

14,252,365,062

$

261,183,592

$

18,175,912,780

Investments

valued

at

NAV

(b)

......................................

319,673,141

$

—

$

18,495,585,921

$

—

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

144,736

$

—

$

144,736

Equity

contracts

...........................................

12,241

2,971,387

—

2,983,628

Foreign

currency

exchange

contracts

............................

877,138

422,488

—

1,299,626

Interest

rate

contracts

.......................................

7,958,944

—

—

7,958,944

Liabilities

Credit

contracts

...........................................

—

(182,778)

—

(182,778)

Equity

contracts

...........................................

(33,896)

(97,846)

—

(131,742)

Foreign

currency

exchange

contracts

............................

(7,568,382)

(5,973,953)

—

(13,542,335)

Interest

rate

contracts

.......................................

(213,924)

—

—

(213,924)

$

1,032,121

$

(2,715,966)

$

—

$

(1,683,845)

(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,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Unfunded

Floating

Rate

Loan

Interests

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2021

.................................

$

86,050,284

$

67,395

$

—

$

147,229,472

$

50,295,397

$

(6,785)

$

283,635,763

Transfers

into

Level

3

...........................................

—

—

—

19,967,240

—

—

19,967,240

Transfers

out

of

Level

3

..........................................

(81,171,391)

—

—

(30,834,865)

(1,334,500)

—

(113,340,756)

Other

.....................................................

—

—

—

—

—

—

—

Accrued

discounts/premiums

.......................................

717

—

(115)

17,757

—

—

18,359

2021

BlackRock

Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

120

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2021

Net

realized

gain

(loss)

..........................................

(21,920)

—

—

13,866

—

—

(8,054)

Net

change

in

unrealized

appreciation

(depreciation)

(a)

......................

(43,195)

(1,240)

(299)

(12,427,722)

(267,975)

15,885

(12,724,546)

Purchases

...................................................

27,950,002

—

12,230,496

48,933,619

—

—

89,114,117

Sales

......................................................

(3,500,223)

—

—

(1,978,308)

—

—

(5,478,531)

Closing

balance,

as

of

December

31,

2021

..............................

$

29,264,274

$

66,155

$

12,230,082

$

170,921,059

$

48,692,922

$

9,100

$

261,183,592

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

a

t

December

31,

2021

(

a

)

.........................................

$

(35,025)

$

(1,240)

$

(299)

$

(12,425,900)

$

(267,975)

$

15,885

$

(12,714,554)

(a)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2021

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Statement

of

Assets

and

Liabilities

(unaudited)

December

31,

2021

121

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

16,830,239,523‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

1,665,332,283‌

Cash  

.............................................................................................................

9,109,526‌

Cash

pledged:

Collateral

—

OTC

derivatives

............................................................................................

3,500,000‌

Futures

contracts

....................................................................................................

42,951,313‌

Centrally

cleared

swaps

................................................................................................

155,000‌

Foreign

currency,

at

value

(d)

..............................................................................................

23,584,671‌

Receivables:

–‌

Investments

sold

....................................................................................................

32,387,099‌

Securities

lending

income

—

affiliated

......................................................................................

491,246‌

Capital

shares

sold

...................................................................................................

20,641,601‌

Dividends

—

affiliated

.................................................................................................

2,968‌

Dividends

—

unaffiliated

...............................................................................................

30,525,566‌

Interest

—

unaffiliated

.................................................................................................

87,966,417‌

From

the

Manager

...................................................................................................

247,934‌

Variation

margin

on

futures

contracts

.......................................................................................

413,937‌

Swap

premiums

paid

...................................................................................................

251,160‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

422,488‌

OTC

swaps

........................................................................................................

321,070‌

Unfunded

floating

rate

loan

interests

.......................................................................................

16,370‌

Prepaid

expenses

.....................................................................................................

215,743‌

Total

assets

.........................................................................................................

18,748,775,915‌

LIABILITIES

Collateral

on

securities

loaned

.............................................................................................

319,722,738‌

Options

written,

at

value

(e)

................................................................................................

26,441‌

Payables:

–‌

Investments

purchased

................................................................................................

37,649,891‌

Swaps  

..........................................................................................................

3,118,157‌

Accounting

services

fees

...............................................................................................

313,537‌

Administration

fees

...................................................................................................

506,190‌

Capital

shares

redeemed

...............................................................................................

33,350,285‌

Custodian

fees

......................................................................................................

280,288‌

Deferred

foreign

capital

gain

tax

..........................................................................................

2,504,958‌

Income

dividend

distributions

............................................................................................

8,376,880‌

Investment

advisory

fees

...............................................................................................

6,929,941‌

Trustees'

and

Officer's

fees

.............................................................................................

89,170‌

Other

affiliate

fees

...................................................................................................

8,949‌

Professional

fees

....................................................................................................

237,933‌

Registration

fees

....................................................................................................

757,432‌

Service

and

distribution

fees

.............................................................................................

2,323,496‌

Transfer

agent

fees

..................................................................................................

3,372,515‌

Other

accrued

expenses

...............................................................................................

205,896‌

Variation

margin

on

futures

contracts

.......................................................................................

408,213‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

3,213‌

Swap

premiums

received

................................................................................................

525,518‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

5,973,953‌

OTC

swaps

........................................................................................................

257,358‌

Unfunded

floating

rate

loan

interests

.......................................................................................

2,255‌

Total

liabilities

........................................................................................................

426,945,207‌

NET

ASSETS

........................................................................................................

$

18,321,830,708‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

December

31,

2021

2021

BlackRock

Annual

Report

to

Shareholders

122

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSETS

CONSIST

OF

Paid-in

capital

........................................................................................................

$

18,032,973,697‌

Accumulated

earnings

..................................................................................................

288,857,011‌

NET

ASSETS

........................................................................................................

$

18,321,830,708‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

15,970,229,873‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

312,521,799‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

1,631,400,463‌

(d)

  Foreign

currency,

at

cost

...............................................................................................

$

23,322,670‌

(e)

  Premiums

received

..................................................................................................

$

71,415‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

December

31,

2021

123

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

........................................................................................................

$

10,262,863,688‌

Shares

outstanding

.................................................................................................

903,645,272‌

Net

asset

value

....................................................................................................

$

11.36‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Investor

A

Net

assets

........................................................................................................

$

5,540,607,009‌

Shares

outstanding

.................................................................................................

488,419,633‌

Net

asset

value

....................................................................................................

$

11.34‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Investor

C

Net

assets

........................................................................................................

$

1,370,917,962‌

Shares

outstanding

.................................................................................................

120,994,507‌

Net

asset

value

....................................................................................................

$

11.33‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

$

0.001‌

Class

K

Net

assets

........................................................................................................

$

1,147,442,049‌

Shares

outstanding

.................................................................................................

101,081,555‌

Net

asset

value

....................................................................................................

$

11.35‌

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-12/21-AR

Item 2 – Code of Ethics – The

registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Retirement Income 2030 Fund	$23,000	$20,700	$0	$0	$0	$0	$0	$0
BlackRock Retirement Income 2040 Fund	$23,000	$20,700	$0	$0	$0	$0	$0	$0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “investment adviser” or “BlackRock”)and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to each Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

          The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the registrant’s Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the registrant’s Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by either Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)  The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were: 

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Retirement Income 2030 Fund	$0	$0
BlackRock Retirement Income 2040 Fund	$0	$0

                  

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

 
(a) The registrant’s Schedule of Investments are included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –   Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

              section302

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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:

February 2

4, 2022

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:

February 2

4, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

Date:

February 2

4, 2022