UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22061

Name of Fund: BlackRock Funds II

BlackRock Dynamic High Income Portfolio

BlackRock Multi-Asset Income Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2022

Date of reporting period: 01/31/2022

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

JANUARY

31,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

II

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Dear

Shareholder,

The

12-month

reporting

period

as

of

January

31,

2022

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,

rapid

changes

in

consumer

spending

led

to

supply

constraints

and

elevated

inflation.

Equity

prices

were

mixed,

as

persistently

high

inflation

drove

investors’

expectations

for

higher

interest

rates,

which

particularly

weighed

on

relatively

high

valuation

growth

stocks

and

economically

sensitive

small-

capitalization

stocks.

Overall,

small-capitalization

U.S.

stocks

declined

slightly,

while

large-capitalization

U.S.

stocks

posted

a

strong

advance.

International

equities

from

developed

markets

also

gained,

although

emerging

market

stocks

declined,

pressured

by

rising

interest

rates

and

a

strengthening

U.S.

dollar.

The

10-year

U.S.

Treasury

yield

(which

is

inversely

related

to

bond

prices)

rose

significantly

during

the

reporting

period

as

the

economy

expanded

rapidly

and

inflation

reached

its

highest

annualized

reading

in

decades.

In

the

corporate

bond

market,

the

improving

economy

assuaged

credit

concerns

and

led

to

positive

returns

for

high-

yield

corporate

bonds,

outpacing

the

modest

negative

return

of

investment-grade

corporate

bonds.

The

U.S.

Federal

Reserve

(the

“Fed”)

maintained

accommodative

monetary

policy

during

the

reporting

period

by

keeping

near-zero

interest

rates.

However,

the

Fed’s

tone

shifted

late

in

the

period,

as

it

reduced

its

bond-

buying

program

and

raised

the

prospect

of

higher

rates

in

2022.

Continued

high

inflation

and

the

Fed’s

new

tone

led

many

analysts

to

anticipate

that

the

Fed

will

raise

interest

rates

multiple

times

throughout

the

year.

Looking

ahead,

however,

the

horrific

war

in

Ukraine

has

significantly

clouded

the

outlook

for

the

global

economy.

Sanctions

on

Russia

and

general

wartime

disruption

are

likely

to

drive

already-high

commodity

prices

even

further

upwards,

and

we

have

already

seen

spikes

in

energy

and

metal

markets.

While

this

will

exacerbate

inflationary

pressure,

it

could

also

constrain

economic

growth,

making

the

Fed's

way

forward

less

clear.

Its

challenge

will

be

combating

inflation

without

stifling

a

recovery

that

is

now

facing

additional

supply

shocks.

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.

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

January

31,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

3.44%

23.29%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(8.41)

(1.21)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(3.43)

7.03

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.59)

(7.23)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.01

0.04

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(3.87)

(4.43)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(3.17)

(2.97)

Tax-exempt

municipal

bonds

(S&P

Municipal

Bond

Index)

(2.56)

(1.22)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(1.55)

2.05

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summaries

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

4

Portfolio

Information

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

8

About

Fund

Performance

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

9

Disclosure

of

Expenses

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

10

Derivative

Financial

Instruments

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

10

Financial

Statements:

Schedules

of

Investments

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

11

Statements

of

Assets

and

Liabilities

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

135

Statements

of

Operations

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

138

Statements

of

Changes

in

Net

Assets

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

139

Financial

Highlights

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

140

Notes

to

Financial

Statements

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

148

Statement

Regarding

Liquidity

Risk

Management

Program

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

164

Additional

Information

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

165

Glossary

of

Terms

Used

in

this

Report

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

167

Fund

Summary

as

of

January

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Dynamic

High

Income

Portfolio

Investment

Objective

BlackRock

Dynamic

High

Income

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

high

current

income

with

consideration

for

capital

appreciation.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

January

31,

2022,

the

Fund

underperformed

its

custom

benchmark,

a

blend

of

70%

MSCI

World

Index/30%

Bloomberg

U.S.

Aggregate

Bond

Index.

What

factors

influenced

performance?

The

Fund

seeks

to

earn

a

high

level

of

current

income

by

tactically

managing

a

diversified

portfolio

of

non-traditional

sources

of

yield.

The

Fund

has

the

flexibility

to

invest

across

all

asset

classes

and

is

managed

within

a

risk-controlled

framework,

seeking

to

maintain

competitive

yield

with

a

risk

profile

in

line

with

or

below

that

of

the

custom

benchmark.

The

Fund’s

performance

is

reviewed

on

an

absolute

basis

due

to

the

nature

of

its

strategy.

Allocations

to

bonds

and

equities

in

the

emerging

markets

were

the

largest

detractors

from

returns.

The

Fund’s

interest

rate

positioning,

used

to

mitigate

risk

elsewhere

in

the

portfolio,

detracted

from

returns

as

bond

yields

moved

higher

over

the

period.

(Prices

and

yields

move

in

opposite

directions.)

The

Fund’s

allocation

to

U.S.

equities

was

the

largest

contributor

to

performance

as

the

U.S.

market

generally

outperformed

other

areas.

Floating

rate

loan

interests

(“bank

loans”),

which

exhibited

attractive

characteristics

in

an

elevated

interest

rate

environment,

also

generated

positive

returns.

Developed

market

international

covered

call

positions

further

contributed

to

results,

as

elevated

volatility

aided

income

generation

and

augmented

the

positive

price

movement

of

the

underlying

stocks.

The

Fund

used

derivatives

as

part

of

its

investment

strategy.

In

addition

to

using

U.S.

Treasury

futures

to

manage

duration

positioning,

the

Fund

held

equity

futures,

equity

options

and

currency

futures

to

adjust

its

risk

profile.

Additionally,

it

used

equity

covered

calls

to

provide

an

alternative

source

of

income.

This

aspect

of

the

Fund’s

strategy

contributed

to

performance.

Positions

in

U.S.

and

European

equity

derivatives

modestly

contributed

to

returns,

as

did

positions

in

currency

futures.

Describe

recent

portfolio

activity.

The

investment

adviser

generally

maintained

a

steady

level

of

portfolio

risk

throughout

the

period

based

on

its

continued

favorable

views

on

the

growth

backdrop.

However,

the

investment

adviser

did

make

a

number

of

smaller

changes.

It

reduced

the

Fund’s

allocation

to

Asian

high

yield

bonds

due

to

the

ongoing

weakness

and

uncertainty

in

China.

The

investment

adviser

also

increased

the

Fund’s

allocations

to

commercial

mortgage-backed

securities,

high

yield

bonds

and

bank

loans.

Within

equities,

it

generally

preferred

the

United

States

over

Europe

and

the

emerging

markets.

In

addition,

it

increased

the

allocation

to

dividend

stocks

and

real

estate

investment

trusts

(“REITs”)

while

reducing

the

allocation

to

covered

calls.

The

investment

adviser

also

incrementally

increased

the

Fund’s

interest

rate

exposure

later

in

the

period

following

a

rise

in

bond

yields.

During

the

period,

the

Fund

held

elevated

cash

positions

as

collateral

for

its

derivative

holdings.

The

cash

balance

did

not

have

a

material

impact

on

Fund

performance.

Describe

Fund

positioning

at

period

end.

The

Fund

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporates,

floating

rate

bank

loans

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment

grade

corporate

debt,

mortgage-backed

securities,

global

infrastructure

issues

and

global

REITs.

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

January

31,

2022

(continued)

5

Fund

Summary

BlackRock

Dynamic

High

Income

Portfolio

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

Since

Inception

(f)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

4.71‌%

4.55‌%

(1.12‌)%

7.09‌%

N/A‌

6.96‌%

N/A‌

6.03‌%

N/A‌

Investor

A

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

4.21‌

4.10‌

(1.24‌)

6.82‌

1.21‌%

6.71‌

5.57‌%

5.77‌

4.99‌%

Investor

C

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

3.67‌

3.53‌

(1.62‌)

6.03‌

5.03‌

5.90‌

5.90‌

4.97‌

4.97‌

Class

K

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

4.76‌

4.65‌

(1.09‌)

7.14‌

N/A‌

7.03‌

N/A‌

6.08‌

N/A‌

70%

MSCI

World

Index/30%

Bloomberg

U.S.

Aggregate

Bond

Index

(c)

..........

—‌

—‌

(0.69‌)

10.46‌

N/A‌

10.37‌

N/A‌

8.30‌

N/A‌

MSCI

World

Index

(d)

.......

—‌

—‌

0.26‌

16.53‌

N/A‌

13.25‌

N/A‌

10.43‌

N/A‌

Bloomberg

U.S.

Aggregate

Bond

Index

(e)

..........

—‌

—‌

(3.17‌)

(2.97‌)

N/A‌

3.08‌

N/A‌

2.71‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

may

invest

up

to

100%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

The

Fund

may

also

gain

exposure

to

such

equity

securities

and

fixed-

income

securities

by

investing

in

BlackRock

equity

and/or

fixed-income

mutual

funds

and

affiliated

and

unaffiliated

exchange-traded

funds

("ETFs").

The

Fund

may

also

invest

up

to

50%

of

its

assets

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

The

Fund

compares

its

performance

to

that

of

a

customized

weighted

index

comprised

of

the

returns

of

the

MSCI

World

Index

(70%)

and

Bloomberg

U.S.

Aggregate

Bond

Index

(30%).

(d)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(e)

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.

(f)

The

Fund

commenced

operations

on

November

3,

2014.

Actual

Hypothetical

Beginning

Account

Value

(08/01/21)

Ending

Account

Value

(01/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/21)

Ending

Account

Value

(01/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

988.80‌

$

3.26‌

$

1,000.00‌

$

1,021.93‌

$

3.31‌

0.65‌%

Investor

A

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

1,000.00‌

987.60‌

4.51‌

1,000.00‌

1,020.67‌

4.58‌

0.90‌

Investor

C

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

1,000.00‌

983.80‌

8.25‌

1,000.00‌

1,016.89‌

8.39‌

1.65‌

Class

K

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

1,000.00‌

989.10‌

3.01‌

1,000.00‌

1,022.18‌

3.06‌

0.60‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

Fund

Summary

as

of

January

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Multi-Asset

Income

Portfolio

Investment

Objective

BlackRock

Multi-Asset

Income

Portfolio’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

with

consideration

for

capital

appreciation.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

January

31,

2022,

the

Fund’s

Institutional,

Investor

A

and

Class

K

Shares

outperformed

its

benchmark,

a

blend

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index,

while

the

Fund’s

Investor

C

Shares

performed

in

line

with

the

benchmark.

What

factors

influenced

performance?

The

Fund

employs

an

unconstrained

strategy

(i.e.,

one

with

the

flexibility

to

invest

across

all

asset

classes)

that

is

managed

within

a

risk-controlled

framework

and

seeks

to

maintain

a

competitive

yield

with

a

risk

profile

less

than

or

equal

to

the

50/50

custom

benchmark.

The

Fund

may

use

derivatives

to

manage

the

portfolio’s

positioning

and

to

provide

an

element

of

protection

during

periods

of

market

distress.

The

following

discussion

relates

to

absolute

performance

due

to

the

nature

of

the

Fund’s

strategy.

The

Fund

was

positioned

for

a

rising-rate

environment,

which

was

the

largest

contributor

to

performance

given

that

yields

climbed

during

the

period.

(Prices

and

yields

move

in

opposite

directions.)

The

Fund

achieved

this

positioning

through

the

use

of

derivatives.

The

interest

rate

backdrop

also

helped

the

performance

of

the

Fund’s

holdings

in

senior

loans.

Positions

in

U.S.

equities,

infrastructure

stocks,

and

covered

calls

contributed

to

returns,

as

well.

On

the

other

hand,

an

allocation

to

emerging

market

bonds

was

the

largest

detractor.

The

Fund’s

fixed-income

position

detracted

from

overall

performance,

with

high

yield

and

investment-grade

bonds

experiencing

negative

returns.

Holdings

in

preferred

stocks

also

detracted,

as

did

positioning

within

emerging

market

and

international

developed

market

equities.

The

Fund

used

derivatives

as

part

of

its

investment

strategy.

In

addition

to

using

U.S.

Treasury

futures

to

manage

duration

positioning,

the

Fund

held

equity

futures,

equity

options

and

currency

futures

to

adjust

its

risk

profile.

It

used

equity

covered

calls

to

provide

an

alternative

source

of

income,

which

contributed.

Positions

in

U.S.

and

European

equity

derivatives

also

made

a

small

contribution

to

returns,

as

did

positions

in

currency

futures.

Describe

recent

portfolio

activity.

The

investment

adviser

generally

maintained

a

steady

level

of

portfolio

risk

throughout

the

period

based

on

its

continued

favorable

views

on

the

growth

backdrop.

However,

the

investment

adviser

did

make

a

number

of

smaller

changes.

It

reduced

the

Fund’s

allocation

to

Asian

high

yield

bonds

due

to

the

ongoing

weakness

and

uncertainty

in

China.

The

investment

adviser

also

increased

the

Fund’s

allocations

to

commercial

mortgage-backed

securities,

high

yield

bonds,

preferred

stocks

and

floating

rate

loan

interests.

Later

in

the

period,

the

investment

adviser

increased

the

Fund’s

weighting

in

U.S.

equities

after

the

selloff

of

early

2022

offered

an

opportunity

to

add

a

modest

degree

of

risk.

The

investment

adviser

also

incrementally

increased

the

Fund’s

interest

rate

exposure

later

in

the

period

following

a

rise

in

bond

yields.

During

the

period,

the

Fund

held

elevated

cash

positions

as

collateral

for

its

derivative

holdings.

The

cash

balance

did

not

have

a

material

impact

on

Fund

performance.

Describe

Fund

positioning

at

period

end.

The

Fund

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporate

bonds,

floating

rate

loan

interests

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment-grade

corporate

debt,

mortgage-backed

securities,

global

infrastructure

issues

and

global

real

estate

investment

trusts.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

January

31,

2022

(continued)

7

Fund

Summary

BlackRock

Multi-Asset

Income

Portfolio

Performance

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

3.90‌%

3.79‌%

(0.85‌)%

5.01‌%

N/A‌

5.72‌%

N/A‌

5.94‌%

N/A‌

Investor

A

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

3.45‌

3.37‌

(1.07‌)

4.74‌

(0.75‌)%

5.46‌

4.33‌%

5.67‌

5.10‌%

Investor

C

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

2.87‌

2.77‌

(1.36‌)

3.96‌

2.97‌

4.67‌

4.67‌

5.04‌

5.04‌

Class

K

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

3.95‌

3.86‌

(0.83‌)

5.06‌

N/A‌

5.75‌

N/A‌

5.95‌

N/A‌

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index

(c)

..........

—‌

—‌

(1.37‌)

6.52‌

N/A‌

8.37‌

N/A‌

7.22‌

N/A‌

MSCI

World

Index

(d)

.......

—‌

—‌

0.26‌

16.53‌

N/A‌

13.25‌

N/A‌

11.54‌

N/A‌

Bloomberg

U.S.

Aggregate

Bond

Index

(e)

..........

—‌

—‌

(3.17‌)

(2.97‌)

N/A‌

3.08‌

N/A‌

2.59‌

N/A‌

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

may

invest

up

to

60%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

In

addition,

the

Fund

may

invest

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

The

Fund

compares

its

performance

to

that

of

a

customized

weighted

index

comprised

of

the

returns

of

the

MSCI

World

Index

(50%)

and

Bloomberg

U.S.

Aggregate

Bond

Index

(50%).

(d)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(e)

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.

Actual

Hypothetical

Beginning

Account

Value

(08/01/21)

Ending

Account

Value

(01/31/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(08/01/21)

Ending

Account

Value

(01/31/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

991.50‌

$

2.76‌

$

1,000.00‌

$

1,022.43‌

$

2.80‌

0.55‌%

Investor

A

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

1,000.00‌

989.30‌

4.01‌

1,000.00‌

1,021.17‌

4.08‌

0.80‌

Investor

C

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

1,000.00‌

986.40‌

7.76‌

1,000.00‌

1,017.39‌

7.88‌

1.55‌

Class

K

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

1,000.00‌

991.70‌

2.51‌

1,000.00‌

1,022.68‌

2.55‌

0.50‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

six-month

period

shown).

Portfolio

Information

January

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

8

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

'

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

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

3‌

%

BlackRock

Floating

Rate

Income

Portfolio

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

2‌

BlackRock

Allocation

Target

Shares-

BATS

Series

A

..........

2‌

iShares

Core

Dividend

Growth

ETF

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

2‌

iShares

Core

S&P

500

ETF

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

2‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

1‌

JPMorgan

Structured

Products

BV

(Microsoft

Corp.),

10.88%, 03/25/22

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

1‌

Barclays

Bank

plc

(Russell

2000

Index),

8.06%, 03/11/22

.......

—‌

(b)

Barclays

Bank

plc

(Russell

2000

Index),

9.70%, 03/23/22

.......

—‌

(b)

Equinix

,

Inc.

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

—‌

(b)

(a)

Excludes

short-term

securities.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Corporate

Bonds

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

25‌

%

Common

Stocks

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

24‌

Equity-Linked

Notes

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

20‌

Investment

Companies

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

11‌

Floating

Rate

Loan

Interests

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

8‌

Asset-Backed

Securities

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

4‌

Non-Agency

Mortgage-Backed

Securities

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

3‌

Preferred

Securities

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

3‌

Foreign

Government

Obligations

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

2‌

Foreign

Agency

Obligations

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

—‌

(b)

U.S.

Government

Sponsored

Agency

Securities

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

—‌

(b)

Warrants

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

—‌

(b)

(a)

Excludes

short-term

securities.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

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

2‌

%

iShares

Core

Dividend

Growth

ETF

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

1‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

1‌

Microsoft

Corp.

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

—‌

(b)

JPMorgan

Structured

Products

BV

(Microsoft

Corp.),

10.88%, 03/25/22

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

—‌

(b)

Novo

Nordisk

A/S,

Class

B

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

—‌

(b)

Sanofi

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

—‌

(b)

Apple,

Inc.

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

—‌

(b)

iShares

Trust

1-5

Year

Investment

Grade

Corporate

Bond

ETF

...

—‌

(b)

Cellnex

Telecom

SA

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

—‌

(b)

(a)

Excludes

short-term

securities

and

options

purchased.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Corporate

Bonds

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

32‌

%

Common

Stocks

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

25‌

Equity-Linked

Notes

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

11‌

Asset-Backed

Securities

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

9‌

Floating

Rate

Loan

Interests

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

8‌

Non-Agency

Mortgage-Backed

Securities

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

6‌

Preferred

Securities

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

4‌

Investment

Companies

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

3‌

Foreign

Government

Obligations

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

2‌

Foreign

Agency

Obligations

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

—‌

(b)

U.S.

Government

Sponsored

Agency

Securities

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

—‌

(b)

Warrants

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

—‌

(b)

(a)

Excludes

short-term

securities

and

options

purchased.

(b)

Represents

less

than

1%

of

the

Fund's

total

investments.

About

Fund

Performance

9

About

Fund

Performance

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Class

K

Shares

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

March

28,

2016

for

BlackRock

Dynamic

High

Income

Portfolio

and

the

Class

K

Shares

inception

date

of

February

3,

2017

for

the

BlackRock

Multi-Asset

Income

Portfolio

is

that

of

Institutional

Shares.

The

performance

of

each

Fund’s

Class

K

Shares

would

be

substantially

similar

to

Institutional

Shares

because

Class

K

Shares

and

Institutional

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Institutional

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

Institutional

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Institutional

Shares.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of

5.25%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

are

subject

to

a

1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75%

per

year

and

a

service

fee

of

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable

.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

each

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund's

performance

would

have

been

lower.

With

respect

to

each

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

2022

BlackRock

Semi-Annual

Report

to

Shareholders

10

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.

Derivative

Financial

Instruments

The

Funds may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

4.4%

AGL

CLO

11

Ltd.,

Series

2021-11A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.29%,

04/15/34

(a)(b)

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

USD

500

$

501,925

AGL

CLO

17

Ltd.,

Series

2022-17A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.10%),

0.00%,

01/21/35

(a)(b)

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

1,000

1,000,000

AIG

CLO

LLC

(a)(b)

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.30%,

04/20/32

....

500

499,998

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

04/20/32

....

500

500,955

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.24%,

04/15/34

....

900

890,041

Series

2021-1A,

Class

E,

(LIBOR

USD

3

Month

+

6.60%),

6.86%,

04/22/34

....

2,000

1,990,200

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.30%,

07/20/34

....

500

497,611

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

6.50%),

6.75%,

07/20/34

....

500

497,809

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

CR2,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

10/17/34

....

1,000

1,000,002

Series

2015-AA,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.29%,

10/17/34

....

1,000

996,544

Ajax

Mortgage

Loan

Trust,

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)(b)

..........

210

210,473

Anchorage

Capital

CLO

4-R

Ltd.,

Series

2014-4RA,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.88%,

01/28/31

(a)(b)

..........

250

247,024

Anchorage

Capital

CLO

Ltd.,

Series

2018-1RA,

Class

E,

(LIBOR

USD

3

Month

+

5.50%),

5.74%,

04/13/31

(a)(b)

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

1,000

988,334

Ares

LIII

CLO

Ltd.

(a)(b)

Series

2019-53A,

Class

C,

(LIBOR

USD

3

Month

+

2.65%),

2.91%,

04/24/31

....

500

500,325

Series

2019-53A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

4.01%,

04/24/31

....

500

500,293

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

(LIBOR

USD

3

Month

+

0.00%),

0.00%,

04/15/30

(a)(b)

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

500

324,758

Atrium

XIV

LLC,

Series

14A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.19%,

08/23/30

(a)(b)

250

248,638

Atrium

XV,

Series

15A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.26%,

01/23/31

(a)(b)

....

250

247,841

Bain

Capital

Credit

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

10/17/32

(a)(b)

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

1,000

998,440

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

1.83%,

04/25/34

(a)

.....

69

68,996

Boyce

Park

CLO

Ltd.,

Series

2022-1A,

Class

E,

(SOFR

+

6.25%),

0.00%,

04/21/35

(a)(b)

....

500

500,000

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.94%,

07/15/31

....

500

499,998

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.14%,

07/15/31

....

1,000

997,309

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.39%,

07/15/34

....

500

497,577

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

2.74%,

01/15/34

....

500

502,048

Carlyle

Global

Market

Strategies

CLO

Ltd.,

Series

2015-4A,

Class

SBB1,

(LIBOR

USD

3

Month

+

8.50%),

8.75%,

07/20/32

(a)(b)

....

65

63,411

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

CarVal

CLO

Ltd.,

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.89%),

3.13%,

07/16/31

(a)(b)

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

USD

1,000

$

997,633

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.70%),

3.95%,

04/20/29

(a)(b)

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

250

250,195

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

04/20/31

(a)(b)

........

1,000

638,909

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.80%),

3.07%,

04/27/31

....

500

494,709

Series

2014-5A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.40%),

3.64%,

10/17/31

....

500

500,069

Series

2015-3A,

Class

CR,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

04/19/29

....

250

248,470

Series

2017-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.50%),

3.76%,

04/23/29

....

500

500,107

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

6.20%),

6.44%,

04/15/34

....

500

487,710

Dryden

50

Senior

Loan

Fund,

Series

2017-50A,

Class

SUB,

0.00%,

07/15/30

(a)(b)

........

1,000

689,900

Dryden

70

CLO

Ltd.,

Series

2018-70A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.99%,

01/16/32

(a)(b)

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

250

250,106

Dryden

72

CLO

Ltd.,

Series

2019-72A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.16%,

05/15/32

(a)(b)

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

800

799,993

Dryden

75

CLO

Ltd.,

Series

2019-75A,

Class

ER2,

(LIBOR

USD

3

Month

+

6.60%),

6.84%,

04/15/34

(a)(b)

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

350

346,323

Elmwood

CLO

XI

Ltd.

(a)(b)

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.09%,

10/20/34

....

1,500

1,494,032

Series

2021-4A,

Class

E,

(LIBOR

USD

3

Month

+

6.00%),

6.14%,

10/20/34

....

1,250

1,240,267

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF9,

Class

2A4,

(LIBOR

USD

1

Month

+

0.50%),

0.61%,

06/25/36

....

1,750

1,685,550

Series

2006-FF13,

Class

A1,

(LIBOR

USD

1

Month

+

0.24%),

0.35%,

10/25/36

....

56

44,149

Series

2006-FF13,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

0.43%,

10/25/36

...

33

26,079

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.50%),

2.74%,

04/15/31

(a)(b)

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

650

640,305

Greywolf

CLO

IV

Ltd.,

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.65%),

3.89%,

04/17/34

(a)(b)

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

1,000

1,001,976

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.00%),

2.26%,

01/27/31

(a)(b)

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

500

500,159

GSAA

Home

Equity

Trust

(a)

Series

2005-14,

Class

1A2,

(LIBOR

USD

1

Month

+

0.70%),

0.81%,

12/25/35

....

30

14,875

Series

2006-5,

Class

1A1,

(LIBOR

USD

1

Month

+

0.36%),

0.47%,

03/25/36

....

60

25,046

GSAMP

Trust,

Series

2006-FM3,

Class

A1,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

11/25/36

(a)

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

115

68,980

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.21%,

01/17/38

(a)(b)

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

257

256,389

Jay

Park

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.65%),

2.90%,

10/20/27

(a)(b)

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

250

246,011

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

KKR

CLO

27

Ltd.,

Series

27A,

Class

DR,

(3

Month

CME

Term

SOFR

+

3.25%),

0.00%,

10/15/32

(a)(b)

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

USD

550

$

550,000

Long

Beach

Mortgage

Loan

Trust,

Series

2006-

4,

Class

1A,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

05/25/36

(a)

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

388

256,567

Lucali

CLO

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.60%),

3.84%,

01/15/33

(a)(b)

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

500

500,381

Madison

Park

Funding

XIII

Ltd.,

Series

2014-

13A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.15%,

04/19/30

(a)(b)

..........

500

498,240

Madison

Park

Funding

XXVII

Ltd.,

Series

2018-27A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

2.85%,

04/20/30

(a)(b)

..........

500

492,254

Madison

Park

Funding

XXXIII

Ltd.,

Series

2019-

33A,

Class

DR,

(3

Month

CME

Term

SOFR

+

3.10%),

3.26%,

10/15/32

(a)(b)

.........

1,000

1,000,000

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.28%),

0.39%,

05/25/37

(a)

..........

650

599,552

Neuberger

Berman

CLO

XVIII

Ltd.,

Series

2014-18A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.00%),

3.26%,

10/21/30

(a)(b)

.........

250

246,493

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

D,

(LIBOR

USD

3

Month

+

2.65%),

2.89%,

10/18/30

(a)(b)

....

1,000

987,157

Neuberger

Berman

Loan

Advisers

CLO

44

Ltd.,

Series

2021-44A,

Class

E,

(LIBOR

USD

3

Month

+

6.00%),

6.24%,

10/16/34

(a)(b)

....

2,000

1,980,078

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2018-27A,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.84%,

01/15/30

(a)(b)

....

500

495,720

Oakwood

Mortgage

Investors,

Inc.,

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

....

215

219,321

OCP

CLO

Ltd.,

Series

2015-10A,

Class

ER2,

(LIBOR

USD

3

Month

+

6.50%),

6.63%,

01/26/34

(a)(b)

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

1,000

990,042

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.75%),

3.00%,

01/20/31

(a)(b)

..........

500

494,508

Octagon

Investment

Partners

41

Ltd.,

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.44%,

10/15/33

(a)(b)

..........

1,000

1,000,000

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

07/17/30

(a)(b)

..........

250

248,684

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

D1R3,

(LIBOR

USD

3

Month

+

2.90%),

3.06%,

02/20/34

(a)(b)

..........

1,000

996,432

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(LIBOR

USD

3

Month

+

1.85%),

2.10%,

10/17/31

....

800

796,083

Series

2015-1A,

Class

CR4,

(LIBOR

USD

3

Month

+

2.85%),

3.01%,

05/21/34

....

500

496,211

Series

2015-2A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

07/20/30

....

750

749,997

Series

2019-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.00%),

2.15%,

11/14/34

(c)

...

500

500,100

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.09%,

10/15/34

....

3,000

3,000,116

Series

2021-4A,

Class

E,

(LIBOR

USD

3

Month

+

6.05%),

6.19%,

10/15/34

....

3,000

2,940,490

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.05%),

0.00%,

04/20/35

.

1,500

1,500,000

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2022-1A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.05%),

0.00%,

04/20/35

.

USD

1,000

$

999,500

Series

2022-1A,

Class

E,

(3

Month

CME

Term

SOFR

+

6.35%),

0.00%,

04/20/35

.

1,000

999,700

Progress

Residential

Trust,

Series

2019-SFR2,

Class

F,

4.84%,

05/17/36

(b)

...........

100

100,197

Rad

CLO

12

Ltd.,

Series

2021-12A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.19%,

10/30/34

(a)(b)

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

1,500

1,499,500

Rad

CLO

14

Ltd.,

Series

2021-14A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.23%,

01/15/35

(a)(b)

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

1,000

1,000,022

Regatta

Funding

LP,

Series

2013-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.70%),

3.94%,

01/15/29

(a)(b)

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

500

499,953

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.15%),

2.40%,

04/20/34

(a)(b)

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

250

249,531

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

07/15/31

(a)(b)

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

500

500,045

Regatta

XV

Funding

Ltd.

(a)(b)

Series

2018-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.11%,

10/25/31

....

285

285,086

Series

2018-4A,

Class

C,

(LIBOR

USD

3

Month

+

3.30%),

3.56%,

10/25/31

....

250

250,088

Regatta

XVI

Funding

Ltd.,

Series

2019-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.90%),

4.14%,

01/15/33

(a)(b)

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

500

501,814

Regatta

XXIII

Funding

Ltd.,

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.16%,

01/20/35

(a)(b)

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

1,000

1,000,052

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2018-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.45%,

10/20/31

....

300

300,907

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

04/20/34

....

1,000

982,059

Signal

Peak

CLO

4

Ltd.,

Series

2017-4A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.32%,

10/26/34

(a)(b)

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

1,000

1,000,000

Signal

Peak

CLO

7

Ltd.,

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.30%,

04/30/32

(a)(b)

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

500

499,960

Silver

Creek

CLO

Ltd.,

Series

2014-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

3.60%,

07/20/30

(a)(b)

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

500

500,265

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

04/16/31

(a)(b)

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

500

497,403

Tallman

Park

CLO

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

04/20/34

(a)(b)

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

500

496,389

TCI-Flatiron

CLO

Ltd.,

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.75%),

2.88%,

01/29/32

(a)(b)

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

1,000

1,000,000

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.39%,

07/17/31

(a)(b)

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

500

501,700

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.39%,

04/15/33

(a)(b)

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

500

499,998

TICP

CLO

XI

Ltd.,

Series

2018-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.30%,

10/20/31

(a)(b)

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

300

300,015

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Treman

Park

CLO

Ltd.,

Series

2015-1A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.65%),

2.90%,

10/20/28

(a)(b)

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

USD

300

$

300,613

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.15%,

04/20/31

(a)(b)

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

500

491,673

Whetstone

Park

CLO

Ltd.,

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

2.90%,

01/20/35

(a)(b)

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

1,000

1,000,174

York

CLO-3

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.60%),

3.85%,

10/20/29

(a)(b)

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

500

500,187

Total

Asset-Backed

Securities

—

4.4%

(Cost:

$67,865,161)

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

67,513,749

Shares

Shares

Common

Stocks

—

23.2%

Airlines

—

0.1%

(d)

Copa

Holdings

SA,

Class

A

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

12,711

1,062,385

InterGlobe

Aviation

Ltd.

(b)(e)

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

47,691

1,194,543

2,256,928

Automobiles

—

0.1%

Maruti

Suzuki

India

Ltd.

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

11,948

1,384,223

Banks

—

1.8%

Axis

Bank

Ltd.

(d)

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

237,928

2,491,727

Bandhan

Bank

Ltd.

(b)(e)

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

254,513

1,084,010

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

....

9,179,294

2,612,752

China

Construction

Bank

Corp.,

Class

H

....

2,191,000

1,681,261

Citizens

Financial

Group,

Inc.

...........

54,112

2,785,145

Commercial

International

Bank

Egypt

SAE

(d)

..

211,860

694,425

Credicorp

Ltd.

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

7,624

1,091,909

DBS

Group

Holdings

Ltd.

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

39,300

1,032,288

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

223,445

1,413,375

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

3,756,000

2,275,556

Kasikornbank

PCL,

NVDR

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

293,200

1,327,458

M&T

Bank

Corp.

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

13,747

2,328,467

OTP

Bank

Nyrt.

(d)

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

32,967

1,912,982

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(d)

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

104,887

1,227,841

Sberbank

of

Russia

PJSC,

ADR

..........

115,206

1,616,108

Standard

Chartered

plc

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

216,736

1,578,436

27,153,740

Beverages

—

0.3%

Diageo

plc

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

53,570

2,703,217

Kweichow

Moutai

Co.

Ltd.,

Class

A

........

5,100

1,523,153

4,226,370

Biotechnology

—

0.2%

AbbVie,

Inc.

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

20,179

2,762,303

Capital

Markets

—

0.2%

Intercontinental

Exchange,

Inc.

..........

25,305

3,205,131

Chemicals

—

0.1%

Albemarle

Corp.

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

5,536

1,222,017

Communications

Equipment

—

0.1%

Accton

Technology

Corp.

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

131,000

1,265,023

Construction

Materials

—

0.1%

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

.....

272,500

1,441,396

Security

Shares

Shares

Value

Consumer

Finance

—

0.2%

Kaspi.KZ

JSC,

GDR

(e)

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

13,254

$

1,133,851

Synchrony

Financial

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

36,813

1,567,866

2,701,717

Diversified

Telecommunication

Services

—

0.7%

Cellnex

Telecom

SA

(b)(e)

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

130,056

5,897,469

Hellenic

Telecommunications

Organization

SA

81,341

1,581,052

TELUS

Corp.

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

120,260

2,829,703

10,308,224

Electric

Utilities

—

1.0%

American

Electric

Power

Co.,

Inc.

.........

19,223

1,737,759

CLP

Holdings

Ltd.

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

65,500

655,492

Duke

Energy

Corp.

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

22,725

2,387,489

Edison

International

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

5,519

346,538

EDP

-

Energias

de

Portugal

SA

..........

501,785

2,568,693

Enel

SpA

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

65,367

503,104

Eversource

Energy

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

7,711

690,057

FirstEnergy

Corp.

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

6,213

260,697

NextEra

Energy,

Inc.

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

41,066

3,208,076

Southern

Co.

(The)

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

16,758

1,164,513

Xcel

Energy,

Inc.

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

25,075

1,746,725

15,269,143

Electrical

Equipment

—

0.1%

Schneider

Electric

SE

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

10,061

1,704,287

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Samsung

SDI

Co.

Ltd.

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

1,532

760,307

TE

Connectivity

Ltd.

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

10,802

1,544,794

2,305,101

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

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

35,068

962,266

Equity

Real

Estate

Investment

Trusts

(REITs)

—

5.8%

Alexandria

Real

Estate

Equities,

Inc.

.......

14,857

2,894,738

American

Tower

Corp.

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

15,061

3,787,842

Assura

plc

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

5,213,689

4,715,664

Boston

Properties,

Inc.

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

30,066

3,369,797

Community

Healthcare

Trust,

Inc.

.........

25,903

1,174,442

Covivio

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

34,157

2,852,387

Cromwell

European

REIT

(e)

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

810,803

2,113,280

Crown

Castle

International

Corp.

.........

18,294

3,338,838

Digital

Realty

Trust,

Inc.

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

35,179

5,249,762

EPR

Properties

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

58,104

2,554,833

Equinix,

Inc.

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

8,401

6,089,884

ESR

Kendall

Square

REIT

Co.

Ltd.

........

655,828

3,172,969

Goodman

Group

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

50,153

828,113

LondonMetric

Property

plc

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

494,965

1,783,400

Medical

Properties

Trust,

Inc.

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

222,354

5,060,777

Outfront

Media,

Inc.

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

162,975

4,048,299

Prologis,

Inc.

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

33,446

5,245,002

Rexford

Industrial

Realty,

Inc.

...........

42,335

3,097,652

SBA

Communications

Corp.

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

4,412

1,435,841

Secure

Income

REIT

plc

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

302,152

1,720,128

SL

Green

Realty

Corp.

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

30,334

2,199,806

Spirit

Realty

Capital,

Inc.

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

72,774

3,453,854

Sun

Communities,

Inc.

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

17,588

3,323,428

Target

Healthcare

REIT

plc

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

1,551,006

2,398,725

UDR,

Inc.

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

67,228

3,821,240

VICI

Properties,

Inc.

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

105,420

3,017,120

Warehouses

De

Pauw

CVA

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

66,985

2,881,785

Welltower,

Inc.

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

50,880

4,407,734

90,037,340

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Food

&

Staples

Retailing

—

0.2%

Sendas

Distribuidora

SA

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

280,805

$

669,477

Wal-Mart

de

Mexico

SAB

de

CV

..........

768,650

2,607,254

X5

Retail

Group

NV,

GDR

(e)

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

24,205

547,281

3,824,012

Food

Products

—

0.1%

China

Mengniu

Dairy

Co.

Ltd.

(d)

..........

312,000

1,844,115

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

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

5,588

599,145

ENN

Energy

Holdings

Ltd.

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

80,600

1,283,174

Kunlun

Energy

Co.

Ltd.

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

2,594,000

2,690,102

Tokyo

Gas

Co.

Ltd.

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

24,300

490,660

5,063,081

Health

Care

Equipment

&

Supplies

—

0.2%

Medtronic

plc

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

31,374

3,246,895

Health

Care

Providers

&

Services

—

0.3%

Notre

Dame

Intermedica

Participacoes

SA

...

94,284

1,265,974

UnitedHealth

Group,

Inc.

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

5,810

2,745,632

4,011,606

Hotels,

Restaurants

&

Leisure

—

0.1%

SJM

Holdings

Ltd.

(d)

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

1,629,000

1,048,386

Yum

China

Holdings,

Inc.

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

25,508

1,228,720

2,277,106

Household

Durables

—

0.2%

Haier

Smart

Home

Co.

Ltd.,

Class

A

.......

335,323

1,477,386

Haier

Smart

Home

Co.

Ltd.,

Class

H

.......

106,000

424,959

JS

Global

Lifestyle

Co.

Ltd.

(b)(e)

...........

252,000

402,710

Taylor

Wimpey

plc

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

467,254

958,599

3,263,654

Household

Products

—

0.2%

Reckitt

Benckiser

Group

plc

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

38,499

3,119,273

Insurance

—

0.6%

Assurant,

Inc.

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

10,804

1,647,718

Progressive

Corp.

(The)

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

16,604

1,804,191

Prudential

plc

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

174,883

2,947,782

Sanlam

Ltd.

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

254,871

1,047,152

Seguridade

Participacoes

SA

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

507,773

2,220,389

9,667,232

Interactive

Media

&

Services

—

0.2%

Tencent

Holdings

Ltd.

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

33,700

2,111,719

Tencent

Holdings

Ltd.,

ADR

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

22,681

1,418,470

3,530,189

Internet

&

Direct

Marketing

Retail

—

0.0%

JD.com,

Inc.,

Class

A

(d)

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

1,557

59,013

IT

Services

—

1.0%

Amadeus

IT

Group

SA

(d)

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

12,671

871,261

Fidelity

National

Information

Services,

Inc.

...

28,017

3,359,799

GDS

Holdings

Ltd.,

Class

A

(d)

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

857,768

4,479,438

Infosys

Ltd.

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

18,465

434,439

Infosys

Ltd.,

ADR

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

49,515

1,167,069

NEXTDC

Ltd.

(d)

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

37,070

284,437

Paychex,

Inc.

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

8,315

979,174

SUNeVision

Holdings

Ltd.

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

1,297,000

1,139,883

Visa,

Inc.,

Class

A

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

10,896

2,464,348

15,179,848

Leisure

Products

—

0.2%

Hasbro,

Inc.

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

26,749

2,473,748

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

—

0.1%

WuXi

AppTec

Co.

Ltd.,

Class

A

...........

29,796

$

495,091

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)(e)

........

30,200

433,167

928,258

Machinery

—

0.3%

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

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

232,500

1,744,469

Otis

Worldwide

Corp.

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

27,036

2,309,686

4,054,155

Media

—

0.2%

Comcast

Corp.,

Class

A

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

39,903

1,994,751

Eutelsat

Communications

SA

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

26,298

326,090

2,320,841

Metals

&

Mining

—

0.1%

China

Molybdenum

Co.

Ltd.,

Class

H

......

3,279,000

1,684,991

Novolipetsk

Steel

PJSC

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

179,354

495,491

Novolipetsk

Steel

PJSC,

GDR

(e)

..........

3,052

84,806

2,265,288

Multiline

Retail

—

0.1%

Fix

Price

Group

Ltd.,

GDR

(e)

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

149,893

855,662

Multi-Utilities

—

0.7%

Ameren

Corp.

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

10,552

936,384

CenterPoint

Energy,

Inc.

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

47,587

1,349,567

CMS

Energy

Corp.

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

13,319

857,477

Dominion

Energy,

Inc.

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

24,025

1,937,856

DTE

Energy

Co.

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

4,620

556,387

National

Grid

plc

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

66,005

965,847

NiSource,

Inc.

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

32,481

947,796

Public

Service

Enterprise

Group,

Inc.

......

21,095

1,403,450

Sempra

Energy

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

10,655

1,472,095

WEC

Energy

Group,

Inc.

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

4,539

440,465

10,867,324

Oil,

Gas

&

Consumable

Fuels

—

0.8%

California

Resources

Corp.

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

242

10,314

Cheniere

Energy,

Inc.

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

7,236

809,709

China

Petroleum

&

Chemical

Corp.,

Class

H

.

3,312,000

1,734,130

Enbridge,

Inc.

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

50,392

2,130,406

Gazprom

PJSC,

ADR

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

76,210

663,432

LUKOIL

PJSC,

ADR

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

28,424

2,545,382

Petroleo

Brasileiro

SA,

ADR

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

56,498

754,248

Petronet

LNG

Ltd.

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

439,492

1,263,444

Plains

GP

Holdings

LP,

Class

A

(d)

.........

45,912

529,365

Targa

Resources

Corp.

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

8,968

529,830

Williams

Cos.,

Inc.

(The)

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

70,651

2,115,291

13,085,551

Personal

Products

—

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

5,550

1,730,435

Pharmaceuticals

—

0.7%

AstraZeneca

plc

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

24,588

2,860,273

Novo

Nordisk

A/S,

Class

B

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

34,539

3,435,536

Sanofi

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

37,358

3,906,229

10,202,038

Professional

Services

—

0.2%

NMG,

Inc.

(d)

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

602

98,126

RELX

plc

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

105,248

3,227,722

3,325,848

Real

Estate

Management

&

Development

—

1.5%

Aroundtown

SA

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

520,784

3,216,641

Capitaland

Investment

Ltd.

(d)

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

1,136,300

2,915,600

ESR

Cayman

Ltd.

(b)(d)(e)

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

1,223,800

4,149,540

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Hang

Lung

Properties

Ltd.

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

356,000

$

760,667

Hulic

Co.

Ltd.

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

318,300

3,076,580

Longfor

Group

Holdings

Ltd.

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

305,500

1,832,642

Shimao

Group

Holdings

Ltd.

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

2,369,500

1,746,310

VGP

NV

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

4,475

1,268,059

Vonovia

SE

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

85,823

4,888,116

23,854,155

Road

&

Rail

—

0.3%

Canadian

Pacific

Railway

Ltd.

...........

15,173

1,085,232

CSX

Corp.

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

39,422

1,349,021

Seibu

Holdings,

Inc.

(d)

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

28,700

281,564

Union

Pacific

Corp.

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

3,167

774,490

West

Japan

Railway

Co.

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

10,400

435,799

3,926,106

Semiconductors

&

Semiconductor

Equipment

—

1.0%

MediaTek,

Inc.

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

26,000

1,032,699

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

489,000

11,306,655

Texas

Instruments,

Inc.

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

16,383

2,940,584

15,279,938

Software

—

0.4%

Intuit,

Inc.

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

3,426

1,902,218

Microsoft

Corp.

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

13,441

4,179,882

6,082,100

Specialty

Retail

—

0.1%

Topsports

International

Holdings

Ltd.

(b)(e)

....

1,313,000

1,186,374

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Logitech

International

SA

(Registered)

......

14,628

1,229,185

Samsung

Electronics

Co.

Ltd.

...........

24,745

1,539,117

2,768,302

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

EssilorLuxottica

SA

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

7,873

1,489,456

Kering

SA

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

2,730

2,038,669

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

1,743

1,431,661

4,959,786

Thrifts

&

Mortgage

Finance

—

0.1%

Housing

Development

Finance

Corp.

Ltd.

...

33,522

1,143,796

Tobacco

—

0.1%

Philip

Morris

International,

Inc.

...........

22,087

2,271,648

Trading

Companies

&

Distributors

—

0.2%

BOC

Aviation

Ltd.

(b)(e)

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

134,400

1,129,926

Ferguson

plc

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

13,662

2,148,904

3,278,830

Transportation

Infrastructure

—

1.0%

Aena

SME

SA

(b)(d)(e)

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

17,889

2,890,550

Atlantia

SpA

(d)

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

43,171

801,050

Atlas

Arteria

Ltd.

(f)

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

245,256

1,138,456

Auckland

International

Airport

Ltd.

(d)

.......

103,846

492,946

Beijing

Capital

International

Airport

Co.

Ltd.,

Class

H

(d)

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

442,000

295,091

Flughafen

Zurich

AG

(Registered)

(d)

.......

3,645

674,385

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(d)

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

12,917

882,317

Getlink

SE

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

37,087

585,043

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(d)

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

128,174

1,765,468

Hamburger

Hafen

und

Logistik

AG

........

17,501

375,962

Japan

Airport

Terminal

Co.

Ltd.

(d)

.........

10,500

454,948

Jiangsu

Expressway

Co.

Ltd.,

Class

H

.....

1,322,000

1,381,298

Security

Shares

Shares

Value

Transportation

Infrastructure

(continued)

Transurban

Group

(f)

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

390,597

$

3,450,623

15,188,137

Water

Utilities

—

0.0%

American

Water

Works

Co.,

Inc.

..........

803

129,122

Severn

Trent

plc

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

13,014

505,260

634,382

Wireless

Telecommunication

Services

—

0.1%

KDDI

Corp.

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

52,300

1,670,918

Total

Common

Stocks

—

23.2%

(Cost:

$325,260,925)

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

357,644,853

Par

(000)

Par

(000)

Corporate

Bonds

—

24.0%

Aerospace

&

Defense

—

0.7%

Bombardier,

Inc.

(b)

7.50%,

12/01/24

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

USD

363

375,741

7.50%,

03/15/25

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

27

27,338

7.13%,

06/15/26

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

886

900,397

7.88%,

04/15/27

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

520

527,010

6.00%,

02/15/28

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

362

350,459

7.45%,

05/01/34

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

100

116,500

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

.

600

591,636

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(b)

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

284

292,520

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

.......

829

869,820

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(b)

..

22

22,550

TransDigm,

Inc.

8.00%,

12/15/25

(b)

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

1,610

1,682,080

6.25%,

03/15/26

(b)

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

3,469

3,581,743

6.38%,

06/15/26

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

89

90,557

7.50%,

03/15/27

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

69

71,601

4.63%,

01/15/29

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

196

186,133

4.88%,

05/01/29

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

246

236,186

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

....

580

619,150

10,541,421

Airlines

—

0.5%

Air

Canada,

3.88%,

08/15/26

(b)

..........

412

401,861

American

Airlines,

Inc.

(b)

11.75%,

07/15/25

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

609

737,152

5.50%,

04/20/26

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

388

396,713

5.75%,

04/20/29

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

1,133

1,159,899

Avianca

Midco

2

Ltd.,

9.00%,

12/01/28

(b)

....

254

254,283

Azul

Investments

LLP

5.88%,

10/26/24

(e)

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

404

371,175

7.25%,

06/15/26

(b)

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

402

362,880

Delta

Air

Lines,

Inc.,

7.00%,

05/01/25

(b)

.....

39

43,675

Gol

Finance

SA

(b)

7.00%,

01/31/25

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

412

354,969

8.00%,

06/30/26

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

454

419,609

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

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

191

195,332

Latam

Finance

Ltd.,

6.88%,

04/11/24

(b)(d)(g)

...

689

646,497

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

651

691,687

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

21

23,009

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

35

35,746

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

372

400,034

United

Airlines,

Inc.

(b)

4.38%,

04/15/26

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

352

349,395

4.63%,

04/15/29

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

561

555,093

7,399,009

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Auto

Components

—

0.4%

Adient

US

LLC,

9.00%,

04/15/25

(b)

.......

USD

101

$

107,030

Clarios

Global

LP

(b)

6.75%,

05/15/25

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

288

298,800

6.25%,

05/15/26

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

1,424

1,472,060

8.50%,

05/15/27

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

2,316

2,421,563

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

.......

419

428,428

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(b)

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

91

87,929

Goodyear

Tire

&

Rubber

Co.

(The)

9.50%,

05/31/25

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

121

128,865

5.00%,

07/15/29

(b)

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

108

108,054

5.25%,

07/15/31

(b)

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

133

133,916

5.63%,

04/30/33

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

381

388,312

Icahn

Enterprises

LP

6.25%,

05/15/26

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

268

275,504

5.25%,

05/15/27

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

894

900,437

4.38%,

02/01/29

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

115

109,312

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

...

52

50,180

Tenneco,

Inc.,

7.88%,

01/15/29

(b)

........

34

36,130

6,946,520

Automobiles

—

0.0%

Ford

Motor

Co.

4.75%,

01/15/43

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

41

41,904

5.29%,

12/08/46

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

100

109,750

Thor

Industries,

Inc.,

4.00%,

10/15/29

(b)

....

138

131,445

TML

Holdings

Pte.

Ltd.,

4.35%,

06/09/26

(e)

..

300

295,875

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

90

95,736

674,710

Banks

—

2.3%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(a)(h)

...

2,000

2,052,500

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)(b)(h)

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

200

197,750

Banco

GNB

Sudameris

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.66%),

7.50%,

04/16/31

(a)(b)

........

150

147,548

Banco

Mercantil

del

Norte

SA

(a)(b)(h)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.97%),

6.75%

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

600

611,737

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.87%

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

420

404,985

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

(a)(e)

..........

612

611,541

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)(e)

.......

609

598,723

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

5.83%

(a)(e)(h)

..........

500

515,000

Barclays

plc

(a)(h)

(USD

Swap

Semi

5

Year

+

6.77%),

7.88%

(e)

754

758,224

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%

625

664,062

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

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

1,300

1,382,485

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%),

4.38%

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

600

566,460

BBK

BSC,

5.50%,

07/09/24

(e)

...........

257

264,758

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.12%,

01/18/33

(a)(e)

..........

USD

628

$

631,197

BNP

Paribas

SA

(a)(b)(h)

(USD

Swap

Semi

5

Year

+

3.98%),

7.00%

406

459,795

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%

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

2,000

1,919,960

Burgan

Bank

SAK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.01%),

5.75%

(a)(e)(h)

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

200

198,350

Chong

Hing

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%),

5.70%

(a)(e)(h)

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

250

257,703

Credit

Agricole

SA

(a)(b)(h)

(USD

Swap

Semi

5

Year

+

6.19%),

8.12%

1,825

2,111,069

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%),

4.75%

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

1,620

1,589,625

Danske

Bank

A/S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%),

7.00%

(a)(e)(h)

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

1,805

1,937,866

Emirates

NBD

Bank

PJSC,

(USD

Swap

Semi

6

Year

+

3.66%),

6.13%

(a)(e)(h)

..........

200

208,000

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)

.......

448

418,964

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(a)(e)(h)

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

300

290,460

HSBC

Holdings

plc

(a)(h)

(USD

Swap

Rate

5

Year

+

4.37%),

6.37%

.

718

759,084

(USD

Swap

Rate

5

Year

+

3.75%),

6.00%

.

487

514,092

ING

Groep

NV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

3.88%

(a)(h)

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

1,300

1,189,500

Intercorp

Peru

Ltd.,

3.88%,

08/15/29

(b)

.....

317

305,568

Itau

Unibanco

Holding

SA,

5.13%,

05/13/23

(b)

.

400

415,320

JPMorgan

Chase

&

Co.,

Series

W,

(LIBOR

USD

3

Month

+

1.00%),

1.16%,

05/15/47

(a)

.

1,492

1,289,237

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(a)(e)(h)

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

624

641,277

Lloyds

Banking

Group

plc

(a)(h)

(USD

Swap

Semi

5

Year

+

4.50%),

7.50%

380

421,543

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.75%

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

485

532,894

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%),

5.00%

(a)(e)(h)

..........

200

201,750

NBK

Tier

1

Financing

Ltd.,

(CMTUSD6Y

+

2.88%),

3.62%

(a)(b)(h)

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

697

678,268

Nordea

Bank

Abp

(a)(b)(h)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

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

1,075

1,192,584

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%

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

560

508,200

Societe

Generale

SA

(a)(b)(h)

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

.

1,775

2,004,525

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.93%),

4.75%

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

1,420

1,402,832

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

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

1,350

1,358,775

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%

(a)(b)(h)

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

USD

850

$

794,750

TMBThanachart

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(a)(e)(h)

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

400

396,450

UniCredit

SpA,

(USD

Swap

Semi

5

Year

+

5.18%),

8.00%

(a)(e)(h)

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

1,815

1,964,738

Wells

Fargo

&

Co.,

(LIBOR

USD

3

Month

+

0.50%),

0.74%,

01/15/27

(a)

...........

115

112,437

35,482,586

Beverages

—

0.0%

Triton

Water

Holdings,

Inc.,

6.25%,

04/01/29

(b)

44

41,250

Building

Products

—

0.2%

(b)

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

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

119

119,853

Builders

FirstSource,

Inc.,

6.75%,

06/01/27

..

38

39,568

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

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

536

553,554

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

.....

332

315,838

Forterra

Finance

LLC,

6.50%,

07/15/25

....

207

216,833

MIWD

Holdco

II

LLC,

5.50%,

02/01/30

.....

29

28,737

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.25%,

07/15/28

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

66

66,000

9.75%,

07/15/28

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

73

76,833

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

...

669

686,929

Standard

Industries,

Inc.,

4.38%,

07/15/30

..

170

162,350

Summit

Materials

LLC,

5.25%,

01/15/29

....

128

130,639

Victors

Merger

Corp.,

6.38%,

05/15/29

.....

137

125,652

2,522,786

Capital

Markets

—

0.6%

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

73

74,457

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

165

162,862

Credit

Suisse

Group

AG

(a)(b)(h)

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

403

422,646

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%

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

600

626,250

Deutsche

Bank

AG,

Series

2020,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%),

6.00%

(a)(h)

...........

1,800

1,813,500

Goldman

Sachs

Group,

Inc.

(The),

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%

(a)(h)

850

808,562

Huarong

Finance

2017

Co.

Ltd.,

4.75%,

04/27/27

(e)

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

200

201,500

Huarong

Finance

2019

Co.

Ltd.,

3.63%,

09/30/30

(e)

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

370

343,175

MSCI,

Inc.,

3.63%,

09/01/30

(b)

..........

49

48,062

State

Street

Corp.,

(LIBOR

USD

3

Month

+

1.00%),

1.20%,

06/15/47

(a)

...........

2,875

2,547,830

UBS

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(a)(b)

(h)

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

430

404,716

UBS

Group

AG

(a)(h)

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)

351

370,965

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(e)

677

735,353

XP,

Inc.,

3.25%,

07/01/26

(b)

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

472

444,565

9,004,443

Chemicals

—

0.5%

Alpek

SAB

de

CV,

3.25%,

02/25/31

(b)

......

379

363,200

Braskem

Idesa

SAPI,

6.99%,

02/20/32

(b)

....

450

444,375

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Braskem

Netherlands

Finance

BV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

8.22%),

8.50%,

01/23/81

(a)

(b)

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

USD

710

$

811,530

Chemours

Co.

(The),

5.75%,

11/15/28

(b)

....

71

72,092

Cydsa

SAB

de

CV,

6.25%,

10/04/27

(b)

.....

448

448,504

Diamond

BC

BV,

4.63%,

10/01/29

(b)

.......

215

201,571

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

..

651

624,960

Equate

Petrochemical

BV,

2.63%,

04/28/28

(b)

.

200

194,750

EverArc

Escrow

SARL,

5.00%,

10/30/29

(b)

...

450

429,984

Gates

Global

LLC,

6.25%,

01/15/26

(b)

......

161

166,313

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

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

151

154,209

HB

Fuller

Co.,

4.25%,

10/15/28

.........

61

60,558

Herens

Midco

SARL,

4.75%,

05/15/28

(b)

....

400

381,924

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

493

520,115

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(a)(b)

.

188

191,290

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

...

93

91,140

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

65

65,768

Pearl

Holding

II

Ltd.,

0.00%,

(c)(e)(h)(i)

.......

95

3,149

Pearl

Holding

III

Ltd.,

9.00%,

10/22/25

(e)

....

76

51,680

Sasol

Financing

USA

LLC

4.38%,

09/18/26

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

200

197,000

6.50%,

09/27/28

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

455

481,162

5.50%,

03/18/31

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

470

459,425

SCIH

Salt

Holdings,

Inc.,

6.63%,

05/01/29

(b)

..

120

112,122

SCIL

IV

LLC,

5.38%,

11/01/26

(b)

.........

200

200,500

UPL

Corp.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

5.25%

(a)(e)(h)

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

210

208,005

WR

Grace

Holdings

LLC,

5.63%,

08/15/29

(b)

.

1,624

1,567,160

8,502,486

Commercial

Services

&

Supplies

—

0.9%

Allied

Universal

Holdco

LLC

(b)

6.63%,

07/15/26

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

2,601

2,670,876

9.75%,

07/15/27

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

1,538

1,622,590

4.63%,

06/01/28

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

979

932,127

6.00%,

06/01/29

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

1,115

1,056,914

APi

Escrow

Corp.,

4.75%,

10/15/29

(b)

......

82

80,565

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

.....

108

103,950

APX

Group,

Inc.

(b)

6.75%,

02/15/27

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

500

513,465

5.75%,

07/15/29

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

334

314,157

Aramark

Services,

Inc.,

6.38%,

05/01/25

(b)

...

160

165,800

Covanta

Holding

Corp.

4.88%,

12/01/29

(b)

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

134

133,115

5.00%,

09/01/30

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

95

94,050

Garda

World

Security

Corp.,

9.50%,

11/01/27

(b)

705

740,955

GFL

Environmental,

Inc.

(b)

5.13%,

12/15/26

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

264

272,680

4.00%,

08/01/28

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

282

262,731

4.75%,

06/15/29

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

249

241,530

4.38%,

08/15/29

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

88

83,978

IAA,

Inc.,

5.50%,

06/15/27

(b)

...........

245

251,434

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

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

68

67,745

Madison

IAQ

LLC

(b)

4.13%,

06/30/28

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

80

76,200

5.88%,

06/30/29

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

974

900,176

Nielsen

Finance

LLC

(b)

5.63%,

10/01/28

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

572

571,085

5.88%,

10/01/30

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

829

830,517

Prime

Security

Services

Borrower

LLC

(b)

5.75%,

04/15/26

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

138

143,023

6.25%,

01/15/28

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

1,052

1,047,860

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Tuspark

Forward

Ltd.,

7.95%,

05/13/24

(e)

...

USD

380

$

170,359

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

811

786,670

14,134,552

Communications

Equipment

—

0.3%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

..........

1,689

1,727,002

Ciena

Corp.,

4.00%,

01/31/30

(b)

.........

97

96,030

CommScope

Technologies

LLC,

6.00%,

06/15/25

(b)

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

304

296,100

CommScope,

Inc.

(b)

6.00%,

03/01/26

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

429

434,466

8.25%,

03/01/27

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

204

199,589

7.13%,

07/01/28

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

348

324,510

4.75%,

09/01/29

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

389

372,635

Nokia

OYJ,

6.63%,

05/15/39

...........

98

123,480

ViaSat,

Inc.

(b)

5.63%,

04/15/27

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

3

3,053

6.50%,

07/15/28

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

511

505,890

4,082,755

Construction

&

Engineering

—

0.2%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%,

03/30/29

(b)

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

405

410,062

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

.........

308

299,530

Bioceanico

Sovereign

Certificate

Ltd.,

0.00%,

06/05/34

(e)(i)

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

513

384,037

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

(b)

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

453

425,820

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

...

79

77,367

GMR

Hyderabad

International

Airport

Ltd.,

4.75%,

02/02/26

(e)

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

240

232,620

HTA

Group

Ltd.,

7.00%,

12/18/25

(b)

.......

605

627,423

MasTec,

Inc.,

4.50%,

08/15/28

(b)

.........

85

86,073

Mexico

City

Airport

Trust,

5.50%,

07/31/47

(e)

.

470

437,100

Stoneway

Capital

Corp.

(d)(g)

10.00%,

03/01/27

(e)

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

267

76,686

10.00%,

03/01/27

(b)

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

752

216,301

3,273,019

Construction

Materials

—

0.0%

Cemex

SAB

de

CV

(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.12%

(a)(h)

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

495

495,747

3.88%,

07/11/31

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

215

203,111

698,858

Consumer

Finance

—

0.5%

American

Express

Co.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(a)(h)

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

2,115

2,025,113

ASG

Finance

DAC.,

7.88%,

12/03/24

(b)

.....

534

529,995

Capital

One

Financial

Corp.,

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%

(a)(h)

.....

1,250

1,221,875

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(b)

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

61

59,457

Ford

Motor

Credit

Co.

LLC

5.13%,

06/16/25

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

319

335,349

4.13%,

08/04/25

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

418

427,551

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(j)

.......

231

216,624

King

Talent

Management

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.52%),

5.60%

(a)(e)(h)

..........

200

185,000

Manappuram

Finance

Ltd.,

5.90%,

01/13/23

(e)

292

293,460

Muthoot

Finance

Ltd.

6.13%,

10/31/22

(b)

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

668

674,388

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

4.40%,

09/02/23

(e)

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

USD

212

$

212,000

Navient

Corp.

6.13%,

03/25/24

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

66

68,739

5.50%,

03/15/29

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

223

217,603

OneMain

Finance

Corp.

8.88%,

06/01/25

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

42

44,579

7.13%,

03/15/26

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

110

120,927

6.63%,

01/15/28

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

290

311,273

5.38%,

11/15/29

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

23

23,353

Shriram

Transport

Finance

Co.

Ltd.,

5.10%,

07/16/23

(e)

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

624

626,340

VistaJet

Malta

Finance

plc,

6.38%,

02/01/30

(b)

122

121,238

7,714,864

Containers

&

Packaging

—

0.5%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

......

732

739,633

Ardagh

Metal

Packaging

Finance

USA

LLC,

4.00%,

09/01/29

(b)

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

1,225

1,166,813

Ardagh

Packaging

Finance

plc,

5.25%,

08/15/27

(b)

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

871

853,580

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

16

18,560

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(b)

15

15,225

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(b)

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

110

108,625

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

485

434,744

LABL,

Inc.,

5.88%,

11/01/28

(b)

..........

219

216,810

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(b)

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

583

582,271

Trivium

Packaging

Finance

BV

(b)(k)

5.50%,

08/15/26

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

889

896,219

8.50%,

08/15/27

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

2,467

2,544,464

7,576,944

Distributors

—

0.0%

(b)

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

90

90,000

Wolverine

Escrow

LLC,

9.00%,

11/15/26

....

84

73,500

163,500

Diversified

Consumer

Services

—

0.2%

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

...

176

168,489

Service

Corp.

International,

3.38%,

08/15/30

.

42

39,209

Sotheby's

(b)

7.38%,

10/15/27

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

1,515

1,573,979

5.88%,

06/01/29

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

600

607,500

2,389,177

Diversified

Financial

Services

—

0.3%

(b)

Jefferies

Finance

LLC,

5.00%,

08/15/28

....

267

263,908

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

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

267

256,387

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%,

02/11/25

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

782

586,500

Sabre

GLBL,

Inc.

9.25%,

04/15/25

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

589

661,482

7.38%,

09/01/25

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

161

165,025

Shift4

Payments

LLC,

4.63%,

11/01/26

.....

125

126,900

Verscend

Escrow

Corp.,

9.75%,

08/15/26

...

2,491

2,616,023

4,676,225

Diversified

Telecommunication

Services

—

1.6%

Altice

France

Holding

SA

(b)

10.50%,

05/15/27

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

2,862

3,037,297

6.00%,

02/15/28

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

727

663,497

Altice

France

SA

(b)

8.13%,

02/01/27

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

426

450,542

5.13%,

01/15/29

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

447

415,710

5.13%,

07/15/29

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

905

840,329

5.50%,

10/15/29

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

390

369,599

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

CCO

Holdings

LLC

4.75%,

03/01/30

(b)

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

USD

182

$

180,598

4.50%,

08/15/30

(b)

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

509

496,275

4.25%,

02/01/31

(b)

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

156

148,821

4.75%,

02/01/32

(b)

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

235

231,169

4.50%,

05/01/32

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

309

297,799

4.50%,

06/01/33

(b)

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

254

241,579

4.25%,

01/15/34

(b)

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

1,089

1,007,597

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

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

911

938,057

Frontier

Communications

Corp.

(b)

5.88%,

10/15/27

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

345

355,247

5.00%,

05/01/28

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

629

622,710

6.75%,

05/01/29

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

486

487,215

Frontier

Communications

Holdings

LLC,

6.00%,

01/15/30

(b)

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

438

422,758

IHS

Holding

Ltd.,

6.25%,

11/29/28

(b)

.......

370

373,996

Iliad

Holding

SAS

(b)

6.50%,

10/15/26

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

1,303

1,319,457

7.00%,

10/15/28

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

444

451,375

Intelsat

Jackson

Holdings

SA,

8.00%,

02/15/24

(b)(k)

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

280

283,850

Level

3

Financing,

Inc.,

3.63%,

01/15/29

(b)

...

257

233,870

Liquid

Telecommunications

Financing

plc,

5.50%,

09/04/26

(b)

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

600

604,500

Lumen

Technologies,

Inc.

5.13%,

12/15/26

(b)

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

404

406,711

4.00%,

02/15/27

(b)

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

52

49,888

4.50%,

01/15/29

(b)

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

379

347,308

5.38%,

06/15/29

(b)

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

386

365,963

Series

P,

7.60%,

09/15/39

...........

82

82,000

Series

U,

7.65%,

03/15/42

...........

371

372,736

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(a)(e)(h)

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

464

479,892

Oi

SA,

10.00%,

(10.00%

Cash

or

4.00%

PIK),

07/27/25

(j)

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

338

280,540

Sable

International

Finance

Ltd.,

5.75%,

09/07/27

(e)

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

673

687,328

Sprint

Capital

Corp.

6.88%,

11/15/28

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

414

492,453

8.75%,

03/15/32

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

613

856,330

Switch

Ltd.,

4.13%,

06/15/29

(b)

..........

588

572,700

Telecom

Italia

Capital

SA

6.38%,

11/15/33

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

45

46,192

6.00%,

09/30/34

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

991

976,135

7.20%,

07/18/36

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

21

22,354

Telesat

Canada,

4.88%,

06/01/27

(b)

.......

27

21,757

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

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

1,697

1,602,324

6.13%,

03/01/28

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

2,140

2,018,876

24,155,334

Electric

Utilities

—

0.4%

Duke

Energy

Corp.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%),

3.25%,

01/15/82

(a)

...........

750

701,399

FEL

Energy

VI

SARL,

5.75%,

12/01/40

(e)

....

453

444,053

Genneia

SA,

8.75%,

09/02/27

(b)

.........

368

339,425

Huachen

Energy

Co.

Ltd.,

6.63%,

05/18/20

(d)(e)(g)

200

77,000

India

Cleantech

Energy,

4.70%,

08/10/26

(b)

..

250

247,500

Inkia

Energy

Ltd.

5.88%,

11/09/27

(e)

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

458

461,664

5.88%,

11/09/27

(b)

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

200

201,600

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(e)

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

324

297,027

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

NextEra

Energy

Capital

Holdings,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

03/15/82

(a)

USD

1,480

$

1,450,796

Oryx

Funding

Ltd.,

5.80%,

02/03/31

(b)

......

200

206,750

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

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

329

330,007

PG&E

Corp.,

5.25%,

07/01/30

..........

135

133,843

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

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

710

741,417

Vistra

Operations

Co.

LLC,

4.38%,

05/01/29

(b)

187

180,455

5,812,936

Electrical

Equipment

—

0.0%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.....

576

561,318

Electronic

Equipment,

Instruments

&

Components

—

0.0%

II-VI,

Inc.,

5.00%,

12/15/29

(b)

...........

296

295,423

Energy

Equipment

&

Services

—

0.3%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

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

498

510,774

6.25%,

04/01/28

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

536

538,122

ChampionX

Corp.,

6.38%,

05/01/26

.......

52

53,690

Hilong

Holding

Ltd.,

9.75%,

11/18/24

(e)

.....

207

165,380

Nabors

Industries

Ltd.

(b)

7.25%,

01/15/26

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

48

45,960

7.50%,

01/15/28

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

138

129,375

Nabors

Industries,

Inc.,

7.38%,

05/15/27

(b)

...

170

174,444

Tervita

Corp.,

11.00%,

12/01/25

(b)

........

60

69,525

Transocean,

Inc.,

11.50%,

01/30/27

(b)

......

86

85,319

USA

Compression

Partners

LP

6.88%,

04/01/26

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

1,064

1,080,364

6.88%,

09/01/27

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

1,306

1,341,132

Weatherford

International

Ltd.

(b)

6.50%,

09/15/28

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

11

11,409

8.63%,

04/30/30

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

207

210,622

4,416,116

Entertainment

—

0.2%

(b)

AMC

Entertainment

Holdings,

Inc.,

10.00%,

06/15/26

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

270

252,082

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

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

224

222,627

Live

Nation

Entertainment,

Inc.

4.88%,

11/01/24

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

19

19,133

6.50%,

05/15/27

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

949

1,021,428

4.75%,

10/15/27

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

516

508,391

Playtika

Holding

Corp.,

4.25%,

03/15/29

....

383

366,244

WMG

Acquisition

Corp.,

3.88%,

07/15/30

...

84

80,152

2,470,057

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

American

Finance

Trust,

Inc.,

4.50%,

09/30/28

(b)

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

25

24,250

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

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

145

137,051

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

....

134

132,660

Diversified

Healthcare

Trust,

9.75%,

06/15/25

114

120,922

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(b)

....

128

123,200

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

.......

327

319,642

Iron

Mountain,

Inc.

(b)

5.25%,

07/15/30

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

451

447,820

5.63%,

07/15/32

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

653

660,134

LMIRT

Capital

Pte.

Ltd.,

7.25%,

06/19/24

(e)

..

450

447,750

MGM

Growth

Properties

Operating

Partnership

LP,

4.63%,

06/15/25

(b)

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

16

16,720

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

RHP

Hotel

Properties

LP

4.75%,

10/15/27

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

USD

600

$

590,881

4.50%,

02/15/29

(b)

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

515

498,304

RLJ

Lodging

Trust

LP,

4.00%,

09/15/29

(b)

...

80

75,400

Service

Properties

Trust

4.35%,

10/01/24

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

26

24,835

7.50%,

09/15/25

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

249

262,404

5.50%,

12/15/27

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

78

77,283

Trust

Fibra

Uno,

5.25%,

01/30/26

(b)

.......

200

214,913

Uniti

Group

LP

(b)

7.88%,

02/15/25

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

89

92,693

4.75%,

04/15/28

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

572

554,537

6.50%,

02/15/29

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

713

674,491

6.00%,

01/15/30

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

170

155,550

VICI

Properties

LP,

4.13%,

08/15/30

(b)

.....

511

512,569

6,164,009

Food

&

Staples

Retailing

—

0.1%

(b)

Albertsons

Cos.,

Inc.

5.88%,

02/15/28

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

467

486,890

4.88%,

02/15/30

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

10

10,187

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

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

277

259,912

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

.

55

58,369

US

Foods,

Inc.

6.25%,

04/15/25

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

64

66,154

4.75%,

02/15/29

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

231

226,715

1,108,227

Food

Products

—

0.4%

BRF

SA,

4.88%,

01/24/30

(e)

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

496

487,568

Chobani

LLC,

7.50%,

04/15/25

(b)

........

955

974,768

Frigorifico

Concepcion

SA,

7.70%,

07/21/28

(b)

200

196,600

Grupo

Bimbo

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.28%),

5.95%

(a)(b)(h)

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

524

538,017

Health

&

Happiness

H&H

International

Holdings

Ltd.,

5.63%,

10/24/24

(e)

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

472

464,861

Kraft

Heinz

Foods

Co.

5.20%,

07/15/45

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

233

269,978

4.38%,

06/01/46

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

31

32,760

4.88%,

10/01/49

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

724

822,081

5.50%,

06/01/50

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

956

1,181,584

Lamb

Weston

Holdings,

Inc.,

4.38%,

01/31/32

(b)

131

129,199

MHP

Lux

SA,

6.25%,

09/19/29

(b)

.........

457

380,681

Post

Holdings,

Inc.

(b)

5.50%,

12/15/29

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

34

34,943

4.63%,

04/15/30

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

41

39,514

4.50%,

09/15/31

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

83

78,992

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

205

196,544

5,828,090

Gas

Utilities

—

0.0%

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

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

115

113,275

Health

Care

Equipment

&

Supplies

—

0.3%

(b)

Avantor

Funding,

Inc.

4.63%,

07/15/28

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

472

470,820

3.88%,

11/01/29

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

293

281,280

Mozart

Debt

Merger

Sub,

Inc.,

5.25%,

10/01/29

1,723

1,675,617

Ortho-Clinical

Diagnostics,

Inc.

7.38%,

06/01/25

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

222

231,990

7.25%,

02/01/28

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

1,569

1,674,908

4,334,615

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

0.7%

Acadia

Healthcare

Co.,

Inc.

(b)

5.50%,

07/01/28

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

USD

132

$

133,237

5.00%,

04/15/29

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

69

67,965

AdaptHealth

LLC

(b)

6.13%,

08/01/28

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

47

49,115

5.13%,

03/01/30

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

41

40,131

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

.

352

345,409

Akumin

Escrow,

Inc.,

7.50%,

08/01/28

(b)

....

38

34,580

Akumin,

Inc.,

7.00%,

11/01/25

(b)

.........

45

41,512

Cano

Health

LLC,

6.25%,

10/01/28

(b)

......

119

114,240

Community

Health

Systems,

Inc.

(b)

6.63%,

02/15/25

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

1,418

1,467,488

8.00%,

03/15/26

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

1,247

1,298,058

5.63%,

03/15/27

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

307

308,661

6.00%,

01/15/29

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

481

489,846

6.88%,

04/15/29

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

375

370,781

6.13%,

04/01/30

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

361

343,746

5.25%,

05/15/30

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

33

32,858

DaVita,

Inc.,

4.63%,

06/01/30

(b)

.........

11

10,702

Encompass

Health

Corp.

4.50%,

02/01/28

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

23

22,943

4.75%,

02/01/30

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

31

30,612

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

......

326

318,665

Legacy

LifePoint

Health

LLC

(b)

6.75%,

04/15/25

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

207

214,245

4.38%,

02/15/27

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

102

99,945

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

....

242

230,202

MEDNAX,

Inc.,

6.25%,

01/15/27

(b)

........

136

142,097

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/01/29

(b)

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

136

131,726

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

.......

55

57,063

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

..

109

106,201

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

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

424

442,020

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

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

56

58,914

Surgery

Center

Holdings,

Inc.

(b)

6.75%,

07/01/25

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

1,949

1,951,436

10.00%,

04/15/27

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

224

235,480

Tenet

Healthcare

Corp.

(b)

4.88%,

01/01/26

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

817

820,693

6.25%,

02/01/27

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

508

519,790

5.13%,

11/01/27

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

304

304,672

4.63%,

06/15/28

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

48

47,546

6.13%,

10/01/28

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

399

400,305

4.25%,

06/01/29

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

128

123,404

Vizient,

Inc.,

6.25%,

05/15/27

(b)

.........

72

73,800

11,480,088

Hotels,

Restaurants

&

Leisure

—

1.4%

1011778

BC

ULC,

4.38%,

01/15/28

(b)

......

10

9,812

Affinity

Gaming,

6.88%,

12/15/27

(b)

.......

100

101,500

Boyd

Gaming

Corp.

8.63%,

06/01/25

(b)

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

62

65,776

4.75%,

12/01/27

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

117

116,407

4.75%,

06/15/31

(b)

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

405

397,523

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

195

195,839

Caesars

Entertainment,

Inc.

(b)

6.25%,

07/01/25

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

1,045

1,081,335

8.13%,

07/01/27

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

1,166

1,254,907

4.63%,

10/15/29

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

845

809,005

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

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

502

516,909

Carnival

Corp.

(b)

10.50%,

02/01/26

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

340

381,820

5.75%,

03/01/27

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

836

801,891

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

9.88%,

08/01/27

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

USD

349

$

391,316

4.00%,

08/01/28

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

1,430

1,360,331

6.00%,

05/01/29

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

445

428,090

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

......

105

108,675

Cedar

Fair

LP

5.50%,

05/01/25

(b)

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

627

645,810

6.50%,

10/01/28

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

139

146,298

Champion

Path

Holdings

Ltd.,

4.85%,

01/27/28

(e)

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

410

354,727

Churchill

Downs,

Inc.

(b)

5.50%,

04/01/27

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

84

86,260

4.75%,

01/15/28

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

421

423,477

Everi

Holdings,

Inc.,

5.00%,

07/15/29

(b)

.....

42

41,790

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

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

210

204,654

6.75%,

01/15/30

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

299

290,538

Fortune

Star

BVI

Ltd.

(e)

6.75%,

07/02/23

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

850

845,750

5.95%,

10/19/25

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

455

441,350

5.05%,

01/27/27

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

450

407,250

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(b)

....

1,012

1,012,101

Hilton

Domestic

Operating

Co.,

Inc.,

4.88%,

01/15/30

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

295

304,458

Jacobs

Entertainment,

Inc.,

6.75%,

02/15/29

(b)

86

86,860

Life

Time,

Inc.

(b)

5.75%,

01/15/26

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

173

173,692

8.00%,

04/15/26

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

136

139,060

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

.

160

161,286

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

204

193,800

Melco

Resorts

Finance

Ltd.

(e)

5.63%,

07/17/27

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

200

192,288

5.38%,

12/04/29

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

383

361,456

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

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

213

208,101

NCL

Corp.

Ltd.

(b)

10.25%,

02/01/26

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

40

45,300

5.88%,

03/15/26

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

208

198,120

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

......

456

431,239

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

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

172

184,418

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(b)

74

69,560

Powdr

Corp.,

6.00%,

08/01/25

(b)

.........

133

137,655

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

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

95

89,529

5.88%,

09/01/31

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

95

89,531

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

..

146

144,540

Royal

Caribbean

Cruises

Ltd.

(b)

10.88%,

06/01/23

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

75

80,303

9.13%,

06/15/23

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

110

115,885

11.50%,

06/01/25

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

126

139,448

5.50%,

08/31/26

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

87

84,825

5.38%,

07/15/27

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

235

227,104

5.50%,

04/01/28

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

525

509,402

Scientific

Games

International,

Inc.

(b)

8.63%,

07/01/25

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

132

139,920

5.00%,

10/15/25

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

550

561,399

8.25%,

03/15/26

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

524

546,925

7.00%,

05/15/28

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

92

96,623

7.25%,

11/15/29

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

33

35,742

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

611

636,968

Station

Casinos

LLC

(b)

4.50%,

02/15/28

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

154

149,528

4.63%,

12/01/31

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

197

187,150

Studio

City

Finance

Ltd.,

6.00%,

07/15/25

(e)

..

709

674,348

Travel

+

Leisure

Co.,

6.63%,

07/31/26

(b)

....

36

38,430

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

......

USD

79

$

81,765

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

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

191

186,703

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

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

59

58,540

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

...

155

152,492

Wynn

Macau

Ltd.,

5.50%,

01/15/26

(e)

......

531

498,237

Wynn

Resorts

Finance

LLC

(b)

7.75%,

04/15/25

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

106

110,378

5.13%,

10/01/29

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

684

664,779

Yum!

Brands,

Inc.,

5.35%,

11/01/43

.......

115

121,037

22,229,965

Household

Durables

—

0.2%

Ashton

Woods

USA

LLC

(b)

6.63%,

01/15/28

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

30

31,542

4.63%,

08/01/29

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

430

423,550

4.63%,

04/01/30

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

124

122,275

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

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

171

168,811

4.88%,

02/15/30

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

490

476,045

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

170

177,013

Controladora

Mabe

SA

de

CV,

5.60%,

10/23/28

(b)

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

537

602,212

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(b)

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

53

54,362

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

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

184

191,360

Mattamy

Group

Corp.

(b)

5.25%,

12/15/27

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

74

75,304

4.63%,

03/01/30

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

174

171,552

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(b)

43

43,538

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

170

176,202

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(b)

.

235

218,550

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

(b)

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

7

7,255

TRI

Pointe

Homes,

Inc.,

5.70%,

06/15/28

...

37

39,222

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

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

256

258,240

3,237,033

Household

Products

—

0.0%

(b)

Central

Garden

&

Pet

Co.,

4.13%,

04/30/31

..

160

152,800

Energizer

Holdings,

Inc.,

4.75%,

06/15/28

...

105

102,375

Spectrum

Brands,

Inc.

5.00%,

10/01/29

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

99

102,218

5.50%,

07/15/30

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

63

65,677

423,070

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Calpine

Corp.

(b)

5.25%,

06/01/26

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

41

41,738

5.13%,

03/15/28

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

1,000

975,530

4.63%,

02/01/29

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

44

41,662

5.00%,

02/01/31

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

235

222,663

1,281,593

Industrial

Conglomerates

—

0.0%

Alfa

SAB

de

CV,

6.88%,

03/25/44

(e)

.......

220

271,356

Insurance

—

0.8%

Acrisure

LLC,

6.00%,

08/01/29

(b)

.........

189

179,550

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

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

282

274,245

6.75%,

10/15/27

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

3,300

3,261,654

5.88%,

11/01/29

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

931

912,380

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Allianz

SE

(a)(b)(h)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.50%

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

USD

2,000

$

1,962,500

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%

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

1,000

923,750

Ambac

Assurance

Corp.,

5.10%

(b)(h)

.......

4

4,607

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

....

328

321,030

Asahi

Mutual

Life

Insurance

Co.,

(USD

Swap

Semi

5

Year

+

4.59%),

6.50%

(a)(e)(h)

......

200

210,700

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

(b)

117

111,559

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

..

225

228,375

Highlands

Holdings

Bond

Issuer

Ltd.,

7.63%,

10/15/25

(b)

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

8

8,669

HUB

International

Ltd.,

7.00%,

05/01/26

(b)

...

1,157

1,187,661

Liberty

Mutual

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.12%,

12/15/51

(a)(b)

........

850

837,250

NFP

Corp.

(b)

4.88%,

08/15/28

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

997

974,019

6.88%,

08/15/28

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

1,620

1,541,025

Ryan

Specialty

Group

LLC,

4.38%,

02/01/30

(b)

126

125,370

13,064,344

Interactive

Media

&

Services

—

0.0%

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

(b)

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

158

147,335

Internet

&

Direct

Marketing

Retail

—

0.0%

Match

Group

Holdings

II

LLC

(b)

4.63%,

06/01/28

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

100

98,750

3.63%,

10/01/31

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

89

81,554

180,304

IT

Services

—

0.2%

(b)

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

...

331

316,519

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

..

96

92,943

Arches

Buyer,

Inc.,

4.25%,

06/01/28

......

83

78,376

Austin

BidCo,

Inc.,

7.13%,

12/15/28

.......

54

54,810

Booz

Allen

Hamilton,

Inc.,

4.00%,

07/01/29

..

398

393,025

CA

Magnum

Holdings,

5.38%,

10/31/26

....

312

318,147

Cablevision

Lightpath

LLC,

5.63%,

09/15/28

.

400

381,796

Endure

Digital,

Inc.,

6.00%,

02/15/29

......

69

61,410

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

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

200

199,684

MoneyGram

International,

Inc.,

5.38%,

08/01/26

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

87

89,602

Northwest

Fiber

LLC

4.75%,

04/30/27

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

233

221,932

6.00%,

02/15/28

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

155

145,747

10.75%,

06/01/28

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

58

62,980

Tempo

Acquisition

LLC,

5.75%,

06/01/25

...

114

117,421

2,534,392

Leisure

Products

—

0.1%

Mattel,

Inc.

5.88%,

12/15/27

(b)

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

431

457,938

6.20%,

10/01/40

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

129

158,869

5.45%,

11/01/41

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

249

278,880

895,687

Life

Sciences

Tools

&

Services

—

0.0%

Syneos

Health,

Inc.,

3.63%,

01/15/29

(b)

....

49

46,441

Machinery

—

0.3%

Clark

Equipment

Co.,

5.88%,

06/01/25

(b)

....

46

47,426

Colfax

Corp.,

6.38%,

02/15/26

(b)

.........

30

30,825

EnPro

Industries,

Inc.,

5.75%,

10/15/26

....

65

67,438

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

...

USD

104

$

100,446

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(j)

..........

105

109,725

Meritor,

Inc.,

4.50%,

12/15/28

(b)

.........

45

43,808

OT

Merger

Corp.,

7.88%,

10/15/29

(b)

......

94

91,131

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(b)

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

100

98,988

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

.

89

92,894

Terex

Corp.,

5.00%,

05/15/29

(b)

.........

230

228,137

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

....

1,227

1,250,006

Titan

International,

Inc.,

7.00%,

04/30/28

...

55

57,871

TK

Elevator

Holdco

GmbH,

7.63%,

07/15/28

(b)

606

637,815

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

1,260

1,275,750

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

..

180

174,470

4,306,730

Marine

—

0.0%

Seaspan

Corp.,

5.50%,

08/01/29

(b)

.......

269

266,036

Media

—

1.4%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(b)

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

67

66,498

Altice

Financing

SA

(b)

5.00%,

01/15/28

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

429

399,090

5.75%,

08/15/29

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

1,471

1,374,914

AMC

Networks,

Inc.,

4.25%,

02/15/29

.....

95

91,373

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

39

38,355

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

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

247

253,792

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%,

04/15/28

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

605

627,687

7.50%,

06/01/29

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

1,100

1,139,875

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

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

2,280

2,280,000

CSC

Holdings

LLC

(b)

6.50%,

02/01/29

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

290

301,919

5.75%,

01/15/30

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

896

844,283

4.50%,

11/15/31

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

385

358,720

5.00%,

11/15/31

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

215

193,730

DIRECTV

Holdings

LLC,

5.88%,

08/15/27

(b)

..

626

628,316

DISH

DBS

Corp.

5.25%,

12/01/26

(b)

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

1,742

1,689,740

5.75%,

12/01/28

(b)

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

1,194

1,142,562

5.13%,

06/01/29

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

297

259,133

iHeartCommunications,

Inc.,

8.38%,

05/01/27

31

32,422

LCPR

Senior

Secured

Financing

DAC

(b)

6.75%,

10/15/27

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

878

910,907

5.13%,

07/15/29

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

791

775,734

Midas

OpCo

Holdings

LLC,

5.63%,

08/15/29

(b)

83

81,589

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

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

668

643,070

6.50%,

09/15/28

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

2,248

2,169,320

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

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

49

45,080

Sirius

XM

Radio,

Inc.

(b)

4.00%,

07/15/28

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

434

419,895

3.88%,

09/01/31

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

767

709,475

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(b)

.

689

727,240

Univision

Communications,

Inc.

(b)

5.13%,

02/15/25

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

574

578,454

6.63%,

06/01/27

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

365

385,026

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

.

369

365,568

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

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

1,657

1,561,722

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(b)

.....

513

486,650

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Ziggo

BV,

4.88%,

01/15/30

(b)

...........

USD

200

$

193,500

21,775,639

Metals

&

Mining

—

0.8%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%,

07/31/24

(e)

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

405

430,313

Allegheny

Technologies,

Inc.

4.88%,

10/01/29

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

83

81,492

5.13%,

10/01/31

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

93

91,061

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

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

200

194,500

Arconic

Corp.,

6.13%,

02/15/28

(b)

........

295

306,048

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

1,544

1,638,416

Commercial

Metals

Co.,

4.38%,

03/15/32

...

70

69,589

Constellium

SE

(b)

5.88%,

02/15/26

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

663

668,801

5.63%,

06/15/28

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

250

256,250

3.75%,

04/15/29

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

436

412,264

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

.....

118

116,230

Freeport-McMoRan,

Inc.,

5.45%,

03/15/43

..

1,555

1,829,069

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

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

61

65,727

Kaiser

Aluminum

Corp.,

4.50%,

06/01/31

(b)

..

218

207,100

Metalloinvest

Finance

DAC,

3.38%,

10/22/28

(b)

779

716,680

Metinvest

BV,

8.50%,

04/23/26

(e)

.........

246

216,726

New

Gold,

Inc.

(b)

6.38%,

05/15/25

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

94

95,880

7.50%,

07/15/27

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

731

767,550

Nexa

Resources

SA,

5.38%,

05/04/27

(b)

....

922

954,270

Novelis

Corp.

(b)

4.75%,

01/30/30

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

981

976,095

3.88%,

08/15/31

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

860

809,922

Periama

Holdings

LLC,

5.95%,

04/19/26

(e)

...

365

376,863

United

States

Steel

Corp.,

6.88%,

03/01/29

..

340

343,400

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(e)

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

484

502,392

8.95%,

03/11/25

(b)

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

682

648,036

12,774,674

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.,

4.38%,

01/15/27

(b)

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

72

71,746

Multiline

Retail

—

0.0%

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

...

418

430,544

Multi-Utilities

—

0.1%

Dominion

Energy,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%),

4.35%

(a)(h)

...........

790

795,925

Oil,

Gas

&

Consumable

Fuels

—

2.3%

Adani

Green

Energy

UP

Ltd.,

6.25%,

12/10/24

(e)

200

212,038

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

....

396

417,039

Antero

Midstream

Partners

LP

(b)

5.75%,

03/01/27

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

132

133,980

5.75%,

01/15/28

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

33

33,653

5.38%,

06/15/29

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

169

170,114

Antero

Resources

Corp.

(b)

7.63%,

02/01/29

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

119

129,710

5.38%,

03/01/30

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

81

83,819

Apache

Corp.

4.25%,

01/15/30

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

163

164,956

5.10%,

09/01/40

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

191

200,347

5.25%,

02/01/42

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

45

48,461

5.35%,

07/01/49

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

36

37,734

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

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

217

288,610

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.88%,

06/30/29

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

USD

519

$

500,835

Azure

Power

Energy

Ltd.,

3.58%,

08/19/26

(b)

.

200

196,000

Bonanza

Creek

Energy,

Inc.,

5.00%,

10/15/26

(b)

72

71,978

BP

Capital

Markets

plc

(a)(h)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%

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

1,275

1,306,875

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%),

4.88%

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

1,175

1,241,094

Buckeye

Partners

LP

4.13%,

03/01/25

(b)

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

7

6,961

5.85%,

11/15/43

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

93

85,081

5.60%,

10/15/44

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

117

106,152

Callon

Petroleum

Co.

6.13%,

10/01/24

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

77

77,000

9.00%,

04/01/25

(b)

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

503

538,210

8.00%,

08/01/28

(b)

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

604

615,325

Centennial

Resource

Production

LLC,

6.88%,

04/01/27

(b)

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

123

124,230

Chesapeake

Energy

Corp.

(b)

5.88%,

02/01/29

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

21

21,895

6.75%,

04/15/29

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

525

561,094

Citgo

Holding,

Inc.,

9.25%,

08/01/24

(b)

.....

226

225,704

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

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

171

172,282

6.38%,

06/15/26

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

392

390,040

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

76

74,214

CNX

Resources

Corp.,

6.00%,

01/15/29

(b)

...

59

60,770

Colgate

Energy

Partners

III

LLC

(b)

7.75%,

02/15/26

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

91

97,597

5.88%,

07/01/29

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

399

405,484

Comstock

Resources,

Inc.

(b)

7.50%,

05/15/25

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

99

100,703

6.75%,

03/01/29

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

542

557,604

5.88%,

01/15/30

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

350

347,847

Continuum

Energy

Levanter

Pte.

Ltd.

4.50%,

02/09/27

(e)

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

218

215,894

4.50%,

02/09/27

(b)

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

422

417,067

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

551

549,143

Crescent

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

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

341

349,900

Crestwood

Midstream

Partners

LP,

6.00%,

02/01/29

(b)

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

6

6,045

CrownRock

LP,

5.63%,

10/15/25

(b)

.......

1,014

1,021,575

DCP

Midstream

Operating

LP

6.75%,

09/15/37

(b)

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

210

270,421

5.60%,

04/01/44

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

46

53,360

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

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

350

345,272

4.38%,

06/15/31

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

560

553,000

Enbridge,

Inc.,

Series

16-A,

(LIBOR

USD

3

Month

+

3.89%),

6.00%,

01/15/77

(a)

.....

750

795,851

Energean

Israel

Finance

Ltd.,

4.88%,

03/30/26

(b)(e)

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

609

597,215

Energy

Transfer

LP,

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(a)(h)

...........

879

899,050

EnLink

Midstream

LLC,

5.63%,

01/15/28

(b)

..

131

134,498

EnLink

Midstream

Partners

LP

4.85%,

07/15/26

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

17

17,460

5.60%,

04/01/44

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

99

89,595

5.05%,

04/01/45

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

32

27,424

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(b)

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

169

174,493

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.13%,

12/01/26

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

USD

16

$

15,832

6.50%,

07/01/27

(b)

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

337

352,165

EQT

Corp.

3.90%,

10/01/27

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

28

28,190

7.50%,

02/01/30

(k)

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

57

67,907

3.63%,

05/15/31

(b)

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

41

40,590

Genesis

Energy

LP

6.50%,

10/01/25

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

10

9,785

7.75%,

02/01/28

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

49

48,289

Geopark

Ltd.,

5.50%,

01/17/27

(b)

.........

200

188,000

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(b)

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

13

13,571

Greenko

Solar

Mauritius

Ltd.

(e)

5.55%,

01/29/25

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

200

201,000

5.95%,

07/29/26

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

200

206,500

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(b)

..

40

41,659

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(b)

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

209

201,685

India

Green

Energy

Holdings

5.38%,

04/29/24

(e)

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

250

252,500

5.38%,

04/29/24

(b)

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

550

555,500

Investment

Energy

Resources

Ltd.,

6.25%,

04/26/29

(b)

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

200

207,000

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

282

270,559

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)(e)

...

191

195,598

Matador

Resources

Co.,

5.88%,

09/15/26

...

451

457,210

MC

Brazil

Downstream

Trading

SARL,

7.25%,

06/30/31

(b)

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

260

248,040

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

05/14/26

(e)

.

400

406,500

Mongolian

Mining

Corp.,

9.25%,

04/15/24

(e)

..

250

192,781

Murphy

Oil

Corp.,

6.37%,

12/01/42

(k)

......

11

10,518

New

Fortress

Energy,

Inc.

(b)

6.75%,

09/15/25

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

770

729,575

6.50%,

09/30/26

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

848

792,880

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

132

134,112

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(b)

.....

174

235,824

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

576

600,480

NuStar

Logistics

LP

5.75%,

10/01/25

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

69

72,019

6.00%,

06/01/26

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

82

86,007

6.38%,

10/01/30

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

17

18,389

Occidental

Petroleum

Corp.

6.95%,

07/01/24

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

39

42,510

5.50%,

12/01/25

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

82

87,015

5.55%,

03/15/26

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

30

32,025

3.00%,

02/15/27

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

4

3,870

8.88%,

07/15/30

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

24

31,108

4.30%,

08/15/39

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

304

286,520

6.20%,

03/15/40

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

826

956,095

4.50%,

07/15/44

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

160

154,400

4.63%,

06/15/45

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

332

321,625

6.60%,

03/15/46

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

8

10,057

4.40%,

04/15/46

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

647

618,739

4.10%,

02/15/47

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

65

59,430

4.20%,

03/15/48

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

353

328,290

4.40%,

08/15/49

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

68

64,600

Oil

and

Gas

Holding

Co.

BSCC

(The),

7.63%,

11/07/24

(e)

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

452

483,075

OQ

SAOC,

5.13%,

05/06/28

(b)

..........

449

451,890

Parkland

Corp.,

5.88%,

07/15/27

(b)

.......

118

121,666

PDC

Energy,

Inc.,

6.13%,

09/15/24

.......

25

25,250

Puma

International

Financing

SA,

5.00%,

01/24/26

(b)

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

766

762,314

Range

Resources

Corp.

4.88%,

05/15/25

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

49

49,938

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

9.25%,

02/01/26

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

USD

36

$

38,498

4.75%,

02/15/30

(b)

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

106

105,872

ReNew

Power

Ltd.,

6.45%,

09/27/22

(e)

.....

500

501,969

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(b)

..

281

284,513

SM

Energy

Co.

10.00%,

01/15/25

(b)

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

531

577,462

5.63%,

06/01/25

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

60

59,550

6.75%,

09/15/26

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

97

97,970

6.50%,

07/15/28

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

71

73,343

Southwestern

Energy

Co.

5.38%,

02/01/29

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

597

607,077

4.75%,

02/01/32

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

209

208,647

Summit

Midstream

Holdings

LLC,

8.50%,

10/15/26

(b)

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

88

90,174

Sunoco

LP,

6.00%,

04/15/27

...........

4

4,128

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(b)

.

740

758,500

Targa

Resources

Partners

LP

5.88%,

04/15/26

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

16

16,490

5.50%,

03/01/30

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

249

263,629

4.88%,

02/01/31

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

107

111,815

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

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

628

626,895

4.13%,

08/15/31

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

570

573,700

3.88%,

11/01/33

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

640

633,267

Western

Midstream

Operating

LP

5.45%,

04/01/44

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

129

142,545

5.30%,

03/01/48

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

399

440,895

5.50%,

08/15/48

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

39

43,095

6.50%,

02/01/50

(k)

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

960

1,053,211

35,407,026

Paper

&

Forest

Products

—

0.0%

Suzano

Austria

GmbH

3.75%,

01/15/31

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

258

251,437

3.13%,

01/15/32

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

344

318,200

569,637

Personal

Products

—

0.0%

Coty,

Inc.,

4.75%,

01/15/29

(b)

...........

123

121,155

Pharmaceuticals

—

0.4%

(b)

Bausch

Health

Americas,

Inc.,

8.50%,

01/31/27

247

249,779

Bausch

Health

Cos.,

Inc.

6.13%,

02/01/27

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

125

125,469

7.00%,

01/15/28

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

535

479,494

5.00%,

01/30/28

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

99

83,407

4.88%,

06/01/28

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

140

132,698

5.00%,

02/15/29

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

127

102,235

6.25%,

02/15/29

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

68

57,545

7.25%,

05/30/29

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

340

306,000

Cheplapharm

Arzneimittel

GmbH,

5.50%,

01/15/28

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

200

201,420

Embecta

Corp.,

5.00%,

02/15/30

........

61

61,076

Endo

DAC,

9.50%,

07/31/27

...........

544

537,309

Endo

Luxembourg

Finance

Co.

I

SARL,

6.13%,

04/01/29

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

361

343,029

Jazz

Securities

DAC,

4.38%,

01/15/29

.....

403

397,902

Organon

&

Co.,

5.13%,

04/30/31

........

897

897,000

P&L

Development

LLC,

7.75%,

11/15/25

....

205

198,850

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

..

1,378

1,386,612

5,559,825

Professional

Services

—

0.1%

(b)

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

....

56

55,563

CoreLogic,

Inc.,

4.50%,

05/01/28

........

730

698,975

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

272

271,320

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Science

Applications

International

Corp.,

4.88%,

04/01/28

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

USD

81

$

81,405

1,107,263

Real

Estate

Management

&

Development

—

1.1%

Agile

Group

Holdings

Ltd.,

5.75%,

01/02/25

(e)

.

518

227,920

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

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

747

714,319

Celulosa

Arauco

y

Constitucion

SA,

4.20%,

01/29/30

(e)

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

200

206,750

CFLD

Cayman

Investment

Ltd.

(d)(e)(g)

8.63%,

02/28/21

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

200

51,000

6.90%,

01/13/23

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

618

154,809

China

Aoyuan

Group

Ltd.

(d)(e)(g)

7.95%,

02/19/23

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

600

105,000

6.35%,

02/08/24

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

365

63,875

5.98%,

08/18/25

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

265

45,050

6.20%,

03/24/26

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

200

34,000

China

Evergrande

Group

(d)(e)(g)

9.50%,

04/11/22

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

272

44,880

11.50%,

01/22/23

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

390

62,400

10.00%,

04/11/23

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

733

117,280

12.00%,

01/22/24

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

822

131,520

10.50%,

04/11/24

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

250

40,000

China

SCE

Group

Holdings

Ltd.

(e)

7.25%,

04/19/23

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

200

157,000

7.38%,

04/09/24

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

541

408,455

CIFI

Holdings

Group

Co.

Ltd.

(e)

6.45%,

11/07/24

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

411

371,955

6.00%,

07/16/25

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

434

383,005

Country

Garden

Holdings

Co.

Ltd.

(e)

5.40%,

05/27/25

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

639

549,540

6.15%,

09/17/25

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

600

522,000

4.80%,

08/06/30

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

560

442,400

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

(b)

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

179

189,071

Easy

Tactic

Ltd.

(e)

8.63%,

02/27/24

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

1,000

345,000

8.13%,

07/11/24

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

200

68,000

Fantasia

Holdings

Group

Co.

Ltd.

(d)(e)(g)

15.00%,

12/18/21

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

400

83,000

11.75%,

04/17/22

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

600

123,000

12.25%,

10/18/22

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

400

82,000

10.88%,

01/09/23

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

218

44,690

11.88%,

06/01/23

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

300

61,500

9.25%,

07/28/23

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

600

123,000

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(b)

83

85,594

Global

Prime

Capital

Pte.

Ltd.,

5.95%,

01/23/25

(e)

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

204

205,020

Howard

Hughes

Corp.

(The)

(b)

5.38%,

08/01/28

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

299

304,581

4.13%,

02/01/29

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

118

113,425

4.38%,

02/01/31

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

366

348,157

JGC

Ventures

Pte.

Ltd.

0.00%,

06/30/25

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

—

(l)

128

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(d)(e)(g)(j)

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

239

127,096

Kaisa

Group

Holdings

Ltd.

(d)(e)(g)

8.50%,

06/30/22

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

200

54,750

11.95%,

10/22/22

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

412

114,330

11.50%,

01/30/23

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

700

186,944

10.88%,

07/23/23

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

790

210,732

9.75%,

09/28/23

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

624

166,062

11.95%,

11/12/23

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

200

54,500

11.70%,

11/11/25

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

200

53,350

Kennedy-Wilson,

Inc.,

4.75%,

02/01/30

....

112

110,040

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

KWG

Group

Holdings

Ltd.,

5.95%,

08/10/25

(e)

USD

550

$

297,000

Logan

Group

Co.

Ltd.

(e)

6.90%,

06/09/24

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

200

152,750

5.25%,

10/19/25

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

200

147,000

MAF

Sukuk

Ltd.

(e)

4.64%,

05/14/29

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

665

723,104

3.93%,

02/28/30

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

414

434,519

Modern

Land

China

Co.

Ltd.

(d)(e)(g)

12.85%,

10/25/21

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

200

38,000

9.80%,

04/11/23

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

200

36,000

Modernland

Overseas

Pte.

Ltd.,

3.00%,

(3.00%

Cash

or

3.00%

PIK),

04/30/27

(d)(e)(g)(j)

.....

447

199,058

New

Metro

Global

Ltd.

(e)

6.50%,

05/20/22

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

251

212,095

6.80%,

08/05/23

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

208

160,160

NWD

Finance

BVI

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.86%),

4.12%

(a)(e)(h)

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

589

572,803

Powerlong

Real

Estate

Holdings

Ltd.

(e)

7.13%,

11/08/22

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

400

336,000

6.25%,

08/10/24

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

212

163,240

Realogy

Group

LLC

(b)

7.63%,

06/15/25

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

22

23,338

5.75%,

01/15/29

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

217

213,159

5.25%,

04/15/30

..................

126

120,645

Redsun

Properties

Group

Ltd.,

10.50%,

10/03/22

(e)

.....................

712

299,040

RKPF

Overseas

2019

A

Ltd.,

6.00%,

09/04/25

(e)

430

371,950

RKPF

Overseas

2020

A

Ltd.,

5.20%,

01/12/26

(e)

200

168,000

Ronshine

China

Holdings

Ltd.

(e)

8.75%,

10/25/22

..................

500

180,000

8.95%,

01/22/23

..................

215

55,900

8.10%,

06/09/23

..................

200

52,000

Scenery

Journey

Ltd.

(d)(e)(g)

11.50%,

10/24/22

.................

950

95,000

13.00%,

11/06/22

.................

733

73,300

12.00%,

10/24/23

.................

626

62,600

Seazen

Group

Ltd.,

6.45%,

06/11/22

(e)

.....

200

165,000

Shimao

Group

Holdings

Ltd.

(e)

5.60%,

07/15/26

..................

200

91,000

3.45%,

01/11/31

..................

500

202,500

Shui

On

Development

Holding

Ltd.

6.15%,

08/24/24

(e)

.................

635

593,725

Sunac

China

Holdings

Ltd.

(e)

7.50%,

02/01/24

..................

300

180,000

6.65%,

08/03/24

..................

200

119,000

7.00%,

07/09/25

..................

472

273,760

Theta

Capital

Pte.

Ltd.,

8.13%,

01/22/25

(e)

...

200

205,000

Times

China

Holdings

Ltd.,

6.75%,

07/08/25

(e)

752

360,960

Wanda

Properties

International

Co.

Ltd.,

7.25%,

01/29/24

(e)

.....................

250

230,625

Wanda

Properties

Overseas

Ltd.,

6.88%,

07/23/23

(e)

.....................

200

187,500

WeWork

Cos.

LLC,

5.00%,

07/10/25

(b)

.....

242

205,898

Yango

Justice

International

Ltd.

10.25%,

09/15/22

.................

450

90,000

8.25%,

11/25/23

(e)

.................

472

94,400

7.88%,

09/04/24

(e)

.................

290

55,100

Yanlord

Land

HK

Co.

Ltd.,

6.80%,

02/27/24

(e)

.

660

645,150

Yuzhou

Group

Holdings

Co.

Ltd.

(e)

6.00%,

10/25/23

..................

200

44,000

8.38%,

10/30/24

..................

200

44,000

8.30%,

05/27/25

..................

200

43,000

7.85%,

08/12/26

..................

200

42,975

6.35%,

01/13/27

..................

600

129,000

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Zhenro

Properties

Group

Ltd.

(e)

9.15%,

05/06/23

..................

USD

200

$

98,000

6.63%,

01/07/26

..................

255

104,550

17,478,932

Road

&

Rail

—

0.3%

(b)

Albion

Financing

1

SARL,

6.13%,

10/15/26

..

200

199,500

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

82

82,171

Hertz

Corp.

(The)

4.63%,

12/01/26

..................

103

99,930

5.00%,

12/01/29

..................

164

157,916

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

...

214

211,860

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/29

.................

182

183,820

Uber

Technologies,

Inc.

7.50%,

05/15/25

..................

552

576,992

8.00%,

11/01/26

..................

840

890,744

7.50%,

09/15/27

..................

352

374,810

6.25%,

01/15/28

..................

156

161,850

4.50%,

08/15/29

..................

1,041

1,009,770

3,949,363

Software

—

0.4%

(b)

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

.....

176

182,974

Boxer

Parent

Co.,

Inc.

7.13%,

10/02/25

..................

260

271,086

9.13%,

03/01/26

..................

596

621,330

Castle

US

Holding

Corp.,

9.50%,

02/15/28

..

153

157,590

Clarivate

Science

Holdings

Corp.

3.88%,

07/01/28

..................

319

304,310

4.88%,

07/01/29

..................

627

597,218

Consensus

Cloud

Solutions,

Inc.

6.00%,

10/15/26

..................

59

60,782

6.50%,

10/15/28

..................

77

78,972

Elastic

NV,

4.13%,

07/15/29

...........

304

284,240

Fair

Isaac

Corp.,

4.00%,

06/15/28

........

183

181,170

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

200

195,000

MicroStrategy,

Inc.,

6.13%,

06/15/28

......

223

212,965

Minerva

Merger

Sub,

Inc.,

6.50%,

02/15/30

..

257

256,358

NCR

Corp.

5.00%,

10/01/28

..................

70

69,549

5.13%,

04/15/29

..................

224

223,509

6.13%,

09/01/29

..................

235

246,997

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

..

25

25,818

Veritas

US,

Inc.,

7.50%,

09/01/25

........

1,305

1,331,100

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

257

241,901

5,542,869

Specialty

Retail

—

0.7%

Arko

Corp.,

5.13%,

11/15/29

(b)

..........

149

141,751

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

..................

41

40,692

4.75%,

03/01/30

..................

10

9,855

5.00%,

02/15/32

(b)

.................

128

126,998

Carvana

Co.

(b)

5.50%,

04/15/27

..................

310

288,734

4.88%,

09/01/29

..................

183

162,667

eG

Global

Finance

plc

(b)

6.75%,

02/07/25

..................

600

597,975

8.50%,

10/30/25

..................

200

202,765

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

.

21

20,098

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

193

187,451

InRetail

Consumer,

3.25%,

03/22/28

(b)

.....

200

193,538

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

81

78,308

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

....

494

470,804

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

.....................

240

231,151

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(b)

......

USD

108

$

106,110

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

.....

88

89,320

PetSmart,

Inc.

(b)

4.75%,

02/15/28

..................

271

270,248

7.75%,

02/15/29

..................

1,512

1,621,968

Sonic

Automotive,

Inc.,

4.63%,

11/15/29

(b)

...

55

53,694

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

................

361

371,011

SRS

Distribution,

Inc.

(b)

4.63%,

07/01/28

..................

897

867,009

6.13%,

07/01/29

..................

769

753,620

6.00%,

12/01/29

..................

594

576,958

Staples,

Inc.

(b)

7.50%,

04/15/26

..................

1,108

1,092,765

10.75%,

04/15/27

.................

176

164,046

Vivo

Energy

Investments

BV,

5.13%,

09/24/27

(b)

586

600,577

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

1,100

1,128,622

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(j)

............

161

163,415

10,612,150

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Crocs,

Inc.

(b)

4.25%,

03/15/29

..................

120

110,436

4.13%,

08/15/31

..................

185

165,112

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

....

80

76,700

Prime

Bloom

Holdings

Ltd.,

6.95%,

07/05/22

(d)(e)

(g)

..........................

200

40,000

Wolverine

World

Wide,

Inc.,

4.00%,

08/15/29

(b)

83

79,732

471,980

Thrifts

&

Mortgage

Finance

—

0.1%

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

....

488

516,392

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

..

153

132,728

Ladder

Capital

Finance

Holdings

LLLP,

4.75%,

06/15/29

(b)

.....................

112

109,610

MGIC

Investment

Corp.,

5.25%,

08/15/28

...

105

108,549

Nationstar

Mortgage

Holdings,

Inc.

(b)

6.00%,

01/15/27

..................

218

226,149

5.13%,

12/15/30

..................

81

75,972

5.75%,

11/15/31

..................

80

77,359

1,246,759

Trading

Companies

&

Distributors

—

0.1%

(b)

Fortress

Transportation

&

Infrastructure

Investors

LLC

6.50%,

10/01/25

..................

57

58,552

9.75%,

08/01/27

..................

27

29,565

5.50%,

05/01/28

..................

264

255,486

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

......................

150

144,778

Imola

Merger

Corp.,

4.75%,

05/15/29

......

616

599,350

WESCO

Distribution,

Inc.,

7.25%,

06/15/28

..

256

274,560

1,362,291

Transportation

Infrastructure

—

0.0%

DP

World

Salaam,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.75%),

6.00%

(a)(e)(h)

...............

698

747,078

Wireless

Telecommunication

Services

—

0.6%

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

....

2,697

2,795,386

Globe

Telecom,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

4.20%

(a)(e)(h)

...............

340

340,381

Kenbourne

Invest

SA

(b)

6.88%,

11/26/24

..................

681

699,530

4.70%,

01/22/28

..................

200

191,725

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

Ligado

Networks

LLC,

0.00%,

(0.00%

Cash

or

15.50%

PIK),

11/01/23

(a)(b)(j)

..........

USD

297

$

209,502

Millicom

International

Cellular

SA

5.13%,

01/15/28

(e)

.................

474

479,577

4.50%,

04/27/31

(b)

.................

560

542,766

VEON

Holdings

BV,

4.00%,

04/09/25

(b)

.....

452

439,570

Vmed

O2

UK

Financing

I

plc,

4.75%,

07/15/31

(b)

906

865,846

Vodafone

Group

plc

(a)

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

.....................

955

1,097,636

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

................

550

523,875

VTR

Comunicaciones

SpA

(b)

5.13%,

01/15/28

..................

200

196,400

4.38%,

04/15/29

..................

450

436,140

8,818,334

Total

Corporate

Bonds

—

24.0%

(Cost:

$389,616,718)

..............................

370,292,069

Equity-Linked

Notes

—

19.1%

Air

Freight

&

Logistics

—

0.1%

Barclays

Bank

plc

(United

Parcel

Service,

Inc.),

11.70%, 02/03/22

.................

5

995,207

BNP

Paribas

SA

(FedEx

Corp.),

14.85%, 02/07/22

.................

3

622,031

1,617,238

Automobiles

—

0.3%

BNP

Paribas

SA

(General

Motors

Co.),

19.52%, 02/02/22

.................

13

699,751

Societe

Generale

SA

(Ford

Motor

Co.),

19.03%, 02/02/22

.................

174

3,218,701

3,918,452

Banks

—

1.2%

Barclays

Bank

plc

(Citigroup,

Inc.),

20.39%, 03/03/22

.................

26

1,717,339

Barclays

Bank

plc

(JPMorgan

Chase

&

Co.),

10.60%, 03/03/22

.................

22

3,296,320

BNP

Paribas

SA

(First

Republic

Bank),

16.17%, 03/03/22

.................

3

596,786

BNP

Paribas

SA

(Signature

Bank),

24.67%, 03/07/22

.................

2

578,059

BNP

Paribas

SA

(Truist

Financial

Corp.),

16.39%, 03/07/22

.................

16

1,006,018

BNP

Paribas

SA

(Wells

Fargo

&

Co.),

20.79%, 03/03/22

.................

38

2,048,717

Royal

Bank

of

Canada

(Bank

of

America

Corp.),

14.12%, 03/04/22

(b)

................

107

4,964,992

Royal

Bank

of

Canada

(Wells

Fargo

&

Co.),

14.54%, 03/08/22

(b)

................

56

3,031,899

Societe

Generale

SA

(Citizens

Financial

Group,

Inc.),

20.82%, 03/08/22

..............

12

620,772

Societe

Generale

SA

(KeyCorp),

19.86%, 03/08/22

.................

17

418,437

18,279,339

Beverages

—

0.1%

BNP

Paribas

SA

(Molson

Coors

Beverage

Co.),

12.58%, 02/24/22

.................

16

776,702

JPMorgan

Structured

Products

BV

(Coca-Cola

Co.

(The)),

5.81%, 02/11/22

(b)(e)

........

25

1,491,288

2,267,990

Security

Par

(000)

Par

(000)

Value

Biotechnology

—

0.2%

(b)

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

15.19%, 02/03/22

(e)

............

USD

10

$

1,326,294

Royal

Bank

of

Canada

(AbbVie,

Inc.),

19.82%, 02/03/22

.................

8

1,073,057

2,399,351

Building

Products

—

0.0%

Credit

Suisse

AG

(Owens

Corning),

16.50%, 02/17/22

.................

7

613,484

Capital

Markets

—

0.7%

Barclays

Bank

plc

(Ameriprise

Financial,

Inc.),

15.31%, 04/27/22

.................

3

837,563

BNP

Paribas

SA

(Goldman

Sachs

Group,

Inc.

(The)),

17.96%, 03/07/22

............

4

1,524,122

BNP

Paribas

SA

(Interactive

Brokers

Group,

Inc.),

16.98%, 03/08/22

..............

9

594,402

BNP

Paribas

SA

(S&P

Global,

Inc.),

10.33%, 02/08/22

(b)

................

7

2,805,534

Royal

Bank

of

Canada

(Morgan

Stanley),

20.72%, 03/04/22

(b)

................

41

4,133,177

Royal

Bank

of

Canada

(Raymond

James

Financial,

Inc.),

15.53%, 04/22/22

(b)

.....

4

423,269

Societe

Generale

SA

(S&P

Global,

Inc.),

9.07%, 02/09/22

..................

2

717,732

11,035,799

Chemicals

—

0.2%

JPMorgan

Structured

Products

BV

(Dow,

Inc.),

15.64%, 04/21/22

(b)(e)

...............

25

1,511,362

JPMorgan

Structured

Products

BV

(DuPont

de

Nemours,

Inc.),

12.91%, 02/09/22

(b)(e)

....

5

404,438

Societe

Generale

SA

(Ecolab,

Inc.),

7.63%, 02/16/22

..................

4

851,588

Societe

Generale

SA

(Mosaic

Co.

(The)),

22.60%, 02/17/22

.................

16

651,435

3,418,823

Communications

Equipment

—

0.3%

Royal

Bank

of

Canada

(Cisco

Systems,

Inc.),

8.77%, 02/16/22

(b)

.................

50

2,766,710

Societe

Generale

SA

(Juniper

Networks,

Inc.),

17.26%, 03/14/22

.................

49

1,633,709

4,400,419

Construction

Materials

—

0.1%

Barclays

Bank

plc

(Martin

Marietta

Materials,

Inc.),

11.15%, 02/09/22

..............

1

384,922

Royal

Bank

of

Canada

(Martin

Marietta

Materials,

Inc.),

11.39%, 02/07/22

(b)

.....

3

1,293,625

1,678,547

Consumer

Finance

—

0.2%

BNP

Paribas

SA

(American

Express

Co.),

13.41%, 04/21/22

.................

10

1,733,186

Royal

Bank

of

Canada

(Ally

Financial,

Inc.),

16.38%, 04/18/22

(b)

................

22

1,040,476

2,773,662

Distributors

—

0.0%

BNP

Paribas

SA

(Pool

Corp.),

22.83%, 02/14/22

.................

1

411,221

Diversified

Consumer

Services

—

1.3%

Barclays

Bank

plc

(Russell

2000

Index)

8.06%,

03/11/22

..................

3

6,255,149

9.70%,

03/23/22

..................

3

6,104,643

Credit

Suisse

AG

(Russell

2000

Index),

8.05%, 02/22/22

..................

2

4,901,896

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Goldman

Sachs

International

(Russell

2000

Index),

8.77%, 02/03/22

.............

USD

2

$

3,395,502

20,657,190

Diversified

Financial

Services

—

0.6%

Barclays

Bank

plc

(American

Century

Mid

Cap

Growth

Impact

ETF),

8.19%, 03/28/22

....

2

5,174,302

BNP

Paribas

SA

(Berkshire

Hathaway),

5.72%, 02/28/22

(b)

.................

15

4,509,186

9,683,488

Diversified

Telecommunication

Services

—

0.4%

Barclays

Bank

plc

(AT&T,

Inc.),

18.83%, 04/21/22

.................

94

2,344,017

JPMorgan

Structured

Products

BV

(AT&T,

Inc.),

15.38%, 03/08/22

(b)(e)

...............

115

2,976,187

Toronto-Dominion

Bank

(The)

(AT&T,

Inc.),

15.06%, 02/17/22

.................

25

632,601

5,952,805

Electronic

Equipment,

Instruments

&

Components

—

0.2%

BNP

Paribas

SA

(Flex

Ltd.),

21.69%, 02/25/22

25

411,351

BNP

Paribas

SA

(Zebra

Technologies

Corp.),

14.70%, 02/11/22

.................

1

348,669

Goldman

Sachs

International

(Flex

Ltd.),

17.14%, 02/02/22

.................

25

405,400

Merrill

Lynch

International

&

Co.

(Flex

Ltd.),

17.07%, 05/05/22

.................

52

830,951

Royal

Bank

of

Canada

(Corning,

Inc.),

12.74%, 04/27/22

(b)

................

10

424,870

Royal

Bank

of

Canada

(Zebra

Technologies

Corp.),

15.16%, 02/11/22

(b)

...........

1

387,501

2,808,742

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.6%

BNP

Paribas

SA

(Invitation

Homes,

Inc.),

13.60%, 02/16/22

.................

15

613,808

Goldman

Sachs

International

(VICI

Properties,

Inc.),

11.96%, 02/02/22

..............

49

1,388,635

JPMorgan

Structured

Products

BV

(Prologis,

Inc.),

11.64%, 04/14/22

(b)(e)

...........

19

3,015,284

Royal

Bank

of

Canada

(American

Tower

Corp.),

9.83%, 02/24/22

(b)

.................

15

3,836,794

8,854,521

Food

&

Staples

Retailing

—

0.2%

Bank

of

Montreal

(Kroger

Co.

(The)),

16.86%, 03/04/22

.................

10

410,734

Royal

Bank

of

Canada

(Walmart,

Inc.),

5.39%, 02/18/22

(b)

.................

15

2,089,853

2,500,587

Food

Products

—

0.2%

BNP

Paribas

SA

(Archer-Daniels-Midland

Co.),

11.50%, 04/27/22

.................

15

1,103,181

JPMorgan

Structured

Products

BV

(Kraft

Heinz

Co.

(The)),

10.51%, 02/11/22

(b)(e)

.......

23

827,824

Royal

Bank

of

Canada

(Mondelez

International,

Inc.),

7.92%, 04/28/22

(b)

.............

12

832,113

2,763,118

Health

Care

Equipment

&

Supplies

—

0.4%

Barclays

Bank

plc

(Medtronic

PLC),

11.66%, 02/25/22

.................

6

640,902

BNP

Paribas

SA

(Stryker

Corp.),

14.11%, 02/25/22

.................

2

618,582

Credit

Suisse

AG

(Boston

Scientific

Corp.),

13.40%, 02/03/22

.................

15

649,464

JPMorgan

Structured

Products

BV

(Abbott

Laboratories),

11.22%, 04/20/22

(b)(e)

.....

21

2,563,888

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Societe

Generale

SA

(Align

Technology,

Inc.),

13.67%, 02/02/22

.................

USD

4

$

2,136,288

6,609,124

Health

Care

Providers

&

Services

—

0.6%

Barclays

Bank

plc

(Anthem,

Inc.),

13.65%, 04/21/22

.................

4

1,899,560

BNP

Paribas

SA

(CVS

Health

Corp.),

17.34%, 02/25/22

.................

6

659,727

BNP

Paribas

SA

(Laboratory

Corp.

of

America

Holdings),

17.89%, 02/11/22

..........

2

551,893

BNP

Paribas

SA

(McKesson

Corp.),

15.18%, 02/01/22

.................

2

431,966

Royal

Bank

of

Canada

(Aneka

Tambang

Tbk),

13.82%, 02/17/22

(b)

................

1

616,690

Royal

Bank

of

Canada

(UnitedHealth

Group,

Inc.),

10.93%, 03/04/22

(b)

............

12

5,447,563

Societe

Generale

SA

(Laboratory

Corp

of

America

Holdings),

17.65%, 02/11/22

....

1

408,726

10,016,125

Hotels,

Restaurants

&

Leisure

—

0.3%

BNP

Paribas

SA

(Booking

Holdings,

Inc.),

11.08%, 02/24/22

.................

—

(l)

1,072,594

BNP

Paribas

SA

(Wendy's

Co.

(The)),

16.54%, 03/03/22

.................

19

424,189

BNP

Paribas

SA

(Yum!

Brands,

Inc.),

8.11%, 02/07/22

..................

3

394,807

Credit

Suisse

AG

(Papa

John's

International,

Inc.),

17.10%, 02/25/22

..............

5

647,775

JPMorgan

Structured

Products

BV

(Las

Vegas

Sands

Corp.),

18.99%, 04/21/22

(b)(e)

.....

19

841,677

Societe

Generale

SA

(Domino's

Pizza,

Inc.)

14.18%,

02/24/22

.................

1

531,955

13.54%,

02/25/22

.................

1

594,158

4,507,155

Household

Durables

—

0.1%

BNP

Paribas

SA

(Tempur

Sealy

International,

Inc.),

20.31%, 02/10/22

..............

14

557,126

Royal

Bank

of

Canada

(Netwealth

Group

Ltd.),

12.24%, 02/14/22

(b)

................

19

424,863

Royal

Bank

of

Canada

(Toll

Brothers,

Inc.),

17.70%, 02/24/22

(b)

................

20

1,224,174

2,206,163

Household

Products

—

0.6%

Royal

Bank

of

Canada

(Procter

&

Gamble

Co.

(The)),

9.93%, 03/04/22

(b)

............

31

4,949,025

Societe

Generale

SA

(Colgate-Palmolive

Co.),

9.10%, 03/14/22

..................

46

3,841,764

8,790,789

Insurance

—

0.1%

BNP

Paribas

SA

(MetLife,

Inc.),

12.84%, 02/03/22

.................

13

865,297

Interactive

Media

&

Services

—

0.9%

JPMorgan

Structured

Products

BV

(Meta

Platforms,

Inc.),

13.91%, 03/25/22

(b)(e)

....

13

4,003,800

Royal

Bank

of

Canada

(Alphabet,

Inc.),

12.64%, 02/03/22

(b)

................

2

4,257,431

Societe

Generale

SA

(Alphabet,

Inc.),

12.70%, 02/02/22

.................

2

4,940,438

13,201,669

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

—

0.6%

Credit

Suisse

AG

(Amazon.com,

Inc.),

14.40%, 03/04/22

.................

USD

1

$

3,924,444

Societe

Generale

SA

(Amazon.com,

Inc.),

15.70%, 02/02/22

.................

2

5,462,252

9,386,696

IT

Services

—

1.3%

Barclays

Bank

plc

(Akamai

Technologies,

Inc.),

10.46%, 02/16/22

.................

11

1,214,771

Barclays

Bank

plc

(Fidelity

National

Information

Services,

Inc.),

18.89%, 02/09/22

.......

9

1,100,102

Barclays

Bank

plc

(Global

Payments,

Inc.),

19.69%, 02/09/22

.................

7

1,088,707

Barclays

Bank

plc

(Mastercard,

Inc.),

%, 03/14/22

.....................

12

4,482,048

Barclays

Bank

plc

(Visa,

Inc.),

9.09%, 03/14/22

21

4,853,087

BNP

Paribas

SA

(Global

Payments,

Inc.),

16.64%, 02/07/22

.................

8

1,111,844

Credit

Suisse

AG

(Gartner,

Inc.),

16.30%, 02/10/22

.................

2

616,078

JPMorgan

Structured

Products

BV

(Mastercard,

Inc.),

14.11%, 04/29/22

(b)(e)

...........

5

1,774,439

Royal

Bank

of

Canada

(Block,

Inc.),

19.97%, 02/24/22

(b)

................

2

226,869

Royal

Bank

of

Canada

(Fidelity

National

Information

Services,

Inc.),

12.29%, 02/17/22

(b)

................

4

420,031

Royal

Bank

of

Canada

(Fiserv,

Inc.),

11.33%, 02/17/22

(b)

................

4

423,429

Royal

Bank

of

Canada

(International

Business

Machines

Corp.),

12.28%, 04/20/22

(b)

....

5

619,613

Toronto-Dominion

Bank

(The)

(PayPal

Holdings,

Inc.),

16.07%, 02/17/22

.......

8

1,348,125

19,279,143

Life

Sciences

Tools

&

Services

—

0.1%

BNP

Paribas

SA

(Charles

River

Laboratories

International,

Inc.),

22.55%, 02/17/22

....

1

408,890

Royal

Bank

of

Canada

(Danaher

Corp.),

18.43%, 03/11/22

(b)

................

6

1,730,531

2,139,421

Machinery

—

0.6%

BNP

Paribas

SA

(Caterpillar,

Inc.),

16.28%, 02/02/22

.................

8

1,711,990

BNP

Paribas

SA

(PACCAR,

Inc.),

12.89%, 04/27/22

.................

4

412,913

Credit

Suisse

AG

(Deere

&

Co.),

16.40%, 02/18/22

.................

4

1,311,897

JPMorgan

Structured

Products

BV

(Cummins,

Inc.),

8.26%, 02/03/22

(b)(e)

............

2

418,126

Royal

Bank

of

Canada

(Otis

Worldwide

Corp.),

8.13%, 02/01/22

(b)

.................

12

990,673

Societe

Generale

SA

(Caterpillar,

Inc.),

9.35%, 03/14/22

..................

24

4,811,359

9,656,958

Media

—

0.4%

Royal

Bank

of

Canada

(Comcast

Corp.),

13.63%, 04/29/22

(b)

................

21

1,055,606

Societe

Generale

SA

(Charter

Communications,

Inc.),

14.46%, 03/14/22

..............

7

3,831,385

UBS

AG

(Omnicom

Group,

Inc.),

14.10%, 02/18/22

.................

12

858,694

5,745,685

Security

Par

(000)

Par

(000)

Value

Multiline

Retail

—

0.2%

BNP

Paribas

SA

(Kohl's

Corp.),

21.15%, 03/03/22

.................

USD

9

$

469,403

JPMorgan

Structured

Products

BV

(Dollar

General

Corp.),

10.13%, 03/18/22

(b)(e)

....

2

398,129

Royal

Bank

of

Canada

(Kohl's

Corp.),

18.25%, 03/02/22

(b)

................

13

720,781

Societe

Generale

SA

(Target

Corp.),

14.52%, 03/02/22

.................

7

1,465,419

3,053,732

Oil,

Gas

&

Consumable

Fuels

—

0.7%

BNP

Paribas

SA

(ConocoPhillips),

14.64%, 02/01/22

(b)

................

32

2,529,492

BNP

Paribas

SA

(Exxon

Mobil

Corp.),

11.71%, 02/01/22

(b)

................

37

2,497,452

BNP

Paribas

SA

(Williams

Cos.,

Inc.

(The)),

15.22%, 02/24/22

(b)

................

15

430,869

Societe

Generale

SA

(Chevron

Corp.),

19.97%, 03/14/22

.................

44

5,775,799

11,233,612

Personal

Products

—

0.0%

Barclays

Bank

plc

(Estee

Lauder

Cos.

Inc.

(The)),

12.37%, 02/04/22

............

1

379,081

Pharmaceuticals

—

0.5%

BNP

Paribas

SA

(Johnson

&

Johnson),

9.97%, 02/25/22

..................

10

1,721,020

JPMorgan

Structured

Products

BV

(Merck

KGaA),

17.62%, 02/03/22

(b)(e)

..........

14

1,108,484

Merrill

Lynch

International

&

Co.

(Bristol-Myers

Squibb

Co.),

10.35%, 02/17/22

........

10

652,643

Merrill

Lynch

International

&

Co.

(Pfizer,

Inc.),

23.43%, 02/03/22

.................

20

1,064,247

Royal

Bank

of

Canada

(Johnson

&

Johnson),

8.65%, 04/20/22

(b)

.................

19

3,200,601

7,746,995

Professional

Services

—

0.0%

Societe

Generale

SA

(Equifax,

Inc.),

26.58%, 02/11/22

.................

2

398,041

Road

&

Rail

—

0.5%

Barclays

Bank

plc

(Ryder

System,

Inc.),

15.82%, 02/17/22

.................

8

583,910

JPMorgan

Structured

Products

BV

(Union

Pacific

Corp.),

10.14%, 04/14/22

(b)(e)

.....

12

2,939,924

Royal

Bank

of

Canada

(Norfolk

Southern

Corp.),

11.28%, 04/28/22

(b)

...........

3

832,246

Royal

Bank

of

Canada

(Union

Pacific

Corp.),

12.09%, 03/08/22

(b)

................

7

1,712,110

Royal

Bank

of

Canada

(XPO

Logistics,

Inc.),

11.91%, 02/07/22

(b)

................

14

928,455

Societe

Generale

SA

(JB

Hunt

Transport

Services,

Inc.),

12.37%, 03/04/22

.......

6

1,153,856

8,150,501

Semiconductors

&

Semiconductor

Equipment

—

0.9%

Bank

of

Montreal

(Texas

Instruments,

Inc.),

18.88%, 02/25/22

.................

5

866,811

BNP

Paribas

SA

(NVIDIA

Corp.),

25.18%, 02/24/22

.................

8

2,012,620

Credit

Suisse

AG

(Applied

Materials,

Inc.),

14.65%, 02/11/22

.................

27

3,734,640

Nomura

Holdings,

Inc.

(KLA

Corp.),

15.91%, 02/02/22

.................

8

2,869,419

Royal

Bank

of

Canada

(Intel

Corp.),

13.67%, 03/08/22

(b)

................

56

2,748,464

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Societe

Generale

SA

(KLA

Corp.),

18.12%, 03/14/22

.................

USD

5

$

1,946,364

14,178,318

Software

—

1.0%

BNP

Paribas

SA

(Adobe,

Inc.),

15.25%, 03/23/22

.................

2

886,714

BNP

Paribas

SA

(Oracle

Corp.),

13.34%, 03/10/22

.................

10

799,378

BNP

Paribas

SA

(salesforce.com,

Inc.),

18.28%, 02/25/22

.................

4

888,492

JPMorgan

Structured

Products

BV

(Microsoft

Corp.),

10.88%, 03/25/22

(b)(e)

..........

27

8,244,932

Royal

Bank

of

Canada

(Microsoft

Corp.),

10.25%, 02/17/22

(b)

................

6

1,920,620

Societe

Generale

SA

(Citrix

Systems,

Inc.),

9.26%, 03/04/22

..................

19

1,956,535

14,696,671

Specialty

Retail

—

0.7%

Bank

of

Montreal

(AutoZone,

Inc.),

10.99%, 03/02/22

.................

—

(l)

816,086

Bank

of

Montreal

(Signet

Jewelers

Ltd.),

29.73%, 03/18/22

.................

7

606,608

Bank

of

Montreal

(Ulta

Beauty,

Inc.),

18.43%, 03/09/22

.................

2

749,361

Barclays

Bank

plc

(Advance

Auto

Parts,

Inc.),

12.89%, 02/16/22

.................

3

625,206

BNP

Paribas

SA

(Best

Buy

Co.,

Inc.),

14.49%, 02/24/22

.................

29

2,929,443

BNP

Paribas

SA

(Home

Depot,

Inc.

(The)),

7.14%, 02/23/22

..................

6

2,062,406

BNP

Paribas

SA

(O'Reilly

Automotive,

Inc.),

13.50%, 02/10/22

.................

1

602,550

JPMorgan

Structured

Products

BV

(Williams-

Sonoma,

Inc.),

21.18%, 03/18/22

(b)(e)

.....

4

643,614

Royal

Bank

of

Canada

(Advance

Auto

Parts,

Inc.),

13.80%, 02/17/22

(b)

............

3

619,291

Royal

Bank

of

Canada

(AutoNation,

Inc.),

19.16%, 02/16/22

(b)

................

6

625,090

Royal

Bank

of

Canada

(TJX

Cos.,

Inc.

(The)),

15.17%, 02/24/22

(b)

................

15

1,061,935

11,341,590

Technology

Hardware,

Storage

&

Peripherals

—

1.0%

Bank

of

Montreal

(Apple,

Inc.),

17.51%, 02/25/22

.................

13

2,206,570

JPMorgan

Structured

Products

BV

(Apple,

Inc.)

12.29%,

03/08/22

(b)(e)

...............

35

6,079,442

9.20%,

03/25/22

(b)(e)

................

24

4,194,517

JPMorgan

Structured

Products

BV

(Seagate

Technology

Holdings

PLC),

21.92%, 04/22/22

(b)(e)

...............

8

835,210

Toronto-Dominion

Bank

(The)

(Apple,

Inc.),

11.94%, 02/17/22

.................

14

2,180,620

15,496,359

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Barclays

Bank

plc

(Lululemon

Athletica,

Inc.),

12.25%, 03/31/22

.................

2

594,795

BNP

Paribas

SA

(Ralph

Lauren

Corp.),

17.83%, 02/01/22

(b)

................

11

1,192,899

Credit

Suisse

AG

(Tapestry,

Inc.),

16.80%, 02/11/22

.................

16

594,281

Goldman

Sachs

International

(Deckers

Outdoor

Corp.),

15.65%, 02/04/22

............

1

373,117

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Goldman

Sachs

International

(Skechers

USA,

Inc.),

20.01%, 02/04/22

..............

USD

10

$

418,050

3,173,142

Trading

Companies

&

Distributors

—

0.3%

Royal

Bank

of

Canada

(United

Rentals,

Inc.),

19.83%, 04/28/22

(b)

................

1

427,167

Societe

Generale

SA

(Fastenal

Co.),

16.32%, 03/04/22

.................

29

1,644,918

Societe

Generale

SA

(United

Rentals,

Inc.),

13.06%, 02/02/22

.................

6

1,875,399

3,947,484

Wireless

Telecommunication

Services

—

0.2%

Merrill

Lynch

International

&

Co.

(T-Mobile

US,

Inc.),

8.09%, 02/07/22

..............

24

2,578,203

Total

Equity-Linked

Notes

—

19.1%

(Cost:

$302,418,623)

..............................

294,812,730

Floating

Rate

Loan

Interests

—

8.2%

Aerospace

&

Defense

—

0.3%

(a)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 05/25/28

..................

893

895,905

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 05/25/28

..................

182

182,218

Bleriot

US

Bidco,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.22%

,

 10/30/26

.....

84

83,869

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(m)

.

55

54,845

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

3.72%

,

 04/06/26

..................

379

370,258

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.50%),

3.72%

,

 04/06/26

..................

204

199,062

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

.

955

952,917

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

.

303

308,775

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

11/28/23

(m)

..................

151

151,688

Setanta

Aircraft

Leasing

DAC,

Term

Loan,

(LIBOR

USD

6

Month

+

2.00%),

2.14%

,

 11/05/28

..................

207

206,613

TransDigm,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 08/22/24

......

442

437,720

3,843,870

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)

.................

94

93,707

Airlines

—

0.2%

(a)

AAdvantage

Loyality

IP

Ltd.,

Term

Loan,

04/20/28

(m)

......................

399

414,045

Air

Canada,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 08/11/28

...........

627

628,104

American

Airlines,

Inc.,

Term

Loan,

01/29/27

(m)

423

407,155

American

Airlines,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 12/15/23

..

169

166,571

Kestrel

Bidco,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 12/11/26

.......

103

100,215

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

United

AirLines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

.

USD

557

$

556,558

2,272,648

Auto

Components

—

0.1%

(a)

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/30/26

.

945

939,102

Truck

Hero,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 01/31/28

......

565

563,510

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

3.18%

,

 02/05/26

..................

635

625,099

2,127,711

Automobiles

—

0.0%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 01/01/38

(a)

.....

510

509,741

Biotechnology

—

0.0%

(a)(m)

Athenahealth,

Inc.,

Delayed

Draw

Term

Loan,

01/26/29

.......................

93

92,204

Athenahealth,

Inc.,

Term

Loan

B,

01/26/29

...

547

544,006

636,210

Building

Products

—

0.1%

(a)

CHI

Overhead

Doors,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/31/25

..................

21

20,751

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/12/28

..................

88

87,666

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

11/23/27

(m)

754

750,620

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/02/28

..................

89

88,856

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(m)

..............

18

17,764

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

.

270

270,207

Jeld-Wen,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 07/28/28

......

118

118,160

MI

Windows

&

Doors

LLC,

Term

Loan

B1,

0.00%

,

 12/18/27

..................

35

35,211

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

......

611

609,165

1,998,400

Capital

Markets

—

0.1%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 07/24/26

.

83

82,926

Cogeco

Communications

Finance

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 09/01/28

..................

464

462,645

Focus

Financial

Partners

LLC,

Delayed

Draw

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 06/30/28

..................

41

41,264

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 06/30/28

..................

179

178,365

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/12/24

.....

113

112,221

877,421

Security

Par

(000)

Par

(000)

Value

Chemicals

—

0.3%

(a)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 03/18/28

............

USD

627

$

625,969

ARC

Falcon

I,

Inc.,

Delayed

Draw

Term

Loan,

09/30/28

(m)

......................

26

26,401

ARC

Falcon

I,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 09/30/28

......

181

180,848

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/24/27

..................

91

91,311

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 08/27/26

..................

293

294,229

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

1.97%

,

 06/01/24

............

109

108,347

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/29/27

..................

73

72,711

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 06/09/28

..................

236

235,669

Element

Solutions,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 01/31/26

..

298

297,951

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/28/24

..................

113

113,046

Herens

Holdco

SARL,

Facility

Term

Loan

B

+

0.00%),

0.00%, 07/03/28

...........

9

8,993

(LIBOR

USD

6

Month

+

4.00%),

4.75%, 07/03/28

................

153

153,063

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 06/30/27

..................

377

375,662

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.72%

,

 01/01/38

..................

378

375,236

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

05/15/24

(m)

...........

366

366,138

Nouryon

Finance

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 10/01/25

.....

28

27,685

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.38%

,

 10/14/24

..................

222

221,142

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 03/16/27

..................

253

250,981

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/02/28

..................

208

207,740

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 09/22/28

.

78

78,000

4,111,122

Commercial

Services

&

Supplies

—

0.3%

(a)

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/12/28

..................

628

625,528

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 03/11/25

..................

84

82,714

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 04/06/28

..................

116

115,166

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 09/07/27

.

USD

377

$

374,352

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

,

 06/21/24

..................

1,026

1,004,119

Clean

Harbors,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 10/08/28

.......

149

148,814

Covanta

Holding

Corp.,

Term

Loan

B,

11/30/28

(m)

......................

349

349,191

Covanta

Holding

Corp.,

Term

Loan

C,

11/30/28

(m)

......................

26

25,834

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

09/19/26

(c)(m)

.....................

191

188,609

LABL,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.50%

,

 10/29/28

............

215

216,142

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

12/15/28

(m)

..................

375

375,474

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

,

 09/23/26

............

132

131,329

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.04%),

4.47%

,

 07/30/25

..................

276

269,498

Tempo

Acquisition

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

2.75%),

2.86%, 05/01/24

................

75

74,906

(LIBOR

USD

1

Month

+

2.75%),

2.86%, 05/01/24

................

853

854,540

TruGreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 11/02/27

..................

131

130,935

Viad

Corp.,

Term

Loan,

07/30/28

(m)

........

251

249,512

5,216,663

Construction

&

Engineering

—

0.1%

(a)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/21/28

.............

108

107,479

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

-

4.27%

,

 06/02/28

968

966,313

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 05/12/28

..................

308

306,790

1,380,582

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 01/15/27

.............

504

500,939

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

.....

141

140,396

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 01/31/28

..................

242

240,662

Standard

Industries,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 09/22/28

.

238

238,206

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

-

3.30%

,

 05/29/26

..................

91

90,461

1,210,664

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

—

0.2%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/01/27

..................

USD

1,014

$

1,014,592

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/02/28

.

179

178,865

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/03/24

..................

761

752,897

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/05/26

.

212

210,237

Tosca

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/18/27

......

377

376,170

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3,

09/15/28

(m)

................

9

9,135

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 09/15/28

..................

160

159,811

2,701,707

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 10/28/27

(a)

89

89,156

Diversified

Consumer

Services

—

0.2%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/11/28

..................

664

663,170

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

12/10/29

(m)

......................

125

125,586

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 11/24/28

..................

144

143,011

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

..................

541

506,995

Mileage

Plus

Holdings

LLC,

Term

Loan,

06/21/27

(m)

......................

631

665,287

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

12/20/24

(m)

......................

126

124,687

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

5.61%

-

5.80%

,

 08/04/25

..................

184

170,219

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 01/15/27

............

499

499,932

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/20/28

..................

108

107,528

3,006,415

Diversified

Financial

Services

—

0.7%

(a)

Acuris

Finance

US,

Inc.,

Term

Loan,

02/16/28

(m)

93

92,503

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.61%

,

 07/31/26

..................

356

355,016

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 03/10/28

(c)

110

109,478

APi

Group

DE,

Inc.,

Term

Loan,

01/03/29

(m)

..

43

42,918

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.56%

,

 10/30/26

......

175

174,981

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 04/13/28

......

288

287,299

Castlelake

Aviation

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 10/22/26

.

502

500,304

Connect

Finco

SARL,

Term

Loan,

12/11/26

(m)

.

1,171

1,170,096

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 04/09/27

..................

USD

1,023

$

1,025,216

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

(c)

.................

195

198,412

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

.

640

639,631

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

.

79

79,149

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

..................

699

699,142

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 07/11/25

..................

349

348,043

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(m)

......................

630

626,119

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/02/27

..

63

62,940

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

08/02/29

(m)

......................

81

80,835

Mercury

Merger

Sub,

Inc.,1st

Lien

Term

Loan,

08/02/28

(m)

......................

868

864,025

OLA

Netherlands

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.00%

,

 12/15/26

.....

125

126,250

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/25/26

.....

362

361,131

RVR

Dealership

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 02/08/28

..................

104

103,514

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

-

2.80%

,

 01/23/25

..................

226

221,354

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

6.99%

,

 05/29/26

............

209

172,339

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

2.50%

,

 02/28/25

..................

202

206,799

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/31/29

..................

69

68,569

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

......

910

908,146

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/28/27

.......

943

937,246

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

6.25%

,

 10/19/27

.....

139

139,111

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 04/30/28

..................

179

176,678

10,777,244

Diversified

Telecommunication

Services

—

0.3%

(a)

Altice

Financing

SA,

Term

Loan

(LIBOR

USD

3

Month

+

2.75%),

2.99%, 07/15/25

................

54

53,109

(LIBOR

USD

3

Month

+

2.75%),

2.99%, 01/31/26

................

454

448,381

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 08/14/26

.....

754

750,171

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

..

73

72,819

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 10/02/27

..................

USD

111

$

111,002

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 05/01/28

..................

213

212,774

Iridium

Satellite

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 11/04/26

..

256

255,030

Level

3

Financing,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 03/01/27

.

145

142,486

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 09/01/28

.

137

136,905

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 01/31/29

..................

107

106,783

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 03/09/27

..

1,648

1,623,403

3,912,863

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 01/15/25

..................

72

71,745

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 12/13/25

.

112

105,308

177,053

Electrical

Equipment

—

0.1%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 06/23/28

..................

312

311,661

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 02/12/25

.

61

60,807

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 09/13/24

.

692

687,856

1,060,324

Electronic

Equipment,

Instruments

&

Components

—

0.0%

II-VI,

Inc.,Term

Loan

B,

12/08/28

(a)(m)

.......

232

231,420

Entertainment

—

0.2%

(a)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

04/22/26

(m)

...................

179

159,115

City

Football

Group

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/21/28

(c)

376

374,120

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/03/24

..................

504

501,588

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.88%

,

 10/19/26

..................

416

407,711

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 03/13/28

.

220

219,487

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/30/25

..................

8

7,956

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 05/18/25

......

827

811,605

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

2.23%

,

 01/20/28

.

377

374,239

2,855,821

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

RHP

Hotel

Properties

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 05/11/24

(a)

.

USD

75

$

73,640

Food

&

Staples

Retailing

—

0.0%

(a)(m)

H-Food

Holdings

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 05/23/25

..

252

250,662

US

Foods,

Inc.,

Term

Loan

B

(LIBOR

USD

1

Month

+

2.00%),

2.11%, 09/13/26

................

227

224,844

 11/22/28

(m)

......................

164

163,893

639,399

Food

Products

—

0.3%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 11/19/26

..................

507

498,922

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 10/01/25

(c)

.................

254

238,768

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 10/10/26

......

44

43,735

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

...........

761

761,734

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 01/29/27

..................

562

554,152

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.00%

,

 08/03/25

..................

106

105,416

Naked

Juice

LLC,

1st

Lien

Term

Loan,

01/24/29

(m)

......................

334

333,617

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.00%),

6.50%

,

 01/24/30

.

206

207,502

Naked

Juice

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

01/24/29

(m)

..................

19

19,246

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

3

Month

+

2.25%),

2.40%

,

 05/15/24

..................

378

375,317

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 06/08/28

..................

157

156,483

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/31/28

..................

1,074

1,064,667

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/20/28

..................

501

499,528

4,859,087

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

..

626

624,435

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 05/04/28

......

188

187,409

Medline

Borrower

LP,

Term

Loan,

10/23/28

(m)

.

941

936,826

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

..................

314

312,725

2,061,395

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

0.3%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

-

3.80%

,

 07/24/26

..................

USD

667

$

663,313

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

..................

165

164,629

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

11/01/28

(m)

......................

752

750,441

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 10/10/25

.

333

257,322

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.75%),

3.97%, 02/18/27

................

219

218,499

(LIBOR

USD

3

Month

+

3.75%),

4.25%, 11/15/28

................

55

54,568

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.25%

,

 11/15/29

..................

62

62,071

EyeCare

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.04%),

1.88%

-

6.00%

,

 11/15/28

.............

9

9,301

Femur

Buyer,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

4.72%

,

 03/05/26

.

201

188,308

Medical

Solutions

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

7.50%

,

 11/01/29

(c)

.................

87

85,840

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 06/30/25

..................

359

358,621

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 02/14/25

..................

6

5,932

Phoenix

Newco,

Inc.,

1st

Lien

Term

Loan,

11/15/28

(m)

......................

751

750,770

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/20/27

..................

236

236,036

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 01/08/27

..................

245

244,806

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 12/22/28

.

372

371,782

4,422,239

Health

Care

Technology

—

0.1%

(a)

Athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.40%

,

 02/11/26

..................

37

36,695

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

03/01/24

(m)

......................

626

625,217

GoodRx,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 10/10/25

.....

176

175,078

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

06/02/28

(m)

......................

392

391,577

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 08/27/25

..

458

458,013

1,686,580

Hotels,

Restaurants

&

Leisure

—

0.3%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 02/02/26

..................

109

106,789

Aristocrat

Leisure

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/19/24

.....

130

130,400

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 10/02/28

.

USD

198

$

197,725

Caesars

Resort

Collection

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 12/23/24

..................

390

387,623

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 07/21/25

..................

240

239,548

Churchill

Downs,

Inc.,

Facility

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 12/27/24

..................

269

267,598

Churchill

Downs,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 03/17/28

..

87

86,831

Fertitta

Entertainment

LLC,

Term

Loan

B,

01/27/29

(m)

......................

683

685,251

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 07/21/26

.

183

182,553

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

12.00%),

13.00%

,

 10/04/23

(c)

................

23

24,675

IRB

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/15/27

......

851

851,420

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 02/05/25

.....

184

183,583

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 03/09/28

.

331

328,936

Playa

Resorts

Holding

BV,

Term

Loan,

04/29/24

(m)

......................

47

46,261

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 08/14/24

..................

109

108,543

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.50%

,

 02/08/27

..................

266

263,135

Whatabrands

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 08/03/28

.....

330

328,970

4,419,841

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

05/17/28

(m)

......................

786

780,589

Snap

One

Holdings

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 12/08/28

.

251

251,448

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 10/06/28

..................

126

125,174

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 10/30/27

..................

108

108,251

1,265,462

Household

Products

—

0.0%

(a)

Diamond

(BC)

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 09/29/28

......

385

383,664

Pilot

Travel

Centers

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 08/04/28

..

151

149,705

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 03/03/28

.

57

56,396

589,765

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)

Calpine

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 08/12/26

.......

USD

73

$

72,172

ExGen

Renewables

IV

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.50%

,

 12/15/27

.

214

214,026

286,198

Industrial

Conglomerates

—

0.0%

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 03/31/25

(a)

....

529

526,232

Insurance

—

0.4%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/09/25

..................

270

267,178

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 11/05/27

..................

864

862,502

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/19/28

.....

630

624,477

AssuredPartners,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.50%),

3.61%, 02/12/27

................

360

357,032

(LIBOR

USD

1

Month

+

3.50%),

4.00%, 02/12/27

................

65

64,910

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

1

Month

+

5.25%),

5.36%

,

 01/31/28

.

365

365,303

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.25%),

5.36%

,

 01/20/29

.

227

227,143

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

3.13%),

3.23%

,

 11/03/23

.......

56

55,520

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 11/03/24

.......

190

188,874

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 12/23/26

......

209

207,819

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

2

Month

+

2.75%),

2.94%

-

3.02%

,

 04/25/25

608

600,611

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 04/25/25

.

336

335,454

NFP

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/15/27

............

40

39,466

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 09/01/27

.

61

61,037

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

3.36%, 12/31/25

................

315

313,040

(LIBOR

USD

1

Month

+

3.75%),

3.86%, 09/03/26

................

126

125,908

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

................

57

57,061

USI,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.22%

,

 05/16/24

............

630

625,838

5,379,173

Interactive

Media

&

Services

—

0.1%

(a)

Adevinta

ASA,

Facility

Term

Loan

B2,

06/26/28

(m)

......................

271

269,769

Arches

Buyer,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 12/06/27

......

314

311,469

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

..................

824

822,644

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Interactive

Media

&

Services

(continued)

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

......

USD

806

$

806,453

2,210,335

Internet

&

Direct

Marketing

Retail

—

0.0%

(a)

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

11/08/27

(m)

......................

162

162,337

Pug

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.25%),

4.75%

,

 02/12/27

...........

39

38,805

201,142

IT

Services

—

0.2%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 09/19/24

..................

200

200,086

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.25%

,

 09/19/25

..................

174

174,795

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 10/30/26

..................

550

548,125

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

..................

270

275,233

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

.

78

78,268

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/28/28

..................

332

328,638

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 08/10/27

..................

232

230,141

Ion

Trading

Finance

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

4.97%

,

 04/01/28

.

77

76,615

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 02/12/27

............

602

596,664

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/16/25

..................

35

34,430

Trader

Interactive

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 07/28/28

(c)

80

80,037

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 11/16/26

.....

98

96,881

Venga

Finance

SARL,

Term

Loan,

12/04/28

(m)

.

92

89,610

Virtusa

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/11/28

.......

113

113,286

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/31/28

...........

110

109,411

ZoomInfo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/02/26

..

32

31,953

3,064,173

Leisure

Products

—

0.0%

Fender

Musical

Instruments

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.06%

,

 12/01/28

(a)(c)

................

251

250,440

Life

Sciences

Tools

&

Services

—

0.1%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 11/21/24

..

40

39,939

Avantor

Funding,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 11/08/27

..

626

624,819

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 02/22/28

..................

311

310,923

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

(continued)

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

..................

USD

661

$

662,377

ICON

Luxembourg

SARL,

Term

Loan

(LIBOR

USD

3

Month

+

2.25%),

2.75%, 07/03/28

................

483

481,528

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

0.00%

,

 10/19/27

................

122

121,927

2,241,513

Machinery

—

0.3%

(a)

Albion

Financing

3

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 07/31/26

.

314

312,351

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/13/28

.

96

96,080

Clark

Equipment

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 05/18/24

.....

162

161,405

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

6

Month

+

2.75%),

3.25%

,

 05/14/28

.

51

50,541

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 10/21/28

.....

175

174,199

Fluidra

SA,

Term

Loan

B,

01/19/29

(m)

.......

53

52,890

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 03/31/27

.....

307

305,715

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.35%

,

 03/28/25

..................

1,273

1,254,787

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 03/01/27

..................

145

143,191

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 06/21/28

......

1,127

1,122,360

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

07/30/27

(m)

...................

313

312,524

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

0.00%

-

0.10%

,

 03/02/27

614

610,129

Zurn

Industries

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 10/04/28

..................

23

22,961

4,619,133

Media

—

0.3%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 03/03/25

(a)

.................

663

612,920

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(n)

.................

171

197,245

Cable

One,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 05/03/28

(a)

.....

124

123,567

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/30/25

(a)

.................

154

153,942

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.61%

-

3.80%

,

 08/21/26

(a)

...........

1,269

1,249,811

CMG

Media

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 12/17/26

(a)

.................

176

174,850

CSC

Holdings

LLC,

Term

Loan

(a)

(LIBOR

USD

1

Month

+

2.25%),

2.36%, 07/17/25

................

310

304,670

(LIBOR

USD

1

Month

+

2.50%),

2.61%, 04/15/27

................

202

200,206

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Media

(continued)

DirectV

Financing

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 08/02/27

(a)

USD

625

$

625,190

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/12/27

(a)

.................

169

168,269

EW

Scripps

Co.

(The),

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 01/07/28

(a)

91

90,765

Intelsat

Jackson

Holdings

SA,

Term

Loan,

(LIBOR

USD

1

Month

+

4.55%),

7.80%

,

 07/13/22

(a)

.................

30

29,596

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.55%),

7.80%

,

 11/27/23

(a)

.................

—

(l)

257

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(a)

.................

378

359,882

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/24/25

(a)

.................

136

135,620

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 09/18/26

(a)

.................

64

64,075

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 09/28/23

(a)(c)

...

541

539,647

5,030,512

Metals

&

Mining

—

0.1%

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 03/08/24

(a)

.................

925

877,518

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

9.00%),

10.00%

,

 11/01/25

............

208

223,600

CITGO

Holding,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

7.00%),

8.00%

,

 08/01/23

.....

280

276,458

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.22%

,

 02/07/25

.

442

440,401

Freeport

LNG

investments,

LLLP,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 12/21/28

..................

93

92,482

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.25%

,

 01/31/28

.

64

63,560

1,096,501

Personal

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 10/01/26

(a)

.................

779

777,861

Pharmaceuticals

—

0.2%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 05/04/25

..................

264

261,734

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 06/02/25

..

316

313,823

Bausch

Health

Cos.,

Inc.,

Term

Loan

B,

01/27/27

(m)

......................

450

446,202

Elanco

Animal

Health,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 08/01/27

.

205

201,841

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 11/15/27

..................

123

121,207

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

.

USD

260

$

260,352

Medical

Solutions

LLC,

1st

Lien

Term

Loan,

11/01/28

(m)

......................

381

379,755

Medical

Solutions

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

11/01/28

(m)

..............

72

72,335

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/02/28

......

204

204,046

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan,

11/18/27

(m)

..............

50

50,019

Precision

Medicine

Group

LLC,

Term

Loan,

11/18/27

(m)

......................

452

449,870

Prestige

Brands,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 07/03/28

.

65

64,618

2,825,802

Professional

Services

—

0.2%

(a)

AlixPartners

LLP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 02/04/28

......

754

751,026

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 06/02/28

.

1,003

997,174

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/06/26

..................

639

636,032

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.31%

,

 01/18/29

(c)

.................

128

127,680

Trans

Union

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 12/01/28

.....

732

728,218

3,240,130

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.,

Term

Loan,

02/25/27

(a)

(m)

............................

602

601,345

Semiconductors

&

Semiconductor

Equipment

—

0.1%

(a)

MKS

Instruments,

Inc.,

Term

Loan,

10/20/28

(m)

627

625,627

Synaptics,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.75%

,

 12/02/28

......

90

89,685

715,312

Software

—

1.1%

(a)

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/12/25

..................

648

648,597

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 10/02/25

.

628

625,355

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 09/21/28

..................

257

255,795

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/08/28

.

916

913,142

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

6.50%

,

 10/08/29

(c)

217

216,457

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

......

174

173,534

Cornerstone

OnDemand,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 10/16/28

..................

182

181,374

E2open

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 02/04/28

...........

40

39,937

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

..................

1,097

1,095,845

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 03/11/28

..................

USD

221

$

220,538

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.88%

,

 10/27/28

......

1,257

1,250,715

Instructure

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.27%

,

 10/30/28

(c)

109

108,864

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 07/27/28

..................

1,143

1,138,803

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.00%

,

 07/27/29

..................

427

425,835

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 09/30/24

......

203

202,884

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 09/13/24

.

878

873,056

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.36%

,

 02/23/29

.

304

305,331

Netsmart,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

.

198

198,281

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 12/17/27

..................

435

435,241

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 08/31/28

.

1,129

1,122,718

RealPage,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

.

1,881

1,870,750

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

08/01/25

(m)

......................

739

735,429

Sophia

LP,

1st

Lien

Term

Loan,

10/07/27

(m)

...

786

784,911

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/16/25

..................

28

27,950

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.36%

,

 03/03/28

..................

458

459,608

UKG,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.25%),

3.75%, 05/04/26

................

550

548,013

(LIBOR

USD

1

Month

+

3.75%),

3.86%, 05/04/26

................

1,041

1,038,934

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 05/03/27

......

295

296,916

16,194,813

Specialty

Retail

—

0.2%

(a)

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 03/31/26

.

257

256,783

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/24/28

..................

110

109,863

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 05/04/28

............

510

511,711

MED

ParentCo.

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 08/31/26

.

313

312,437

Optiv,

Inc.,

1st

Lien

Term

Loan,

02/01/24

(m)

...

96

94,870

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

.......

1,247

1,244,533

Restoration

Hardware,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 10/20/28

.

165

163,970

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

(c)

.................

USD

219

$

219,068

2,913,235

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Electronics

for

Imaging,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

5.11%

,

 07/23/26

(a)

.................

162

160,417

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Crocs,

Inc.,

Term

Loan

B,

01/26/29

(a)(m)

.....

305

302,941

Trading

Companies

&

Distributors

—

0.1%

(a)

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

05/19/28

(m)

......................

377

375,223

Core

&

Main

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

0.00%

-

0.11%

,

 07/27/28

.

1,130

1,122,910

SRS

Distribution,

Inc.,

Term

Loan,

06/02/28

(m)

.

171

170,599

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

8.50%

,

 05/30/24

.

130

124,073

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 08/28/24

.

422

367,342

2,160,147

Transportation

Infrastructure

—

0.0%

(a)

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 09/22/28

..................

87

86,734

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.25%

,

 09/21/29

..................

35

35,496

122,230

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

..................

451

439,842

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/30/28

..................

131

131,233

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

..................

93

92,186

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/11/25

..

213

211,531

874,792

Total

Floating

Rate

Loan

Interests

—

8.2%

(Cost:

$125,648,104)

..............................

125,780,045

Foreign

Agency

Obligations

—

0.4%

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)

(e)(h)

...........................

390

393,412

Colombia

—

0.1%

Ecopetrol

SA,

4.63%

,

11/02/31

...........

580

533,473

Empresas

Publicas

de

Medellin

ESP,

4.25%

,

07/18/29

(b)

......................

653

597,413

1,130,886

India

—

0.0%

Power

Finance

Corp.

Ltd.,

6.15%

,

12/06/28

(e)

.

250

288,250

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.1%

(e)

Bank

Tabungan

Negara

Persero

Tbk.

PT,

4.20%

,

01/23/25

..................

USD

250

$

250,653

Pertamina

Persero

PT,

3.65%

,

07/30/29

....

592

606,911

857,564

Mexico

—

0.2%

Petroleos

Mexicanos

6.50%,

03/13/27

..................

1,081

1,126,267

5.95%,

01/28/31

..................

798

756,803

6.70%,

02/16/32

(b)

.................

585

577,746

6.75%,

09/21/47

..................

795

678,135

7.69%,

01/23/50

..................

412

380,688

3,519,639

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(e)

..........

215

194,061

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(b)

.................

455

441,293

Ukraine

—

0.0%

NPC

Ukrenergo,

6.88%

,

11/09/26

(b)

........

275

215,497

Total

Foreign

Agency

Obligations

—

0.4%

(Cost:

$7,319,781)

...............................

7,040,602

Foreign

Government

Obligations

—

2.0%

Argentina

—

0.0%

Argentine

Republic

(The),

2.50%

,

07/09/41

(k)

.

756

268,758

Bahrain

—

0.0%

Kingdom

of

Bahrain,

6.75%

,

09/20/29

(e)

.....

676

708,448

Chile

—

0.0%

Republic

of

Chile,

4.00%

,

01/31/52

........

210

214,108

Colombia

—

0.2%

Republic

of

Colombia

4.50%,

01/28/26

..................

1,085

1,118,771

3.88%,

04/25/27

..................

205

201,259

3.13%,

04/15/31

..................

1,571

1,346,445

2,666,475

Dominican

Republic

—

0.2%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(e)

.................

1,486

1,625,312

4.50%,

01/30/30

(b)

.................

767

751,804

4.88%,

09/23/32

(b)

.................

808

792,749

6.40%,

06/05/49

(e)

.................

396

395,579

3,565,444

Egypt

—

0.2%

Arab

Republic

of

Egypt

5.75%,

05/29/24

(b)

.................

655

668,100

5.88%,

06/11/25

(e)

.................

1,500

1,515,000

7.60%,

03/01/29

(e)

.................

1,422

1,374,007

7.50%,

02/16/61

(b)

.................

200

154,750

3,711,857

Guatemala

—

0.1%

Republic

of

Guatemala

(b)

5.38%,

04/24/32

..................

200

215,663

4.65%,

10/07/41

..................

521

502,537

718,200

Security

Par

(000)

Par

(000)

Value

Indonesia

—

0.1%

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

(e)

6.15%,

05/21/48

..................

USD

200

$

229,378

4.88%,

07/17/49

..................

200

197,225

Republic

of

Indonesia

4.10%,

04/24/28

..................

1,354

1,469,344

5.13%,

01/15/45

(e)

.................

240

277,226

2,173,173

Mexico

—

0.2%

United

Mexican

States

3.75%,

01/11/28

..................

932

979,998

2.66%,

05/24/31

..................

1,043

982,506

8.30%,

08/15/31

..................

35

49,683

6.38%,

01/23/45

..................

446

372,450

2,384,637

Mongolia

—

0.0%

State

of

Mongolia,

5.13%

,

04/07/26

(e)

......

200

202,022

Morocco

—

0.1%

Kingdom

of

Morocco

3.00%,

12/15/32

(b)

.................

510

471,112

4.00%,

12/15/50

(e)

.................

254

218,440

4.00%,

12/15/50

(b)

.................

200

172,000

861,552

Oman

—

0.1%

Oman

Government

Bond

(e)

6.50%,

03/08/47

..................

470

447,088

6.75%,

01/17/48

..................

470

460,012

907,100

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan,

7.38%

,

04/08/31

(e)

240

224,426

Panama

—

0.1%

Republic

of

Panama

3.16%,

01/23/30

..................

1,200

1,206,600

4.50%,

04/16/50

..................

570

582,754

4.50%,

01/19/63

..................

375

379,125

2,168,479

Paraguay

—

0.1%

Paraguay

Government

International

Bond,

4.70%

,

03/27/27

(e)

.................

444

479,048

Republic

of

Paraguay

(b)

4.95%,

04/28/31

..................

200

217,663

5.40%,

03/30/50

..................

455

486,935

1,183,646

Peru

—

0.1%

Peru

Government

Bond,

1.86%

,

12/01/32

...

426

374,694

Republic

of

Peru,

2.78%

,

01/23/31

........

665

643,512

1,018,206

Qatar

—

0.0%

State

of

Qatar,

4.00%

,

03/14/29

(b)

.........

200

220,000

Romania

—

0.1%

Romania

Government

Bond

(b)

3.00%,

02/14/31

..................

700

678,300

3.63%,

03/27/32

..................

568

568,000

1,246,300

Russia

—

0.1%

Russian

Federation

(e)

4.75%,

05/27/26

..................

400

409,200

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Russia

(continued)

4.25%,

06/23/27

..................

USD

600

$

599,400

1,008,600

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

(e)

4.50%,

04/17/30

..................

975

1,104,188

2.25%,

02/02/33

..................

739

702,870

1,807,058

Sri

Lanka

—

0.1%

Democratic

Socialist

Republic

of

Sri

Lanka

(e)

6.85%,

03/14/24

..................

493

251,831

6.35%,

06/28/24

..................

415

212,376

7.85%,

03/14/29

..................

370

180,213

7.55%,

03/28/30

..................

414

201,644

846,064

Ukraine

—

0.1%

Ukraine

Government

Bond

7.75%,

09/01/23

(e)

.................

340

312,439

8.99%,

02/01/24

(e)

.................

658

608,650

7.75%,

09/01/24

(e)

.................

387

345,228

7.75%,

09/01/25

(e)

.................

235

206,800

7.25%,

03/15/33

(b)

.................

526

441,840

1,914,957

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.98%

,

04/20/55

257

317,174

Total

Foreign

Government

Obligations

—

2.0%

(Cost:

$31,713,568)

...............................

30,336,684

Shares

Shares

Investment

Companies

—

10.6%

(o)

BlackRock

Allocation

Target

Shares-

BATS

Series

A

........................

3,000,118

29,791,170

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

...................

3,611,282

35,823,914

iShares

Core

Dividend

Growth

ETF

.......

450,942

24,251,661

iShares

Core

S&P

500

ETF

.............

50,616

22,866,791

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(p)

.........................

595,409

50,431,142

Total

Investment

Companies

—

10.6%

(Cost:

$160,629,670)

..............................

163,164,678

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

—

3.2%

Collateralized

Mortgage

Obligations

—

0.3%

Alternative

Loan

Trust

(a)

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.65%),

1.73%,

06/25/35

.....

48

45,714

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

01/25/36

....

77

73,875

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.82%,

11/25/46

.....................

72

62,605

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.38%),

0.49%,

07/25/46

....

168

152,863

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.39%,

04/25/47

....

209

191,424

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

American

Home

Mortgage

Assets

Trust,

Series

2006-5,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.92%),

1.01%,

11/25/46

(a)

............

USD

900

$

359,592

Banc

of

America

Mortgage

Trust,

Series

2007-

4,

Class

1A1,

6.25%,

12/28/37

.........

35

34,220

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(LIBOR

USD

1

Month

+

0.50%),

0.61%,

10/25/35

(a)

......................

200

199,784

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(b)(c)

...

2,000

1,981,600

Reperforming

Loan

REMIC

Trust,

Series

2005-

R2,

Class

1AF1,

(LIBOR

USD

1

Month

+

0.34%),

0.45%,

06/25/35

(a)(b)

..........

48

46,450

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR6,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

0.49%,

07/25/46

(a)

.....

78

65,740

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust,

Series

2006-4,

Class

3A1,

7.00%,

05/25/36

(k)

.........

384

374,515

3,588,382

Commercial

Mortgage-Backed

Securities

—

2.9%

280

Park

Avenue

Mortgage

Trust,

Series

2017-280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

2.23%,

09/15/34

(a)(b)

..........

630

625,257

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.21%,

04/15/35

(a)(b)

................

540

531,261

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

E,

(LIBOR

USD

1

Month

+

3.05%),

3.16%,

12/15/36

(a)(b)

................

106

100,551

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.81%,

09/15/34

(a)(b)

....

1,058

1,047,822

Bayview

Commercial

Asset

Trust,

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.56%,

09/25/37

(a)(b)

..........

358

343,794

BBCMS

Mortgage

Trust

(a)(b)

Series

2017-DELC,

Class

E,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

08/15/36

....

200

198,760

Series

2017-DELC,

Class

F,

(LIBOR

USD

1

Month

+

3.50%),

3.61%,

08/15/36

....

130

128,856

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

.....................

200

174,889

Benchmark

Mortgage

Trust

(a)

Series

2018-B5,

Class

D,

3.11%,

07/15/51

(b)

550

484,563

Series

2018-B7,

Class

C,

4.86%,

05/15/53

.

500

533,214

BFLD

Trust,

Series

2020-EYP,

Class

E,

(LIBOR

USD

1

Month

+

3.70%),

3.81%,

10/15/35

(a)(b)

1,400

1,400,001

BPR

Trust,

Series

2021-TY,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

09/15/38

(a)(b)

325

324,381

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2018-IND,

Class

G,

(LIBOR

USD

1

Month

+

2.05%),

2.16%,

11/15/35

....

1,050

1,045,999

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

11/15/35

.....

1,050

1,044,734

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

2.41%,

10/15/36

....

1,063

1,049,178

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.76%,

10/15/36

....

1,649

1,624,187

Series

2020-BXLP,

Class

G,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

12/15/36

....

444

439,504

Series

2020-FOX,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

11/15/32

....

400

399,971

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-21M,

Class

E,

(LIBOR

USD

1

Month

+

2.17%),

2.28%,

10/15/36

....

USD

814

$

805,351

Series

2021-CIP,

Class

E,

(LIBOR

USD

1

Month

+

2.82%),

2.93%,

12/15/38

....

978

977,411

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

1.02%,

02/15/33

(c)

...

1,164

1,157,682

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

2.26%,

02/15/33

(c)

...

683

679,087

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

4.36%,

02/15/33

(c)

...

550

547,250

Series

2021-SOAR,

Class

J,

(LIBOR

USD

1

Month

+

3.75%),

3.86%,

06/15/38

....

710

697,558

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

05/15/38

....

1,356

1,342,461

Series

2021-XL2,

Class

F,

(LIBOR

USD

1

Month

+

2.24%),

2.35%,

10/15/38

....

1,020

1,003,440

BX

Trust

(a)(b)

Series

2021-ARIA,

Class

G,

(LIBOR

USD

1

Month

+

3.14%),

3.25%,

10/15/36

....

970

962,709

Series

2021-LBA,

Class

GJV,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

02/15/36

....

900

885,814

Series

2021-LBA,

Class

GV,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

02/15/36

....

600

590,542

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

01/15/34

....

340

334,712

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

01/15/34

....

530

527,355

Series

2021-SDMF,

Class

J,

(LIBOR

USD

1

Month

+

4.03%),

4.14%,

09/15/34

....

92

91,533

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

06/15/38

....

900

884,212

Series

2021-VIEW,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

06/15/23

....

693

691,623

BXP

Trust,

Series

2021-601L,

Class

D,

2.78%,

01/15/44

(a)(b)

.....................

390

351,372

Citigroup

Commercial

Mortgage

Trust

(a)

Series

2016-C1,

Class

D,

4.94%,

05/10/49

(b)

110

109,546

Series

2018-C6,

Class

C,

5.07%,

11/10/51

.

361

392,050

Commercial

Mortgage

Trust

Series

2013-GAM,

Class

E,

3.42%,

02/10/28

(a)(b)

...................

1,000

948,577

Series

2015-LC19,

Class

D,

2.87%,

02/10/48

(b)

....................

166

156,682

Series

2015-LC21,

Class

C,

4.33%,

07/10/48

(a)

....................

700

718,949

Series

2017-COR2,

Class

D,

3.00%,

09/10/50

(b)

....................

109

99,386

Series

2018-HCLV,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

1.51%,

09/15/33

(a)(b)

..

400

395,523

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2021-980M,

Class

E,

3.54%,

07/15/31

(a)(b)

.....................

125

115,800

CSAIL

Commercial

Mortgage

Trust,

Series

2018-C14,

Class

D,

4.92%,

11/15/51

(a)(b)

..

232

235,741

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

E,

(LIBOR

USD

1

Month

+

4.86%),

4.97%,

10/15/37

....

339

342,653

Series

2021-BHAR,

Class

E,

(LIBOR

USD

1

Month

+

3.50%),

3.61%,

11/15/38

....

97

97,034

DBGS

Mortgage

Trust,

Series

2018-BIOD,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

2.10%,

05/15/35

(a)(b)

................

402

397,536

DBUBS

Mortgage

Trust,

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

(a)(b)

..........

320

310,033

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

ELP

Commercial

Mortgage

Trust

(a)(b)

Series

2021-ELP,

Class

G,

(LIBOR

USD

1

Month

+

3.12%),

3.22%,

11/15/38

....

USD

860

$

852,419

Series

2021-ELP,

Class

J,

(LIBOR

USD

1

Month

+

3.61%),

3.72%,

11/15/38

....

330

328,319

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

07/15/38

....

805

804,562

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.96%,

07/15/38

....

517

516,509

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

3.81%,

07/15/38

....

547

546,465

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

F,

(LIBOR

USD

1

Month

+

3.44%),

3.54%,

11/15/36

(a)(b)

..........

483

481,644

GS

Mortgage

Securities

Trust,

Series

2015-

GC32,

Class

D,

3.35%,

07/10/48

.......

180

168,326

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(LIBOR

USD

1

Month

+

3.35%),

3.46%,

10/15/36

....

274

273,416

Series

2021-LULU,

Class

F,

(LIBOR

USD

1

Month

+

4.40%),

4.51%,

10/15/36

....

157

156,673

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2019-COR5,

Class

D,

3.00%,

06/13/52

(b)

......................

2,000

1,818,269

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

C,

4.51%,

03/15/50

(a)

135

128,763

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

Series

2015-JP1,

Class

D,

4.22%,

01/15/49

500

472,779

Series

2015-JP1,

Class

E,

4.22%,

01/15/49

(b)

....................

221

187,860

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

(b)

....................

250

235,754

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.46%,

03/15/38

(a)(b)

.....................

795

785,080

MAD

Mortgage

Trust,

Series

2017-330M,

Class

E,

4.17%,

08/15/34

(a)(b)

..............

151

148,663

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

4.11%,

11/15/38

.....

1,000

988,775

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

5.36%,

11/15/38

....

1,870

1,846,572

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

G,

(SOFR30A

+

4.22%),

4.27%,

12/15/34

(a)(b)

..........

287

287,988

MHP,

Series

2021-STOR,

Class

J,

(LIBOR

USD

1

Month

+

3.95%),

4.06%,

07/15/38

(a)(b)

...

138

137,440

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C25,

Class

D,

3.07%,

10/15/48

222

209,010

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

....................

252

237,225

Morgan

Stanley

Capital

I

Trust

Series

2015-MS1,

Class

C,

4.03%,

05/15/48

(a)

....................

140

138,203

Series

2015-MS1,

Class

D,

4.03%,

05/15/48

(a)(b)

...................

356

327,463

Series

2017-CLS,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

2.06%,

11/15/34

(a)(b)

..

531

528,333

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

250

219,159

Series

2018-H3,

Class

C,

4.86%,

07/15/51

(a)

320

347,458

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(a)

(b)

..........................

238

211,616

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2018-SUN,

Class

F,

(LIBOR

USD

1

Month

+

2.55%),

2.66%,

07/15/35

(a)(b)

..

USD

450

$

443,798

Motel

Trust,

Series

2021-MTL6,

Class

F,

(LIBOR

USD

1

Month

+

3.55%),

3.66%,

09/15/38

(a)(b)

.....................

150

149,819

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(LIBOR

USD

1

Month

+

4.35%),

4.46%,

07/15/38

(a)(b)

..........

100

99,939

SREIT

Trust,

Series

2021-MFP2,

Class

J,

(LIBOR

USD

1

Month

+

3.92%),

4.02%,

11/15/36

(a)(b)

.....................

173

172,313

STWD

Trust,

Series

2021-FLWR,

Class

G,

(LIBOR

USD

1

Month

+

3.67%),

3.78%,

07/15/23

(a)(b)

.....................

215

214,128

TPGI

Trust

(a)(b)

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

06/15/26

....

379

376,660

Series

2021-DGWD,

Class

G,

(LIBOR

USD

1

Month

+

3.85%),

3.96%,

06/15/26

...

131

130,142

VCC

Trust,

Series

2020-MC1,

Class

A,

4.50%,

06/25/45

(a)(b)

.....................

487

487,683

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-NXS5,

Class

B,

4.95%,

01/15/59

(a)

....................

250

264,483

Series

2017-C39,

Class

C,

4.12%,

09/15/50

113

115,829

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

...................

342

274,886

Series

2018-C44,

Class

C,

4.83%,

05/15/51

(a)

....................

170

181,932

Series

2018-C44,

Class

D,

3.00%,

05/15/51

(b)

....................

240

213,981

Series

2018-C45,

Class

C,

4.73%,

06/15/51

110

115,792

44,972,672

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

XD,

1.32%,

10/15/48

(a)(b)

.....................

4,650

205,297

Total

Non-Agency

Mortgage-Backed

Securities

—

3.2%

(Cost:

$48,563,353)

...............................

48,766,351

Preferred

Securities

—

2.9%

Capital

Trusts

—

2.3%

Banks

—

0.9%

(a)(h)

Bank

of

America

Corp.

Series

JJ,

(LIBOR

USD

3

Month

+

3.29%),

5.12%

.......................

1,900

1,961,750

Series

RR,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%),

4.38%

.......................

1,350

1,333,260

Citigroup,

Inc.

Series

U,

(SOFR

+

3.81%),

5.00%

......

3,350

3,387,319

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

600

592,500

First

Citizens

BancShares,

Inc.,

Series

B,

(LIBOR

USD

3

Month

+

3.97%),

5.80%

...

185

191,937

JPMorgan

Chase

&

Co.,

Series

FF,

(SOFR

+

3.38%),

5.00%

...................

1,550

1,577,125

PNC

Financial

Services

Group,

Inc.

(The),

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.40%

.........................

1,750

1,649,358

US

Bancorp,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%),

3.70%

.........................

855

821,655

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Wells

Fargo

&

Co.

Series

S,

(LIBOR

USD

3

Month

+

3.11%),

5.90%

.......................

USD

200

$

205,000

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

.......................

2,300

2,278,035

13,997,939

Capital

Markets

—

0.5%

(a)(h)

Bank

of

New

York

Mellon

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

.

1,575

1,585,442

Charles

Schwab

Corp.

(The)

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

.......................

1,575

1,555,990

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.......................

1,730

1,695,002

Goldman

Sachs

Group,

Inc.

(The)

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

.......................

1,445

1,486,472

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

.......................

1,250

1,202,237

7,525,143

Consumer

Finance

—

0.4%

(a)(h)

Ally

Financial,

Inc.,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%

..................

2,450

2,422,192

Discover

Financial

Services,

Series

C,

(LIBOR

USD

3

Month

+

3.08%),

5.50%

........

1,500

1,560,000

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

.

786

883,307

4,865,499

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)(h)

............

1,465

1,516,275

Electric

Utilities

—

0.1%

Edison

International,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%),

5.38%

(a)(h)

............

2,375

2,409,141

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)(h)

......................

223

221,885

Insurance

—

0.1%

MetLife,

Inc.,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%),

3.85%

(a)(h)

................

1,950

1,964,625

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)(h)

Energy

Transfer

LP

Series

B,

(LIBOR

USD

3

Month

+

4.16%),

6.63%

.......................

400

378,000

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%

.......................

2,575

2,618,453

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

EnLink

Midstream

Partners

LP,

Series

C,

(LIBOR

USD

3

Month

+

4.11%),

6.00%

...

USD

918

$

697,680

3,694,133

Total

Capital

Trusts

—

2.3%

(Cost:

$36,528,030)

...............................

36,194,640

Shares

Shares

Preferred

Stocks

—

0.5%

Consumer

Finance

—

0.0%

SLM

Corp.,

Series

B,

(LIBOR

USD

3

Month

+

1.70%),

1.90%

(a)(h)

.................

11,500

671,600

Oil,

Gas

&

Consumable

Fuels

—

0.2%

Energy

Transfer

LP,

Series

E,

(LIBOR

USD

3

Month

+

5.16%),

7.60%

(a)(h)

...........

75,000

1,867,500

Petroleo

Brasileiro

SA

(Preference)

........

119,031

725,605

2,593,105

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Samsung

Electronics

Co.

Ltd.

(Preference)

..

85,386

4,802,730

Total

Preferred

Stocks

—

0.5%

(Cost:

$6,412,130)

...............................

8,067,435

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)

................

896,000

745,920

Consumer

Finance

—

0.0%

ILFC

E-Capital

Trust

II

,

(LIBOR

USD

3

Month

+

1.80%),

3.62%, 12/21/65

(a)(b)

..........

397,000

344,397

Total

Trust

Preferreds

—

0.1%

(Cost:

$1,257,798)

...............................

1,090,317

Total

Preferred

Securities

—

2.9%

(Cost:

$44,197,958)

...............................

45,352,392

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%),

3.79%, 04/25/28

(a)(b)

................

334

323,198

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

(a)(b)

Series

2018-K80,

Class

B,

4.23%, 08/25/50

USD

300

$

326,725

Series

2018-K732,

Class

B,

4.06%, 05/25/25

200

210,329

537,054

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

Government

National

Mortgage

Association

Variable

Rate

Notes,

Series

2013-63,

0.77%, 09/16/51

(a)

.................

559

15,006

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

(Cost:

$842,789)

.................................

875,258

Shares

Shares

Warrants

—

0.0%

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/exercisable

10/23/20,

1

share

for

1

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(d)

.....

119

1,785

Total

Warrants

—

0.0%

(Cost:

$0)

.....................................

1,785

Total

Long-Term

Investments

—

98.0%

(Cost:

$1,504,076,650)

............................

1,511,581,196

Short-Term

Securities

—

8.2%

(o)(q)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

75,240,655

75,240,655

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(r)

........................

50,958,257

50,963,353

Total

Short-Term

Securities

—

8.2%

(Cost:

$126,205,813)

..............................

126,204,008

Total

Investments

—

106.2%

(Cost:

$1,630,282,463

)

............................

1,637,785,204

Liabilities

in

Excess

of

Other

Assets

—

(6.2)%

.............

(95,912,032)

Net

Assets

—

100.0%

...............................

$

1,541,873,172

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Non-income

producing

security.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(g)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(h)

Perpetual

security

with

no

stated

maturity

date.

(i)

Zero-coupon

bond.

(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)

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.

(l)

Rounds

to

less

than

1,000.

(m)

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.

(n)

Fixed

rate.

(o)

Affiliate

of

the

Fund.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

44

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

(p)

All

or

a

portion

of

this

security

is

on

loan.

(q)

Annualized

7-day

yield

as

of

period

end.

(r)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

January

31,

2022

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

01/31/22

Shares

Held

at

01/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

177,890,717

$

—

$

(102,650,062)

$

—

$

—

$

75,240,655

75,240,655

$

2,704

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

53,046,504

—

(2,072,595)

(8,751)

(1,805)

50,963,353

50,958,257

393,148

(b)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

30,271,189

—

—

—

(480,019)

29,791,170

3,000,118

385,776

31,513

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

...

23,395,960

12,404,583

—

—

23,371

35,823,914

3,611,282

439,517

—

iShares

Core

Dividend

Growth

ETF

..................

12,034,412

11,802,381

—

—

414,868

24,251,661

450,942

127,847

—

iShares

Core

S&P

500

ETF

....

22,291,286

—

—

—

575,505

22,866,791

50,616

161,530

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

52,300,727

—

—

—

(1,869,585)

50,431,142

595,409

1,013,538

—

$

(8,751)

$

(1,337,665)

$

289,368,686

$

2,524,060

$

31,513

—

—

(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.

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

45

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

............................................

16

03/18/22

$

980

$

(16,539)

S&P

500

E-Mini

Index

......................................................

1,087

03/18/22

244,806

(6,542,474)

U.S.

Treasury

10

Year

Note

...................................................

1,110

03/22/22

142,080

(920,155)

U.S.

Treasury

10

Year

Ultra

Note

...............................................

59

03/22/22

8,427

(107,369)

U.S.

Treasury

Ultra

Bond

....................................................

33

03/22/22

6,221

(149,652)

U.S.

Treasury

5

Year

Note

....................................................

514

03/31/22

61,290

(794,405)

(8,530,594)

Short

Contracts

GBP

Currency

............................................................

391

03/14/22

32,881

(440,265)

JPY

Currency

............................................................

52

03/14/22

5,654

40,584

U.S.

Treasury

2

Year

Note

....................................................

2

03/31/22

433

3,467

(396,214)

$

(8,926,808)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

108,852

AUD

151,000

Natwest

Markets

plc

04/13/22

$

2,046

USD

228,775

CHF

208,000

Standard

Chartered

Bank

04/13/22

3,844

USD

1,354,169

EUR

1,184,000

Natwest

Markets

plc

04/13/22

21,754

USD

98,850

GBP

72,000

Natwest

Markets

plc

04/13/22

2,055

USD

398,809

HKD

3,106,000

Natwest

Markets

plc

04/13/22

429

30,128

AUD

863,000

USD

630,838

Natwest

Markets

plc

04/13/22

(20,419)

CAD

2,084,000

USD

1,671,102

Natwest

Markets

plc

04/13/22

(31,874)

CAD

70,000

USD

56,056

Standard

Chartered

Bank

04/13/22

(996)

CHF

265,000

USD

289,861

Natwest

Markets

plc

04/13/22

(3,290)

EUR

72,000

USD

82,330

Standard

Chartered

Bank

04/13/22

(1,305)

GBP

430,000

USD

585,463

Standard

Chartered

Bank

04/13/22

(7,382)

HKD

182,000

USD

23,380

Natwest

Markets

plc

04/13/22

(36)

JPY

10,722,000

USD

94,024

Standard

Chartered

Bank

04/13/22

(778)

KRW

174,716,000

USD

145,942

Standard

Chartered

Bank

04/13/22

(1,242)

NZD

993,000

USD

682,423

Standard

Chartered

Bank

04/13/22

(29,873)

USD

254,808

AUD

364,000

Standard

Chartered

Bank

04/13/22

(2,657)

USD

235,077

EUR

210,000

Natwest

Markets

plc

04/13/22

(1,246)

(101,098)

$

(70,970)

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)

Trust

Fibra

Uno

.......

1.00

%

Quarterly

Citibank

NA

06/20/26

NR

USD

152

$

(10,490)

$

(14,876)

$

4,386

Trust

Fibra

Uno

.......

1.00

Quarterly

Citibank

NA

06/20/26

NR

USD

544

(37,543)

(53,016)

15,473

$

(48,033)

$

(67,892)

$

19,859

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

46

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

(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

$19,722

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$21,412

of

net

dividends

and

financing

fees.

(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

$

2,338,017

$

60,192

(c)

$

2,378,487

0.2

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

2,761,150

(64,879)

(e)

2,674,859

0.2

$

(4,687)

$

5,053,346

(b)

(d)

Range:

80-95

basis

points

60-125

basis

points

Benchmarks:

USD

Overnight

Bank

Funding

Rate

USD

Overnight

Bank

Funding

Rate

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

January

31,

2022,

expiration

date

02/10/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Saudi

Arabia

Al

Rajhi

Bank

............

27,271

$

1,083,002

45.5

%

Vietnam

Vietnam

Dairy

Products

JSC

..

351,600

1,295,485

54.5

Total

Reference

Entity

—

Long

............

2,378,487

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

2,378,487

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

January

31,

2022,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Egypt

Commercial

International

Bank

Egypt

SAE

............

98,980

324,432

12.1

Shares

Value

%

of

Basket

Value

Russia

X5

Retail

Group

NV,

GDR

...

28,521

$

644,867

24.1

%

Saudi

Arabia

Saudi

Tadawul

Group

Holding

Co.

.................

3,059

132,082

5.0

United

Kingdom

Prudential

plc

............

60,868

1,025,975

38.3

Standard

Chartered

plc

.....

75,178

547,503

20.5

1,573,478

Total

Reference

Entity

—

Long

............

2,674,859

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

2,674,859

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

(67,892)

$

80,051

$

(64,879)

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

47

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

—

$

40,584

$

3,467

$

—

$

44,051

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

30,128

—

—

30,128

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

19,859

60,192

—

—

—

80,051

$

—

$

19,859

$

60,192

$

70,712

$

3,467

$

—

$

154,230

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

6,559,013

440,265

1,971,581

—

8,970,859

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

101,098

—

—

101,098

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

67,892

64,879

—

—

—

132,771

$

—

$

67,892

$

6,623,892

$

541,363

$

1,971,581

$

—

$

9,204,728

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

January

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

12,485,090

$

2,042,701

$

1,018,892

$

—

$

15,546,683

Forward

foreign

currency

exchange

contracts

....

—

—

—

(10,540)

—

—

(10,540)

Options

purchased

(a)

....................

—

—

(939,901

)

—

—

—

(939,901

)

Options

written

........................

—

—

547,796

—

—

—

547,796

Swaps

..............................

—

(33,655)

13,951

—

—

—

(19,704)

$

—

$

(33,655)

$

12,106,93

6

$

2,032,161

$

1,018,892

$

—

$

15,124,33

4

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

—

—

(5,412,942)

(897,992)

(2,822,255)

—

(9,133,189)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(72,934)

—

—

(72,934)

Swaps

..............................

—

(5,188)

(19,911)

—

—

—

(25,099)

$

—

$

(5,188)

$

(5,432,853)

$

(970,926)

$

(2,822,255)

$

—

$

(9,231,222)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

48

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

448,877,948

Average

notional

value

of

contracts

—

short

.................................................................................

37,824,140

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

1,826,080

Average

amounts

sold

—

in

USD

........................................................................................

4,192,585

Options

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

—

(a)

Average

notional

value

of

swaption

contracts

written

...........................................................................

—

(a)

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

696,000

Total

return

swaps

Average

notional

value

...............................................................................................

601,454

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

4,288,689

$

174,090

Forward

foreign

currency

exchange

contracts

.................................................................

30,128

101,098

Swaps

—

OTC

(a)

....................................................................................

80,051

132,771

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

4,398,868

$

407,959

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(4,288,689)

(174,090)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

110,179

$

233,869

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Citibank

NA

....................................

$

19,859

$

(19,859)

$

—

$

—

$

—

HSBC

Bank

plc

..................................

60,192

—

—

—

60,192

Natwest

Markets

plc

..............................

26,284

(26,284)

—

—

—

Standard

Chartered

Bank

...........................

3,844

(3,844)

—

—

—

$

110,179

$

(49,987)

$

—

$

—

$

60,192

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)(d)

Citibank

NA

....................................

$

67,892

$

(19,859)

$

—

$

—

$

48,033

JPMorgan

Chase

Bank

NA

..........................

64,879

—

—

—

64,879

Natwest

Markets

plc

..............................

56,865

(26,284)

—

—

30,581

Standard

Chartered

Bank

...........................

44,233

(3,844)

—

—

40,389

$

233,869

$

(49,987)

$

—

$

—

$

183,882

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

49

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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

....................................

$

—

$

67,013,649

$

500,100

$

67,513,749

Common

Stocks

Airlines

..............................................

1,062,385

1,194,543

—

2,256,928

Automobiles

..........................................

—

1,384,223

—

1,384,223

Banks

...............................................

7,618,896

19,534,844

—

27,153,740

Beverages

...........................................

—

4,226,370

—

4,226,370

Biotechnology

.........................................

2,762,303

—

—

2,762,303

Capital

Markets

........................................

3,205,131

—

—

3,205,131

Chemicals

............................................

1,222,017

—

—

1,222,017

Communications

Equipment

................................

—

1,265,023

—

1,265,023

Construction

Materials

....................................

—

1,441,396

—

1,441,396

Consumer

Finance

......................................

1,567,866

1,133,851

—

2,701,717

Diversified

Telecommunication

Services

........................

2,829,703

7,478,521

—

10,308,224

Electric

Utilities

........................................

11,541,854

3,727,289

—

15,269,143

Electrical

Equipment

.....................................

—

1,704,287

—

1,704,287

Electronic

Equipment,

Instruments

&

Components

.................

1,544,794

760,307

—

2,305,101

Energy

Equipment

&

Services

..............................

962,266

—

—

962,266

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

69,684,169

20,353,171

—

90,037,340

Food

&

Staples

Retailing

..................................

3,276,731

547,281

—

3,824,012

Food

Products

.........................................

—

1,844,115

—

1,844,115

Gas

Utilities

...........................................

599,145

4,463,936

—

5,063,081

Health

Care

Equipment

&

Supplies

...........................

3,246,895

—

—

3,246,895

Health

Care

Providers

&

Services

............................

4,011,606

—

—

4,011,606

Hotels,

Restaurants

&

Leisure

..............................

1,228,720

1,048,386

—

2,277,106

Household

Durables

.....................................

—

3,263,654

—

3,263,654

Household

Products

.....................................

—

3,119,273

—

3,119,273

Insurance

............................................

5,672,298

3,994,934

—

9,667,232

Interactive

Media

&

Services

...............................

1,418,470

2,111,719

—

3,530,189

Internet

&

Direct

Marketing

Retail

............................

—

59,013

—

59,013

IT

Services

...........................................

7,970,390

7,209,458

—

15,179,848

Leisure

Products

.......................................

2,473,748

—

—

2,473,748

Life

Sciences

Tools

&

Services

..............................

—

928,258

—

928,258

Machinery

............................................

2,309,686

1,744,469

—

4,054,155

Media

...............................................

1,994,751

326,090

—

2,320,841

Metals

&

Mining

........................................

—

2,265,288

—

2,265,288

Multiline

Retail

.........................................

—

855,662

—

855,662

Multi-Utilities

..........................................

9,901,477

965,847

—

10,867,324

Oil,

Gas

&

Consumable

Fuels

...............................

6,879,163

6,206,388

—

13,085,551

Personal

Products

......................................

1,730,435

—

—

1,730,435

Pharmaceuticals

.......................................

—

10,202,038

—

10,202,038

Professional

Services

....................................

—

3,325,848

—

3,325,848

Real

Estate

Management

&

Development

.......................

760,667

23,093,488

—

23,854,155

Road

&

Rail

...........................................

3,208,743

717,363

—

3,926,106

Semiconductors

&

Semiconductor

Equipment

....................

2,940,584

12,339,354

—

15,279,938

Software

.............................................

6,082,100

—

—

6,082,100

Specialty

Retail

........................................

—

1,186,374

—

1,186,374

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,768,302

—

2,768,302

Textiles,

Apparel

&

Luxury

Goods

............................

—

4,959,786

—

4,959,786

Thrifts

&

Mortgage

Finance

................................

—

1,143,796

—

1,143,796

Tobacco

.............................................

2,271,648

—

—

2,271,648

Trading

Companies

&

Distributors

............................

—

3,278,830

—

3,278,830

Transportation

Infrastructure

...............................

1,765,468

13,422,669

—

15,188,137

Water

Utilities

.........................................

129,122

505,260

—

634,382

Wireless

Telecommunication

Services

.........................

—

1,670,918

—

1,670,918

Corporate

Bonds

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

50

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Level

1

Level

2

Level

3

Total

Aerospace

&

Defense

....................................

$

—

$

10,541,421

$

—

$

10,541,421

Airlines

..............................................

—

7,399,009

—

7,399,009

Auto

Components

......................................

—

6,946,520

—

6,946,520

Automobiles

..........................................

—

674,710

—

674,710

Banks

...............................................

—

35,482,586

—

35,482,586

Beverages

...........................................

—

41,250

—

41,250

Building

Products

.......................................

—

2,522,786

—

2,522,786

Capital

Markets

........................................

—

9,004,443

—

9,004,443

Chemicals

............................................

—

8,499,337

3,149

8,502,486

Commercial

Services

&

Supplies

.............................

—

14,134,552

—

14,134,552

Communications

Equipment

................................

—

4,082,755

—

4,082,755

Construction

&

Engineering

................................

—

3,273,019

—

3,273,019

Construction

Materials

....................................

—

698,858

—

698,858

Consumer

Finance

......................................

—

7,714,864

—

7,714,864

Containers

&

Packaging

..................................

—

7,576,944

—

7,576,944

Distributors

...........................................

—

163,500

—

163,500

Diversified

Consumer

Services

..............................

—

2,389,177

—

2,389,177

Diversified

Financial

Services

...............................

—

4,676,225

—

4,676,225

Diversified

Telecommunication

Services

........................

—

24,155,334

—

24,155,334

Electric

Utilities

........................................

—

5,812,936

—

5,812,936

Electrical

Equipment

.....................................

—

561,318

—

561,318

Electronic

Equipment,

Instruments

&

Components

.................

—

295,423

—

295,423

Energy

Equipment

&

Services

..............................

—

4,416,116

—

4,416,116

Entertainment

.........................................

—

2,470,057

—

2,470,057

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

6,164,009

—

6,164,009

Food

&

Staples

Retailing

..................................

—

1,108,227

—

1,108,227

Food

Products

.........................................

—

5,828,090

—

5,828,090

Gas

Utilities

...........................................

—

113,275

—

113,275

Health

Care

Equipment

&

Supplies

...........................

—

4,334,615

—

4,334,615

Health

Care

Providers

&

Services

............................

—

11,480,088

—

11,480,088

Hotels,

Restaurants

&

Leisure

..............................

—

22,229,965

—

22,229,965

Household

Durables

.....................................

—

3,237,033

—

3,237,033

Household

Products

.....................................

—

423,070

—

423,070

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,281,593

—

1,281,593

Industrial

Conglomerates

..................................

—

271,356

—

271,356

Insurance

............................................

—

13,064,344

—

13,064,344

Interactive

Media

&

Services

...............................

—

147,335

—

147,335

Internet

&

Direct

Marketing

Retail

............................

—

180,304

—

180,304

IT

Services

...........................................

—

2,534,392

—

2,534,392

Leisure

Products

.......................................

—

895,687

—

895,687

Life

Sciences

Tools

&

Services

..............................

—

46,441

—

46,441

Machinery

............................................

—

4,306,730

—

4,306,730

Marine

..............................................

—

266,036

—

266,036

Media

...............................................

—

21,775,639

—

21,775,639

Metals

&

Mining

........................................

—

12,774,674

—

12,774,674

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

71,746

—

71,746

Multiline

Retail

.........................................

—

430,544

—

430,544

Multi-Utilities

..........................................

—

795,925

—

795,925

Oil,

Gas

&

Consumable

Fuels

...............................

—

35,407,026

—

35,407,026

Paper

&

Forest

Products

..................................

—

569,637

—

569,637

Personal

Products

......................................

—

121,155

—

121,155

Pharmaceuticals

.......................................

—

5,559,825

—

5,559,825

Professional

Services

....................................

—

1,107,263

—

1,107,263

Real

Estate

Management

&

Development

.......................

—

17,478,932

—

17,478,932

Road

&

Rail

...........................................

—

3,949,363

—

3,949,363

Software

.............................................

—

5,542,869

—

5,542,869

Specialty

Retail

........................................

—

10,612,150

—

10,612,150

Textiles,

Apparel

&

Luxury

Goods

............................

—

471,980

—

471,980

Thrifts

&

Mortgage

Finance

................................

—

1,246,759

—

1,246,759

Trading

Companies

&

Distributors

............................

—

1,362,291

—

1,362,291

Transportation

Infrastructure

...............................

—

747,078

—

747,078

Wireless

Telecommunication

Services

.........................

—

8,818,334

—

8,818,334

Equity-Linked

Notes

......................................

—

294,812,730

—

294,812,730

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

3,843,870

—

3,843,870

Air

Freight

&

Logistics

....................................

—

93,707

—

93,707

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

51

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Level

1

Level

2

Level

3

Total

Airlines

..............................................

$

—

$

2,272,648

$

—

$

2,272,648

Auto

Components

......................................

—

2,127,711

—

2,127,711

Automobiles

..........................................

—

509,741

—

509,741

Biotechnology

.........................................

—

636,210

—

636,210

Building

Products

.......................................

—

1,998,400

—

1,998,400

Capital

Markets

........................................

—

877,421

—

877,421

Chemicals

............................................

—

4,111,122

—

4,111,122

Commercial

Services

&

Supplies

.............................

—

5,028,054

188,609

5,216,663

Construction

&

Engineering

................................

—

1,380,582

—

1,380,582

Construction

Materials

....................................

—

1,210,664

—

1,210,664

Containers

&

Packaging

..................................

—

2,701,707

—

2,701,707

Distributors

...........................................

—

89,156

—

89,156

Diversified

Consumer

Services

..............................

—

3,006,415

—

3,006,415

Diversified

Financial

Services

...............................

—

10,469,354

307,890

10,777,244

Diversified

Telecommunication

Services

........................

—

3,912,863

—

3,912,863

Electric

Utilities

........................................

—

177,053

—

177,053

Electrical

Equipment

.....................................

—

1,060,324

—

1,060,324

Electronic

Equipment,

Instruments

&

Components

.................

—

231,420

—

231,420

Entertainment

.........................................

—

2,481,701

374,120

2,855,821

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

73,640

—

73,640

Food

&

Staples

Retailing

..................................

—

639,399

—

639,399

Food

Products

.........................................

—

4,620,319

238,768

4,859,087

Health

Care

Equipment

&

Supplies

...........................

—

2,061,395

—

2,061,395

Health

Care

Providers

&

Services

............................

—

4,336,399

85,840

4,422,239

Health

Care

Technology

..................................

—

1,686,580

—

1,686,580

Hotels,

Restaurants

&

Leisure

..............................

—

4,395,166

24,675

4,419,841

Household

Durables

.....................................

—

1,265,462

—

1,265,462

Household

Products

.....................................

—

589,765

—

589,765

Independent

Power

and

Renewable

Electricity

Producers

............

—

286,198

—

286,198

Industrial

Conglomerates

..................................

—

526,232

—

526,232

Insurance

............................................

—

5,379,173

—

5,379,173

Interactive

Media

&

Services

...............................

—

2,210,335

—

2,210,335

Internet

&

Direct

Marketing

Retail

............................

—

201,142

—

201,142

IT

Services

...........................................

—

2,984,136

80,037

3,064,173

Leisure

Products

.......................................

—

—

250,440

250,440

Life

Sciences

Tools

&

Services

..............................

—

2,241,513

—

2,241,513

Machinery

............................................

—

4,619,133

—

4,619,133

Media

...............................................

—

4,490,865

539,647

5,030,512

Metals

&

Mining

........................................

—

877,518

—

877,518

Oil,

Gas

&

Consumable

Fuels

...............................

—

1,096,501

—

1,096,501

Personal

Products

......................................

—

777,861

—

777,861

Pharmaceuticals

.......................................

—

2,825,802

—

2,825,802

Professional

Services

....................................

—

3,112,450

127,680

3,240,130

Road

&

Rail

...........................................

—

601,345

—

601,345

Semiconductors

&

Semiconductor

Equipment

....................

—

715,312

—

715,312

Software

.............................................

—

15,869,492

325,321

16,194,813

Specialty

Retail

........................................

—

2,694,167

219,068

2,913,235

Technology

Hardware,

Storage

&

Peripherals

....................

—

160,417

—

160,417

Textiles,

Apparel

&

Luxury

Goods

............................

—

302,941

—

302,941

Trading

Companies

&

Distributors

............................

—

2,160,147

—

2,160,147

Transportation

Infrastructure

...............................

—

122,230

—

122,230

Wireless

Telecommunication

Services

.........................

—

874,792

—

874,792

Foreign

Agency

Obligations

.................................

—

7,040,602

—

7,040,602

Foreign

Government

Obligations

..............................

—

30,336,684

—

30,336,684

Investment

Companies

....................................

133,373,508

—

—

133,373,508

Non-Agency

Mortgage-Backed

Securities

........................

—

44,400,732

4,365,619

48,766,351

Preferred

Securities

Banks

...............................................

—

13,997,939

—

13,997,939

Capital

Markets

........................................

—

7,525,143

—

7,525,143

Commercial

Services

&

Supplies

.............................

—

745,920

—

745,920

Consumer

Finance

......................................

671,600

5,209,896

—

5,881,496

Diversified

Financial

Services

...............................

—

1,516,275

—

1,516,275

Electric

Utilities

........................................

—

2,409,141

—

2,409,141

Independent

Power

and

Renewable

Electricity

Producers

............

—

221,885

—

221,885

Insurance

............................................

—

1,964,625

—

1,964,625

Oil,

Gas

&

Consumable

Fuels

...............................

2,593,105

3,694,133

—

6,287,238

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Dynamic

High

Income

Portfolio

52

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Technology

Hardware,

Storage

&

Peripherals

....................

$

—

$

4,802,730

$

—

$

4,802,730

U.S.

Government

Sponsored

Agency

Securities

....................

—

875,258

—

875,258

Warrants

..............................................

1,785

—

—

1,785

Short-Term

Securities

.......................................

75,240,655

—

—

75,240,655

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

121

—

121

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(14)

—

(14)

$

385,753,884

$

1,163,645,941

$

7,630,963

$

1,557,030,788

Investments

valued

at

NAV

(b)

......................................

80,754,523

$

—

$

1,637,785,311

$

—

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

19,859

$

—

$

19,859

Equity

contracts

...........................................

—

60,192

—

60,192

Foreign

currency

exchange

contracts

............................

40,584

30,128

—

70,712

Interest

rate

contracts

.......................................

3,467

—

—

3,467

Liabilities

Equity

contracts

...........................................

(6,559,013)

(64,879)

—

(6,623,892)

Foreign

currency

exchange

contracts

............................

(440,265)

(101,098)

—

(541,363)

Interest

rate

contracts

.......................................

(1,971,581)

—

—

(1,971,581)

$

(8,926,808)

$

(55,798)

$

—

$

(8,982,606)

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

—

8.8%

Accredited

Mortgage

Loan

Trust,

Series

2004-4,

Class

M2,

(LIBOR

USD

1

Month

+

1.58%),

1.68%,

01/25/35

(a)

.................

USD

815

$

823,423

AGL

CLO

17

Ltd.

(a)(b)

Series

2022-17A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.10%),

0.00%,

01/21/35

.

1,500

1,500,000

Series

2022-17A,

Class

E,

(3

Month

CME

Term

SOFR

+

6.35%),

0.00%,

01/21/35

.

1,000

1,000,000

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.39%,

01/15/33

(a)(b)

.....................

2,000

2,008,181

AIG

CLO

LLC

(a)(b)

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.30%,

04/20/32

....

2,500

2,499,991

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

04/20/32

....

1,000

1,001,909

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

04/15/34

....

3,000

2,988,992

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.24%,

04/15/34

....

3,100

3,065,696

Series

2021-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.00%,

07/20/34

....

14,000

13,999,973

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.25%,

07/20/34

....

5,000

5,018,768

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.30%,

07/20/34

....

2,500

2,488,057

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

AIG

CLO

Ltd.,

Series

2019-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

1.36%,

10/25/33

(a)(b)

.....................

7,300

7,300,288

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

1.84%,

10/17/34

....

1,500

1,498,918

Series

2015-AA,

Class

CR2,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

10/17/34

....

3,000

3,000,007

Series

2015-AA,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.29%,

10/17/34

....

3,500

3,487,903

AIMCO

CLO

10

Ltd.

(a)(b)

Series

2019-10A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.16%,

07/22/32

....

7,500

7,481,267

Series

2019-10A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

3.16%,

07/22/32

....

3,500

3,482,590

AIMCO

CLO

11

Ltd.,

Series

2020-11A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

10/17/34

(a)(b)

.....................

2,000

2,000,088

AIMCO

CLO

12

Ltd.,

Series

2020-12A,

Class

B,

(LIBOR

USD

3

Month

+

1.55%),

1.79%,

01/17/32

(a)(b)

.....................

8,240

8,232,274

AIMCO

CLO

15

Ltd.,

Series

2021-15A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.19%,

10/17/34

(a)(b)

.....................

1,500

1,494,235

Ajax

Mortgage

Loan

Trust

(b)

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

67

65,578

Series

2018-F,

Class

C,

0.00%,

11/25/58

..

86

58,289

Series

2018-G,

Class

A,

4.38%,

06/25/57

(a)

3,675

3,678,015

Series

2018-G,

Class

B,

5.25%,

06/25/57

(a)(c)

816

615,703

Series

2018-G,

Class

C,

5.25%,

06/25/57

.

2,082

2,066,704

Series

2019-B,

Class

A,

3.75%,

01/25/59

(a)

2,010

2,023,039

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

1,052,784

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Allegany

Park

CLO

Ltd.,

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.33%),

1.58%,

01/20/33

(a)(b)

.....................

USD

4,000

$

4,000,812

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

B,

(LIBOR

USD

3

Month

+

2.15%),

2.41%,

10/21/28

(a)(b)

.....................

1,300

1,300,624

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.74%,

01/17/31

(a)(b)

.....................

1,000

987,059

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.89%,

06/13/31

(a)(b)

.....................

1,000

997,633

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.39%),

1.64%,

01/19/33

(a)(b)

................

2,000

2,002,721

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

10/15/29

(a)(b)

3,500

3,501,741

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.38%,

11/02/30

(a)(b)

.....................

1,750

1,750,293

AMSR

Trust

(b)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

.....................

10,250

10,194,247

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

.....................

19,850

19,782,427

Series

2020-SFR1,

Class

G,

4.31%,

04/17/37

.....................

7,500

7,573,576

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

.....................

11,000

10,467,094

Anchorage

Capital

CLO

3-R

Ltd.

(a)(b)

Series

2014-3RA,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.78%,

01/28/31

....

3,400

3,393,881

Series

2014-3RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.13%,

01/28/31

....

1,250

1,247,278

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.13%,

01/28/31

....

600

598,705

Series

2014-4RA,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.88%,

01/28/31

....

2,250

2,223,218

Anchorage

Capital

CLO

5-R

Ltd.,

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

01/15/30

(a)(b)

..........

1,850

1,846,763

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2016-9A,

Class

ER2,

(LIBOR

USD

3

Month

+

6.82%),

7.06%,

07/15/32

....

825

808,775

Series

2018-1RA,

Class

E,

(LIBOR

USD

3

Month

+

5.50%),

5.74%,

04/13/31

....

1,500

1,482,501

Series

2018-10A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.20%),

1.44%,

10/15/31

....

7,650

7,649,986

Series

2018-10A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

10/15/31

....

3,000

2,995,482

Series

2018-10A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

3.39%,

10/15/31

....

1,500

1,487,199

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

(a)(d)

................

EUR

499

555,179

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.71%,

04/25/34

(a)(d)

................

300

325,709

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.32%,

04/15/31

(a)(b)

.....................

USD

2,400

2,395,544

Apidos

CLO

XV

(a)(b)

Series

2013-15A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.85%),

2.10%,

04/20/31

...

7,000

6,975,776

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2013-15A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.70%),

2.95%,

04/20/31

...

USD

2,000

$

1,946,096

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.95%),

2.19%,

07/16/31

(a)(b)

.....................

1,750

1,741,119

Apidos

CLO

XXII,

Series

2015-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

3.20%,

04/20/31

(a)(b)

.....................

1,000

997,115

Apidos

CLO

XXIX

(a)(b)

Series

2018-29A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

1.81%,

07/25/30

....

1,000

995,216

Series

2018-29A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

2.16%,

07/25/30

....

1,000

993,364

Apidos

CLO

XXV,

Series

2016-25A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.42%,

10/20/31

(a)(b)

.....................

4,500

4,500,076

Apidos

CLO

XXXII,

Series

2019-32A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

2.65%,

01/20/33

(a)(b)

.....................

1,000

1,000,321

Aqueduct

European

CLO

2

DAC,

Series

2017-

2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

(a)(d)

................

EUR

219

239,695

Ares

L

CLO

Ltd.,

Series

2018-50A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.84%,

01/15/32

(a)(b)

.....................

USD

6,000

6,001,925

Ares

LIII

CLO

Ltd.

(a)(b)

Series

2019-53A,

Class

C,

(LIBOR

USD

3

Month

+

2.65%),

2.91%,

04/24/31

....

4,500

4,502,921

Series

2019-53A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

4.01%,

04/24/31

....

3,000

3,001,758

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

(LIBOR

USD

3

Month

+

0.00%),

0.00%,

04/15/30

(a)(b)

................

4,500

2,922,822

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

07/20/30

(a)(b)

.....................

1,000

998,003

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.30%),

1.47%,

05/24/30

(a)(b)

................

1,000

999,104

Ares

XXXIV

CLO

Ltd.,

Series

2015-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.34%,

04/17/33

(a)(b)

.....................

7,250

7,201,039

Ares

XXXVII

CLO

Ltd.

(a)(b)

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

1.41%,

10/15/30

....

3,000

3,003,059

Series

2015-4A,

Class

A3R,

(LIBOR

USD

3

Month

+

1.50%),

1.74%,

10/15/30

....

1,500

1,496,316

Series

2015-4A,

Class

BR,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

10/15/30

....

1,017

1,014,715

Ares

XXXVR

CLO

Ltd.

(a)(b)

Series

2015-35RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

1.64%,

07/15/30

....

1,500

1,498,963

Series

2015-35RA,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.14%,

07/15/30

....

1,000

1,003,498

Assurant

CLO

Ltd.,

Series

2019-5A,

Class

A1,

(LIBOR

USD

3

Month

+

1.39%),

1.63%,

01/15/33

(a)(b)

.....................

1,500

1,503,058

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

5,499,558

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-

11A,

Class

A1L,

(LIBOR

USD

3

Month

+

1.10%),

1.37%,

07/26/31

(a)(b)

..........

2,000

1,999,429

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

1.44%,

10/24/31

(a)(b)

..........

1,700

1,700,039

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

.....................

USD

11,500

$

381,685

Atrium

XIV

LLC,

Series

14A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.19%,

08/23/30

(a)(b)

1,000

994,553

Atrium

XV

(a)(b)

Series

15A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.01%,

01/23/31

.........

1,000

1,000,045

Series

15A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.26%,

01/23/31

.........

500

495,682

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

6.08%,

06/22/34

(a)(d)

.....................

EUR

200

216,034

Avoca

CLO

XV

DAC,

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

(a)(d)

.....................

670

725,688

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

10/17/32

....

USD

1,250

1,248,050

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.39%,

10/17/32

....

1,000

1,001,504

Series

2021-7A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.47%,

01/22/35

....

2,250

2,255,602

Ballyrock

CLO

Ltd.

(a)(b)

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

10/20/31

....

4,500

4,500,000

Series

2020-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

3.20%,

10/20/31

....

2,000

2,000,000

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.16%,

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%),

2.35%,

03/09/34

(a)(b)

.....................

1,000

989,220

Battalion

CLO

18

Ltd.,

Series

2020-18A,

Class

DR,

(LIBOR

USD

3

Month

+

3.45%),

3.69%,

10/15/36

(a)(b)

.....................

2,000

1,998,373

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.05%),

2.31%,

01/25/35

(a)(b)

................

2,000

1,972,076

Battalion

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

04/15/34

....

3,000

2,968,613

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.49%,

04/15/34

....

3,000

2,994,696

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

5.91%,

07/22/34

(a)(d)

.....................

EUR

200

221,337

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

657

659,538

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.34%),

0.45%,

09/25/36

....

659

650,322

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

01/25/37

...

869

860,007

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

03/25/37

....

2,526

2,441,410

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

03/25/37

....

3,417

3,292,505

Series

2007-HE3,

Class

2A,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

04/25/37

....

4,367

5,773,068

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

1.83%,

04/25/34

(a)

.....

2,481

2,494,021

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.10%),

1.35%,

01/20/31

(a)(b)

.........

1,500

1,499,635

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Benefit

Street

Partners

CLO

XIX

Ltd.

(a)(b)

Series

2019-19A,

Class

A,

(LIBOR

USD

3

Month

+

1.35%),

1.59%,

01/15/33

....

USD

7,000

$

7,010,944

Series

2019-19A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

01/15/33

....

4,250

4,251,441

Benefit

Street

Partners

CLO

XV

Ltd.

(a)(b)

Series

2018-15A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.39%,

07/18/31

....

2,200

2,199,997

Series

2018-15A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.70%),

1.94%,

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

602,214

Bilbao

CLO

II

DAC,

Series

2X,

Class

DR,

(EURIBOR

3

Month

+

5.97%),

5.97%,

08/20/35

(a)(d)

.....................

700

773,847

Birch

Grove

CLO

Ltd.

(a)(b)

Series

19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.40%,

06/15/31

.........

USD

2,000

1,998,759

Series

2021-3A,

Class

B1,

(LIBOR

USD

1

Month

+

1.80%),

1.91%,

01/19/35

....

7,500

7,499,838

Series

2021-3A,

Class

C,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

01/19/35

....

5,000

4,999,841

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

(a)(d)

................

EUR

300

324,314

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

1.44%,

10/22/30

(a)(b)

................

USD

980

980,207

BlueMountain

Fuji

Eur

CLO

IV

DAC,

Series

4X,

Class

ER,

(EURIBOR

3

Month

+

6.21%),

6.21%,

02/25/34

(a)(d)

................

EUR

700

776,855

Boyce

Park

CLO

Ltd.

(a)(b)

Series

2022-1A,

Class

C,

(SOFR

+

2.10%),

0.00%,

04/21/35

................

USD

1,500

1,500,000

Series

2022-1A,

Class

E,

(SOFR

+

6.25%),

0.00%,

04/21/35

................

1,000

1,000,000

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.75%),

2.00%,

07/20/34

(a)(b)

................

5,000

4,996,377

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.65%),

1.89%,

07/18/34

....

9,000

9,013,693

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

07/18/34

....

2,500

2,490,666

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.14%,

07/15/31

....

1,500

1,496,135

Series

2016-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

10/15/31

....

1,250

1,250,078

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

07/15/30

....

5,000

4,995,344

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.14%,

07/15/31

....

1,000

997,309

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.29%,

07/15/34

....

1,000

996,083

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.39%,

07/15/34

....

1,000

995,154

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

2.74%,

01/15/34

....

1,000

1,004,095

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

(a)(d)

.....................

EUR

300

327,464

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Carlyle

C17

CLO

Ltd.,

Series

C17A,

Class

BR,

(LIBOR

USD

3

Month

+

1.85%),

2.15%,

04/30/31

(a)(b)

.....................

USD

1,000

$

992,567

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

1.95%,

10/20/32

....

5,000

5,000,000

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

2.30%),

2.55%,

10/20/32

....

4,000

4,000,000

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

04/25/36

(a)

...........

2,876

2,629,965

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

07/20/32

(a)(b)

.....................

7,000

6,999,978

CarVal

CLO

IV

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.00%,

07/20/34

....

6,500

6,499,982

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.50%,

07/20/34

....

5,000

4,981,536

CarVal

CLO

Ltd.,

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.89%),

3.13%,

07/16/31

(a)(b)

.....................

1,995

1,990,277

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

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.70%),

3.95%,

04/20/29

(a)(b)

.....................

1,000

1,000,778

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

1.50%,

07/20/30

....

1,000

1,000,001

Series

2020-13A,

Class

A,

(LIBOR

USD

3

Month

+

1.43%),

1.68%,

01/20/34

....

4,000

4,011,748

C-BASS

Mortgage

Loan

Trust,

Series

2007-

CB3,

Class

A1,

5.77%,

03/25/37

(e)

......

5,993

3,009,434

Cedar

Funding

IV

CLO

Ltd.,

Series

2014-4A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.91%,

07/23/34

(a)(b)

................

5,000

4,996,640

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

04/20/31

(a)(b)

........

3,950

2,523,691

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.34%,

07/17/31

(a)(b)

................

1,750

1,750,540

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.31%),

3.56%,

04/20/34

(a)(b)

................

1,950

1,947,075

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

(a)(d)

................

EUR

200

224,613

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.30%),

1.57%,

04/27/31

...

USD

1,700

1,698,600

Series

2013-4A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.80%),

3.07%,

04/27/31

....

1,000

989,419

Series

2014-2RA,

Class

A3,

(LIBOR

USD

3

Month

+

1.90%),

2.16%,

04/24/30

....

500

497,886

Series

2014-3A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.35%),

2.61%,

10/22/31

....

1,000

1,000,049

Series

2015-2A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.29%,

04/15/30

....

2,000

1,981,017

Series

2017-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

1.47%,

07/20/30

....

3,500

3,499,996

Series

2017-5A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

11/16/30

....

500

497,639

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

1.64%,

04/18/31

....

USD

1,000

$

995,633

Series

2018-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

1.39%,

10/17/31

....

2,700

2,698,405

Series

2018-4A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

10/17/31

....

2,000

1,989,126

Series

2019-6A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

1.57%,

01/16/33

....

8,500

8,501,046

Series

2019-6A,

Class

D,

(LIBOR

USD

3

Month

+

3.95%),

4.19%,

01/16/33

....

1,150

1,151,475

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.06%,

04/25/33

....

9,000

8,947,497

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.24%,

07/15/36

....

1,500

1,488,466

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M3,

(LIBOR

USD

1

Month

+

0.47%),

0.57%,

08/25/36

(a)

.....

2,842

2,792,773

Clear

Creek

CLO

(a)(b)

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.45%,

10/20/30

....

7,000

7,006,429

Series

2015-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.85%,

10/20/30

....

3,000

2,989,451

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

.

575

582,863

Series

1997-7,

Class

M1,

7.03%,

07/15/28

.

2,412

2,400,982

Contego

CLO

IX

DAC,

Series

9X,

Class

E,

(EURIBOR

3

Month

+

6.01%),

6.01%,

01/24/34

(a)(d)

.....................

EUR

472

520,848

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

0.45%,

07/25/37

(a)(b)

USD

1,417

1,156,248

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

(a)(d)

................

EUR

100

109,620

Deer

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.43%,

10/20/30

(a)(b)

.....................

USD

1,000

1,000,277

Dryden

33

Senior

Loan

Fund,

Series

2014-33A,

Class

DR3,

(LIBOR

USD

3

Month

+

3.65%),

3.89%,

04/15/29

(a)(b)

................

2,200

2,200,665

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.29%,

07/18/30

(a)(b)

................

2,000

2,008,286

Dryden

50

Senior

Loan

Fund

(a)(b)

Series

2017-50A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.49%,

07/15/30

....

1,000

1,004,941

Series

2017-50A,

Class

SUB,

0.00%,

07/15/30

.....................

4,000

2,759,600

Dryden

61

CLO

Ltd.,

Series

2018-61A,

Class

CR,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

01/17/32

(a)(b)

.....................

8,000

7,965,965

Dryden

70

CLO

Ltd.,

Series

2018-70A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

3.99%,

01/16/32

(a)(b)

.....................

1,000

1,000,425

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.29%,

04/15/28

(a)(b)

................

5,250

5,250,412

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

04/15/29

(a)(b)

..........

6,000

5,997,760

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

1,500,463

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(LIBOR

USD

3

Month

+

2.15%),

2.39%,

01/15/34

....

3,500

3,501,882

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.44%,

10/15/30

....

USD

1,000

$

996,321

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

1.34%,

04/15/31

....

2,500

2,495,631

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.29%,

10/15/34

....

3,500

3,513,173

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.34%,

10/15/34

....

3,000

2,966,704

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.31%,

10/25/30

(a)(b)

.....................

3,000

2,965,087

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.45%),

1.70%,

10/20/33

....

2,500

2,505,842

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

4.40%),

4.65%,

10/20/33

....

1,000

1,017,301

Elmwood

CLO

IV

Ltd.

(a)(b)

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.94%,

04/15/33

....

1,250

1,252,000

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

3.39%,

04/15/33

....

2,000

1,994,153

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.15%,

07/20/34

(a)(b)

.....................

1,500

1,482,970

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

10/20/34

(a)(b)

.....................

2,000

1,993,257

Elmwood

CLO

XI

Ltd.,

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.09%,

10/20/34

(a)(b)

.....................

2,000

1,992,043

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF9,

Class

2A4,

(LIBOR

USD

1

Month

+

0.50%),

0.61%,

06/25/36

....

1,450

1,396,599

Series

2006-FF13,

Class

A1,

(LIBOR

USD

1

Month

+

0.24%),

0.35%,

10/25/36

....

3,550

2,796,531

Series

2006-FF13,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

0.43%,

10/25/36

...

2,081

1,647,661

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

0.26%,

12/25/36

....

2,759

2,682,313

Series

2006-FFH1,

Class

M1,

(LIBOR

USD

1

Month

+

0.56%),

0.66%,

01/25/36

...

6,700

6,637,826

Flatiron

CLO

17

Ltd.

(a)(b)

Series

2017-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

1.14%,

05/15/30

....

3,000

2,940,903

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.06%,

05/15/30

....

1,000

999,559

Flatiron

CLO

20

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.79%),

3.95%,

11/20/33

(a)(b)

.....................

1,000

1,007,855

Flatiron

CLO

21

Ltd.

(a)(b)

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.10%,

07/19/34

....

2,000

1,978,298

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.15%,

07/19/34

....

2,500

2,497,484

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

......................

2,900

2,790,880

Galaxy

XX

CLO

Ltd.,

Series

2015-20A,

Class

D1R,

(LIBOR

USD

3

Month

+

2.60%),

2.85%,

04/20/31

(a)(b)

................

1,800

1,772,381

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

C,

(LIBOR

USD

3

Month

+

1.70%),

1.94%,

01/15/31

(a)(b)

.....................

500

502,281

Galaxy

XXVII

CLO

Ltd.,

Series

2018-27A,

Class

A,

(LIBOR

USD

3

Month

+

1.02%),

1.18%,

05/16/31

(a)(b)

.....................

3,000

3,000,304

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Generate

CLO

9

Ltd.

(a)(b)

Series

9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.96%,

10/20/34

..........

USD

8,500

$

8,439,625

Series

9A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.39%,

10/20/34

..........

3,000

2,977,280

Series

9A,

Class

D,

(LIBOR

USD

3

Month

+

3.35%),

3.49%,

10/20/34

..........

3,000

2,992,063

Series

9A,

Class

E,

(LIBOR

USD

3

Month

+

6.85%),

6.99%,

10/20/34

..........

1,000

991,590

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

1.43%,

10/15/30

(a)(b)

.....................

2,250

2,250,125

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

04/20/34

(a)(b)

....

9,500

9,398,091

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

AJ,

(LIBOR

USD

3

Month

+

1.30%),

1.55%,

04/20/30

(a)(b)

....

2,000

1,998,280

GoldenTree

Loan

Management

US

CLO

4

Ltd.,

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.26%,

04/24/31

(a)(b)

....

1,000

998,519

GoldenTree

Loan

Management

US

CLO

5

Ltd.

(a)(b)

Series

2019-5A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

2.30%,

10/20/32

....

2,000

2,000,000

Series

2019-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.40%,

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

900,000

GoldenTree

Loan

Opportunities

X

Ltd.

(a)(b)

Series

2015-10A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

1.37%,

07/20/31

....

3,300

3,298,416

Series

2015-10A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.10%),

2.35%,

07/20/31

....

1,000

1,000,026

GoldentTree

Loan

Management

US

CLO

1

Ltd.

(a)(b)

Series

2021-11A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

10/20/34

....

3,000

3,000,399

Series

2021-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.25%,

10/20/34

....

1,000

1,000,141

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

07/20/34

(a)(b)

..........

4,000

3,999,992

Golub

Capital

Partners

CLO

55B

Ltd.,

Series

2021-55A,

Class

D,

(LIBOR

USD

3

Month

+

3.20%),

3.45%,

07/20/34

(a)(b)

..........

2,500

2,490,667

Greene

King

Finance

plc

(a)

Series

B1,  (LIBOR

GBP

3

Month

+

1.80%),

1.90%,

12/15/34

................

GBP

100

110,284

Series

B2,  (LIBOR

GBP

3

Month

+

2.08%),

2.18%,

03/15/36

(d)

...............

100

109,710

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4,

8.14%,

03/20/30

(a)

.....

USD

5,580

4,659,895

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

B1RR,

(LIBOR

USD

3

Month

+

2.30%),

2.54%,

04/15/34

(a)(b)

................

1,500

1,501,442

Greywolf

CLO

III

Ltd.

(a)(b)

Series

2020-3RA,

Class

BR,

(LIBOR

USD

3

Month

+

2.45%),

2.71%,

04/15/33

....

3,000

2,998,560

Series

2020-3RA,

Class

CR,

(LIBOR

USD

3

Month

+

3.35%),

3.61%,

04/15/33

....

1,000

998,571

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.00%),

3.26%,

01/27/31

(a)(b)

.....................

450

450,024

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.30%),

2.55%,

01/20/30

(a)(b)

.....................

USD

1,000

$

1,000,213

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(LIBOR

USD

1

Month

+

0.70%),

0.81%,

12/25/35

(a)

...

1,025

507,234

Series

2006-4,

Class

1A1,

2.97%,

03/25/36

(a)

....................

2,936

2,281,524

Series

2006-5,

Class

1A1,

(LIBOR

USD

1

Month

+

0.36%),

0.47%,

03/25/36

(a)

...

3,772

1,573,404

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(e)

....................

3,499

1,229,556

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

11/25/36

....

7,194

4,330,148

Series

2006-HE6,

Class

A4,

(LIBOR

USD

1

Month

+

0.24%),

0.35%,

08/25/36

....

1,628

1,483,002

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.38%,

07/28/31

(a)(b)

................

1,000

995,008

Gulf

Stream

Meridian

1

Ltd.

(a)(b)

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.61%,

04/15/33

....

7,500

7,503,048

Series

2020-IA,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.24%,

04/15/33

....

2,000

2,002,611

HalseyPoint

CLO

3

Ltd.,

Series

2020-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.45%),

1.75%,

11/30/32

(a)(b)

................

4,000

4,004,732

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.40%,

04/20/34

(a)(b)

.....................

1,750

1,749,758

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%),

1.60%,

01/20/33

....

5,000

5,002,386

Series

2019-1A,

Class

B1,

(LIBOR

USD

3

Month

+

2.20%),

2.45%,

01/20/33

....

2,500

2,506,243

Harvest

CLO

XVI

DAC,

Series

16X,

Class

ER,

(EURIBOR

3

Month

+

5.57%),

5.57%,

10/15/31

(a)(d)

.....................

EUR

235

257,095

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.25%),

5.25%,

04/25/34

(a)(c)(d)

....................

300

318,667

Highbridge

Loan

Management

Ltd.,

Series

12A-

18,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.09%,

07/18/31

(a)(b)

................

USD

1,000

998,502

Home

Partners

of

America

Trust,

Series

2021-2,

Class

F,

3.80%,

12/17/26

(b)

...........

9,977

9,673,614

HPS

Loan

Management

Ltd.,

Series

8A-2016,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

07/20/30

(a)(b)

................

1,000

1,000,017

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.99%,

07/15/34

(a)(d)

.....................

EUR

300

330,164

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

(a)(d)

.....................

244

274,039

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.81%),

5.81%,

01/15/34

(a)(d)

.....................

200

219,090

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

1.21%,

01/17/38

(a)(b)

................

USD

2,823

$

2,820,279

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(LIBOR

USD

1

Month

+

0.80%),

0.91%,

07/25/36

(a)

..........

2,975

2,979,082

Kayne

CLO

10

Ltd.

(a)(b)

Series

2021-10A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

2.01%,

04/23/34

....

3,750

3,681,247

Series

2021-10A,

Class

D,

(LIBOR

USD

3

Month

+

2.75%),

3.01%,

04/23/34

....

2,000

1,986,509

Kayne

CLO

5

Ltd.

(a)(b)

Series

2019-5A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.96%,

07/24/32

....

3,000

3,000,000

Series

2019-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.41%,

07/24/32

....

3,500

3,500,000

Kayne

CLO

9

Ltd.,

Series

2020-9A,

Class

A1,

(LIBOR

USD

3

Month

+

1.40%),

1.64%,

01/15/34

(a)(b)

.....................

1,250

1,253,305

Kayne

CLO

II

Ltd.

(a)(b)

Series

2018-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

1.32%,

10/15/31

....

5,375

5,368,509

Series

2018-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.50%),

1.74%,

10/15/31

....

5,000

4,975,148

Kayne

CLO

III

Ltd.

(a)(b)

Series

2019-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.48%),

1.72%,

04/15/32

....

15,500

15,517,867

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

1.79%,

04/15/32

....

4,000

3,999,119

KKR

CLO

22

Ltd.,

Series

22A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

07/20/31

(a)(b)

1,200

1,199,090

KKR

CLO

23

Ltd.,

Series

23,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

10/20/31

(a)(b)

1,300

1,300,142

KKR

CLO

27

Ltd.

(a)(b)

Series

27A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.85%),

0.00%,

10/15/32

....

4,250

4,250,000

Series

27A,

Class

CR,

(3

Month

CME

Term

SOFR

+

2.25%),

0.00%,

10/15/32

....

1,450

1,450,000

KKR

CLO

35

Ltd.,

Series

35A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.83%,

10/20/34

(a)(b)

3,657

3,657,820

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

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%),

0.63%,

08/25/45

....

2,066

2,052,261

Series

2006-4,

Class

1A,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

05/25/36

....

23,842

15,753,212

Series

2006-6,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

0.41%,

07/25/36

....

6,137

3,131,106

Series

2006-7,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

08/25/36

....

7,147

4,462,637

Series

2006-10,

Class

2A3,

(LIBOR

USD

1

Month

+

0.16%),

0.27%,

11/25/36

....

4,055

1,694,483

Series

2006-10,

Class

2A4,

(LIBOR

USD

1

Month

+

0.22%),

0.33%,

11/25/36

....

3,890

1,644,378

Series

2006-WL3,

Class

2A4,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

01/25/36

...

1,629

1,582,229

Lucali

CLO

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.60%),

3.84%,

01/15/33

(a)(b)

.....................

2,250

2,251,715

Madison

Park

Funding

XX

Ltd.

(a)(b)

Series

2016-20A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.17%,

07/27/30

....

4,080

4,071,840

Series

2016-20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

3.27%,

07/27/30

....

1,315

1,300,058

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.44%,

10/18/30

(a)(b)

..........

USD

3,000

$

3,000,218

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

1.50%,

07/29/30

(a)(b)

..........

3,500

3,504,057

Madison

Park

Funding

XXVII

Ltd.,

Series

2018-27A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

2.85%,

04/20/30

(a)(b)

..........

1,000

984,508

Madison

Park

Funding

XXXI

Ltd.

(a)(b)

Series

2018-31A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.41%,

01/23/31

....

600

600,027

Series

2018-31A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.26%,

01/23/31

....

750

748,537

Madison

Park

Funding

XXXIII

Ltd.

(a)(b)

Series

2019-33A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.80%),

1.96%,

10/15/32

.

6,000

6,000,000

Series

2019-33A,

Class

CR,

(3

Month

CME

Term

SOFR

+

2.20%),

2.36%,

10/15/32

.

4,750

4,750,000

Series

2019-33A,

Class

DR,

(3

Month

CME

Term

SOFR

+

3.10%),

3.26%,

10/15/32

.

2,000

2,000,000

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.74%,

12/18/30

(a)(b)

................

1,500

1,496,661

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.67%),

5.67%,

01/16/34

(a)(d)

.....................

EUR

100

110,771

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(LIBOR

USD

1

Month

+

0.52%),

0.63%,

06/25/36

(a)(b)

.........

USD

2,333

2,249,450

Milos

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

1.80%,

10/20/30

....

5,862

5,849,299

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.15%,

10/20/30

....

2,000

1,994,152

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

5.92%,

09/25/46

(e)

..

631

218,471

Neuberger

Berman

CLO

XVIII

Ltd.

(a)(b)

Series

2014-18A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.15%),

2.41%,

10/21/30

....

1,500

1,500,051

Series

2014-18A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.00%),

3.26%,

10/21/30

....

1,250

1,232,465

Neuberger

Berman

CLO

XX

Ltd.,

Series

2015-

20A,

Class

ERR,

(LIBOR

USD

3

Month

+

6.50%),

6.74%,

07/15/34

(a)(b)

..........

2,600

2,581,408

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-

21A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.30%),

3.55%,

04/20/34

(a)(b)

..........

1,000

1,003,555

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.89%,

10/17/30

....

800

799,998

Series

2016-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.44%,

10/17/30

....

1,000

1,000,592

Neuberger

Berman

CLO

XXIII

Ltd.

(a)(b)

Series

2016-23A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.39%,

10/17/27

....

4,400

4,404,365

Series

2016-23A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

3.14%,

10/17/27

....

1,100

1,095,129

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

(a)(b)

Series

2017-26A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

10/18/30

....

2,000

1,995,150

Series

2017-26A,

Class

D,

(LIBOR

USD

3

Month

+

2.65%),

2.89%,

10/18/30

....

3,250

3,208,260

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

10/19/31

(a)(b)

....

USD

500

$

498,950

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.,

Series

2019-34A,

Class

C1,

(LIBOR

USD

3

Month

+

2.60%),

2.85%,

01/20/33

(a)(b)

....

665

666,054

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

CR,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

07/20/31

(a)(b)

....

1,563

1,558,231

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

04/16/33

(a)(b)

....

1,000

996,488

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2018-27A,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

2.84%,

01/15/30

(a)(b)

....

1,000

991,440

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

201,820

Newark

BSL

CLO

1

Ltd.,

Series

2016-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

1.37%,

12/21/29

(a)(b)

................

USD

4,750

4,754,602

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

109,623

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/22/34

(a)(d)

..........

200

221,223

Northwoods

Capital

23

Euro

DAC,

Series

2021-

23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

(a)(d)

................

200

223,122

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

USD

623

636,029

Series

1999-C,

Class

A2,

7.48%,

08/15/27

.

3,177

2,906,733

Series

2001-D,

Class

A3,

5.90%,

09/15/22

(a)

352

232,885

Series

2002-B,

Class

A4,

7.09%,

06/15/32

(a)

26

26,852

OCP

CLO

Ltd.

(a)(b)

Series

2014-5A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.17%,

04/26/31

....

3,100

3,018,282

Series

2014-6A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.26%),

1.50%,

10/17/30

....

10,800

10,804,670

Series

2014-6A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.72%),

1.96%,

10/17/30

....

7,500

7,501,702

Series

2015-9A,

Class

CR,

(LIBOR

USD

3

Month

+

2.70%),

2.94%,

07/15/27

....

2,000

2,001,923

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

....

2,000

2,000,063

Series

2016-11A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.27%),

1.54%,

10/26/30

...

1,000

1,000,524

Series

2016-12A,

Class

CR,

(LIBOR

USD

3

Month

+

3.00%),

3.24%,

10/18/28

....

1,000

1,000,759

Series

2018-15A,

Class

A3,

(LIBOR

USD

3

Month

+

1.70%),

1.95%,

07/20/31

....

1,000

1,000,213

Series

2019-16A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.08%,

04/10/33

....

2,500

2,489,596

Series

2019-17A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.25%,

07/20/32

....

6,000

5,982,032

Series

2019-17A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

07/20/32

....

1,500

1,486,417

Series

2020-19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.35%,

10/20/34

....

7,500

7,501,282

Series

2020-19A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.40%,

10/20/34

....

1,000

994,048

Series

2021-22A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.17%,

12/02/34

....

4,500

4,499,930

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-22A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.22%,

12/02/34

....

USD

1,250

$

1,250,056

OCP

Euro

CLO

DAC

(a)(d)

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

5.00%),

5.00%,

01/15/32

....

EUR

298

325,695

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

....

200

218,575

Series

2019-3X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

04/20/33

....

400

440,058

Octagon

Investment

Partners

26

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

1.84%,

07/15/30

....

USD

6,000

5,974,166

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

07/15/30

....

2,250

2,231,104

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.85%),

3.09%,

07/15/30

....

1,250

1,231,556

Octagon

Investment

Partners

27

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

07/15/30

(a)(b)

..........

1,500

1,492,101

Octagon

Investment

Partners

28

Ltd.,

Series

2016-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.25%),

2.51%,

10/24/30

(a)(b)

.........

4,000

4,000,176

Octagon

Investment

Partners

29

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.36%,

01/24/33

(a)(b)

..........

1,532

1,532,212

Octagon

Investment

Partners

34

Ltd.,

Series

2017-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.40%),

1.65%,

01/20/30

(a)(b)

..........

2,000

1,986,868

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

2.85%,

01/20/31

(a)(b)

..........

1,000

985,160

Octagon

Investment

Partners

40

Ltd.

(a)(b)

Series

2019-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.15%),

2.40%,

01/20/35

....

3,000

3,000,000

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

3.60%,

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%),

1.94%,

10/15/33

....

8,500

8,500,000

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.39%,

10/15/33

....

3,800

3,800,000

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.44%,

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

13,212,197

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.70%),

1.86%,

11/18/31

....

1,500

1,499,994

Series

2014-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.20%),

2.36%,

11/18/31

....

1,000

999,994

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

2.46%,

04/21/34

(a)(b)

................

1,500

1,503,167

OHA

Credit

Funding

6

Ltd,

Series

2020-6A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.40%,

07/20/34

(a)(b)

................

1,000

985,156

OHA

Credit

Funding

7

Ltd.,

Series

2020-7A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

2.65%,

10/19/32

(a)(b)

................

5,000

5,003,822

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

4,982,159

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

DR,

(LIBOR

USD

3

Month

+

2.95%),

3.20%,

01/20/32

(a)(b)

................

400

398,847

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OHA

Credit

Partners

XIV

Ltd.,

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

1.76%,

01/21/30

(a)(b)

................

USD

1,000

$

996,277

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(LIBOR

USD

3

Month

+

1.85%),

2.10%,

10/17/31

....

2,950

2,935,555

Series

2014-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.65%),

2.89%,

01/17/31

....

500

497,361

Series

2015-1A,

Class

CR4,

(LIBOR

USD

3

Month

+

2.85%),

3.01%,

05/21/34

....

4,100

4,068,930

Series

2015-2A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.10%),

1.35%,

07/20/30

....

8,000

8,000,000

Series

2015-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.75%),

3.00%,

07/20/30

....

1,400

1,396,820

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.45%),

1.69%,

04/18/31

....

10,000

9,986,479

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.99%,

04/18/31

....

2,000

1,990,011

Series

2018-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.89%,

07/16/31

....

1,000

1,000,054

Series

2019-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.15%),

1.30%,

11/14/34

(c)

...

7,000

7,001,400

Series

2019-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

1.85%,

11/14/34

(c)

...

7,000

7,001,400

Series

2019-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.00%),

2.15%,

11/14/34

(c)

...

2,500

2,500,500

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.05%),

3.20%,

11/14/34

(c)

...

3,750

3,750,750

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%),

1.95%,

04/20/34

....

7,000

6,871,533

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

07/15/34

....

2,000

1,977,467

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.14%,

07/15/34

....

4,000

3,984,006

Series

2021-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.88%,

01/15/35

....

7,000

6,999,861

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.18%,

01/15/35

....

5,000

4,995,914

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.18%,

01/15/35

....

2,000

2,000,035

Series

2021-4A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.79%,

10/15/34

....

7,250

7,257,951

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.09%,

10/15/34

....

4,000

3,997,624

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.09%,

10/15/34

....

6,000

6,000,232

Series

2022-1A,

Class

B,

(3

Month

CME

Term

SOFR

+

1.80%),

0.00%,

04/20/35

.

1,000

1,000,000

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.05%),

0.00%,

04/20/35

.

3,500

3,500,000

Series

2022-1A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.05%),

0.00%,

04/20/35

.

3,250

3,248,375

Series

2022-1A,

Class

E,

(3

Month

CME

Term

SOFR

+

6.35%),

0.00%,

04/20/35

.

2,000

1,999,400

Palmer

Square

Loan

Funding

Ltd.

(a)(b)

Series

2019-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

04/20/27

....

7,500

7,500,391

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.15%),

3.40%,

04/20/27

....

5,000

5,000,637

Series

2020-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.50%,

04/20/28

....

2,000

2,000,698

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

1.96%,

08/23/31

....

USD

2,600

$

2,599,904

Series

2018-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

1.85%,

10/20/31

....

4,700

4,696,672

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.85%),

4.01%,

05/15/32

....

2,500

2,501,051

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.35%,

07/15/34

....

6,000

5,981,660

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

996,615

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.00%,

07/20/34

(a)(b)

.....................

2,000

1,999,996

Pikes

Peak

CLO

9,

Series

2021-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

10/27/34

(a)(b)

.....................

7,000

6,999,928

Post

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

10/15/34

....

10,000

9,994,475

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.33%,

10/15/34

....

3,500

3,500,126

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.30%),

3.43%,

10/15/34

....

1,200

1,199,789

PPM

CLO

4

Ltd.

(a)(b)

Series

2020-4A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

1.89%,

10/18/34

....

3,000

2,978,504

Series

2020-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

10/18/34

....

1,250

1,250,000

Progress

Residential

Trust

(b)

Series

2019-SFR2,

Class

F,

4.84%,

05/17/36

.....................

5,580

5,590,964

Series

2019-SFR3,

Class

F,

3.87%,

09/17/36

.....................

3,000

2,994,052

Series

2019-SFR4,

Class

E,

3.44%,

10/17/36

.....................

12,500

12,475,912

Series

2020-SFR1,

Class

F,

3.43%,

04/17/37

.....................

5,500

5,450,960

Series

2020-SFR1,

Class

G,

4.03%,

04/17/37

.....................

3,500

3,494,556

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

.....................

8,500

8,326,191

Series

2021-SFR10,

Class

G,

4.86%,

12/17/40

.....................

6,000

5,354,833

Series

2021-SFR7,

Class

F,

3.83%,

08/17/40

.....................

7,777

7,458,568

Series

2021-SFR8,

Class

F,

3.18%,

10/17/38

.....................

22,000

21,164,119

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

.....................

10,000

9,769,550

Providus

CLO

III

DAC,

Series

3X,

Class

ER,

(EURIBOR

3

Month

+

6.26%),

6.26%,

07/18/34

(a)(d)

.....................

EUR

300

336,053

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

(a)(d)

.....................

171

182,995

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

1,374,475

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-12A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.19%,

10/30/34

....

USD

3,375

$

3,373,875

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

1,000,022

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

01/20/34

....

7,000

6,999,876

Series

2021-15A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.30%,

01/20/34

....

1,650

1,649,957

Series

2021-15A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.30%,

01/20/34

....

1,800

1,800,013

Regata

XII

Funding

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

1.34%,

10/15/32

....

10,000

10,004,000

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.34%,

10/15/32

....

1,000

999,998

Regatta

Funding

LP,

Series

2013-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.70%),

3.94%,

01/15/29

(a)(b)

................

4,500

4,499,579

Regatta

IX

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

04/17/30

....

10,000

10,000,889

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.45%),

2.69%,

04/17/30

....

1,000

1,000,201

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.15%),

2.40%,

04/20/34

(a)(b)

................

1,000

998,125

Regatta

VII

Funding

Ltd.

(a)(b)

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

2.26%,

06/20/34

....

750

747,302

Series

2016-1A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

3.26%,

06/20/34

....

2,000

1,993,018

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

1.49%,

10/17/30

(a)(b)

................

3,500

3,500,229

Regatta

X

Funding

Ltd.,

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

01/17/31

(a)(b)

.....................

1,500

1,484,292

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

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%),

3.56%,

10/25/31

(a)(b)

................

1,000

1,000,351

Regatta

XVI

Funding

Ltd.

(a)(b)

Series

2019-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.05%),

2.29%,

01/15/33

....

6,700

6,703,339

Series

2019-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.90%),

4.14%,

01/15/33

....

1,000

1,003,628

Regatta

XXIII

Funding

Ltd.

(a)(b)

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.16%,

01/20/35

....

3,000

2,999,964

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.16%,

01/20/35

....

2,000

2,000,105

Riserva

CLO

Ltd.

(a)(b)

Series

2016-3A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.80%),

2.04%,

01/18/34

....

1,000

985,705

Series

2016-3A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.25%),

3.49%,

01/18/34

....

1,250

1,245,549

Rockfield

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.95%),

5.95%,

07/16/34

(a)(d)

.....................

EUR

357

394,714

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

04/20/34

...

USD

3,500

$

3,486,335

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

10/20/30

....

2,300

2,294,538

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.72%),

1.88%,

05/20/31

....

1,000

998,667

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

1.41%,

10/20/31

....

3,500

3,502,389

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.05%,

10/20/31

....

1,125

1,126,723

Series

2018-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.45%,

10/20/31

....

700

702,117

Series

2018-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

10/20/31

....

1,600

1,600,170

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

3.35%,

04/20/34

....

1,500

1,473,088

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

2.16%,

08/20/32

....

5,500

5,496,769

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

3.06%,

08/20/32

....

3,500

3,497,764

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.35%,

07/20/34

....

2,000

1,992,607

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.50%,

07/20/34

....

1,250

1,249,106

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

2.28%,

10/20/34

....

3,000

3,000,219

Rockford

Tower

Europe

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

5.96%,

04/20/34

(a)(d)

..........

EUR

300

330,513

RR

5

Ltd.,

Series

2018-5A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

2.49%,

10/15/31

(a)(b)

USD

1,250

1,250,005

RR

7

Ltd.,

Series

2019-7A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.35%),

1.59%,

01/15/33

(a)(b)

3,700

3,699,996

Signal

Peak

CLO

2

LLC,

Series

2015-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.15%,

04/20/29

(a)(b)

................

2,000

1,999,496

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%),

1.80%,

04/30/32

....

5,000

5,000,207

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.30%,

04/30/32

....

5,000

4,999,599

Signal

Peak

CLO

9

Ltd.

(a)(b)

Series

2021-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.96%,

07/21/34

....

9,500

9,493,064

Series

2021-9A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.31%,

07/21/34

....

2,000

1,985,207

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

1.95%,

07/20/34

....

3,000

3,000,034

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.25%,

07/20/34

....

1,000

988,767

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.25%,

07/20/34

....

4,000

3,998,301

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

A,

(LIBOR

USD

3

Month

+

1.24%),

1.49%,

01/20/34

(a)(b)

................

8,500

8,499,997

Sound

Point

CLO

XXI

Ltd.,

Series

2018-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.18%),

1.30%,

10/26/31

(a)(b)

................

6,600

6,600,000

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.25%),

2.49%,

07/15/34

(a)(b)

.....................

USD

2,250

$

2,253,574

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.70%),

1.96%,

04/25/34

(a)(b)

................

3,350

3,338,807

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.28%),

1.54%,

01/25/32

(a)(b)

................

1,500

1,501,151

Sound

Point

CLO

XXXIII

Ltd.

2022-1a

B

Floating,

Series

2022-1A,

Class

B,

(3

Month

CME

Term

SOFR

+

1.90%),

0.00%,

04/20/35

(a)(b)

.....................

5,200

5,200,000

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

328,693

Southwick

Park

CLO

LLC

(a)(b)

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

07/20/32

....

USD

2,550

2,534,930

Series

2019-4A,

Class

ER,

(LIBOR

USD

3

Month

+

6.25%),

6.50%,

07/20/32

....

1,000

990,243

Stewart

Park

CLO

Ltd.,

Series

2015-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.60%),

2.84%,

01/15/30

(a)(b)

.....................

1,700

1,683,371

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(LIBOR

USD

1

Month

+

0.32%),

0.43%,

10/25/36

....

6,048

4,847,634

Series

2007-MN1A,

Class

A1,

(LIBOR

USD

1

Month

+

0.23%),

0.34%,

01/25/37

(b)

..

1,582

1,123,828

Symphony

CLO

XX

Ltd.,

Series

2018-20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.75%),

3.99%,

01/16/32

(a)(b)

................

2,750

2,776,686

Taconic

Park

CLO

Ltd.,

Series

2016-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.00%),

1.25%,

01/20/29

(a)(b)

................

575

574,804

Tallman

Park

CLO

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.20%,

04/20/34

(a)(b)

.....................

830

824,005

TCI-Flatiron

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.01%,

11/18/30

....

1,250

1,250,083

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.75%),

1.88%,

01/29/32

....

4,000

3,988,591

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.75%),

2.88%,

01/29/32

....

2,000

2,000,000

TCW

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.05%),

2.30%,

04/20/34

....

3,500

3,474,432

Series

2020-1A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.40%),

3.65%,

04/20/34

....

2,250

2,250,153

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.15%,

03/18/34

....

1,000

981,708

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.36%,

07/25/34

....

2,500

2,481,391

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.51%,

07/25/34

....

5,000

4,996,409

TIAA

CLO

IV

Ltd.,

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.70%),

1.95%,

01/20/32

(a)(b)

.....................

1,000

997,352

TICP

CLO

IX

Ltd.

(a)(b)

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

1.85%,

01/20/31

....

1,000

1,000,659

Series

2017-9A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.15%,

01/20/31

....

1,000

999,610

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

3.39%,

07/17/31

(a)(b)

.....................

USD

2,500

$

2,508,502

TICP

CLO

VI

Ltd.

(a)(b)

Series

2016-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

1.74%,

01/15/34

....

2,000

1,980,441

Series

2016-6A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.14%,

01/15/34

....

1,650

1,648,021

TICP

CLO

VII

Ltd.

(a)(b)

Series

2017-7A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

1.94%,

04/15/33

....

2,000

2,000,387

Series

2017-7A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

2.39%,

04/15/33

....

6,500

6,499,973

Series

2017-7A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

3.44%,

04/15/33

....

4,000

4,001,884

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

1.43%,

10/20/31

....

8,545

8,546,381

Series

2018-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.30%,

10/20/31

....

1,100

1,100,055

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

2.34%,

07/15/34

....

10,250

10,248,073

Series

2018-12A,

Class

DR,

(LIBOR

USD

3

Month

+

3.30%),

3.54%,

07/15/34

....

1,500

1,483,605

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

BR,

(LIBOR

USD

3

Month

+

2.20%),

2.45%,

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%),

2.90%,

10/20/28

(a)(b)

................

1,000

1,002,043

Trestles

CLO

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.50%,

01/20/33

(a)(b)

.....................

1,450

1,450,005

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

.....................

7,000

6,919,765

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

.....................

1,000

970,394

Tricon

Residential

Trust

(b)

Series

2021-SFR1,

Class

F,

3.69%,

07/17/38

.....................

5,500

5,384,492

Series

2021-SFR1,

Class

G,

4.13%,

07/17/38

.....................

3,551

3,421,197

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.15%,

04/20/31

(a)(b)

.....................

1,500

1,475,020

Voya

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.90%),

2.14%,

04/18/31

....

1,000

993,892

Series

2014-4A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.09%),

2.33%,

07/14/31

....

500

495,645

Series

2016-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

1.43%,

10/18/31

....

500

500,016

Voya

Euro

CLO

II

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

07/15/35

(a)(d)

.....................

EUR

390

431,261

Wachovia

Asset

Securitization

Issuance

II

LLC

Trust,

Series

2007-HE1,

Class

A,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

07/25/37

(a)(b)

USD

1,760

1,713,920

Washington

Mutual

Asset-Backed

CertificatesTrust,

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

0.26%,

10/25/36

(a)

......................

13,505

11,667,038

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(LIBOR

USD

3

Month

+

1.35%),

1.60%,

07/20/30

(a)(b)

................

USD

3,800

$

3,796,628

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

1.84%,

07/15/34

(a)(b)

.....................

7,000

7,005,543

Whetstone

Park

CLO

Ltd.,

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

2.90%,

01/20/35

(a)(b)

................

2,500

2,500,435

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

ANBR,

(LIBOR

USD

3

Month

+

1.70%),

1.96%,

07/24/32

...

6,840

6,839,938

Series

2019-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.05%),

2.31%,

07/24/32

....

5,000

4,990,679

York

CLO-1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

1.91%,

10/22/29

(a)(b)

.....................

2,100

2,099,281

York

CLO-2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

1.41%,

01/22/31

(a)(b)

.....................

7,660

7,659,992

York

CLO-3

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.60%),

3.85%,

10/20/29

(a)(b)

.....................

2,000

2,000,749

York

CLO-7

Ltd.,

Series

2019-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

1.63%,

01/22/33

(a)(b)

.....................

3,000

3,002,562

Total

Asset-Backed

Securities

—

8.8%

(Cost:

$1,574,895,678)

............................

1,561,302,478

Shares

Shares

Common

Stocks

—

24.2%

Aerospace

&

Defense

—

0.0%

Howmet

Aerospace,

Inc.

...............

7,247

225,309

L3Harris

Technologies,

Inc.

.............

2,631

550,642

MTU

Aero

Engines

AG

................

37,552

7,990,661

TransDigm

Group,

Inc.

(f)

...............

749

461,526

9,228,138

Air

Freight

&

Logistics

—

0.1%

Agility

Public

Warehousing

Co.

KSC

.......

182,559

607,665

CH

Robinson

Worldwide,

Inc.

...........

1,991

208,358

DSV

Panalpina

A/S

..................

33,035

6,712,075

Expeditors

International

of

Washington,

Inc.

..

16,409

1,878,502

FedEx

Corp.

.......................

2,640

649,071

Sinotrans

Ltd.,

Class

A

................

300,500

193,530

United

Parcel

Service,

Inc.,

Class

B

.......

13,513

2,732,464

ZTO

Express

Cayman,

Inc.,

ADR

.........

5,306

159,392

13,141,057

Airlines

—

0.1%

(f)

Alaska

Air

Group,

Inc.

.................

2,533

138,656

American

Airlines

Group,

Inc.

............

9,998

164,667

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

...

760,000

296,113

Copa

Holdings

SA,

Class

A

.............

112,837

9,430,917

Delta

Air

Lines,

Inc.

..................

9,038

358,718

InterGlobe

Aviation

Ltd.

(b)(d)

.............

424,571

10,634,466

Southwest

Airlines

Co.

................

8,131

363,944

United

Airlines

Holdings,

Inc.

............

5,176

221,947

21,609,428

Auto

Components

—

0.0%

Aptiv

plc

(f)

.........................

3,022

412,745

BorgWarner,

Inc.

....................

2,714

119,009

Security

Shares

Shares

Value

Auto

Components

(continued)

Bridgestone

Corp.

...................

30,400

$

1,331,254

1,863,008

Automobiles

—

0.1%

Ford

Motor

Co.

.....................

43,058

874,077

General

Motors

Co.

(f)

.................

16,012

844,313

Maruti

Suzuki

India

Ltd.

...............

106,025

12,283,419

Tesla,

Inc.

(f)

........................

8,912

8,348,049

22,349,858

Banks

—

1.9%

Abu

Dhabi

Islamic

Bank

PJSC

...........

184,545

350,305

Agricultural

Bank

of

China

Ltd.,

Class

A

.....

942,300

439,252

Agricultural

Bank

of

China

Ltd.,

Class

H

.....

1,718,000

653,656

Al

Rajhi

Bank

......................

311,798

12,382,308

AMMB

Holdings

Bhd.

(f)

................

130,600

101,997

Arab

National

Bank

..................

25,019

185,153

Axis

Bank

Ltd.

(f)

.....................

2,116,867

22,169,118

Bandhan

Bank

Ltd.

(b)(d)

................

2,258,197

9,618,006

Bank

of

America

Corp.

................

78,666

3,629,649

Bank

of

Beijing

Co.

Ltd.,

Class

A

.........

2,011,500

1,422,525

Bank

of

China

Ltd.,

Class

A

.............

1,140,100

553,997

Bank

of

China

Ltd.,

Class

H

.............

6,732,000

2,624,086

Bank

of

Communications

Co.

Ltd.,

Class

A

...

1,075,900

803,469

Bank

of

Communications

Co.

Ltd.,

Class

H

..

1,988,000

1,333,435

Bank

of

the

Philippine

Islands

...........

70,050

134,781

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

....

79,164,713

22,533,082

BOC

Hong

Kong

Holdings

Ltd.

...........

517,000

1,996,313

Boubyan

Bank

KSCP

(f)

................

74,863

199,346

Chang

Hwa

Commercial

Bank

Ltd.

........

594,890

380,774

China

CITIC

Bank

Corp.

Ltd.,

Class

H

......

2,691,000

1,283,862

China

Construction

Bank

Corp.,

Class

H

....

21,233,000

16,293,112

China

Everbright

Bank

Co.

Ltd.,

Class

H

....

202,000

75,891

China

Merchants

Bank

Co.

Ltd.,

Class

A

....

164,100

1,275,789

CIMB

Group

Holdings

Bhd.

.............

1,392,100

1,734,126

Citigroup,

Inc.

......................

22,139

1,441,692

Citizens

Financial

Group,

Inc.

...........

449,324

23,126,706

Comerica,

Inc.

......................

1,600

148,448

Commercial

Bank

PSQC

(The)

...........

171,546

335,229

Commercial

International

Bank

Egypt

SAE

(f)

..

1,906,256

6,248,240

Credicorp

Ltd.

......................

84,848

12,151,931

CTBC

Financial

Holding

Co.

Ltd.

.........

2,735,000

2,749,521

DBS

Group

Holdings

Ltd.

..............

384,300

10,094,359

Dubai

Islamic

Bank

PJSC

..............

418,838

630,108

E.Sun

Financial

Holding

Co.

Ltd.

.........

1,931,959

2,031,631

Emirates

NBD

Bank

PJSC

..............

19,319

70,459

Fifth

Third

Bancorp

..................

8,026

358,200

First

Abu

Dhabi

Bank

PJSC

.............

232,206

1,264,377

First

Financial

Holding

Co.

Ltd.

...........

2,028,906

1,847,562

First

Republic

Bank

..................

1,921

333,466

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

2,003,865

12,675,214

HDFC

Bank

Ltd.,

ADR

................

3,588

246,244

Hong

Leong

Bank

Bhd.

................

62,200

288,300

Hong

Leong

Financial

Group

Bhd.

........

18,200

79,428

Hua

Nan

Financial

Holdings

Co.

Ltd.

.......

877,572

695,350

Huntington

Bancshares,

Inc.

............

15,992

240,839

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

........................

115,100

84,494

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

........................

38,573,000

23,369,284

JPMorgan

Chase

&

Co.

...............

32,641

4,850,453

Kasikornbank

PCL,

NVDR

..............

2,601,800

11,779,605

KeyCorp

..........................

10,841

271,675

Kuwait

Finance

House

KSCP

............

471,669

1,412,254

M&T

Bank

Corp.

....................

114,318

19,363,183

Malayan

Banking

Bhd.

................

3,015,600

5,962,323

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Banks

(continued)

Masraf

Al

Rayan

QSC

.................

484,264

$

649,333

Mediobanca

Banca

di

Credito

Finanziario

SpA

106,234

1,217,082

Mega

Financial

Holding

Co.

Ltd.

..........

1,167,000

1,561,888

Moneta

Money

Bank

A/S

(b)(d)

............

102,293

441,342

National

Bank

of

Kuwait

SAKP

...........

365,461

1,252,775

Nordea

Bank

Abp

...................

529,026

6,283,606

OTP

Bank

Nyrt.

(f)

....................

292,563

16,976,606

People's

United

Financial,

Inc.

...........

4,768

92,404

PNC

Financial

Services

Group,

Inc.

(The)

...

4,687

965,475

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(b)(d)

..........................

1,365,000

1,137,250

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(f)

...........................

931,082

10,899,545

Public

Bank

Bhd.

....................

1,770,400

1,783,332

Qatar

International

Islamic

Bank

QSC

......

93,964

256,813

Qatar

Islamic

Bank

SAQ

...............

79,060

423,514

Qatar

National

Bank

QPSC

.............

202,580

1,209,218

Regions

Financial

Corp.

...............

51,896

1,190,494

RHB

Bank

Bhd.

.....................

1,135,500

1,511,351

Sberbank

of

Russia

PJSC,

ADR

..........

1,043,829

14,642,818

Signature

Bank

.....................

663

201,970

Standard

Chartered

plc

................

1,928,981

14,048,303

SVB

Financial

Group

(f)

................

639

373,112

Svenska

Handelsbanken

AB,

Class

A

......

388,407

4,139,471

Taishin

Financial

Holding

Co.

Ltd.

.........

1,490,422

1,065,852

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

900,395

863,894

Truist

Financial

Corp.

.................

14,802

929,862

US

Bancorp

.......................

15,199

884,430

Wells

Fargo

&

Co.

...................

45,787

2,463,341

Zions

Bancorp

NA

...................

1,913

129,740

333,919,428

Beverages

—

0.3%

Ambev

SA

........................

27,804

78,802

Ambev

SA,

ADR

....................

59,572

168,589

Arca

Continental

SAB

de

CV

............

135,220

798,026

Brown-Forman

Corp.,

Class

B

...........

1,967

132,635

Carlsberg

A/S,

Class

B

................

16,226

2,627,487

Cia

Cervecerias

Unidas

SA

.............

30,347

251,508

Cia

Cervecerias

Unidas

SA,

ADR

.........

17,533

292,275

Coca-Cola

Co.

(The)

.................

69,761

4,256,119

Coca-Cola

Femsa

SAB

de

CV

...........

274,239

1,446,309

Constellation

Brands,

Inc.,

Class

A

........

1,814

431,279

Diageo

plc

........................

434,196

21,910,137

Fraser

&

Neave

Holdings

Bhd.

...........

800

4,721

Kweichow

Moutai

Co.

Ltd.,

Class

A

........

45,400

13,559,049

Molson

Coors

Beverage

Co.,

Class

B

......

2,035

96,988

Monster

Beverage

Corp.

(f)

..............

4,059

351,996

PepsiCo,

Inc.

......................

15,583

2,703,962

Pernod

Ricard

SA

...................

1,738

371,757

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

........................

1,900

82,724

Suntory

Beverage

&

Food

Ltd.

...........

5,900

226,552

49,790,915

Biotechnology

—

0.2%

3SBio,

Inc.

(b)(d)(f)

.....................

1,020,000

807,630

AbbVie,

Inc.

.......................

183,613

25,134,784

Amgen,

Inc.

.......................

19,143

4,348,141

BeiGene

Ltd.,

ADR

(f)

..................

996

241,610

Biogen,

Inc.

(f)

.......................

1,802

407,252

Gilead

Sciences,

Inc.

.................

14,999

1,030,131

Incyte

Corp.

(f)

......................

2,571

191,102

Moderna,

Inc.

(f)

.....................

3,859

653,444

Regeneron

Pharmaceuticals,

Inc.

(f)

........

1,503

914,711

Security

Shares

Shares

Value

Biotechnology

(continued)

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

............................

106,700

$

112,951

Vertex

Pharmaceuticals,

Inc.

(f)

...........

2,819

685,158

34,526,914

Building

Products

—

0.1%

Allegion

plc

........................

914

112,175

AO

Smith

Corp.

.....................

2,039

155,820

Assa

Abloy

AB,

Class

B

...............

31,952

874,913

Carrier

Global

Corp.

..................

9,440

450,099

Cie

de

Saint-Gobain

..................

112,437

7,608,328

Fortune

Brands

Home

&

Security,

Inc.

......

1,909

179,771

Johnson

Controls

International

plc

........

8,481

616,314

Kingspan

Group

plc

..................

3,966

381,756

Lennox

International,

Inc.

..............

2,844

806,615

Masco

Corp.

.......................

11,324

717,149

Trane

Technologies

plc

................

2,829

489,700

Xinyi

Glass

Holdings

Ltd.

..............

46,000

121,945

12,514,585

Capital

Markets

—

0.2%

Ameriprise

Financial,

Inc.

..............

1,267

385,561

Bank

of

New

York

Mellon

Corp.

(The)

......

10,200

604,452

Cboe

Global

Markets,

Inc.

..............

1,615

191,426

Charles

Schwab

Corp.

(The)

............

16,502

1,447,225

CME

Group,

Inc.

....................

4,277

981,571

FactSet

Research

Systems,

Inc.

..........

2,089

881,328

Franklin

Resources,

Inc.

...............

3,563

113,909

Goldman

Sachs

Group,

Inc.

(The)

........

3,791

1,344,592

IGM

Financial,

Inc.

...................

6,517

228,965

Intercontinental

Exchange,

Inc.

..........

200,650

25,414,329

Invesco

Ltd.

.......................

4,259

96,509

MarketAxess

Holdings,

Inc.

.............

426

146,748

Moody's

Corp.

......................

2,808

963,144

Morgan

Stanley

.....................

15,944

1,634,898

MSCI,

Inc.

........................

899

481,972

Nasdaq,

Inc.

.......................

1,317

236,020

Northern

Trust

Corp.

..................

2,730

318,427

Raymond

James

Financial,

Inc.

..........

2,190

231,855

S&P

Global,

Inc.

....................

9,618

3,993,586

State

Street

Corp.

...................

4,385

414,383

T.

Rowe

Price

Group,

Inc.

..............

2,539

392,098

40,502,998

Chemicals

—

0.3%

Air

Products

&

Chemicals,

Inc.

...........

2,388

673,703

Albemarle

Corp.

....................

50,375

11,119,778

Asahi

Kasei

Corp.

...................

18,900

186,693

Asian

Paints

Ltd.

....................

57,382

2,431,622

Berger

Paints

India

Ltd.

...............

61,661

598,488

Celanese

Corp.

.....................

1,240

193,080

CF

Industries

Holdings,

Inc.

.............

2,345

161,500

Corteva,

Inc.

.......................

8,087

388,823

Dow,

Inc.

.........................

26,609

1,589,356

DuPont

de

Nemours,

Inc.

..............

6,219

476,375

Eastman

Chemical

Co.

................

1,480

176,016

Ecolab,

Inc.

.......................

3,003

568,918

Evonik

Industries

AG

.................

62,283

2,031,902

FMC

Corp.

........................

1,409

155,511

Givaudan

SA

(Registered)

..............

442

1,831,174

International

Flavors

&

Fragrances,

Inc.

.....

2,676

353,018

Linde

plc

.........................

23,401

7,441,986

Linde

plc

.........................

5,684

1,811,377

LyondellBasell

Industries

NV,

Class

A

......

2,789

269,780

Mesaieed

Petrochemical

Holding

Co.

......

70,782

47,106

Mosaic

Co.

(The)

....................

3,836

153,248

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Chemicals

(continued)

Nan

Ya

Plastics

Corp.

.................

649,000

$

2,049,377

Nitto

Denko

Corp.

...................

5,700

443,800

Novozymes

A/S,

Class

B

...............

5,814

399,116

Petronas

Chemicals

Group

Bhd.

..........

339,900

721,947

PhosAgro

PJSC,

GDR

(d)

...............

8,271

165,919

PPG

Industries,

Inc.

..................

2,553

398,779

SABIC

Agri-Nutrients

Co.

..............

3,614

163,850

Saudi

Basic

Industries

Corp.

............

78,581

2,630,384

Sherwin-Williams

Co.

(The)

.............

2,643

757,246

Shin-Etsu

Chemical

Co.

Ltd.

............

3,500

585,583

Sika

AG

(Registered)

.................

38,688

13,535,935

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

........................

1,810,000

399,424

Sumitomo

Chemical

Co.

Ltd.

............

334,700

1,687,909

Symrise

AG

.......................

5,154

615,900

Taiwan

Fertilizer

Co.

Ltd.

...............

232,000

564,021

Yanbu

National

Petrochemical

Co.

........

19,131

347,865

58,126,509

Commercial

Services

&

Supplies

—

0.0%

Cintas

Corp.

.......................

1,060

415,022

Copart,

Inc.

(f)

.......................

2,243

289,908

Preston

Holdings

LLC

(c)(f)

...............

24,388

3,171

Republic

Services,

Inc.

................

8,729

1,114,344

Rollins,

Inc.

........................

2,571

79,315

Waste

Management,

Inc.

...............

4,919

740,014

2,641,774

Communications

Equipment

—

0.1%

Accton

Technology

Corp.

..............

1,159,300

11,194,968

Arista

Networks,

Inc.

(f)

.................

8,825

1,097,036

Cisco

Systems,

Inc.

..................

47,490

2,643,768

F5

Networks,

Inc.

(f)

...................

708

146,995

Juniper

Networks,

Inc.

................

22,598

786,862

Motorola

Solutions,

Inc.

...............

4,316

1,001,053

Telefonaktiebolaget

LM

Ericsson,

Class

B

...

62,617

781,842

ZTE

Corp.,

Class

A

..................

508,400

2,433,526

ZTE

Corp.,

Class

H

..................

232,800

629,082

20,715,132

Construction

&

Engineering

—

0.1%

Mcdermott

International

Ltd.

(f)

............

165,884

106,166

Quanta

Services,

Inc.

.................

1,542

158,394

Vinci

SA

..........................

101,337

11,107,201

11,371,761

Construction

Materials

—

0.1%

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

.....

2,417,500

12,787,431

James

Hardie

Industries

plc,

CDI

.........

3,817

128,462

Martin

Marietta

Materials,

Inc.

...........

675

262,656

Siam

Cement

PCL

(The),

NVDR

..........

199,500

2,317,386

Vulcan

Materials

Co.

.................

1,469

279,565

15,775,500

Consumer

Finance

—

0.2%

American

Express

Co.

................

7,550

1,357,641

Capital

One

Financial

Corp.

.............

17,368

2,548,407

Cembra

Money

Bank

AG

...............

17,950

1,234,584

Discover

Financial

Services

.............

3,316

383,827

Kaspi.KZ

JSC,

GDR

(d)

.................

117,622

10,062,310

Synchrony

Financial

..................

288,226

12,275,545

27,862,314

Containers

&

Packaging

—

0.0%

Amcor

plc

.........................

19,795

237,738

Avery

Dennison

Corp.

.................

915

187,959

Ball

Corp.

.........................

3,696

358,882

Security

Shares

Shares

Value

Containers

&

Packaging

(continued)

International

Paper

Co.

................

4,450

$

214,713

Packaging

Corp.

of

America

............

1,096

165,090

Sealed

Air

Corp.

....................

1,662

112,883

WestRock

Co.

......................

2,753

127,078

1,404,343

Distributors

—

0.0%

Genuine

Parts

Co.

...................

34,733

4,627,478

LKQ

Corp.

........................

3,039

166,811

Pool

Corp.

........................

658

313,372

5,107,661

Diversified

Financial

Services

—

0.0%

Berkshire

Hathaway,

Inc.,

Class

B

(f)

........

20,067

6,281,372

Diversified

Telecommunication

Services

—

0.7%

AT&T,

Inc.

.........................

496,545

12,661,897

BCE,

Inc.

.........................

16,706

872,657

Cellnex

Telecom

SA

(b)(d)

................

943,272

42,773,248

China

Tower

Corp.

Ltd.,

Class

H

(b)(d)

.......

14,592,000

1,762,697

Chunghwa

Telecom

Co.

Ltd.

............

645,000

2,741,265

Emirates

Telecommunications

Group

Co.

PJSC

229,071

2,062,850

Hellenic

Telecommunications

Organization

SA

759,559

14,763,798

HKT

Trust

&

HKT

Ltd.

(g)

................

2,613,000

3,565,690

KT

Corp.

.........................

75,431

1,981,857

KT

Corp.,

ADR

.....................

42,217

547,133

LG

Uplus

Corp.

.....................

26,195

285,438

Liberty

Global

plc,

Class

A

(f)

.............

10,811

293,194

Lumen

Technologies,

Inc.

..............

10,677

131,968

Ooredoo

QPSC

.....................

121,899

242,209

Saudi

Telecom

Co.

...................

52,585

1,654,380

Singapore

Telecommunications

Ltd.

.......

199,300

361,376

Swisscom

AG

(Registered)

.............

3,130

1,789,031

Telefonica

Deutschland

Holding

AG

.......

56,035

160,864

Telekom

Malaysia

Bhd.

................

337,300

407,774

TELUS

Corp.

......................

1,006,243

23,676,772

Turk

Telekomunikasyon

A/S

.............

726,564

522,549

Verizon

Communications,

Inc.

...........

86,249

4,591,034

117,849,681

Electric

Utilities

—

1.0%

Alliant

Energy

Corp.

..................

2,673

160,006

American

Electric

Power

Co.,

Inc.

.........

174,872

15,808,429

CK

Infrastructure

Holdings

Ltd.

...........

91,500

563,857

CLP

Holdings

Ltd.

...................

575,500

5,759,322

Duke

Energy

Corp.

..................

218,346

22,939,431

Edison

International

..................

53,692

3,371,321

EDP

-

Energias

de

Portugal

SA

..........

7,159,327

36,649,391

Electricite

de

France

SA

...............

21,562

207,388

Emera,

Inc.

........................

12,898

611,137

Enel

SpA

.........................

2,552,036

19,642,002

Energisa

SA

.......................

25,658

212,218

Enerjisa

Enerji

A/S

(b)(d)

.................

179,403

198,794

Entergy

Corp.

......................

7,469

834,810

Evergy,

Inc.

........................

25,192

1,636,472

Eversource

Energy

..................

71,304

6,380,995

Exelon

Corp.

.......................

10,675

618,616

FirstEnergy

Corp.

...................

60,270

2,528,929

Hydro

One

Ltd.

(b)(d)

...................

30,163

779,257

Manila

Electric

Co.

...................

17,180

113,123

NextEra

Energy,

Inc.

.................

381,336

29,789,968

NRG

Energy,

Inc.

....................

2,472

98,707

Pinnacle

West

Capital

Corp.

............

1,214

84,507

Power

Assets

Holdings

Ltd.

.............

312,000

1,917,119

PPL

Corp.

........................

9,612

285,284

Southern

Co.

(The)

..................

194,274

13,500,100

Tenaga

Nasional

Bhd.

................

492,900

1,081,258

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Xcel

Energy,

Inc.

....................

225,356

$

15,698,299

181,470,740

Electrical

Equipment

—

0.2%

ABB

Ltd.

(Registered)

.................

167,566

5,809,814

AMETEK,

Inc.

......................

4,261

582,777

Eaton

Corp.

plc

.....................

4,644

735,749

Emerson

Electric

Co.

.................

7,551

694,314

Generac

Holdings,

Inc.

(f)

...............

638

180,158

Legrand

SA

.......................

14,594

1,485,277

Rockwell

Automation,

Inc.

..............

1,490

430,938

Schneider

Electric

SE

.................

124,461

21,083,123

31,002,150

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Amphenol

Corp.,

Class

A

..............

6,424

511,286

CDW

Corp.

........................

1,561

295,107

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

.....................

1,246,100

946,716

Corning,

Inc.

.......................

8,165

343,257

Inari

Amertron

Bhd.

..................

500,900

400,228

IPG

Photonics

Corp.

(f)

.................

383

59,162

Keyence

Corp.

.....................

4,200

2,154,275

Keysight

Technologies,

Inc.

(f)

............

3,860

651,645

Samsung

SDI

Co.

Ltd.

................

13,602

6,750,453

Shimadzu

Corp.

.....................

10,400

375,250

Synnex

Technology

International

Corp.

.....

465,000

1,145,148

TE

Connectivity

Ltd.

..................

95,363

13,637,863

Teledyne

Technologies,

Inc.

(f)

............

736

310,172

Trimble,

Inc.

(f)

......................

2,705

195,193

Venture

Corp.

Ltd.

...................

124,700

1,633,787

WPG

Holdings

Ltd.

..................

638,000

1,257,784

Zebra

Technologies

Corp.,

Class

A

(f)

.......

582

296,308

30,963,634

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

...................

354,801

9,735,740

Halliburton

Co.

.....................

9,510

292,337

Schlumberger

NV

...................

17,343

677,591

10,705,668

Entertainment

—

0.1%

Activision

Blizzard,

Inc.

................

8,383

662,341

Electronic

Arts,

Inc.

..................

10,477

1,389,879

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

........................

1,000

55,518

Live

Nation

Entertainment,

Inc.

(f)

..........

1,554

170,178

Netflix,

Inc.

(f)

.......................

4,826

2,061,378

NHN

Corp.

(f)

.......................

1,400

40,377

Take-Two

Interactive

Software,

Inc.

(f)

.......

2,523

412,107

Universal

Music

Group

NV

.............

136,687

3,374,684

Walt

Disney

Co.

(The)

(f)

................

19,863

2,839,813

11,006,275

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.4%

Alexandria

Real

Estate

Equities,

Inc.

.......

97,754

19,046,389

American

Tower

Corp.

................

136,680

34,375,020

Assura

plc

........................

33,776,114

30,549,734

AvalonBay

Communities,

Inc.

...........

1,475

360,239

Boston

Properties,

Inc.

................

196,839

22,061,715

Community

Healthcare

Trust,

Inc.

.........

167,875

7,611,452

Covivio

..........................

221,256

18,476,674

Cromwell

European

REIT

(d)

.............

5,253,720

13,693,317

Crown

Castle

International

Corp.

.........

123,233

22,491,255

Digital

Realty

Trust,

Inc.

...............

230,933

34,462,132

Duke

Realty

Corp.

...................

4,071

235,222

EPR

Properties

.....................

376,402

16,550,396

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Equinix,

Inc.

.......................

56,243

$

40,770,551

Equity

Residential

...................

3,682

326,704

ESR

Kendall

Square

REIT

Co.

Ltd.

........

4,285,024

20,731,423

Essex

Property

Trust,

Inc.

..............

710

236,075

Extra

Space

Storage,

Inc.

..............

3,407

675,233

Federal

Realty

Investment

Trust

..........

991

126,343

Goodman

Group

....................

324,822

5,363,371

Healthpeak

Properties,

Inc.

.............

7,141

252,577

Host

Hotels

&

Resorts,

Inc.

(f)

............

7,887

136,760

Invitation

Homes,

Inc.

.................

75,656

3,176,039

Iron

Mountain,

Inc.

...................

3,118

143,178

Kimco

Realty

Corp.

..................

6,533

158,491

LondonMetric

Property

plc

..............

3,206,249

11,552,378

Medical

Properties

Trust,

Inc.

............

1,440,347

32,782,298

Mid-America

Apartment

Communities,

Inc.

...

1,180

243,882

Outfront

Media,

Inc.

..................

1,109,981

27,571,928

Prologis,

Inc.

.......................

224,835

35,258,625

Public

Storage

......................

12,347

4,426,770

Realty

Income

Corp.

..................

7,484

519,464

Regency

Centers

Corp.

...............

10,724

769,447

Rexford

Industrial

Realty,

Inc.

...........

274,234

20,065,702

SBA

Communications

Corp.

............

39,838

12,964,879

Secure

Income

REIT

plc

...............

1,957,224

11,142,323

Simon

Property

Group,

Inc.

.............

4,031

593,363

SL

Green

Realty

Corp.

................

196,510

14,250,891

Spirit

Realty

Capital,

Inc.

...............

471,410

22,373,119

Sun

Communities,

Inc.

................

113,930

21,528,213

Target

Healthcare

REIT

plc

.............

10,045,996

15,536,742

UDR,

Inc.

.........................

438,695

24,935,424

Ventas,

Inc.

.......................

4,661

247,126

VICI

Properties,

Inc.

..................

682,882

19,544,083

Vornado

Realty

Trust

.................

3,167

129,879

Warehouses

De

Pauw

CVA

.............

435,945

18,754,944

Welltower,

Inc.

......................

334,507

28,978,341

Weyerhaeuser

Co.

...................

8,088

326,998

WP

Carey,

Inc.

.....................

5,236

406,314

616,913,423

Food

&

Staples

Retailing

—

0.4%

Abdullah

Al

Othaim

Markets

Co.

..........

5,994

169,345

BGF

retail

Co.

Ltd.

...................

2,727

369,405

Clicks

Group

Ltd.

....................

59,941

1,150,930

Costco

Wholesale

Corp.

...............

14,601

7,375,403

Etablissements

Franz

Colruyt

NV

.........

59,945

2,434,948

George

Weston

Ltd.

..................

1,162

126,717

J

Sainsbury

plc

.....................

187,829

738,084

Kesko

OYJ,

Class

B

..................

4,941

156,052

Kroger

Co.

(The)

....................

7,428

323,787

Lawson,

Inc.

.......................

5,300

232,294

President

Chain

Store

Corp.

............

98,000

936,010

Sendas

Distribuidora

SA

...............

2,497,763

5,955,006

Shoprite

Holdings

Ltd.

................

90,471

1,236,162

Siam

Makro

PCL,

NVDR

...............

592,200

715,905

Sysco

Corp.

.......................

5,984

467,650

Walgreens

Boots

Alliance,

Inc.

...........

8,686

432,215

Wal-Mart

de

Mexico

SAB

de

CV

..........

6,911,559

23,443,949

Walmart,

Inc.

.......................

95,129

13,299,985

X5

Retail

Group

NV,

GDR

(d)

.............

234,348

5,298,662

Yonghui

Superstores

Co.

Ltd.,

Class

A

......

1,096,900

671,263

65,533,772

Food

Products

—

0.3%

Almarai

Co.

JSC

....................

31,688

415,918

Archer-Daniels-Midland

Co.

.............

6,022

451,650

Campbell

Soup

Co.

..................

2,013

88,814

China

Mengniu

Dairy

Co.

Ltd.

(f)

...........

2,775,000

16,401,983

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Food

Products

(continued)

CJ

CheilJedang

Corp.

.................

1,185

$

343,715

Conagra

Brands,

Inc.

.................

5,258

182,768

Dali

Foods

Group

Co.

Ltd.

(b)(d)

...........

366,000

211,538

General

Mills,

Inc.

...................

6,633

455,554

Hershey

Co.

(The)

...................

1,540

303,488

Hormel

Foods

Corp.

..................

3,127

148,439

Indofood

Sukses

Makmur

Tbk.

PT

........

456,900

201,492

IOI

Corp.

Bhd.

......................

158,700

144,271

JM

Smucker

Co.

(The)

................

8,822

1,240,197

Kellogg

Co.

........................

2,656

167,328

Kraft

Heinz

Co.

(The)

.................

9,209

329,682

Kuala

Lumpur

Kepong

Bhd.

.............

44,300

228,618

Lamb

Weston

Holdings,

Inc.

............

1,574

101,067

McCormick

&

Co.,

Inc.

(Non-Voting)

.......

2,650

265,821

Mondelez

International,

Inc.,

Class

A

.......

15,498

1,038,831

Nestle

India

Ltd.

....................

3,024

754,071

Nestle

Malaysia

Bhd.

.................

35,300

1,115,415

Nestle

SA

(Registered)

................

162,321

20,961,870

Orion

Corp.

........................

722

59,079

PPB

Group

Bhd.

....................

78,100

296,315

QL

Resources

Bhd.

..................

83,900

99,626

Thai

Union

Group

PCL,

NVDR

...........

592,800

372,828

Tingyi

Cayman

Islands

Holding

Corp.

......

1,054,000

2,183,662

Tyson

Foods,

Inc.,

Class

A

.............

3,208

291,575

Uni-President

China

Holdings

Ltd.

........

318,000

300,551

Uni-President

Enterprises

Corp.

..........

201,000

492,645

Universal

Robina

Corp.

................

67,510

168,196

Want

Want

China

Holdings

Ltd.

..........

1,900,000

1,864,122

51,681,129

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

..................

50,305

5,393,702

Beijing

Enterprises

Holdings

Ltd.

.........

173,000

589,752

China

Resources

Gas

Group

Ltd.

.........

28,000

140,053

ENN

Energy

Holdings

Ltd.

..............

653,100

10,397,534

Kunlun

Energy

Co.

Ltd.

................

23,632,000

24,507,515

Petronas

Gas

Bhd.

...................

72,300

293,768

Tokyo

Gas

Co.

Ltd.

..................

213,000

4,300,843

UGI

Corp.

.........................

13,299

603,110

46,226,277

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories

..................

19,339

2,464,949

ABIOMED,

Inc.

(f)

....................

490

144,976

Align

Technology,

Inc.

(f)

................

6,281

3,108,844

Baxter

International,

Inc.

...............

5,474

467,699

Becton

Dickinson

and

Co.

..............

3,140

798,000

Boston

Scientific

Corp.

(f)

...............

15,341

658,129

Cooper

Cos.,

Inc.

(The)

...............

488

194,370

Dentsply

Sirona,

Inc.

.................

2,422

129,383

DexCom,

Inc.

(f)

.....................

1,053

453,296

Edwards

Lifesciences

Corp.

(f)

............

6,807

743,324

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

......

32,169

591,862

Hologic,

Inc.

(f)

......................

2,754

193,441

IDEXX

Laboratories,

Inc.

(f)

..............

5,603

2,842,402

Intuitive

Surgical,

Inc.

(f)

................

3,943

1,120,522

Medtronic

plc

......................

246,865

25,548,059

ResMed,

Inc.

......................

1,555

355,473

STERIS

plc

........................

1,063

238,537

Straumann

Holding

AG

(Registered)

.......

954

1,580,859

Stryker

Corp.

......................

3,708

919,769

Sysmex

Corp.

......................

1,300

123,748

Teleflex,

Inc.

.......................

500

155,095

Zimmer

Biomet

Holdings,

Inc.

...........

2,291

281,839

43,114,576

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

0.3%

AmerisourceBergen

Corp.

..............

1,644

$

223,913

Anthem,

Inc.

.......................

2,666

1,175,679

Bangkok

Dusit

Medical

Services

PCL,

NVDR

.

3,991,400

2,695,497

Cardinal

Health,

Inc.

..................

4,030

207,827

Centene

Corp.

(f)

.....................

6,365

494,942

Cigna

Corp.

.......................

4,739

1,092,150

CVS

Health

Corp.

...................

28,787

3,066,103

DaVita,

Inc.

(f)

.......................

836

90,597

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

...........................

7,276

321,457

HCA

Healthcare,

Inc.

.................

2,693

646,455

Henry

Schein,

Inc.

(f)

..................

1,594

120,028

Humana,

Inc.

......................

1,399

549,108

IHH

Healthcare

Bhd.

.................

353,500

544,756

Laboratory

Corp.

of

America

Holdings

(f)

.....

1,055

286,285

McKesson

Corp.

....................

1,916

491,876

Notre

Dame

Intermedica

Participacoes

SA

...

841,828

11,303,429

Quest

Diagnostics,

Inc.

................

1,455

196,454

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

........................

255,600

499,051

Sinopharm

Group

Co.

Ltd.,

Class

H

.......

530,800

1,187,291

UnitedHealth

Group,

Inc.

...............

57,377

27,114,649

Universal

Health

Services,

Inc.,

Class

B

....

790

102,747

52,410,294

Health

Care

Technology

—

0.0%

Cerner

Corp.

.......................

8,428

768,634

Hotels,

Restaurants

&

Leisure

—

0.2%

Booking

Holdings,

Inc.

(f)

...............

453

1,112,627

Caesars

Entertainment,

Inc.

(f)

............

2,248

171,163

Carnival

Corp.

(f)

.....................

11,173

221,337

Chipotle

Mexican

Grill,

Inc.

(f)

............

306

454,587

Darden

Restaurants,

Inc.

..............

1,438

201,133

Domino's

Pizza,

Inc.

..................

381

173,222

Expedia

Group,

Inc.

(f)

.................

1,431

262,288

Genting

Malaysia

Bhd.

................

709,700

464,669

Hilton

Worldwide

Holdings,

Inc.

(f)

.........

2,936

426,043

Las

Vegas

Sands

Corp.

(f)

...............

4,536

198,677

Marriott

International,

Inc.,

Class

A

(f)

.......

3,129

504,144

McDonald's

Corp.

...................

8,224

2,133,717

MGM

Resorts

International

.............

5,491

234,576

NEW

Top

YK

(c)(f)

.....................

12,874

—

Norwegian

Cruise

Line

Holdings

Ltd.

(f)

......

5,438

113,274

OPAP

SA

.........................

7,267

107,937

Penn

National

Gaming,

Inc.

(f)

............

1,604

73,158

Royal

Caribbean

Cruises

Ltd.

(f)

...........

3,244

252,416

Seera

Group

Holding

(f)

................

253,421

1,333,737

SJM

Holdings

Ltd.

(f)

..................

14,452,000

9,300,964

Starbucks

Corp.

.....................

12,945

1,272,752

Wynn

Resorts

Ltd.

(f)

..................

1,809

154,579

Yum

China

Holdings,

Inc.

..............

264,828

12,756,765

Yum

China

Holdings,

Inc.

..............

10,650

501,397

Yum!

Brands,

Inc.

...................

3,183

398,416

32,823,578

Household

Durables

—

0.2%

DR

Horton,

Inc.

.....................

3,741

333,772

Electrolux

AB,

Class

B

................

39,548

822,883

Garmin

Ltd.

........................

4,867

605,552

Haier

Smart

Home

Co.

Ltd.,

Class

A

.......

2,997,608

13,207,041

Haier

Smart

Home

Co.

Ltd.,

Class

H

.......

1,510,200

6,054,458

JS

Global

Lifestyle

Co.

Ltd.

(b)(d)

...........

2,235,000

3,571,656

Lennar

Corp.,

Class

A

.................

3,032

291,405

Mohawk

Industries,

Inc.

(f)

...............

647

102,142

Newell

Brands,

Inc.

..................

4,118

95,579

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Household

Durables

(continued)

NVR,

Inc.

(f)

........................

39

$

207,762

Persimmon

plc

.....................

336,981

10,978,676

PulteGroup,

Inc.

....................

2,992

157,648

Taylor

Wimpey

plc

...................

3,698,436

7,587,559

Whirlpool

Corp.

.....................

682

143,350

44,159,483

Household

Products

—

0.2%

Church

&

Dwight

Co.,

Inc.

..............

2,770

284,340

Clorox

Co.

(The)

....................

1,360

228,290

Colgate-Palmolive

Co.

................

9,224

760,519

Kimberly-Clark

Corp.

.................

3,623

498,706

Procter

&

Gamble

Co.

(The)

............

26,516

4,254,492

Reckitt

Benckiser

Group

plc

.............

312,045

25,282,565

Unicharm

Corp.

.....................

5,300

204,811

31,513,723

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

....................

7,188

159,430

China

Yangtze

Power

Co.

Ltd.,

Class

A

.....

579,100

1,997,170

Energy

Absolute

PCL,

NVDR

............

359,200

968,735

3,125,335

Industrial

Conglomerates

—

0.1%

3M

Co.

...........................

6,764

1,122,959

CITIC

Ltd.

.........................

101,000

113,434

General

Electric

Co.

..................

12,665

1,196,589

Industries

Qatar

QSC

.................

111,170

511,360

Roper

Technologies,

Inc.

...............

1,216

531,586

Siemens

AG

(Registered)

..............

45,412

7,210,118

Sime

Darby

Bhd.

....................

456,800

234,759

10,920,805

Insurance

—

1.1%

Aflac,

Inc.

.........................

8,495

533,656

AIA

Group

Ltd.

.....................

85,600

893,648

Allianz

SE

(Registered)

................

49,039

12,590,894

Allstate

Corp.

(The)

..................

3,315

400,021

American

Financial

Group,

Inc.

..........

23,808

3,101,706

American

International

Group,

Inc.

........

9,292

536,613

Aon

plc,

Class

A

....................

2,656

734,225

Arthur

J

Gallagher

&

Co.

...............

2,336

368,948

Assurant,

Inc.

......................

110,483

16,849,762

Brown

&

Brown,

Inc.

..................

2,543

168,550

Bupa

Arabia

for

Cooperative

Insurance

Co.

..

7,872

312,598

China

Life

Insurance

Co.

Ltd.,

Class

A

......

132,600

578,428

Chubb

Ltd.

........................

5,224

1,030,591

Cincinnati

Financial

Corp.

..............

3,054

359,853

Direct

Line

Insurance

Group

plc

..........

2,336,162

9,629,969

Everest

Re

Group

Ltd.

................

644

182,510

Fidelity

National

Financial,

Inc.

...........

53,167

2,676,959

Gjensidige

Forsikring

ASA

..............

321,284

7,847,839

Globe

Life,

Inc.

.....................

1,596

163,271

Great-West

Lifeco,

Inc.

................

7,517

234,827

Hartford

Financial

Services

Group,

Inc.

(The)

.

24,305

1,746,800

HDFC

Life

Insurance

Co.

Ltd.

(b)(d)

.........

226,039

1,894,892

Japan

Post

Holdings

Co.

Ltd.

(f)

...........

233,900

1,996,462

Legal

&

General

Group

plc

.............

961,991

3,761,348

Lincoln

National

Corp.

................

2,982

208,680

Loews

Corp.

.......................

3,158

188,406

Marsh

&

McLennan

Cos.,

Inc.

...........

5,899

906,322

MetLife,

Inc.

.......................

22,102

1,482,160

MS&AD

Insurance

Group

Holdings,

Inc.

....

31,500

1,080,436

New

China

Life

Insurance

Co.

Ltd.,

Class

H

..

307,300

876,491

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

....................

2,208,531

1,587,289

Security

Shares

Shares

Value

Insurance

(continued)

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

....................

3,755,000

$

1,188,269

Phoenix

Group

Holdings

plc

............

1,408,940

12,613,418

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

..

176,000

163,988

Powszechny

Zaklad

Ubezpieczen

SA

......

238,917

2,127,240

Principal

Financial

Group,

Inc.

...........

3,945

288,222

Progressive

Corp.

(The)

...............

128,409

13,952,922

Prudential

Financial,

Inc.

...............

5,027

560,862

Prudential

plc

......................

1,500,134

25,285,863

Qatar

Insurance

Co.

SAQ

(f)

.............

72,642

52,017

Sanlam

Ltd.

.......................

2,262,531

9,295,743

Seguridade

Participacoes

SA

............

4,507,909

19,712,180

Swiss

Re

AG

.......................

37,347

4,069,250

Travelers

Cos.,

Inc.

(The)

..............

12,662

2,104,171

Tryg

A/S

..........................

374,482

8,873,662

Willis

Towers

Watson

plc

...............

1,602

374,804

WR

Berkley

Corp.

...................

7,834

661,973

Zurich

Insurance

Group

AG

.............

53,782

25,724,381

201,973,119

Interactive

Media

&

Services

—

0.4%

Alphabet,

Inc.,

Class

A

(f)

...............

3,296

8,919,207

Alphabet,

Inc.,

Class

C

(f)

...............

3,888

10,551,915

Auto

Trader

Group

plc

(b)(d)

..............

791,083

7,168,511

Autohome,

Inc.,

Class

A

(f)

..............

2,300

18,323

Facebook,

Inc.,

Class

A

(f)

...............

25,963

8,133,169

Match

Group,

Inc.

(f)

..................

3,011

339,340

NAVER

Corp.

......................

2,721

718,727

REA

Group

Ltd.

.....................

5,350

554,243

Tencent

Holdings

Ltd.

.................

299,900

18,792,418

Tencent

Holdings

Ltd.,

ADR

.............

201,303

12,589,490

Twitter,

Inc.

(f)

.......................

8,598

322,511

68,107,854

Internet

&

Direct

Marketing

Retail

—

0.1%

Amazon.com,

Inc.

(f)

..................

5,712

17,087,277

eBay,

Inc.

.........................

7,035

422,592

Etsy,

Inc.

(f)

........................

1,381

216,927

JD.com,

Inc.,

Class

A

(f)

................

13,900

526,830

momo.com,

Inc.

.....................

2,000

81,726

18,335,352

IT

Services

—

0.9%

Accenture

plc,

Class

A

................

7,058

2,495,568

Akamai

Technologies,

Inc.

(f)

.............

1,783

204,243

Amadeus

IT

Group

SA

(f)

...............

105,838

7,277,445

Arabian

Internet

&

Communications

Services

Co.

(f)

..........................

10,428

577,665

Automatic

Data

Processing,

Inc.

..........

7,024

1,448,138

Broadridge

Financial

Solutions,

Inc.

.......

1,277

203,324

Cognizant

Technology

Solutions

Corp.,

Class

A

6,512

556,255

DXC

Technology

Co.

(f)

................

4,096

123,208

EPAM

Systems,

Inc.

(f)

.................

1,430

680,880

Fidelity

National

Information

Services,

Inc.

...

234,466

28,117,163

Fiserv,

Inc.

(f)

.......................

6,512

688,318

FleetCor

Technologies,

Inc.

(f)

............

1,042

248,267

Gartner,

Inc.

(f)

......................

1,944

571,322

GDS

Holdings

Ltd.,

Class

A

(f)

............

5,820,892

30,397,876

Global

Payments,

Inc.

................

3,444

516,187

Infosys

Ltd.

........................

276,621

6,508,260

Infosys

Ltd.,

ADR

....................

444,620

10,479,693

International

Business

Machines

Corp.

.....

10,396

1,388,594

Jack

Henry

&

Associates,

Inc.

...........

1,073

180,060

Mastercard,

Inc.,

Class

A

...............

9,752

3,767,978

NEXTDC

Ltd.

(f)

.....................

324,782

2,492,042

Paychex,

Inc.

......................

123,427

14,534,763

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

IT

Services

(continued)

PayPal

Holdings,

Inc.

(f)

................

12,817

$

2,203,755

SUNeVision

Holdings

Ltd.

..............

8,421,000

7,400,887

Tata

Consultancy

Services

Ltd.

..........

52,614

2,649,423

Tech

Mahindra

Ltd.

..................

66,440

1,326,256

VeriSign,

Inc.

(f)

......................

2,710

588,558

Visa,

Inc.,

Class

A

...................

107,099

24,222,581

Wipro

Ltd.

.........................

251,995

1,945,622

Wipro

Ltd.,

ADR

.....................

87,140

670,106

154,464,437

Leisure

Products

—

0.1%

Hasbro,

Inc.

.......................

221,547

20,488,667

Life

Sciences

Tools

&

Services

—

0.2%

Agilent

Technologies,

Inc.

..............

29,217

4,070,512

Bio-Rad

Laboratories,

Inc.,

Class

A

(f)

.......

205

122,945

Bio-Techne

Corp.

....................

423

159,221

Charles

River

Laboratories

International,

Inc.

(f)

539

177,741

Danaher

Corp.

.....................

6,998

1,999,958

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

............................

7,700

126,649

Illumina,

Inc.

(f)

......................

1,720

599,970

IQVIA

Holdings,

Inc.

(f)

.................

2,093

512,576

Lonza

Group

AG

(Registered)

...........

19,570

13,492,377

Mettler-Toledo

International,

Inc.

(f)

.........

573

843,846

PerkinElmer,

Inc.

....................

1,434

246,892

Pharmaron

Beijing

Co.

Ltd.,

Class

A

.......

44,400

823,940

Thermo

Fisher

Scientific,

Inc.

............

4,291

2,494,358

Waters

Corp.

(f)

......................

617

197,514

West

Pharmaceutical

Services,

Inc.

.......

807

317,329

WuXi

AppTec

Co.

Ltd.,

Class

A

...........

302,100

5,019,700

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)(d)

........

414,540

5,945,860

37,151,388

Machinery

—

0.5%

Alfa

Laval

AB

......................

180,177

6,086,596

Atlas

Copco

AB,

Class

A

...............

34,397

2,035,823

Caterpillar,

Inc.

.....................

6,032

1,215,810

Cummins,

Inc.

......................

1,769

390,737

Deere

&

Co.

.......................

3,101

1,167,216

Dover

Corp.

.......................

2,264

384,676

Epiroc

AB,

Class

A

...................

83,642

1,784,848

Fortive

Corp.

.......................

7,337

517,552

GEA

Group

AG

.....................

4,328

204,477

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

.....................

2,098,294

15,743,695

IDEX

Corp.

........................

1,078

232,244

Illinois

Tool

Works,

Inc.

................

3,552

830,884

Ingersoll

Rand,

Inc.

..................

4,738

266,323

Kone

OYJ,

Class

B

..................

155,619

10,078,533

Otis

Worldwide

Corp.

.................

243,697

20,819,035

PACCAR,

Inc.

......................

4,303

400,136

Parker-Hannifin

Corp.

.................

1,503

465,945

Pentair

plc

........................

2,398

152,753

Snap-on,

Inc.

......................

29,245

6,090,271

Stanley

Black

&

Decker,

Inc.

............

2,237

390,692

Techtronic

Industries

Co.

Ltd.

............

18,500

305,252

Volvo

AB,

Class

B

...................

687,398

15,512,116

Wartsila

OYJ

Abp

....................

17,354

214,259

Westinghouse

Air

Brake

Technologies

Corp.

..

3,190

283,591

Xylem,

Inc.

........................

2,292

240,706

85,814,170

Security

Shares

Shares

Value

Marine

—

0.0%

MISC

Bhd.

........................

137,700

$

229,832

Projector

SA

(c)(f)

.....................

24,388

—

229,832

Media

—

0.2%

Charter

Communications,

Inc.,

Class

A

(f)

....

4,960

2,942,966

Comcast

Corp.,

Class

A

...............

458,101

22,900,469

Discovery,

Inc.,

Class

A

(f)(h)

..............

1,753

48,926

Discovery,

Inc.,

Class

C

(f)

..............

3,190

87,247

DISH

Network

Corp.,

Class

A

(f)

...........

2,539

79,725

Eutelsat

Communications

SA

............

230,405

2,856,976

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

........................

103,800

125,376

Fox

Corp.,

Class

A

...................

16,588

673,639

Fox

Corp.,

Class

B

...................

1,673

62,202

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

12,239

434,974

News

Corp.,

Class

A

..................

4,257

94,676

News

Corp.,

Class

B

.................

1,327

29,512

Omnicom

Group,

Inc.

.................

2,923

220,277

Sirius

XM

Holdings,

Inc.

(h)

..............

716,070

4,554,205

Telenet

Group

Holding

NV

..............

10,914

418,972

ViacomCBS,

Inc.

....................

6,085

203,543

35,733,685

Metals

&

Mining

—

0.2%

Aclara

Resources,

Inc.

(f)

...............

14,710

14,465

Agnico

Eagle

Mines

Ltd.

...............

44,997

2,149,052

Alrosa

PJSC

.......................

607,124

893,143

BHP

Group

Ltd.

.....................

84,448

2,708,295

China

Molybdenum

Co.

Ltd.,

Class

H

......

29,130,000

14,969,131

Franco-Nevada

Corp.

.................

1,995

263,777

Freeport-McMoRan,

Inc.

...............

15,778

587,257

Hochschild

Mining

plc

.................

107,064

150,029

Kirkland

Lake

Gold

Ltd.

................

16,467

620,257

Newmont

Corp.

.....................

8,672

530,466

Novolipetsk

Steel

PJSC

...............

1,597,358

4,412,925

Novolipetsk

Steel

PJSC,

GDR

(d)

..........

26,996

750,142

Nucor

Corp.

.......................

3,474

352,264

POSCO

..........................

180

40,265

South32

Ltd.

.......................

162,460

446,976

Wheaton

Precious

Metals

Corp.

..........

92,653

3,735,567

Zijin

Mining

Group

Co.

Ltd.,

Class

A

.......

1,253,300

1,977,205

34,601,216

Multiline

Retail

—

0.1%

Dollar

General

Corp.

.................

2,572

536,211

Dollar

Tree,

Inc.

(f)

....................

2,556

335,398

Fix

Price

Group

Ltd.,

GDR

(d)

.............

1,377,673

7,864,430

Target

Corp.

.......................

5,441

1,199,360

Trent

Ltd.

.........................

13,373

186,150

10,121,549

Multi-Utilities

—

0.6%

Ameren

Corp.

......................

95,162

8,444,676

Canadian

Utilities

Ltd.,

Class

A

...........

5,195

150,927

CenterPoint

Energy,

Inc.

...............

423,263

12,003,739

CMS

Energy

Corp.

...................

119,789

7,712,016

Consolidated

Edison,

Inc.

..............

23,510

2,032,439

Dominion

Energy,

Inc.

.................

220,416

17,778,755

DTE

Energy

Co.

....................

71,081

8,560,285

Engie

SA

.........................

8,999

138,421

National

Grid

plc

....................

578,287

8,462,035

NiSource,

Inc.

......................

336,327

9,814,022

Public

Service

Enterprise

Group,

Inc.

......

193,171

12,851,667

Qatar

Electricity

&

Water

Co.

QSC

........

31,180

152,259

Sempra

Energy

.....................

100,229

13,847,639

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Multi-Utilities

(continued)

WEC

Energy

Group,

Inc.

...............

54,863

$

5,323,905

107,272,785

Oil,

Gas

&

Consumable

Fuels

—

1.0%

APA

Corp.

........................

4,063

134,932

California

Resources

Corp.

.............

3,020

128,712

Cheniere

Energy,

Inc.

.................

69,129

7,735,535

Chesapeake

Energy

Corp.

.............

139,612

9,517,350

Chevron

Corp.

......................

30,259

3,973,914

China

Petroleum

&

Chemical

Corp.,

Class

H

.

32,068,000

16,790,482

ConocoPhillips

.....................

14,761

1,308,120

Coterra

Energy,

Inc.

..................

83,179

1,821,620

Devon

Energy

Corp.

..................

6,390

323,142

Diamondback

Energy,

Inc.

..............

1,867

235,541

Enbridge,

Inc.

......................

452,669

19,137,342

Energy

Transfer

LP

..................

181,648

1,738,371

Enterprise

Products

Partners

LP

..........

84,984

2,009,022

EOG

Resources,

Inc.

.................

48,921

5,453,713

Equinor

ASA

.......................

121,832

3,358,643

Equitrans

Midstream

Corp.

.............

55,983

454,022

Exxon

Mobil

Corp.

...................

86,808

6,593,936

Gazprom

PJSC,

ADR

.................

676,483

5,888,997

Gibson

Energy,

Inc.

..................

32,273

621,011

Hess

Corp.

........................

3,023

278,993

Kinder

Morgan,

Inc.

..................

282,974

4,912,429

LUKOIL

PJSC

......................

23,639

2,098,693

LUKOIL

PJSC,

ADR

..................

258,237

23,125,241

Magellan

Midstream

Partners

LP

.........

36,372

1,777,500

Marathon

Oil

Corp.

...................

8,688

169,155

Marathon

Petroleum

Corp.

.............

7,038

504,977

Occidental

Petroleum

Corp.

.............

9,050

340,913

ONEOK,

Inc.

.......................

24,409

1,481,138

Pembina

Pipeline

Corp.

...............

9,636

305,950

PetroChina

Co.

Ltd.,

Class

H

............

262,000

129,924

Petroleo

Brasileiro

SA,

ADR

............

509,249

6,798,474

Petronas

Dagangan

Bhd.

..............

23,100

107,070

Petronet

LNG

Ltd.

...................

3,721,203

10,697,652

Phillips

66

.........................

4,686

397,326

Phillips

66

Partners

LP

................

17,083

715,436

Pioneer

Natural

Resources

Co.

..........

2,520

551,603

Plains

All

American

Pipeline

LP

..........

186,345

2,006,936

Plains

GP

Holdings

LP,

Class

A

(f)

.........

402,244

4,637,873

Qatar

Fuel

QSC

.....................

37,378

194,100

Qatar

Gas

Transport

Co.

Ltd.

............

497,810

491,164

Saudi

Arabian

Oil

Co.

(b)(d)

...............

271,983

2,714,672

Targa

Resources

Corp.

................

88,263

5,214,578

TC

Energy

Corp.

....................

5,246

270,956

Valero

Energy

Corp.

..................

4,312

357,767

Williams

Cos.,

Inc.

(The)

...............

672,765

20,142,584

177,647,509

Personal

Products

—

0.1%

Colgate-Palmolive

India

Ltd.

............

17,623

337,412

Dabur

India

Ltd.

.....................

177,396

1,280,299

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

.....

41,990

13,092,062

Kao

Corp.

.........................

36,400

1,818,966

L'Oreal

SA

........................

17,663

7,544,692

Marico

Ltd.

........................

118,826

771,017

24,844,448

Pharmaceuticals

—

1.2%

Alkem

Laboratories

Ltd.

...............

7,956

378,478

AstraZeneca

plc

....................

309,171

35,965,253

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

............................

15,600

796,887

Bristol-Myers

Squibb

Co.

...............

96,444

6,258,251

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Catalent,

Inc.

(f)

......................

1,794

$

186,450

China

Medical

System

Holdings

Ltd.

.......

90,000

150,708

CSPC

Pharmaceutical

Group

Ltd.

.........

1,126,000

1,368,529

Dr.

Reddy's

Laboratories

Ltd.

............

13,479

779,220

Eli

Lilly

&

Co.

......................

8,713

2,138,083

Johnson

&

Johnson

..................

105,876

18,241,376

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

.....................

64,300

118,186

Merck

&

Co.,

Inc.

....................

126,737

10,326,531

Merck

KGaA

.......................

2,413

529,167

Novartis

AG

(Registered)

..............

121,793

10,582,539

Novo

Nordisk

A/S,

Class

B

.............

474,340

47,181,796

Organon

&

Co.

.....................

2,734

87,242

Pfizer,

Inc.

........................

124,397

6,554,478

Richter

Gedeon

Nyrt.

.................

16,258

428,509

Roche

Holding

AG

...................

36,615

14,187,663

Sanofi

...........................

442,231

46,240,576

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

(f)

.......................

22,200

81,913

Sino

Biopharmaceutical

Ltd.

............

3,447,000

2,377,235

Takeda

Pharmaceutical

Co.

Ltd.

..........

13,400

388,375

Viatris,

Inc.

........................

16,245

243,188

Zoetis,

Inc.

........................

5,877

1,174,166

206,764,799

Professional

Services

—

0.3%

51job,

Inc.,

ADR

(f)

....................

10,055

506,772

Adecco

Group

AG

(Registered)

..........

20,622

982,293

Equifax,

Inc.

.......................

1,403

336,383

Experian

plc

.......................

165,807

6,925,410

IHS

Markit

Ltd.

.....................

4,438

518,314

Nielsen

Holdings

plc

..................

4,345

81,947

NMG,

Inc.

(f)

........................

3,714

605,382

Randstad

NV

......................

4,130

268,672

Recruit

Holdings

Co.

Ltd.

..............

24,400

1,206,058

RELX

plc

.........................

1,183,034

36,310,444

Robert

Half

International,

Inc.

............

1,264

143,161

SGS

SA

(Registered)

.................

1,274

3,632,902

Teleperformance

....................

17,617

6,634,370

Verisk

Analytics,

Inc.

..................

1,971

386,572

Wolters

Kluwer

NV

...................

5,755

585,736

59,124,416

Real

Estate

Management

&

Development

—

1.0%

Aldar

Properties

PJSC

................

79,017

89,177

Aroundtown

SA

.....................

3,373,427

20,836,093

Barwa

Real

Estate

Co.

................

234,595

215,530

Capitaland

Investment

Ltd.

(f)

............

7,349,500

18,857,872

CBRE

Group,

Inc.,

Class

A

(f)

............

3,551

359,858

Daito

Trust

Construction

Co.

Ltd.

.........

1,200

137,600

ESR

Cayman

Ltd.

(b)(d)(f)

................

7,927,800

26,880,801

Hang

Lung

Properties

Ltd.

..............

3,155,000

6,741,306

Hulic

Co.

Ltd.

......................

2,061,900

19,929,624

LEG

Immobilien

SE

..................

44,319

5,879,304

Longfor

Group

Holdings

Ltd.

............

2,719,500

16,313,815

Shimao

Group

Holdings

Ltd.

............

15,347,000

11,310,665

VGP

NV

..........................

28,920

8,194,919

Vonovia

SE

........................

646,051

36,796,341

172,542,905

Road

&

Rail

—

0.2%

Aurizon

Holdings

Ltd.

.................

25,422

63,602

BTS

Group

Holdings

PCL,

NVDR

.........

769,400

213,485

Canadian

Pacific

Railway

Ltd.

...........

133,030

9,514,822

CSX

Corp.

........................

372,696

12,753,657

JB

Hunt

Transport

Services,

Inc.

.........

925

178,100

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Road

&

Rail

(continued)

Norfolk

Southern

Corp.

................

2,909

$

791,219

Old

Dominion

Freight

Line,

Inc.

..........

2,008

606,276

Seibu

Holdings,

Inc.

(f)

.................

251,900

2,471,295

Union

Pacific

Corp.

..................

37,840

9,253,772

West

Japan

Railway

Co.

...............

91,600

3,838,384

39,684,612

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Advanced

Micro

Devices,

Inc.

(f)

..........

45,415

5,188,664

Analog

Devices,

Inc.

..................

6,322

1,036,618

Applied

Materials,

Inc.

................

9,996

1,381,247

ASM

International

NV

.................

9,666

3,321,049

ASML

Holding

NV

...................

16,237

10,997,228

Broadcom,

Inc.

.....................

5,720

3,351,234

Enphase

Energy,

Inc.

(f)

................

1,477

207,474

Intel

Corp.

........................

63,621

3,105,977

KLA

Corp.

.........................

1,668

649,302

Lam

Research

Corp.

.................

1,559

919,685

MediaTek,

Inc.

......................

245,000

9,731,203

Microchip

Technology,

Inc.

..............

6,100

472,628

Micron

Technology,

Inc.

................

12,380

1,018,503

Monolithic

Power

Systems,

Inc.

..........

458

184,542

Nanya

Technology

Corp.

...............

972,000

2,582,133

NVIDIA

Corp.

......................

49,812

12,196,966

NXP

Semiconductors

NV

..............

2,896

594,954

Qorvo,

Inc.

(f)

.......................

1,209

165,972

QUALCOMM,

Inc.

...................

16,582

2,914,452

Realtek

Semiconductor

Corp.

...........

15,000

291,002

Skyworks

Solutions,

Inc.

...............

1,785

261,538

SolarEdge

Technologies,

Inc.

(f)

...........

575

136,977

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

4,408,000

101,921,747

Teradyne,

Inc.

......................

1,841

216,189

Texas

Instruments,

Inc.

................

163,364

29,322,204

Tokyo

Electron

Ltd.

..................

8,800

4,304,372

United

Microelectronics

Corp.

...........

506,000

1,057,186

Xilinx,

Inc.

.........................

4,404

852,394

198,383,440

Software

—

0.8%

Adobe,

Inc.

(f)

.......................

10,057

5,373,455

ANSYS,

Inc.

(f)

......................

930

316,209

Autodesk,

Inc.

(f)

.....................

2,389

596,748

Cadence

Design

Systems,

Inc.

(f)

..........

8,918

1,356,785

Ceridian

HCM

Holding,

Inc.

(f)

............

1,467

111,228

Citrix

Systems,

Inc.

..................

1,355

138,129

Constellation

Software,

Inc.

.............

1,061

1,827,401

Fortinet,

Inc.

(f)

......................

6,864

2,040,255

Intuit,

Inc.

.........................

48,834

27,114,102

Microsoft

Corp.

.....................

263,521

81,949,761

NortonLifeLock,

Inc.

..................

7,223

187,870

Oracle

Corp.

.......................

17,994

1,460,393

Paycom

Software,

Inc.

(f)

...............

531

178,044

PTC,

Inc.

(f)

........................

1,139

132,420

salesforce.com,

Inc.

(f)

.................

10,662

2,480,301

ServiceNow,

Inc.

(f)

...................

14,426

8,450,462

Synopsys,

Inc.

(f)

.....................

1,691

525,056

Trend

Micro,

Inc.

....................

3,600

190,989

Tyler

Technologies,

Inc.

(f)

...............

439

207,998

WiseTech

Global

Ltd.

.................

5,656

184,213

134,821,819

Specialty

Retail

—

0.2%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

.........................

637,763

717,105

Advance

Auto

Parts,

Inc.

...............

2,129

492,885

AutoZone,

Inc.

(f)

.....................

1,339

2,659,723

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Bath

&

Body

Works,

Inc.

...............

2,497

$

140,007

Best

Buy

Co.,

Inc.

...................

2,504

248,597

CarMax,

Inc.

(f)

......................

1,761

195,770

China

Yongda

Automobiles

Services

Holdings

Ltd.

...........................

498,500

637,836

Gap,

Inc.

(The)

.....................

2,303

41,615

Home

Depot,

Inc.

(The)

...............

27,928

10,249,017

Home

Product

Center

PCL,

NVDR

........

2,389,900

1,019,929

Industria

de

Diseno

Textil

SA

............

8,288

251,370

Jarir

Marketing

Co.

...................

9,423

507,077

JUMBO

SA

........................

17,423

259,155

Lowe's

Cos.,

Inc.

....................

13,081

3,104,775

MR

DIY

Group

M

Bhd.

(b)(d)

..............

196,000

166,255

O'Reilly

Automotive,

Inc.

(f)

..............

2,749

1,791,661

Ross

Stores,

Inc.

....................

3,856

376,924

Siam

Global

House

PCL,

NVDR

..........

353,600

203,134

Suning.com

Co.

Ltd.,

Class

A

(f)

...........

1,328,900

815,487

TJX

Cos.,

Inc.

(The)

..................

13,218

951,300

Topsports

International

Holdings

Ltd.

(b)(d)

....

12,574,000

11,361,358

Tractor

Supply

Co.

...................

1,184

258,479

Truworths

International

Ltd.

.............

31,871

118,277

Ulta

Beauty,

Inc.

(f)(h)

..................

11,773

4,282,311

Zhongsheng

Group

Holdings

Ltd.

.........

14,500

111,391

40,961,438

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Advantech

Co.

Ltd.

..................

86,295

1,196,075

Apple,

Inc.

........................

257,480

45,002,354

Asustek

Computer,

Inc.

................

74,000

967,439

Chicony

Electronics

Co.

Ltd.

............

228,000

731,574

Compal

Electronics,

Inc.

...............

1,816,000

1,660,709

Hewlett

Packard

Enterprise

Co.

..........

13,270

216,699

HP,

Inc.

..........................

33,379

1,226,011

Inventec

Corp.

......................

1,475,000

1,352,954

Lenovo

Group

Ltd.

...................

3,682,000

3,990,215

Lite-On

Technology

Corp.

..............

1,144,000

2,642,190

Logitech

International

SA

(Registered)

......

118,571

9,963,474

Micro-Star

International

Co.

Ltd.

..........

248,000

1,387,159

NetApp,

Inc.

.......................

2,287

197,848

Quanta

Computer,

Inc.

................

410,000

1,387,723

Samsung

Electronics

Co.

Ltd.

...........

219,348

13,643,246

Seagate

Technology

Holdings

plc

.........

2,392

256,303

Western

Digital

Corp.

(f)

................

3,199

165,516

Wistron

Corp.

......................

1,016,000

1,154,853

87,142,342

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

ANTA

Sports

Products

Ltd.

.............

11,400

171,174

EssilorLuxottica

SA

..................

70,632

13,362,543

Kering

SA

.........................

22,078

16,487,080

Li

Ning

Co.

Ltd.

.....................

27,000

263,466

Lululemon

Athletica,

Inc.

(f)

..............

688

229,627

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

29,340

24,099,214

NIKE,

Inc.,

Class

B

..................

14,001

2,073,128

PVH

Corp.

........................

774

73,538

Ralph

Lauren

Corp.

..................

459

50,876

Tapestry,

Inc.

.......................

3,099

117,607

Under

Armour,

Inc.,

Class

A

(f)

............

2,023

38,093

Under

Armour,

Inc.,

Class

C

(f)

............

2,090

33,419

VF

Corp.

.........................

3,914

255,232

57,254,997

Thrifts

&

Mortgage

Finance

—

0.1%

Housing

Development

Finance

Corp.

Ltd.

...

297,524

10,151,746

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Shares

Shares

Value

Tobacco

—

0.2%

Altria

Group,

Inc.

....................

20,424

$

1,039,173

British

American

Tobacco

plc

............

36,780

1,570,323

Eastern

Co.

SAE

....................

82,901

54,828

ITC

Ltd.

..........................

960,534

2,852,713

Japan

Tobacco,

Inc.

..................

347,800

6,943,786

KT&G

Corp.

.......................

34,795

2,247,613

Philip

Morris

International,

Inc.

...........

288,400

29,661,940

Swedish

Match

AB

...................

146,529

1,133,736

45,504,112

Trading

Companies

&

Distributors

—

0.2%

Azelis

Group

NV

(f)

...................

67,673

1,723,139

BOC

Aviation

Ltd.

(b)(d)

.................

1,191,900

10,020,523

Fastenal

Co.

.......................

6,186

350,622

Ferguson

plc

.......................

113,680

17,880,798

ITOCHU

Corp.

.....................

24,900

799,949

United

Rentals,

Inc.

(f)

.................

777

248,733

WW

Grainger,

Inc.

...................

918

454,511

31,478,275

Transportation

Infrastructure

—

0.7%

Aena

SME

SA

(b)(d)(f)

...................

156,734

25,325,480

Atlantia

SpA

(f)

......................

378,230

7,018,166

Atlas

Arteria

Ltd.

(g)

...................

2,148,748

9,974,291

Auckland

International

Airport

Ltd.

(f)

........

909,820

4,318,821

Beijing

Capital

International

Airport

Co.

Ltd.,

Class

H

(f)

.......................

3,880,000

2,590,390

Flughafen

Zurich

AG

(Registered)

(f)

........

31,936

5,908,689

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(f)

.....................

113,166

7,729,994

Getlink

SE

........................

324,925

5,125,648

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(f)

.......................

1,144,737

15,767,603

Hamburger

Hafen

und

Logistik

AG

........

153,090

3,288,725

Japan

Airport

Terminal

Co.

Ltd.

(f)

..........

92,100

3,990,543

Jiangsu

Expressway

Co.

Ltd.,

Class

H

.....

11,970,000

12,506,912

Transurban

Group

(g)

..................

3,422,106

30,231,663

Westports

Holdings

Bhd.

...............

127,100

116,608

133,893,533

Water

Utilities

—

0.0%

American

Water

Works

Co.,

Inc.

..........

9,049

1,455,079

Beijing

Enterprises

Water

Group

Ltd.

(h)

.....

1,008,000

393,160

Guangdong

Investment

Ltd.

.............

698,000

997,048

Severn

Trent

plc

....................

113,999

4,425,933

7,271,220

Wireless

Telecommunication

Services

—

0.2%

Advanced

Info

Service

PCL,

NVDR

........

98,200

652,298

Axiata

Group

Bhd.

...................

244,600

217,396

Bharti

Airtel

Ltd.

(f)

....................

25,901

254,397

China

United

Network

Communications

Ltd.,

Class

A

........................

850,500

496,936

DiGi.Com

Bhd.

.....................

230,700

209,743

Etihad

Etisalat

Co.

...................

131,488

1,144,256

Far

EasTone

Telecommunications

Co.

Ltd.

...

240,000

562,526

Global

Telecom

Holding

SAE

(c)(f)

..........

201,938

62,985

KDDI

Corp.

........................

424,200

13,552,646

Maxis

Bhd.

........................

177,700

179,655

Mobile

Telecommunications

Co.

KSCP

.....

222,873

440,453

Mobile

Telecommunications

Co.

Saudi

Arabia

(f)

328,098

1,175,344

Mobile

TeleSystems

PJSC

..............

128,609

480,564

SK

Telecom

Co.

Ltd.

..................

33,787

1,608,097

SK

Telecom

Co.

Ltd.,

ADR

..............

6,532

171,400

SoftBank

Group

Corp.,

ADR

............

10,475

231,812

Taiwan

Mobile

Co.

Ltd.

................

235,000

844,685

Tele2

AB,

Class

B

...................

1,161,922

16,906,038

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

(continued)

T-Mobile

US,

Inc.

(f)

...................

6,327

$

684,392

Turkcell

Iletisim

Hizmetleri

A/S

...........

112,443

158,578

Vodacom

Group

Ltd.

.................

112,487

1,074,591

41,108,792

Total

Common

Stocks

—

24.2%

(Cost:

$3,624,000,165)

............................

4,313,796,329

Par

(000)

Par

(000)

Corporate

Bonds

—

30.2%

Aerospace

&

Defense

—

0.6%

Bombardier,

Inc.

(b)

7.50%,

12/01/24

..................

USD

1,309

1,354,946

7.50%,

03/15/25

..................

2,962

2,999,025

7.13%,

06/15/26

..................

5,880

5,975,550

7.88%,

04/15/27

..................

2,045

2,072,566

6.00%,

02/15/28

..................

3,264

3,159,944

7.45%,

05/01/34

..................

362

421,730

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

.

2,887

2,846,755

Howmet

Aerospace,

Inc.

5.13%,

10/01/24

..................

306

319,770

6.88%,

05/01/25

..................

500

553,125

5.90%,

02/01/27

..................

1,156

1,245,741

Kratos

Defense

&

Security

Solutions,

Inc.,

6.50%,

11/30/25

(b)

................

2,960

3,048,800

L3Harris

Technologies,

Inc.

3.83%,

04/27/25

..................

355

373,864

4.40%,

06/15/28

..................

3,360

3,693,954

2.90%,

12/15/29

..................

735

741,787

1.80%,

01/15/31

..................

3,565

3,283,713

4.85%,

04/27/35

..................

500

583,454

5.05%,

04/27/45

..................

120

147,778

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

.......

5,361

5,624,976

Spirit

AeroSystems,

Inc.,

5.50%,

01/15/25

(b)

..

1,090

1,117,250

SSL

Robotics

LLC,

9.75%,

12/31/23

(b)

.....

356

382,380

TransDigm,

Inc.

8.00%,

12/15/25

(b)

.................

16,280

17,008,856

6.25%,

03/15/26

(b)

.................

35,107

36,247,977

6.38%,

06/15/26

..................

1,416

1,440,780

7.50%,

03/15/27

..................

2,071

2,149,056

5.50%,

11/15/27

..................

1,000

1,005,000

4.63%,

01/15/29

..................

2,004

1,903,119

4.88%,

05/01/29

..................

2,289

2,197,680

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

....

8,259

8,816,482

110,716,058

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

3.10%,

08/05/29

..................

781

801,377

4.55%,

04/01/46

..................

795

886,000

1,687,377

Airlines

—

0.5%

Air

Canada,

3.88%,

08/15/26

(b)

..........

2,479

2,417,992

Air

France-KLM,

3.88%,

07/01/26

(d)

.......

EUR

900

979,862

American

Airlines,

Inc.

(b)

11.75%,

07/15/25

.................

USD

7,789

9,428,039

5.50%,

04/20/26

..................

4,898

5,014,086

5.75%,

04/20/29

..................

12,066

12,352,068

Avianca

Midco

2

Ltd.,

9.00%,

12/01/28

(b)

....

10,039

10,044,219

Delta

Air

Lines,

Inc.

7.38%,

01/15/26

..................

825

939,449

4.75%,

10/20/28

(b)

.................

5,591

5,967,981

Deutsche

Lufthansa

AG

(d)

2.00%,

07/14/24

..................

EUR

1,000

1,125,922

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

2.88%,

05/16/27

..................

EUR

600

$

663,999

3.75%,

02/11/28

..................

500

574,300

3.50%,

07/14/29

..................

1,200

1,351,308

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

................

USD

2,941

3,007,702

International

Consolidated

Airlines

Group

SA

(d)

0.63%,

11/17/22

(i)

.................

EUR

600

664,471

2.75%,

03/25/25

..................

800

888,776

1.13%,

05/18/28

(i)

.................

1,200

1,280,177

3.75%,

03/25/29

..................

600

662,274

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

USD

5,594

5,943,625

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

599

648,673

United

Airlines

Holdings,

Inc.,

4.88%,

01/15/25

175

176,050

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

.

393

406,604

Series

2020-1,

Class

A,

5.88%,

10/15/27

.

6,747

7,257,093

United

Airlines,

Inc.

(b)

4.38%,

04/15/26

..................

3,948

3,918,785

4.63%,

04/15/29

..................

4,247

4,202,279

79,915,734

Auto

Components

—

0.4%

Adient

US

LLC,

9.00%,

04/15/25

(b)

.......

105

111,269

Allison

Transmission,

Inc.

(b)

5.88%,

06/01/29

..................

5,581

5,879,137

3.75%,

01/30/31

..................

2,967

2,756,758

Aptiv

plc,

3.10%,

12/01/51

............

1,135

998,452

Clarios

Global

LP

6.75%,

05/15/25

(b)

.................

4,587

4,759,013

4.38%,

05/15/26

(d)

.................

EUR

1,500

1,708,201

6.25%,

05/15/26

(b)

.................

USD

8,698

8,991,558

8.50%,

05/15/27

(b)

.................

16,073

16,805,607

Cooper-Standard

Automotive,

Inc.,

13.00%,

06/01/24

(b)

.....................

1,800

1,921,500

Dana

Financing

Luxembourg

SARL,

3.00%,

07/15/29

(d)

.....................

EUR

650

704,596

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

.......

USD

2,378

2,431,505

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(b)

.....................

845

816,481

Faurecia

SE

(d)

2.75%,

02/15/27

..................

EUR

699

781,186

3.75%,

06/15/28

..................

590

676,503

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

(b)

.................

USD

1,499

1,499,750

5.25%,

07/15/31

(b)

.................

1,132

1,139,799

5.63%,

04/30/33

..................

3,352

3,416,325

Grupo

Antolin-Irausa

SA,

3.50%,

04/30/28

(d)

..

EUR

977

1,014,565

Icahn

Enterprises

LP

6.75%,

02/01/24

..................

USD

1,000

1,000,000

4.75%,

09/15/24

..................

2,616

2,653,618

6.38%,

12/15/25

..................

600

610,746

6.25%,

05/15/26

..................

2,462

2,530,936

5.25%,

05/15/27

..................

4,773

4,807,366

4.38%,

02/01/29

..................

4,481

4,259,392

IHO

Verwaltungs

GmbH

(j)

4.75%,

(4.75%

Cash

or

5.50%

PIK),

09/15/26

(b)

....................

600

607,500

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(a)(d)

...................

EUR

906

1,034,152

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(b)

....................

USD

200

205,940

JB

Poindexter

&

Co.,

Inc.,

7.13%,

04/15/26

(b)

.

200

207,964

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

...

486

468,990

Tenneco,

Inc.

(b)

7.88%,

01/15/29

..................

1,051

1,116,856

5.13%,

04/15/29

..................

738

683,506

Security

Par

(000)

Par

(000)

Value

Auto

Components

(continued)

ZF

Europe

Finance

BV

(d)

2.00%,

02/23/26

..................

EUR

1,200

$

1,330,029

2.50%,

10/23/27

..................

500

551,193

ZF

Finance

GmbH

(d)

2.00%,

05/06/27

..................

700

766,320

2.75%,

05/25/27

..................

400

448,257

79,694,970

Automobiles

—

0.3%

Ford

Motor

Co.

4.35%,

12/08/26

..................

USD

1,169

1,212,639

9.63%,

04/22/30

..................

635

892,175

3.25%,

02/12/32

..................

6,809

6,477,674

4.75%,

01/15/43

..................

1,794

1,833,540

5.29%,

12/08/46

..................

704

772,640

General

Motors

Co.

4.00%,

04/01/25

..................

600

630,087

6.25%,

10/02/43

..................

745

951,498

5.20%,

04/01/45

..................

910

1,046,374

5.95%,

04/01/49

..................

320

405,849

Hyundai

Capital

America

(b)

1.25%,

09/18/23

..................

480

475,602

0.80%,

01/08/24

..................

3,620

3,540,603

1.00%,

09/17/24

..................

1,865

1,811,990

Jaguar

Land

Rover

Automotive

plc

5.63%,

02/01/23

(b)

.................

150

150,188

7.75%,

10/15/25

(b)

.................

770

808,023

6.88%,

11/15/26

(d)

.................

EUR

400

493,774

4.50%,

10/01/27

(b)

.................

USD

483

455,952

5.88%,

01/15/28

(b)

.................

2,683

2,656,707

4.50%,

07/15/28

(d)

.................

EUR

848

941,920

5.50%,

07/15/29

(b)

.................

USD

2,825

2,726,520

Mclaren

Finance

plc,

7.50%,

08/01/26

(b)

....

375

382,500

Nissan

Motor

Acceptance

Co.

LLC,

2.75%,

03/09/28

(b)

.....................

575

557,812

Nissan

Motor

Co.

Ltd.

(b)

3.04%,

09/15/23

..................

4,540

4,613,711

4.35%,

09/17/27

..................

1,595

1,686,097

4.81%,

09/17/30

..................

340

368,102

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.62%,

02/18/30

(a)(d)

..........

EUR

900

1,009,584

Renault

SA

(d)

1.25%,

06/24/25

..................

100

109,910

2.38%,

05/25/26

..................

500

560,321

Thor

Industries,

Inc.,

4.00%,

10/15/29

(b)

....

USD

1,283

1,222,058

TML

Holdings

Pte.

Ltd.,

4.35%,

06/09/26

(d)

..

2,339

2,306,839

Volkswagen

Group

of

America

Finance

LLC

(b)

0.75%,

11/23/22

..................

1,880

1,873,854

1.25%,

11/24/25

..................

305

294,787

3.20%,

09/26/26

..................

305

315,867

Volvo

Car

AB,

2.50%,

10/07/27

(d)

........

EUR

728

865,635

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

USD

1,802

1,916,859

46,367,691

Banks

—

3.9%

ABN

AMRO

Bank

NV,

(EUR

Swap

Annual

5

Year

+

4.67%),

4.37%

(a)(d)(k)

...........

EUR

900

1,052,813

AIB

Group

plc

(a)

(EUR

Swap

Annual

5

Year

+

5.70%),

5.25%

(d)(k)

.....................

4,085

4,785,807

(LIBOR

USD

3

Month

+

1.87%),

4.26%,

04/10/25

(b)

....................

USD

1,500

1,559,256

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

(d)(k)

.....................

EUR

7,193

8,753,475

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Australia

&

New

Zealand

Banking

Group

Ltd.,

(USD

Swap

Rate

5

Year

+

5.17%),

6.75%

(a)(d)

(k)

..........................

USD

1,062

$

1,184,130

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(k)

(EUR

Swap

Annual

5

Year

+

5.66%),

5.87%

(d)

......................

EUR

200

234,561

(EUR

Swap

Annual

5

Year

+

6.04%),

6.00%

(d)

......................

2,800

3,302,943

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

USD

20,400

20,935,500

Banco

BPM

SpA

(a)(d)

(EUR

Swap

Annual

5

Year

+

5.42%),

5.00%,

09/14/30

.....................

EUR

352

418,505

(EUR

Swap

Annual

5

Year

+

3.17%),

2.87%,

06/29/31

.....................

5,114

5,594,508

(EUR

Swap

Annual

5

Year

+

3.40%),

3.38%,

01/19/32

.....................

1,025

1,130,924

Banco

Davivienda

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

5.10%),

6.65%

(a)(b)(k)

..............

USD

820

810,775

Banco

de

Sabadell

SA

(a)(d)

(EUR

Swap

Annual

5

Year

+

6.20%),

5.75%

(k)

......................

EUR

3,800

4,393,538

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

.....................

1,000

1,095,341

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

.....................

3,400

3,741,708

Banco

do

Brasil

SA,

4.75%,

03/20/24

(d)

.....

USD

3,165

3,286,259

Banco

Espirito

Santo

SA

(d)(f)(l)

2.63%,

05/08/17

..................

EUR

800

130,320

4.75%,

01/15/18

..................

1,500

244,351

4.00%,

01/21/19

..................

5,400

879,661

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

2,859,001

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

3,990

3,593,514

Banco

Santander

SA

(EUR

Swap

Annual

5

Year

+

6.80%),

6.75%

(a)(d)(k)

....................

EUR

5,200

5,900,359

(EUR

Swap

Annual

5

Year

+

5.00%),

5.25%

(a)(d)(k)

....................

5,400

6,309,295

2.75%,

05/28/25

..................

USD

400

405,606

(EUR

Swap

Annual

5

Year

+

4.53%),

4.37%

(a)(d)(k)

....................

EUR

7,000

7,827,031

1.85%,

03/25/26

..................

USD

600

584,544

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

09/14/27

(a)

...............

800

766,974

3.31%,

06/27/29

..................

600

619,421

Bancolombia

SA,

3.00%,

01/29/25

.......

2,355

2,307,606

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

4,330,749

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

5,100,453

Bank

of

America

Corp.

4.20%,

08/26/24

..................

2,650

2,796,986

Series

L,

3.95%,

04/21/25

...........

1,610

1,693,193

(SOFR

+

0.91%),

0.98%,

09/25/25

(a)

....

1,990

1,937,371

4.45%,

03/03/26

..................

2,220

2,398,732

(LIBOR

USD

3

Month

+

1.04%),

3.42%,

12/20/28

(a)

....................

4,860

5,047,340

(LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/30

(a)

....................

25

24,996

(SOFR

+

1.37%),

1.92%,

10/24/31

(a)

....

265

245,519

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Series

N,

(SOFR

+

1.22%),

2.65%,

03/11/32

(a)

....................

USD

1,090

$

1,065,254

(SOFR

+

1.32%),

2.69%,

04/22/32

(a)

....

1,625

1,592,494

Series

L,

4.75%,

04/21/45

...........

420

498,468

(LIBOR

USD

3

Month

+

1.99%),

4.44%,

01/20/48

(a)

....................

445

518,774

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

(a)

....................

1,200

1,348,601

(SOFR

+

1.88%),

2.83%,

10/24/51

(a)

....

90

82,216

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

4,650,750

Bank

of

Cyprus

PCL,

(EUR

Swap

Annual

5

Year

+

2.79%),

2.50%,

06/24/27

(a)(d)

........

EUR

1,025

1,095,051

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

4,792,590

Bank

of

Ireland

Group

plc

(a)

(EUR

Swap

Annual

5

Year

+

7.92%),

7.50%

(d)(k)

.....................

EUR

800

1,015,599

(EUR

Swap

Annual

5

Year

+

6.43%),

6.00%

(d)(k)

.....................

2,700

3,234,272

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

2.03%,

09/30/27

(b)

...............

USD

1,795

1,719,969

Barclays

plc

(USD

Swap

Semi

5

Year

+

6.77%),

7.88%

(a)

(d)(k)

.........................

4,984

5,011,920

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%

(a)

(k)

..........................

18,490

19,645,625

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%

(a)(k)

.....................

2,900

3,160,188

3.65%,

03/16/25

..................

395

410,606

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)(k)

..

GBP

3,252

4,727,318

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(a)(k)

.....................

USD

13,075

13,904,609

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.02%),

6.37%

(a)(d)(k)

GBP

3,226

4,609,813

5.20%,

05/12/26

..................

USD

1,700

1,859,086

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%),

4.38%

(a)(k)

.....................

12,535

11,834,293

4.84%,

05/09/28

..................

240

258,370

(LIBOR

USD

3

Month

+

3.05%),

5.09%,

06/20/30

(a)

....................

1,300

1,429,124

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

2,634,341

BNP

Paribas

SA

(a)

(LIBOR

USD

6

Month

+

0.08%),

0.23%

(k)

.

450

423,774

(EUR

Swap

Annual

5

Year

+

5.23%),

6.12%

(d)(k)

.....................

EUR

1,755

2,008,525

(LIBOR

USD

3

Month

+

2.24%),

4.70%,

01/10/25

(b)

....................

USD

1,335

1,402,173

(USD

Swap

Semi

5

Year

+

3.98%),

7.00%

(b)

(k)

..........................

4,429

5,015,842

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.62%

(b)(k)

.....................

10,475

10,055,791

BPER

Banca,

(EUR

Swap

Annual

5

Year

+

3.73%),

3.88%,

07/25/32

(a)(d)

..........

EUR

750

847,854

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Burgan

Bank

SAK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.01%),

5.75%

(a)(d)(k)

...............

USD

975

$

966,956

CaixaBank

SA

(a)(d)(k)

(EUR

Swap

Annual

5

Year

+

5.82%),

6.00%

EUR

1,800

2,057,599

(EUR

Swap

Annual

5

Year

+

6.22%),

6.37%

3,600

4,296,557

(EUR

Swap

Annual

5

Year

+

6.50%),

6.75%

6,600

8,096,588

(EUR

Swap

Annual

5

Year

+

4.50%),

5.25%

1,800

2,070,262

(EUR

Swap

Annual

5

Year

+

6.35%),

5.87%

1,800

2,229,486

Chong

Hing

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%),

5.70%

(a)(d)(k)

..............

USD

380

391,709

Citigroup,

Inc.

(LIBOR

USD

3

Month

+

0.95%),

2.88%,

07/24/23

(a)

....................

1,000

1,008,097

3.20%,

10/21/26

..................

800

829,169

4.45%,

09/29/27

..................

4,225

4,594,848

(LIBOR

USD

3

Month

+

1.56%),

3.89%,

01/10/28

(a)

....................

275

291,569

(LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/28

(a)

....................

350

365,853

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

.....

425

427,441

(SOFR

+

1.15%),

2.67%,

01/29/31

(a)

....

1,775

1,740,632

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

.....

1,555

1,515,269

(SOFR

+

1.17%),

2.56%,

05/01/32

(a)

....

665

644,818

(SOFR

+

1.35%),

3.06%,

01/25/33

(a)

....

950

959,517

(SOFR

+

1.38%),

2.90%,

11/03/42

(a)

.....

440

410,252

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.12%

(a)(d)(k)

...............

EUR

12,200

14,510,637

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

1,888,126

Credit

Agricole

SA

(a)(b)(k)

(USD

Swap

Semi

5

Year

+

4.90%),

7.88%

3,600

3,901,500

(USD

Swap

Semi

5

Year

+

6.19%),

8.12%

3,886

4,495,130

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%),

4.75%

.......................

26,160

25,669,500

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

.................

270

274,895

Danske

Bank

A/S

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(b)

...............

1,460

1,455,345

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%),

7.00%

(d)(k)

.....................

24,620

26,432,278

Discover

Bank,

(USD

Swap

Semi

5

Year

+

1.73%),

4.68%,

08/09/28

(a)

...........

800

827,551

DNB

Bank

ASA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.88%

(a)(d)(k)

....................

2,000

2,042,500

Emirates

NBD

Bank

PJSC,

(USD

Swap

Semi

6

Year

+

3.66%),

6.13%

(a)(d)(k)

...........

1,435

1,492,400

Erste

Group

Bank

AG,

(EUR

Swap

Annual

5

Year

+

6.20%),

6.50%

(a)(d)(k)

...........

EUR

3,600

4,356,673

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(a)(d)(k)

...............

USD

3,300

3,195,060

HSBC

Bank

plc,

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

0.75%

(a)(k)

..........

3,590

3,342,290

HSBC

Holdings

plc

(LIBOR

USD

3

Month

+

1.06%),

3.26%,

03/13/23

(a)

....................

2,300

2,305,521

(LIBOR

USD

3

Month

+

1.21%),

3.80%,

03/11/25

(a)

....................

1,160

1,200,206

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(USD

Swap

Rate

5

Year

+

4.37%),

6.37%

(a)

(k)

..........................

USD

4,019

$

4,248,967

(SOFR

+

0.71%),

0.98%,

05/24/25

(a)

....

1,710

1,669,598

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.00%

(a)(k)

.....................

690

675,337

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

(a)(k)

.....................

9,830

9,467,568

(SOFR

+

1.19%),

2.80%,

05/24/32

(a)

....

1,195

1,155,588

5.25%,

03/14/44

..................

340

414,759

Huntington

National

Bank

(The),

1.80%,

02/03/23

......................

700

706,316

ING

Groep

NV

3.55%,

04/09/24

..................

430

445,537

(USD

Swap

Rate

5

Year

+

4.20%),

6.75%

(a)

(d)(k)

.........................

5,877

6,251,659

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%

(a)

(k)

..........................

2,010

2,150,700

(SOFR

+

1.01%),

1.73%,

04/01/27

(a)

....

985

957,204

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

3.88%

(a)(k)

.....................

17,590

16,094,850

Intesa

Sanpaolo

SpA

5.02%,

06/26/24

(b)

.................

1,500

1,561,482

(EUR

Swap

Annual

5

Year

+

6.07%),

5.87%

(a)(d)(k)

....................

EUR

2,050

2,441,257

5.71%,

01/15/26

(b)

.................

USD

1,000

1,078,308

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(a)(d)(k)

....................

EUR

6,745

8,884,970

(EUR

Swap

Annual

5

Year

+

5.85%),

5.50%

(a)(d)(k)

....................

1,250

1,477,517

5.15%,

06/10/30

(d)

.................

GBP

1,525

2,206,846

(EUR

Swap

Annual

5

Year

+

6.09%),

5.87%

(a)(d)(k)

....................

EUR

1,900

2,318,344

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

06/01/32

(a)(b)

..............

USD

3,485

3,337,178

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.75%),

4.95%,

06/01/42

(a)(b)

..............

940

896,947

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

(b)

.

3,245

3,258,791

JPMorgan

Chase

&

Co.

3.38%,

05/01/23

..................

1,680

1,723,653

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

....

350

352,095

4.25%,

10/01/27

..................

1,210

1,317,331

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

....................

2,585

2,741,256

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

....

210

206,261

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

(a)

....................

100

107,254

(SOFR

+

3.79%),

4.49%,

03/24/31

(a)

....

290

324,164

(SOFR

+

1.25%),

2.58%,

04/22/32

(a)

....

1,050

1,020,760

(SOFR

+

1.26%),

2.96%,

01/25/33

(a)

....

750

754,930

(LIBOR

USD

3

Month

+

1.36%),

3.88%,

07/24/38

(a)

....................

2,335

2,518,678

5.50%,

10/15/40

..................

970

1,255,590

(SOFR

+

2.46%),

3.11%,

04/22/41

(a)

.....

140

136,197

5.40%,

01/06/42

..................

480

614,249

(SOFR

+

1.46%),

3.16%,

04/22/42

(a)

....

165

161,595

5.63%,

08/16/43

..................

15

19,623

4.95%,

06/01/45

..................

765

928,292

Series

W,

(LIBOR

USD

3

Month

+

1.00%),

1.16%,

05/15/47

(a)

...............

19,006

16,423,085

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(a)(d)(k)

...............

USD

4,210

$

4,326,564

KBC

Group

NV,

(EUR

Swap

Annual

5

Year

+

4.69%),

4.75%

(a)(d)(k)

...............

EUR

7,400

8,697,665

Lloyds

Banking

Group

plc

(LIBOR

USD

3

Month

+

0.81%),

2.91%,

11/07/23

(a)

....................

USD

1,000

1,011,318

4.50%,

11/04/24

..................

800

845,558

4.45%,

05/08/25

..................

500

534,289

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

07/09/25

(a)

...............

1,100

1,146,766

(USD

Swap

Semi

5

Year

+

4.50%),

7.50%

(a)

(k)

..........................

3,975

4,409,567

4.58%,

12/10/25

..................

2,350

2,506,267

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.75%

(a)(k)

.....................

7,290

8,009,887

4.55%,

08/16/28

..................

265

292,812

Mitsubishi

UFJ

Financial

Group,

Inc.

3.76%,

07/26/23

..................

15

15,503

1.41%,

07/17/25

..................

1,595

1,557,277

3.20%,

07/18/29

..................

365

374,805

2.05%,

07/17/30

..................

1,000

943,701

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.21%),

5.00%

(a)(d)(k)

...........

2,520

2,542,050

NatWest

Group

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.15%),

2.36%,

05/22/24

................

590

594,963

(LIBOR

USD

3

Month

+

1.76%),

4.27%,

03/22/25

.....................

800

835,288

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.99%),

5.13%

(k)

...

GBP

750

1,028,092

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

06/14/27

................

USD

665

641,264

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

05/22/28

................

1,440

1,465,671

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/35

................

1,210

1,150,811

Nordea

Bank

Abp

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(d)(k)

....................

4,394

4,874,616

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(b)(k)

....................

14,225

15,780,930

1.50%,

09/30/26

(b)

.................

1,700

1,642,660

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%

(a)(b)(k)

....................

8,215

7,455,113

PNC

Financial

Services

Group,

Inc.

(The),

2.55%,

01/22/30

.................

550

548,956

Santander

UK

Group

Holdings

plc

(a)

(5-year

SONIA

Mid-Swaps

Rate

+

5.82%),

7.38%

(d)(k)

.....................

GBP

275

375,010

(GBP

Swap

5

Year

+

5.79%),

6.75%

(d)(k)

..

5,825

8,284,500

(SOFR

+

0.99%),

1.67%,

06/14/27

......

USD

1,150

1,104,490

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

3,134,400

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Societe

Generale

SA

(USD

Swap

Semi

5

Year

+

4.98%),

7.88%

(a)

(d)(k)

.........................

USD

9,635

$

10,320,049

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(a)

(d)(k)

.........................

3,783

4,272,180

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(a)

(b)(k)

.........................

16,275

18,379,520

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.93%),

4.75%

(a)(b)(k)

....................

18,745

18,518,373

4.00%,

01/12/27

(b)

.................

360

379,312

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.79%,

06/09/27

(a)(b)

..............

552

527,163

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

(a)(b)(k)

....................

12,900

12,983,850

Standard

Chartered

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.17%),

1.32%,

10/14/23

(b)

...............

925

923,379

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%),

6.00%

(d)(k)

.....................

1,200

1,254,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

1.82%,

11/23/25

(b)

...............

1,475

1,446,950

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%

(b)(k)

.....................

11,150

10,425,250

Sumitomo

Mitsui

Financial

Group,

Inc.

2.35%,

01/15/25

..................

1,675

1,692,696

2.75%,

01/15/30

..................

950

947,491

TMBThanachart

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(a)(d)(k)

..............

2,431

2,409,425

UniCredit

SpA

3.75%,

04/12/22

(b)

.................

3,150

3,166,946

(EUR

Swap

Annual

5

Year

+

6.39%),

6.62%

(a)(d)(k)

....................

EUR

6,400

7,514,496

(USD

Swap

Semi

5

Year

+

5.18%),

8.00%

(a)

(d)(k)

.........................

USD

24,210

26,207,325

(EUR

Swap

Annual

5

Year

+

4.93%),

5.38%

(a)(d)(k)

....................

EUR

1,000

1,159,373

(EURIBOR

Swap

Rate

5

Year

+

7.33%),

7.50%

(a)(d)(k)

....................

4,418

5,606,520

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.30%),

2.57%,

09/22/26

(a)(b)

..............

USD

835

819,110

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.20%),

1.98%,

06/03/27

(a)(b)

..............

1,025

974,430

(EURIBOR

Swap

Rate

5

Year

+

4.08%),

3.88%

(a)(d)(k)

....................

EUR

3,600

3,700,644

(EUR

Swap

Annual

5

Year

+

2.80%),

2.73%,

01/15/32

(a)(d)

...................

400

447,866

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.55%),

3.13%,

06/03/32

(a)(b)

..............

USD

206

194,489

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.75%),

5.46%,

06/30/35

(a)(b)

..............

1,475

1,539,160

US

Bancorp,

3.00%,

07/30/29

..........

200

205,891

Wells

Fargo

&

Co.

(LIBOR

USD

3

Month

+

0.50%),

0.74%,

01/15/27

(a)

....................

2,055

2,009,197

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

(a)

....................

USD

715

$

750,812

5.61%,

01/15/44

..................

350

447,446

4.65%,

11/04/44

..................

210

238,679

4.40%,

06/14/46

..................

425

472,331

4.75%,

12/07/46

..................

1,000

1,169,250

(SOFR

+

4.50%),

5.01%,

04/04/51

(a)

....

955

1,223,291

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/35

(a)

...............

460

433,607

3.13%,

11/18/41

..................

290

273,807

Woori

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.25%

(a)(d)(k)

....................

2,203

2,273,221

693,165,647

Beverages

—

0.1%

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S,

3.38%,

06/29/28

(b)

................

922

885,120

Anheuser-Busch

Cos.

LLC

4.70%,

02/01/36

..................

345

396,319

4.90%,

02/01/46

..................

1,645

1,946,200

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%,

01/23/29

..................

1,170

1,325,428

4.95%,

01/15/42

..................

80

94,535

4.60%,

04/15/48

..................

460

526,368

5.55%,

01/23/49

..................

160

206,295

4.50%,

06/01/50

..................

710

818,908

4.75%,

04/15/58

..................

1,601

1,847,803

5.80%,

01/23/59

..................

195

259,766

Coca-Cola

Femsa

SAB

de

CV,

1.85%,

09/01/32

1,095

995,629

Embotelladora

Andina

SA,

3.95%,

01/21/50

(b)

.

2,515

2,498,967

11,801,338

Biotechnology

—

0.1%

AbbVie,

Inc.

3.80%,

03/15/25

..................

850

892,735

3.60%,

05/14/25

..................

605

633,138

4.55%,

03/15/35

..................

150

170,512

4.40%,

11/06/42

..................

1,405

1,576,571

4.70%,

05/14/45

..................

630

727,809

4.45%,

05/14/46

..................

650

728,234

4.88%,

11/14/48

..................

840

1,014,959

4.25%,

11/21/49

..................

325

361,757

Amgen,

Inc.,

3.00%,

01/15/52

..........

995

902,041

Biogen,

Inc.,

3.63%,

09/15/22

..........

600

609,092

Cidron

Aida

Finco

SARL

(d)

5.00%,

04/01/28

..................

EUR

1,856

2,014,658

6.25%,

04/01/28

..................

GBP

663

856,918

Gilead

Sciences,

Inc.

4.50%,

02/01/45

..................

USD

900

1,032,690

4.75%,

03/01/46

..................

375

449,454

4.15%,

03/01/47

..................

100

110,990

Grifols

Escrow

Issuer

SA,

3.88%,

10/15/28

(d)

.

EUR

517

561,673

Horizon

Therapeutics

USA,

Inc.,

5.50%,

08/01/27

(b)

.....................

USD

1,200

1,243,500

13,886,731

Building

Products

—

0.3%

Advanced

Drainage

Systems,

Inc.,

5.00%,

09/30/27

(b)

.....................

3,101

3,123,234

Builders

FirstSource,

Inc.

(b)

6.75%,

06/01/27

..................

948

987,105

5.00%,

03/01/30

..................

880

903,443

4.25%,

02/01/32

..................

2,296

2,247,784

Carlisle

Cos.,

Inc.,

2.20%,

03/01/32

.......

910

846,758

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(b)

.....................

USD

4,095

$

4,229,111

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(b)

....

2,212

2,104,320

Eco

Material

Technologies,

Inc.,

7.88%,

01/31/27

(b)

.....................

935

950,778

Forterra

Finance

LLC,

6.50%,

07/15/25

(b)

...

1,526

1,598,485

HT

Troplast

GmbH,

9.25%,

07/15/25

(d)

.....

EUR

376

445,650

James

Hardie

International

Finance

DAC,

5.00%,

01/15/28

(b)

................

USD

1,861

1,906,967

JELD-WEN,

Inc.

(b)

6.25%,

05/15/25

..................

902

931,315

4.63%,

12/15/25

..................

616

612,039

4.88%,

12/15/27

..................

86

85,785

Masonite

International

Corp.

(b)

5.38%,

02/01/28

..................

2,046

2,101,508

3.50%,

02/15/30

..................

1,633

1,541,585

MIWD

Holdco

II

LLC,

5.50%,

02/01/30

(b)

....

689

682,751

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

..................

799

799,000

9.75%,

07/15/28

..................

773

813,582

PCF

GmbH

(d)

4.75%,

04/15/26

..................

EUR

589

658,030

(EURIBOR

3

Month

+

4.75%),

4.75%,

04/15/26

(a)

....................

395

441,589

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(b)

..

USD

8,187

8,406,412

Standard

Industries,

Inc.

2.25%,

11/21/26

(d)

.................

EUR

419

443,824

5.00%,

02/15/27

(b)

.................

USD

681

686,107

4.75%,

01/15/28

(b)

.................

625

616,406

4.38%,

07/15/30

(b)

.................

6,328

6,043,240

3.38%,

01/15/31

(b)

.................

1,354

1,238,775

Summit

Materials

LLC

(b)

6.50%,

03/15/27

..................

445

456,125

5.25%,

01/15/29

..................

1,062

1,083,898

Victors

Merger

Corp.,

6.38%,

05/15/29

(b)

....

1,082

992,378

47,977,984

Capital

Markets

—

1.3%

AG

Issuer

LLC,

6.25%,

03/01/28

(b)

.......

270

280,484

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

847

863,906

Blackstone

Private

Credit

Fund,

3.25%,

03/15/27

(b)

.....................

1,185

1,157,004

Brightsphere

Investment

Group,

Inc.,

4.80%,

07/27/26

......................

801

818,890

Codere

New

Holdco

SA,

7.50%,

11/30/27

(c)

..

EUR

345

349,225

Compass

Group

Diversified

Holdings

LLC

(b)

5.25%,

04/15/29

..................

USD

2,917

2,879,196

5.00%,

01/15/32

..................

1,268

1,252,150

Credit

Suisse

AG

2.80%,

04/08/22

..................

780

783,470

1.25%,

08/07/26

..................

870

828,893

Credit

Suisse

Group

AG

3.80%,

06/09/23

..................

280

288,104

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(b)(k)

.........................

6,225

6,477,984

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(d)(k)

.........................

1,200

1,278,888

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

(a)(b)

...................

250

257,755

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(b)(k)

.........................

12,234

12,830,408

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(d)(k)

.........................

600

629,250

(SOFR

+

1.56%),

2.59%,

09/11/25

(a)(b)

...

665

668,452

(USD

Swap

Rate

5

Year

+

4.33%),

7.25%

(a)

(d)(k)

.........................

1,000

1,068,750

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(SOFR

+

2.04%),

2.19%,

06/05/26

(a)(b)

...

USD

3,955

$

3,906,654

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.37%

(a)(b)(k)

....................

12,821

13,381,919

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%),

5.25%

(a)(b)(k)

....................

4,848

4,834,426

(SOFR

+

3.73%),

4.19%,

04/01/31

(a)(b)

...

260

276,447

(SOFR

+

1.73%),

3.09%,

05/14/32

(a)(b)

...

475

461,321

Deutsche

Bank

AG

(SOFR

+

2.16%),

2.22%,

09/18/24

(a)

....

3,440

3,453,303

4.50%,

04/01/25

..................

400

416,344

Series

2020,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%),

6.00%

(a)(k)

...............

23,000

23,172,500

(SOFR

+

1.87%),

2.13%,

11/24/26

(a)

.....

595

581,410

(EUR

Swap

Annual

5

Year

+

4.55%),

4.50%

(a)(d)(k)

....................

EUR

3,400

3,751,846

(USD

Swap

Semi

5

Year

+

2.25%),

4.30%,

05/24/28

(a)

....................

USD

1,200

1,218,921

(SOFR

+

2.76%),

3.73%,

01/14/32

(a)

....

200

194,380

(USD

Swap

Rate

5

Year

+

2.55%),

4.88%,

12/01/32

(a)

....................

700

731,899

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

(b)

................

250

250,886

Dresdner

Funding

Trust

I,

8.15%,

06/30/31

(b)

.

650

901,152

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.57%),

0.67%,

03/08/24

(a)

....

1,400

1,387,933

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

....................

930

957,143

3.75%,

02/25/26

..................

675

712,900

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%

(a)(k)

.....................

11,000

10,463,750

(SOFR

+

0.91%),

1.95%,

10/21/27

(a)

....

275

267,646

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

....................

995

1,072,092

(SOFR

+

1.09%),

1.99%,

01/27/32

(a)

....

2,370

2,184,524

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

....

710

687,860

(SOFR

+

1.25%),

2.38%,

07/21/32

(a)

....

780

738,638

(SOFR

+

1.41%),

3.10%,

02/24/33

(a)

....

2,930

2,946,764

6.75%,

10/01/37

..................

650

881,282

5.15%,

05/22/45

..................

195

237,094

Huarong

Finance

2017

Co.

Ltd.,

4.75%,

04/27/27

(d)

.....................

1,900

1,914,250

Huarong

Finance

2019

Co.

Ltd.

(d)

(LIBOR

USD

3

Month

+

1.13%),

1.29%,

02/24/23

(a)

....................

616

601,524

2.50%,

02/24/23

..................

534

527,325

3.75%,

05/29/24

..................

900

893,250

3.63%,

09/30/30

..................

1,985

1,841,087

Huarong

Finance

Co.

Ltd.,

3.25%,

11/13/24

(d)

.

200

195,250

Intercontinental

Exchange,

Inc.

3.10%,

09/15/27

..................

25

25,991

4.25%,

09/21/48

..................

155

178,578

Kane

Bidco

Ltd.

(d)

5.00%,

02/15/27

..................

EUR

984

1,106,012

6.50%,

02/15/27

..................

GBP

1,069

1,436,620

LPL

Holdings,

Inc.

(b)

4.63%,

11/15/27

..................

USD

1,092

1,109,647

4.00%,

03/15/29

..................

200

194,108

4.38%,

05/15/31

..................

1,045

1,024,173

Morgan

Stanley

(SOFR

+

1.99%),

2.19%,

04/28/26

(a)

....

2,295

2,290,027

3.63%,

01/20/27

..................

475

501,407

3.95%,

04/23/27

..................

425

452,822

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

....

USD

855

$

825,509

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

....

1,690

1,621,587

(LIBOR

USD

3

Month

+

1.34%),

3.59%,

07/22/28

(a)

....................

2,420

2,539,387

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

....

1,985

1,968,376

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

....

285

301,275

(SOFR

+

1.29%),

2.94%,

01/21/33

(a)

....

735

735,916

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

....

180

178,538

(SOFR

+

1.43%),

2.80%,

01/25/52

(a)

....

160

146,724

MSCI,

Inc.

(b)

4.00%,

11/15/29

..................

1,438

1,446,987

3.63%,

09/01/30

..................

2,053

2,013,685

3.88%,

02/15/31

..................

1,938

1,935,810

3.63%,

11/01/31

..................

1,086

1,069,471

3.25%,

08/15/33

..................

2,914

2,732,837

Nomura

Holdings,

Inc.

1.65%,

07/14/26

..................

455

437,506

2.61%,

07/14/31

..................

580

552,758

Pershing

Square

Holdings

Ltd.,

5.50%,

07/15/22

(b)

.....................

4,100

4,153,505

Sherwood

Financing

plc

(d)

4.50%,

11/15/26

..................

EUR

713

784,881

6.00%,

11/15/26

..................

GBP

234

307,626

(EURIBOR

3

Month

+

4.63%),

4.62%,

11/15/27

(a)

....................

EUR

239

267,363

State

Street

Corp.,

(LIBOR

USD

3

Month

+

1.00%),

1.20%,

06/15/47

(a)

...........

USD

38,405

34,034,580

SURA

Asset

Management

SA,

4.88%,

04/17/24

(b)

.....................

4,419

4,599,350

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

11,683,880

UBS

AG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(a)(b)

(k)

..........................

USD

6,640

6,249,568

UBS

Group

AG

(a)

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)

(k)

..........................

13,976

14,770,955

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

07/30/24

(b)

...............

1,055

1,042,517

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(d)

(k)

..........................

2,023

2,197,370

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.86%),

5.12%

(d)(k)

.....................

850

877,710

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.08%),

1.36%,

01/30/27

(b)

...............

530

508,236

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.40%),

4.88%

(b)(k)

.....................

1,535

1,532,851

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.49%,

08/10/27

(b)

...............

315

300,233

XP,

Inc.,

3.25%,

07/01/26

(b)

............

5,489

5,169,952

234,062,857

Chemicals

—

0.6%

Air

Products

and

Chemicals,

Inc.,

2.80%,

05/15/50

......................

5

4,709

Alpek

SAB

de

CV,

3.25%,

02/25/31

(b)

......

365

349,784

Ashland

LLC,

3.38%,

09/01/31

(b)

.........

2,600

2,457,000

ASP

Unifrax

Holdings,

Inc.,

5.25%,

09/30/28

(b)

980

962,850

Avient

Corp.,

5.25%,

03/15/23

..........

400

410,000

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

..................

USD

214

$

219,859

3.38%,

02/15/29

..................

1,268

1,168,145

CeramTec

BondCo

GmbH,

5.25%,

12/15/25

(d)

EUR

400

454,997

Chemours

Co.

(The)

4.00%,

05/15/26

..................

400

448,224

5.38%,

05/15/27

..................

USD

674

692,832

5.75%,

11/15/28

(b)

.................

2,581

2,620,696

4.63%,

11/15/29

(b)

.................

560

533,400

CVR

Partners

LP

(b)

9.25%,

06/15/23

..................

30

30,084

6.13%,

06/15/28

..................

3,670

3,729,491

Diamond

BC

BV,

4.63%,

10/01/29

(b)

.......

1,845

1,729,761

DuPont

de

Nemours,

Inc.

5.32%,

11/15/38

..................

375

461,019

5.42%,

11/15/48

..................

150

198,349

Eastman

Chemical

Co.,

4.80%,

09/01/42

...

220

250,213

Ecolab,

Inc.,

2.70%,

12/15/51

..........

655

592,293

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

..

10,973

10,534,080

Equate

Petrochemical

BV

(b)

4.25%,

11/03/26

..................

2,461

2,619,119

2.63%,

04/28/28

..................

803

781,921

EverArc

Escrow

SARL,

5.00%,

10/30/29

(b)

...

4,176

3,990,252

Gates

Global

LLC,

6.25%,

01/15/26

(b)

......

3,414

3,526,662

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

.....................

1,931

1,972,034

GPD

Cos.,

Inc.,

10.13%,

04/01/26

(b)

.......

110

115,637

HB

Fuller

Co.,

4.25%,

10/15/28

.........

1,733

1,720,436

Herens

Midco

SARL

4.75%,

05/15/28

(b)

.................

3,299

3,149,918

5.25%,

05/15/29

(d)

.................

EUR

1,483

1,505,750

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

USD

3,019

3,185,045

Ingevity

Corp.,

3.88%,

11/01/28

(b)

........

933

883,271

International

Flavors

&

Fragrances,

Inc.

(b)

1.23%,

10/01/25

..................

655

630,602

3.47%,

12/01/50

..................

735

720,983

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(a)(b)

.

1,752

1,782,660

Kraton

Polymers

LLC

4.25%,

12/15/25

(b)

.................

645

664,350

5.25%,

05/15/26

(d)

.................

EUR

583

672,230

LSB

Industries,

Inc.,

6.25%,

10/15/28

(b)

....

USD

2,121

2,152,815

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

...

860

842,800

Lune

Holdings

SARL,

5.63%,

11/15/28

(d)

....

EUR

750

806,778

LYB

International

Finance

III

LLC

4.20%,

10/15/49

..................

USD

280

299,801

4.20%,

05/01/50

..................

55

58,955

LyondellBasell

Industries

NV,

4.63%,

02/26/55

220

246,039

Methanex

Corp.

5.13%,

10/15/27

..................

452

456,638

5.25%,

12/15/29

..................

186

188,188

5.65%,

12/01/44

..................

442

422,110

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

1,293

1,308,270

Monitchem

HoldCo

2

SA,

9.50%,

09/15/26

(d)

.

EUR

600

715,357

Monitchem

HoldCo

3

SA,

5.25%,

03/15/25

(d)

.

1,007

1,143,227

Nobian

Finance

BV,

3.63%,

07/15/26

(d)

.....

583

625,940

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(b)

..

USD

311

317,220

Nufarm

Australia

Ltd.,

5.00%,

01/27/30

(b)

....

995

990,025

Olympus

Water

US

Holding

Corp.

(d)

3.88%,

10/01/28

..................

EUR

348

378,688

5.38%,

10/01/29

..................

350

367,394

Pearl

Holding

II

Ltd.,

0.00%,

(c)(d)(k)(n)

.......

USD

573

18,895

Pearl

Holding

III

Ltd.,

9.00%,

10/22/25

(d)

....

456

310,080

Phosagro

OAO,

3.05%,

01/23/25

(b)

.......

2,024

1,958,220

Rain

CII

Carbon

LLC,

7.25%,

04/01/25

(b)

....

250

253,913

Rayonier

AM

Products,

Inc.,

7.63%,

01/15/26

(b)

2,536

2,599,400

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Sasol

Financing

USA

LLC

4.38%,

09/18/26

..................

USD

1,650

$

1,625,250

5.50%,

03/18/31

..................

2,705

2,644,137

SCIH

Salt

Holdings,

Inc.

(b)

4.88%,

05/01/28

..................

500

468,750

6.63%,

05/01/29

..................

961

897,910

SCIL

IV

LLC

(EURIBOR

3

Month

+

4.38%),

4.37%,

11/01/26

(a)(d)

...................

EUR

324

364,817

4.38%,

11/01/26

(d)

.................

260

290,637

5.38%,

11/01/26

(b)

.................

USD

1,825

1,829,562

Scotts

Miracle-Gro

Co.

(The)

4.00%,

04/01/31

(b)

.................

1,814

1,732,370

4.38%,

02/01/32

..................

204

198,176

Sherwin-Williams

Co.

(The)

3.45%,

06/01/27

..................

289

304,130

4.50%,

06/01/47

..................

195

225,302

3.30%,

05/15/50

..................

15

14,514

Sociedad

Quimica

y

Minera

de

Chile

SA,

3.50%,

09/10/51

(b)

................

4,177

3,811,930

SPCM

SA,

3.13%,

03/15/27

(b)

..........

1,016

970,280

Trinseo

Materials

Operating

SCA,

5.38%,

09/01/25

(b)

.....................

625

632,625

Tronox,

Inc.

(b)

6.50%,

05/01/25

..................

165

171,237

4.63%,

03/15/29

..................

570

548,036

UPL

Corp.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

5.25%

(a)(d)(k)

....................

1,908

1,889,874

Valvoline,

Inc.

(b)

4.25%,

02/15/30

..................

625

603,706

3.63%,

06/15/31

..................

500

458,225

WR

Grace

Holdings

LLC

(b)

4.88%,

06/15/27

..................

1,300

1,293,474

5.63%,

08/15/29

..................

8,735

8,429,275

101,633,626

Commercial

Services

&

Supplies

—

0.7%

Allied

Universal

Holdco

LLC

6.63%,

07/15/26

(b)

.................

16,445

16,886,795

9.75%,

07/15/27

(b)

.................

6,943

7,324,865

3.63%,

06/01/28

(d)

.................

EUR

756

798,369

4.63%,

06/01/28

(b)

.................

USD

8,909

8,496,931

4.88%,

06/01/28

(d)

.................

GBP

310

388,960

6.00%,

06/01/29

(b)

.................

USD

5,642

5,348,080

APi

Escrow

Corp.,

4.75%,

10/15/29

(b)

......

1,044

1,025,730

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

.....

1,008

970,200

APX

Group,

Inc.

(b)

6.75%,

02/15/27

..................

800

821,544

5.75%,

07/15/29

..................

2,047

1,925,388

Aramark

Services,

Inc.

(b)

5.00%,

04/01/25

..................

3,523

3,569,504

6.38%,

05/01/25

..................

2,345

2,430,006

Brink's

Co.

(The),

5.50%,

07/15/25

(b)

......

102

105,721

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

..................

1,927

1,975,175

5.13%,

07/15/29

..................

1,050

1,094,835

Covanta

Holding

Corp.

4.88%,

12/01/29

(b)

.................

2,927

2,907,682

5.00%,

09/01/30

..................

3,962

3,922,380

Deluxe

Corp.,

8.00%,

06/01/29

(b)

........

2,980

3,080,098

Garda

World

Security

Corp.

(b)

4.63%,

02/15/27

..................

1,931

1,883,884

9.50%,

11/01/27

..................

1,398

1,469,298

GFL

Environmental,

Inc.

(b)

4.25%,

06/01/25

..................

535

540,350

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

3.75%,

08/01/25

..................

USD

2,236

$

2,236,000

5.13%,

12/15/26

..................

6,133

6,334,653

4.00%,

08/01/28

..................

5,434

5,062,695

3.50%,

09/01/28

..................

1,663

1,565,298

4.75%,

06/15/29

..................

2,589

2,511,330

4.38%,

08/15/29

..................

651

621,243

IAA,

Inc.,

5.50%,

06/15/27

(b)

...........

3,513

3,605,251

Inter

Media

&

Communication

SpA,

6.75%,

02/09/27

(d)

.....................

408

459,445

Intrum

AB

(d)

4.88%,

08/15/25

..................

EUR

438

504,247

3.50%,

07/15/26

..................

952

1,058,829

3.00%,

09/15/27

..................

500

537,852

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

.....................

USD

1,404

1,398,735

Madison

IAQ

LLC

(b)

4.13%,

06/30/28

..................

445

423,862

5.88%,

06/30/29

..................

3,989

3,686,654

Nielsen

Co.

Luxembourg

SARL

(The),

5.00%,

02/01/25

(b)

.....................

20

20,158

Nielsen

Finance

LLC

(b)

5.63%,

10/01/28

..................

4,443

4,435,891

5.88%,

10/01/30

..................

1,627

1,629,978

4.75%,

07/15/31

..................

505

469,675

Paprec

Holding

SA,

3.50%,

07/01/28

(d)

.....

EUR

513

562,545

Prime

Security

Services

Borrower

LLC

(b)

5.25%,

04/15/24

..................

USD

1,048

1,080,488

5.75%,

04/15/26

..................

4,232

4,386,045

3.38%,

08/31/27

..................

413

384,189

6.25%,

01/15/28

..................

2,019

2,011,055

Republic

Services,

Inc.

2.30%,

03/01/30

..................

265

257,877

2.38%,

03/15/33

..................

580

557,500

Ritchie

Bros

Auctioneers,

Inc.,

5.38%,

01/15/25

(b)

.....................

340

345,610

RR

Donnelley

&

Sons

Co.,

6.13%,

11/01/26

(b)

.

300

322,500

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

........

1,335

1,268,250

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%,

07/30/26

(d)

................

EUR

883

1,011,619

Tuspark

Forward

Ltd.,

7.95%,

05/13/24

(d)

...

USD

570

255,538

Verde

Bidco

SpA,

4.63%,

10/01/26

(d)

......

EUR

231

259,841

Verisure

Holding

AB

(d)

3.50%,

05/15/23

..................

1,205

1,356,668

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(a)

....................

346

391,629

3.88%,

07/15/26

..................

538

605,625

3.25%,

02/15/27

..................

1,626

1,769,644

Verisure

Midholding

AB,

5.25%,

02/15/29

(d)

..

901

998,462

WASH

Multifamily

Acquisition,

Inc.,

5.75%,

04/15/26

(b)

.....................

USD

105

106,312

Waste

Management,

Inc.

1.50%,

03/15/31

..................

385

349,761

2.50%,

11/15/50

..................

85

74,865

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

5,206

5,049,820

126,933,434

Communications

Equipment

—

0.2%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

..........

6,499

6,645,228

Ciena

Corp.,

4.00%,

01/31/30

(b)

.........

833

824,670

CommScope

Technologies

LLC,

6.00%,

06/15/25

(b)

.....................

2,249

2,190,552

CommScope,

Inc.

(b)

6.00%,

03/01/26

..................

2,234

2,262,462

8.25%,

03/01/27

..................

1,349

1,319,835

7.13%,

07/01/28

..................

2,711

2,528,007

4.75%,

09/01/29

..................

3,456

3,310,606

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

Motorola

Solutions,

Inc.

4.60%,

05/23/29

..................

USD

1,025

$

1,138,281

2.30%,

11/15/30

..................

680

635,559

2.75%,

05/24/31

..................

915

887,159

Nokia

OYJ

4.38%,

06/12/27

..................

380

393,300

6.63%,

05/15/39

..................

2,016

2,540,160

ViaSat,

Inc.

(b)

5.63%,

04/15/27

..................

4,544

4,623,974

6.50%,

07/15/28

..................

7,235

7,162,650

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

....

2,192

2,126,240

38,588,683

Construction

&

Engineering

—

0.2%

AECOM,

5.13%,

03/15/27

............

1,873

1,950,261

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%,

03/30/29

(b)

.....................

1,800

1,822,500

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

.........

2,674

2,600,465

Artera

Services

LLC,

9.03%,

12/04/25

(b)

....

495

506,138

Brand

Industrial

Services,

Inc.,

8.50%,

07/15/25

(b)

.....................

3,391

3,187,540

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,

6.00%,

02/01/26

(b)

.............

1,755

1,776,358

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

763,877

Global

Infrastructure

Solutions,

Inc.,

5.63%,

06/01/29

(b)

.....................

100

100,365

GMR

Hyderabad

International

Airport

Ltd.,

5.38%,

04/10/24

(d)

................

3,036

3,062,186

Heathrow

Finance

plc

(d)(e)

5.25%,

03/01/24

..................

GBP

200

274,473

4.62%,

09/01/29

..................

1,071

1,410,756

MasTec,

Inc.,

4.50%,

08/15/28

(b)

.........

USD

2,133

2,159,919

Mexico

City

Airport

Trust,

4.25%,

10/31/26

(b)

.

5,101

5,320,343

Summit

Digitel

Infrastructure

Pvt

Ltd.,

2.88%,

08/12/31

(d)

.....................

2,270

2,118,863

Tutor

Perini

Corp.,

6.88%,

05/01/25

(b)

......

2,000

1,981,830

Weekley

Homes

LLC,

4.88%,

09/15/28

(b)

....

125

122,946

29,158,820

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

2,984,500

Consumer

Finance

—

0.9%

AerCap

Ireland

Capital

DAC

3.15%,

02/15/24

..................

2,650

2,699,827

6.50%,

07/15/25

..................

885

991,657

3.00%,

10/29/28

..................

565

553,507

3.30%,

01/30/32

..................

550

536,933

Ally

Financial,

Inc.

5.75%,

11/20/25

..................

1,940

2,135,811

2.20%,

11/02/28

..................

545

519,335

American

Express

Co.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(a)(k)

...............

35,415

33,909,862

American

Honda

Finance

Corp.

1.95%,

05/10/23

..................

590

594,068

1.20%,

07/08/25

..................

1,420

1,384,657

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

15,933,250

3.80%,

01/31/28

..................

560

591,889

(SOFR

+

1.27%),

2.62%,

11/02/32

(a)

.....

420

402,954

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(b)

.....................

USD

569

$

554,604

Cobra

AcquisitionCo

LLC,

6.38%,

11/01/29

(b)

.

115

111,996

Credit

Acceptance

Corp.,

6.63%,

03/15/26

..

680

697,177

Curo

Group

Holdings

Corp.,

7.50%,

08/01/28

(b)

1,665

1,570,411

Encore

Capital

Group,

Inc.

(d)

4.88%,

10/15/25

..................

EUR

444

513,826

5.38%,

02/15/26

..................

GBP

300

413,839

4.25%,

06/01/28

..................

897

1,162,282

Enova

International,

Inc.,

8.50%,

09/15/25

(b)

..

USD

3,610

3,714,040

FirstCash,

Inc.

(b)

4.63%,

09/01/28

..................

500

482,105

5.63%,

01/01/30

..................

2,255

2,253,827

Ford

Motor

Credit

Co.

LLC

3.35%,

11/01/22

..................

3,011

3,031,535

3.09%,

01/09/23

..................

433

434,083

4.14%,

02/15/23

..................

1,178

1,191,252

3.10%,

05/04/23

..................

367

370,314

4.38%,

08/06/23

..................

586

598,247

3.81%,

01/09/24

..................

1,775

1,794,969

5.58%,

03/18/24

..................

1,700

1,776,500

4.69%,

06/09/25

..................

200

207,992

5.13%,

06/16/25

..................

5,855

6,155,069

4.13%,

08/04/25

..................

3,078

3,148,332

3.38%,

11/13/25

..................

724

724,811

4.39%,

01/08/26

..................

2,800

2,884,000

2.70%,

08/10/26

..................

1,717

1,663,344

4.13%,

08/17/27

..................

319

326,576

3.82%,

11/02/27

..................

297

296,480

2.90%,

02/16/28

..................

3,210

3,054,636

5.11%,

05/03/29

..................

1,834

1,962,930

4.00%,

11/13/30

..................

1,938

1,948,116

3.63%,

06/17/31

..................

200

197,000

General

Motors

Financial

Co.,

Inc.

3.55%,

07/08/22

..................

1,690

1,709,797

3.25%,

01/05/23

..................

5,750

5,848,871

2.40%,

04/10/28

..................

255

247,344

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(j)

.......

2,939

2,757,572

goeasy

Ltd.,

5.38%,

12/01/24

(b)

.........

995

1,014,900

John

Deere

Capital

Corp.,

2.60%,

03/07/24

..

205

209,650

King

Talent

Management

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.52%),

5.60%

(a)(d)(k)

...........

736

680,800

Manappuram

Finance

Ltd.,

5.90%,

01/13/23

(d)

2,944

2,958,720

Muthoot

Finance

Ltd.,

4.40%,

09/02/23

(d)

...

2,665

2,665,000

Navient

Corp.

7.25%,

09/25/23

..................

376

395,740

6.13%,

03/25/24

..................

1,629

1,696,603

5.88%,

10/25/24

..................

600

622,416

6.75%,

06/15/26

..................

450

475,686

5.50%,

03/15/29

..................

2,077

2,026,737

5.63%,

08/01/33

..................

150

134,360

OneMain

Finance

Corp.

5.63%,

03/15/23

..................

630

649,549

6.13%,

03/15/24

..................

885

927,126

6.88%,

03/15/25

..................

3,103

3,366,755

7.13%,

03/15/26

..................

7,239

7,958,079

3.50%,

01/15/27

..................

1,857

1,763,742

6.63%,

01/15/28

..................

3,075

3,300,571

5.38%,

11/15/29

..................

47

47,721

4.00%,

09/15/30

..................

8

7,446

PRA

Group,

Inc.

(b)

7.38%,

09/01/25

..................

400

423,500

5.00%,

10/01/29

..................

752

742,600

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

PROG

Holdings,

Inc.,

6.00%,

11/15/29

(b)

....

USD

1,750

$

1,715,122

Shriram

Transport

Finance

Co.

Ltd.,

5.10%,

07/16/23

(d)

.....................

7,277

7,304,289

SLM

Corp.,

3.13%,

11/02/26

...........

1,322

1,272,425

Toyota

Motor

Credit

Corp.

1.15%,

08/13/27

..................

1,525

1,445,220

3.38%,

04/01/30

..................

327

348,477

VistaJet

Malta

Finance

plc,

6.38%,

02/01/30

(b)

2,393

2,378,044

World

Acceptance

Corp.,

7.00%,

11/01/26

(b)

..

2,215

2,126,843

162,715,748

Containers

&

Packaging

—

0.5%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

......

4,380

4,423,340

Ardagh

Metal

Packaging

Finance

USA

LLC

2.00%,

09/01/28

(d)

.................

EUR

388

415,751

3.00%,

09/01/29

(d)

.................

559

590,311

4.00%,

09/01/29

(b)

.................

USD

9,838

9,370,695

Ardagh

Packaging

Finance

plc

(b)

5.25%,

04/30/25

..................

280

286,350

4.13%,

08/15/26

..................

5,183

5,142,573

5.25%,

08/15/27

..................

6,646

6,513,080

Ball

Corp.

4.00%,

11/15/23

..................

300

309,324

5.25%,

07/01/25

..................

1,163

1,250,225

2.88%,

08/15/30

..................

747

692,843

3.13%,

09/15/31

..................

3,159

2,949,716

Berry

Global,

Inc.

1.57%,

01/15/26

..................

1,595

1,537,486

5.63%,

07/15/27

(b)

.................

900

926,505

Canpack

SA,

3.13%,

11/01/25

(b)

.........

810

806,076

Crown

Americas

LLC

4.75%,

02/01/26

..................

4,815

4,912,696

4.25%,

09/30/26

..................

4,724

4,871,625

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

368

426,880

Graphic

Packaging

International

LLC

3.50%,

03/15/28

(b)

.................

200

192,000

2.63%,

02/01/29

(d)

.................

EUR

100

110,087

3.50%,

03/01/29

(b)

.................

USD

364

345,800

Greif,

Inc.,

6.50%,

03/01/27

(b)

...........

795

822,904

Intelligent

Packaging

Ltd.

Finco,

Inc.,

6.00%,

09/15/28

(b)

.....................

250

248,750

International

Paper

Co.,

4.35%,

08/15/48

...

150

171,241

Intertape

Polymer

Group,

Inc.,

4.38%,

06/15/29

(b)

.....................

1,027

1,014,162

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

2,905

2,603,984

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(d)

...

EUR

438

462,547

LABL,

Inc.,

5.88%,

11/01/28

(b)

..........

USD

2,185

2,163,150

Mauser

Packaging

Solutions

Holding

Co.

4.75%,

04/15/24

(d)

.................

EUR

200

222,973

5.50%,

04/15/24

(b)

.................

USD

4,205

4,199,744

OI

European

Group

BV

(d)

3.13%,

11/15/24

..................

EUR

200

228,021

2.88%,

02/15/25

..................

566

631,549

Owens-Brockway

Glass

Container,

Inc.,

5.88%,

08/15/23

(b)

.....................

USD

450

464,121

SAN

Miguel

Industrias

Pet

SA,

3.50%,

08/02/28

(b)

.....................

5,500

5,313,000

Sealed

Air

Corp.

(b)

5.25%,

04/01/23

..................

486

496,935

4.00%,

12/01/27

..................

523

524,307

6.88%,

07/15/33

..................

675

806,625

Titan

Holdings

II

BV,

5.13%,

07/15/29

(d)

....

EUR

385

414,085

Trivium

Packaging

Finance

BV

(b)(e)

5.50%,

08/15/26

..................

USD

9,570

9,647,709

8.50%,

08/15/27

..................

11,963

12,338,638

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

WRKCo,

Inc.

3.75%,

03/15/25

..................

USD

325

$

340,784

3.90%,

06/01/28

..................

890

952,261

3.00%,

06/15/33

..................

955

941,934

91,082,787

Distributors

—

0.0%

American

Builders

&

Contractors

Supply

Co.,

Inc.

(b)

4.00%,

01/15/28

..................

4,991

4,885,191

3.88%,

11/15/29

..................

745

700,121

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

(b)

831

831,000

Parts

Europe

SA,

(EURIBOR

3

Month

+

4.00%),

4.00%,

07/20/27

(a)(d)

..........

EUR

190

213,189

Ritchie

Bros

Holdings,

Inc.,

4.75%,

12/15/31

(b)

USD

485

488,492

7,117,993

Diversified

Consumer

Services

—

0.1%

Adtalem

Global

Education,

Inc.,

5.50%,

03/01/28

(b)

.....................

550

540,700

Carriage

Services,

Inc.,

4.25%,

05/15/29

(b)

..

376

366,600

Graham

Holdings

Co.,

5.75%,

06/01/26

(b)

...

998

1,030,435

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

...

1,634

1,564,261

Rekeep

SpA,

7.25%,

02/01/26

(d)

.........

EUR

1,260

1,493,000

Service

Corp.

International

4.63%,

12/15/27

..................

USD

833

856,324

5.13%,

06/01/29

..................

716

750,010

3.38%,

08/15/30

..................

1,285

1,199,618

4.00%,

05/15/31

..................

3,620

3,505,500

Sotheby's

(b)

7.38%,

10/15/27

..................

5,779

6,003,976

5.88%,

06/01/29

..................

1,976

2,000,700

19,311,124

Diversified

Financial

Services

—

0.2%

CPI

Acquisition,

Inc.,

8.63%,

03/15/26

(b)

....

2,917

2,988,787

doValue

SpA,

3.38%,

07/31/26

(d)

.........

EUR

703

786,231

Garfunkelux

Holdco

3

SA

(d)

6.75%,

11/01/25

..................

1,732

1,988,818

7.75%,

11/01/25

..................

GBP

744

1,023,439

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

...

USD

3,083

3,047,299

Jefferson

Capital

Holdings

LLC,

6.00%,

08/15/26

(b)

.....................

220

218,350

Midcap

Financial

Issuer

Trust

(b)

6.50%,

05/01/28

..................

330

332,462

5.63%,

01/15/30

..................

250

242,557

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

(b)

.....................

2,301

2,209,535

NTT

Finance

Corp.,

1.16%,

04/03/26

(b)

.....

1,945

1,871,567

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%,

02/11/25

(b)

.............

258

193,500

ProGroup

AG,

3.00%,

03/31/26

(d)

........

EUR

800

894,599

Sabre

GLBL,

Inc.

(b)

9.25%,

04/15/25

..................

USD

3,134

3,519,670

7.38%,

09/01/25

..................

1,453

1,489,325

Shell

International

Finance

BV

2.38%,

11/07/29

..................

20

19,869

4.38%,

05/11/45

..................

10

11,593

3.00%,

11/26/51

..................

130

123,248

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

....

2,954

2,998,901

Siemens

Financieringsmaatschappij

NV

(b)

0.65%,

03/11/24

..................

880

863,525

2.88%,

03/11/41

..................

625

602,466

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

..

14,394

15,116,435

40,542,176

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

1.6%

Altice

France

Holding

SA

8.00%,

05/15/27

(b)

.................

EUR

500

$

586,081

8.00%,

05/15/27

(d)

.................

299

350,477

10.50%,

05/15/27

(b)

................

USD

19,202

20,378,123

6.00%,

02/15/28

(b)

.................

2,886

2,633,908

Altice

France

SA

2.50%,

01/15/25

(d)

.................

EUR

817

883,439

5.88%,

02/01/27

(d)

.................

1,400

1,623,318

8.13%,

02/01/27

(b)

.................

USD

11,961

12,650,073

5.50%,

01/15/28

(b)

.................

4,359

4,158,050

4.13%,

01/15/29

(d)

.................

EUR

1,099

1,172,938

5.13%,

01/15/29

(b)

.................

USD

894

831,420

5.13%,

07/15/29

(b)

.................

7,272

6,752,343

4.25%,

10/15/29

(d)

.................

EUR

660

704,106

5.50%,

10/15/29

(b)

.................

USD

4,239

4,017,258

Arqiva

Broadcast

Finance

plc,

6.75%,

09/30/23

(d)

.....................

GBP

700

951,748

AT&T,

Inc.

2.63%,

12/01/22

..................

USD

416

420,073

4.35%,

03/01/29

..................

25

27,461

2.55%,

12/01/33

..................

795

747,250

4.50%,

05/15/35

..................

3,055

3,373,573

5.25%,

03/01/37

..................

700

827,750

5.15%,

03/15/42

..................

1,315

1,560,747

4.65%,

06/01/44

..................

200

222,244

3.50%,

09/15/53

..................

164

155,837

3.55%,

09/15/55

..................

926

874,339

3.80%,

12/01/57

..................

790

773,155

3.65%,

09/15/59

..................

406

384,165

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(d)(f)(l)

1,000

5,000

British

Telecommunications

plc

(a)(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%),

4.25%,

11/23/81

................

400

394,580

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%),

4.88%,

11/23/81

................

1,200

1,189,644

CCO

Holdings

LLC

4.00%,

03/01/23

(b)

.................

165

164,175

5.13%,

05/01/27

(b)

.................

4,578

4,692,679

5.00%,

02/01/28

(b)

.................

1,891

1,914,070

5.38%,

06/01/29

(b)

.................

5,674

5,846,887

4.75%,

03/01/30

(b)

.................

5,710

5,666,004

4.50%,

08/15/30

(b)

.................

5,704

5,561,400

4.25%,

02/01/31

(b)

.................

6,790

6,477,524

4.75%,

02/01/32

(b)

.................

1,674

1,646,714

4.50%,

05/01/32

..................

541

521,389

4.50%,

06/01/33

(b)

.................

2,030

1,930,733

4.25%,

01/15/34

(b)

.................

9,897

9,157,199

Cellnex

Telecom

SA,

0.75%,

11/20/31

(d)(i)

....

EUR

5,200

5,337,728

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

.....................

USD

6,109

6,290,437

Deutsche

Telekom

International

Finance

BV,

8.75%,

06/15/30

(e)

................

12

16,929

Embarq

Corp.,

8.00%,

06/01/36

.........

1,400

1,441,132

Frontier

Communications

Corp.

(b)

5.88%,

10/15/27

..................

3,018

3,107,635

5.00%,

05/01/28

..................

5,632

5,575,680

6.75%,

05/01/29

..................

3,439

3,447,597

Frontier

Communications

Holdings

LLC,

6.00%,

01/15/30

(b)

.....................

2,868

2,768,194

Iliad

Holding

SAS

5.13%,

10/15/26

(d)

.................

EUR

354

405,163

6.50%,

10/15/26

(b)

.................

USD

4,722

4,781,639

5.63%,

10/15/28

(d)

.................

EUR

150

171,348

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

7.00%,

10/15/28

(b)

.................

USD

3,011

$

3,061,013

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

1,002,828

Koninklijke

KPN

NV,

(USD

Swap

Semi

10

Year

+

5.21%),

7.00%,

03/28/73

(a)(b)

........

USD

200

207,800

Level

3

Financing,

Inc.

5.38%,

05/01/25

..................

550

557,821

4.63%,

09/15/27

(b)

.................

3,262

3,246,016

4.25%,

07/01/28

(b)

.................

1,398

1,333,763

3.63%,

01/15/29

(b)

.................

1,059

963,690

3.75%,

07/15/29

(b)

.................

2,549

2,325,962

Liquid

Telecommunications

Financing

plc,

5.50%,

09/04/26

(b)

................

775

780,813

Lorca

Telecom

Bondco

SA

4.00%,

09/18/27

(d)

.................

EUR

1,547

1,706,648

Lumen

Technologies,

Inc.

Series

W,

6.75%,

12/01/23

...........

USD

1,103

1,169,180

Series

Y,

7.50%,

04/01/24

...........

2,989

3,193,537

5.13%,

12/15/26

(b)

.................

4,547

4,577,510

4.00%,

02/15/27

(b)

.................

3,864

3,707,044

Series

G,

6.88%,

01/15/28

...........

51

54,570

4.50%,

01/15/29

(b)

.................

4,654

4,264,833

5.38%,

06/15/29

(b)

.................

4,071

3,859,675

Series

P,

7.60%,

09/15/39

...........

1,060

1,060,000

Series

U,

7.65%,

03/15/42

...........

2,328

2,338,895

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(a)(d)(k)

....................

4,615

4,773,064

Sprint

Capital

Corp.

6.88%,

11/15/28

..................

9,828

11,690,406

8.75%,

03/15/32

..................

10,302

14,391,379

Switch

Ltd.

(b)

3.75%,

09/15/28

..................

3,059

2,917,919

4.13%,

06/15/29

..................

5,945

5,790,311

Telecom

Italia

Capital

SA

6.38%,

11/15/33

..................

2,708

2,779,762

6.00%,

09/30/34

..................

5,359

5,278,615

7.20%,

07/18/36

..................

142

151,155

Telecom

Italia

Finance

SA,

7.75%,

01/24/33

.

EUR

610

892,453

Telecom

Italia

SpA

5.30%,

05/30/24

(b)

.................

USD

2,046

2,111,646

2.38%,

10/12/27

(d)

.................

EUR

600

654,046

1.63%,

01/18/29

(d)

.................

2,249

2,307,862

Telefonica

Emisiones

SA,

4.90%,

03/06/48

..

USD

670

751,178

Telesat

Canada

(b)

5.63%,

12/06/26

..................

150

126,895

4.88%,

06/01/27

..................

1,056

850,946

Verizon

Communications,

Inc.

3.88%,

02/08/29

..................

2,575

2,772,896

4.02%,

12/03/29

..................

24

26,062

1.50%,

09/18/30

..................

285

258,450

1.68%,

10/30/30

..................

711

648,977

2.55%,

03/21/31

..................

420

410,127

2.36%,

03/15/32

(b)

.................

540

512,796

5.85%,

09/15/35

..................

690

883,740

4.27%,

01/15/36

..................

720

807,364

2.65%,

11/20/40

..................

1,400

1,248,971

3.40%,

03/22/41

..................

1,855

1,836,906

2.85%,

09/03/41

..................

440

410,730

3.85%,

11/01/42

..................

480

502,081

2.99%,

10/30/56

..................

160

140,117

3.70%,

03/22/61

..................

934

936,247

Virgin

Media

Finance

plc

3.75%,

07/15/30

(d)

.................

EUR

661

703,800

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

5.00%,

07/15/30

(b)

.................

USD

200

$

188,520

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(d)

.................

GBP

100

136,339

5.50%,

05/15/29

(b)

.................

USD

1,655

1,686,527

4.50%,

08/15/30

(b)

.................

1,246

1,183,713

Windstream

Escrow

LLC,

7.75%,

08/15/28

(b)

.

680

685,746

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

..................

18,808

17,758,702

6.13%,

03/01/28

..................

12,597

11,884,010

288,680,777

Electric

Utilities

—

0.7%

Adani

Electricity

Mumbai

Ltd.,

3.87%,

07/22/31

(d)

.....................

830

787,529

AEP

Transmission

Co.

LLC,

3.15%,

09/15/49

.

75

72,252

Alabama

Power

Co.,

3.13%,

07/15/51

.....

55

52,375

Baltimore

Gas

&

Electric

Co.

3.20%,

09/15/49

..................

525

512,536

2.90%,

06/15/50

..................

105

99,104

DPL,

Inc.,

4.35%,

04/15/29

............

1,225

1,254,100

Drax

Finco

plc,

6.63%,

11/01/25

(b)

........

450

460,687

Duke

Energy

Carolinas

LLC

6.05%,

04/15/38

..................

100

131,885

3.70%,

12/01/47

..................

600

632,212

3.20%,

08/15/49

..................

982

969,325

Duke

Energy

Corp.

2.45%,

06/01/30

..................

225

218,311

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%),

3.25%,

01/15/82

(a)

...............

9,390

8,781,510

Duke

Energy

Florida

LLC

2.50%,

12/01/29

..................

2,225

2,221,687

1.75%,

06/15/30

..................

255

237,259

3.85%,

11/15/42

..................

320

334,934

Duke

Energy

Progress

LLC,

3.45%,

03/15/29

.

2,868

3,027,654

Edison

International

2.40%,

09/15/22

..................

1,985

1,998,567

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%

(a)(k)

.....................

1,870

1,862,856

Emera

US

Finance

LP,

0.83%,

06/15/24

....

975

950,484

Enel

Finance

International

NV,

1.38%,

07/12/26

(b)

.....................

1,590

1,523,369

Entergy

Corp.,

0.90%,

09/15/25

.........

2,110

2,016,953

Eversource

Energy,

2.80%,

05/01/23

......

690

698,913

Exelon

Corp.

3.95%,

06/15/25

..................

595

628,760

4.70%,

04/15/50

..................

250

296,287

FirstEnergy

Corp.

Series

B,

4.15%,

07/15/27

(e)

..........

1,200

1,222,803

2.65%,

03/01/30

..................

2,069

1,948,216

Series

B,

2.25%,

09/01/30

...........

161

147,906

Series

C,

7.38%,

11/15/31

...........

1,779

2,278,015

Series

C,

5.10%,

07/15/47

(e)

..........

935

1,016,586

Series

C,

3.40%,

03/01/50

...........

6,102

5,471,963

FirstEnergy

Transmission

LLC

(b)

4.35%,

01/15/25

..................

1,235

1,284,513

5.45%,

07/15/44

..................

3,738

4,369,370

4.55%,

04/01/49

..................

1,448

1,534,420

Florida

Power

&

Light

Co.

3.70%,

12/01/47

..................

365

397,021

3.15%,

10/01/49

..................

465

463,041

2.88%,

12/04/51

..................

218

206,849

Huachen

Energy

Co.

Ltd.,

6.63%,

05/18/20

(d)(f)(l)

901

346,885

India

Cleantech

Energy,

4.70%,

08/10/26

(b)

..

1,765

1,747,350

Kallpa

Generacion

SA,

4.88%,

05/24/26

(d)

...

4,804

5,049,604

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Leeward

Renewable

Energy

Operations

LLC,

4.25%,

07/01/29

(b)

................

USD

300

$

293,250

MidAmerican

Energy

Co.

3.65%,

04/15/29

..................

825

891,828

4.25%,

07/15/49

..................

1,175

1,369,019

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(d)

.....................

4,260

3,905,355

Naturgy

Finance

BV,

(EUR

Swap

Annual

5

Year

+

2.44%),

2.37%

(a)(d)(k)

..............

EUR

900

996,699

NextEra

Energy

Capital

Holdings,

Inc.

3.55%,

05/01/27

..................

USD

215

226,848

1.90%,

06/15/28

..................

600

581,496

2.44%,

01/15/32

..................

584

563,158

3.00%,

01/15/52

..................

177

160,965

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

03/15/82

(a)

...............

18,905

18,531,962

NextEra

Energy

Operating

Partners

LP

(b)

4.25%,

07/15/24

..................

365

375,722

4.25%,

09/15/24

..................

35

36,094

Northern

States

Power

Co.

2.90%,

03/01/50

..................

350

334,133

2.60%,

06/01/51

..................

360

324,425

NRG

Energy,

Inc.

6.63%,

01/15/27

..................

887

916,936

2.45%,

12/02/27

(b)

.................

800

767,602

5.75%,

01/15/28

..................

614

635,484

5.25%,

06/15/29

(b)

.................

261

268,569

3.63%,

02/15/31

(b)

.................

1,694

1,571,185

3.88%,

02/15/32

(b)

.................

2,491

2,342,163

Ohio

Power

Co.

4.00%,

06/01/49

..................

975

1,062,827

Series

R,

2.90%,

10/01/51

...........

55

50,178

Oncor

Electric

Delivery

Co.

LLC

3.75%,

04/01/45

..................

840

900,797

3.70%,

05/15/50

..................

1,205

1,304,558

Pacific

Gas

&

Electric

Co.

3.45%,

07/01/25

..................

1,460

1,489,631

3.30%,

12/01/27

..................

1,065

1,063,250

4.45%,

04/15/42

..................

475

455,913

4.00%,

12/01/46

..................

258

236,140

4.95%,

07/01/50

..................

872

890,248

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

.....................

2,869

2,877,779

PECO

Energy

Co.,

2.85%,

09/15/51

......

130

121,540

PG&E

Corp.,

5.25%,

07/01/30

..........

2,238

2,218,820

PPL

Electric

Utilities

Corp.,

3.95%,

06/01/47

.

25

27,617

Progress

Energy,

Inc.,

6.00%,

12/01/39

....

350

454,991

Public

Service

Co.

of

Colorado

Series

34,

3.20%,

03/01/50

..........

600

593,019

2.70%,

01/15/51

..................

100

90,998

Southern

California

Edison

Co.

Series

J,

0.70%,

08/01/23

...........

305

301,728

1.10%,

04/01/24

..................

1,200

1,183,939

4.00%,

04/01/47

..................

575

598,646

Series

B,

4.88%,

03/01/49

...........

70

79,256

Series

20A,

2.95%,

02/01/51

.........

240

214,980

Series

H,

3.65%,

06/01/51

...........

435

434,513

3.45%,

02/01/52

..................

200

191,837

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

.....................

5,095

5,320,454

Tampa

Electric

Co.

4.45%,

06/15/49

..................

375

448,624

3.45%,

03/15/51

..................

135

138,242

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Virginia

Electric

&

Power

Co.

Series

B,

6.00%,

01/15/36

...........

USD

250

$

329,288

4.45%,

02/15/44

..................

300

345,189

4.60%,

12/01/48

..................

595

712,835

Vistra

Operations

Co.

LLC

(b)

5.63%,

02/15/27

..................

944

962,908

5.00%,

07/31/27

..................

365

367,884

4.38%,

05/01/29

..................

1,733

1,672,345

119,487,958

Electrical

Equipment

—

0.1%

Atkore,

Inc.,

4.25%,

06/01/31

(b)

..........

3,152

3,102,356

Energizer

Gamma

Acquisition

BV,

3.50%,

06/30/29

(d)

.....................

EUR

588

615,827

Sensata

Technologies

BV

(b)

5.00%,

10/01/25

..................

USD

3,445

3,630,169

4.00%,

04/15/29

..................

3,788

3,743,226

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.....

5,452

5,313,028

16,404,606

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Belden,

Inc.

(d)

4.13%,

10/15/26

..................

EUR

1,260

1,422,625

3.88%,

03/15/28

..................

500

557,231

II-VI,

Inc.,

5.00%,

12/15/29

(b)

...........

USD

3,191

3,184,777

Sensata

Technologies,

Inc.

(b)

4.38%,

02/15/30

..................

2,240

2,239,104

3.75%,

02/15/31

..................

750

704,760

8,108,497

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

..................

1,728

1,772,323

6.25%,

04/01/28

..................

4,533

4,550,951

Bristow

Group,

Inc.,

6.88%,

03/01/28

(b)

.....

310

312,325

CGG

SA

7.75%,

04/01/27

(d)

.................

EUR

567

642,570

8.75%,

04/01/27

(b)

.................

USD

1,400

1,400,000

ChampionX

Corp.,

6.38%,

05/01/26

.......

564

582,330

Halliburton

Co.

3.80%,

11/15/25

..................

475

503,266

2.92%,

03/01/30

..................

350

350,835

5.00%,

11/15/45

..................

275

316,136

Hilong

Holding

Ltd.,

9.75%,

11/18/24

(d)

.....

415

331,559

Nabors

Industries

Ltd.

(b)

7.25%,

01/15/26

..................

397

380,128

7.50%,

01/15/28

..................

1,152

1,080,000

Nabors

Industries,

Inc.

(b)

9.00%,

02/01/25

..................

200

207,000

7.38%,

05/15/27

..................

1,889

1,938,378

Oceaneering

International,

Inc.,

4.65%,

11/15/24

......................

425

427,707

Patterson-UTI

Energy,

Inc.,

5.15%,

11/15/29

.

175

177,215

Petrofac

Ltd.,

9.75%,

11/15/26

(b)

.........

925

931,938

Precision

Drilling

Corp.,

7.13%,

01/15/26

(b)

..

500

502,500

Tervita

Corp.,

11.00%,

12/01/25

(b)

........

993

1,150,639

Transocean,

Inc.,

11.50%,

01/30/27

(b)

......

1,164

1,154,781

USA

Compression

Partners

LP

6.88%,

04/01/26

..................

3,963

4,023,951

6.88%,

09/01/27

..................

4,057

4,166,133

Vallourec

SA,

8.50%,

06/30/26

(d)

.........

EUR

717

815,583

Weatherford

International

Ltd.

(b)

6.50%,

09/15/28

..................

USD

1,357

1,407,467

8.63%,

04/30/30

..................

1,723

1,753,152

30,878,867

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Entertainment

—

0.2%

AMC

Entertainment

Holdings,

Inc.,

10.00%,

06/15/26

(b)

.....................

USD

2,538

$

2,366,588

Banijay

Entertainment

SASU,

5.38%,

03/01/25

(b)

.....................

200

204,000

Banijay

Group

SAS,

6.50%,

03/01/26

(d)

.....

EUR

700

794,090

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

.....................

USD

2,286

2,271,987

Live

Nation

Entertainment,

Inc.

(b)

4.88%,

11/01/24

..................

659

663,613

6.50%,

05/15/27

..................

9,659

10,396,175

4.75%,

10/15/27

..................

921

907,420

3.75%,

01/15/28

..................

189

182,385

NBCUniversal

Media

LLC,

5.95%,

04/01/41

..

380

514,818

Netflix,

Inc.

4.38%,

11/15/26

..................

1,040

1,116,050

4.88%,

04/15/28

..................

590

649,059

5.88%,

11/15/28

..................

800

927,000

4.88%,

06/15/30

(b)

.................

1,600

1,782,080

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

...

3,691

3,529,519

TWDC

Enterprises

18

Corp.,

4.13%,

06/01/44

85

94,114

Walt

Disney

Co.

(The)

1.65%,

09/01/22

..................

10

10,047

6.40%,

12/15/35

..................

375

509,741

3.50%,

05/13/40

..................

358

367,632

3.60%,

01/13/51

..................

300

314,421

WMG

Acquisition

Corp.

3.88%,

07/15/30

(b)

.................

1,234

1,177,470

2.25%,

08/15/31

(d)

.................

EUR

773

824,884

29,603,093

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.8%

Alexandria

Real

Estate

Equities,

Inc.

3.95%,

01/15/28

..................

USD

1,925

2,078,922

4.90%,

12/15/30

..................

835

974,468

1.88%,

02/01/33

..................

300

270,838

American

Finance

Trust,

Inc.,

4.50%,

09/30/28

(b)

.....................

226

219,220

American

Tower

Corp.

3.50%,

01/31/23

..................

680

694,809

3.38%,

10/15/26

..................

995

1,034,663

3.95%,

03/15/29

..................

615

652,317

2.10%,

06/15/30

..................

1,195

1,113,232

2.70%,

04/15/31

..................

600

581,290

Boston

Properties

LP

2.90%,

03/15/30

..................

825

821,957

2.45%,

10/01/33

..................

510

474,932

Brookfield

Property

REIT,

Inc.

(b)

5.75%,

05/15/26

..................

800

800,000

4.50%,

04/01/27

..................

1,856

1,754,254

Camden

Property

Trust,

2.80%,

05/15/30

...

290

292,876

Crown

Castle

International

Corp.

3.80%,

02/15/28

..................

1,075

1,132,698

4.30%,

02/15/29

..................

715

776,598

2.10%,

04/01/31

..................

200

185,058

2.50%,

07/15/31

..................

1,200

1,145,950

2.90%,

04/01/41

..................

200

181,519

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

....

1,248

1,235,520

Diversified

Healthcare

Trust,

9.75%,

06/15/25

705

747,808

Duke

Realty

LP,

3.05%,

03/01/50

........

120

109,949

Equinix,

Inc.

2.90%,

11/18/26

..................

575

586,294

3.00%,

07/15/50

..................

225

198,825

2.95%,

09/15/51

..................

665

581,652

ERP

Operating

LP,

2.85%,

11/01/26

......

530

546,057

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

...

998

960,330

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

GLP

Capital

LP

4.00%,

01/15/30

..................

USD

1,975

$

2,035,079

3.25%,

01/15/32

..................

420

405,712

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(b)

....

1,302

1,253,175

Healthpeak

Properties,

Inc.

3.00%,

01/15/30

..................

458

465,984

2.88%,

01/15/31

..................

75

75,306

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

.......

3,927

3,838,642

Iron

Mountain,

Inc.

(b)

4.88%,

09/15/27

..................

1,000

1,002,985

4.88%,

09/15/29

..................

900

888,435

5.25%,

07/15/30

..................

6,570

6,523,682

4.50%,

02/15/31

..................

980

929,226

5.63%,

07/15/32

..................

5,727

5,789,567

iStar,

Inc.,

4.25%,

08/01/25

............

700

695,230

LMIRT

Capital

Pte.

Ltd.,

7.25%,

06/19/24

(d)

..

2,920

2,905,400

MGM

Growth

Properties

Operating

Partnership

LP

5.63%,

05/01/24

..................

2,080

2,199,600

4.63%,

06/15/25

(b)

.................

2,345

2,450,525

4.50%,

09/01/26

..................

3,798

3,968,910

5.75%,

02/01/27

..................

2,046

2,260,830

4.50%,

01/15/28

..................

4,794

5,057,670

3.88%,

02/15/29

(b)

.................

2,382

2,447,505

Mid-America

Apartments

LP,

1.70%,

02/15/31

230

211,456

MPT

Operating

Partnership

LP

5.25%,

08/01/26

..................

1,055

1,085,595

5.00%,

10/15/27

..................

1,392

1,429,584

4.63%,

08/01/29

..................

3,406

3,502,356

3.50%,

03/15/31

..................

8,860

8,549,900

Park

Intermediate

Holdings

LLC,

5.88%,

10/01/28

(b)

.....................

1,675

1,714,212

Prologis

LP,

2.25%,

04/15/30

...........

600

584,674

Realty

Income

Corp.

3.88%,

04/15/25

..................

450

476,712

3.00%,

01/15/27

..................

370

382,992

3.95%,

08/15/27

..................

360

388,596

2.20%,

06/15/28

..................

320

313,751

2.85%,

12/15/32

..................

245

243,860

RHP

Hotel

Properties

LP

4.75%,

10/15/27

..................

5,318

5,237,180

4.50%,

02/15/29

(b)

.................

3,005

2,907,578

RLJ

Lodging

Trust

LP

(b)

3.75%,

07/01/26

..................

847

821,590

4.00%,

09/15/29

..................

741

698,392

SBA

Communications

Corp.,

3.88%,

02/15/27

5,673

5,729,730

Service

Properties

Trust

4.65%,

03/15/24

..................

500

486,250

4.35%,

10/01/24

..................

238

227,338

7.50%,

09/15/25

..................

2,993

3,154,113

5.50%,

12/15/27

..................

973

964,052

Simon

Property

Group

LP,

3.80%,

07/15/50

..

660

701,196

Trust

Fibra

Uno,

5.25%,

01/30/26

(b)

.......

1,955

2,100,770

UDR,

Inc.

3.20%,

01/15/30

..................

300

306,938

2.10%,

08/01/32

..................

85

78,174

Uniti

Group

LP

(b)

7.88%,

02/15/25

..................

1,250

1,301,875

4.75%,

04/15/28

..................

4,581

4,441,142

6.50%,

02/15/29

..................

4,350

4,115,057

6.00%,

01/15/30

..................

1,095

1,001,925

Ventas

Realty

LP,

3.00%,

01/15/30

.......

680

688,805

VICI

Properties

LP

(b)

3.50%,

02/15/25

..................

2,815

2,803,621

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

4.25%,

12/01/26

..................

USD

4,856

$

4,910,630

3.75%,

02/15/27

..................

2,713

2,686,209

4.63%,

12/01/29

..................

2,586

2,661,692

4.13%,

08/15/30

..................

9,258

9,286,422

Welltower,

Inc.,

2.05%,

01/15/29

.........

485

465,920

XHR

LP

(b)

6.38%,

08/15/25

..................

450

465,187

4.88%,

06/01/29

..................

220

215,710

142,686,683

Food

&

Staples

Retailing

—

0.2%

7-Eleven,

Inc.,

0.95%,

02/10/26

(b)

........

1,415

1,345,321

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

..................

2,763

2,678,811

4.63%,

01/15/27

..................

3,587

3,671,294

5.88%,

02/15/28

..................

2,984

3,111,089

4.88%,

02/15/30

..................

2,102

2,141,413

Bellis

Acquisition

Co.

plc

(d)

3.25%,

02/16/26

..................

GBP

300

372,953

4.50%,

02/16/26

..................

1,141

1,488,495

Casino

Guichard

Perrachon

SA

(d)

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(a)(k)

.....................

EUR

800

553,640

5.25%,

04/15/27

..................

900

907,467

Iceland

Bondco

plc

(d)

4.63%,

03/15/25

..................

GBP

600

732,363

4.38%,

05/15/28

..................

625

713,234

Ingles

Markets,

Inc.,

4.00%,

06/15/31

(b)

.....

USD

350

345,188

Ocado

Group

plc,

3.88%,

10/08/26

(d)

......

GBP

835

1,052,447

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

.....................

USD

2,389

2,241,623

Picard

Groupe

SAS,

3.88%,

07/01/26

(d)

....

EUR

504

557,363

Quatrim

SASU,

5.88%,

01/15/24

(d)

.......

900

1,029,032

SEG

Holding

LLC,

5.63%,

10/15/28

(b)

......

USD

120

124,800

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

669

709,976

US

Foods,

Inc.,

4.75%,

02/15/29

(b)

.......

3,152

3,093,530

Walmart,

Inc.,

2.65%,

09/22/51

.........

730

691,056

27,561,095

Food

Products

—

0.4%

Chobani

LLC

(b)

7.50%,

04/15/25

..................

4,281

4,369,617

4.63%,

11/15/28

..................

1,734

1,733,757

General

Mills,

Inc.,

3.00%,

02/01/51

......

46

43,302

Health

&

Happiness

H&H

International

Holdings

Ltd.,

5.63%,

10/24/24

(d)

.............

430

423,496

JBS

USA

LUX

SA,

3.75%,

12/01/31

(b)

......

2,678

2,613,192

JDE

Peet's

NV,

1.38%,

01/15/27

(b)

........

1,130

1,069,038

Knight

Castle

Investments

Ltd.,

7.99%,

01/23/21

(d)(f)(l)

...................

231

161,700

Kraft

Heinz

Foods

Co.

3.75%,

04/01/30

..................

1,600

1,653,716

5.00%,

07/15/35

..................

603

687,819

6.88%,

01/26/39

..................

2,541

3,444,821

4.63%,

10/01/39

..................

1,024

1,119,363

6.50%,

02/09/40

..................

1,215

1,625,733

5.00%,

06/04/42

..................

3,010

3,426,967

5.20%,

07/15/45

..................

986

1,142,484

4.38%,

06/01/46

..................

5,204

5,499,373

4.88%,

10/01/49

..................

9,738

11,057,215

5.50%,

06/01/50

..................

13,225

16,345,657

Lamb

Weston

Holdings,

Inc.

(b)

4.88%,

05/15/28

..................

661

687,440

4.13%,

01/31/30

..................

1,267

1,251,676

4.38%,

01/31/32

..................

1,824

1,798,927

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Pilgrim's

Pride

Corp.

(b)

5.88%,

09/30/27

..................

USD

900

$

939,692

4.25%,

04/15/31

..................

140

138,137

3.50%,

03/01/32

..................

4,415

4,204,360

Post

Holdings,

Inc.

(b)

5.75%,

03/01/27

..................

1,500

1,541,250

5.63%,

01/15/28

..................

2,142

2,199,449

5.50%,

12/15/29

..................

124

127,441

4.63%,

04/15/30

..................

444

427,905

4.50%,

09/15/31

..................

186

177,018

Premier

Foods

Finance

plc,

3.50%,

10/15/26

(d)

GBP

569

738,495

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

USD

3,620

3,470,675

Tereos

Finance

Groupe

I

SA,

7.50%,

10/30/25

(d)

EUR

687

818,505

74,938,220

Gas

Utilities

—

0.0%

AmeriGas

Partners

LP

5.63%,

05/20/24

..................

USD

550

567,187

5.88%,

08/20/26

..................

250

264,375

5.75%,

05/20/27

..................

350

369,835

Atmos

Energy

Corp.,

2.85%,

02/15/52

.....

305

276,796

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

......................

455

420,794

China

Oil

&

Gas

Group

Ltd.,

5.50%,

01/25/23

(d)

430

432,096

Infraestructura

Energetica

Nova

SAB

de

CV,

4.75%,

01/15/51

(b)

................

2,618

2,490,864

Promigas

SA

ESP,

3.75%,

10/16/29

(b)

......

925

890,197

Suburban

Propane

Partners

LP

5.88%,

03/01/27

..................

800

820,000

5.00%,

06/01/31

(b)

.................

902

888,470

Superior

Plus

LP,

4.50%,

03/15/29

(b)

......

170

170,255

7,590,869

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories

4.75%,

11/30/36

..................

345

420,244

6.15%,

11/30/37

..................

240

333,561

Avantor

Funding,

Inc.

2.63%,

11/01/25

(d)

.................

EUR

200

226,094

4.63%,

07/15/28

(b)

.................

USD

7,976

7,956,060

3.88%,

11/01/29

(b)

.................

1,508

1,447,680

Becton

Dickinson

and

Co.

3.73%,

12/15/24

..................

158

165,414

3.70%,

06/06/27

..................

2,175

2,308,818

4.69%,

12/15/44

..................

540

632,606

4.67%,

06/06/47

..................

285

333,062

3.79%,

05/20/50

..................

61

63,592

DH

Europe

Finance

II

SARL,

2.05%,

11/15/22

715

722,317

Hologic,

Inc.

(b)

4.63%,

02/01/28

..................

300

311,250

3.25%,

02/15/29

..................

962

911,495

Mozart

Debt

Merger

Sub,

Inc.

(b)

3.88%,

04/01/29

..................

1,020

982,974

5.25%,

10/01/29

..................

10,024

9,748,340

Ortho-Clinical

Diagnostics,

Inc.

(b)

7.38%,

06/01/25

..................

5,484

5,730,780

7.25%,

02/01/28

..................

5,898

6,296,115

Teleflex,

Inc.,

4.25%,

06/01/28

(b)

.........

1,117

1,108,321

Varex

Imaging

Corp.,

7.88%,

10/15/27

(b)

....

1,197

1,310,584

41,009,307

Health

Care

Providers

&

Services

—

1.1%

180

Medical,

Inc.,

3.88%,

10/15/29

(b)

......

1,063

1,033,767

Acadia

Healthcare

Co.,

Inc.

(b)

5.50%,

07/01/28

..................

2,301

2,322,560

5.00%,

04/15/29

..................

3,095

3,048,575

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

AdaptHealth

LLC

(b)

6.13%,

08/01/28

..................

USD

899

$

939,455

5.13%,

03/01/30

..................

386

377,821

Aetna,

Inc.

4.75%,

03/15/44

..................

550

645,691

3.88%,

08/15/47

..................

126

132,967

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

.

2,605

2,556,221

Akumin

Escrow,

Inc.,

7.50%,

08/01/28

(b)

....

446

405,860

Akumin,

Inc.,

7.00%,

11/01/25

(b)

.........

554

511,065

Anthem,

Inc.

2.38%,

01/15/25

..................

105

106,506

4.65%,

01/15/43

..................

250

291,520

3.70%,

09/15/49

..................

450

465,503

CAB

SELAS,

3.38%,

02/01/28

(d)

.........

EUR

714

779,597

Cano

Health

LLC,

6.25%,

10/01/28

(b)

......

USD

872

837,120

Centene

Corp.

4.25%,

12/15/27

..................

552

565,436

2.45%,

07/15/28

..................

5,052

4,805,008

4.63%,

12/15/29

..................

5,929

6,165,093

3.00%,

10/15/30

..................

8,688

8,431,704

2.50%,

03/01/31

..................

12,446

11,552,750

2.63%,

08/01/31

..................

3,219

3,012,276

Chrome

Bidco

SASU,

3.50%,

05/31/28

(d)

....

EUR

1,468

1,610,204

Chrome

Holdco

SASU,

5.00%,

05/31/29

(d)

...

332

361,796

Cigna

Corp.

4.13%,

11/15/25

..................

USD

400

427,196

6.13%,

11/15/41

..................

140

188,187

4.90%,

12/15/48

..................

145

171,457

CommonSpirit

Health

3.35%,

10/01/29

..................

500

515,883

2.78%,

10/01/30

..................

225

224,785

3.91%,

10/01/50

..................

440

463,036

Community

Health

Systems,

Inc.

(b)

6.63%,

02/15/25

..................

10,556

10,924,404

8.00%,

03/15/26

..................

9,717

10,114,863

5.63%,

03/15/27

..................

3,600

3,619,476

8.00%,

12/15/27

..................

400

424,000

6.00%,

01/15/29

..................

5,391

5,490,140

6.88%,

04/15/29

..................

273

269,929

6.13%,

04/01/30

..................

1,702

1,620,653

5.25%,

05/15/30

..................

2,300

2,290,110

CVS

Health

Corp.

3.50%,

07/20/22

..................

2,370

2,390,367

1.30%,

08/21/27

..................

160

150,607

4.30%,

03/25/28

..................

789

860,068

1.88%,

02/28/31

..................

3,235

2,998,653

5.13%,

07/20/45

..................

1,050

1,276,813

5.05%,

03/25/48

..................

530

649,066

DaVita,

Inc.,

4.63%,

06/01/30

(b)

.........

81

78,804

Encompass

Health

Corp.

4.50%,

02/01/28

..................

346

345,135

4.75%,

02/01/30

..................

4,043

3,992,463

4.63%,

04/01/31

..................

1,444

1,416,319

HCA,

Inc.

5.88%,

05/01/23

..................

300

312,375

5.38%,

02/01/25

..................

2,268

2,413,742

5.88%,

02/15/26

..................

1,000

1,088,510

5.38%,

09/01/26

..................

5,759

6,248,515

5.63%,

09/01/28

..................

2,414

2,691,610

5.88%,

02/01/29

..................

2,425

2,740,250

3.50%,

09/01/30

..................

8,433

8,394,124

5.50%,

06/15/47

..................

960

1,158,900

5.25%,

06/15/49

..................

965

1,136,890

3.50%,

07/15/51

..................

460

425,579

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

......

2,536

2,478,940

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Humana,

Inc.,

2.15%,

02/03/32

.........

USD

255

$

237,134

Kaiser

Foundation

Hospitals,

Series

2021,

2.81%,

06/01/41

.................

299

283,985

Korian

SA,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(a)(d)(k)

GBP

800

1,013,123

Laboratoire

Eimer

Selas,

5.00%,

02/01/29

(d)

..

EUR

217

239,232

Legacy

LifePoint

Health

LLC

(b)

6.75%,

04/15/25

..................

USD

1,540

1,593,900

4.38%,

02/15/27

..................

1,962

1,922,466

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

....

3,264

3,104,880

MEDNAX,

Inc.,

6.25%,

01/15/27

(b)

........

867

905,868

ModivCare

Escrow

Issuer,

Inc.,

5.00%,

10/01/29

(b)

.....................

1,271

1,231,052

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

.......

2,951

3,061,662

Molina

Healthcare,

Inc.

(b)

4.38%,

06/15/28

..................

2,654

2,661,060

3.88%,

11/15/30

..................

1,428

1,408,365

3.88%,

05/15/32

..................

2,538

2,449,170

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

..

1,018

991,858

Owens

&

Minor,

Inc.,

4.50%,

03/31/29

(b)

....

480

466,285

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

.....................

5,756

6,000,630

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

................

649

682,767

RP

Escrow

Issuer

LLC,

5.25%,

12/15/25

(b)

...

355

344,872

Surgery

Center

Holdings,

Inc.

(b)

6.75%,

07/01/25

..................

5,077

5,083,346

10.00%,

04/15/27

.................

4,850

5,098,563

Sutter

Health

Series

20A,

2.29%,

08/15/30

.........

870

844,192

Series

20A,

3.36%,

08/15/50

.........

244

244,139

Team

Health

Holdings,

Inc.,

6.38%,

02/01/25

(b)

432

388,800

Tenet

Healthcare

Corp.

4.63%,

07/15/24

..................

466

467,855

4.63%,

09/01/24

(b)

.................

1,371

1,386,266

7.50%,

04/01/25

(b)

.................

1,506

1,568,909

4.88%,

01/01/26

(b)

.................

8,341

8,378,701

6.25%,

02/01/27

(b)

.................

2,524

2,582,582

5.13%,

11/01/27

(b)

.................

7,002

7,017,474

4.63%,

06/15/28

(b)

.................

234

231,786

6.13%,

10/01/28

(b)

.................

2,154

2,161,044

4.25%,

06/01/29

(b)

.................

1,111

1,071,112

UnitedHealth

Group,

Inc.

3.50%,

08/15/39

..................

775

804,050

2.75%,

05/15/40

..................

345

326,456

4.75%,

07/15/45

..................

440

535,152

4.25%,

06/15/48

..................

510

585,854

3.70%,

08/15/49

..................

400

424,615

3.25%,

05/15/51

..................

180

179,325

US

Acute

Care

Solutions

LLC

6.38%,

03/01/26

(b)

.................

890

894,450

Vizient,

Inc.,

6.25%,

05/15/27

(b)

.........

2,284

2,341,100

202,164,424

Health

Care

Technology

—

0.0%

IQVIA,

Inc.

(b)

5.00%,

10/15/26

..................

1,065

1,089,495

5.00%,

05/15/27

..................

5,901

6,034,953

7,124,448

Hotels,

Restaurants

&

Leisure

—

1.5%

1011778

BC

ULC

(b)

5.75%,

04/15/25

..................

2,266

2,342,478

3.88%,

01/15/28

..................

2,630

2,563,855

4.38%,

01/15/28

..................

3,121

3,062,325

4.00%,

10/15/30

..................

1,013

937,704

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Accor

SA

(d)

(EUR

Swap

Annual

5

Year

+

4.56%),

4.37%

(a)(k)

.....................

EUR

600

$

687,990

0.70%,

12/07/27

(i)

.................

892

524,741

Affinity

Gaming,

6.88%,

12/15/27

(b)

.......

USD

1,277

1,296,155

Boyd

Gaming

Corp.

8.63%,

06/01/25

(b)

.................

495

525,146

4.75%,

12/01/27

..................

1,104

1,098,403

4.75%,

06/15/31

(b)

.................

4,025

3,950,698

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

2,540

2,550,922

Burger

King

France

SAS,

(EURIBOR

3

Month

+

4.75%),

4.75%,

11/01/26

(a)(d)

..........

EUR

225

254,880

Caesars

Entertainment,

Inc.

(b)

6.25%,

07/01/25

..................

USD

13,798

14,277,756

8.13%,

07/01/27

..................

10,382

11,173,628

4.63%,

10/15/29

..................

5,318

5,091,466

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

.....................

5,952

6,128,774

Carnival

Corp.

10.13%,

02/01/26

(d)

................

EUR

915

1,141,669

10.50%,

02/01/26

(b)

................

USD

3,442

3,865,366

7.63%,

03/01/26

(d)

.................

EUR

636

748,482

5.75%,

03/01/27

(b)

.................

USD

6,659

6,387,313

9.88%,

08/01/27

(b)

.................

4,462

5,003,017

4.00%,

08/01/28

(b)

.................

9,895

9,412,916

6.00%,

05/01/29

(b)

.................

4,151

3,993,262

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

......

1,275

1,319,625

Cedar

Fair

LP

5.50%,

05/01/25

(b)

.................

5,048

5,199,440

6.50%,

10/01/28

..................

435

457,837

Champion

Path

Holdings

Ltd.,

4.85%,

01/27/28

(d)

.....................

4,311

3,729,823

Churchill

Downs,

Inc.

(b)

5.50%,

04/01/27

..................

6,993

7,181,112

4.75%,

01/15/28

..................

2,982

2,999,549

Cirsa

Finance

International

SARL

(d)

4.75%,

05/22/25

..................

EUR

1,133

1,258,549

4.50%,

03/15/27

..................

274

293,850

Codere

Finance

2

Luxembourg

SA

8.00%,

09/30/26

(d)(e)

................

1,115

1,302,327

2.00%,

(2.00%

Cash

or

12.75%

PIK),

11/30/27

(a)(d)(j)

..................

256

270,678

2.00%,

(2.00%

Cash

or

13.63%

PIK),

11/30/27

(a)(b)(j)

..................

USD

135

126,450

CPUK

Finance

Ltd.

(d)

4.88%,

08/28/25

..................

GBP

619

827,074

4.50%,

08/28/27

..................

482

644,941

Empire

Resorts,

Inc.,

7.75%,

11/01/26

(b)

....

USD

736

737,840

Everi

Holdings,

Inc.,

5.00%,

07/15/29

(b)

.....

546

543,270

Expedia

Group,

Inc.

3.60%,

12/15/23

..................

1,510

1,554,568

6.25%,

05/01/25

(b)

.................

308

343,627

3.25%,

02/15/30

..................

270

269,380

2.95%,

03/15/31

..................

890

856,010

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

..................

1,809

1,762,943

6.75%,

01/15/30

..................

2,723

2,645,939

Food

Service

Project

SA,

5.50%,

01/21/27

(d)

.

EUR

1,086

1,212,197

Fortune

Star

BVI

Ltd.

(d)

5.95%,

01/29/23

..................

USD

630

622,125

6.75%,

07/02/23

..................

8,490

8,447,550

6.85%,

07/02/24

..................

558

555,210

5.95%,

10/19/25

..................

4,998

4,848,060

5.05%,

01/27/27

..................

4,930

4,461,650

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Gamma

Bidco

SpA

(d)

5.13%,

07/15/25

..................

EUR

380

$

426,911

6.25%,

07/15/25

..................

1,139

1,308,401

Genting

New

York

LLC,

3.30%,

02/15/26

(b)

..

USD

336

327,227

Golden

Nugget,

Inc.,

6.75%,

10/15/24

(b)

....

5,941

5,941,594

Hilton

Domestic

Operating

Co.,

Inc.

5.38%,

05/01/25

(b)

.................

1,228

1,257,926

5.75%,

05/01/28

(b)

.................

1,614

1,703,609

4.88%,

01/15/30

..................

4,143

4,275,825

4.00%,

05/01/31

(b)

.................

1,656

1,627,451

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

......................

1,175

1,198,512

International

Game

Technology

plc

6.50%,

02/15/25

(b)

.................

1,000

1,064,225

4.13%,

04/15/26

(b)

.................

205

205,513

3.50%,

06/15/26

(d)

.................

EUR

200

225,589

5.25%,

01/15/29

(b)

.................

USD

310

316,615

IRB

Holding

Corp.,

7.00%,

06/15/25

(b)

.....

490

510,825

Jacobs

Entertainment,

Inc.

(b)

7.88%,

02/01/24

..................

40

40,924

6.75%,

02/15/29

..................

1,345

1,358,450

KFC

Holding

Co.,

4.75%,

06/01/27

(b)

......

525

535,390

Life

Time,

Inc.

(b)

5.75%,

01/15/26

..................

2,132

2,140,528

8.00%,

04/15/26

..................

1,212

1,239,270

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

.

1,449

1,460,650

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

1,336

1,269,200

Marriott

Ownership

Resorts,

Inc.,

6.13%,

09/15/25

(b)

.....................

310

320,463

Melco

Resorts

Finance

Ltd.

4.88%,

06/06/25

(d)

.................

425

413,844

5.63%,

07/17/27

(d)

.................

630

605,706

5.38%,

12/04/29

(d)

.................

431

406,756

5.38%,

12/04/29

(b)

.................

400

377,500

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

600

622,500

MGM

China

Holdings

Ltd.,

5.25%,

06/18/25

(d)

.

4,116

4,055,032

MGM

Resorts

International

7.75%,

03/15/22

..................

4,734

4,759,019

6.00%,

03/15/23

..................

5,798

5,986,435

5.75%,

06/15/25

..................

261

274,050

Midco

GB

SASU,

0.00%,

(0.00%

Cash

or

8.50%

PIK),

11/01/27

(a)(d)(j)

...........

EUR

250

286,485

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

.....................

USD

2,139

2,089,803

NCL

Corp.

Ltd.

(b)

10.25%,

02/01/26

.................

455

515,287

5.88%,

03/15/26

..................

2,260

2,152,650

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

......

3,181

3,008,272

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

.....................

1,734

1,859,195

Penn

National

Gaming,

Inc.,

4.13%,

07/01/29

(b)

688

646,720

Powdr

Corp.,

6.00%,

08/01/25

(b)

.........

1,443

1,493,505

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

..................

700

659,687

5.88%,

09/01/31

..................

888

836,878

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

..

1,501

1,485,990

Royal

Caribbean

Cruises

Ltd.

(b)

10.88%,

06/01/23

.................

747

799,813

9.13%,

06/15/23

..................

1,114

1,173,599

11.50%,

06/01/25

.................

2,600

2,877,502

5.50%,

08/31/26

..................

982

957,450

5.38%,

07/15/27

..................

2,520

2,435,328

5.50%,

04/01/28

..................

3,561

3,455,202

Scientific

Games

International,

Inc.

(b)

8.63%,

07/01/25

..................

1,982

2,100,920

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

5.00%,

10/15/25

..................

USD

1,998

$

2,039,409

8.25%,

03/15/26

..................

3,658

3,818,037

7.00%,

05/15/28

..................

1,055

1,108,014

7.25%,

11/15/29

..................

475

514,472

Sisal

Group

SpA,

7.00%,

07/31/23

(d)

......

EUR

935

1,050,426

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

USD

6,755

7,042,088

Station

Casinos

LLC,

4.63%,

12/01/31

(b)

....

1,835

1,743,250

Stonegate

Pub

Co.

Financing

plc

(d)

8.00%,

07/13/25

..................

GBP

1,111

1,522,573

8.25%,

07/31/25

..................

1,102

1,528,075

Studio

City

Finance

Ltd.

6.00%,

07/15/25

(b)

.................

USD

200

190,225

6.00%,

07/15/25

(d)

.................

800

760,900

5.00%,

01/15/29

(b)

.................

3,270

2,828,141

Travel

+

Leisure

Co.

6.63%,

07/31/26

(b)

.................

802

856,135

6.00%,

04/01/27

(e)

.................

500

520,000

4.63%,

03/01/30

(b)

.................

134

131,153

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

......

954

987,390

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

.....................

1,358

1,327,445

VOC

Escrow

Ltd.,

5.00%,

02/15/28

(b)

......

600

582,276

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

.....................

1,251

1,241,242

Wynn

Las

Vegas

LLC

(b)

4.25%,

05/30/23

..................

300

300,000

5.50%,

03/01/25

..................

750

753,968

5.25%,

05/15/27

..................

2,243

2,206,708

Wynn

Macau

Ltd.

4.88%,

10/01/24

(b)

.................

250

237,775

5.50%,

01/15/26

(d)

.................

4,974

4,667,104

5.63%,

08/26/28

(b)

.................

540

487,350

5.13%,

12/15/29

(b)

.................

650

581,750

Wynn

Resorts

Finance

LLC

(b)

7.75%,

04/15/25

..................

1,855

1,931,611

5.13%,

10/01/29

..................

4,613

4,483,375

Yum!

Brands,

Inc.

7.75%,

04/01/25

(b)

.................

2,131

2,232,649

4.75%,

01/15/30

(b)

.................

3,298

3,388,909

3.63%,

03/15/31

..................

1,000

945,140

4.63%,

01/31/32

..................

283

281,647

5.35%,

11/01/43

..................

48

50,520

268,920,553

Household

Durables

—

0.2%

Ashton

Woods

USA

LLC

(b)

4.63%,

08/01/29

..................

1,009

993,865

4.63%,

04/01/30

..................

1,114

1,098,504

Brookfield

Residential

Properties,

Inc.

(b)

6.25%,

09/15/27

..................

556

573,375

5.00%,

06/15/29

..................

1,588

1,567,674

4.88%,

02/15/30

..................

3,450

3,351,744

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

2,805

2,920,706

Century

Communities,

Inc.

6.75%,

06/01/27

..................

100

104,051

3.88%,

08/15/29

(b)

.................

134

128,607

Empire

Communities

Corp.,

7.00%,

12/15/25

(b)

280

284,850

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(b)

.....................

700

717,990

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

.....................

2,464

2,562,560

LGI

Homes,

Inc.,

4.00%,

07/15/29

(b)

.......

3,053

2,885,207

Mattamy

Group

Corp.

(b)

5.25%,

12/15/27

..................

520

529,167

4.63%,

03/01/30

..................

1,433

1,412,838

Meritage

Homes

Corp.,

5.13%,

06/06/27

....

595

636,650

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

New

Home

Co.,

Inc.

(The),

7.25%,

10/15/25

(b)

USD

520

$

526,500

Newell

Brands,

Inc.

4.88%,

06/01/25

..................

174

182,677

4.70%,

04/01/26

(e)

.................

500

523,645

5.87%,

04/01/36

(e)

.................

200

235,148

6.00%,

04/01/46

(e)

.................

814

960,520

Nobel

Bidco

BV,

3.13%,

06/15/28

(d)

.......

EUR

582

609,844

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

USD

3,344

3,465,989

Shea

Homes

LP

(b)

4.75%,

02/15/28

..................

500

491,875

4.75%,

04/01/29

..................

241

236,678

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(b)

.

2,239

2,082,270

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

(b)

.....................

61

63,224

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

..................

2,083

1,996,931

3.88%,

10/15/31

..................

2,226

2,075,923

Toll

Brothers

Finance

Corp.,

4.35%,

02/15/28

.

80

85,000

TopBuild

Corp.

(b)

3.63%,

03/15/29

..................

420

406,598

4.13%,

02/15/32

..................

800

775,072

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

....

1,665

1,759,539

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

..................

2,050

2,114,062

5.70%,

06/15/28

..................

343

363,601

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

.....................

2,670

2,693,362

41,416,246

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.

4.13%,

10/15/30

..................

666

640,192

4.13%,

04/30/31

(b)

.................

1,491

1,423,905

Energizer

Holdings,

Inc.

(b)

4.75%,

06/15/28

..................

1,014

988,650

4.38%,

03/31/29

..................

108

102,082

Kimberly-Clark

de

Mexico

SAB

de

CV,

2.43%,

07/01/31

(b)

.....................

1,630

1,565,309

Kronos

Acquisition

Holdings,

Inc.,

5.00%,

12/31/26

(b)

.....................

410

383,350

Spectrum

Brands,

Inc.

(b)

5.00%,

10/01/29

..................

340

351,050

5.50%,

07/15/30

..................

946

986,205

3.88%,

03/15/31

..................

524

492,560

6,933,303

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

1.38%,

01/15/26

..................

1,345

1,284,660

2.45%,

01/15/31

..................

860

810,416

Calpine

Corp.

(b)

5.25%,

06/01/26

..................

1,581

1,609,458

4.50%,

02/15/28

..................

1,800

1,759,320

5.13%,

03/15/28

..................

13,140

12,818,464

4.63%,

02/01/29

..................

200

189,374

5.00%,

02/01/31

..................

1,030

975,925

3.75%,

03/01/31

..................

207

188,066

Clearway

Energy

Operating

LLC

(b)

4.75%,

03/15/28

..................

2,246

2,311,875

3.75%,

01/15/32

..................

2,361

2,239,999

Colbun

SA,

3.15%,

01/19/32

(b)

..........

3,740

3,559,545

InterGen

NV,

7.00%,

06/30/23

(b)

.........

500

490,000

Talen

Energy

Supply

LLC,

6.63%,

01/15/28

(b)

.

300

264,000

28,501,102

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Industrial

Conglomerates

—

0.0%

Alfa

SAB

de

CV

6.88%,

03/25/44

(b)

.................

USD

753

$

928,779

6.88%,

03/25/44

(d)

.................

387

477,340

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

..............

1,145

1,305,917

Roper

Technologies,

Inc.

3.65%,

09/15/23

..................

350

361,059

1.75%,

02/15/31

..................

320

289,727

3,362,822

Insurance

—

0.8%

Acrisure

LLC,

6.00%,

08/01/29

(b)

.........

1,576

1,497,200

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

..................

10,992

10,689,720

6.75%,

10/15/27

..................

14,783

14,611,222

5.88%,

11/01/29

..................

8,376

8,208,480

Allianz

SE

(a)(b)(k)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.50%

.......................

26,200

25,708,750

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%

.......................

10,600

9,791,750

American

International

Group,

Inc.

3.40%,

06/30/30

..................

1,360

1,426,912

4.50%,

07/16/44

..................

905

1,048,101

4.80%,

07/10/45

..................

355

428,429

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

....

1,910

1,869,413

Aon

Corp.

3.75%,

05/02/29

..................

550

586,539

2.60%,

12/02/31

..................

765

746,174

Aon

plc,

4.60%,

06/14/44

.............

365

420,700

Ardonagh

Midco

2

plc,

11.50%,

(11.50%

Cash

or

12.75%

PIK),

01/15/27

(b)(j)

..........

602

642,074

Asahi

Mutual

Life

Insurance

Co.,

(USD

Swap

Semi

5

Year

+

4.59%),

6.50%

(a)(d)(k)

......

3,560

3,750,460

BroadStreet

Partners,

Inc.,

5.88%,

04/15/29

(b)

1,070

1,020,245

BUPA

Finance

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)(d)(k)

....................

GBP

1,500

1,818,661

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(d)

......

1,567

2,153,822

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

..

USD

2,161

2,193,415

Hartford

Financial

Services

Group,

Inc.

(The),

2.90%,

09/15/51

.................

75

68,710

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

26,100

HUB

International

Ltd.,

7.00%,

05/01/26

(b)

...

8,054

8,267,431

Just

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)(d)(k)

GBP

550

675,896

Legal

&

General

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(d)(k)

...............

2,175

3,056,790

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

10,982,750

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%,

05/23/59

(d)

....................

EUR

300

342,933

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

03/15/29

..................

USD

1,175

1,309,596

2.38%,

12/15/31

..................

160

154,691

NFP

Corp.

(b)

4.88%,

08/15/28

..................

4,486

4,382,598

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

6.88%,

08/15/28

..................

USD

13,230

$

12,585,037

Prudential

Financial,

Inc.

3.91%,

12/07/47

..................

265

288,983

3.94%,

12/07/49

..................

105

115,392

4.35%,

02/25/50

..................

230

269,221

QBE

Insurance

Group

Ltd.,

(USD

Swap

Rate

10

Year

+

4.40%),

5.87%,

06/17/46

(a)(d)

...

677

730,504

Ryan

Specialty

Group

LLC,

4.38%,

02/01/30

(b)

1,083

1,077,585

Societa

Cattolica

di

Assicurazioni

SC,

(EURIBOR

3

Month

+

4.46%),

4.25%,

12/14/47

(a)(d)

....................

EUR

800

996,953

Teachers

Insurance

&

Annuity

Association

of

America,

4.27%,

05/15/47

(b)

..........

USD

475

538,488

Travelers

Cos.,

Inc.

(The),

2.55%,

04/27/50

..

260

232,219

135,811,285

Interactive

Media

&

Services

—

0.0%

Alphabet,

Inc.

1.90%,

08/15/40

..................

730

621,944

2.05%,

08/15/50

..................

335

275,750

J2

Global,

Inc.,

4.63%,

10/15/30

(b)

........

1,175

1,150,619

Rackspace

Technology

Global,

Inc.,

5.38%,

12/01/28

(b)

.....................

1,069

996,843

Tencent

Holdings

Ltd.,

3.84%,

04/22/51

(b)

...

460

454,114

Twitter,

Inc.,

3.88%,

12/15/27

(b)

..........

2,849

2,841,749

6,341,019

Internet

&

Direct

Marketing

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.,

3.15%,

02/09/51

.

625

543,641

Amazon.com,

Inc.

3.15%,

08/22/27

..................

525

552,411

3.88%,

08/22/37

..................

1,075

1,200,165

4.05%,

08/22/47

..................

245

278,420

2.50%,

06/03/50

..................

360

318,678

3.10%,

05/12/51

..................

654

646,449

2.70%,

06/03/60

..................

295

259,190

3.25%,

05/12/61

..................

895

884,989

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

......

3,907

3,576,507

Go

Daddy

Operating

Co.

LLC

(b)

5.25%,

12/01/27

..................

1,328

1,361,200

3.50%,

03/01/29

..................

960

895,277

HSE

Finance

SARL,

5.63%,

10/15/26

(d)

....

EUR

1,001

1,109,290

Match

Group

Holdings

II

LLC

(b)

5.00%,

12/15/27

..................

USD

300

308,625

4.63%,

06/01/28

..................

4,160

4,108,000

5.63%,

02/15/29

..................

1,965

2,043,600

4.13%,

08/01/30

..................

1,364

1,309,440

3.63%,

10/01/31

..................

827

757,807

MercadoLibre,

Inc.,

2.38%,

01/14/26

......

11

10,310

Millennium

Escrow

Corp.,

6.63%,

08/01/26

(b)

.

350

347,046

QVC,

Inc.

4.38%,

03/15/23

..................

200

202,310

4.85%,

04/01/24

..................

200

203,300

4.45%,

02/15/25

..................

250

252,490

Rakuten

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

4.74%),

4.25%

(a)(d)(k)

..............

EUR

925

996,325

Very

Group

Funding

plc

(The),

6.50%,

08/01/26

(d)

.....................

GBP

1,418

1,892,765

24,058,235

IT

Services

—

0.4%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

..

USD

4,676

4,471,425

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(b)

.

729

705,789

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(b)

.....

1,306

1,233,243

Austin

BidCo,

Inc.,

7.13%,

12/15/28

(b)

......

544

552,160

Banff

Merger

Sub,

Inc.,

8.38%,

09/01/26

(d)

...

EUR

720

834,705

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(b)

USD

2,332

2,236,808

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Booz

Allen

Hamilton,

Inc.

(b)

3.88%,

09/01/28

..................

USD

3,231

$

3,171,000

4.00%,

07/01/29

..................

4,404

4,348,950

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

...

5,124

5,224,943

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

..................

968

907,655

5.63%,

09/15/28

..................

1,358

1,296,197

Centurion

Bidco

SpA,

5.88%,

09/30/26

(d)

....

EUR

785

904,746

Cogent

Communications

Group,

Inc.,

3.50%,

05/01/26

(b)

.....................

USD

370

362,600

Endure

Digital,

Inc.,

6.00%,

02/15/29

(b)

.....

844

751,160

Fiserv,

Inc.

3.50%,

07/01/29

..................

10

10,377

2.65%,

06/01/30

..................

755

739,347

4.40%,

07/01/49

..................

225

247,791

Gartner,

Inc.

(b)

4.50%,

07/01/28

..................

4,484

4,570,182

3.63%,

06/15/29

..................

2,595

2,517,150

3.75%,

10/01/30

..................

5,203

5,046,910

Global

Payments,

Inc.

1.20%,

03/01/26

..................

955

909,635

3.20%,

08/15/29

..................

1,300

1,314,244

4.15%,

08/15/49

..................

205

215,557

International

Business

Machines

Corp.

4.15%,

05/15/39

..................

600

653,578

4.00%,

06/20/42

..................

25

27,169

4.25%,

05/15/49

..................

665

752,936

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(b)

.....................

1,842

1,839,090

Mastercard,

Inc.

1.90%,

03/15/31

..................

230

223,169

3.85%,

03/26/50

..................

160

179,574

MoneyGram

International,

Inc.,

5.38%,

08/01/26

(b)

.....................

807

831,137

Nexi

SpA,

0.00%,

02/24/28

(d)(i)(n)

.........

EUR

600

601,835

Northwest

Fiber

LLC

(b)

4.75%,

04/30/27

..................

USD

1,946

1,853,565

6.00%,

02/15/28

..................

1,475

1,386,942

PayPal

Holdings,

Inc.

1.65%,

06/01/25

..................

455

451,812

3.25%,

06/01/50

..................

705

700,877

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

(b)

...

295

300,163

Square,

Inc.,

3.50%,

06/01/31

(b)

.........

4,702

4,478,655

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(b)

..

1,215

1,251,462

Twilio,

Inc.,

3.88%,

03/15/31

...........

2,745

2,628,338

Unisys

Corp.,

6.88%,

11/01/27

(b)

.........

1,630

1,735,950

United

Group

BV

(d)

4.88%,

07/01/24

..................

EUR

866

977,772

4.00%,

11/15/27

..................

1,411

1,512,498

4.63%,

08/15/28

..................

142

153,946

5.25%,

02/01/30

..................

176

191,796

65,304,838

Leisure

Products

—

0.1%

Mattel,

Inc.

5.88%,

12/15/27

(b)

.................

USD

4,409

4,684,563

3.75%,

04/01/29

(b)

.................

1,953

1,928,587

6.20%,

10/01/40

..................

991

1,220,461

5.45%,

11/01/41

..................

1,769

1,981,280

9,814,891

Life

Sciences

Tools

&

Services

—

0.1%

(b)

Charles

River

Laboratories

International,

Inc.

4.25%,

05/01/28

..................

1,754

1,744,704

3.75%,

03/15/29

..................

347

334,751

4.00%,

03/15/31

..................

1,058

1,018,325

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

(continued)

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

.

USD

3,341

$

3,268,767

Syneos

Health,

Inc.,

3.63%,

01/15/29

.....

4,388

4,158,859

10,525,406

Machinery

—

0.3%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

..

360

369,342

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(b)

.....................

1,189

1,171,165

Colfax

Corp.,

6.38%,

02/15/26

(b)

.........

1,853

1,903,957

Daimler

Trucks

Finance

North

America

LLC,

2.00%,

12/14/26

(b)

................

620

607,286

Deere

&

Co.,

3.75%,

04/15/50

..........

25

28,172

EnPro

Industries,

Inc.,

5.75%,

10/15/26

....

559

579,962

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

...

4,018

3,880,705

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(j)

..........

2,542

2,656,390

IMA

Industria

Macchine

Automatiche

SpA

(d)

3.75%,

01/15/28

..................

EUR

677

732,069

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(a)

....................

585

651,246

Manitowoc

Co.,

Inc.

(The),

9.00%,

04/01/26

(b)

.

USD

392

407,680

Meritor,

Inc.,

4.50%,

12/15/28

(b)

.........

567

551,975

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

783

767,340

Novafives

SAS,

5.00%,

06/15/25

(d)

.......

EUR

787

783,899

OT

Merger

Corp.,

7.88%,

10/15/29

(b)

......

USD

877

850,234

Otis

Worldwide

Corp.

3.11%,

02/15/40

..................

108

104,846

3.36%,

02/15/50

..................

10

9,868

Renk

AG,

5.75%,

07/15/25

(d)

...........

EUR

709

816,837

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(b)

.....................

USD

1,752

1,734,270

Schenck

Process

Holding

GmbH,

5.38%,

06/15/23

(d)

.....................

EUR

788

877,524

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

.

USD

658

686,788

Terex

Corp.,

5.00%,

05/15/29

(b)

.........

4,115

4,081,668

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

....

5,610

5,715,187

Titan

International,

Inc.,

7.00%,

04/30/28

...

1,396

1,468,871

TK

Elevator

Holdco

GmbH

6.63%,

07/15/28

(d)

.................

EUR

630

727,887

7.63%,

07/15/28

(b)

.................

USD

3,551

3,737,428

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(d)

.

EUR

1,148

1,300,477

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

8,539

8,645,737

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

..

2,282

2,211,897

48,060,707

Marine

—

0.0%

CMA

CGM

SA,

7.50%,

01/15/26

(d)

........

EUR

1,100

1,346,285

Danaos

Corp.,

8.50%,

03/01/28

(b)

........

USD

3,086

3,363,740

Seaspan

Corp.,

5.50%,

08/01/29

(b)

.......

2,894

2,862,108

7,572,133

Media

—

1.4%

Advantage

Sales

&

Marketing,

Inc.,

6.50%,

11/15/28

(b)

.....................

825

818,812

Altice

Financing

SA

2.25%,

01/15/25

(d)

.................

EUR

1,003

1,066,761

3.00%,

01/15/28

(d)

.................

376

385,245

5.00%,

01/15/28

(b)

.................

USD

6,698

6,231,016

4.25%,

08/15/29

(d)

.................

EUR

471

497,017

5.75%,

08/15/29

(b)

.................

USD

9,083

8,489,698

AMC

Networks,

Inc.

5.00%,

04/01/24

..................

266

265,335

4.75%,

08/01/25

..................

1,561

1,574,019

4.25%,

02/15/29

..................

940

904,111

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

1,221

1,200,792

Cable

One,

Inc.,

4.00%,

11/15/30

(b)

.......

821

773,136

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Charter

Communications

Operating

LLC

4.46%,

07/23/22

..................

USD

2,670

$

2,699,647

4.50%,

02/01/24

..................

655

687,426

2.80%,

04/01/31

..................

255

241,428

6.38%,

10/23/35

..................

810

989,588

6.48%,

10/23/45

..................

1,840

2,313,832

5.75%,

04/01/48

..................

100

114,864

5.13%,

07/01/49

..................

905

962,911

3.85%,

04/01/61

..................

455

391,442

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

.....................

2,352

2,416,680

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

7.75%,

04/15/28

..................

4,296

4,457,100

7.50%,

06/01/29

..................

7,037

7,292,091

Clear

Channel

Worldwide

Holdings,

Inc.,

5.13%,

08/15/27

(b)

................

14,103

14,103,000

Comcast

Corp.

3.15%,

03/01/26

..................

2,725

2,842,311

2.35%,

01/15/27

..................

300

303,115

4.15%,

10/15/28

..................

1,232

1,356,239

2.65%,

02/01/30

..................

225

226,138

4.60%,

10/15/38

..................

200

232,529

3.75%,

04/01/40

..................

190

201,239

4.00%,

08/15/47

..................

240

259,636

2.80%,

01/15/51

..................

1,705

1,520,063

2.89%,

11/01/51

(b)

.................

2,548

2,307,843

CSC

Holdings

LLC

5.25%,

06/01/24

..................

4,991

5,140,880

5.50%,

04/15/27

(b)

.................

970

991,611

5.38%,

02/01/28

(b)

.................

4,003

4,014,769

6.50%,

02/01/29

(b)

.................

3,885

4,044,673

5.75%,

01/15/30

(b)

.................

1,015

956,414

4.13%,

12/01/30

(b)

.................

5,763

5,274,240

4.63%,

12/01/30

(b)

.................

7,561

6,729,290

3.38%,

02/15/31

(b)

.................

980

855,050

4.50%,

11/15/31

(b)

.................

2,813

2,620,985

Cumulus

Media

New

Holdings,

Inc.,

6.75%,

07/01/26

(b)

.....................

1,500

1,543,440

DIRECTV

Holdings

LLC,

5.88%,

08/15/27

(b)

..

9,171

9,204,933

DISH

DBS

Corp.

5.88%,

07/15/22

..................

6,903

6,989,943

5.88%,

11/15/24

..................

1,700

1,712,070

7.75%,

07/01/26

..................

1,175

1,209,204

5.25%,

12/01/26

(b)

.................

12,489

12,114,330

7.38%,

07/01/28

..................

1,875

1,811,906

5.75%,

12/01/28

(b)

.................

9,911

9,484,033

5.13%,

06/01/29

..................

2,119

1,848,828

Fox

Corp.,

3.05%,

04/07/25

...........

575

591,123

GCI

LLC,

4.75%,

10/15/28

(b)

...........

2,263

2,236,862

Gray

Television,

Inc.,

7.00%,

05/15/27

(b)

....

505

535,065

Grupo

Televisa

SAB,

5.25%,

05/24/49

.....

200

239,912

Houghton

Mifflin

Harcourt

Publishers,

Inc.,

9.00%,

02/15/25

(b)

................

150

157,500

iHeartCommunications,

Inc.

8.38%,

05/01/27

..................

239

249,961

5.25%,

08/15/27

(b)

.................

214

217,424

4.75%,

01/15/28

(b)

.................

475

471,433

Interpublic

Group

of

Cos.,

Inc.

(The),

3.38%,

03/01/41

......................

180

174,823

Lamar

Media

Corp.,

4.00%,

02/15/30

......

958

919,680

LCPR

Senior

Secured

Financing

DAC

(b)

6.75%,

10/15/27

..................

3,161

3,279,474

5.13%,

07/15/29

..................

3,590

3,520,713

Mav

Acquisition

Corp.,

5.75%,

08/01/28

(b)

...

300

285,000

Midas

OpCo

Holdings

LLC,

5.63%,

08/15/29

(b)

1,577

1,550,191

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Midcontinent

Communications,

5.38%,

08/15/27

(b)

.....................

USD

554

$

561,618

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(b)

.....

700

717,500

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

..................

2,955

2,931,922

4.25%,

01/15/29

..................

731

687,984

Quebecor

Media,

Inc.,

5.75%,

01/15/23

....

3,380

3,443,612

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

..................

6,207

5,975,355

6.50%,

09/15/28

..................

11,919

11,501,835

Scripps

Escrow

II,

Inc.,

3.88%,

01/15/29

(b)

...

128

122,158

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

.....................

2,859

2,630,280

Sirius

XM

Radio,

Inc.

(b)

3.13%,

09/01/26

..................

4,137

3,966,556

5.00%,

08/01/27

..................

1,192

1,217,151

4.00%,

07/15/28

..................

4,419

4,275,382

5.50%,

07/01/29

..................

4,563

4,735,413

4.13%,

07/01/30

..................

78

74,313

3.88%,

09/01/31

..................

6,580

6,086,500

Spanish

Broadcasting

System,

Inc.,

9.75%,

03/01/26

(b)

.....................

264

271,920

Summer

BC

Bidco

B

LLC,

5.50%,

10/31/26

(b)

.

200

195,800

Summer

BC

Holdco

A

SARL,

9.25%,

10/31/27

(d)

EUR

631

749,173

Summer

BC

Holdco

B

SARL,

5.75%,

10/31/26

(d)

1,919

2,206,995

Summer

BidCo

BV

(d)(j)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

.....................

338

383,967

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(a)

....................

754

857,814

TEGNA,

Inc.

4.75%,

03/15/26

(b)

.................

USD

400

406,500

5.00%,

09/15/29

..................

1,400

1,377,824

Tele

Columbus

AG,

3.88%,

05/02/25

(d)

.....

EUR

1,643

1,762,766

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

................

USD

3,600

3,672,000

Terrier

Media

Buyer,

Inc.,

8.88%,

12/15/27

(b)

.

4,150

4,380,325

Townsquare

Media,

Inc.,

6.88%,

02/01/26

(b)

..

2,244

2,330,461

Univision

Communications,

Inc.

(b)

5.13%,

02/15/25

..................

3,353

3,379,019

6.63%,

06/01/27

..................

1,333

1,406,135

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

.

4,428

4,386,820

UPC

Holding

BV

5.50%,

01/15/28

(b)

.................

400

406,286

3.88%,

06/15/29

(d)

.................

EUR

700

781,409

UPCB

Finance

VII

Ltd.,

3.63%,

06/15/29

(d)

...

1,756

1,955,781

ViacomCBS,

Inc.

4.38%,

03/15/43

..................

USD

592

627,501

5.85%,

09/01/43

..................

229

290,028

4.95%,

05/19/50

..................

77

91,206

Videotron

Ltd.

(b)

5.38%,

06/15/24

..................

400

417,584

5.13%,

04/15/27

..................

569

581,586

3.63%,

06/15/29

..................

2,069

2,004,344

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(d)

................

GBP

567

738,114

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

................

USD

5,887

5,548,498

VZ

Secured

Financing

BV

3.50%,

01/15/32

(d)

.................

EUR

1,019

1,081,594

5.00%,

01/15/32

(b)

.................

USD

800

771,504

Ziggo

Bond

Co.

BV

(b)

6.00%,

01/15/27

..................

783

805,002

5.13%,

02/28/30

..................

2,165

2,053,795

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Ziggo

BV,

4.88%,

01/15/30

(b)

...........

USD

2,968

$

2,871,540

256,821,694

Metals

&

Mining

—

0.7%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%,

07/31/24

(d)

.....................

3,359

3,568,937

Allegheny

Technologies,

Inc.

5.88%,

12/01/27

..................

25

25,477

4.88%,

10/01/29

..................

769

755,027

5.13%,

10/01/31

..................

867

848,923

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

......................

1,245

1,210,762

Antofagasta

plc,

2.38%,

10/14/30

(b)

.......

1,540

1,430,275

Arconic

Corp.

(b)

6.00%,

05/15/25

..................

1,922

1,979,660

6.13%,

02/15/28

..................

4,386

4,550,256

Barrick

North

America

Finance

LLC,

5.75%,

05/01/43

......................

30

38,808

BHP

Billiton

Finance

USA

Ltd.,

5.00%,

09/30/43

41

50,816

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

9,547

10,130,799

Cleveland-Cliffs,

Inc.

(b)

9.88%,

10/17/25

..................

1,322

1,477,599

4.63%,

03/01/29

..................

200

195,146

Commercial

Metals

Co.

5.38%,

07/15/27

..................

104

108,680

4.13%,

01/15/30

..................

563

558,778

4.38%,

03/15/32

..................

1,677

1,667,165

Constellium

SE

(b)

5.88%,

02/15/26

..................

4,305

4,342,669

5.63%,

06/15/28

..................

1,468

1,504,700

3.75%,

04/15/29

..................

5,323

5,033,216

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

.....

1,269

1,249,965

FMG

Resources

August

2006

Pty.

Ltd.

(b)

5.13%,

05/15/24

..................

545

564,075

4.50%,

09/15/27

..................

595

609,030

Freeport-McMoRan,

Inc.,

5.45%,

03/15/43

..

7,553

8,884,216

Fresnillo

plc,

4.25%,

10/02/50

(b)

.........

3,085

2,994,957

Glencore

Funding

LLC,

2.63%,

09/23/31

(b)

...

705

659,357

Gold

Fields

Orogen

Holdings

BVI

Ltd.,

5.13%,

05/15/24

(b)

.....................

4,309

4,522,565

Industrias

Penoles

SAB

de

CV,

4.75%,

08/06/50

(b)

.....................

1,835

1,875,485

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

.....................

3,824

4,120,360

JSW

Steel

Ltd.,

5.95%,

04/18/24

(d)

.......

630

652,838

Kaiser

Aluminum

Corp.

(b)

4.63%,

03/01/28

..................

244

234,074

4.50%,

06/01/31

..................

792

752,400

KME

SE,

6.75%,

02/01/23

(d)

...........

EUR

430

455,364

Metalloinvest

Finance

DAC,

3.38%,

10/22/28

(b)

USD

5,464

5,026,880

Mineral

Resources

Ltd.,

8.13%,

05/01/27

(b)

..

615

656,666

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

.......

5,149

5,406,450

Newmont

Corp.

2.80%,

10/01/29

..................

235

234,903

5.45%,

06/09/44

..................

200

253,236

Nexa

Resources

SA,

5.38%,

05/04/27

(b)

....

3,557

3,681,495

Novelis

Corp.

(b)

3.25%,

11/15/26

..................

3,515

3,404,980

4.75%,

01/30/30

..................

7,581

7,543,095

3.88%,

08/15/31

..................

4,048

3,812,285

Nucor

Corp.

2.00%,

06/01/25

..................

205

204,481

2.98%,

12/15/55

..................

75

68,538

Periama

Holdings

LLC,

5.95%,

04/19/26

(d)

...

4,374

4,516,155

Southern

Copper

Corp.,

5.88%,

04/23/45

...

150

195,637

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Steel

Dynamics,

Inc.

2.40%,

06/15/25

..................

USD

95

$

95,772

1.65%,

10/15/27

..................

535

511,373

3.25%,

10/15/50

..................

310

289,231

SunCoke

Energy,

Inc.,

4.88%,

06/30/29

(b)

...

291

283,513

Taseko

Mines

Ltd.,

7.00%,

02/15/26

(b)

.....

3,357

3,403,662

thyssenkrupp

AG,

2.88%,

02/22/24

(d)

......

EUR

962

1,096,603

United

States

Steel

Corp.,

6.88%,

03/01/29

..

USD

3,041

3,071,410

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(d)

................

2,175

2,257,650

8.95%,

03/11/25

(d)

.................

2,627

2,496,175

8.95%,

03/11/25

(b)

.................

1,278

1,214,356

Vedanta

Resources

Ltd.

7.13%,

05/31/23

(d)

.................

2,080

1,969,240

Warrior

Met

Coal,

Inc.,

7.88%,

12/01/28

(b)

...

1,355

1,426,178

120,172,343

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

New

Residential

Investment

Corp.,

6.25%,

10/15/25

(b)

.....................

100

98,944

Starwood

Property

Trust,

Inc.

5.50%,

11/01/23

(b)

.................

217

223,781

4.75%,

03/15/25

..................

550

562,375

3.63%,

07/15/26

(b)

.................

515

502,548

4.38%,

01/15/27

(b)

.................

862

858,957

2,246,605

Multiline

Retail

—

0.0%

Golden

Eagle

Retail

Group

Ltd.,

4.63%,

05/21/23

(b)

.....................

430

423,765

Macy's

Retail

Holdings

LLC

5.88%,

04/01/29

(b)

.................

590

601,328

5.13%,

01/15/42

..................

125

111,477

4.30%,

02/15/43

..................

325

270,563

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

...

2,850

2,935,529

Nordstrom,

Inc.,

5.00%,

01/15/44

........

1,050

935,812

5,278,474

Multi-Utilities

—

0.1%

Berkshire

Hathaway

Energy

Co.,

3.75%,

11/15/23

......................

825

854,118

CMS

Energy

Corp.,

4.88%,

03/01/44

......

200

239,892

Consumers

Energy

Co.,

3.25%,

08/15/46

...

775

786,567

Dominion

Energy,

Inc.

3.90%,

10/01/25

..................

1,120

1,186,342

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%),

4.35%

(a)(k)

.....................

10,005

10,080,037

Series

C,

2.25%,

08/15/31

...........

300

285,505

NiSource,

Inc.

3.60%,

05/01/30

..................

400

420,001

3.95%,

03/30/48

..................

490

522,462

San

Diego

Gas

&

Electric

Co.,

2.95%,

08/15/51

350

327,623

Sempra

Energy

3.40%,

02/01/28

..................

1,075

1,122,607

3.80%,

02/01/38

..................

825

862,466

16,687,620

Oil,

Gas

&

Consumable

Fuels

—

3.2%

Adani

Green

Energy

UP

Ltd.,

6.25%,

12/10/24

(d)

700

742,131

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

....

2,889

3,042,493

Antero

Midstream

Partners

LP

(b)

5.75%,

03/01/27

..................

1,634

1,658,510

5.75%,

01/15/28

..................

732

746,494

5.38%,

06/15/29

..................

2,488

2,504,396

Antero

Resources

Corp.

5.00%,

03/01/25

..................

200

202,458

8.38%,

07/15/26

(b)

.................

133

148,340

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

7.63%,

02/01/29

(b)

.................

USD

2,233

$

2,433,970

5.38%,

03/01/30

(b)

.................

533

551,549

Apache

Corp.

4.63%,

11/15/25

..................

305

318,188

4.38%,

10/15/28

..................

750

775,995

4.25%,

01/15/30

..................

1,287

1,302,444

5.10%,

09/01/40

..................

3,868

4,057,300

5.25%,

02/01/42

..................

599

645,069

5.35%,

07/01/49

..................

736

771,442

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

..................

1,979

2,632,070

8.25%,

12/31/28

..................

130

136,175

5.88%,

06/30/29

..................

4,390

4,236,350

Azure

Power

Energy

Ltd.,

3.58%,

08/19/26

(b)

.

1,500

1,470,000

Baytex

Energy

Corp.,

8.75%,

04/01/27

(b)

....

550

588,500

Berry

Petroleum

Co.

LLC,

7.00%,

02/15/26

(b)

.

1,200

1,202,976

Bonanza

Creek

Energy,

Inc.,

5.00%,

10/15/26

(b)

1,167

1,166,638

BP

Capital

Markets

America,

Inc.

3.19%,

04/06/25

..................

730

758,176

3.02%,

01/16/27

..................

582

602,672

3.59%,

04/14/27

..................

732

773,586

4.23%,

11/06/28

..................

758

833,154

3.63%,

04/06/30

..................

530

564,772

1.75%,

08/10/30

..................

60

55,676

3.06%,

06/17/41

..................

1,025

969,989

BP

Capital

Markets

plc

(a)(k)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.04%),

4.38%

.......................

12,000

12,300,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%),

4.88%

.......................

20,125

21,257,031

Buckeye

Partners

LP

4.13%,

03/01/25

(b)

.................

318

316,202

5.85%,

11/15/43

..................

1,712

1,566,223

5.60%,

10/15/44

..................

978

887,323

California

Resources

Corp.,

7.13%,

02/01/26

(b)

825

857,538

Callon

Petroleum

Co.

6.13%,

10/01/24

..................

1,545

1,545,000

9.00%,

04/01/25

(b)

.................

5,701

6,100,070

8.25%,

07/15/25

..................

375

368,438

8.00%,

08/01/28

(b)

.................

6,355

6,474,156

Calumet

Specialty

Products

Partners

LP,

9.25%,

07/15/24

(b)

................

200

213,000

Cameron

LNG

LLC,

3.30%,

01/15/35

(b)

.....

565

564,401

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

....

390

373,880

Centennial

Resource

Production

LLC

(b)

5.38%,

01/15/26

..................

1,548

1,512,737

6.88%,

04/01/27

..................

1,391

1,404,910

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

..................

995

1,086,211

5.13%,

06/30/27

..................

1,165

1,287,273

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

..................

3,689

3,770,970

4.00%,

03/01/31

..................

4,304

4,282,243

3.25%,

01/31/32

(b)

.................

4,680

4,401,914

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

....

14,571

14,789,565

Chesapeake

Energy

Corp.

(b)

5.50%,

02/01/26

..................

60

61,842

5.88%,

02/01/29

..................

71

74,025

6.75%,

04/15/29

..................

4,805

5,135,344

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

..................

1,719

1,731,892

6.38%,

06/15/26

..................

2,934

2,919,330

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

706

689,409

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

CNX

Resources

Corp.

(b)

7.25%,

03/14/27

..................

USD

1,700

$

1,784,337

6.00%,

01/15/29

..................

562

578,860

Colgate

Energy

Partners

III

LLC

(b)

7.75%,

02/15/26

..................

1,517

1,626,982

5.88%,

07/01/29

..................

4,170

4,237,763

Comstock

Resources,

Inc.

(b)

7.50%,

05/15/25

..................

1,671

1,699,741

6.75%,

03/01/29

..................

4,611

4,743,751

5.88%,

01/15/30

..................

3,501

3,479,469

ConocoPhillips,

3.75%,

10/01/27

(b)

.......

800

854,793

Continuum

Energy

Levanter

Pte.

Ltd.

4.50%,

02/09/27

(b)

.................

1,042

1,030,401

4.50%,

02/09/27

(d)

.................

1,943

1,921,453

Coterra

Energy,

Inc.,

3.90%,

05/15/27

(b)

....

155

163,738

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

3,969

3,955,624

Crescent

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

.....................

3,543

3,635,472

Crestwood

Midstream

Partners

LP

5.75%,

04/01/25

..................

75

75,562

5.63%,

05/01/27

(b)

.................

860

862,150

6.00%,

02/01/29

(b)

.................

1,500

1,511,250

CrownRock

LP

(b)

5.63%,

10/15/25

..................

7,169

7,222,553

5.00%,

05/01/29

..................

160

161,507

Cullinan

Holdco

SCSP,

4.63%,

10/15/26

(d)

...

EUR

599

656,540

DCP

Midstream

Operating

LP

3.88%,

03/15/23

..................

USD

300

303,000

5.38%,

07/15/25

..................

645

679,023

6.45%,

11/03/36

(b)

.................

1,578

1,996,170

6.75%,

09/15/37

(b)

.................

4,497

5,790,877

(LIBOR

USD

3

Month

+

3.85%),

5.85%,

05/21/43

(a)(b)

...................

375

357,303

5.60%,

04/01/44

..................

350

406,000

Delek

Logistics

Partners

LP,

7.13%,

06/01/28

(b)

1,000

1,014,500

Devon

Energy

Corp.

8.25%,

08/01/23

..................

286

310,052

5.25%,

10/15/27

..................

1,070

1,121,228

4.50%,

01/15/30

..................

500

530,502

4.75%,

05/15/42

..................

323

357,598

Diamondback

Energy,

Inc.

2.88%,

12/01/24

..................

1,680

1,713,333

4.75%,

05/31/25

..................

50

53,971

3.50%,

12/01/29

..................

1,445

1,486,653

3.13%,

03/24/31

..................

269

266,829

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

..................

3,527

3,479,350

4.38%,

06/15/31

..................

4,681

4,622,488

EIG

Pearl

Holdings

SARL

(b)

3.55%,

08/31/36

..................

3,752

3,736,617

4.39%,

11/30/46

..................

5,385

5,354,036

Enbridge,

Inc.

4.00%,

10/01/23

..................

500

517,556

0.55%,

10/04/23

..................

355

349,018

2.50%,

01/15/25

..................

1,040

1,053,531

4.25%,

12/01/26

..................

500

538,593

3.70%,

07/15/27

..................

144

151,969

3.13%,

11/15/29

..................

425

434,229

4.50%,

06/10/44

..................

30

32,521

Series

16-A,

(LIBOR

USD

3

Month

+

3.89%),

6.00%,

01/15/77

(a)

.........

13,675

14,511,015

Encino

Acquisition

Partners

Holdings

LLC,

8.50%,

05/01/28

(b)

................

300

303,375

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Endeavor

Energy

Resources

LP,

6.63%,

07/15/25

(b)

.....................

USD

700

$

731,640

Energean

Israel

Finance

Ltd.,

4.50%,

03/30/24

(b)(d)

....................

3,470

3,448,312

Energy

Transfer

LP

5.00%,

10/01/22

..................

300

305,001

5.88%,

01/15/24

..................

3,740

3,990,762

4.90%,

02/01/24

..................

245

256,743

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(a)(k)

.....................

10,183

10,415,274

5.25%,

04/15/29

..................

270

300,131

5.95%,

10/01/43

..................

220

253,087

5.15%,

03/15/45

..................

1,250

1,335,981

6.00%,

06/15/48

..................

495

583,672

6.25%,

04/15/49

..................

1,735

2,112,175

5.00%,

05/15/50

..................

100

108,226

EnLink

Midstream

LLC

5.63%,

01/15/28

(b)

.................

1,893

1,943,543

5.38%,

06/01/29

..................

1,480

1,493,616

EnLink

Midstream

Partners

LP

4.40%,

04/01/24

..................

1,979

1,993,051

4.15%,

06/01/25

..................

1,283

1,279,462

4.85%,

07/15/26

..................

1,841

1,890,868

5.60%,

04/01/44

..................

969

876,945

5.05%,

04/01/45

..................

466

399,362

5.45%,

06/01/47

..................

600

534,000

Enterprise

Products

Operating

LLC

6.45%,

09/01/40

..................

150

197,345

4.85%,

08/15/42

..................

105

118,491

4.45%,

02/15/43

..................

1,130

1,211,300

4.85%,

03/15/44

..................

5

5,666

4.80%,

02/01/49

..................

575

660,413

4.20%,

01/31/50

..................

930

983,707

3.30%,

02/15/53

..................

240

221,646

EOG

Resources,

Inc.

4.38%,

04/15/30

..................

300

336,216

4.95%,

04/15/50

..................

70

88,743

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(b)

.................

1,589

1,640,643

4.13%,

12/01/26

..................

178

176,131

6.50%,

07/01/27

(b)

.................

4,017

4,197,765

5.50%,

07/15/28

..................

730

738,840

4.50%,

01/15/29

(b)

.................

1,246

1,189,955

4.75%,

01/15/31

(b)

.................

3,573

3,419,968

6.50%,

07/15/48

..................

240

258,000

EQT

Corp.

6.63%,

02/01/25

(e)

.................

475

511,812

3.13%,

05/15/26

(b)

.................

2,353

2,300,058

3.90%,

10/01/27

..................

2,054

2,067,926

5.00%,

01/15/29

..................

384

404,160

7.50%,

02/01/30

(e)

.................

1,593

1,897,821

3.63%,

05/15/31

(b)

.................

381

377,190

Exxon

Mobil

Corp.,

3.45%,

04/15/51

......

560

579,683

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(d)

.....................

5,071

4,827,592

Genesis

Energy

LP

6.50%,

10/01/25

..................

1,078

1,054,801

8.00%,

01/15/27

..................

600

603,828

7.75%,

02/01/28

..................

840

827,820

Global

Partners

LP

7.00%,

08/01/27

..................

400

413,000

6.88%,

01/15/29

..................

975

1,007,204

GNL

Quintero

SA,

4.63%,

07/31/29

(d)

......

3,375

3,505,508

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Great

Western

Petroleum

LLC,

12.00%,

09/01/25

(b)

.....................

USD

194

$

202,524

Greenko

Solar

Mauritius

Ltd.,

5.95%,

07/29/26

(d)

.....................

5,565

5,745,863

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

592,596

Hess

Corp.

4.30%,

04/01/27

..................

955

1,019,296

5.60%,

02/15/41

..................

925

1,108,061

5.80%,

04/01/47

..................

300

377,940

Hess

Midstream

Operations

LP

(b)

5.63%,

02/15/26

..................

885

902,700

5.13%,

06/15/28

..................

500

509,495

4.25%,

02/15/30

..................

3,421

3,301,265

Hilcorp

Energy

I

LP

(b)

6.25%,

11/01/28

..................

220

228,250

6.00%,

02/01/31

..................

710

720,650

Holly

Energy

Partners

LP,

5.00%,

02/01/28

(b)

.

1,900

1,849,099

HollyFrontier

Corp.,

2.63%,

10/01/23

......

885

894,537

Howard

Midstream

Energy

Partners

LLC,

6.75%,

01/15/27

(b)

................

770

789,974

HPCL-Mittal

Energy

Ltd.,

5.25%,

04/28/27

(d)

..

700

703,500

India

Green

Energy

Holdings

5.38%,

04/29/24

(b)

.................

2,183

2,204,830

5.38%,

04/29/24

(d)

.................

1,695

1,711,950

Ithaca

Energy

North

Sea

plc,

9.00%,

07/15/26

(b)

250

256,875

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

3,147

3,019,326

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

.....................

1,535

1,498,927

Kinder

Morgan

Energy

Partners

LP

6.95%,

01/15/38

..................

286

377,001

6.38%,

03/01/41

..................

75

93,883

5.40%,

09/01/44

..................

850

975,299

Kinder

Morgan,

Inc.

3.15%,

01/15/23

..................

2,105

2,140,376

5.55%,

06/01/45

..................

1,175

1,398,420

Laredo

Petroleum,

Inc.,

7.75%,

07/31/29

(b)

..

1,380

1,333,370

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)(d)

...

4,016

4,110,649

Lukoil

Capital

DAC,

2.80%,

04/26/27

(b)

.....

5,475

5,050,687

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(b)

.....................

600

613,500

Marathon

Oil

Corp.,

4.40%,

07/15/27

......

985

1,055,403

Marathon

Petroleum

Corp.,

4.75%,

09/15/44

.

49

53,573

Matador

Resources

Co.,

5.88%,

09/15/26

...

7,628

7,733,038

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

05/14/26

(d)

.

2,590

2,632,088

Medco

Platinum

Road

Pte.

Ltd.,

6.75%,

01/30/25

(d)

.....................

798

801,142

MEG

Energy

Corp.

(b)

6.50%,

01/15/25

..................

151

152,887

5.88%,

02/01/29

..................

1,160

1,178,850

Mongolian

Mining

Corp.,

9.25%,

04/15/24

(d)

..

1,800

1,388,025

MPLX

LP

1.75%,

03/01/26

..................

1,160

1,130,863

4.25%,

12/01/27

..................

790

849,880

4.00%,

03/15/28

..................

425

450,158

Murphy

Oil

Corp.

6.88%,

08/15/24

..................

134

135,340

5.75%,

08/15/25

..................

1,222

1,240,330

5.88%,

12/01/27

..................

512

519,583

6.37%,

12/01/42

(e)

.................

150

143,432

Neptune

Energy

Bondco

plc,

6.63%,

05/15/25

(b)

1,768

1,790,100

New

Fortress

Energy,

Inc.

(b)

6.75%,

09/15/25

..................

7,043

6,673,242

6.50%,

09/30/26

..................

6,717

6,280,395

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

1,303

1,323,848

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(b)

.....

USD

1,007

$

1,364,800

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

8,325

8,678,812

NuStar

Logistics

LP

5.75%,

10/01/25

..................

752

784,900

6.00%,

06/01/26

..................

2,322

2,435,476

6.38%,

10/01/30

..................

47

50,840

Oasis

Midstream

Partners

LP,

8.00%,

04/01/29

(b)

.....................

1,050

1,120,623

Oasis

Petroleum,

Inc.,

6.38%,

06/01/26

(b)

...

4,032

4,141,590

Occidental

Petroleum

Corp.

6.95%,

07/01/24

..................

431

469,790

2.90%,

08/15/24

..................

3,150

3,152,725

5.50%,

12/01/25

..................

1,091

1,157,723

5.55%,

03/15/26

..................

320

341,600

3.00%,

02/15/27

..................

30

29,029

8.50%,

07/15/27

..................

380

456,177

6.38%,

09/01/28

..................

705

801,937

3.50%,

08/15/29

..................

1,750

1,724,975

8.88%,

07/15/30

..................

885

1,147,110

6.63%,

09/01/30

..................

550

645,431

6.13%,

01/01/31

..................

150

173,138

6.45%,

09/15/36

..................

2,200

2,672,340

4.30%,

08/15/39

..................

2,920

2,752,100

6.20%,

03/15/40

..................

3,053

3,533,847

4.50%,

07/15/44

..................

2,564

2,474,260

4.63%,

06/15/45

..................

5,107

4,947,406

6.60%,

03/15/46

..................

450

565,732

4.40%,

04/15/46

..................

12,743

12,186,386

4.10%,

02/15/47

..................

914

835,670

4.20%,

03/15/48

..................

4,264

3,965,520

4.40%,

08/15/49

..................

1,217

1,156,150

OQ

SAOC,

5.13%,

05/06/28

(b)

..........

5,181

5,214,353

Parkland

Corp.,

5.88%,

07/15/27

(b)

.......

2,224

2,293,100

Parsley

Energy

LLC,

5.63%,

10/15/27

(b)

....

420

438,900

PBF

Holding

Co.

LLC

9.25%,

05/15/25

(b)

.................

600

586,078

7.25%,

06/15/25

..................

500

396,728

6.00%,

02/15/28

..................

815

572,538

PDC

Energy,

Inc.

6.13%,

09/15/24

..................

568

573,680

5.75%,

05/15/26

..................

1,930

1,964,933

Penn

Virginia

Escrow

LLC,

9.25%,

08/15/26

(b)

750

769,125

Pioneer

Natural

Resources

Co.

0.55%,

05/15/23

..................

580

574,350

1.13%,

01/15/26

..................

310

296,597

2.15%,

01/15/31

..................

755

706,913

Plains

All

American

Pipeline

LP,

4.30%,

01/31/43

......................

430

415,433

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

547,353

Range

Resources

Corp.

5.00%,

03/15/23

..................

500

505,000

4.88%,

05/15/25

..................

922

939,661

9.25%,

02/01/26

..................

1,471

1,573,058

4.75%,

02/15/30

(b)

.................

1,193

1,191,556

ReNew

Power

Pvt

Ltd.,

5.88%,

03/05/27

(d)

...

4,035

4,080,394

Repsol

International

Finance

BV

(a)(d)

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

(k)

......................

EUR

550

636,434

(EUR

Swap

Annual

5

Year

+

4.41%),

4.25%

(k)

......................

467

551,540

(EUR

Swap

Annual

10

Year

+

4.20%),

4.50%,

03/25/75

................

300

356,681

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(b)

..

USD

2,662

$

2,695,275

Rubis

Terminal

Infra

SAS,

5.63%,

05/15/25

(d)

.

EUR

1,313

1,522,293

Sabine

Pass

Liquefaction

LLC

5.75%,

05/15/24

..................

USD

975

1,046,625

5.63%,

03/01/25

..................

1,105

1,206,800

Santos

Finance

Ltd.,

5.25%,

03/13/29

(d)

....

1,100

1,201,319

SM

Energy

Co.

10.00%,

01/15/25

(b)

................

6,636

7,216,650

5.63%,

06/01/25

..................

421

417,842

6.75%,

09/15/26

..................

712

719,120

6.50%,

07/15/28

..................

1,942

2,006,086

Southwestern

Energy

Co.

5.95%,

01/23/25

(e)

.................

309

326,768

7.75%,

10/01/27

..................

175

186,433

8.38%,

09/15/28

..................

270

296,244

5.38%,

02/01/29

..................

4,471

4,546,470

4.75%,

02/01/32

..................

1,794

1,790,968

Spectra

Energy

Partners

LP,

5.95%,

09/25/43

100

128,825

Summit

Midstream

Holdings

LLC,

8.50%,

10/15/26

(b)

.....................

1,759

1,802,447

Sunoco

LP

6.00%,

04/15/27

..................

1,460

1,506,574

5.88%,

03/15/28

..................

1,136

1,177,816

4.50%,

05/15/29

..................

1,515

1,483,140

4.50%,

04/30/30

(b)

.................

704

691,314

Tallgrass

Energy

Partners

LP

(b)

7.50%,

10/01/25

..................

265

278,714

5.50%,

01/15/28

..................

295

282,020

6.00%,

12/31/30

..................

765

730,575

Talos

Production,

Inc.,

12.00%,

01/15/26

...

400

425,000

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(b)

.

6,883

7,055,075

Targa

Resources

Partners

LP

5.88%,

04/15/26

..................

3,333

3,435,157

5.38%,

02/01/27

..................

1,036

1,061,941

6.50%,

07/15/27

..................

400

424,520

5.00%,

01/15/28

..................

550

563,750

6.88%,

01/15/29

..................

1,063

1,162,656

5.50%,

03/01/30

..................

2,199

2,328,191

4.88%,

02/01/31

..................

2,022

2,112,990

4.00%,

01/15/32

(b)

.................

300

298,620

TerraForm

Power

Operating

LLC

(b)

4.25%,

01/31/23

..................

584

587,119

5.00%,

01/31/28

..................

1,080

1,093,500

4.75%,

01/15/30

..................

986

991,127

TotalEnergies

Capital

International

SA,

3.13%,

05/29/50

......................

194

188,223

UGI

International

LLC,

2.50%,

12/01/29

(d)

...

EUR

410

443,922

Valero

Energy

Corp.

2.85%,

04/15/25

..................

USD

625

637,860

4.35%,

06/01/28

..................

370

398,358

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

..................

5,881

5,870,649

4.13%,

08/15/31

..................

5,825

5,862,807

3.88%,

11/01/33

..................

12,031

11,904,434

Viper

Energy

Partners

LP,

5.38%,

11/01/27

(b)

.

800

826,000

Western

Midstream

Operating

LP

4.75%,

08/15/28

..................

256

272,000

5.30%,

02/01/30

(e)

.................

1,900

1,980,750

5.45%,

04/01/44

..................

2,063

2,279,615

5.30%,

03/01/48

..................

3,735

4,127,175

5.50%,

08/15/48

..................

671

741,455

6.50%,

02/01/50

(e)

.................

8,310

9,116,859

Williams

Cos.,

Inc.

(The)

3.70%,

01/15/23

..................

960

976,964

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

4.55%,

06/24/24

..................

USD

1,425

$

1,503,915

566,649,433

Paper

&

Forest

Products

—

0.1%

Georgia-Pacific

LLC,

1.75%,

09/30/25

(b)

....

187

185,072

Glatfelter

Corp.,

4.75%,

11/15/29

(b)

.......

250

251,962

Louisiana-Pacific

Corp.,

3.63%,

03/15/29

(b)

..

1,300

1,274,000

Pearl

Merger

Sub,

Inc.,

6.75%,

10/01/28

(b)

...

2,837

2,785,026

Resolute

Forest

Products,

Inc.,

4.88%,

03/01/26

(b)

.....................

1,080

1,068,228

Schweitzer-Mauduit

International,

Inc.,

6.88%,

10/01/26

(b)

.....................

300

298,500

Suzano

Austria

GmbH

2.50%,

09/15/28

..................

390

369,038

3.13%,

01/15/32

..................

2,435

2,252,375

8,484,201

Personal

Products

—

0.1%

Coty,

Inc.

4.00%,

04/15/23

(d)

.................

EUR

900

1,003,522

3.88%,

04/15/26

(d)

.................

1,299

1,458,048

4.75%,

04/15/26

(d)

.................

600

672,870

5.00%,

04/15/26

(b)

.................

USD

1,485

1,490,910

6.50%,

04/15/26

(b)

.................

500

506,330

4.75%,

01/15/29

(b)

.................

1,143

1,125,855

Edgewell

Personal

Care

Co.,

5.50%,

06/01/28

(b)

100

103,750

Herbalife

Nutrition

Ltd.,

7.88%,

09/01/25

(b)

...

800

840,064

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(b)

....

2,137

1,939,328

9,140,677

Pharmaceuticals

—

0.6%

Almirall

SA,

2.13%,

09/30/26

(d)

..........

EUR

381

423,283

Astrazeneca

Finance

LLC,

2.25%,

05/28/31

..

USD

155

151,479

Bausch

Health

Americas,

Inc.

(b)

9.25%,

04/01/26

..................

800

823,840

8.50%,

01/31/27

..................

4,926

4,981,417

Bausch

Health

Cos.,

Inc.

(b)

6.13%,

04/15/25

..................

1,654

1,685,840

5.50%,

11/01/25

..................

1,125

1,133,820

9.00%,

12/15/25

..................

6,400

6,685,312

6.13%,

02/01/27

..................

1,603

1,609,011

5.75%,

08/15/27

..................

235

235,834

7.00%,

01/15/28

..................

1,521

1,363,196

5.00%,

01/30/28

..................

1,070

901,475

5.00%,

02/15/29

..................

1,202

967,610

6.25%,

02/15/29

..................

2,382

2,015,768

7.25%,

05/30/29

..................

5,147

4,632,300

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25

(b)

.

1,525

1,626,039

Bristol-Myers

Squibb

Co.

2.90%,

07/26/24

..................

332

342,510

3.40%,

07/26/29

..................

80

84,899

Catalent

Pharma

Solutions,

Inc.

5.00%,

07/15/27

(b)

.................

3,091

3,148,956

2.38%,

03/01/28

(d)

.................

EUR

1,258

1,357,192

3.13%,

02/15/29

(b)

.................

USD

1,289

1,205,215

3.50%,

04/01/30

(b)

.................

5,022

4,696,625

Cheplapharm

Arzneimittel

GmbH

4.38%,

01/15/28

(d)

.................

EUR

692

793,077

5.50%,

01/15/28

(b)

.................

USD

2,250

2,265,975

Elanco

Animal

Health,

Inc.,

5.90%,

08/28/28

(e)

680

741,200

Embecta

Corp.,

5.00%,

02/15/30

(b)

.......

1,098

1,099,372

Endo

DAC

(b)

5.88%,

10/15/24

..................

400

390,680

9.50%,

07/31/27

..................

4,883

4,822,939

Endo

Luxembourg

Finance

Co.

I

SARL,

6.13%,

04/01/29

(b)

.....................

3,516

3,340,974

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Gruenenthal

GmbH

(d)

3.63%,

11/15/26

..................

EUR

558

$

625,318

4.13%,

05/15/28

..................

1,023

1,146,416

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

....

USD

4,369

4,313,732

Merck

&

Co.,

Inc.

3.40%,

03/07/29

..................

155

164,704

2.15%,

12/10/31

..................

760

734,156

2.75%,

12/10/51

..................

325

298,129

Nidda

BondCo

GmbH

(d)

5.00%,

09/30/25

..................

EUR

500

545,789

7.25%,

09/30/25

..................

374

421,221

Nidda

Healthcare

Holding

GmbH

3.50%,

09/30/24

(d)

.................

2,411

2,647,694

Organon

&

Co.

(b)

4.13%,

04/30/28

..................

USD

5,830

5,736,837

5.13%,

04/30/31

..................

5,695

5,695,000

P&L

Development

LLC,

7.75%,

11/15/25

(b)

...

2,297

2,228,090

Par

Pharmaceutical,

Inc.,

7.50%,

04/01/27

(b)

.

12,030

12,105,187

Pfizer,

Inc.

3.45%,

03/15/29

..................

240

257,013

2.55%,

05/28/40

..................

245

228,281

4.30%,

06/15/43

..................

155

181,244

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(b)

....

935

857,150

Rossini

SARL

(d)

(EURIBOR

3

Month

+

3.88%),

3.88%,

10/30/25

(a)

....................

EUR

200

223,819

6.75%,

10/30/25

..................

1,212

1,404,172

Takeda

Pharmaceutical

Co.

Ltd.

4.40%,

11/26/23

..................

USD

1,088

1,138,201

3.18%,

07/09/50

..................

1,747

1,609,643

Teva

Pharmaceutical

Finance

Netherlands

II

BV

6.00%,

01/31/25

..................

EUR

1,100

1,301,678

4.50%,

03/01/25

..................

700

796,638

3.75%,

05/09/27

..................

440

478,500

1.63%,

10/15/28

(d)

.................

300

281,804

4.38%,

05/09/30

..................

359

384,489

Teva

Pharmaceutical

Finance

Netherlands

III

BV

6.00%,

04/15/24

..................

USD

1,400

1,419,250

7.13%,

01/31/25

..................

200

208,562

100,958,555

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.

(b)

4.63%,

10/01/27

..................

85

85,830

4.00%,

04/15/29

..................

696

690,571

ASGN,

Inc.,

4.63%,

05/15/28

(b)

..........

1,630

1,628,370

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

.......

3,749

3,589,667

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

(b)

.....................

2,050

2,044,875

House

of

Finance

NV

(The),

4.38%,

07/15/26

(d)

EUR

500

560,816

Korn

Ferry,

4.63%,

12/15/27

(b)

..........

USD

1,965

2,001,844

La

Financiere

Atalian

SASU,

5.13%,

05/15/25

(d)

EUR

1,471

1,576,394

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

................

USD

1,874

1,883,370

14,061,737

Real

Estate

Management

&

Development

—

1.0%

ADLER

Group

SA

(d)

3.25%,

08/05/25

..................

EUR

1,000

962,141

2.75%,

11/13/26

..................

1,000

904,377

2.25%,

01/14/29

..................

300

264,711

Aedas

Homes

Opco

SLU,

4.00%,

08/15/26

(d)

.

429

485,189

Agile

Group

Holdings

Ltd.,

5.75%,

01/02/25

(d)

.

USD

6,052

2,662,880

Alam

Sutera

Realty

Tbk.

PT,

8.00%,

(8.00%

Cash

or

6.25%

PIK),

05/02/24

(j)

........

407

340,303

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

.....................

USD

4,380

$

4,188,375

Aroundtown

SA,

(EUR

Swap

Annual

5

Year

+

3.98%),

3.38%

(a)(d)(k)

...............

EUR

1,100

1,257,051

Celulosa

Arauco

y

Constitucion

SA,

3.88%,

11/02/27

......................

USD

325

336,760

Central

China

Real

Estate

Ltd.

(d)

7.90%,

11/07/23

..................

557

295,210

7.25%,

08/13/24

..................

498

249,000

CFLD

Cayman

Investment

Ltd.

(d)(f)(l)

8.63%,

02/28/21

..................

314

80,070

6.90%,

01/13/23

..................

6,858

1,717,929

China

Aoyuan

Group

Ltd.

(d)(f)(l)

7.95%,

02/19/23

..................

6,122

1,071,350

6.35%,

02/08/24

..................

6,938

1,214,150

5.98%,

08/18/25

..................

1,900

323,000

China

Evergrande

Group

(d)(f)(l)

8.25%,

03/23/22

..................

1,145

200,375

9.50%,

04/11/22

..................

630

103,950

11.50%,

01/22/23

.................

9,095

1,455,200

10.00%,

04/11/23

.................

7,174

1,147,840

7.50%,

06/28/23

..................

2,500

400,000

12.00%,

01/22/24

.................

6,281

1,004,960

10.50%,

04/11/24

.................

1,930

308,800

China

SCE

Group

Holdings

Ltd.

(d)

7.25%,

04/19/23

..................

1,810

1,420,850

7.38%,

04/09/24

..................

5,899

4,453,745

CIFI

Holdings

Group

Co.

Ltd.

(d)

6.00%,

07/16/25

..................

3,272

2,887,540

5.25%,

05/13/26

..................

4,815

4,092,750

Citycon

OYJ,

(EUR

Swap

Annual

5

Year

+

4.71%),

4.50%

(a)(d)(k)

...............

EUR

600

659,793

Country

Garden

Holdings

Co.

Ltd.

(d)

6.15%,

09/17/25

..................

USD

4,061

3,533,070

4.20%,

02/06/26

..................

7,482

6,116,535

5.63%,

12/15/26

..................

800

670,000

5.13%,

01/14/27

..................

630

515,025

4.80%,

08/06/30

..................

5,076

4,010,040

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

(d)

................

EUR

600

656,578

DIC

Asset

AG,

2.25%,

09/22/26

(d)

........

900

943,937

Easy

Tactic

Ltd.

(d)

8.13%,

02/27/23

..................

USD

1,530

543,150

8.63%,

02/27/24

..................

4,285

1,478,325

8.63%,

03/05/24

..................

1,257

433,665

8.13%,

07/11/24

..................

3,880

1,319,200

Fantasia

Holdings

Group

Co.

Ltd.

(d)(f)(l)

15.00%,

12/18/21

.................

1,735

360,012

11.75%,

04/17/22

.................

2,039

417,995

7.95%,

07/05/22

..................

1,650

338,250

12.25%,

10/18/22

.................

3,269

670,145

10.88%,

01/09/23

.................

1,345

275,725

11.88%,

06/01/23

.................

1,500

307,500

9.25%,

07/28/23

..................

3,540

725,700

9.88%,

10/19/23

..................

2,640

541,200

Fastighets

AB

Balder,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%,

06/02/81

(a)(d)

.....

EUR

1,025

1,073,347

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(b)

USD

4,450

4,589,062

Forestar

Group,

Inc.,

3.85%,

05/15/26

(b)

....

1,382

1,354,360

Global

Prime

Capital

Pte.

Ltd.,

5.95%,

01/23/25

(d)

.....................

5,656

5,684,280

Greystar

Real

Estate

Partners

LLC,

5.75%,

12/01/25

(b)

.....................

370

376,138

Heimstaden

Bostad

AB

(a)(d)(k)

(EUR

Swap

Annual

5

Year

+

3.91%),

3.38%

EUR

450

489,628

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

(EUR

Swap

Annual

5

Year

+

3.15%),

2.62%

EUR

1,275

$

1,308,261

(EUR

Swap

Annual

5

Year

+

3.27%),

3.00%

850

885,700

Howard

Hughes

Corp.

(The)

(b)

5.38%,

08/01/28

..................

USD

1,636

1,666,536

4.13%,

02/01/29

..................

1,028

988,145

4.38%,

02/01/31

..................

1,789

1,701,786

Hunt

Cos.,

Inc.,

5.25%,

04/15/29

(b)

.......

300

286,314

JGC

Ventures

Pte.

Ltd.

0.00%,

06/30/25

..................

3

1,600

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(d)(f)(j)(l)

..................

2,986

1,588,709

Kaisa

Group

Holdings

Ltd.

(d)(f)(l)

8.50%,

06/30/22

..................

737

201,754

11.95%,

10/22/22

.................

3,345

928,237

11.50%,

01/30/23

.................

3,413

911,484

10.88%,

07/23/23

.................

7,811

2,083,584

9.75%,

09/28/23

..................

5,565

1,480,986

11.95%,

11/12/23

.................

3,980

1,084,550

9.38%,

06/30/24

..................

2,244

605,880

11.70%,

11/11/25

.................

1,072

285,956

Kennedy-Wilson,

Inc.

4.75%,

02/01/30

..................

1,242

1,220,265

5.00%,

03/01/31

..................

300

295,965

KWG

Group

Holdings

Ltd.,

5.95%,

08/10/25

(d)

5,766

3,113,640

Logan

Group

Co.

Ltd.,

5.25%,

10/19/25

(d)

...

4,330

3,182,550

MAF

Sukuk

Ltd.

(d)

4.64%,

05/14/29

..................

5,353

5,820,718

3.93%,

02/28/30

..................

3,080

3,232,653

Modern

Land

China

Co.

Ltd.,

12.85%,

10/25/21

(d)(f)(l)

...................

330

62,700

Modernland

Overseas

Pte.

Ltd.,

3.00%,

(3.00%

Cash

or

3.00%

PIK),

04/30/27

(d)(f)(j)(l)

.....

1,450

644,948

New

Metro

Global

Ltd.

(d)

6.50%,

05/20/22

..................

212

179,140

6.80%,

08/05/23

..................

3,110

2,394,700

NWD

Finance

BVI

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.86%),

4.12%

(a)(d)(k)

..............

6,084

5,916,690

Powerlong

Real

Estate

Holdings

Ltd.

(d)

7.13%,

11/08/22

..................

2,258

1,896,720

6.95%,

07/23/23

..................

895

724,950

6.25%,

08/10/24

..................

5,062

3,897,740

Realogy

Group

LLC

(b)

7.63%,

06/15/25

..................

242

256,714

5.75%,

01/15/29

..................

1,995

1,959,688

5.25%,

04/15/30

..................

1,079

1,033,143

Redsun

Properties

Group

Ltd.,

10.50%,

10/03/22

(d)

.....................

4,159

1,746,780

RKPF

Overseas

2019

A

Ltd.

(d)

6.70%,

09/30/24

..................

4,480

3,987,200

6.00%,

09/04/25

..................

3,030

2,620,950

Ronshine

China

Holdings

Ltd.

(d)

8.75%,

10/25/22

..................

2,085

750,600

8.10%,

06/09/23

..................

945

245,700

7.35%,

12/15/23

..................

3,627

943,020

Scenery

Journey

Ltd.

(d)(f)(l)

11.50%,

10/24/22

.................

6,977

697,700

13.00%,

11/06/22

.................

5,888

588,800

12.00%,

10/24/23

.................

10,432

1,043,200

13.75%,

11/06/23

.................

464

45,182

Seazen

Group

Ltd.

(d)

6.45%,

06/11/22

..................

300

247,500

6.15%,

04/15/23

..................

945

719,558

6.00%,

08/12/24

..................

1,293

837,218

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Shimao

Group

Holdings

Ltd.

(d)

5.60%,

07/15/26

..................

USD

895

$

407,225

3.45%,

01/11/31

..................

1,145

463,725

Shui

On

Development

Holding

Ltd.

(d)

5.75%,

11/12/23

..................

1,518

1,434,510

6.15%,

08/24/24

..................

4,255

3,978,425

5.50%,

03/03/25

..................

800

732,000

Sino-Ocean

Land

Treasure

Finance

II

Ltd.,

5.95%,

02/04/27

(d)

................

209

192,189

Sino-Ocean

Land

Treasure

IV

Ltd.,

4.75%,

08/05/29

(d)

.....................

302

250,660

Sunac

China

Holdings

Ltd.

(d)

7.50%,

02/01/24

..................

1,178

706,800

6.65%,

08/03/24

..................

5,244

3,120,180

7.00%,

07/09/25

..................

3,573

2,072,340

Theta

Capital

Pte.

Ltd.,

8.13%,

01/22/25

(d)

...

3,674

3,765,850

Times

China

Holdings

Ltd.

(d)

6.75%,

07/08/25

..................

3,390

1,627,200

6.20%,

03/22/26

..................

4,150

1,950,500

Unique

Pub

Finance

Co.

plc

(The)

(d)

Series

A4,

5.66%,

06/30/27

..........

GBP

582

862,291

Series

N,

6.46%,

03/30/32

(e)

..........

800

1,271,728

Wanda

Group

Overseas

Ltd.,

7.50%,

07/24/22

(d)

USD

4,535

4,194,875

Wanda

Properties

International

Co.

Ltd.,

7.25%,

01/29/24

(d)

.....................

800

738,000

WeWork

Cos.

LLC,

5.00%,

07/10/25

(b)

.....

2,606

2,217,237

Yango

Justice

International

Ltd.

10.25%,

09/15/22

.................

1,811

362,200

9.25%,

04/15/23

(d)

.................

2,081

416,200

8.25%,

11/25/23

(d)

.................

4,104

820,800

7.50%,

04/15/24

(d)

.................

2,675

535,000

7.88%,

09/04/24

(d)

.................

1,215

230,850

Yanlord

Land

HK

Co.

Ltd.,

6.80%,

02/27/24

(d)

.

4,030

3,939,325

Yuzhou

Group

Holdings

Co.

Ltd.

(d)

8.38%,

10/30/24

..................

1,745

383,900

7.70%,

02/20/25

..................

3,562

765,830

8.30%,

05/27/25

..................

900

193,500

7.38%,

01/13/26

..................

2,220

477,300

7.85%,

08/12/26

..................

1,680

360,990

6.35%,

01/13/27

..................

2,087

448,705

Zhenro

Properties

Group

Ltd.

(d)

8.70%,

08/03/22

..................

2,441

1,366,960

7.88%,

04/14/24

..................

3,050

1,403,000

6.63%,

01/07/26

..................

1,985

813,850

180,731,125

Road

&

Rail

—

0.3%

Albion

Financing

1

SARL

5.25%,

10/15/26

(d)

.................

EUR

525

578,610

6.13%,

10/15/26

(b)

.................

USD

1,639

1,634,902

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

(b)

806

807,677

BCP

V

Modular

Services

Finance

II

plc

(d)

4.75%,

11/30/28

..................

EUR

1,300

1,396,183

6.13%,

11/30/28

..................

GBP

800

1,015,369

Burlington

Northern

Santa

Fe

LLC

5.15%,

09/01/43

..................

USD

100

127,358

4.90%,

04/01/44

..................

995

1,228,622

4.15%,

04/01/45

..................

100

113,029

3.55%,

02/15/50

..................

105

110,981

2.88%,

06/15/52

..................

305

286,641

Canadian

Pacific

Railway

Co.

3.00%,

12/02/41

..................

370

355,341

3.10%,

12/02/51

..................

415

396,238

CSX

Corp.

3.80%,

03/01/28

..................

150

160,734

4.30%,

03/01/48

..................

430

491,636

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

4.75%,

11/15/48

..................

USD

165

$

199,310

EC

Finance

plc,

3.00%,

10/15/26

(d)

.......

EUR

1,125

1,271,465

First

Student

Bidco,

Inc.,

4.00%,

07/31/29

(b)

..

USD

210

198,975

Hertz

Corp.

(The)

(b)

4.63%,

12/01/26

..................

958

929,451

5.00%,

12/01/29

..................

1,532

1,475,163

Loxam

SAS

(d)

3.25%,

01/14/25

..................

EUR

708

775,518

3.75%,

07/15/26

..................

673

739,569

5.75%,

07/15/27

..................

200

218,801

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(d)(k)

...............

GBP

600

810,963

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

..

USD

1,421

1,406,790

Norfolk

Southern

Corp.

2.55%,

11/01/29

..................

990

991,894

4.15%,

02/28/48

..................

750

835,378

3.05%,

05/15/50

..................

43

40,493

Pacific

National

Finance

Pty.

Ltd.,

4.75%,

03/22/28

(d)

.....................

3,500

3,686,198

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/29

(b)

................

1,697

1,713,970

Penske

Truck

Leasing

Co.

LP

(b)

4.00%,

07/15/25

..................

2,915

3,075,724

4.20%,

04/01/27

..................

340

367,674

Ryder

System,

Inc.,

2.50%,

09/01/24

......

350

355,624

Uber

Technologies,

Inc.

(b)

7.50%,

05/15/25

..................

4,486

4,689,104

8.00%,

11/01/26

..................

2,595

2,751,764

7.50%,

09/15/27

..................

5,690

6,058,712

6.25%,

01/15/28

..................

1,986

2,060,475

4.50%,

08/15/29

..................

5,571

5,403,870

Union

Pacific

Corp.

3.55%,

08/15/39

..................

3

3,123

4.05%,

03/01/46

..................

25

27,763

3.95%,

08/15/59

..................

1,005

1,099,644

3.84%,

03/20/60

..................

411

441,472

XPO

Logistics,

Inc.,

6.25%,

05/01/25

(b)

.....

160

165,611

50,497,819

Semiconductors

&

Semiconductor

Equipment

—

0.2%

Amkor

Technology,

Inc.,

6.63%,

09/15/27

(b)

..

1,100

1,156,375

Ams-OSRAM

AG

(d)(i)

0.00%,

03/05/25

(n)

.................

EUR

600

595,961

2.13%,

11/03/27

..................

600

636,255

Analog

Devices,

Inc.

2.95%,

04/01/25

..................

USD

850

878,919

2.80%,

10/01/41

..................

135

129,406

Applied

Materials,

Inc.,

3.30%,

04/01/27

....

1,080

1,136,834

Broadcom

Corp.,

3.88%,

01/15/27

.......

475

500,856

Broadcom,

Inc.

4.11%,

09/15/28

..................

400

425,772

4.75%,

04/15/29

..................

1,325

1,458,582

3.42%,

04/15/33

(b)

.................

3,345

3,331,910

Entegris,

Inc.

(b)

4.38%,

04/15/28

..................

1,390

1,379,575

3.63%,

05/01/29

..................

1,930

1,848,438

Intel

Corp.

2.80%,

08/12/41

..................

115

107,514

4.75%,

03/25/50

..................

300

369,983

3.05%,

08/12/51

..................

485

457,157

3.10%,

02/15/60

..................

20

18,126

3.20%,

08/12/61

..................

120

111,326

KLA

Corp.

4.10%,

03/15/29

..................

1,026

1,130,758

3.30%,

03/01/50

..................

765

760,685

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Lam

Research

Corp.

4.88%,

03/15/49

..................

USD

65

$

82,497

2.88%,

06/15/50

..................

245

229,071

NVIDIA

Corp.,

3.50%,

04/01/40

.........

690

730,043

NXP

BV

(b)

4.30%,

06/18/29

..................

1,070

1,162,488

2.50%,

05/11/31

..................

2,940

2,815,601

2.65%,

02/15/32

..................

590

566,017

3.25%,

05/11/41

..................

100

96,081

ON

Semiconductor

Corp.,

3.88%,

09/01/28

(b)

.

2,884

2,865,894

QUALCOMM,

Inc.,

4.30%,

05/20/47

......

584

683,089

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

........

2,896

2,839,818

Texas

Instruments,

Inc.,

2.70%,

09/15/51

...

265

249,441

28,754,472

Software

—

0.6%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(b)

....

180

187,133

Autodesk,

Inc.

3.50%,

06/15/27

..................

18

18,973

2.40%,

12/15/31

..................

1,265

1,207,354

Boxer

Parent

Co.,

Inc.

6.50%,

10/02/25

(d)

.................

EUR

2,080

2,426,602

7.13%,

10/02/25

(b)

.................

USD

3,913

4,079,850

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

436,034

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

....

USD

4,614

4,683,671

Castle

US

Holding

Corp.,

9.50%,

02/15/28

(b)

.

1,992

2,051,760

CDK

Global,

Inc.,

4.88%,

06/01/27

.......

210

215,544

Cedacri

Mergeco

SpA,

(EURIBOR

3

Month

+

4.63%),

4.62%,

05/15/28

(a)(d)

..........

EUR

865

969,355

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(b)

.....................

USD

9,262

9,296,640

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

..................

2,959

2,822,738

4.88%,

07/01/29

..................

3,271

3,115,628

Consensus

Cloud

Solutions,

Inc.

(b)

6.00%,

10/15/26

..................

937

965,297

6.50%,

10/15/28

..................

1,426

1,462,527

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

.

3,125

2,929,687

Elastic

NV,

4.13%,

07/15/29

(b)

..........

2,711

2,534,785

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

.......

3,387

3,353,130

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(b)

.....................

1,048

1,021,800

LogMeIn,

Inc.,

5.50%,

09/01/27

(b)

........

605

588,363

Microsoft

Corp.

3.45%,

08/08/36

..................

238

259,297

2.53%,

06/01/50

..................

856

774,821

2.92%,

03/17/52

..................

1,931

1,887,912

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

.....

2,426

2,316,830

Minerva

Merger

Sub,

Inc.,

6.50%,

02/15/30

(b)

.

2,220

2,214,450

NCR

Corp.

(b)

5.75%,

09/01/27

..................

884

897,914

5.00%,

10/01/28

..................

1,675

1,664,213

5.13%,

04/15/29

..................

1,905

1,900,828

6.13%,

09/01/29

..................

999

1,049,999

NortonLifeLock,

Inc.,

5.00%,

04/15/25

(b)

....

475

476,363

Nuance

Communications,

Inc.,

5.63%,

12/15/26

4,573

4,704,474

Open

Text

Corp.

(b)

3.88%,

02/15/28

..................

403

394,932

3.88%,

12/01/29

..................

1,195

1,147,654

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(b)

.

1,906

1,861,990

Oracle

Corp.

2.95%,

04/01/30

..................

1,400

1,372,480

3.85%,

07/15/36

..................

850

846,674

5.38%,

07/15/40

..................

650

735,157

Security

Par

(000)

Par

(000)

Value

Software

(continued)

3.65%,

03/25/41

..................

USD

540

$

502,241

4.13%,

05/15/45

..................

485

469,380

4.00%,

07/15/46

..................

350

332,067

4.00%,

11/15/47

..................

435

412,590

3.60%,

04/01/50

..................

2,635

2,334,305

3.95%,

03/25/51

..................

617

581,437

4.38%,

05/15/55

..................

130

128,485

3.85%,

04/01/60

..................

190

168,605

PTC,

Inc.

(b)

3.63%,

02/15/25

..................

860

863,225

4.00%,

02/15/28

..................

1,628

1,613,568

salesforce.com,

Inc.

2.70%,

07/15/41

..................

325

306,205

2.90%,

07/15/51

..................

355

337,073

3.05%,

07/15/61

..................

295

279,067

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

.

12,015

12,408,131

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

.......

8,219

8,383,380

VMware,

Inc.

4.70%,

05/15/30

..................

375

420,217

2.20%,

08/15/31

..................

2,015

1,881,557

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

7,188

6,765,705

112,590,559

Specialty

Retail

—

0.5%

Abercrombie

&

Fitch

Management

Co.,

8.75%,

07/15/25

(b)

.....................

900

957,375

Academy

Ltd.,

6.00%,

11/15/27

(b)

........

750

783,750

Ambience

Merger

Sub,

Inc.,

4.88%,

07/15/28

(b)

150

143,355

Arko

Corp.,

5.13%,

11/15/29

(b)

..........

1,388

1,320,474

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

..................

234

232,245

4.75%,

03/01/30

..................

731

720,364

5.00%,

02/15/32

(b)

.................

937

929,663

Bath

&

Body

Works,

Inc.

6.95%,

03/01/33

..................

700

762,139

7.60%,

07/15/37

..................

200

230,258

Carvana

Co.

(b)

5.50%,

04/15/27

..................

3,051

2,841,702

4.88%,

09/01/29

..................

1,708

1,518,224

Constellation

Automotive

Financing

plc,

4.88%,

07/15/27

(d)

.....................

GBP

1,184

1,484,877

Douglas

GmbH,

6.00%,

04/08/26

(d)

.......

EUR

800

878,583

Dufry

One

BV

(d)

2.50%,

10/15/24

..................

400

440,392

0.75%,

03/30/26

(i)

.................

CHF

600

623,974

eG

Global

Finance

plc

4.38%,

02/07/25

(d)

.................

EUR

453

499,604

6.75%,

02/07/25

(b)

.................

USD

2,476

2,467,644

6.25%,

10/30/25

(d)

.................

EUR

2,401

2,706,758

8.50%,

10/30/25

(b)

.................

USD

2,845

2,884,332

Goldstory

SASU,

5.38%,

03/01/26

(d)

......

EUR

645

732,109

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

.

USD

897

858,492

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

1,793

1,741,451

Home

Depot,

Inc.

(The)

4.20%,

04/01/43

..................

125

141,658

4.50%,

12/06/48

..................

815

989,020

3.35%,

04/15/50

..................

775

787,742

InRetail

Consumer,

3.25%,

03/22/28

(b)

.....

1,285

1,243,478

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

711

687,373

L

Brands,

Inc.

9.38%,

07/01/25

(b)

.................

87

104,055

5.25%,

02/01/28

..................

1,000

1,050,000

7.50%,

06/15/29

..................

600

655,140

6.63%,

10/01/30

(b)

.................

450

482,936

6.88%,

11/01/35

..................

4,829

5,553,350

6.75%,

07/01/36

..................

677

769,241

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

....

USD

4,685

$

4,465,016

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

.....................

2,213

2,131,407

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(b)

......

999

981,518

Lowe's

Cos.,

Inc.

4.65%,

04/15/42

..................

310

354,924

3.70%,

04/15/46

..................

735

748,742

3.00%,

10/15/50

..................

675

616,909

3.50%,

04/01/51

..................

130

129,034

Michaels

Cos.,

Inc.

(The),

5.25%,

05/01/28

(b)

.

485

467,021

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

.....

1,353

1,373,295

Penske

Automotive

Group,

Inc.

3.50%,

09/01/25

..................

987

980,841

3.75%,

06/15/29

..................

525

494,172

PetSmart,

Inc.

(b)

4.75%,

02/15/28

..................

3,135

3,126,300

7.75%,

02/15/29

..................

7,867

8,439,167

Sally

Holdings

LLC,

5.63%,

12/01/25

......

895

909,264

Sonic

Automotive,

Inc.,

4.63%,

11/15/29

(b)

...

336

328,020

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

................

2,914

2,994,805

SRS

Distribution,

Inc.

(b)

4.63%,

07/01/28

..................

4,281

4,137,865

6.13%,

07/01/29

..................

3,598

3,526,040

6.00%,

12/01/29

..................

2,968

2,882,848

Staples,

Inc.

(b)

7.50%,

04/15/26

..................

9,572

9,440,385

10.75%,

04/15/27

.................

1,171

1,091,466

Tendam

Brands

SAU

(d)

5.00%,

09/15/24

..................

EUR

255

284,618

(EURIBOR

3

Month

+

5.25%),

5.25%,

09/15/24

(a)

....................

270

301,730

Victoria's

Secret

&

Co.,

4.63%,

07/15/29

(b)

...

USD

605

582,993

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

6,654

6,827,137

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(j)

............

1,603

1,627,045

97,464,320

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Apple,

Inc.

2.20%,

09/11/29

..................

1,800

1,787,085

4.50%,

02/23/36

..................

75

89,617

3.45%,

02/09/45

..................

225

234,151

3.85%,

08/04/46

..................

1,100

1,211,682

2.65%,

05/11/50

..................

990

896,916

2.65%,

02/08/51

..................

960

872,464

2.70%,

08/05/51

..................

370

338,900

Dell

International

LLC,

6.02%,

06/15/26

....

475

539,080

HP,

Inc.,

1.45%,

06/17/26

.............

2,170

2,086,863

Xerox

Corp.,

4.80%,

03/01/35

..........

391

363,239

8,419,997

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

BK

LC

Lux

Finco1

SARL,

5.25%,

04/30/29

(d)

.

EUR

381

428,214

Crocs,

Inc.

(b)

4.25%,

03/15/29

..................

USD

1,279

1,177,064

4.13%,

08/15/31

..................

1,688

1,506,540

European

TopSoho

SARL,

Series

SMCP,

4.00%,

09/21/21

(d)(f)(i)(l)

..............

EUR

1,300

1,256,305

G-III

Apparel

Group

Ltd.,

7.88%,

08/15/25

(b)

..

USD

800

844,000

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

....

747

716,186

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(b)

.....

846

816,779

Prime

Bloom

Holdings

Ltd.,

6.95%,

07/05/22

(d)(f)

(l)

..........................

2,783

556,600

Under

Armour,

Inc.,

3.25%,

06/15/26

......

400

393,400

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

..

2,360

2,416,050

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Wolverine

World

Wide,

Inc.,

4.00%,

08/15/29

(b)

USD

774

$

743,524

10,854,662

Thrifts

&

Mortgage

Finance

—

0.2%

BPCE

SA

(b)

2.38%,

01/14/25

..................

845

845,861

(SOFR

+

1.09%),

2.05%,

10/19/27

(a)

....

1,340

1,299,614

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

....

4,916

5,202,013

Freedom

Mortgage

Corp.

(b)

8.25%,

04/15/25

..................

650

650,110

7.63%,

05/01/26

..................

335

319,925

6.63%,

01/15/27

..................

275

255,420

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

..

1,427

1,237,922

Jerrold

Finco

plc

(d)

4.88%,

01/15/26

..................

GBP

317

425,295

5.25%,

01/15/27

..................

947

1,272,028

Ladder

Capital

Finance

Holdings

LLLP

(b)

4.25%,

02/01/27

..................

USD

2,155

2,097,979

4.75%,

06/15/29

..................

1,923

1,881,963

MGIC

Investment

Corp.,

5.25%,

08/15/28

...

1,182

1,221,952

Nationstar

Mortgage

Holdings,

Inc.

(b)

6.00%,

01/15/27

..................

3,541

3,673,363

5.50%,

08/15/28

..................

1,235

1,207,163

5.13%,

12/15/30

..................

3,945

3,700,134

5.75%,

11/15/31

..................

2,049

1,981,362

Nationwide

Building

Society,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.39%),

5.87%

(a)(d)(k)

...............

GBP

2,134

2,993,060

Nykredit

Realkredit

A/S,

(EUR

Swap

Annual

5

Year

+

4.57%),

4.13%

(a)(d)(k)

...........

EUR

1,200

1,408,806

PennyMac

Financial

Services,

Inc.,

5.75%,

09/15/31

(b)

.....................

USD

1,150

1,099,492

PHH

Mortgage

Corp.,

7.88%,

03/15/26

(b)

....

2,201

2,234,015

Radian

Group,

Inc.

6.63%,

03/15/25

..................

1,135

1,223,530

4.88%,

03/15/27

..................

1,400

1,449,000

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(b)

...

785

746,508

38,426,515

Tobacco

—

0.1%

Altria

Group,

Inc.

5.95%,

02/14/49

..................

1,992

2,313,649

4.00%,

02/04/61

..................

345

301,441

BAT

Capital

Corp.

3.46%,

09/06/29

..................

1,350

1,363,167

4.39%,

08/15/37

..................

675

682,117

3.73%,

09/25/40

..................

420

377,957

4.54%,

08/15/47

..................

688

669,130

4.76%,

09/06/49

..................

165

165,162

Turning

Point

Brands,

Inc.,

5.63%,

02/15/26

(b)

1,280

1,273,600

Vector

Group

Ltd.,

5.75%,

02/01/29

(b)

......

5,120

4,731,802

11,878,025

Trading

Companies

&

Distributors

—

0.2%

Air

Lease

Corp.

2.88%,

01/15/26

..................

2,985

3,010,798

1.88%,

08/15/26

..................

1,880

1,802,194

Alta

Equipment

Group,

Inc.,

5.63%,

04/15/26

(b)

734

745,010

Aviation

Capital

Group

LLC,

1.95%,

09/20/26

(b)

1,235

1,177,157

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(b)

1,313

1,253,521

BlueLinx

Holdings,

Inc.,

6.00%,

11/15/29

(b)

...

4,361

4,306,487

Boise

Cascade

Co.,

4.88%,

07/01/30

(b)

.....

850

884,000

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

6.50%,

10/01/25

..................

2,261

2,322,567

9.75%,

08/01/27

..................

2,788

3,052,860

5.50%,

05/01/28

..................

2,329

2,253,890

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

.....................

USD

1,251

$

1,207,453

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

.....................

326

309,521

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

.....

1,326

1,364,414

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

.....

6,241

6,072,306

United

Rentals

North

America,

Inc.

5.50%,

05/15/27

..................

3,386

3,502,224

4.88%,

01/15/28

..................

635

653,990

5.25%,

01/15/30

..................

6

6,300

3.88%,

02/15/31

..................

130

126,587

3.75%,

01/15/32

..................

390

376,204

WESCO

Distribution,

Inc.

(b)

7.13%,

06/15/25

..................

3,198

3,348,946

7.25%,

06/15/28

..................

5,881

6,307,372

44,083,801

Transportation

Infrastructure

—

0.0%

(d)

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(a)(k)

..

EUR

600

672,385

Autostrade

per

l'Italia

SpA

1.75%,

06/26/26

..................

200

227,723

1.75%,

02/01/27

..................

500

566,014

1.63%,

01/25/28

..................

725

810,365

2.00%,

12/04/28

..................

495

563,701

2.00%,

01/15/30

..................

2,482

2,782,269

Getlink

SE,

3.50%,

10/30/25

...........

1,199

1,370,120

6,992,577

Water

Utilities

—

0.0%

Solaris

Midstream

Holdings

LLC,

7.63%,

04/01/26

(b)

.....................

USD

150

154,895

Thames

Water

Kemble

Finance

plc,

4.63%,

05/19/26

(d)

.....................

GBP

1,089

1,478,277

1,633,172

Wireless

Telecommunication

Services

—

0.6%

America

Movil

SAB

de

CV

3.63%,

04/22/29

..................

USD

1,300

1,368,900

4.38%,

04/22/49

..................

250

286,181

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

....

13,145

13,624,530

Globe

Telecom,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

4.20%

(a)(d)(k)

...............

1,770

1,771,982

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

......................

300

319,500

Ligado

Networks

LLC,

0.00%,

(0.00%

Cash

or

15.50%

PIK),

11/01/23

(a)(b)(j)

..........

2,923

2,062,162

Matterhorn

Telecom

SA,

4.00%,

11/15/27

(d)

..

EUR

1,100

1,233,645

Millicom

International

Cellular

SA

(b)

5.13%,

01/15/28

..................

USD

5,040

5,096,070

4.50%,

04/27/31

..................

3,715

3,600,671

Oi

Movel

SA,

8.75%,

07/30/26

(d)

.........

400

409,000

Rogers

Communications,

Inc.

4.30%,

02/15/48

..................

77

81,338

4.35%,

05/01/49

..................

181

192,844

3.70%,

11/15/49

..................

240

232,730

SoftBank

Group

Corp.

(d)

2.13%,

07/06/24

..................

EUR

670

731,711

4.50%,

04/20/25

..................

200

229,240

4.75%,

07/30/25

..................

1,783

2,058,197

3.13%,

09/19/25

..................

1,200

1,315,658

2.88%,

01/06/27

..................

706

726,264

5.00%,

04/15/28

..................

700

774,652

3.38%,

07/06/29

..................

479

468,175

4.00%,

09/19/29

..................

331

336,273

Sprint

Communications,

Inc.,

6.00%,

11/15/22

USD

750

772,500

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

Sprint

Corp.

7.88%,

09/15/23

..................

USD

2,785

$

3,007,800

7.13%,

06/15/24

..................

1,649

1,797,410

7.63%,

02/15/25

..................

850

945,625

7.63%,

03/01/26

..................

3,097

3,546,065

Telefonica

Europe

BV

(EUR

Swap

Annual

6

Year

+

4.11%),

4.37%

(a)(d)(k)

....................

EUR

1,100

1,313,084

T-Mobile

USA,

Inc.

2.25%,

02/15/26

..................

USD

1,615

1,556,456

5.38%,

04/15/27

..................

250

256,825

4.75%,

02/01/28

..................

2,828

2,923,445

2.63%,

02/15/29

..................

4,124

3,868,188

2.88%,

02/15/31

..................

2,438

2,291,720

3.50%,

04/15/31

..................

2,467

2,406,632

3.50%,

04/15/31

(b)

.................

2,764

2,696,365

2.70%,

03/15/32

(b)

.................

555

531,424

4.38%,

04/15/40

..................

475

509,640

3.00%,

02/15/41

..................

580

524,383

4.50%,

04/15/50

..................

109

119,419

3.30%,

02/15/51

..................

925

834,607

VEON

Holdings

BV

(b)

4.00%,

04/09/25

..................

4,695

4,565,888

3.38%,

11/25/27

..................

3,230

2,932,840

Vmed

O2

UK

Financing

I

plc

4.00%,

01/31/29

(d)

.................

GBP

900

1,125,754

4.25%,

01/31/31

(b)

.................

USD

493

456,616

4.50%,

07/15/31

(d)

.................

GBP

1,204

1,535,868

4.75%,

07/15/31

(b)

.................

USD

6,498

6,210,009

Vodafone

Group

plc

5.25%,

05/30/48

..................

1,037

1,247,278

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

(a)(d)

...................

EUR

732

877,743

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

(a)

....................

USD

14,595

16,774,868

Series

NC10,

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

(a)(d)

........

EUR

400

436,011

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

(a)

...............

USD

7,145

6,805,612

VTR

Comunicaciones

SpA,

4.38%,

04/15/29

(b)

2,505

2,427,846

112,217,644

Total

Corporate

Bonds

—

30.2%

(Cost:

$5,584,626,282)

............................

5,397,252,689

Equity-Linked

Notes

—

10.1%

Air

Freight

&

Logistics

—

0.1%

Barclays

Bank

plc

(United

Parcel

Service,

Inc.),

11.70%, 02/03/22

.................

28

5,699,065

BNP

Paribas

SA

(FedEx

Corp.),

14.85%, 02/07/22

.................

15

3,606,992

9,306,057

Automobiles

—

0.1%

BNP

Paribas

SA

(General

Motors

Co.),

19.52%, 02/02/22

.................

77

4,058,309

Societe

Generale

SA

(Ford

Motor

Co.),

19.03%, 02/02/22

.................

1,221

22,593,322

26,651,631

Banks

—

0.6%

Barclays

Bank

plc

(Citigroup,

Inc.),

20.39%, 03/03/22

.................

144

9,392,089

Barclays

Bank

plc

(JPMorgan

Chase

&

Co.),

10.60%, 03/03/22

.................

120

18,027,527

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

BNP

Paribas

SA

(First

Republic

Bank),

16.17%, 03/03/22

.................

USD

19

$

3,263,919

BNP

Paribas

SA

(Signature

Bank),

24.67%, 03/07/22

.................

10

3,179,010

BNP

Paribas

SA

(Truist

Financial

Corp.),

16.39%, 03/07/22

.................

87

5,531,168

BNP

Paribas

SA

(Wells

Fargo

&

Co.),

20.79%, 03/03/22

.................

206

11,204,314

Royal

Bank

of

Canada

(Bank

of

America

Corp.),

14.12%, 03/04/22

(b)

................

729

33,758,837

Royal

Bank

of

Canada

(Wells

Fargo

&

Co.),

14.54%, 03/08/22

(b)

................

385

20,706,245

Societe

Generale

SA

(Citizens

Financial

Group,

Inc.),

20.82%, 03/08/22

..............

66

3,430,681

Societe

Generale

SA

(KeyCorp),

19.86%, 03/08/22

.................

92

2,312,403

110,806,193

Beverages

—

0.1%

BNP

Paribas

SA

(Molson

Coors

Beverage

Co.),

12.58%, 02/24/22

.................

111

5,304,425

JPMorgan

Structured

Products

BV

(Coca-Cola

Co.

(The)),

5.81%, 02/11/22

(b)(d)

........

142

8,536,742

13,841,167

Biotechnology

—

0.1%

(b)

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

15.19%, 02/03/22

(d)

............

59

7,590,189

Royal

Bank

of

Canada

(AbbVie,

Inc.),

19.82%, 02/03/22

.................

45

6,157,522

13,747,711

Building

Products

—

0.0%

Credit

Suisse

AG

(Owens

Corning),

16.50%, 02/17/22

.................

40

3,511,924

Capital

Markets

—

0.4%

Barclays

Bank

plc

(Ameriprise

Financial,

Inc.),

15.31%, 04/27/22

.................

15

4,694,842

BNP

Paribas

SA

(Goldman

Sachs

Group,

Inc.

(The)),

17.96%, 03/07/22

............

24

8,379,477

BNP

Paribas

SA

(Interactive

Brokers

Group,

Inc.),

16.98%, 03/08/22

..............

48

3,285,004

BNP

Paribas

SA

(S&P

Global,

Inc.),

10.33%, 02/08/22

(b)

................

47

19,540,921

Royal

Bank

of

Canada

(Morgan

Stanley),

20.72%, 03/04/22

(b)

................

282

28,103,132

Royal

Bank

of

Canada

(Raymond

James

Financial,

Inc.),

15.53%, 04/22/22

(b)

.....

23

2,372,265

Societe

Generale

SA

(S&P

Global,

Inc.),

9.07%, 02/09/22

..................

10

4,110,720

70,486,361

Chemicals

—

0.1%

JPMorgan

Structured

Products

BV

(Dow,

Inc.),

15.64%, 04/21/22

(b)(d)

...............

142

8,470,786

JPMorgan

Structured

Products

BV

(DuPont

de

Nemours,

Inc.),

12.91%, 02/09/22

(b)(d)

....

29

2,207,885

Societe

Generale

SA

(Ecolab,

Inc.),

7.63%, 02/16/22

..................

26

4,875,946

Societe

Generale

SA

(Mosaic

Co.

(The)),

22.60%, 02/17/22

.................

89

3,571,014

19,125,631

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.2%

Royal

Bank

of

Canada

(Cisco

Systems,

Inc.),

8.77%, 02/16/22

(b)

.................

USD

338

$

18,895,107

Societe

Generale

SA

(Juniper

Networks,

Inc.),

17.26%, 03/14/22

.................

295

9,902,531

28,797,638

Construction

Materials

—

0.1%

Barclays

Bank

plc

(Martin

Marietta

Materials,

Inc.),

11.15%, 02/09/22

..............

5

2,100,283

Royal

Bank

of

Canada

(Martin

Marietta

Materials,

Inc.),

11.39%, 02/07/22

(b)

.....

23

9,039,005

11,139,288

Consumer

Finance

—

0.1%

BNP

Paribas

SA

(American

Express

Co.),

13.41%, 04/21/22

.................

54

9,655,125

Royal

Bank

of

Canada

(Ally

Financial,

Inc.),

16.38%, 04/18/22

(b)

................

120

5,795,953

15,451,078

Distributors

—

0.0%

BNP

Paribas

SA

(Pool

Corp.),

22.83%, 02/14/22

.................

5

2,255,005

Diversified

Consumer

Services

—

0.7%

Barclays

Bank

plc

(Russell

2000

Index)

8.06%,

03/11/22

..................

18

35,874,702

9.70%,

03/23/22

..................

16

33,389,496

Credit

Suisse

AG

(Russell

2000

Index),

8.05%, 02/22/22

..................

14

28,041,699

Goldman

Sachs

International

(Russell

2000

Index),

8.77%, 02/03/22

.............

12

23,675,150

120,981,047

Diversified

Financial

Services

—

0.3%

Barclays

Bank

plc

(American

Century

Mid

Cap

Growth

Impact

ETF),

8.19%, 03/28/22

....

11

28,367,259

BNP

Paribas

SA

(Berkshire

Hathaway),

5.72%, 02/28/22

(b)

.................

107

31,408,850

59,776,109

Diversified

Telecommunication

Services

—

0.2%

Barclays

Bank

plc

(AT&T,

Inc.),

18.83%, 04/21/22

.................

526

13,137,487

JPMorgan

Structured

Products

BV

(AT&T,

Inc.),

15.38%, 03/08/22

(b)(d)

...............

786

20,325,534

Toronto-Dominion

Bank

(The)

(AT&T,

Inc.),

15.06%, 02/17/22

.................

145

3,675,148

37,138,169

Electronic

Equipment,

Instruments

&

Components

—

0.1%

BNP

Paribas

SA

(Flex

Ltd.),

21.69%, 02/25/22

138

2,254,924

BNP

Paribas

SA

(Zebra

Technologies

Corp.),

14.70%, 02/11/22

.................

4

2,023,407

Goldman

Sachs

International

(Flex

Ltd.),

17.14%, 02/02/22

.................

176

2,845,665

Merrill

Lynch

International

&

Co.

(Flex

Ltd.),

17.07%, 05/05/22

.................

294

4,657,247

Royal

Bank

of

Canada

(Corning,

Inc.),

12.74%, 04/27/22

(b)

................

58

2,381,304

Royal

Bank

of

Canada

(Zebra

Technologies

Corp.),

15.16%, 02/11/22

(b)

...........

4

2,114,620

16,277,167

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.3%

BNP

Paribas

SA

(Invitation

Homes,

Inc.),

13.60%, 02/16/22

.................

84

3,515,785

Goldman

Sachs

International

(VICI

Properties,

Inc.),

11.96%, 02/02/22

..............

340

9,747,358

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

JPMorgan

Structured

Products

BV

(Prologis,

Inc.),

11.64%, 04/14/22

(b)(d)

...........

USD

134

$

20,923,626

Royal

Bank

of

Canada

(American

Tower

Corp.),

9.83%, 02/24/22

(b)

.................

104

26,203,466

60,390,235

Food

&

Staples

Retailing

—

0.1%

Bank

of

Montreal

(Kroger

Co.

(The)),

16.86%, 03/04/22

.................

55

2,350,723

Royal

Bank

of

Canada

(Walmart,

Inc.),

5.39%, 02/18/22

(b)

.................

82

11,429,142

13,779,865

Food

Products

—

0.1%

BNP

Paribas

SA

(Archer-Daniels-Midland

Co.),

11.50%, 04/27/22

.................

85

6,145,123

JPMorgan

Structured

Products

BV

(Kraft

Heinz

Co.

(The)),

10.51%, 02/11/22

(b)(d)

.......

132

4,738,712

Royal

Bank

of

Canada

(Mondelez

International,

Inc.),

7.92%, 04/28/22

(b)

.............

70

4,663,762

15,547,597

Health

Care

Equipment

&

Supplies

—

0.2%

Barclays

Bank

plc

(Medtronic

PLC),

11.66%, 02/25/22

.................

34

3,512,991

BNP

Paribas

SA

(Stryker

Corp.),

14.11%, 02/25/22

.................

14

3,390,701

Credit

Suisse

AG

(Boston

Scientific

Corp.),

13.40%, 02/03/22

.................

88

3,717,691

JPMorgan

Structured

Products

BV

(Abbott

Laboratories),

11.22%, 04/20/22

(b)(d)

.....

116

14,369,860

Societe

Generale

SA

(Align

Technology,

Inc.),

13.67%, 02/02/22

.................

30

14,994,619

39,985,862

Health

Care

Providers

&

Services

—

0.4%

Barclays

Bank

plc

(Anthem,

Inc.),

13.65%, 04/21/22

.................

24

10,646,035

BNP

Paribas

SA

(CVS

Health

Corp.),

17.34%, 02/25/22

.................

34

3,616,354

BNP

Paribas

SA

(Laboratory

Corp.

of

America

Holdings),

17.89%, 02/11/22

..........

12

3,160,617

BNP

Paribas

SA

(McKesson

Corp.),

15.18%, 02/01/22

.................

11

2,505,358

Royal

Bank

of

Canada

(Aneka

Tambang

Tbk),

13.82%, 02/17/22

(b)

................

8

3,581,982

Royal

Bank

of

Canada

(UnitedHealth

Group,

Inc.),

10.93%, 03/04/22

(b)

............

79

37,039,580

Societe

Generale

SA

(Laboratory

Corp

of

America

Holdings),

17.65%, 02/11/22

....

8

2,240,082

62,790,008

Hotels,

Restaurants

&

Leisure

—

0.1%

BNP

Paribas

SA

(Booking

Holdings,

Inc.),

11.08%, 02/24/22

.................

2

5,879,678

BNP

Paribas

SA

(Wendy's

Co.

(The)),

16.54%, 03/03/22

.................

109

2,460,124

BNP

Paribas

SA

(Yum!

Brands,

Inc.),

8.11%, 02/07/22

..................

18

2,261,305

Credit

Suisse

AG

(Papa

John's

International,

Inc.),

17.10%, 02/25/22

..............

29

3,535,931

JPMorgan

Structured

Products

BV

(Las

Vegas

Sands

Corp.),

18.99%, 04/21/22

(b)(d)

.....

109

4,717,259

Societe

Generale

SA

(Domino's

Pizza,

Inc.)

14.18%,

02/24/22

.................

7

3,055,178

13.54%,

02/25/22

.................

7

3,257,780

25,167,255

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.1%

BNP

Paribas

SA

(Tempur

Sealy

International,

Inc.),

20.31%, 02/10/22

..............

USD

80

$

3,191,010

Royal

Bank

of

Canada

(Netwealth

Group

Ltd.),

12.24%, 02/14/22

(b)

................

109

2,437,955

Royal

Bank

of

Canada

(Toll

Brothers,

Inc.),

17.70%, 02/24/22

(b)

................

140

8,360,242

13,989,207

Household

Products

—

0.3%

Royal

Bank

of

Canada

(Procter

&

Gamble

Co.

(The)),

9.93%, 03/04/22

(b)

............

209

33,650,432

Societe

Generale

SA

(Colgate-Palmolive

Co.),

9.10%, 03/14/22

..................

281

23,286,120

56,936,552

Insurance

—

0.0%

BNP

Paribas

SA

(MetLife,

Inc.),

12.84%, 02/03/22

.................

78

5,018,309

Interactive

Media

&

Services

—

0.5%

JPMorgan

Structured

Products

BV

(Meta

Platforms,

Inc.),

13.91%, 03/25/22

(b)(d)

....

89

27,784,537

Royal

Bank

of

Canada

(Alphabet,

Inc.),

12.64%, 02/03/22

(b)

................

9

24,369,188

Societe

Generale

SA

(Alphabet,

Inc.),

12.70%, 02/02/22

.................

10

28,354,054

80,507,779

Internet

&

Direct

Marketing

Retail

—

0.3%

Credit

Suisse

AG

(Amazon.com,

Inc.),

14.40%, 03/04/22

.................

7

21,517,822

Societe

Generale

SA

(Amazon.com,

Inc.),

15.70%, 02/02/22

.................

10

31,348,840

52,866,662

IT

Services

—

0.6%

Barclays

Bank

plc

(Akamai

Technologies,

Inc.),

10.46%, 02/16/22

.................

73

8,296,300

Barclays

Bank

plc

(Fidelity

National

Information

Services,

Inc.),

18.89%, 02/09/22

.......

50

6,004,951

Barclays

Bank

plc

(Global

Payments,

Inc.),

19.69%, 02/09/22

.................

40

5,942,598

Barclays

Bank

plc

(Mastercard,

Inc.),

%, 03/14/22

.....................

71

27,167,829

Barclays

Bank

plc

(Visa,

Inc.),

9.09%, 03/14/22

130

29,416,515

BNP

Paribas

SA

(Global

Payments,

Inc.),

16.64%, 02/07/22

.................

47

6,448,505

Credit

Suisse

AG

(Gartner,

Inc.),

16.30%, 02/10/22

.................

11

3,363,714

JPMorgan

Structured

Products

BV

(Mastercard,

Inc.),

14.11%, 04/29/22

(b)(d)

...........

27

9,944,702

Royal

Bank

of

Canada

(Block,

Inc.),

19.97%, 02/24/22

(b)

................

10

1,315,437

Royal

Bank

of

Canada

(Fidelity

National

Information

Services,

Inc.),

12.29%, 02/17/22

(b)

................

20

2,440,282

Royal

Bank

of

Canada

(Fiserv,

Inc.),

11.33%, 02/17/22

(b)

................

24

2,459,693

Royal

Bank

of

Canada

(International

Business

Machines

Corp.),

12.28%, 04/20/22

(b)

....

26

3,451,535

Toronto-Dominion

Bank

(The)

(PayPal

Holdings,

Inc.),

16.07%, 02/17/22

.......

45

7,832,215

114,084,276

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

—

0.1%

BNP

Paribas

SA

(Charles

River

Laboratories

International,

Inc.),

22.55%, 02/17/22

....

USD

7

$

2,241,570

Royal

Bank

of

Canada

(Danaher

Corp.),

18.43%, 03/11/22

(b)

................

35

9,699,628

11,941,198

Machinery

—

0.3%

BNP

Paribas

SA

(Caterpillar,

Inc.),

16.28%, 02/02/22

.................

49

9,805,933

BNP

Paribas

SA

(PACCAR,

Inc.),

12.89%, 04/27/22

.................

25

2,299,941

Credit

Suisse

AG

(Deere

&

Co.),

16.40%, 02/18/22

.................

21

7,514,634

JPMorgan

Structured

Products

BV

(Cummins,

Inc.),

8.26%, 02/03/22

(b)(d)

............

10

2,282,455

Royal

Bank

of

Canada

(Otis

Worldwide

Corp.),

8.13%, 02/01/22

(b)

.................

69

5,672,634

Societe

Generale

SA

(Caterpillar,

Inc.),

9.35%, 03/14/22

..................

146

29,163,762

56,739,359

Media

—

0.2%

Royal

Bank

of

Canada

(Comcast

Corp.),

13.63%, 04/29/22

(b)

................

120

5,916,344

Societe

Generale

SA

(Charter

Communications,

Inc.),

14.46%, 03/14/22

..............

39

23,223,725

UBS

AG

(Omnicom

Group,

Inc.),

14.10%, 02/18/22

.................

66

4,910,215

34,050,284

Multiline

Retail

—

0.1%

BNP

Paribas

SA

(Kohl's

Corp.),

21.15%, 03/03/22

.................

48

2,567,203

JPMorgan

Structured

Products

BV

(Dollar

General

Corp.),

10.13%, 03/18/22

(b)(d)

....

11

2,278,530

Royal

Bank

of

Canada

(Kohl's

Corp.),

18.25%, 03/02/22

(b)

................

73

3,934,668

Societe

Generale

SA

(Target

Corp.),

14.52%, 03/02/22

.................

36

8,033,505

16,813,906

Oil,

Gas

&

Consumable

Fuels

—

0.4%

BNP

Paribas

SA

(ConocoPhillips),

14.64%, 02/01/22

(b)

................

226

17,618,719

BNP

Paribas

SA

(Exxon

Mobil

Corp.),

11.71%, 02/01/22

(b)

................

255

17,395,778

BNP

Paribas

SA

(Williams

Cos.,

Inc.

(The)),

15.22%, 02/24/22

(b)

................

87

2,498,881

Societe

Generale

SA

(Chevron

Corp.),

19.97%, 03/14/22

.................

269

35,009,605

72,522,983

Personal

Products

—

0.0%

Barclays

Bank

plc

(Estee

Lauder

Cos.

Inc.

(The)),

12.37%, 02/04/22

............

7

2,069,955

Pharmaceuticals

—

0.2%

BNP

Paribas

SA

(Johnson

&

Johnson),

9.97%, 02/25/22

..................

55

9,434,094

JPMorgan

Structured

Products

BV

(Merck

KGaA),

17.62%, 02/03/22

(b)(d)

..........

82

6,344,012

Merrill

Lynch

International

&

Co.

(Bristol-Myers

Squibb

Co.),

10.35%, 02/17/22

........

60

3,791,439

Merrill

Lynch

International

&

Co.

(Pfizer,

Inc.),

23.43%, 02/03/22

.................

115

6,090,841

Royal

Bank

of

Canada

(Johnson

&

Johnson),

8.65%, 04/20/22

(b)

.................

104

17,829,306

43,489,692

Security

Par

(000)

Par

(000)

Value

Professional

Services

—

0.0%

Societe

Generale

SA

(Equifax,

Inc.),

26.58%, 02/11/22

.................

USD

9

$

2,181,611

Road

&

Rail

—

0.3%

Barclays

Bank

plc

(Ryder

System,

Inc.),

15.82%, 02/17/22

.................

44

3,187,290

JPMorgan

Structured

Products

BV

(Union

Pacific

Corp.),

10.14%, 04/14/22

(b)(d)

.....

83

20,401,415

Royal

Bank

of

Canada

(Norfolk

Southern

Corp.),

11.28%, 04/28/22

(b)

...........

17

4,663,983

Royal

Bank

of

Canada

(Union

Pacific

Corp.),

12.09%, 03/08/22

(b)

................

39

9,461,480

Royal

Bank

of

Canada

(XPO

Logistics,

Inc.),

11.91%, 02/07/22

(b)

................

98

6,487,908

Societe

Generale

SA

(JB

Hunt

Transport

Services,

Inc.),

12.37%, 03/04/22

.......

40

7,845,873

52,047,949

Semiconductors

&

Semiconductor

Equipment

—

0.5%

Bank

of

Montreal

(Texas

Instruments,

Inc.),

18.88%, 02/25/22

.................

26

4,751,328

BNP

Paribas

SA

(NVIDIA

Corp.),

25.18%, 02/24/22

.................

44

11,007,184

Credit

Suisse

AG

(Applied

Materials,

Inc.),

14.65%, 02/11/22

.................

186

25,803,230

Nomura

Holdings,

Inc.

(KLA

Corp.),

15.91%, 02/02/22

.................

54

20,142,303

Royal

Bank

of

Canada

(Intel

Corp.),

13.67%, 03/08/22

(b)

................

381

18,770,297

Societe

Generale

SA

(KLA

Corp.),

18.12%, 03/14/22

.................

32

11,797,236

92,271,578

Software

—

0.5%

BNP

Paribas

SA

(Adobe,

Inc.),

15.25%, 03/23/22

.................

9

4,861,527

BNP

Paribas

SA

(Oracle

Corp.),

13.34%, 03/10/22

.................

53

4,381,999

BNP

Paribas

SA

(salesforce.com,

Inc.),

18.28%, 02/25/22

.................

21

4,870,985

JPMorgan

Structured

Products

BV

(Microsoft

Corp.),

10.88%, 03/25/22

(b)(d)

..........

185

57,215,129

Royal

Bank

of

Canada

(Microsoft

Corp.),

10.25%, 02/17/22

(b)

................

36

11,157,415

Societe

Generale

SA

(Citrix

Systems,

Inc.),

9.26%, 03/04/22

..................

130

13,302,967

95,790,022

Specialty

Retail

—

0.4%

Bank

of

Montreal

(AutoZone,

Inc.),

10.99%, 03/02/22

.................

2

4,672,686

Bank

of

Montreal

(Signet

Jewelers

Ltd.),

29.73%, 03/18/22

.................

41

3,471,769

Bank

of

Montreal

(Ulta

Beauty,

Inc.),

18.43%, 03/09/22

.................

12

4,288,730

Barclays

Bank

plc

(Advance

Auto

Parts,

Inc.),

12.89%, 02/16/22

.................

15

3,412,484

BNP

Paribas

SA

(Best

Buy

Co.,

Inc.),

14.49%, 02/24/22

.................

201

20,006,688

BNP

Paribas

SA

(Home

Depot,

Inc.

(The)),

7.14%, 02/23/22

..................

31

11,279,471

BNP

Paribas

SA

(O'Reilly

Automotive,

Inc.),

13.50%, 02/10/22

.................

5

3,449,959

JPMorgan

Structured

Products

BV

(Williams-

Sonoma,

Inc.),

21.18%, 03/18/22

(b)(d)

.....

23

3,513,248

Royal

Bank

of

Canada

(Advance

Auto

Parts,

Inc.),

13.80%, 02/17/22

(b)

............

15

3,386,974

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Royal

Bank

of

Canada

(AutoNation,

Inc.),

19.16%, 02/16/22

(b)

................

USD

31

$

3,411,960

Royal

Bank

of

Canada

(TJX

Cos.,

Inc.

(The)),

15.17%, 02/24/22

(b)

................

81

5,807,532

66,701,501

Technology

Hardware,

Storage

&

Peripherals

—

0.6%

Bank

of

Montreal

(Apple,

Inc.),

17.51%, 02/25/22

.................

70

12,096,170

JPMorgan

Structured

Products

BV

(Apple,

Inc.)

12.29%,

03/08/22

(b)(d)

...............

238

41,518,608

9.20%,

03/25/22

(b)(d)

................

170

29,106,969

JPMorgan

Structured

Products

BV

(Seagate

Technology

Holdings

PLC),

21.92%, 04/22/22

(b)(d)

...............

44

4,680,836

Toronto-Dominion

Bank

(The)

(Apple,

Inc.),

11.94%, 02/17/22

.................

80

12,668,593

100,071,176

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Barclays

Bank

plc

(Lululemon

Athletica,

Inc.),

12.25%, 03/31/22

.................

10

3,246,701

BNP

Paribas

SA

(Ralph

Lauren

Corp.),

17.83%, 02/01/22

(b)

................

76

8,309,198

Credit

Suisse

AG

(Tapestry,

Inc.),

16.80%, 02/11/22

.................

85

3,243,968

Goldman

Sachs

International

(Deckers

Outdoor

Corp.),

15.65%, 02/04/22

............

7

2,140,208

Goldman

Sachs

International

(Skechers

USA,

Inc.),

20.01%, 02/04/22

..............

57

2,398,845

19,338,920

Trading

Companies

&

Distributors

—

0.1%

Royal

Bank

of

Canada

(United

Rentals,

Inc.),

19.83%, 04/28/22

(b)

................

8

2,393,472

Societe

Generale

SA

(Fastenal

Co.),

16.32%, 03/04/22

.................

196

11,184,268

Societe

Generale

SA

(United

Rentals,

Inc.),

13.06%, 02/02/22

.................

41

13,163,017

26,740,757

Wireless

Telecommunication

Services

—

0.1%

Merrill

Lynch

International

&

Co.

(T-Mobile

US,

Inc.),

8.09%, 02/07/22

..............

166

18,017,086

Total

Equity-Linked

Notes

—

10.1%

(Cost:

$1,857,027,599)

............................

1,811,143,760

Floating

Rate

Loan

Interests

—

7.7%

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

9,483,536

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 05/25/28

..................

1,922

1,928,855

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(o)

.

605

603,300

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.50%),

3.72%

,

 04/06/26

..................

5,358

5,236,970

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.50%),

3.72%

,

 04/06/26

..................

2,881

2,815,576

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/01/28

.

15,062

15,036,805

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

8.50%

,

 02/01/29

.

3,740

3,811,285

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.75%

,

 11/28/23

..................

USD

1,965

$

1,977,444

TransDigm,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 12/09/25

......

4,703

4,650,620

TransDigm,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 08/22/24

......

4,349

4,308,403

49,852,794

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

508,410

Airlines

—

0.1%

(a)

AAdvantage

Loyality

IP

Ltd.,

Term

Loan,

04/20/28

(o)

......................

3,908

4,050,783

Air

Canada,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 08/11/28

...........

4,091

4,099,109

American

Airlines,

Inc.,

Term

Loan,

01/29/27

(o)

818

788,629

American

Airlines,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 12/15/23

..

4,585

4,530,059

Kestrel

Bidco,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 12/11/26

.......

3,611

3,520,838

United

AirLines,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/21/28

.

4,503

4,501,081

21,490,499

Auto

Components

—

0.1%

(a)

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 04/10/28

......

931

930,742

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/30/26

.

8,529

8,479,462

Truck

Hero,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 01/31/28

......

5,663

5,645,196

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

3.18%

,

 02/05/26

..................

5,718

5,627,423

20,682,823

Automobiles

—

0.0%

Dealer

Tire

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 01/01/38

(a)

.....

7,554

7,556,727

Banks

—

0.1%

CML

Hyatt

Lost

Pines,

Term

Loan,

(LIBOR

USD

1

Month

+

0.04%),

3.54%

,

 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

..................

566

564,114

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 11/23/27

..

9,769

9,724,849

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/02/28

..................

801

799,329

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(o)

..............

160

159,878

CPG

International

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.25%

,

 05/05/24

.

1,424

1,422,371

Jeld-Wen,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 07/28/28

......

1,326

1,324,370

MI

Windows

&

Doors

LLC,

Term

Loan

B1,

0.00%

,

 12/18/27

..................

418

417,593

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 12/31/26

......

USD

7,553

$

7,533,081

21,945,585

Capital

Markets

—

0.1%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 07/24/26

.

789

789,934

CML

Paradise

Plaza,

Term

Loan,

(LIBOR

USD

3

Month

+

0.04%),

3.75%

,

 01/01/28

(c)

....

10,900

10,900,000

Cogeco

Communications

Finance

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 09/01/28

..................

5,096

5,081,120

Focus

Financial

Partners

LLC,

Delayed

Draw

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 06/30/28

..................

464

462,292

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 06/30/28

..................

2,008

1,998,259

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/12/24

.....

1,275

1,271,669

20,503,274

Chemicals

—

0.3%

(a)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.00%

,

 03/18/28

............

5,701

5,688,123

ARC

Falcon

I,

Inc.,

Delayed

Draw

Term

Loan,

09/30/28

(o)

......................

165

165,001

ARC

Falcon

I,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 09/30/28

......

1,132

1,130,254

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

..................

5,027

5,043,462

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

1.97%

,

 06/01/24

............

2,381

2,372,951

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/29/27

..................

868

859,753

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 06/09/28

..................

2,624

2,622,188

Element

Solutions,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 01/31/26

..

2,226

2,221,721

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.50%

,

 06/28/24

..................

782

779,895

Herens

Holdco

SARL,

Facility

Term

Loan

B

+

0.00%),

0.00%, 07/03/28

...........

423

422,670

(LIBOR

USD

6

Month

+

4.00%),

4.75%, 07/03/28

................

2,273

2,270,103

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 06/30/27

..................

4,672

4,651,672

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

2.72%

,

 01/01/38

..................

6,694

6,641,880

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/15/24

............

5,710

5,705,526

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.38%

,

 10/14/24

..................

USD

5,312

$

5,294,473

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/02/28

..................

1,445

1,443,194

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 09/22/28

.

869

869,000

49,134,678

Commercial

Services

&

Supplies

—

0.3%

(a)

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

,

 05/12/28

..................

7,574

7,549,779

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 09/07/27

.

2,711

2,692,987

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

06/21/24

(o)

..............

10,721

10,495,844

Covanta

Holding

Corp.,

Term

Loan

B,

11/30/28

(o)

......................

1,900

1,898,722

Covanta

Holding

Corp.,

Term

Loan

C,

11/30/28

(o)

......................

142

142,226

KAR

Auction

Services,

Inc.,

Term

Loan

B6,

09/19/26

(c)(o)

.....................

1,193

1,175,104

LABL,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.50%

,

 10/29/28

............

2,082

2,093,055

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

,

 09/23/26

............

2,743

2,733,402

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.04%),

4.47%

,

 07/30/25

..................

2,812

2,741,305

Tempo

Acquisition

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

2.75%),

2.86%, 05/01/24

................

1,289

1,290,381

(LIBOR

USD

1

Month

+

2.75%),

2.86%, 05/01/24

................

9,001

9,015,784

TruGreen

Ltd.,

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 11/02/27

..................

1,400

1,400,710

Viad

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.50%

,

 07/30/28

............

1,551

1,543,838

44,773,137

Construction

&

Engineering

—

0.1%

(a)

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/21/28

.............

6,021

6,001,748

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.25%

-

4.27%

,

 06/02/28

5,536

5,527,912

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 05/12/28

..................

3,801

3,788,084

15,317,744

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 01/15/27

.............

3,520

3,500,705

Forterra

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/25/23

.....

1,925

1,922,364

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 01/31/28

..................

4,484

4,457,256

Standard

Industries,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 09/22/28

.

2,620

2,620,270

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Construction

Materials

(continued)

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

-

3.30%

,

 05/29/26

..................

USD

856

$

850,529

13,351,124

Containers

&

Packaging

—

0.2%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 12/01/27

..................

11,486

11,495,243

Flex

Acquisition

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/02/28

.

3,804

3,795,625

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 04/03/24

..................

6,622

6,554,913

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/05/26

.

1,006

998,135

Tosca

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 08/18/27

......

3,263

3,255,118

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3,

09/15/28

(o)

................

68

68,516

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 09/15/28

..................

1,198

1,198,605

27,366,155

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

3,294,876

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

12/10/29

(o)

......................

1,629

1,636,640

Frontdoor,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 06/17/28

......

966

961,314

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.50%

,

 12/22/25

..................

1,655

1,550,630

Mileage

Plus

Holdings

LLC,

Term

Loan,

06/21/27

(o)

......................

5,417

5,711,955

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

12/20/24

(o)

......................

1,238

1,222,735

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 01/15/27

............

3,751

3,757,004

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/20/28

..................

1,196

1,193,766

19,328,920

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

4,499,155

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

4.61%

,

 07/31/26

..................

3,765

3,756,895

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 03/10/28

(c)

1,189

1,187,494

APi

Group

DE,

Inc.,

Term

Loan,

01/03/29

(o)

...

425

424,665

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.56%

,

 10/30/26

......

2,090

2,084,519

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 04/13/28

......

7,510

7,498,821

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Castlelake

Aviation

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 10/22/26

.

USD

3,209

$

3,196,657

Colorado

Plaza,

Term

Loan,

(LIBOR

USD

1

Month

+

0.04%),

4.11%

,

 05/15/24

(c)

......

7,906

7,273,412

Connect

Finco

SARL,

Term

Loan,

12/11/26

(o)

.

13,210

13,198,137

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 04/09/27

..................

8,021

8,039,958

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

7.50%

,

 04/07/28

(c)

.................

1,440

1,465,200

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/01/27

.

6,781

6,775,132

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

8.00%

,

 12/01/28

.

779

780,464

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

4.75%

,

 10/01/27

..................

10,329

10,332,041

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 07/11/25

..................

3,681

3,674,437

Houston

Center,

Term

Loan,

12/09/22

(c)(o)

....

39,131

39,130,982

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(o)

......................

2,156

2,141,718

Lealand

Finance

Co.

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 06/28/24

(c)

.

41

24,643

Lealand

Finance

Co.

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

1.00%),

1.11%

,

 06/30/25

..

391

183,632

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 11/02/27

..

1,602

1,603,660

Mercury

Merger

Sub,

Inc.,1st

Lien

Term

Loan,

08/02/28

(o)

......................

4,928

4,905,430

OLA

Netherlands

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

6.25%),

7.00%

,

 12/15/26

.....

1,455

1,469,550

Park

Avenue

Tower,

Term

Loan,

03/09/24

(c)(o)

.

31,329

31,328,976

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 09/25/26

.....

3,469

3,460,674

RVR

Dealership

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 02/08/28

..................

1,167

1,161,474

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

-

2.80%

,

 01/23/25

..................

2,985

2,926,827

The

Vinoy

St.

Petersburg,

Term

Loan,

01/01/38

(c)(o)

.....................

10,383

10,339,710

Travelport

Finance

(Luxembourg)

SARL,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

6.99%

,

 05/29/26

............

2,511

2,066,478

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

2.50%

,

 02/28/25

..................

2,419

2,479,684

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/31/29

..................

413

410,419

Veritas

US,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

6.00%

,

 09/01/25

......

12,307

12,281,546

VS

Buyer

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/28/27

.......

3,349

3,330,179

White

Cap

Buyer

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

6.25%

,

 10/19/27

.....

1,300

1,298,367

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 04/30/28

..................

USD

2,902

$

2,864,361

197,595,297

Diversified

Telecommunication

Services

—

0.2%

(a)

Altice

Financing

SA,

Term

Loan

(LIBOR

USD

3

Month

+

2.75%),

2.99%, 07/15/25

................

949

937,726

(LIBOR

USD

3

Month

+

2.75%),

2.99%, 01/31/26

................

3,040

2,999,374

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 08/14/26

.....

6,353

6,324,316

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/30/27

..

776

773,458

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 10/02/27

..................

1,328

1,323,480

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 05/01/28

..................

2,707

2,699,456

Iridium

Satellite

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 11/04/26

..

2,238

2,231,524

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.00%

,

 09/01/28

.

1,188

1,189,009

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 01/31/29

..................

2,990

2,983,930

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 03/09/27

..

13,744

13,539,850

35,002,123

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 01/15/25

..................

1,588

1,573,733

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 12/13/25

.

1,331

1,248,710

2,822,443

Electrical

Equipment

—

0.1%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.50%

,

 06/23/28

..................

2,649

2,642,737

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.50%

,

 02/12/25

.

684

682,386

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 09/13/24

.

10,544

10,487,829

13,812,952

Entertainment

—

0.1%

(a)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

04/22/26

(o)

....................

1,804

1,602,676

City

Football

Group

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 07/21/28

(c)

2,963

2,948,185

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 07/03/24

..................

2,977

2,963,914

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.88%

,

 10/19/26

..................

3,009

2,946,095

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 03/13/28

.

3,462

3,448,512

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 05/30/25

..................

USD

87

$

85,984

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 05/18/25

......

5,820

5,709,875

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

2.23%

,

 01/20/28

.

907

898,950

20,604,191

Food

&

Staples

Retailing

—

0.0%

US

Foods,

Inc.,

Term

Loan

B

(a)

(LIBOR

USD

1

Month

+

2.00%),

2.11%, 09/13/26

................

2,403

2,377,414

(LIBOR

USD

1

Month

+

2.75%),

2.86%, 11/22/28

................

2,617

2,610,050

4,987,464

Food

Products

—

0.2%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 11/19/26

..................

2,728

2,685,851

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 10/01/25

(c)

.................

2,081

1,955,820

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 10/10/26

......

218

218,184

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 10/25/27

...........

3,772

3,776,965

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 01/29/27

..................

7,646

7,540,874

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.00%

,

 08/03/25

..................

1,673

1,666,442

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

3

Month

+

2.25%),

2.40%

,

 05/15/24

..................

494

491,339

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 06/08/28

..................

2,317

2,313,662

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 03/31/28

..................

11,169

11,075,223

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 01/20/28

..................

3,347

3,335,115

35,059,475

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

3,424,418

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 05/04/28

......

898

897,739

Medline

Borrower

LP,

Term

Loan,

10/23/28

(o)

.

8,143

8,106,066

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.25%

,

 12/11/26

..................

3,147

3,134,223

15,562,446

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

110

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

0.2%

(a)

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

-

3.80%

,

 07/24/26

..................

USD

5,697

$

5,664,611

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

..................

1,025

1,025,686

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/01/28

..................

4,340

4,328,114

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 10/10/25

.

2,874

2,219,531

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.75%),

3.97%, 02/18/27

................

5,340

5,317,603

(LIBOR

USD

3

Month

+

3.75%),

4.25%, 11/15/28

................

885

881,970

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

7.25%

,

 11/15/29

..................

611

615,647

EyeCare

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

0.04%),

1.88%

-

6.00%

,

 11/15/28

.............

151

150,336

Medical

Solutions

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

7.50%

,

 11/01/29

(c)

.................

1,349

1,331,018

Ortho-Clinical

Diagnostics,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 06/30/25

..................

3,386

3,383,036

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.25%

,

 02/14/25

..................

74

74,148

Phoenix

Newco,

Inc.,

1st

Lien

Term

Loan,

11/15/28

(o)

......................

5,807

5,804,737

Unified

Womens

Healthcare

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.00%

,

 12/20/27

..................

1,542

1,542,135

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.00%

,

 01/08/27

..................

2,496

2,496,179

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 12/22/28

.

2,449

2,444,915

37,279,666

Health

Care

Technology

—

0.1%

(a)

Athenahealth,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

4.25%),

4.40%

,

 02/11/26

..................

348

348,106

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

3.50%

,

 03/01/24

..................

2,985

2,981,418

GoodRx,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 10/10/25

.....

3,776

3,764,571

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 06/02/28

..................

4,199

4,195,692

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

4.11%

,

 08/27/25

..

5,669

5,663,745

16,953,532

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

0.4%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 02/02/26

..................

USD

503

$

490,686

Aristocrat

Leisure

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.75%

,

 10/19/24

.....

1,517

1,521,329

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 10/02/28

.

2,070

2,067,123

Caesars

Resort

Collection

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 12/23/24

..................

6,379

6,341,505

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 07/21/25

..................

5,091

5,084,199

CML

La

Quinta

Resort,

Term

Loan,

(LIBOR

USD

1

Month

+

0.03%),

0.00%

,

 01/01/38

(c)

10,600

10,600,000

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan,

(LIBOR

USD

1

Month

+

0.03%),

0.00%

,

 01/01/38

(c)

.................

5,102

5,102,323

Fertitta

Entertainment

LLC,

Term

Loan

B,

01/27/29

(o)

......................

5,085

5,100,095

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 07/21/26

.

2,086

2,079,197

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 11/30/23

..................

1,948

1,940,303

Golden

Nugget

Online

Gaming,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

12.00%),

13.00%

,

 10/04/23

(c)

................

312

330,812

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(LIBOR

USD

1

Month

+

0.04%),

3.50%

,

 04/01/24

(c)

.................

14,633

13,462,101

IRB

Holding

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 12/15/27

......

4,479

4,478,760

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.75%),

3.75%

,

 02/05/25

.....

2,672

2,664,733

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 03/09/28

.

3,632

3,611,038

Playa

Resorts

Holding

BV,

Term

Loan,

04/29/24

(o)

......................

586

575,748

Scientific

Games

International,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.75%),

2.86%

,

 08/14/24

..................

1,516

1,510,590

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

2.50%

,

 02/08/27

..................

2,408

2,386,730

Whatabrands

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 08/03/28

.....

3,699

3,687,459

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 05/30/25

..................

968

958,538

73,993,269

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 05/17/28

.

5,821

5,783,323

Serta

Simmons

Bedding

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

7.50%),

8.50%, 08/10/23

................

1,922

1,880,495

Snap

One

Holdings

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.00%

,

 12/08/28

.

1,715

1,714,847

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

111

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 10/30/27

..................

USD

1,307

$

1,307,155

10,685,820

Household

Products

—

0.0%

(a)

Pilot

Travel

Centers

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 08/04/28

..

1,698

1,687,406

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 03/03/28

.

639

637,176

2,324,582

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

1,562,045

Industrial

Conglomerates

—

0.1%

(a)

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 03/31/25

.....

3,467

3,451,248

Sheraton

Austin,

Term

Loan,

01/01/28

(c)(o)

....

8,491

8,420,359

11,871,607

Insurance

—

0.4%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

3.36%, 05/09/25

................

6,319

6,257,658

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 11/05/27

..................

7,003

6,990,351

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.00%

,

 02/19/28

.....

5,831

5,782,620

AssuredPartners,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.50%),

3.61%, 02/12/27

................

3,805

3,777,363

(LIBOR

USD

1

Month

+

3.50%),

4.00%, 02/12/27

................

1,380

1,378,244

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

1

Month

+

5.25%),

5.36%

,

 01/31/28

.

3,051

3,053,532

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.25%),

5.36%

,

 01/20/29

.

2,713

2,714,709

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

3.13%),

3.23%

,

 11/03/23

.......

2,755

2,747,260

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 11/03/24

.......

2,676

2,661,048

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 12/23/26

......

2,387

2,368,960

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

2

Month

+

2.75%),

2.94%

-

3.02%

,

 04/25/25

1,615

1,596,372

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.25%),

4.00%

,

 04/25/25

.

9,058

9,037,096

Ryan

Specialty

Group

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.75%

,

 09/01/27

.

2,274

2,267,572

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

3.36%, 12/31/25

................

5,731

5,690,601

(LIBOR

USD

1

Month

+

3.75%),

3.86%, 09/03/26

................

1,989

1,984,157

(LIBOR

USD

1

Month

+

4.25%),

5.25%, 09/03/26

................

923

923,225

USI,

Inc.,

Term

Loan

(LIBOR

USD

3

Month

+

3.00%),

3.22%, 05/16/24

................

5,102

5,070,194

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

(LIBOR

USD

3

Month

+

3.25%),

3.47%, 12/02/26

................

USD

255

$

253,439

64,554,401

Interactive

Media

&

Services

—

0.2%

(a)

Adevinta

ASA,

Facility

Term

Loan

B2,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

,

 06/26/28

.

4,337

4,325,716

Arches

Buyer,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 12/06/27

......

2,680

2,660,313

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.00%

,

 10/30/26

..................

10,563

10,539,842

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

......

9,867

9,866,780

27,392,651

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

5,645,807

Pug

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.25%),

4.75%

,

 02/12/27

...........

436

434,818

6,080,625

IT

Services

—

0.2%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 09/19/24

..................

5,118

5,108,094

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.25%

,

 09/19/25

..................

805

808,647

Camelot

US

Acquisition

1

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 10/30/26

..................

5,054

5,035,490

Epicor

Software

Corp.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

8.75%

,

 07/31/28

..................

2,963

3,020,423

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.00%

,

 07/30/27

.

5,293

5,277,537

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 08/10/27

..................

3,828

3,791,356

Ion

Trading

Finance

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

4.97%

,

 04/01/28

.

724

724,360

Maximus,

Inc.,

Term

Loan

B,

(LIBOR

USD

6

Month

+

2.00%),

2.50%

,

 05/28/28

......

1,557

1,553,282

Presidio

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

-

3.80%

,

 01/22/27

..................

942

938,722

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 02/12/27

............

5,854

5,800,457

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/16/25

..................

1,854

1,831,187

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 05/05/26

.

1,748

1,746,782

Trader

Interactive

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.50%

,

 07/28/28

(c)

1,004

999,048

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 11/16/26

.....

1,526

1,509,299

Venga

Finance

SARL,

Term

Loan,

12/04/28

(o)

.

1,029

1,000,644

Virtusa

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 02/11/28

.......

1,353

1,354,469

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

112

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/31/28

...........

USD

1,042

$

1,034,966

ZoomInfo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 02/02/26

..

389

388,432

41,923,195

Leisure

Products

—

0.0%

Fender

Musical

Instruments

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.06%

,

 12/01/28

(a)(c)

................

1,554

1,552,405

Life

Sciences

Tools

&

Services

—

0.1%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 11/21/24

..

538

536,189

Avantor

Funding,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 11/08/27

..

3,869

3,862,622

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 02/22/28

..................

2,934

2,932,758

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

5.50%

,

 02/04/27

..................

7,130

7,143,758

ICON

Luxembourg

SARL,

Term

Loan

(LIBOR

USD

3

Month

+

2.25%),

2.75%, 07/03/28

................

5,397

5,382,418

Iqvia,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 03/07/24

...........

1,996

1,990,997

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

0.00%

,

 10/19/27

................

1,696

1,693,998

23,542,740

Machinery

—

0.3%

(a)

Albion

Financing

3

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 07/31/26

.

1,873

1,863,635

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.50%

,

 10/13/28

.

1,427

1,428,184

Clark

Equipment

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.47%

,

 05/18/24

.....

1,624

1,619,995

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

6

Month

+

2.75%),

3.25%

,

 05/14/28

.

401

400,443

Filtration

Group

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 10/21/28

.....

1,647

1,643,447

Fluidra

SA,

Term

Loan

B,

01/19/29

(o)

.......

559

557,837

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.50%),

3.25%

,

 03/31/27

.....

3,785

3,771,769

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.35%

,

 03/28/25

..................

14,599

14,389,606

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 03/01/27

..................

1,701

1,682,993

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 06/21/28

......

5,821

5,795,313

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

(LIBOR

USD

6

Month

+

3.50%),

4.00%

,

 07/30/27

..................

5,596

5,595,584

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

0.00%

-

0.10%

,

 03/02/27

5,741

5,708,922

44,457,728

Security

Par

(000)

Par

(000)

Value

Media

—

0.4%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 03/03/25

(a)

.................

USD

8,430

$

7,792,741

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(p)

.................

2,644

3,056,314

Cable

One,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 05/03/28

(a)

.....

1,241

1,232,700

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/30/25

(a)

.................

3,345

3,333,947

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

3.61%

-

3.80%

,

 08/21/26

(a)

...........

13,667

13,465,424

CMG

Media

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 12/17/26

(a)

.................

1

502

CSC

Holdings

LLC,

Term

Loan

(a)

(LIBOR

USD

1

Month

+

2.25%),

2.36%, 07/17/25

................

2,675

2,632,525

(LIBOR

USD

1

Month

+

2.50%),

2.61%, 04/15/27

................

1,693

1,674,260

DirectV

Financing

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 08/02/27

(a)

9,295

9,300,410

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.75%

,

 11/12/27

(a)

.................

2,006

1,999,288

Intelsat

Jackson

Holdings

SA,

Term

Loan,

(LIBOR

USD

1

Month

+

4.55%),

7.80%

,

 07/13/22

(a)

.................

563

563,059

Intelsat

Jackson

Holdings

SA,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

4.55%),

7.80%

,

 11/27/23

(a)

.................

1

1,063

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.25%

,

 12/01/23

(a)

.................

6,313

6,009,188

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

2.36%

,

 03/24/25

(a)

.................

1,784

1,773,248

Midcontinent

Communications,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 08/15/26

(a)

.................

1,183

1,182,919

Nexstar

Broadcasting,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

2.61%

,

 09/18/26

(a)

.................

863

859,505

Nielsen

Finance

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

2.12%

,

 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

672,059

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

1,701,098

61,898,947

Metals

&

Mining

—

0.0%

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

4.00%

,

 03/08/24

(a)

.................

8,635

8,194,723

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

113

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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

$

2,346,725

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

4.22%

,

 02/07/25

.

2,167

2,159,262

Freeport

LNG

investments,

LLLP,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 12/21/28

..................

939

934,245

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.25%

,

 01/31/28

.

909

909,702

6,349,934

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

11,274,322

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.63%

,

 05/04/25

..................

2,897

2,866,426

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 06/02/25

..

5,478

5,432,462

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

2.11%

,

 11/15/27

..................

1,516

1,496,228

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 05/05/28

.

2,948

2,947,831

Medical

Solutions

LLC,

1st

Lien

Term

Loan,

11/01/28

(o)

......................

3,915

3,906,976

Medical

Solutions

LLC,

Delayed

Draw

1st

Lien

Term

Loan,

11/01/28

(o)

..............

746

744,186

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

3.50%

,

 06/02/28

......

2,287

2,283,001

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan,

11/18/27

(o)

..............

499

496,294

Precision

Medicine

Group

LLC,

Term

Loan,

11/18/27

(o)

......................

4,440

4,418,980

Prestige

Brands,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.00%),

2.50%

,

 07/03/28

.

690

688,974

25,281,358

Professional

Services

—

0.1%

(a)

AlixPartners

LLP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

3.25%

,

 02/04/28

......

4,141

4,124,603

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 06/02/28

.

8,430

8,377,186

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.36%

,

 02/06/26

..................

7,584

7,550,409

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

3.31%

,

 01/18/29

(c)

.................

1,497

1,493,257

Trans

Union

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

2.75%

,

 12/01/28

.....

4,590

4,568,702

26,114,157

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

3.61%

,

 02/25/27

(a)

5,681

5,670,694

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

MKS

Instruments,

Inc.,

Term

Loan,

10/20/28

(o)

USD

3,708

$

3,699,879

Synaptics,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.75%

,

 12/02/28

......

833

832,080

4,531,959

Software

—

0.8%

(a)

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/12/25

..................

5,653

5,659,923

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 10/02/25

.

5,679

5,656,089

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

,

 10/08/28

.

6,622

6,601,339

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

6.50%

,

 10/08/29

(c)

2,431

2,424,923

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 09/29/28

......

828

825,781

E2open

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 02/04/28

...........

447

447,299

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 12/01/27

..................

11,287

11,279,967

Helios

Software

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

3.97%

,

 03/11/28

..................

8,999

8,971,151

Instructure

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.27%

,

 10/30/28

(c)

1,047

1,045,691

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.00%),

5.75%

,

 07/27/28

..................

7,636

7,609,137

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.00%

,

 07/27/29

..................

4,649

4,637,378

McAfee

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

3.86%

,

 09/30/24

......

3,355

3,351,154

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.75%

,

 09/13/24

.

5,642

5,610,612

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

6.36%

,

 02/23/29

.

4,512

4,531,763

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

7,290,245

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

3.75%

,

 08/31/28

.

4,280

4,256,203

RealPage,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 04/24/28

.

19,313

19,206,313

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/17/27

.....

748

736,552

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

,

 12/17/27

.....

1,192

1,174,107

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

3.11%

,

 08/01/25

..................

7,638

7,600,105

Sophia

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.00%

,

 10/07/27

......

11,292

11,281,130

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/16/25

..................

1,505

1,486,474

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

7.36%

,

 03/03/28

..................

5,559

5,572,834

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

114

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

UKG,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.25%),

3.75%, 05/04/26

................

USD

9,676

$

9,644,022

(LIBOR

USD

1

Month

+

3.75%),

3.86%, 05/04/26

................

9,039

9,020,407

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

,

 05/03/27

......

2,497

2,515,079

150,562,595

Specialty

Retail

—

0.2%

(a)

Belron

Finance

US

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

2.44%

,

 11/13/25

..

1,304

1,299,613

EG

Group

Ltd.,

Facility

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

4.75%

,

 03/31/26

.

3,803

3,803,978

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

3.75%

,

 11/24/28

..................

1,363

1,361,296

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

4.75%

,

 05/04/28

............

5,676

5,690,666

MED

ParentCo.

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

4.36%

,

 08/31/26

.

2,059

2,054,361

Optiv,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.25%

,

 02/01/24

......

1,820

1,801,306

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

.......

11,321

11,296,317

Restoration

Hardware,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.00%

,

 10/20/28

.

1,528

1,522,439

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 12/21/27

(c)

.................

694

692,890

29,522,866

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

0.00%

-

0.11%

,

 07/27/28

.

7,044

6,999,533

SRS

Distribution,

Inc.,

Term

Loan,

06/02/28

(o)

.

687

686,663

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

8.50%

,

 05/30/24

.

1,585

1,510,966

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.50%

,

 08/28/24

.

5,135

4,473,522

13,670,684

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

1,029,839

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

6.25%

,

 09/21/29

..................

421

426,966

1,456,805

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

3,601,665

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 04/30/28

..................

6,292

6,285,134

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.50%

,

 06/02/28

..................

858

854,800

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

1.86%

,

 04/11/25

..

USD

1,688

$

1,673,044

12,414,643

Total

Floating

Rate

Loan

Interests

—

7.7%

(Cost:

$1,370,642,883)

............................

1,370,260,729

Foreign

Agency

Obligations

—

0.4%

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile,

3.75%

,

01/15/31

(b)

......................

1,175

1,222,000

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

3,651,675

Colombia

—

0.1%

Ecopetrol

SA

5.38%,

06/26/26

..................

4,642

4,799,828

4.63%,

11/02/31

..................

4,060

3,734,307

8,534,135

Dominican

Republic

—

0.0%

Banco

de

Reservas

de

la

Republica

Dominicana,

7.00%

,

02/01/23

(d)

........

3,817

3,933,896

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(d)

..........

EUR

1,000

1,142,818

France

—

0.0%

Electricite

de

France

SA

(a)(d)(k)

(EUR

Swap

Annual

5

Year

+

3.37%),

2.87%

600

657,543

(EUR

Swap

Annual

5

Year

+

3.20%),

3.00%

1,000

1,094,914

(EUR

Swap

Annual

5

Year

+

3.97%),

3.38%

3,000

3,273,938

5,026,395

Greece

—

0.0%

Public

Power

Corp.

SA,

3.38%

,

07/31/28

(d)

...

495

538,752

Indonesia

—

0.0%

(d)

Bank

Tabungan

Negara

Persero

Tbk.

PT,

4.20%

,

01/23/25

..................

USD

1,433

1,436,740

Pertamina

Persero

PT,

3.10%

,

08/27/30

....

4,972

4,885,537

6,322,277

Italy

—

0.0%

Banca

Monte

dei

Paschi

di

Siena

SpA

(d)

3.63%,

09/24/24

..................

EUR

100

111,943

2.63%,

04/28/25

..................

725

798,211

1.88%,

01/09/26

..................

100

106,728

Poste

Italiane

SpA,

(EURIBOR

Swap

Rate

5

Year

+

2.68%),

2.62%

(a)(d)(k)

...........

1,275

1,338,892

2,355,774

Mexico

—

0.2%

Petroleos

Mexicanos

6.50%,

03/13/27

..................

USD

5,226

5,444,839

5.95%,

01/28/31

..................

7,374

6,993,317

6.70%,

02/16/32

(b)

.................

9,512

9,394,051

7.69%,

01/23/50

..................

4,135

3,820,740

25,652,947

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(d)

..........

1,780

1,606,646

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

115

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Panama

—

0.1%

Aeropuerto

Internacional

de

Tocumen

SA

(b)

4.00%,

08/11/41

..................

USD

5,506

$

5,338,411

5.13%,

08/11/61

..................

2,565

2,487,729

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

(b)

..............

2,960

2,937,430

10,763,570

Qatar

—

0.0%

Qatar

Petroleum,

3.30%

,

07/12/51

(b)

.......

4,029

3,958,492

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.

(b)

1.25%,

11/24/23

..................

330

327,360

2.25%,

11/24/30

..................

565

536,044

863,404

Total

Foreign

Agency

Obligations

—

0.4%

(Cost:

$76,898,691)

...............................

75,572,781

Foreign

Government

Obligations

—

1.6%

Bahrain

—

0.0%

Kingdom

of

Bahrain

7.00%,

01/26/26

(d)

.................

1,436

1,545,316

4.25%,

01/25/28

(b)

.................

2,115

2,025,112

7.38%,

05/14/30

(d)

.................

1,445

1,560,419

5,130,847

Brazil

—

0.1%

Federative

Republic

of

Brazil

6.00%,

04/07/26

..................

2,272

2,520,926

4.63%,

01/13/28

..................

6,631

6,785,585

3.88%,

06/12/30

..................

10,649

10,008,729

19,315,240

Chile

—

0.1%

Republic

of

Chile

2.55%,

07/27/33

..................

3,955

3,695,948

3.50%,

01/31/34

..................

1,275

1,295,400

3.10%,

05/07/41

..................

7,033

6,505,525

4.00%,

01/31/52

..................

1,095

1,116,421

12,613,294

Colombia

—

0.1%

Republic

of

Colombia

8.13%,

05/21/24

..................

4,414

4,948,646

3.88%,

04/25/27

..................

2,562

2,515,243

4.50%,

03/15/29

..................

3,308

3,247,629

3.00%,

01/30/30

..................

5,589

4,872,211

3.25%,

04/22/32

..................

2,205

1,885,275

4.13%,

05/15/51

..................

1,110

841,727

18,310,731

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(d)

.................

2,355

2,575,781

4.50%,

01/30/30

(b)

.................

4,407

4,319,686

4.88%,

09/23/32

(b)

.................

4,650

4,562,231

5.30%,

01/21/41

(d)

.................

1,898

1,807,015

6.40%,

06/05/49

(d)

.................

3,800

3,795,963

17,060,676

Egypt

—

0.1%

Arab

Republic

of

Egypt

5.88%,

06/11/25

(d)

.................

3,568

3,603,680

5.25%,

10/06/25

(b)

.................

4,455

4,393,744

7.60%,

03/01/29

(d)

.................

4,215

4,072,744

5.88%,

02/16/31

(b)

.................

695

585,537

Security

Par

(000)

Par

(000)

Value

Egypt

(continued)

6.38%,

04/11/31

(b)

.................

EUR

4,285

$

4,212,235

16,867,940

Guatemala

—

0.0%

Republic

of

Guatemala

(b)

5.38%,

04/24/32

..................

USD

1,693

1,825,583

4.65%,

10/07/41

..................

3,402

3,281,442

5,107,025

Hungary

—

0.0%

Hungary

Government

Bond,

3.13%

,

09/21/51

(b)

2,500

2,325,469

Indonesia

—

0.1%

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

(d)

6.15%,

05/21/48

..................

1,400

1,605,646

4.88%,

07/17/49

..................

1,800

1,775,025

Republic

of

Indonesia

4.75%,

01/08/26

(d)

.................

4,508

4,944,149

3.50%,

01/11/28

..................

1,220

1,280,848

4.10%,

04/24/28

..................

4,070

4,416,713

4.75%,

02/11/29

..................

1,527

1,714,225

5.13%,

01/15/45

(d)

.................

3,000

3,465,330

19,201,936

Israel

—

0.0%

State

of

Israel

Government

Bond,

2.75%

,

07/03/30

.......................

2,503

2,578,090

Mexico

—

0.1%

United

Mexican

States

4.50%,

04/22/29

..................

5,024

5,438,480

4.75%,

03/08/44

..................

2,402

2,469,256

4.35%,

01/15/47

..................

8,830

8,547,440

4.50%,

01/31/50

..................

2,560

2,533,120

4.40%,

02/12/52

..................

1,655

1,597,903

20,586,199

Mongolia

—

0.0%

State

of

Mongolia,

5.13%

,

04/07/26

(d)

......

2,067

2,087,897

Morocco

—

0.1%

Kingdom

of

Morocco

(b)

3.00%,

12/15/32

..................

5,575

5,149,906

4.00%,

12/15/50

..................

5,807

4,994,020

10,143,926

Oman

—

0.0%

Oman

Government

Bond,

7.38%

,

10/28/32

(d)

.

2,230

2,528,263

Oman

Sovereign

Sukuk

Co.,

4.88%

,

06/15/30

(b)

1,170

1,229,962

3,758,225

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan,

7.38%

,

04/08/31

(d)

2,265

2,118,024

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

..................

1,187

1,246,572

3.30%,

01/19/33

..................

1,360

1,353,880

4.50%,

05/15/47

..................

4,610

4,754,927

4.50%,

04/01/56

..................

1,320

1,343,760

4.50%,

01/19/63

..................

1,310

1,324,410

10,023,549

Paraguay

—

0.1%

Republic

of

Paraguay

5.00%,

04/15/26

(d)

.................

4,144

4,485,362

4.95%,

04/28/31

(b)

.................

5,265

5,729,965

2.74%,

01/29/33

(b)

.................

5,498

5,071,218

5.40%,

03/30/50

(b)

.................

4,031

4,313,926

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

116

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Paraguay

(continued)

5.40%,

03/30/50

(d)

.................

USD

2,075

$

2,220,639

21,821,110

Peru

—

0.1%

Peru

Government

Bond,

1.86%

,

12/01/32

...

2,600

2,286,863

Republic

of

Peru

7.35%,

07/21/25

..................

2,094

2,451,027

4.13%,

08/25/27

..................

3,060

3,297,724

3.00%,

01/15/34

..................

1,065

1,020,802

3.30%,

03/11/41

..................

2,230

2,093,970

11,150,386

Philippines

—

0.1%

Republic

of

Philippines

3.75%,

01/14/29

..................

5,221

5,652,307

2.95%,

05/05/45

..................

4,573

4,184,798

9,837,105

Qatar

—

0.1%

State

of

Qatar

4.50%,

04/23/28

(d)

.................

4,627

5,182,240

4.00%,

03/14/29

(b)

.................

6,825

7,507,500

12,689,740

Romania

—

0.1%

Romania

Government

Bond

3.00%,

02/14/31

(b)

.................

4,944

4,790,736

3.63%,

03/27/32

(b)

.................

4,026

4,026,000

4.00%,

02/14/51

(d)

.................

2,552

2,383,568

11,200,304

Russia

—

0.0%

Russian

Federation,

4.25%

,

06/23/27

(d)

.....

4,600

4,595,400

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

4.00%,

04/17/25

(d)

.................

3,327

3,523,293

3.63%,

03/04/28

(d)

.................

2,470

2,624,375

4.38%,

04/16/29

(b)

.................

7,447

8,332,299

14,479,967

South

Africa

—

0.0%

Republic

of

South

Africa,

4.88%

,

04/14/26

...

2,503

2,613,758

Sri

Lanka

—

0.1%

Democratic

Socialist

Republic

of

Sri

Lanka

(d)

6.85%,

03/14/24

..................

4,647

2,373,746

6.35%,

06/28/24

..................

4,812

2,462,541

7.85%,

03/14/29

..................

2,972

1,447,550

7.55%,

03/28/30

..................

3,722

1,812,846

8,096,683

Ukraine

—

0.0%

Ukraine

Government

Bond

8.99%,

02/01/24

(d)

.................

3,160

2,923,000

9.75%,

11/01/28

(d)

.................

3,073

2,896,303

7.25%,

03/15/33

(b)

.................

1,548

1,300,320

7,119,623

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.38%

,

10/27/27

4,449

4,879,048

Total

Foreign

Government

Obligations

—

1.6%

(Cost:

$285,347,167)

..............................

275,712,192

Security

Shares

Shares

Value

Investment

Companies

—

3.1%

iShares

Core

Dividend

Growth

ETF

(r)

.......

3,100,737

$

166,757,635

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(h)(r)

.........................

4,111,785

348,268,190

iShares

Trust

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(r)

..............

810,949

43,166,815

MPLX

LP

.........................

61,895

2,031,394

Western

Midstream

Partners

LP

..........

26,546

632,857

Total

Investment

Companies

—

3.1%

(Cost:

$541,882,905)

..............................

560,856,891

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

—

5.5%

Collateralized

Mortgage

Obligations

—

1.4%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

2.80%,

11/25/35

USD

1,548

1,435,163

Series

2005-8,

Class

7A2,

(LIBOR

USD

1

Month

+

0.56%),

0.67%,

11/25/35

....

874

872,073

Series

2005-9,

Class

5A1,

(LIBOR

USD

1

Month

+

0.54%),

0.65%,

11/25/35

....

643

649,719

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)

....

451

429,708

Series

2005-36,

Class

2A1A,

(LIBOR

USD

1

Month

+

0.62%),

0.73%,

08/25/35

(a)

...

1,329

1,206,725

Series

2005-61,

Class

1A1,

(LIBOR

USD

1

Month

+

0.52%),

0.63%,

12/25/35

(a)

...

187

182,894

Series

2005-63,

Class

3A3,

2.80%,

11/25/35

(a)

....................

2,126

2,056,727

Series

2005-63,

Class

5A1,

3.34%,

12/25/35

(a)

....................

64

62,638

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

.....................

56

56,217

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

01/25/36

(a)

...

2,132

2,046,566

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.09%,

02/25/36

(a)

....................

4,285

4,089,778

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

.....................

701

539,993

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

.....................

1,058

746,250

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

.....................

497

310,835

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

.....................

765

457,212

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

.....................

2,795

1,722,099

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

.....................

1,846

1,374,577

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

.....................

882

645,156

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

327

194,332

Series

2006-J7,

Class

2A1,

(Cost

of

Funds

for

the

11th

District

of

San

Francisco

+

1.50%),

1.72%,

11/20/46

(a)

.........

4,104

3,127,590

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

1,309

788,637

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

1.82%,

11/25/46

(a)

....................

5,432

4,695,361

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

117

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-OA14,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

0.49%,

11/25/46

(a)

..

USD

3,779

$

3,437,816

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

0.94%,

11/25/46

(a)

....................

7,805

7,091,917

Series

2006-OA16,

Class

A2,

(LIBOR

USD

1

Month

+

0.38%),

0.49%,

10/25/46

(a)

...

342

332,515

Series

2006-OA2,

Class

A1,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

05/20/46

(a)

...

1,423

1,289,570

Series

2006-OA3,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

0.53%,

05/25/36

(a)

...

7,682

7,081,873

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.38%),

0.49%,

07/25/46

(a)

...

10,240

9,323,135

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

.....................

1,966

1,290,590

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

.....................

436

295,149

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

.....................

272

219,212

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

.....................

240

183,101

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,208

831,156

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

588

404,391

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,254

2,092,589

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

.....................

494

314,289

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

.....................

3,203

2,039,546

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

.....................

550

350,094

Series

2007-AL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

0.36%,

06/25/37

(a)

...

6,457

5,649,579

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,633

904,436

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.38%),

1.47%,

11/25/47

(a)

....................

1,616

1,488,985

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

0.39%,

04/25/47

(a)

...

10,111

9,243,033

Series

2007-OA4,

Class

A1,

(LIBOR

USD

1

Month

+

0.34%),

0.45%,

05/25/47

(a)

...

3,851

3,696,779

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.36%),

0.47%,

06/25/47

(a)

...

8,725

7,090,425

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

...

1,095

844,037

American

Home

Mortgage

Assets

Trust

Series

2006-3,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.97%),

1.06%,

10/25/46

(a)

....

10,712

10,287,204

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.03%,

10/25/46

(a)

....................

5,104

4,144,040

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(e)

....................

671

640,971

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

337

325,098

Series

2006-D,

Class

6A1,

2.82%,

05/20/36

297

299,674

Series

2007-D,

Class

1A1,

(LIBOR

USD

1

Month

+

0.42%),

0.52%,

06/20/47

....

1,179

1,075,521

Banc

of

America

Mortgage

Trust,

Series

2004-

L,

Class

4A1,

2.30%,

01/25/35

(a)

........

2

1,652

Bear

Stearns

ALT-A

Trust,

Series

2006-2,

Class

11A1,

(LIBOR

USD

1

Month

+

0.44%),

0.55%,

04/25/36

(a)

.................

4,966

7,248,956

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Bear

Stearns

Asset-Backed

Securities

I

Trust

(e)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

.....................

USD

713

$

626,697

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

.....................

928

797,707

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

0.28%,

03/25/37

....

1,220

1,162,724

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

0.25%,

03/25/37

....

1,819

1,749,345

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

0.31%,

09/25/47

....

2,111

2,099,441

CHL

Mortgage

Pass-Through

Trust

Series

2005-11,

Class

4A1,

(LIBOR

USD

1

Month

+

0.27%),

0.38%,

04/25/35

(a)

...

972

930,509

Series

2005-9,

Class

1A1,

(LIBOR

USD

1

Month

+

0.60%),

0.71%,

05/25/35

(a)

...

2,957

2,470,600

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.05%,

04/25/46

(a)

....................

2,648

1,000,312

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

150

99,740

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

631

334,556

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

964

510,870

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A5,

6.00%,

01/25/37

....

72

71,913

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

(b)

......................

467

441,354

CSMC

Trust,

Series

2011-4R,

Class

1A2,

(LIBOR

USD

1

Month

+

1.50%),

1.60%,

09/27/37

(a)(b)

.....................

5,553

5,118,180

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.19%),

0.30%,

08/25/47

(a)

.....

11,866

11,317,373

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

2.22%,

02/25/37

(a)

......................

1,194

861,326

GMACM

Mortgage

Loan

Trust,

Series

2005-

AR2,

Class

4A,

3.17%,

05/25/35

(a)

......

30

29,386

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(LIBOR

USD

1

Month

+

0.17%),

0.28%,

02/25/36

...

2,518

2,386,565

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.09%,

03/25/36

.....................

1,397

1,387,674

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(LIBOR

USD

1

Month

+

0.50%),

0.61%,

10/25/35

(a)

......................

1,553

1,548,326

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

671

640,496

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,212

1,049,100

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

2.83%,

08/25/37

.....................

115

101,247

Series

2007-AR15,

Class

2A1,

3.09%,

08/25/37

.....................

525

474,846

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

1.15%),

1.26%,

12/25/37

(a)

......................

7,927

8,417,255

Loan

Revolving

Advance

Investment

Trust

(a)(b)

Series

2021-1,

Class

A1X,

(LIBOR

USD

1

Month

+

2.75%),

2.85%,

12/31/22

....

8,020

7,938,893

Series

2021-2,

Class

A1X,

(LIBOR

USD

1

Month

+

2.75%),

2.84%,

06/30/23

....

11,430

11,314,068

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

118

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

2.48%,

12/25/35

.....................

USD

473

$

462,976

Series

2006-1,

Class

2A1,

1.96%,

02/25/36

352

371,226

Prima

Capital

CRE

Securitization

Ltd.

(b)(c)

Series

2015-4A,

Class

C,

4.00%,

08/24/49

.

3,210

3,140,343

Series

2016-6A,

Class

C,

4.00%,

08/24/40

.

16,500

16,348,200

Prime

Mortgage

Trust

(b)

Series

2006-DR1,

Class

1A2,

6.00%,

05/25/35

.....................

1

954

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

.....................

390

371,243

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

..................

177

171,350

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

...

316

162,481

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

..................

39

36,570

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

3.08%,

04/25/47

(a)

......................

233

144,061

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.46%),

0.57%,

02/25/36

....

976

920,345

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

0.49%,

06/25/36

....

7,728

7,304,590

Series

2006-AR6,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

0.49%,

07/25/46

....

10,185

8,635,474

Series

2007-AR4,

Class

GA4B,

(LIBOR

USD

1

Month

+

0.18%),

0.29%,

09/25/47

...

2,076

2,134,514

WaMu

Mortgage

Pass-Through

Certificates

Trust

(a)

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.75%),

0.84%,

06/25/47

.....................

5,823

5,625,002

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.81%),

0.90%,

07/25/47

.....................

3,278

2,948,064

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-8,

Class

A5,

6.13%,

10/25/36

(e)

1,118

539,241

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.98%),

1.07%,

06/25/46

(a)

....................

4,005

2,948,240

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

0.94%,

10/25/46

(a)

....................

5,188

4,716,568

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.72%),

0.81%,

12/25/46

(a)

....................

4,710

4,198,640

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.84%),

0.93%,

05/25/47

(a)

....................

2,878

2,648,837

245,917,005

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

4.0%

245

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.66%,

06/05/37

(a)(b)

..........

USD

7,780

$

7,244,780

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

28,796,543

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

2.21%,

04/15/35

(a)(b)

................

3,467

3,410,890

Atrium

Hotel

Portfolio

Trust

(a)(b)

Series

2017-ATRM,

Class

D,

(LIBOR

USD

1

Month

+

1.95%),

2.06%,

12/15/36

....

11,310

11,153,308

Series

2017-ATRM,

Class

E,

(LIBOR

USD

1

Month

+

3.05%),

3.16%,

12/15/36

....

1,490

1,415,118

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

11/15/32

....

3,225

2,832,163

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

2.11%,

11/15/32

.....

3,965

3,281,870

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

1.81%,

09/15/34

....

11,982

11,861,897

Barclays

Commercial

Mortgage

Trust,

Series

2019-C3,

Class

C,

4.18%,

05/15/52

.....

3,442

3,565,821

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.47%),

0.57%,

08/25/35

....

3,299

3,172,017

Series

2005-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.48%),

0.59%,

11/25/35

....

728

694,401

Series

2007-1,

Class

A1,

(LIBOR

USD

1

Month

+

0.22%),

0.33%,

03/25/37

....

2,525

2,440,259

Series

2007-3,

Class

A2,

(LIBOR

USD

1

Month

+

0.29%),

0.40%,

07/25/37

....

3,817

3,626,355

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

0.56%,

09/25/37

....

1,006

966,613

Series

2007-6A,

Class

A4A,

(LIBOR

USD

1

Month

+

1.50%),

1.61%,

12/25/37

....

2,150

2,117,039

BBCMS

Mortgage

Trust

(a)(b)

Series

2017-DELC,

Class

E,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

08/15/36

....

2,710

2,693,196

Series

2017-DELC,

Class

F,

(LIBOR

USD

1

Month

+

3.50%),

3.61%,

08/15/36

....

1,800

1,784,167

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

.....................

1,750

1,530,275

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.03%,

11/05/36

(a)(b)

................

2,672

2,557,274

Benchmark

Mortgage

Trust

(a)

Series

2018-B3,

Class

D,

3.04%,

04/10/51

(b)

1,250

1,130,766

Series

2018-B7,

Class

C,

4.86%,

05/15/53

.

4,770

5,086,572

BFLD

Trust,

Series

2020-EYP,

Class

E,

(LIBOR

USD

1

Month

+

3.70%),

3.81%,

10/15/35

(a)(b)

3,600

3,600,002

BPR

Trust,

Series

2021-TY,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

09/15/38

(a)(b)

4,495

4,486,442

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

D,

3.63%,

03/10/33

3,600

3,643,647

Series

2013-1515,

Class

E,

3.72%,

03/10/33

2,000

2,002,889

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2018-IND,

Class

G,

(LIBOR

USD

1

Month

+

2.05%),

2.16%,

11/15/35

....

10,150

10,111,320

Series

2018-IND,

Class

H,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

11/15/35

.....

11,550

11,492,080

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

2.41%,

10/15/36

....

6,375

6,295,068

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

2.76%,

10/15/36

....

14,288

14,073,495

Series

2020-BXLP,

Class

G,

(LIBOR

USD

1

Month

+

2.50%),

2.61%,

12/15/36

....

6,133

6,071,663

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

119

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2020-FOX,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

11/15/32

....

USD

5,499

$

5,494,340

Series

2021-21M,

Class

E,

(LIBOR

USD

1

Month

+

2.17%),

2.28%,

10/15/36

....

11,186

11,067,142

Series

2021-CIP,

Class

E,

(LIBOR

USD

1

Month

+

2.82%),

2.93%,

12/15/38

....

13,437

13,428,903

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

1.02%,

02/15/33

(c)

...

14,812

14,737,940

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

2.26%,

02/15/33

(c)

...

8,685

8,641,575

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

4.36%,

02/15/33

(c)

...

5,735

5,706,325

Series

2021-SOAR,

Class

J,

(LIBOR

USD

1

Month

+

3.75%),

3.86%,

06/15/38

....

8,800

8,645,784

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

05/15/38

....

18,644

18,457,849

Series

2021-XL2,

Class

F,

(LIBOR

USD

1

Month

+

2.24%),

2.35%,

10/15/38

....

13,980

13,753,032

BX

Trust

(a)(b)

Series

2021-ARIA,

Class

G,

(LIBOR

USD

1

Month

+

3.14%),

3.25%,

10/15/36

....

13,310

13,209,959

Series

2021-LBA,

Class

GJV,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

02/15/36

....

11,900

11,712,421

Series

2021-LBA,

Class

GV,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

02/15/36

....

8,900

8,759,709

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

01/15/34

....

4,680

4,607,211

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

01/15/34

....

7,240

7,203,861

Series

2021-SDMF,

Class

J,

(LIBOR

USD

1

Month

+

4.03%),

4.14%,

09/15/34

....

1,259

1,251,253

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

2.91%,

06/15/38

....

11,180

10,983,883

Series

2021-VIEW,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

3.71%,

06/15/23

....

9,532

9,513,064

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

6,800

6,737,422

Series

2017-CC,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.55%,

08/13/37

....

10,985

10,687,171

Series

2021-601L,

Class

D,

2.78%,

01/15/44

5,360

4,829,118

CFCRE

Commercial

Mortgage

Trust

Series

2016-C4,

Class

C,

4.85%,

05/10/58

(a)

3,330

3,494,332

Series

2018-TAN,

Class

A,

4.24%,

02/15/33

(b)

....................

3,600

3,661,399

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

(b)

....................

2,100

2,134,277

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC19,

Class

C,

5.09%,

03/10/47

(a)

....................

2,278

2,372,715

Series

2015-GC27,

Class

C,

4.42%,

02/10/48

(a)

....................

2,267

2,317,144

Series

2016-C1,

Class

C,

4.94%,

05/10/49

(a)

2,870

3,053,062

Series

2016-C1,

Class

D,

4.94%,

05/10/49

(a)

(b)

..........................

980

975,958

Series

2016-GC37,

Class

C,

4.93%,

04/10/49

(a)

....................

2,640

2,737,544

Series

2016-GC37,

Class

D,

2.79%,

04/10/49

(b)

....................

3,446

3,068,375

Series

2016-P3,

Class

C,

4.89%,

04/15/49

(a)

1,271

1,290,982

Series

2018-C6,

Class

C,

5.07%,

11/10/51

(a)

3,976

4,317,981

Commercial

Mortgage

Trust

Series

2013-300P,

Class

D,

4.39%,

08/10/30

(a)(b)

...................

3,000

3,007,443

Series

2013-GAM,

Class

E,

3.42%,

02/10/28

(a)(b)

...................

5,000

4,742,888

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2014-CR15,

Class

C,

4.69%,

02/10/47

(a)

....................

USD

2,050

$

2,130,661

Series

2015-CR23,

Class

B,

4.18%,

05/10/48

(a)

....................

9,520

9,840,065

Series

2015-LC19,

Class

C,

4.23%,

02/10/48

(a)

....................

6,513

6,703,934

Series

2015-LC19,

Class

D,

2.87%,

02/10/48

(b)

....................

1,580

1,491,315

Series

2015-LC21,

Class

C,

4.33%,

07/10/48

(a)

....................

6,010

6,172,687

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(a)(b)

...................

3,200

3,006,563

Series

2017-COR2,

Class

D,

3.00%,

09/10/50

(b)

....................

709

646,464

Series

2018-HCLV,

Class

B,

(LIBOR

USD

1

Month

+

1.40%),

1.51%,

09/15/33

(a)(b)

..

2,500

2,472,018

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2021-980M,

Class

E,

3.54%,

07/15/31

(a)(b)

.....................

1,450

1,343,285

CSAIL

Commercial

Mortgage

Trust

(a)

Series

2016-C6,

Class

C,

4.92%,

01/15/49

3,950

4,051,312

Series

2018-C14,

Class

D,

4.92%,

11/15/51

(b)

....................

2,545

2,586,036

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

E,

(LIBOR

USD

1

Month

+

4.86%),

4.97%,

10/15/37

....

4,661

4,711,224

Series

2021-BHAR,

Class

E,

(LIBOR

USD

1

Month

+

3.50%),

3.61%,

11/15/38

....

1,338

1,338,466

DBGS

Mortgage

Trust,

Series

2018-BIOD,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

2.10%,

05/15/35

(a)(b)

................

4,998

4,942,102

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

E,

(LIBOR

USD

1

Month

+

0.00%),

3.53%,

10/10/34

....

10,428

10,316,588

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

.....................

2,890

2,799,991

ELP

Commercial

Mortgage

Trust

(a)(b)

Series

2021-ELP,

Class

G,

(LIBOR

USD

1

Month

+

3.12%),

3.22%,

11/15/38

....

11,890

11,785,193

Series

2021-ELP,

Class

J,

(LIBOR

USD

1

Month

+

3.61%),

3.72%,

11/15/38

....

4,560

4,536,773

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

2.36%,

07/15/38

....

10,088

10,081,861

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

2.96%,

07/15/38

....

6,530

6,525,888

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

3.81%,

07/15/38

....

6,816

6,813,918

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

J,

5.86%,

05/03/32

(b)

......

1,500

1,532,180

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

F,

(LIBOR

USD

1

Month

+

3.44%),

3.54%,

11/15/36

(a)(b)

..........

6,640

6,621,355

GS

Mortgage

Securities

Trust

Series

2015-GC32,

Class

C,

4.42%,

07/10/48

(a)

....................

1,075

1,102,164

Series

2015-GC32,

Class

D,

3.35%,

07/10/48

.....................

1,162

1,085,661

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(b)

....................

2,749

2,500,441

Harvest

Commercial

Capital

Loan

Trust

(a)(b)

Series

2019-1,

Class

M4,

4.64%,

09/25/46

.

3,150

3,074,312

Series

2019-1,

Class

M5,

5.73%,

09/25/46

.

2,000

1,902,426

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(LIBOR

USD

1

Month

+

3.35%),

3.46%,

10/15/36

....

4,743

4,732,890

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

120

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-LULU,

Class

F,

(LIBOR

USD

1

Month

+

4.40%),

4.51%,

10/15/36

....

USD

1,177

$

1,174,549

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.11%,

12/15/48

(a)(b)

.....................

1,898

1,819,106

JPMCC

Commercial

Mortgage

Securities

Trust

(a)

Series

2017-JP5,

Class

C,

3.85%,

03/15/50

5,137

5,159,316

Series

2017-JP5,

Class

D,

4.60%,

03/15/50

(b)

....................

2,832

2,728,347

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

C,

4.51%,

03/15/50

(a)

1,486

1,417,343

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

Series

2015-JP1,

Class

D,

4.22%,

01/15/49

5,750

5,436,965

Series

2019-OSB,

Class

E,

3.78%,

06/05/39

(b)

....................

2,800

2,811,141

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

(b)

....................

3,360

3,168,534

KNDL

Mortgage

Trust,

Series

2019-KNSQ,

Class

E,

(LIBOR

USD

1

Month

+

1.80%),

1.91%,

05/15/36

(a)(b)

................

12,751

12,694,618

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

2.46%,

03/15/38

(a)(b)

.....................

10,938

10,801,513

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

C,

4.69%,

03/10/50

(a)(b)

....

3,375

3,448,409

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(LIBOR

USD

1

Month

+

2.75%),

2.86%,

10/15/38

(a)(b)

.....................

920

918,012

MAD

Mortgage

Trust,

Series

2017-330M,

Class

D,

4.11%,

08/15/34

(a)(b)

..............

3,305

3,299,880

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

4.11%,

11/15/38

.....

13,800

13,645,094

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

5.36%,

11/15/38

....

25,270

24,953,407

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

G,

(SOFR30A

+

4.22%),

4.27%,

12/15/34

(a)(b)

..........

3,940

3,953,559

MHP,

Series

2021-STOR,

Class

J,

(LIBOR

USD

1

Month

+

3.95%),

4.06%,

07/15/38

(a)(b)

...

1,897

1,889,310

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C23,

Class

D,

4.14%,

07/15/50

(a)(b)

...................

727

707,751

Series

2015-C25,

Class

D,

3.07%,

10/15/48

3,435

3,234,000

Series

2015-C26,

Class

D,

3.06%,

10/15/48

(b)

....................

1,812

1,705,763

Series

2017-C33,

Class

C,

4.56%,

05/15/50

(a)

....................

3,161

3,209,852

Morgan

Stanley

Capital

I

Trust

Series

2015-MS1,

Class

C,

4.03%,

05/15/48

(a)

....................

1,530

1,510,359

Series

2015-MS1,

Class

D,

4.03%,

05/15/48

(a)(b)

...................

3,925

3,610,376

Series

2017-CLS,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

2.06%,

11/15/34

(a)(b)

..

3,998

3,977,917

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

2.71%,

11/15/34

(a)(b)

..

7,904

7,844,449

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(b)

7,130

6,164,225

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

1,570

1,376,321

Series

2018-H3,

Class

C,

4.86%,

07/15/51

(a)

2,880

3,127,120

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(a)

(b)

..........................

2,112

1,877,866

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2018-SUN,

Class

F,

(LIBOR

USD

1

Month

+

2.55%),

2.66%,

07/15/35

(a)(b)

..

USD

4,040

$

3,984,322

Motel

Trust,

Series

2021-MTL6,

Class

F,

(LIBOR

USD

1

Month

+

3.55%),

3.66%,

09/15/38

(a)(b)

.....................

2,025

2,022,557

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

3.95%,

05/10/39

(a)(b)

.......

8,300

7,296,385

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(LIBOR

USD

1

Month

+

4.35%),

4.46%,

07/15/38

(a)(b)

..........

1,400

1,399,144

SREIT

Trust,

Series

2021-MFP2,

Class

J,

(LIBOR

USD

1

Month

+

3.92%),

4.02%,

11/15/36

(a)(b)

.....................

2,377

2,367,564

STWD

Trust,

Series

2021-FLWR,

Class

G,

(LIBOR

USD

1

Month

+

3.67%),

3.78%,

07/15/23

(a)(b)

.....................

2,956

2,944,016

TPGI

Trust

(a)(b)

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

3.11%,

06/15/26

....

5,180

5,148,015

Series

2021-DGWD,

Class

G,

(LIBOR

USD

1

Month

+

3.85%),

3.96%,

06/15/26

...

1,794

1,782,249

VCC

Trust,

Series

2020-MC1,

Class

A,

4.50%,

06/25/45

(a)(b)

.....................

3,245

3,251,219

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS3,

Class

B,

4.50%,

09/15/57

(a)

....................

1,600

1,695,291

Series

2015-P2,

Class

D,

3.24%,

12/15/48

(b)

593

514,386

Series

2016-C37,

Class

C,

4.49%,

12/15/49

(a)

....................

2,803

2,858,385

Series

2016-LC25,

Class

C,

4.34%,

12/15/59

(a)

....................

8,320

8,526,419

Series

2016-NXS5,

Class

B,

4.95%,

01/15/59

(a)

....................

1,875

1,983,624

Series

2016-NXS5,

Class

D,

4.98%,

01/15/59

(a)

....................

400

409,965

Series

2016-NXS6,

Class

C,

4.39%,

11/15/49

(a)

....................

4,783

4,936,273

Series

2017-C39,

Class

C,

4.12%,

09/15/50

3,268

3,349,824

Series

2017-C39,

Class

D,

4.34%,

09/15/50

(a)(b)

...................

1,690

1,612,284

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

...................

487

391,430

Series

2018-C44,

Class

C,

4.83%,

05/15/51

(a)

....................

2,346

2,510,661

Series

2018-C44,

Class

D,

3.00%,

05/15/51

(b)

....................

2,150

1,916,914

Series

2018-C45,

Class

C,

4.73%,

06/15/51

1,158

1,218,972

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

C,

3.76%,

09/15/57

(a)

...

1,300

1,317,953

717,690,719

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

0.93%,

08/10/35

.....................

74,974

3,023,703

Series

2015-SRCH,

Class

XB,

0.19%,

08/10/35

.....................

35,000

389,200

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C6,

Class

XA,

1.10%,

11/10/49

....

60,750

2,615,203

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

XB2,

0.74%,

09/10/47

(b)

....................

12,675

235,248

Series

2015-CR25,

Class

XA,

0.82%,

08/10/48

.....................

12,588

311,193

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

121

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.82%,

09/15/47

.......................

USD

6,458

$

110,785

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

40,477

1,228,635

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.86%,

03/10/50

(b)

.....

36,227

956,728

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C15,

Class

XB,

0.33%,

04/15/47

(b)

....................

80,982

530,319

Series

2015-C26,

Class

XD,

1.32%,

10/15/48

(b)

....................

12,675

559,601

Series

2016-C32,

Class

XA,

0.66%,

12/15/49

.....................

30,133

828,445

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.61%,

03/15/49

(b)

.....

13,600

816,136

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.20%,

04/10/37

.....................

40,610

459,011

Series

2017-75B,

Class

XB,

0.03%,

04/10/37

.....................

27,000

78,743

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.25%,

08/15/49

(b)

....................

11,784

559,976

Series

2016-LC25,

Class

XA,

0.84%,

12/15/59

.....................

19,691

661,049

WFRBS

Commercial

Mortgage

Trust

Series

2014-C20,

Class

XB,

0.57%,

05/15/47

.....................

57,079

715,676

Series

2014-LC14,

Class

XA,

1.25%,

03/15/47

.....................

25,362

504,367

14,584,018

Total

Non-Agency

Mortgage-Backed

Securities

—

5.5%

(Cost:

$961,235,392)

..............................

978,191,742

Preferred

Securities

—

3.5%

Capital

Trusts

—

2.9%

Banks

—

1.2%

(a)(k)

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

5

Year

+

6.46%),

6.00%

(d)

...

EUR

5,600

6,762,666

Bank

of

America

Corp.,

Series

RR,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%),

4.38%

.......

USD

17,500

17,283,000

Citigroup,

Inc.

Series

U,

(SOFR

+

3.81%),

5.00%

......

39,856

40,299,996

Series

V,

(SOFR

+

3.23%),

4.70%

......

13,170

13,187,121

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

.......................

7,270

7,179,125

Series

Y,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.15%

.......................

15

14,636

HSBC

Holdings

plc,

(USD

Swap

Rate

5

Year

+

3.71%),

6.37%

...................

2,000

2,100,000

JPMorgan

Chase

&

Co.

Series

FF,

(SOFR

+

3.38%),

5.00%

.....

26,805

27,274,087

Series

HH,

(SOFR

+

3.13%),

4.60%

.....

23,515

23,397,425

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

20,970,402

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

US

Bancorp,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%),

3.70%

.........................

USD

10,680

$

10,263,480

Wells

Fargo

&

Co.

Series

S,

(LIBOR

USD

3

Month

+

3.11%),

5.90%

.......................

36,100

37,002,500

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

.......................

8,065

7,987,979

213,722,417

Capital

Markets

—

0.6%

(a)(k)

Bank

of

New

York

Mellon

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

.

21,025

21,164,396

Charles

Schwab

Corp.

(The)

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

.......................

21,725

21,462,779

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

.......................

25,785

25,263,370

Goldman

Sachs

Group,

Inc.

(The)

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%

.......................

12,030

12,617,665

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

.......................

6,755

6,948,869

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

.......................

16,500

15,869,535

103,326,614

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

32,576,017

Discover

Financial

Services,

Series

C,

(LIBOR

USD

3

Month

+

3.08%),

5.50%

........

20,150

20,956,000

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

.

9,712

10,914,346

64,446,363

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

17,403,525

Electric

Utilities

—

0.2%

Edison

International,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%),

5.38%

(a)(k)

............

36,050

36,568,219

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

1,913,385

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

26,346,125

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)(k)

Energy

Transfer

LP

Series

B,

(LIBOR

USD

3

Month

+

4.16%),

6.63%

.......................

6,875

6,496,875

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

122

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

f

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%

.......................

USD

33,025

$

33,582,297

EnLink

Midstream

Partners

LP,

Series

C,

(LIBOR

USD

3

Month

+

4.11%),

6.00%

...

9,499

7,219,240

MPLX

LP,

Series

B,

(LIBOR

USD

3

Month

+

4.65%),

6.87%

...................

170

169,150

47,467,562

Total

Capital

Trusts

—

2.9%

(Cost:

$516,172,454)

..............................

511,194,210

Shares

Shares

Preferred

Stocks

—

0.5%

Consumer

Finance

—

0.1%

SLM

Corp.,

Series

B,

(LIBOR

USD

3

Month

+

1.70%),

1.90%

(a)(k)

.................

136,000

7,942,400

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

16,634

1,360,469

Insurance

—

0.1%

Allstate

Corp.

(The),

Series

H,

5.10%

(k)

.....

735,000

18,940,950

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

E,

(LIBOR

USD

3

Month

+

5.16%),

7.60%

(a)(k)

...........

625,000

15,562,500

Petroleo

Brasileiro

SA

(Preference)

........

1,072,632

6,538,690

22,101,190

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Samsung

Electronics

Co.

Ltd.

(Preference)

..

758,149

42,643,816

Total

Preferred

Stocks

—

0.5%

(Cost:

$78,203,770)

...............................

92,988,825

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

14,045,940

Consumer

Finance

—

0.0%

ILFC

E-Capital

Trust

II

,

(LIBOR

USD

3

Month

+

1.80%),

3.62%, 12/21/65

(a)(b)

..........

11,944,000

10,361,420

Total

Trust

Preferreds

—

0.1%

(Cost:

$27,894,929)

...............................

24,407,360

Total

Preferred

Securities

—

3.5%

(Cost:

$622,271,153)

..............................

628,590,395

Security

Par

(000)

Par

(000)

Value

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%),

3.79%, 04/25/28

(a)(b)

................

USD

4,627

$

4,477,360

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

1,577,465

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

(Cost:

$5,955,050)

...............................

6,054,825

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

218

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

22,335

Total

Warrants

—

0.0%

(Cost:

$0)

.....................................

22,553

Total

Long-Term

Investments

—

95.1%

(Cost:

$16,504,782,965)

............................

16,978,757,364

Short-Term

Securities

—

8.3%

(r)(s)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

0.01%

....................

1,135,635,173

1,135,635,173

SL

Liquidity

Series,

LLC,

Money

Market

Series,

0.17%

(t)

........................

357,099,356

357,135,066

Total

Short-Term

Securities

—

8.3%

(Cost:

$1,492,773,381)

............................

1,492,770,239

Total

Options

Purchased

—

0.0%

(Cost:

$32,555)

.................................

33,500

Total

Investments

—

103.4%

(Cost:

$17,997,588,901

)

............................

18,471,561,103

Liabilities

in

Excess

of

Other

Assets

—

(3.4)%

.............

(615,507,796)

Net

Assets

—

100.0%

...............................

$

17,856,053,307

(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

$11,683,880,

representing

0.07%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$11,734,320.

(n)

Zero-coupon

bond.

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

123

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

(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

six

months

ended

January

31,

2022

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

01/31/22

Shares

Held

at

01/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,361,801,474

$

—

$

(226,166,301)

$

—

$

—

$

1,135,635,173

1,135,635,173

$

21,139

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

379,899,919

—

(22,689,437)

(72,192)

(3,224)

357,135,066

357,099,356

2,842,948

(b)

—

iShares

Trust

1-5

Year

Investment

Grade

Corporate

Bond

ETF

..

44,537,320

—

—

—

(1,370,505)

43,166,815

810,949

333,641

72,166

iShares

Core

Dividend

Growth

ETF

..................

400,880,726

—

(236,928,148)

31,059,813

(28,254,756)

166,757,635

3,100,737

2,866,579

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

361,179,194

—

—

—

(12,911,004)

348,268,190

4,111,785

6,999,307

—

$

30,987,621

$

(42,539,489)

$

2,050,962,879

$

13,063,614

$

72,166

—

—

(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.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

124

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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

$

126,860

$

(43,692)

MSCI

Emerging

Markets

E-Mini

Index

............................................

261

03/18/22

15,984

(235,514)

S&P

500

E-Mini

Index

......................................................

2,255

03/18/22

507,854

10,238,435

U.S.

Treasury

10

Year

Ultra

Note

...............................................

11

03/22/22

1,571

(41,608)

U.S.

Treasury

Ultra

Bond

....................................................

232

03/22/22

43,732

(1,052,102)

8,865,519

Short

Contracts

Euro-Bund

..............................................................

13

03/08/22

2,470

69,689

GBP

Currency

............................................................

3,936

03/14/22

330,993

(5,348,512)

JPY

Currency

............................................................

654

03/14/22

71,114

868,962

U.S.

Treasury

10

Year

Note

...................................................

1,281

03/22/22

163,968

3,517,615

U.S.

Treasury

Long

Bond

....................................................

15

03/22/22

2,333

29,152

U.S.

Treasury

2

Year

Note

....................................................

21

03/31/22

4,549

25,719

U.S.

Treasury

5

Year

Note

....................................................

911

03/31/22

108,630

1,244,845

407,470

$

9,272,989

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

2,830,000

USD

3,172,956

Morgan

Stanley

&

Co.

International

plc

02/10/22

$

6,909

USD

640,381

CHF

590,000

Westpac

Banking

Corp.

02/10/22

3,551

USD

141,296,740

EUR

124,750,000

Deutsche

Bank

AG

02/10/22

1,124,330

USD

247,771,178

EUR

218,690,000

Morgan

Stanley

&

Co.

International

plc

02/10/22

2,045,292

USD

34,034

EUR

30,000

Standard

Chartered

Bank

02/10/22

325

USD

66,162,306

GBP

48,710,000

UBS

AG

02/10/22

655,496

USD

5,518,510

EUR

4,836,791

Citibank

NA

02/22/22

82,573

USD

955,835

AUD

1,326,000

UBS

AG

04/13/22

17,925

USD

1,995,485

CHF

1,814,000

UBS

AG

04/13/22

33,827

USD

9,322,271

EUR

8,147,000

Bank

of

America

NA

04/13/22

154,044

USD

1,581,815

EUR

1,378,000

Bank

of

New

York

Mellon

04/13/22

31,082

USD

956,211

EUR

845,000

UBS

AG

04/13/22

5,290

USD

856,611

GBP

624,000

Bank

of

New

York

Mellon

04/13/22

17,721

USD

3,326,400

HKD

25,907,000

Bank

of

New

York

Mellon

04/13/22

3,529

USD

159,547

HKD

1,243,000

UBS

AG

04/13/22

118

4,182,012

EUR

1,730,000

USD

1,958,460

UBS

AG

02/10/22

(14,587)

USD

1,074,543

GBP

800,000

Societe

Generale

SA

02/10/22

(1,323)

AUD

7,568,000

USD

5,532,586

Bank

of

New

York

Mellon

04/13/22

(179,568)

CAD

619,000

USD

495,696

Deutsche

Bank

AG

04/13/22

(8,804)

CAD

18,250,000

USD

14,634,713

UBS

AG

04/13/22

(279,668)

CHF

2,318,000

USD

2,535,578

Barclays

Bank

plc

04/13/22

(28,894)

EUR

276,000

USD

314,607

Barclays

Bank

plc

04/13/22

(4,010)

EUR

351,000

USD

402,331

UBS

AG

04/13/22

(7,333)

GBP

155,000

USD

211,300

Bank

of

America

NA

04/13/22

(2,922)

GBP

2,060,000

USD

2,807,873

Bank

of

New

York

Mellon

04/13/22

(38,459)

GBP

1,554,000

USD

2,112,406

Barclays

Bank

plc

04/13/22

(23,246)

HKD

1,524,000

USD

195,781

UBS

AG

04/13/22

(310)

JPY

65,276,000

USD

571,760

Bank

of

New

York

Mellon

04/13/22

(4,074)

JPY

25,128,000

USD

221,110

Westpac

Banking

Corp.

04/13/22

(2,579)

KRW

1,530,726,000

USD

1,278,695

Deutsche

Bank

AG

04/13/22

(10,945)

NZD

8,702,000

USD

5,980,763

Bank

of

New

York

Mellon

04/13/22

(262,247)

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

125

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

2,232,723

AUD

3,190,000

Westpac

Banking

Corp.

04/13/22

$

(23,637)

USD

1,066,496

EUR

951,000

Bank

of

New

York

Mellon

04/13/22

(3,712)

USD

985,503

EUR

882,000

Westpac

Banking

Corp.

04/13/22

(7,055)

(903,373)

$

3,278,639

Exchange-Traded

Options

Purchased

Description

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

U.S.

Treasury

10

Year

Note

.....................

67

03/25/22

USD

129.00

USD

6,700

$

33,500

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

BB+

EUR

420

$

(27,251)

$

56,576

$

(83,827)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

360

42,793

37,652

5,141

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB+

EUR

290

(18,186)

26,399

(44,585)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

BB+

EUR

320

(20,067)

32,535

(52,602)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB-

EUR

140

12,800

6,356

6,444

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB-

EUR

100

9,143

8,167

976

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/26

BB-

EUR

10

(607)

238

(845)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/26

BB-

EUR

170

(10,319)

4,053

(14,372)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Goldman

Sachs

International

12/20/26

BB-

EUR

40

(2,428)

(92)

(2,336)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB-

EUR

160

(9,712)

—

(9,712)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

BB-

EUR

60

(3,642)

276

(3,918)

Altice

Finco

SA

.......

5.00

Quarterly

Barclays

Bank

plc

12/20/26

CCC+

EUR

520

5,270

23,573

(18,303)

Altice

France

SA

......

5.00

Quarterly

Credit

Suisse

International

12/20/26

B

EUR

450

25,739

33,122

(7,383)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB-

EUR

178

13,378

13,371

7

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

480

(32,801)

(32,782)

(19)

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

43,371

17,635

25,736

Telecom

Italia

SpA

.....

1.00

Quarterly

Credit

Suisse

International

12/20/28

BB

EUR

490

(74,400)

(68,236)

(6,164)

CMBX.NA.9.A

........

2.00

Monthly

Credit

Suisse

International

09/17/58

NR

USD

3,750

(25,824)

(104,805)

78,981

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

NR

USD

3,750

(403,231)

(350,485)

(52,746)

$

(475,974)

$

(296,447)

$

(179,527)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

126

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

(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

$180,337

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$173,314

of

net

dividends

and

financing

fees.

(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

$

11,500,553

$

184,029

(c)

$

11,504,245

0.1

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

22,755,987

(460,753)

(e)

22,121,920

0.1

$

(276,724)

$

33,626,165

(b)

(d)

Range:

95

basis

points

60-125

basis

points

Benchmarks:

USD

Overnight

Bank

Funding

Rate

USD

Overnight

Bank

Funding

Rate

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

January

31,

2022,

expiration

date

02/10/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Vietnam

Vietnam

Dairy

Products

JSC

..

3,122,300

$

11,504,245

100.0

%

Total

Reference

Entity

—

Long

............

11,504,245

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

11,504,245

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

January

31,

2022,

expiration

date

02/08/23:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Egypt

Commerical

International

....

992,709

3,253,857

14.7

Shares

Value

%

of

Basket

Value

Russia

X5

Retail

Group

NV,

GDR,

GDR

231,615

$

5,236,868

23.7

%

Saudi

Arabia

Saudi

Tadawul

Group

Holdings

Co.

.................

27,152

1,172,372

5.3

United

Kingdom

Prudential

plc

............

452,924

7,634,367

34.5

Standard

Chartered

plc

.....

662,449

4,824,456

21.8

12,458,823

Total

Reference

Entity

—

Long

............

22,121,920

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

22,121,920

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

259,953

$

(556,400)

$

301,314

$

(757,565)

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

127

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

10,238,435

$

868,962

$

4,887,020

$

—

$

15,994,417

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

4,182,012

—

—

4,182,012

Options

purchased

Investments

at

value

—

unaffiliated

(b)

...........

—

—

—

—

33,500

—

33,500

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

377,238

184,029

—

—

—

561,267

$

—

$

377,238

$

10,422,464

$

5,050,974

$

4,920,520

$

—

$

20,771,196

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

279,206

5,348,512

1,093,710

—

6,721,428

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

903,373

—

—

903,373

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

853,212

460,753

—

—

—

1,313,965

$

—

$

853,212

$

739,959

$

6,251,885

$

1,093,710

$

—

$

8,938,766

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

January

31,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(2,321,659)

$

26,246,309

$

30,341,746

$

—

$

54,266,396

Forward

foreign

currency

exchange

contracts

....

—

—

—

17,390,538

—

—

17,390,538

Options

purchased

(a)

....................

—

—

(11,152,801)

—

(37,646)

—

(11,190,447)

Options

written

........................

—

—

6,604,303

—

10,355

—

6,614,658

Swaps

..............................

—

(711,083)

—

—

—

—

(711,083)

$

—

$

(711,083)

$

(6,870,157)

$

43,636,847

$

30,314,455

$

—

$

66,370,062

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

—

—

10,709,697

(11,551,970)

46,592,392

—

45,750,119

Forward

foreign

currency

exchange

contracts

....

—

—

—

5,012,303

—

—

5,012,303

Options

purchased

(b)

....................

—

—

(28,933)

—

945

—

(27,988)

Swaps

..............................

—

(349,071)

(400,584)

—

—

—

(749,655)

$

—

$

(349,071)

$

10,280,180

$

(6,539,667)

$

46,593,337

$

—

$

49,984,779

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

128

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

443,582,899

Average

notional

value

of

contracts

—

short

.................................................................................

815,525,420

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

474,009,799

Average

amounts

sold

—

in

USD

........................................................................................

39,951,462

Options

Average

value

of

option

contracts

purchased

................................................................................

59,155

Average

value

of

option

contracts

written

...................................................................................

750

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

5,700,000

Average

notional

value

—

sell

protection

...................................................................................

11,597,479

Total

return

swaps

Average

notional

value

...............................................................................................

5,149,299

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

7,240,459

$

1,107,626

Forward

foreign

currency

exchange

contracts

.................................................................

4,182,012

903,373

Options

(a)

.........................................................................................

33,500

—

Swaps

—

Centrally

cleared

.............................................................................

—

243,872

Swaps

—

OTC

(b)

....................................................................................

561,267

1,313,965

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

12,017,238

$

3,568,836

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(7,273,959)

(1,351,498)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

4,743,279

$

2,217,338

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

..............................

$

154,282

$

(3,767)

$

—

$

—

$

150,515

Bank

of

New

York

................................

52,332

(52,332)

—

—

—

Barclays

Bank

plc

................................

23,573

(23,573)

—

—

—

Citibank

NA

....................................

86,626

(14,372)

—

—

72,254

Credit

Suisse

International

..........................

124,903

(124,903)

—

—

—

Deutsche

Bank

AG

...............................

1,124,330

(19,749)

—

—

1,104,581

Goldman

Sachs

International

........................

52,514

(2,428)

—

—

50,086

HSBC

Bank

plc

..................................

184,029

—

—

—

184,029

JPMorgan

Chase

Bank

NA

..........................

115,105

(115,105)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

2,109,053

(490,976)

—

—

1,618,077

Standard

Chartered

Bank

...........................

325

—

—

—

325

UBS

AG

......................................

712,656

(301,898)

—

—

410,758

Westpac

Banking

Corp.

............................

3,551

(3,551)

—

—

—

$

4,743,279

$

(1,152,654)

$

—

$

—

$

3,590,625

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

129

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

3,767

$

(3,767)

$

—

$

—

$

—

Bank

of

New

York

................................

488,060

(52,332)

—

—

435,728

Barclays

Bank

plc

................................

74,453

(23,573)

—

—

50,880

Citibank

NA

....................................

14,372

(14,372)

—

—

—

Credit

Suisse

International

..........................

219,389

(124,903)

—

—

94,486

Deutsche

Bank

AG

...............................

19,749

(19,749)

—

—

—

Goldman

Sachs

International

........................

2,428

(2,428)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

567,652

(115,105)

—

(452,547)

—

Morgan

Stanley

&

Co.

International

plc

..................

490,976

(490,976)

—

—

—

Societe

Generale

SA

..............................

1,323

—

—

—

1,323

UBS

AG

......................................

301,898

(301,898)

—

—

—

Westpac

Banking

Corp.

............................

33,271

(3,551)

—

—

29,720

$

2,217,338

$

(1,152,654)

$

—

$

(452,547)

$

612,137

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Excess

of

collateral

pledged

to

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

130

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

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

....................................

$

—

$

1,536,096,958

$

25,205,520

$

1,561,302,478

Common

Stocks

Aerospace

&

Defense

....................................

1,237,477

7,990,661

—

9,228,138

Air

Freight

&

Logistics

....................................

5,627,787

7,513,270

—

13,141,057

Airlines

..............................................

10,678,849

10,930,579

—

21,609,428

Auto

Components

......................................

531,754

1,331,254

—

1,863,008

Automobiles

..........................................

10,066,439

12,283,419

—

22,349,858

Banks

...............................................

90,287,321

243,632,107

—

333,919,428

Beverages

...........................................

10,761,701

39,029,214

—

49,790,915

Biotechnology

.........................................

33,606,333

920,581

—

34,526,914

Building

Products

.......................................

3,527,643

8,986,942

—

12,514,585

Capital

Markets

........................................

40,502,998

—

—

40,502,998

Chemicals

............................................

20,015,561

38,110,948

—

58,126,509

Commercial

Services

&

Supplies

.............................

2,638,603

—

3,171

2,641,774

Communications

Equipment

................................

5,675,714

15,039,418

—

20,715,132

Construction

&

Engineering

................................

264,560

11,107,201

—

11,371,761

Construction

Materials

....................................

542,221

15,233,279

—

15,775,500

Consumer

Finance

......................................

16,565,420

11,296,894

—

27,862,314

Containers

&

Packaging

..................................

1,404,343

—

—

1,404,343

Distributors

...........................................

5,107,661

—

—

5,107,661

Diversified

Financial

Services

...............................

6,281,372

—

—

6,281,372

Diversified

Telecommunication

Services

........................

43,947,187

73,902,494

—

117,849,681

Electric

Utilities

........................................

115,537,280

65,933,460

—

181,470,740

Electrical

Equipment

.....................................

2,623,936

28,378,214

—

31,002,150

Electronic

Equipment,

Instruments

&

Components

.................

16,299,993

14,663,641

—

30,963,634

Energy

Equipment

&

Services

..............................

10,705,668

—

—

10,705,668

Entertainment

.........................................

7,535,696

3,470,579

—

11,006,275

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

484,805,834

132,107,589

—

616,913,423

Food

&

Staples

Retailing

..................................

54,697,054

10,836,718

—

65,533,772

Food

Products

.........................................

5,857,969

45,823,160

—

51,681,129

Gas

Utilities

...........................................

6,136,865

40,089,412

—

46,226,277

Health

Care

Equipment

&

Supplies

...........................

40,818,107

2,296,469

—

43,114,576

Health

Care

Providers

&

Services

............................

47,706,998

4,703,296

—

52,410,294

Health

Care

Technology

..................................

768,634

—

—

768,634

Hotels,

Restaurants

&

Leisure

..............................

21,114,874

11,708,704

—

32,823,578

Household

Durables

.....................................

1,937,210

42,222,273

—

44,159,483

Household

Products

.....................................

6,026,347

25,487,376

—

31,513,723

Independent

Power

and

Renewable

Electricity

Producers

............

159,430

2,965,905

—

3,125,335

Industrial

Conglomerates

..................................

3,362,494

7,558,311

—

10,920,805

Insurance

............................................

69,581,011

132,392,108

—

201,973,119

Interactive

Media

&

Services

...............................

40,855,632

27,252,222

—

68,107,854

Internet

&

Direct

Marketing

Retail

............................

17,726,796

608,556

—

18,335,352

IT

Services

...........................................

93,888,961

60,575,476

—

154,464,437

Leisure

Products

.......................................

20,488,667

—

—

20,488,667

Life

Sciences

Tools

&

Services

..............................

12,566,802

24,584,586

—

37,151,388

Machinery

............................................

33,848,571

51,965,599

—

85,814,170

Marine

..............................................

—

229,832

—

229,832

Media

...............................................

32,332,361

3,401,324

—

35,733,685

Metals

&

Mining

........................................

8,253,105

26,348,111

—

34,601,216

Multiline

Retail

.........................................

2,070,969

8,050,580

—

10,121,549

Multi-Utilities

..........................................

98,520,070

8,752,715

—

107,272,785

Oil,

Gas

&

Consumable

Fuels

...............................

112,843,205

64,804,304

—

177,647,509

Personal

Products

......................................

13,092,062

11,752,386

—

24,844,448

Pharmaceuticals

.......................................

46,517,074

160,247,725

—

206,764,799

Professional

Services

....................................

1,973,149

57,151,267

—

59,124,416

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

131

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Level

1

Level

2

Level

3

Total

Real

Estate

Management

&

Development

.......................

$

7,101,164

$

165,441,741

$

—

$

172,542,905

Road

&

Rail

...........................................

33,097,846

6,586,766

—

39,684,612

Semiconductors

&

Semiconductor

Equipment

....................

64,177,520

134,205,920

—

198,383,440

Software

.............................................

134,446,617

375,202

—

134,821,819

Specialty

Retail

........................................

26,443,933

14,517,505

—

40,961,438

Technology

Hardware,

Storage

&

Peripherals

....................

47,064,731

40,077,611

—

87,142,342

Textiles,

Apparel

&

Luxury

Goods

............................

2,871,520

54,383,477

—

57,254,997

Thrifts

&

Mortgage

Finance

................................

—

10,151,746

—

10,151,746

Tobacco

.............................................

30,755,941

14,748,171

—

45,504,112

Trading

Companies

&

Distributors

............................

1,053,866

30,424,409

—

31,478,275

Transportation

Infrastructure

...............................

15,884,211

118,009,322

—

133,893,533

Water

Utilities

.........................................

1,455,079

5,816,141

—

7,271,220

Wireless

Telecommunication

Services

.........................

2,379,591

38,666,216

62,985

41,108,792

Corporate

Bonds

Aerospace

&

Defense

....................................

—

110,716,058

—

110,716,058

Air

Freight

&

Logistics

....................................

—

1,687,377

—

1,687,377

Airlines

..............................................

—

79,915,734

—

79,915,734

Auto

Components

......................................

—

79,694,970

—

79,694,970

Automobiles

..........................................

—

46,367,691

—

46,367,691

Banks

...............................................

—

693,165,647

—

693,165,647

Beverages

...........................................

—

11,801,338

—

11,801,338

Biotechnology

.........................................

—

13,886,731

—

13,886,731

Building

Products

.......................................

—

47,977,984

—

47,977,984

Capital

Markets

........................................

—

222,029,752

12,033,105

234,062,857

Chemicals

............................................

—

101,614,731

18,895

101,633,626

Commercial

Services

&

Supplies

.............................

—

126,933,434

—

126,933,434

Communications

Equipment

................................

—

38,588,683

—

38,588,683

Construction

&

Engineering

................................

—

29,158,820

—

29,158,820

Construction

Materials

....................................

—

2,984,500

—

2,984,500

Consumer

Finance

......................................

—

162,715,748

—

162,715,748

Containers

&

Packaging

..................................

—

91,082,787

—

91,082,787

Distributors

...........................................

—

7,117,993

—

7,117,993

Diversified

Consumer

Services

..............................

—

19,311,124

—

19,311,124

Diversified

Financial

Services

...............................

—

40,542,176

—

40,542,176

Diversified

Telecommunication

Services

........................

—

288,680,777

—

288,680,777

Electric

Utilities

........................................

—

119,487,958

—

119,487,958

Electrical

Equipment

.....................................

—

16,404,606

—

16,404,606

Electronic

Equipment,

Instruments

&

Components

.................

—

8,108,497

—

8,108,497

Energy

Equipment

&

Services

..............................

—

30,878,867

—

30,878,867

Entertainment

.........................................

—

29,603,093

—

29,603,093

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

142,686,683

—

142,686,683

Food

&

Staples

Retailing

..................................

—

27,561,095

—

27,561,095

Food

Products

.........................................

—

74,938,220

—

74,938,220

Gas

Utilities

...........................................

—

7,590,869

—

7,590,869

Health

Care

Equipment

&

Supplies

...........................

—

41,009,307

—

41,009,307

Health

Care

Providers

&

Services

............................

—

202,164,424

—

202,164,424

Health

Care

Technology

..................................

—

7,124,448

—

7,124,448

Hotels,

Restaurants

&

Leisure

..............................

—

268,920,553

—

268,920,553

Household

Durables

.....................................

—

41,416,246

—

41,416,246

Household

Products

.....................................

—

6,933,303

—

6,933,303

Independent

Power

and

Renewable

Electricity

Producers

............

—

28,501,102

—

28,501,102

Industrial

Conglomerates

..................................

—

3,362,822

—

3,362,822

Insurance

............................................

—

135,811,285

—

135,811,285

Interactive

Media

&

Services

...............................

—

6,341,019

—

6,341,019

Internet

&

Direct

Marketing

Retail

............................

—

24,058,235

—

24,058,235

IT

Services

...........................................

—

65,304,838

—

65,304,838

Leisure

Products

.......................................

—

9,814,891

—

9,814,891

Life

Sciences

Tools

&

Services

..............................

—

10,525,406

—

10,525,406

Machinery

............................................

—

48,060,707

—

48,060,707

Marine

..............................................

—

7,572,133

—

7,572,133

Media

...............................................

—

256,821,694

—

256,821,694

Metals

&

Mining

........................................

—

120,172,343

—

120,172,343

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

2,246,605

—

2,246,605

Multiline

Retail

.........................................

—

5,278,474

—

5,278,474

Multi-Utilities

..........................................

—

16,687,620

—

16,687,620

Oil,

Gas

&

Consumable

Fuels

...............................

—

566,649,433

—

566,649,433

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

132

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Level

1

Level

2

Level

3

Total

Paper

&

Forest

Products

..................................

$

—

$

8,484,201

$

—

$

8,484,201

Personal

Products

......................................

—

9,140,677

—

9,140,677

Pharmaceuticals

.......................................

—

100,958,555

—

100,958,555

Professional

Services

....................................

—

14,061,737

—

14,061,737

Real

Estate

Management

&

Development

.......................

—

180,731,125

—

180,731,125

Road

&

Rail

...........................................

—

50,497,819

—

50,497,819

Semiconductors

&

Semiconductor

Equipment

....................

—

28,754,472

—

28,754,472

Software

.............................................

—

112,590,559

—

112,590,559

Specialty

Retail

........................................

—

97,464,320

—

97,464,320

Technology

Hardware,

Storage

&

Peripherals

....................

—

8,419,997

—

8,419,997

Textiles,

Apparel

&

Luxury

Goods

............................

—

10,854,662

—

10,854,662

Thrifts

&

Mortgage

Finance

................................

—

38,426,515

—

38,426,515

Tobacco

.............................................

—

11,878,025

—

11,878,025

Trading

Companies

&

Distributors

............................

—

44,083,801

—

44,083,801

Transportation

Infrastructure

...............................

—

6,992,577

—

6,992,577

Water

Utilities

.........................................

—

1,633,172

—

1,633,172

Wireless

Telecommunication

Services

.........................

—

112,217,644

—

112,217,644

Equity-Linked

Notes

......................................

—

1,811,143,760

—

1,811,143,760

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

49,852,794

—

49,852,794

Air

Freight

&

Logistics

....................................

—

508,410

—

508,410

Airlines

..............................................

—

21,490,499

—

21,490,499

Auto

Components

......................................

—

20,682,823

—

20,682,823

Automobiles

..........................................

—

7,556,727

—

7,556,727

Banks

...............................................

—

—

10,547,000

10,547,000

Building

Products

.......................................

—

21,945,585

—

21,945,585

Capital

Markets

........................................

—

9,603,274

10,900,000

20,503,274

Chemicals

............................................

—

49,134,678

—

49,134,678

Commercial

Services

&

Supplies

.............................

—

43,598,033

1,175,104

44,773,137

Construction

&

Engineering

................................

—

15,317,744

—

15,317,744

Construction

Materials

....................................

—

13,351,124

—

13,351,124

Containers

&

Packaging

..................................

—

27,366,155

—

27,366,155

Distributors

...........................................

—

1,337,515

—

1,337,515

Diversified

Consumer

Services

..............................

—

19,328,920

—

19,328,920

Diversified

Financial

Services

...............................

—

106,844,880

90,750,417

197,595,297

Diversified

Telecommunication

Services

........................

—

35,002,123

—

35,002,123

Electric

Utilities

........................................

—

2,822,443

—

2,822,443

Electrical

Equipment

.....................................

—

13,812,952

—

13,812,952

Entertainment

.........................................

—

17,656,006

2,948,185

20,604,191

Food

&

Staples

Retailing

..................................

—

4,987,464

—

4,987,464

Food

Products

.........................................

—

33,103,655

1,955,820

35,059,475

Health

Care

Equipment

&

Supplies

...........................

—

15,562,446

—

15,562,446

Health

Care

Providers

&

Services

............................

—

35,948,648

1,331,018

37,279,666

Health

Care

Technology

..................................

—

16,953,532

—

16,953,532

Hotels,

Restaurants

&

Leisure

..............................

—

44,498,033

29,495,236

73,993,269

Household

Durables

.....................................

—

10,685,820

—

10,685,820

Household

Products

.....................................

—

2,324,582

—

2,324,582

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,562,045

—

1,562,045

Industrial

Conglomerates

..................................

—

3,451,248

8,420,359

11,871,607

Insurance

............................................

—

64,554,401

—

64,554,401

Interactive

Media

&

Services

...............................

—

27,392,651

—

27,392,651

Internet

&

Direct

Marketing

Retail

............................

—

6,080,625

—

6,080,625

IT

Services

...........................................

—

40,924,147

999,048

41,923,195

Leisure

Products

.......................................

—

—

1,552,405

1,552,405

Life

Sciences

Tools

&

Services

..............................

—

23,542,740

—

23,542,740

Machinery

............................................

—

44,457,728

—

44,457,728

Media

...............................................

—

57,250,303

4,648,644

61,898,947

Metals

&

Mining

........................................

—

8,194,723

—

8,194,723

Oil,

Gas

&

Consumable

Fuels

...............................

—

6,349,934

—

6,349,934

Personal

Products

......................................

—

11,274,322

—

11,274,322

Pharmaceuticals

.......................................

—

25,281,358

—

25,281,358

Professional

Services

....................................

—

24,620,900

1,493,257

26,114,157

Road

&

Rail

...........................................

—

5,670,694

—

5,670,694

Semiconductors

&

Semiconductor

Equipment

....................

—

4,531,959

—

4,531,959

Software

.............................................

—

147,091,981

3,470,614

150,562,595

Specialty

Retail

........................................

—

28,829,976

692,890

29,522,866

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

133

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

Level

1

Level

2

Level

3

Total

Trading

Companies

&

Distributors

............................

$

—

$

13,670,684

$

—

$

13,670,684

Transportation

Infrastructure

...............................

—

1,456,805

—

1,456,805

Wireless

Telecommunication

Services

.........................

—

12,414,643

—

12,414,643

Foreign

Agency

Obligations

.................................

—

75,572,781

—

75,572,781

Foreign

Government

Obligations

..............................

—

275,712,192

—

275,712,192

Investment

Companies

....................................

560,856,891

—

—

560,856,891

Non-Agency

Mortgage-Backed

Securities

........................

—

929,617,359

48,574,383

978,191,742

Preferred

Securities

Banks

...............................................

—

213,722,417

—

213,722,417

Capital

Markets

........................................

—

103,326,614

—

103,326,614

Commercial

Services

&

Supplies

.............................

—

14,045,940

—

14,045,940

Consumer

Finance

......................................

7,942,400

74,807,783

—

82,750,183

Diversified

Financial

Services

...............................

—

17,403,525

—

17,403,525

Electric

Utilities

........................................

—

36,568,219

—

36,568,219

Household

Products

.....................................

—

1,360,469

—

1,360,469

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,913,385

—

1,913,385

Insurance

............................................

18,940,950

26,346,125

—

45,287,075

Oil,

Gas

&

Consumable

Fuels

...............................

22,101,190

47,467,562

—

69,568,752

Technology

Hardware,

Storage

&

Peripherals

....................

—

42,643,816

—

42,643,816

U.S.

Government

Sponsored

Agency

Securities

....................

—

6,054,825

—

6,054,825

Warrants

..............................................

22,553

—

—

22,553

Short-Term

Securities

.......................................

1,135,635,173

—

—

1,135,635,173

Options

Purchased

Interest

rate

contracts

......................................

33,500

—

—

33,500

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

1,802

1,284

3,086

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(229)

(24,280)

(24,509)

$

3,852,188,444

$

14,005,961,110

$

256,255,060

$

18,114,404,614

Investments

valued

at

NAV

(b)

......................................

357,135,066

$

—

$

18,471,539,680

$

—

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

117,285

$

—

$

117,285

Equity

contracts

...........................................

10,238,435

184,029

—

10,422,464

Foreign

currency

exchange

contracts

............................

868,962

4,182,012

—

5,050,974

Interest

rate

contracts

.......................................

4,887,020

—

—

4,887,020

Liabilities

Credit

contracts

...........................................

—

(296,812)

—

(296,812)

Equity

contracts

...........................................

(235,514)

(504,445)

—

(739,959)

Foreign

currency

exchange

contracts

............................

(5,348,512)

(903,373)

—

(6,251,885)

Interest

rate

contracts

.......................................

(1,093,710)

—

—

(1,093,710)

$

9,316,681

$

2,778,696

$

—

$

12,095,377

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

134

Schedule

of

Investments

(unaudited)

(continued)

January

31,

2022

See

notes

to

financial

statements.

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

.................................................

—

—

—

16,579,664

—

—

16,579,664

Transfers

out

of

Level

3

................................................

(81,257,404)

—

—

(32,198,372)

(1,334,500)

—

(114,790,276)

Other

...........................................................

—

—

—

—

—

—

—

Accrued

discounts/premiums

.............................................

307

—

(246)

21,957

—

—

22,018

Net

realized

gain

....................................................

—

—

—

13,197

—

—

13,197

Net

change

in

unrealized

depreciation

(a)(b)

....................................

(37,667)

(1,239)

(178,250)

(1,300,219)

(386,514)

(16,211)

(1,920,100)

Purchases

.........................................................

23,950,000

—

12,230,496

137,978,692

—

—

174,159,188

Sales

............................................................

(3,500,000)

—

—

(97,944,394)

—

—

(101,444,394)

Closing

balance,

as

of

January

31,

2022

.....................................

$

25,205,520

$

66,156

$

12,052,000

$

170,379,997

$

48,574,383

$

(22,996)

$

256,255,060

Net

change

in

unrealized

depreciation

on

investments

still

held

at

January

31,

2022

(b)

........

$

(29,497)

$

(1,239)

$

(178,250)

$

(1,298,397)

$

(386,514)

$

(16,211)

$

(1,910,108)

(a)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statements

of

Operations.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

January

31,

2022

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Statements

of

Assets

and

Liabilities

(unaudited)

January

31,

2022

135

Financial

Statements

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

1,348,416,518‌

$

16,420,598,224‌

Investments,

at

value

—

affiliated

(c)

..........................................................................

289,368,686‌

2,050,962,879‌

Cash  

..............................................................................................

533,460‌

909,947‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

—‌

1,330,000‌

Futures

contracts

.....................................................................................

15,007,742‌

40,161,000‌

Foreign

currency,

at

value

(d)

...............................................................................

1,730,825‌

21,610,259‌

Receivables:

–‌

–‌

Investments

sold

.....................................................................................

8,676,565‌

62,643,045‌

Securities

lending

income

—

affiliated

.......................................................................

61,919‌

413,350‌

Swaps  

...........................................................................................

30,383‌

320,095‌

Capital

shares

sold

....................................................................................

3,329,224‌

26,293,186‌

Dividends

—

affiliated

..................................................................................

153,336‌

4,142‌

Dividends

—

unaffiliated

................................................................................

481,756‌

8,244,664‌

Interest

—

unaffiliated

..................................................................................

8,230,791‌

99,174,434‌

From

the

Manager

....................................................................................

35,257‌

186,552‌

Variation

margin

on

futures

contracts

........................................................................

4,288,689‌

7,240,459‌

Swap

premiums

paid

....................................................................................

—‌

259,953‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

30,128‌

4,182,012‌

OTC

swaps

.........................................................................................

80,051‌

301,314‌

Unfunded

floating

rate

loan

interests

........................................................................

121‌

3,086‌

Prepaid

expenses

......................................................................................

72,552‌

200,304‌

Total

assets

..........................................................................................

1,680,528,003‌

18,745,038,905‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

50,961,029‌

357,184,679‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

79,838,114‌

460,571,683‌

Accounting

services

fees

................................................................................

131,341‌

412,362‌

Administration

fees

....................................................................................

53,348‌

504,063‌

Capital

shares

redeemed

................................................................................

4,950,839‌

42,330,174‌

Custodian

fees

.......................................................................................

63,111‌

405,762‌

Deferred

foreign

capital

gain

tax

...........................................................................

180,476‌

2,842,220‌

Income

dividend

distributions

.............................................................................

758,775‌

6,655,626‌

Investment

advisory

fees

................................................................................

656,368‌

6,867,597‌

Trustees'

and

Officer's

fees

..............................................................................

1,992‌

55,102‌

Other

affiliate

fees

....................................................................................

—‌

12,383‌

Professional

fees

.....................................................................................

113,378‌

242,197‌

Registration

fees

.....................................................................................

378‌

757,432‌

Service

and

distribution

fees

..............................................................................

75,777‌

2,295,398‌

Transfer

agent

fees

...................................................................................

368,340‌

4,060,373‌

Other

accrued

expenses

................................................................................

93,592‌

195,202‌

Variation

margin

on

futures

contracts

........................................................................

174,090‌

1,107,626‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

—‌

243,872‌

Swap

premiums

received

.................................................................................

67,892‌

556,400‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

101,098‌

903,373‌

OTC

swaps

.........................................................................................

64,879‌

757,565‌

Unfunded

floating

rate

loan

interests

........................................................................

14‌

24,509‌

Total

liabilities

.........................................................................................

138,654,831‌

888,985,598‌

NET

ASSETS

.........................................................................................

$

1,541,873,172‌

$

17,856,053,307‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

136

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSETS

CONSIST

OF

Paid-in

capital

.........................................................................................

$

1,555,385,769‌

$

18,021,886,396‌

Accumulated

loss

......................................................................................

(13,512,597‌)

(165,833,089‌)

NET

ASSETS

.........................................................................................

$

1,541,873,172‌

$

17,856,053,307‌

(a)

  Investments,

at

cost

—

unaffiliated

.........................................................................

$

1,343,446,980‌

$

15,964,962,494‌

(b)

  Securities

loaned,

at

value

...............................................................................

$

49,926,754‌

$

349,741,656‌

(c)

  Investments,

at

cost

—

affiliated

...........................................................................

$

286,835,483‌

$

2,032,626,407‌

(d)

  Foreign

currency,

at

cost

................................................................................

$

1,731,622‌

$

21,423,935‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

January

31,

2022

137

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.......................................................................................

$

1,070,038,917‌

$

9,933,342,724‌

Shares

outstanding

................................................................................

110,505,669‌

896,871,012‌

Net

asset

value

...................................................................................

$

9.68‌

$

11.08‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.00

1‌

$

0.00

1‌

Investor

A

Net

assets

.......................................................................................

$

171,269,624‌

$

5,426,015,229‌

Shares

outstanding

................................................................................

17,680,782‌

490,475,069‌

Net

asset

value

...................................................................................

$

9.69‌

$

11.06‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.00

1‌

$

0.00

1‌

Investor

C

Net

assets

.......................................................................................

$

44,734,752‌

$

1,316,239,856‌

Shares

outstanding

................................................................................

4,624,042‌

119,126,120‌

Net

asset

value

...................................................................................

$

9.67‌

$

11.05‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.00

1‌

$

0.00

1‌

Class

K

Net

assets

.......................................................................................

$

255,829,879‌

$

1,180,455,498‌

Shares

outstanding

................................................................................

26,406,149‌

106,634,052‌

Net

asset

value

...................................................................................

$

9.69‌

$

11.07‌

Shares

authorized

.................................................................................

Unlimited

Unlimited

Par

value

.......................................................................................

$

0.00

1‌

$

0.00

1‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

January

31,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

138

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

..................................................................................

$

2,130,912‌

$

10,220,666‌

Dividends

—

unaffiliated

................................................................................

4,310,606‌

53,649,242‌

Interest

—

unaffiliated

..................................................................................

33,708,734‌

342,948,430‌

Securities

lending

income

—

affiliated

—

net

..................................................................

393,148‌

2,842,948‌

Foreign

taxes

withheld

.................................................................................

(161,741‌)

(2,720,166‌)

Total

investment

income

..................................................................................

40,381,659‌

406,941,120‌

EXPENSES

Investment

advisory

...................................................................................

4,608,492‌

46,895,741‌

Transfer

agent

—

class

specific

...........................................................................

556,571‌

5,689,406‌

Service

and

distribution

—

class

specific

.....................................................................

454,572‌

14,013,209‌

Administration

......................................................................................

314,007‌

3,019,139‌

Accounting

services

...................................................................................

214,523‌

599,189‌

Administration

—

class

specific

...........................................................................

157,374‌

1,840,393‌

Custodian

..........................................................................................

106,438‌

679,512‌

Registration

........................................................................................

45,968‌

101,441‌

Trustees

and

Officer

...................................................................................

4,616‌

81,450‌

Miscellaneous

.......................................................................................

120,648‌

242,294‌

Total

expenses

........................................................................................

6,583,209‌

73,161,774‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(689,279‌)

(5,577,136‌)

Transfer

agent

fees

waived

and/or

reimbursed

—

class

specific

......................................................

(228,685‌)

(1,380,781‌)

Administration

fees

waived

—

class

specific

...................................................................

(157,374‌)

(1,838,053‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

5,507,871‌

64,365,804‌

Net

investment

income

...................................................................................

34,873,788‌

342,575,316‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(53,773,782‌)

$

(518,579,093‌)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

..............................................................................

(8,751‌)

30,987,621‌

Investments

—

unaffiliated

(a)

...........................................................................

(4,601,060‌)

(1,593,481‌)

Capital

gain

distributions

from

underlying

funds

—

affiliated

.......................................................

31,513‌

72,166‌

Forward

foreign

currency

exchange

contracts

................................................................

(10,540‌)

17,390,538‌

Foreign

currency

transactions

..........................................................................

(490,727‌)

(2,834,529‌)

Futures

contracts

...................................................................................

15,546,683‌

54,266,396‌

Options

written

....................................................................................

547,796‌

6,614,658‌

Swaps  

.........................................................................................

(19,704‌)

(711,083‌)

10,995,210‌

104,192,286‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

..............................................................................

(1,337,665‌)

(42,539,489‌)

Investments

—

unaffiliated

(b)

...........................................................................

(54,143,938‌)

(629,871,822‌)

Forward

foreign

currency

exchange

contracts

................................................................

(72,934‌)

5,012,303‌

Foreign

currency

translations

...........................................................................

(56,274‌)

(358,197‌)

Futures

contracts

...................................................................................

(9,133,189‌)

45,750,119‌

Swaps  

.........................................................................................

(25,099‌)

(749,655‌)

Unfunded

floating

rate

loan

interests

......................................................................

107‌

(14,638‌)

(64,768,992‌)

(622,771,379‌)

Net

realized

and

unrealized

loss

.............................................................................

(53,773,782‌)

(518,579,093‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................

$

(18,899,994‌)

$

(176,003,777‌)

(a)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

(67,343‌)

$

(870,950‌)

(b)

Net

of

increase

in

deferred

foreign

capital

gain

tax

of

.............................................................

$

(70,268‌)

$

(513,692‌)

Statements

of

Changes

in

Net

Assets

139

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

07/31/21

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

07/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

34,873,788‌

$

66,888,983‌

$

342,575,316‌

$

726,233,359‌

Net

realized

gain

........................................................

10,995,210‌

106,528,709‌

104,192,286‌

745,151,378‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(64,768,992‌)

53,374,269‌

(622,771,379‌)

666,736,381‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(18,899,994‌)

226,791,961‌

(176,003,777‌)

2,138,121,118‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

  Institutional

...........................................................

(47,649,965‌)

(46,021,544‌)

(327,485,618‌)

(415,507,129‌)

  Investor

A

............................................................

(7,372,909‌)

(7,767,156‌)

(168,325,698‌)

(197,894,932‌)

  Investor

C

............................................................

(1,795,968‌)

(1,775,088‌)

(37,684,389‌)

(53,454,535‌)

  Class

K

..............................................................

(11,535,749‌)

(11,072,850‌)

(36,566,001‌)

(44,778,901‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(68,354,591‌)

(66,636,638‌)

(570,061,706‌)

(711,635,497‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.........................

117,349,059‌

167,282,435‌

331,270,900‌

335,719,048‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

30,094,474‌

327,437,758‌

(414,794,583‌)

1,762,204,669‌

Beginning

of

period

........................................................

1,511,778,698‌

1,184,340,940‌

18,270,847,890‌

16,508,643,221‌

End

of

period

............................................................

$

1,541,873,172‌

$

1,511,778,698‌

$

17,856,053,307‌

$

18,270,847,890‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

140

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Dynamic

High

Income

Portfolio

Institutional

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.23‌

$

9.03‌

$

9.65‌

$

9.77‌

$

9.83‌

$

9.31‌

Net

investment

income

(a)

.......................

0.23‌

0.50‌

0.53‌

0.59‌

0.63‌

0.56‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.34‌)

1.20‌

(0.63‌)

(0.11‌)

(0.04‌)

0.54‌

Net

increase

(decrease)

from

investment

operations

......

(0.11‌)

1.70‌

(0.10‌)

0.48‌

0.59‌

1.10‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.33‌)

(0.50‌)

(0.46‌)

(0.55‌)

(0.63‌)

(0.58‌)

From

net

realized

gain

.........................

(0.11‌)

—‌

—‌

—‌

(0.02‌)

—‌

Return

of

capital

.............................

—‌

—‌

(0.06‌)

(0.05‌)

—‌

—‌

Total

distributions

.............................

(0.44‌)

(0.50‌)

(0.52‌)

(0.60‌)

(0.65‌)

(0.58‌)

Net

asset

value,

end

of

period

....................

$

9.68‌

$

10.23‌

$

9.03‌

$

9.65‌

$

9.77‌

$

9.83‌

Total

Return

(c)

(1.12)%

19.22%

(0.93)%

5.23%

6.26%

—

Based

on

net

asset

value

........................

(1.12)%

(d)

19.22%

(e)

(0.93)%

5.23%

(e)

6.26%

12.39%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.80%

(g)

0.81%

0.80%

0.80%

0.90%

1.24%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.65%

(g)

0.65%

0.65%

0.65%

0.66%

0.79%

Net

investment

income

.........................

4.48%

(g)

5.12%

5.79%

6.21%

6.45%

5.84%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,070,039‌

$

1,026,159‌

$

828,901‌

$

898,605‌

$

498,892‌

$

294,539‌

Portfolio

turnover

rate

(

i

)

..........................

19%

77%

94%

69%

75%

93%

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

8

9‌

%

180‌%

215‌%

180‌%

236‌%

227‌%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

141

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Dynamic

High

Income

Portfolio

Investor

A

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.24‌

$

9.03‌

$

9.66‌

$

9.77‌

$

9.83‌

$

9.31‌

Net

investment

income

(a)

.......................

0.22‌

0.47‌

0.51‌

0.56‌

0.61‌

0.53‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.34‌)

1.21‌

(0.64‌)

(0.10‌)

(0.04‌)

0.55‌

Net

increase

(decrease)

from

investment

operations

......

(0.12‌)

1.68‌

(0.13‌)

0.46‌

0.57‌

1.08‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.32‌)

(0.47‌)

(0.44‌)

(0.52‌)

(0.61‌)

(0.56‌)

From

net

realized

gain

.........................

(0.11‌)

—‌

—‌

—‌

(0.02‌)

—‌

Return

of

capital

.............................

—‌

—‌

(0.06‌)

(0.05‌)

—‌

—‌

Total

distributions

.............................

(0.43‌)

(0.47‌)

(0.50‌)

(0.57‌)

(0.63‌)

(0.56‌)

Net

asset

value,

end

of

period

....................

$

9.69‌

$

10.24‌

$

9.03‌

$

9.66‌

$

9.77‌

$

9.83‌

Total

Return

(c)

(1.24)%

19.04%

(1.28)%

5.08%

5.99%

—

Based

on

net

asset

value

........................

(1.24)%

(d)

19.04%

(e)

(1.28)%

5.08%

(e)

5.99%

11.99%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.01%

(g)

1.04%

1.04%

1.05%

1.16%

1.47%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.90%

(g)

0.90%

0.90%

0.90%

0.92%

1.05%

Net

investment

income

.........................

4.24%

(g)

4.87%

5.56%

5.94%

6.15%

5.65%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

171,270‌

$

175,444‌

$

147,034‌

$

91,064‌

$

59,628‌

$

38,770‌

Portfolio

turnover

rate

(

i

)

..........................

19%

77%

94%

69%

75%

93%

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

8

9‌

%

180‌%

215‌%

180‌%

236‌%

227‌%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

142

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Dynamic

High

Income

Portfolio

Investor

C

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.22‌

$

9.02‌

$

9.64‌

$

9.76‌

$

9.82‌

$

9.30‌

Net

investment

income

(a)

.......................

0.18‌

0.40‌

0.44‌

0.49‌

0.53‌

0.46‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.34‌)

1.20‌

(0.63‌)

(0.11‌)

(0.03‌)

0.55‌

Net

increase

(decrease)

from

investment

operations

......

(0.16‌)

1.60‌

(0.19‌)

0.38‌

0.50‌

1.01‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.28‌)

(0.40‌)

(0.37‌)

(0.45‌)

(0.54‌)

(0.49‌)

From

net

realized

gain

.........................

(0.11‌)

—‌

—‌

—‌

(0.02‌)

—‌

Return

of

capital

.............................

—‌

—‌

(0.06‌)

(0.05‌)

—‌

—‌

Total

distributions

.............................

(0.39‌)

(0.40‌)

(0.43‌)

(0.50‌)

(0.56‌)

(0.49‌)

Net

asset

value,

end

of

period

....................

$

9.67‌

$

10.22‌

$

9.02‌

$

9.64‌

$

9.76‌

$

9.82‌

Total

Return

(c)

(1.62)%

18.06%

(1.91)%

4.19%

5.21%

—

Based

on

net

asset

value

........................

(1.62)%

(d)

18.06%

(e)

(1.91)%

4.19%

(e)

5.21%

11.16%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.78%

(g)

1.80%

1.80%

1.80%

1.90%

2.25%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.65%

(g)

1.65%

1.65%

1.65%

1.66%

1.80%

Net

investment

income

.........................

3.50%

(g)

4.13%

4.79%

5.25%

5.42%

4.88%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

44,735‌

$

46,242‌

$

41,749‌

$

36,992‌

$

30,038‌

$

24,638‌

Portfolio

turnover

rate

(

i

)

..........................

19%

77%

94%

69%

75%

93%

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

8

9‌

%

180‌%

215‌%

180‌%

236‌%

227‌%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

143

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Dynamic

High

Income

Portfolio

Class

K

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

10.24‌

$

9.04‌

$

9.66‌

$

9.78‌

$

9.83‌

$

9.31‌

Net

investment

income

(a)

.......................

0.23‌

0.50‌

0.46‌

0.59‌

0.66‌

0.56‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.34‌)

1.20‌

(0.55‌)

(0.11‌)

(0.05‌)

0.55‌

Net

increase

(decrease)

from

investment

operations

......

(0.11‌)

1.70‌

(0.09‌)

0.48‌

0.61‌

1.11‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.33‌)

(0.50‌)

(0.47‌)

(0.55‌)

(0.64‌)

(0.59‌)

From

net

realized

gain

.........................

(0.11‌)

—‌

—‌

—‌

(0.02‌)

—‌

Return

of

capital

.............................

—‌

—‌

(0.06‌)

(0.05‌)

—‌

—‌

Total

distributions

.............................

(0.44‌)

(0.50‌)

(0.53‌)

(0.60‌)

(0.66‌)

(0.59‌)

Net

asset

value,

end

of

period

....................

$

9.69‌

$

10.24‌

$

9.04‌

$

9.66‌

$

9.78‌

$

9.83‌

Total

Return

(c)

(1.09)%

19.27%

(0.87)%

5.28%

6.42%

—

Based

on

net

asset

value

........................

(1.09)%

(d)

19.27%

(e)

(0.87)%

5.28%

(e)

6.42%

12.32%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.71%

(g)

0.72%

0.82%

0.75%

0.85%

1.21%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.60%

(g)

0.60%

0.60%

0.59%

0.61%

0.74%

Net

investment

income

.........................

4.54%

(g)

5.14%

5.05%

6.29%

6.78%

5.93%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

255,830‌

$

263,934‌

$

166,657‌

$

2,619‌

$

2,188‌

$

278‌

Portfolio

turnover

rate

(

i

)

..........................

19%

77%

94%

69%

75%

93%

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

8

9‌

%

180‌%

215‌%

180‌%

236‌%

227‌%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

144

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Multi-Asset

Income

Portfolio

Institutional

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

11.54‌

$

10.62‌

$

10.85‌

$

10.79‌

$

11.06‌

$

10.76‌

Net

investment

income

(a)

.......................

0.22‌

0.49‌

0.52‌

0.56‌

0.55‌

0.50‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.31‌)

0.91‌

(0.24‌)

0.05‌

(0.25‌)

0.33‌

Net

increase

(decrease)

from

investment

operations

......

(0.09‌)

1.40‌

0.28‌

0.61‌

0.30‌

0.83‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.37‌)

(0.48‌)

(0.50‌)

(0.54‌)

(0.57‌)

(0.53‌)

Return

of

capital

.............................

—‌

—‌

(0.01‌)

(0.01‌)

—‌

—‌

Total

distributions

.............................

(0.37‌)

(0.48‌)

(0.51‌)

(0.55‌)

(0.57‌)

(0.53‌)

Net

asset

value,

end

of

period

....................

$

11.08‌

$

11.54‌

$

10.62‌

$

10.85‌

$

10.79‌

$

11.06‌

Total

Return

(c)

(0.85)%

13.40%

2.66%

5.92%

2.75%

—

Based

on

net

asset

value

........................

(0.85)%

(d)

13.40%

(e)

2.66%

5.92%

(e)

2.75%

(e)

7.90%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.65%

(g)

0.65%

0.68%

0.66%

0.67%

0.68%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.55%

(g)

0.55%

0.55%

0.55%

0.55%

0.55%

Net

investment

income

.........................

3.87%

(g)

4.36%

4.88%

5.24%

5.04%

4.66%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

9,933,343‌

$

10,280,019‌

$

9,311,984‌

$

9,432,829‌

$

9,354,503‌

$

8,491,880‌

Portfolio

turnover

rate

(h)

.........................

25%

74%

86%

67%

61%

75%

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

6

3‌

%

135‌%

148‌%

127‌%

140‌%

144‌%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

145

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Multi-Asset

Income

Portfolio

Investor

A

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

11.53‌

$

10.61‌

$

10.84‌

$

10.78‌

$

11.04‌

$

10.75‌

Net

investment

income

(a)

.......................

0.21‌

0.46‌

0.49‌

0.53‌

0.52‌

0.47‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.3

3‌

)

0.91‌

(0.24‌)

0.06‌

(0.24‌)

0.32‌

Net

increase

(decrease)

from

investment

operations

......

(0.1

2‌

)

1.37‌

0.25‌

0.59‌

0.28‌

0.79‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.3

5‌

)

(0.45‌)

(0.47‌)

(0.52‌)

(0.54‌)

(0.50‌)

Return

of

capital

.............................

—‌

—‌

(0.01‌)

(0.01‌)

—‌

—‌

Total

distributions

.............................

(0.3

5‌

)

(0.45‌)

(0.48‌)

(0.53‌)

(0.54‌)

(0.50‌)

Net

asset

value,

end

of

period

....................

$

11.06‌

$

11.53‌

$

10.61‌

$

10.84‌

$

10.78‌

$

11.04‌

Total

Return

(c)

(1.07)%

13.13%

2.41%

5.65%

2.59%

—

Based

on

net

asset

value

........................

(1.07)%

(d)

13.13%

(e)

2.41%

5.65%

(e)

2.59%

(e)

7.54%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

0.88%

(g)

0.88%

0.90%

0.90%

0.91%

0.92%

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.80%

(g)

0.80%

0.80%

0.80%

0.80%

0.80%

Net

investment

income

.........................

3.62%

(g)

4.10%

4.64%

4.95%

4.79%

4.39%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

5,426,015‌

$

5,383,460‌

$

4,521,699‌

$

4,109,096‌

$

4,064,777‌

$

4,110,878‌

Portfolio

turnover

rate

(h)

.........................

25%

74%

86%

67%

61%

75%

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

6

3‌

%

135‌%

148‌%

127‌%

140‌%

144‌%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

146

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Multi-Asset

Income

Portfolio

Investor

C

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

...............

$

11.51‌

$

10.59‌

$

10.82‌

$

10.77‌

$

11.03‌

$

10.73‌

Net

investment

income

(a)

.......................

0.17‌

0.37‌

0.41‌

0.45‌

0.44‌

0.39‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.32‌)

0.91‌

(0.24‌)

0.05‌

(0.24‌)

0.33‌

Net

increase

(decrease)

from

investment

operations

......

(0.15‌)

1.28‌

0.17‌

0.50‌

0.20‌

0.72‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

....................

(0.31‌)

(0.36‌)

(0.39‌)

(0.44‌)

(0.46‌)

(0.42‌)

Return

of

capital

.............................

—‌

—‌

(0.01‌)

(0.01‌)

—‌

—‌

Total

distributions

.............................

(0.31‌)

(0.36‌)

(0.40‌)

(0.45‌)

(0.46‌)

(0.42‌)

Net

asset

value,

end

of

period

....................

$

11.05‌

$

11.51‌

$

10.59‌

$

10.82‌

$

10.77‌

$

11.03‌

Total

Return

(c)

(1.36)%

12.30%

1.64%

4.77%

1.83%

—

Based

on

net

asset

value

........................

(1.36)%

(d)

12.30%

(e)

1.64%

4.77%

(e)

1.83%

(e)

6.85%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................

1.65%

(g)

1.65%

1.68%

1.67%

1.67%

1.68%

Total

expenses

after

fees

waived

and/or

reimbursed

......

1.55%

(g)

1.55%

1.55%

1.55%

1.55%

1.55%

Net

investment

income

.........................

2.88%

(g)

3.36%

3.88%

4.24%

4.03%

3.65%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,316,240‌

$

1,498,142‌

$

1,757,991‌

$

2,323,407‌

$

2,651,775‌

$

3,006,721‌

Portfolio

turnover

rate

(h)

.........................

25%

74%

86%

67%

61%

75%

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

......

6

3‌

%

135‌%

148‌%

127‌%

140‌%

144‌%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

147

Financial

Highlights

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(j)

Portfolio

turnover

rate

is

representative

of

the

portfolio

for

the

entire

year.

BlackRock

Multi-Asset

Income

Portfolio

Class

K

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

Period

from

02/03/17

(a)

to

07/31/17

2021

2020

2019

2018

Net

asset

value,

beginning

of

period

...............

$

11.53‌

$

10.61‌

$

10.84‌

$

10.79‌

$

11.05‌

$

10.80‌

Net

investment

income

(b)

.......................

0.23‌

0.49‌

0.52‌

0.56‌

0.58‌

0.25‌

Net

realized

and

unrealized

gain

(loss)

..............

(0.32‌)

0.91‌

(0.24‌)

0.05‌

(0.27‌)

0.25‌

Net

increase

(decrease)

from

investment

operations

......

(0.09‌)

1.40‌

0.28‌

0.61‌

0.31‌

0.50‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

....................

(0.37‌)

(0.48‌)

(0.50‌)

(0.55‌)

(0.57‌)

(0.25‌)

Return

of

capital

.............................

—‌

—‌

(0.01‌)

(0.01‌)

—‌

—‌

Total

distributions

.............................

(0.37‌)

(0.48‌)

(0.51‌)

(0.56‌)

(0.57‌)

(0.25‌)

Net

asset

value,

end

of

period

....................

$

11.07‌

$

11.53‌

$

10.61‌

$

10.84‌

$

10.79‌

$

11.05‌

Total

Return

(d)

(0.83)%

13.47%

2.71%

5.87%

2.90%

—

Based

on

net

asset

value

........................

(0.83)%

(e)

13.47%

(f)

2.71%

5.87%

(f)

2.90%

(f)

4.66%

(e)

Ratios

to

Average

Net

Assets

(g)

Total

expenses

...............................

0.59%

(h)

0.58%

0.60%

0.60%

0.60%

0.60%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

......

0.50%

(h)

0.50%

0.50%

0.50%

0.50%

0.50%

(h)

Net

investment

income

.........................

3.92%

(h)

4.41%

4.93%

5.28%

5.37%

4.65%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

1,180,455‌

$

1,109,227‌

$

916,969‌

$

760,635‌

$

522,448‌

$

35,919‌

Portfolio

turnover

rate

(

i

)

..........................

25%

74%

86%

67%

61%

75%

(j)

Six

Months

Ended

01/31/22

(unaudited)

Year

Ended

July

31,

Period

from

02/03/17

(a)

to

07/31/17

2021

2020

2019

2018

Portfolio

turnover

rate

(including

equity-linked

notes)

......

6

3‌

%

135‌%

148‌%

127‌%

140‌%

144‌%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

148

1.

ORGANIZATION 

BlackRock

Funds

II (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business trust.

The

following,

each

of

which

is

a

series

of

the

Trust, are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

 Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

 A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

are

included

in

a

complex

of

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.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

and

payment-in-kind

interest

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets.

For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Multi-Asset

Income

does

not

isolate

the

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

exchange

rates

from

the

changes

in

the

market

prices

of

investments

held

or

sold

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Realized

currency

gains

(losses)

on

foreign

currency

related

transactions

are

reported

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes. Multi-Asset

Income

has

elected

to

treat

realized

gains

(losses)

from

certain

forward

foreign

currency

exchange

contracts

as

capital

gain

(loss)

for

U.S.

federal

income

tax

purposes. 

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Dynamic

High

Income

Portfolio

........................................

Dynamic

High

Income

Diversified

BlackRock

Multi-Asset

Income

Portfolio

..........................................

Multi-Asset

Income

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

("CDSC")

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(unaudited)

(continued)

149

Notes

to

Financial

Statements

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

January

31,

2022

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Segregation

and

Collateralization:

In

cases

where a

Fund

enters

into

certain

investments

(e.g.,

futures

contracts,

forward

foreign

currency

exchange

contracts,

and

swaps)

that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, a

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

amount

of

its

future

obligations

under

such

investments.

Doing

so

allows

the

investments

to

be

excluded

from

treatment

as

a

“senior

security.” 

Furthermore,

if

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

paid

by each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

portion

of

distributions,

if

any,

that

exceeds

a

fund’s

current

and

accumulated

earnings

and

profits,

as

measured

on

a

tax

basis,

constitute

a

non-taxable

return

of

capital.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP

.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager

,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund's

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

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: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.

Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service.

Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

The

Funds

value

their

investment

in

SL

Liquidity

Series,

LLC,

Money

Market

Series

(the

“Money

Market

Series”)

at

fair

value,

which

is

ordinarily

based

upon

their

pro

rata

ownership

in

the

underlying

fund's

net

assets.

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

150

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day's

price will

be

used,

unless

it

is

determined

that

the

prior

day's

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

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.  

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third-party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

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

Standard

Inputs

Generally

Considered

By

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(unaudited)

(continued)

151

Notes

to

Financial

Statements

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

January

31,

2022,

certain

investments

of

the

Funds

were

fair

valued

using

NAV per

share as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy. 

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of

,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

the

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

the

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

be

privately

issued.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Equity-Linked

Notes:

Equity-linked

notes

seek

to

generate

income

and

provide

exposure

to

the

performance

of

an

underlying

security,

group

of

securities

or

exchange-

traded

funds

(the

“underlying

reference

instrument”).

In

an

equity-linked

note,

a

fund

purchases

a

note

from

a

bank

or

broker-dealer

and

in

return,

the

issuer

provides

for

interest

payments

during

the

term

of

the

note.

At

maturity

or

when

the

security

is

sold,

a

fund

will

either

settle

by

taking

physical

delivery

of

the

underlying

reference

instrument

or

by

receipt

of

a

cash

settlement

amount

equal

to

the

value

of

the

note

at

termination

or

maturity.

The

use

of

equity-linked

notes

involves

the

risk

that

the

value

of

the

note

changes

unfavorably

due

to

movements

in

the

value

of

the

underlying

reference

instrument.

Equity-linked

notes

are

considered

general

unsecured

contractual

obligations

of

the

bank

or

broker-dealer.

A

fund

must

rely

on

the

creditworthiness

of

the

issuer

for

its

investment

returns.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

152

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

London

Interbank

Offered

Rate

(“LIBOR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Notes

to

Financial

Statements

(unaudited)

(continued)

153

Notes

to

Financial

Statements

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

As

of

period

end,

the

Funds

had

the

following

unfunded

floating

rate

loan

interests: 

Securities

Lending:

Certain

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Dynamic

High

Income

EyeCare

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loan

.....

$

4,355‌

$

4,355‌

$

4,341‌

$

(14‌)

Dynamic

High

Income

Intelsat

Jackson

Holdings

SA,

Term

Loan

.................

5,919‌

5,842‌

5,919‌

77‌

Dynamic

High

Income

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3

.......

13,557‌

13,523‌

13,567‌

44‌

Multi-Asset

Income

EyeCare

Partners

LLC,

Delayed

Draw

1st

Lien

Term

Loa

n

.....

70,385‌

70,386‌

70,157‌

(229‌)

Multi-Asset

Income

Houston

Center,

Term

Loa

n

..........................

6,869,018‌

6,869,018‌

6,869,018‌

–‌

Multi-Asset

Income

Intelsat

Jackson

Holdings

SA,

Term

Loa

n

.................

112,612‌

111,136‌

112,612‌

1,476‌

Multi-Asset

Income

Park

Avenue

Tower,

Term

Loa

n

.......................

1,004,357‌

1,004,357‌

1,004,357‌

–‌

Multi-Asset

Income

Sheraton

Austin,

Term

Loa

n

..........................

2,908,763‌

2,908,763‌

2,884,483‌

(24,280‌)

Multi-Asset

Income

The

Vinoy

St.

Petersburg,

Term

Loa

n

...................

1,517,165‌

1,509,579‌

1,510,863‌

1,284‌

Multi-Asset

Income

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loa

n

B3

.......

101,681‌

101,427‌

101,753‌

326‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

154

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Funds.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).  

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities.

A

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

As

of

period

end,

the

following

table

is

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Dynamic

High

Income

Barclays

Capital,

Inc.

..........................

$

24,457,887‌

$

(24,457,887‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

....................

25,410,000‌

(25,410,000‌)

—‌

—‌

Mizuho

Securities

USA,

Inc.

.....................

58,867‌

(58,867‌)

—‌

—‌

$

49,926,754‌

$

(49,926,754‌)

$

—‌

$

—‌

Multi-Asset

Income

Barclays

Capital,

Inc.

..........................

518,364‌

(518,364‌)

—‌

—‌

BNP

Paribas

SA

.............................

63,525,000‌

(63,525,000‌)

—‌

—‌

BofA

Securities,

Inc.

...........................

36,614,730‌

(36,614,730‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

34,459,940‌

(34,459,940‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

................

575,493‌

(575,493‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

102,184,331‌

(102,184,331‌)

—‌

—‌

Morgan

Stanley

..............................

82,533,459‌

(82,533,459‌)

—‌

—‌

SG

Americas

Securities

LLC

.....................

8,131‌

(8,131‌)

—‌

—‌

Toronto

Dominion

Bank

........................

29,322,208‌

(29,322,208‌)

—‌

—‌

$

349,741,656‌

$

(349,741,656‌)

$

—‌

$

—‌

(a)

Collateral

received

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

these

tables.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

155

Notes

to

Financial

Statements

Options:

The

Funds

may purchase

and

write

call

and

put

options

to

increase

or

decrease

their

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statements

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Funds

write

a

call

option,

such

option

is

typically

“covered,”

meaning

that

they

hold

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Funds

write

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statements

of

Assets

and

Liabilities.

In

purchasing

and

writing

options,

the

Funds

bear

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

they

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Funds

purchasing

or

selling

a

security

when they

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

each

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

156

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Funds

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Funds

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds'

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”)

,

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

Dynamic

High

Income

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

Dynamic

High

Income’s

net

assets:

For

such

services,

Multi-Asset

Income

pays

the

Manager

a

monthly

fee,

based

on

the

average

daily

net

assets

that

are

attributable

to

Multi-Asset

Income's

direct

investments

in

fixed-income

and

equity

securities

and

instruments,

including

exchange-traded

funds

("ETFs")

advised

by

the

Manager

or

other

investment

advisers,

other

investments,

and

cash

and

cash

equivalents

(including

money

market

funds,

whether

advised

by

the

Manager

or

other

investment

advisers)

and

excludes

investments

in

other

BlackRock

equity

and/or

fixed-income

mutual

funds,

at

the

following

annual

rates:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.60%

$1

billion

-

$3

billion

.....................................................................................................

0.56

$3

billion

-

$5

billion

.....................................................................................................

0.54

$5

billion

-

$10

billion

....................................................................................................

0.52

Greater

than

$10

billion

...................................................................................................

0.51

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.600

%

$1

billion

-

$2

b

illion

.....................................................................................................

0.550

$2

billion

-

$3

billion

.....................................................................................................

0.525

Greater

than

$3

billion

...................................................................................................

0.500

Notes

to

Financial

Statements

(unaudited)

(continued)

157

Notes

to

Financial

Statements

With

respect

to each

Fund,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of BlackRock

International

Limited

(“BIL”),

BlackRock

(Singapore)

Limited

(“BSL”)

and

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL,

BSL

and

BAMNA

for

services

they

provide

for

that

portion

of each

Fund

for

which

BIL,

BSL

and

BAMNA

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by each

Fund

to

the

Manager.

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of

the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Funds.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the six

months

ended

January

31,

2022,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect

,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02%

of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

January

31,

2022, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended January

31,

2022,

the

Funds 

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

January

31,

2022,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

six

months ended

January

31,

2022,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Fund

Name

Investor

A

Investor

C

Total

Dynamic

High

Income

..............................................................................

$

220,028‌

$

234,544‌

$

454,572‌

Multi-Asset

Income

...............................................................................

6,882,437‌

7,130,772‌

14,013,209‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

.............................................................

$

108,547‌

$

17,601‌

$

4,690‌

$

26,536‌

$

157,374‌

Multi-Asset

Income

..............................................................

1,033,067‌

550,551‌

142,604‌

114,171‌

1,840,393‌

Fund

Name

Institutional

Investor

A

Total

Multi-Asset

Income

................................................................................

$

14,908‌

$

931‌

$

15,839‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

........................................................

$

518‌

$

192‌

$

44‌

$

64‌

$

818‌

Multi-Asset

Income

.........................................................

5,341‌

4,069‌

1,494‌

563‌

11,467‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

.............................................................

$

489,543‌

$

49,619‌

$

16,145‌

$

1,264‌

$

556,571‌

Multi-Asset

Income

..............................................................

3,720,033‌

1,427,766‌

516,338‌

25,269‌

5,689,406‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

158

Other

Fees:

For

the 

six

months

ended 

January

31,

2022

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

each

Fund's Investor

A

Shares

as

follows:

For

the six

months

ended

January

31,

2022,

affiliates

received

CDSCs

as

follows:

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

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver. These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

January

31,

2022,

the

amounts

waived

were

as

follows:

With

respect

to

Dynamic

High

Income,

the

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund's

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

ETFs

that

have

a

contractual

management

fee

through

June

30,

2023.

With

respect

to

Multi-Asset

Income,

the

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income

ETFs

that

have

a

contractual

management

fee

through

June

30,

2023.

The

contractual

agreements

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

January

31,

2022,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets are

as

follows:

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

six

months

ended

January

31,

2022,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

Fund

Name

Dynamic

High

Income

......................................................................................................

$

3,792‌

Multi-Asset

Income

.......................................................................................................

75,513‌

Fund

Name

Investor

A

Investor

C

Dynamic

High

Income

...........................................................................................

$

9,232‌

$

2,551‌

Multi-Asset

Income

............................................................................................

150,277‌

34,759‌

Fund

Name

Dynamic

High

Income

..................................................................................................

$

12,883‌

Multi-Asset

Income

...................................................................................................

101,855‌

Fund

Name

Dynamic

High

Income

..........................................................................................................

$

328,211‌

Multi-Asset

Income

...........................................................................................................

1,625,452‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Dynamic

High

Income

...................................................................

0.65‌%

0.90‌%

1.65‌%

0.60‌%

Multi-Asset

Income

....................................................................

0.55‌

0.80‌

1.55‌

0.50‌

Fund

Name

Dynamic

High

Income

........................................................................................................

$

348,185‌

Multi-Asset

Income

.........................................................................................................

3,849,829‌

Notes

to

Financial

Statements

(unaudited)

(continued)

159

Notes

to

Financial

Statements

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/

or

reimbursed

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months ended

January

31,

2022,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

Dynamic

High

Income’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)

Dynamic

High

Income,

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

Dynamic

High

Income’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

November

3,

2021,

the

repayment

arrangement

between Dynamic

High

Income

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under Dynamic

High

Income's

contractual

caps

on

net

expenses was

terminated.

The

following

fund

level

and

class

specific

waivers

and/or

reimbursements

previously

recorded

by

Dynamic

High

Income,

which

were

subject

to

recoupment

by

the

Manager,

expired

on

November

3,

2021:

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company,

Money

Market

Series, managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the

Money

Market

Series

will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Funds.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

Fund

Name/Share

Class

Administration

Fees

Waived

Transfer

Agent

Fees

Waived

and/or

Reimbursed

Dynamic

High

Income

Institutional

....................................................................................

$

108,547‌

$

217,07

8‌

Investor

A

.....................................................................................

17,601‌

5,734‌

Investor

C

.....................................................................................

4,690‌

4,609‌

Class

K

......................................................................................

26,536‌

1,26

4‌

$

157,374‌

$

228,685‌

Multi-Asset

Income

Institutional

....................................................................................

1,033,067‌

1,143,42

5‌

Investor

A

.....................................................................................

548,211‌

49,924‌

Investor

C

.....................................................................................

142,604‌

162,16

3‌

Class

K

......................................................................................

114,171‌

25,269‌

$

1,838,053‌

$

1,380,781‌

Fund

Level

...............................................................................................................

$

1,499,016‌

Institutional

...............................................................................................................

980,820‌

Investor

A

................................................................................................................

95,209‌

Investor

C

................................................................................................................

37,373‌

Class

K

.................................................................................................................

46,398‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

160

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the six

months

ended

January

31,

2022, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Dynamic

High

Income

is

currently

permitted

to

borrow

and

lend, and

Multi-Asset

Income

is

currently

permitted

to

borrow

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the

period

ended

January

31,

2022,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Funds'

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

six

months

ended

January

31,

2022,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the

six

months ended

January

31,

2022,

purchases

and

sales

of

investments,

excluding

short-term

investments

and

equity-linked

notes,

were

as

follows:

RULE

ABOVE

For

the

six

months ended

January

31,

2022,

purchases

and

sales

related

to

equity-linked

notes

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

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

January

31,

2022,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

As

of

July

31,

2021, Multi-Asset

Income

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

of

$433,596,837.

Fund

Name

Dynamic

High

Income

......................................................................................................

$

76,275‌

Multi-Asset

Income

.......................................................................................................

558,138‌

Fund

Name

Purchases 

Sales 

Net

Realized

Loss

Dynamic

High

Income

................................................................

$

12,995,494‌

$

449,390‌

$

(17,484‌)

Multi-Asset

Income

.................................................................

35,960,018‌

16,766,441‌

(3,351,363‌)

Other

Securities

Fund

Name

Purchases

Sales

Dynamic

High

Income

...................................................................................

$

384,737,608‌

$

220,757,403‌

Multi-Asset

Income

....................................................................................

3,996,666,496‌

3,866,323,221‌

Fund

Name

Purchases

Sales

Dynamic

High

Income

...................................................................................

$

1,084,082,713‌

$

1,089,543,411‌

Multi-Asset

Income

....................................................................................

7,084,670,400‌

7,294,260,166‌

Notes

to

Financial

Statements

(unaudited)

(continued)

161

Notes

to

Financial

Statements

As

of

January

31,

2022, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.25

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

one-month

LIBOR

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum

or

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed.

The

agreement

expires

in

April

2022

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

January

31,

2022,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market

Risk:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

The duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Dynamic

High

Income

..............................................

$

1,633,957,795‌

$

61,633,359‌

$

(66,788,556‌)

$

(5,155,197‌)

Multi-Asset

Income

................................................

18,081,102,626‌

994,182,438‌

(591,628,584‌)

402,553,854‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

162

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

options

purchased

and

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

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.

Certain

Funds

invest

a

significant

portion

of their

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

Certain

Funds

invest

a

significant

portion

of

their

assets

in

fixed-income

securities

and/or

use

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

Fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

United

Kingdom’s

Financial

Conduct

Authority

announced

a 

phase

out of

LIBOR.

Although

many

LIBOR

rates

ceased

to

be

published

or

no

longer

are

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. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

01/31/22

Year

Ended

07/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Dynamic

High

Income

Institutional

Shares

sold

.............................................

19,836,015‌

$

200,994,468‌

36,978,739‌

$

360,137,640‌

Shares

issued

in

reinvestment

of

distributions

........................

4,158,814‌

41,638,879‌

4,054,254‌

39,262,141‌

Shares

redeemed

.........................................

(13,779,627‌)

(137,856,921‌)

(32,528,278‌)

(312,789,149‌)

10,215,202‌

$

104,776,426‌

8,504,715‌

$

86,610,632‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

.......................

2,234,130‌

$

22,520,624‌

5,646,394‌

$

55,010,625‌

Shares

issued

in

reinvestment

of

distributions

........................

668,635‌

6,700,848‌

715,130‌

6,924,743‌

Shares

redeemed

.........................................

(2,362,730‌)

(23,958,319‌)

(5,496,105‌)

(53,129,093‌)

540,035‌

$

5,263,153‌

865,419‌

$

8,806,275‌

Investor

C

Shares

sold

.............................................

519,745‌

$

5,277,550‌

752,199‌

$

7,405,861‌

Shares

issued

in

reinvestment

of

distributions

........................

167,327‌

1,674,360‌

165,369‌

1,597,712‌

Shares

redeemed

and

automatic

conversion

of

shares

...................

(586,438‌)

(5,916,894‌)

(1,021,133‌)

(9,851,664‌)

100,634‌

$

1,035,016‌

(103,565‌)

$

(848,091‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

163

Notes

to

Financial

Statements

As

of

January

31,

2022,

BlackRock

HoldCo

2,

Inc.,

an

affiliate

of

the

Funds,

owned

22,548

Class

K

Shares

of

Dynamic

High

Income.

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

01/31/22

Year

Ended

07/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Class

K

Shares

sold

.............................................

1,586,714‌

$

16,039,144‌

10,860,416‌

$

106,564,537‌

Shares

issued

in

reinvestment

of

distributions

........................

1,149,709‌

11,524,403‌

1,135,031‌

11,059,899‌

Shares

redeemed

.........................................

(2,112,243‌)

(21,289,083‌)

(4,658,108‌)

(44,910,817‌)

624,180‌

$

6,274,464‌

7,337,339‌

$

72,713,619‌

11,480,051‌

$

117,349,059‌

16,603,908‌

$

167,282,435‌

Multi-Asset

Income

Institutional

Shares

sold

.............................................

94,854,927‌

$

1,083,888,199‌

207,343,006‌

$

2,315,009,169‌

Shares

issued

in

reinvestment

of

distributions

........................

26,093,509‌

295,919,219‌

33,605,958‌

374,434,804‌

Shares

redeemed

.........................................

(114,875,751‌)

(1,308,421,210‌)

(227,189,879‌)

(2,522,482,297‌)

6,072,685‌

$

71,386,208‌

13,759,085‌

$

166,961,676‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

.......................

55,640,773‌

$

635,459,478‌

123,549,315‌

$

1,380,081,323‌

Shares

issued

in

reinvestment

of

distributions

........................

14,080,730‌

159,446,744‌

16,670,362‌

185,633,828‌

Shares

redeemed

.........................................

(46,270,585‌)

(527,323,616‌)

(99,548,215‌)

(1,106,440,021‌)

23,450,918‌

$

267,582,606‌

40,671,462‌

$

459,275,130‌

Investor

C

Shares

sold

.............................................

5,300,099‌

$

60,470,473‌

13,134,921‌

$

146,209,744‌

Shares

issued

in

reinvestment

of

distributions

........................

3,249,652‌

36,760,234‌

4,671,303‌

51,783,623‌

Shares

redeemed

and

automatic

conversion

of

shares

...................

(19,549,508‌)

(223,138,281‌)

(53,644,738‌)

(596,590,183‌)

(10,999,757‌)

$

(125,907,574‌)

(35,838,514‌)

$

(398,596,816‌)

Class

K

Shares

sold

.............................................

17,788,259‌

$

202,047,956‌

27,432,282‌

$

306,569,184‌

Shares

issued

in

reinvestment

of

distributions

........................

3,163,976‌

35,860,987‌

3,943,055‌

43,954,355‌

Shares

redeemed

.........................................

(10,481,506‌)

(119,699,283‌)

(21,618,023‌)

(242,444,481‌)

10,470,729‌

$

118,209,660‌

9,757,314‌

$

108,079,058‌

28,994,575‌

$

331,270,900‌

28,349,347‌

$

335,719,048‌

Statement

Regarding

Liquidity

Risk

Management

Program

2022

BlackRock

Semi-Annual

Report

to

Shareholders

164

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

Dynamic

High

Income

Portfolio

and

BlackRock

Multi-Asset

Income

Portfolio

(the

“Funds”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

November

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

each

Fund,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V).

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.

Additional

Information

165

Additional

Information

Regulation

Regarding

Derivatives

On

October

28,

2020,

the

Securities

and

Exchange

Commission

(the

“SEC”)

adopted regulations

governing

the

use

of

derivatives

by

registered

investment

companies

(“Rule

18f-4”).

The

Funds

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

166

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

(Singapore)

Limited

079912

Singapore

BlackRock

Asset

Management

North

Asia

Limited

Hong

Kong

BlackRock

International

Limited

Edinburgh,

EH3

8JB

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

167

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

EURIBO

R

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

REMIC

Real

Estate

Mortgage

Investment

Conduit

S&P

Standard

&

Poor's

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

DHIMAIP-1/22-SAR

Item 2 –  Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –  Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment

   Companies

– Not Applicable

Item 13 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Section 302 Certifications are attached

section302

(a)(3)

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: March 23, 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: March 23, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

Date: March 23, 2022